HFF secures $30.8 million financing for 276-unit apartment property in Los Angeles, CA

Marc Schillinger

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $30.8 million in financing for Woodlake Manor, a 276-unit apartment property in Los Angeles’ Baldwin Hills neighborhood.

Working exclusively on behalf of the borrower, Vista Investment Group LLC (VIG), HFF placed a seven-year, fixed-rate loan with a local commercial bank.  Loan proceeds were used to acquire the asset, which was purchased by VIG for $44 million in a separately-brokered, non-HFF transaction.

Woodlake Manor is located at 4555 West Martin Luther King, Jr. Boulevard.  The property was originally built in 1964 and was 97.8 percent leased at closing.  The gated community has a picnic area and lush courtyard, and offers nearby access to Interstate 10, two Expo Line light rail stations, several parks and retail amenities, and downtown Los Angeles.

  The under-construction Crenshaw/LAX light rail is less than one mile from the property.  The transaction also included a land parcel currently occupied by two radio towers.

The HFF debt placement team representing VIG was led by director Marc Schillinger.

“We have seen a dramatic improvement in value proposition for the Baldwin Hills submarket throughout the past five years,” said Schillinger.  “Continued strong market fundamentals have catalyzed the neighborhood’s growth and we anticipate the area’s positive evolution to continue in the future.  With a sale price of nearly $160,000 per unit, this transaction is a perfect example of the shift in investor appetite for this area.”

 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

HFF facilitates $26.2 million financing for 300-unit multi-housing development in Jacksonville, FL

  

Elliot Throne

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it worked alongside the developer, Integra Land Company, to assist in arranging $26.2 million in construction financing for the development of Integra River Run, a 300-unit, Class A multi-housing project in Jacksonville, Florida.  The construction loan was placed with Miami-based Capital Bank.

Integra River Run will be situated at Maxx Leggett Parkway and Owens Road on a 23-acre site within the 65-acre Shands Crossing master planned community. 

The property will be across the street from the newly-built, 200,000-square-foot UF Health North medical complex, which will function as a full-service hospital once the second phase of the project is completed.

 In addition, an Amazon fulfillment center that will employ 1,500 people is currently under development approximately three miles southwest of the property.  Located within a mile of Interstate 95, the property is accessible to nearby River City Marketplace, Jacksonville International Airport and the Port of Jacksonville.

 Due for completion in 2017, Integra River Run will have one-, two- and three-bedroom units averaging 979 square feet each.  Community amenities will include a swimming pool with sun deck, outdoor lanai and barbecue area, state-of-the-art fitness center, cyber café, game room with billiards and attached/detached garages.

The HFF debt placement team representing the borrower was led by managing director Elliott Throne.

“Integra River Run is perfectly positioned to capture the increasing residential demand coming to the immediate area with UF Health North’s opening,” said Throne.  “Capital Bank provided great loan terms on a luxury multi-housing property that is also poised to benefit from Amazon’s arrival to the expanding Northside Jacksonville submarket.”

 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.integralandcompany.com

Berkadia Closes Sales for Two Melbourne, FL Multifamily Properties

Jason Stanton

MELBOURNE, Fla. – Berkadia recently completed sales of two multifamily properties in Melbourne: the Veridian Townhomes and Savannahs at James Landing.

The sales were completed by Managing Director Cole Whitaker and Senior Director Hal Warren of the Orlando office and Director Jason Stanton of the Tampa office of Berkadia.

The seller of Veridian Townhomes was Central Park Multifamily Partners, LLC of Nashville, Tenn. and the seller of Savannah at James Landing was Melbourne Multifamily Partners, LLC.  Both properties were more than 95 percent occupied at the time of sale. 

“The Melbourne market is continuing to experience strong interest from investors across the U.S. who are attracted to the rental market and opportunities for growth,” said Whitaker. “The buyer in this transaction is very familiar with the area and saw strong potential in these two properties.”

