HFF closes $563.5 million sale of and secures $255.87 million financing for 31-property Florida Low Income Housing Tax Credit portfolio

Carolyn Wilson

 ATLANTA, GA,  June 15, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for a 31-property, Low Income Housing Tax Credit (LIHTC) portfolio totaling 8,498 units in various Florida locations.

Jack Wilson[Tampa Times file photo: Mike Pease)

HFF marketed the portfolio exclusively on behalf of The Wilson Company.  Starwood Property Trust, an affiliate of Starwood Capital Group (Starwood), purchased the offering for $563.5 million.

 Additionally, HFF worked on behalf of the new owner to secure financing totaling $255.87 million through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program on 19 of the assets. 

The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

Heavily concentrated in Orlando and Tampa, the portfolio was developed between 1995 and 2004 under Section 42 of the Internal Revenue Code.  Under this code, developers receive LIHTC to offset development costs.  In return, LIHTC properties are encumbered with long-term rent and income restrictions. 

Doug Childers

On average, maximum allowable rents across the portfolio are approximately $350 below prevailing rents at nearby market-rate communities.  Tremendous demand for affordable housing across the portfolio contributed to an average portfolio occupancy exceeding 97 percent at the time of sale.

The HFF investment sales team was led by managing director Doug Childers along with senior managing director Jason Nettles and managing director Matt Mitchell.

HFF’s debt placement team was led by managing director Gregg Shapiro and executive managing director Jody Thornton.

“This transaction represents the beginning of a new era for LIHTC investment sales,” Childers said.  “Traditionally, LIHTC transactions have attracted primarily private, regional capital providers.

“ HFF’s affordable housing experts were able to educate institutional investors regarding the portfolio’s relatively low cash-flow volatility and the regulatory and operational nuances associated with LIHTC communities. 

“As a result, we were able to create a competitive bidding process that included large, institutional investors.”

  

Jason Nettles

“Starwood emerged from the field by proposing an expedited closing process and demonstrating a thorough understanding of the opportunity,” added Nettles.  “They performed flawlessly as though they had been investing in the LIHTC space for years.”

“In addition to The Wilson Company and Starwood’s performance throughout this process, Freddie Mac clearly demonstrated its commitment to affordable housing through its creativity and collaboration in order to provide attractive financing that supported Starwood’s acquisition of this portfolio,” said Shapiro.

 “The financing put the borrower in a position to not only achieve their targeted returns on its investment but also to continue to invest in these communities and ensure that they provide high-quality affordable housing long-term.”

“I became president of The Wilson Company in 2003,” said Carolyn Wilson, president of The Wilson Company.  “It has been a rocky road for The Wilson Company employees, my family and me.  My husband, Jack Wilson, would have been proud of what we have accomplished here.  The sale of the portfolio is the culmination of ‘The House that Jack Built’.”

“Our thanks to HFF, who provided and engineered this opportunity, and to the talented Wilson Company team that managed and participated in this amazing transaction,” continued Wilson.

 “The Wilson Company continues in property management, managing the Franklin Exchange Building in downtown Tampa, which serves as the company’s headquarters, along with other commercial properties.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.freddiemac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Lincoln Property Company Southeast Arranges $792,000 Sale of Norcross, GA Flex Building

  

 

Jeff Henson

ATLANTA, GA (June 15, 2016) – Lincoln Property Company Southeast (Lincoln) has arranged the $792,000 sale of 5345 Oakbrook Parkway, a 14,646-square-foot flex building in Norcross, Georgia.

The property had been on the market since 2012 and went through three real estate firms before Lincoln took over. Within 10 days of marketing the property for sale, the building was under contract.

Jeff Henson of Lincoln represented the owner, Lucien Kimball, and Brad Kuehn with Atlanta Office Realty, Inc., represented the buyer, Cure Auto Finance, LLC.

“The rapid pace of Lincoln placing this property under contract shows our capabilities as a team and our ability to bring different disciplines within our service platform together to focus on, and overcome, challenges,” Henson said.

Located at the intersection of Oakbrook Drive and Pirkle Road, the single-story building sits on 2.18 acres and offers convenient access to the Jimmy Carter and Indian Trail exits off I-85. The property also offers monument signage, grade-level and dock-high loading, 60 spaces of free surface parking and an attractive landscaped environment

 For a complete copy of the company’s news release, please contact:

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Charles Dunn Co. Completes $11 Million Sale of State-of-the-Art Production Facility and Class A Office Complex in Simi Valley, CA

  

101 West Cochrane Street, Simi Valley, CA

 

Stacy Vierhellig-Fraser

LOS ANGELES, CA, June 15, 2016 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $11 million sale of a unique, state-of-the-art production and entertainment facility and Class A office complex in Simi Valley, a growing hotbed for the entertainment industry.

Located at 101 West Cochran Street, Dennis Slattery, executive managing director, and Stacy Vierheilig-Fraser, senior managing director, with Charles Dunn Company represented the seller and previous user, the Adventist Media Center, which was owned and operated by the North American Division of Seventh-day Adventists.

 The buyer, Los Angeles-based real estate investment firm, Kids from the Valley XIV, was represented by Keller Williams Realty Calabasas. The buyer has formed Anjac Studios West to operate its new facility which will continue to be used for a wide variety of production-related activities.

“This property offered the buyer a premier entertainment complex and world-class production facility,” said Slattery. “It is also located within the 30-mile zone for use by union and non-union film projects on-site, making the opportunity even more attractive.”

