HFF secures $26.9 million financing for Brooklyn, NY office acquisition and conversion

Industrial Complex, 314 Scholes Street, Williamsburg Neighborhood, Brooklyn, NY

 

Christopher Peck

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $26.9 million in acquisition and construction financing for 314 Scholes Street, a three-building continuous industrial complex totaling 97,475 square feet that is being converted into creative office space in Brooklyn’s Williamsburg neighborhood.

HFF worked on behalf of the borrower, The Hudson Companies (Hudson), to arrange the five-year, floating-rate loan through M&T Bank. 

Loan proceeds were used to acquire the property and will fund the repositioning of the asset into a Class A creative office and retail property designed by S9 Architects in order to capitalize on the growing demand for office in Williamsburg’s live-work-play environment. 

The two one-story buildings and one three-story building are interconnected and currently used as warehouse space.  After the conversion, the Class A complex will consist of 83,211 square feet of creative office and 14,543 square feet of retail space.  

The borrower is adding a full-service rooftop bar and restaurant to the top of the three-story second building, which will have protected 360-degree views from the rooftop and the top two floors.

In total, the complex will have 10,697 square feet of ground-floor and rooftop courtyards.  

The project is expected to be completed in 2018.  314 Scholes Street is located in the East Williamsburg neighborhood of Brooklyn and blocks from the Montrose Avenue, Morgan Avenue and Grand Street L subway stations, providing easy access into Manhattan. 

The HFF debt placement team representing the borrower was led by managing director Christopher Peck and analyst Rory Shepard.

Rory Shepard

“It was a privilege to work alongside Hudson to procure financing that will allow the them to, along with ABS Partners Real Estate, re-imagine 314 Scholes into a unique creative office property,” Peck said. 

“The boutique size floorplates cater to a diverse mix of tenants and the expansive retail will serve as a true amenity to the Brooklyn community.”

 The Hudson Companies (Hudson) is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area.

 Hudson’s principals have a hands-on approach to managing the details of the development process from property acquisition, project finance and design, through construction and marketing.  

The firm is experienced in both new construction and rehabilitation, and is active across the luxury, affordable and institutional housing markets.  Learn more at www.hudsoninc.com.

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

Federal Capital Partners Acquires 408-Unit Apartment Community in Woodbridge, VA for $60.5 Million

Walter Coker

Chevy Chase, MD – Federal Capital Partners® (FCP) announces the acquisition of the Windsor at Potomac Vista apartment community on Kristin Court in Woodbridge, VA for $60.5 million.

The three-story, garden style apartments, built in 1987, have recently undergone kitchen and bathroom renovations and are well-located in a strong suburban Washington, DC submarket.

Easily accessible to Marine Corps Base Quantico, Fort Belvoir, the Virginia Railway Express commuter train and the I-95 Corridor, Windsor at Potomac Vista offers its residents excellent value in a highly desirable location.

“FCP is pleased to add Windsor at Potomac Vista to its portfolio of well-located apartment communities in the Washington, DC Metropolitan area,” said FCP Sr. Vice President, Jason Bonderenko. “Woodbridge, VA continues to show great strength, with positive year-over-year job growth and one of the lowest unemployment rates in the region.”

Amenities at Windsor at Potomac Vista include a clubhouse with fitness center and resort-style pool overlooking the Potomac River, cyber café, two playgrounds and apartment features that include full size washers and dryers, laminate hardwood floors, new cabinets and counter tops, walk-in closets and breakfast bars.

Brian Crivella

FCP extends its appreciation to Walter Coker and Brian Crivella of HFF for their representation of the seller and to Wells Fargo and Fannie Mae for facilitating the assumption of the existing mortgage and providing supplemental financing for the acquisition.

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 closes $29 million sale of 2-building, 511,891-square-foot industrial complex in Charleston, SC

North Rhett Commerce Center,  5801 North Rhett, Charleston, SC

 

Chris Norvell

  CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $29 million sale of a two-building, rail-served industrial distribution complex totaling 511,891 square feet in Charleston, South Carolina. 