Built in 1983, the Veridian Townhomes are located at 2420 Central Park Drive. The 120-unit property includes one-, two- and three-bedroom floor plans. Unit amenities include ceiling fans, appliances, balconies or patios, and extra on-site storage facilities. The community features a swimming pool, playground, tennis court, fitness center, clubhouse, and barbecue area. 

Cole Whitaker

Savannahs at James Landing is located at 3051 Savannah Way. Built in 1989, the 256-unit property features one- and two-bedroom floor plans. Unit amenities include European style cabinetry, stainless steel appliances, balconies or patios, walk-in closets and granite countertops.

The community offers many amenities including a clubhouse, swimming pool, business center, fitness center, clothes care center, lake, dog park, volleyball court and tennis court as well as biking and walking trails. 

One of the top employers in the area is Harris Corporation, the largest technology company in Central Florida, located approximately six miles from both properties and headquartered in Melbourne, Florida.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates Investment Sale of Office/Flex Condo at Crossroads Business Center in Winter Park, FL

Chris Adams

ORLANDO, Fla. - NAI Realvest recently negotiated the investment sale of an office/flex condo with 5,299 useable square feet at the Crossroads Business Center, 931 S. Semoran Blvd. in Winter Park.

The NAI Realvest team of Associates Chris Adams and Drew Saphos, CCIM and Chairman George Livingston, negotiated the transaction representing the Seller, Crossroads FlexxOffice Ltd of Miami.   

Local Buyer Crossroads 931 Investments, LLC paid $450,415 for the property which is zoned for R&D, office and a variety of commercial and warehouse uses.  Vince Wolle of Results Real Estate Partners LLC represented the buyer.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Hold Thyssen Negotiates New Leases totaling over 7,700 square feet at Silver Star Shopping Center in Orlando, FL

  

Alex Rowlinson

ORLANDO, FL --- Hold Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a five-year lease agreement for 5,991 rentable square feet at Silver Star Shopping Center, 5324 Silver Star Rd., in Orlando.

Hold Thyssen leasing associate, Alex Rowlinson, represented the landlord in a new lease to Urban Rootz Dance Studio, which provides high energy dance classes for all ages and abilities.

Rowlinson also brokered a two-year lease of 1,711 square feet at Silver Star Shopping Center.  The new tenant at 5308 Silver Star Rd. is Lion of Judah Academy, a tutoring center for middle and high school students.

The Hold Thyssen leasing team has now completed 15 leases at the 152,167 square foot Silver Star Shopping Center since its purchase late last year by a south Florida investor.

Hold Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest closes on $1.2 Million+ Sale of Townhome site within Sanford’s Reagan Center Mixed-Use Development in Sanford, FL

Paul Partyka

LONGWOOD, FL  --- NAI Realvest recently completed the $1,209,100 sale of a 8.28-acre multifamily development site in Reagan Center, one of Florida’s benchmark mixed-use development projects located on U.S. Highway 17-92 and Ronald Reagan Blvd. in Sanford. 

Paul P. Partyka, Partner at NAI Realvest and Broker of Record for Reagan Center, negotiated the transaction along with Associate Juan Jimenez representing the seller, Sydney Levy.  

 Orlando-based Park Square Enterprises, LLC purchased the site bordered by Reagan Blvd. and Thomas Stable Road.  Park Square will start construction on 86 townhomes and plans to have the first phase completed by early next year. 

Partyka said Reagan Center will eventually accommodate as much as 2.4 million square feet of restaurants, retail, offices, apartments and townhomes.

Park Square was represented by Craig Routhier of Troon Properties, Inc.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Negotiates $500,000 Sale Price for 6,000 Square Foot Industrial Building at Sanford Central Park in Sanford, FL

  

Sanford, FL – NAI Realvest recently negotiated the $500,000 sale price in an investment sale of the 6,000 square foot industrial building at 801 Central Park Drive in Sanford.

NAI Realvest principal Michael Heidrich brokered the transaction on behalf of the seller Winter Park-based Private Storage, Inc.

Buyer Reeling Up Properties LLC, a Chuluota, Fla. holding company, purchased the 10-year-old office-warehouse building for expansion of the business in the building they own next door.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com