Dennis Slattery

Situated on just over seven acres, the office portion of the property was built in 1991 with the studio complex built in 2000 by the seller who used the facilities to produce, edit and broadcast around the world. 

The property consists of two floors of office, two studio production stages (Stage A and Stage B), post-production editing suites, and warehouse space, along with other supporting features.

“As the tech and entertainment industries in the greater Los Angeles region continue to expand, the pro-business and amenity-rich environment of Simi Valley is reaping the benefits as the area is a more economical and less-congested alternative to other entertainment-focused LA submarkets,” said Vierheilig-Fraser.

The property is located in the northwestern portion of Simi Valley within the Simi Valley Business Park. Simi Valley is located in the southeast corner of Ventura County, bordering San Fernando Valley. The city is 30 miles from Downtown Los Angeles and is served by public transit as well as the 118 which connects with State Highways 23 and 101, Interstates 5, 405, and 210.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

949.278.6224

NEOPTX Expands in Miramar Park of Commerce in Miramar, FL

Maridee Bell

MIRAMAR, FL  (June 15, 2016) - NEOPTX, LLC expanded its headquarters in the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, and now occupies more than 70,000 sq. ft. of space at 3021 Commerce Parkway.

The leading supplier of reading glasses, sunglasses, safety glasses, lenses and eye care accessories, which has been a Park tenant for almost 20 years, expanded by 8,145 square-feet of space.

"Along with an increase of more than 20,000 sq. ft. in May of 2014, the recent 8,000 sq.-ft. plus addition is evidence of NEOPTX's continuous growth," said Maridee Bell, vice president of leasing and marketing for Sunbeam Properties, developer and owner of Miramar Park of Commerce.

"The company's expansion exemplifies the Park's ability to accommodate the immediate needs of our tenants with the highest level of service. We're happy to see our community benefit from NEOPTX's success."

Since its inception in 1989, NEOPTX has become a preeminent supplier of eyewear and eye care accessories. In 2012, the company was recognized as the Walmart Optical Supplier of the Year.

"Over the years, we have fulfilled our vision of creating an eyewear company that provides high-quality fashion eyewear at affordable price points," said Myron Orlinksy, CEO and chairman of the board of NEOPTX. 

"We appreciate working with a longtime partner like Sunbeam Properties and the Miramar Park of Commerce. Their flexibility over the years has accommodated our growth at every stage."  

For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

 For a complete copy of the company’s news release, please contact:

Lexi Robinson

lrobinson@piersongrant.com

MVP REIT and MVP REIT II Engage Ladenburg Thalmann & Co. to Assist with Strategic Alternatives and Stockholder Liquidity

Mike Shustek

 SAN DIEGO, CA – MVP REIT, Inc. and MVP REIT II, Inc. announced the companies and their affiliated entities have engaged investment banking firm Ladenburg Thalmann & Co. Inc. to act as financial advisor in connection with investment banking matters, including the exploration of various courses of action to enhance stockholder liquidity and value.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), will advise the REITs on the possible listing of one or both of the company’s common stock on a national securities exchange, strategic alliances and acquisitions, potential borrowings and future capital raises.

MVP REIT II also announced that it anticipates it will close its current public offering of its common stock on or about October 1, 2016.  The board of directors of MVP REIT II may extend the closing date at its sole discretion.

“The MVP REITs are unique in that they invest solely in parking structures and facilities around the country, a compelling asset class that we believe provides us and our stockholders with tremendous upside opportunities,” said Mike Shustek, chairman and chief executive officer of MVP REIT, and president, chief executive officer and chairman of the board of MVP REIT II.

 “The engagement of Ladenburg Thalmann as our strategic advisor validates our pioneering investment strategy and may allow us to unlock additional stockholder value as we pursue further avenues to expand our portfolio and reach.”

 For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.TheParkingREIT.com.

Construction loan arranged by HFF for development of 625 West Adams Street in Chicago’s West Loop

Trey Morsbach

 CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a construction loan for the development of a 20-story, trophy office tower at 625 West Adams Street in Chicago’s West Loop.  

HFF worked on behalf of the borrower, a partnership comprising USAA Real Estate Company and a joint venture between White Oak Realty Partners, LLC and Vanderbilt Investment Properties, an affiliate of CA Ventures.  The construction loan was provided by Bank of the Ozarks.  

Designed by internationally renowned architect Martin Wolf, FAIA, 625 West Adams will feature 438,837 square feet of office space and a 408-space parking facility.  

The project will have average floor plates of 31,500 rentable square feet, unobstructed 360 degree views of the city, open floor plans and an expansive 25’ high lobby with floor-to-ceiling glass. 

The LEED certified building will offer tenants an outdoor terrace on the 7th and top floor, fitness center with outdoor terrace access, seventh floor restrooms with shower stalls and changing areas, 2,500 rentable square feet of ground floor retail and a location directly across from a public park, a scarcity in downtown. 

Christopher Carroll

625 West Adams is situated in the heart of Chicago’s West Loop one block east of Chicago’s main highway, Interstate 90 and a few blocks west of both Union Station and Ogilvie Transportation Center providing commuter train access to the greater Chicago area. 

The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and senior managing director Trey Morsbach.

“We are very excited to be moving forward with the development of 625 West Adams,” said Casey Wold of Vanderbilt Partners.  “A terrific execution of the construction financing was critical to our timing and icing on the cake for a first-class, new office building in the West Loop of Chicago.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.usrealco.com.