HFF marketed the property on behalf of the seller, Beacon Partners.  CenterPoint Properties Investors purchased the asset.

North Rhett Commerce Center features up to 32’ clear heights, 44 dock-high loading doors, two drive-in doors and 20 rail doors served by an active CSX rail spur that links the property directly to the adjacent Port of Charleston North Container Terminal, the most productive port in the nation and one that can handle post-Panamax vessels. 

The two buildings are 81.5 percent leased to Frontier Logistics, JBE Incorporated and Wainwright Industries, Inc.  

Situated on 34.12 acres at 5801 North Rhett, North Rhett Commerce Center has direct access to Interstates 526 and 26 and Charleston International Airport.  The complex is located in the Berkeley County submarket.

The HFF investment sales team representing the seller was led by senior managing directors Chris Norvell and Bruce Strasburg.

Bruce Strasburg

“Investor appetite for industrial real estate in Charleston is proving to be very robust, which is not surprising given the amazing storylines in the market,” Norvell said.  

“Manufacturing job growth, expanding ports and a stellar quality of life are significant green lights for national industrial investors.”

 Beacon Partners is a full-service commercial real estate firm that has developed and acquired office and industrial buildings throughout North and South Carolina for more than 25 years.

Today, the company leases, owns or manages more than 10 million square feet of property.  For more information, visit http://beacondevelopment.com.

CenterPoint Properties (CenterPoint) is a market leader in the development, redevelopment, acquisition and management of industrial real estate and transportation infrastructure to enhance business and government supply chain efficiency. The company invests in major coastal and inland port logistics markets anchoring North America's principal freight lanes. Visit http://centerpoint.com/

 for more information.

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

HFF secures $16.35 million refinancing for Rangeview IV in Loveland, CO

Rangeview IV, Centerra Community, Loveland, CO  (Photo by McWhinney)

 

Eric Tupler

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $16.35 million refinancing for Rangeview IV, an 82,381-square-foot, single-tenant office building in Loveland, Colorado.

Working on behalf of the borrower, RVAA, LLC, an affiliate of McWhinney, HFF placed the 15-year, fixed-rate loan with Vectra Bank (Zion’s Bancorp).  

Earlier in the year, HFF worked on behalf of an affiliate of McWhinney to arrange $25.991 million in construction financing through Vectra Bank for the development of the adjacent property, Rangeview V.

Completed in 2010, Rangeview IV is a Class A office building located in Centerra, an award-winning, 3,000-acre master-planned community situated 55 miles north of Denver in Loveland. 

The building is fully leased to Agrium, Inc., a major distributor of crop inputs and services in North America, South America and Australia, and a leading global producer and marketer of agricultural nutrients.

 This location serves as the national headquarters for Agrium’s U.S. retail operations and operates as Crop Production Services (CPS).  Rangeview IV has easy access to Interstate 25 and is within close proximity to the Fort Collins/Loveland Airport and Colorado State University, one of the leading agricultural schools in the country and a large recruitment base for Agrium. 

Brock Yaffe

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Brock Yaffe.

“The financing provided by Vectra was well-structured as a competitive market interest rate, fixed via  a SWAP for the full term of the loan, which is commensurate with the term of the lease, and will enable us to optimize long-term recurring cash flow at a very attractive cost of capital,” said Joshua Kane, Vice President of Finance for McWhinney.

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

HFF closes sale of and arranges financing for Class A office tower in Birmingham, AL

Financial Center, 505 20th Street North, Downtown Birmingham, AL  
           

Ryan Clutter

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Financial Center, a 311,201-square-foot, Class A office tower in downtown Birmingham, Alabama.

HFF arranged the sale on behalf of the seller, Allegiance Realty Corporation.  An affiliate of Daniel Corporation purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owner, HFF placed the floating-rate acquisition loan with a life insurance company. 

Completed in 1982, Financial Center has been substantially renovated beginning in 2013, including renovations to the lobby and common areas, elevator modernizations, adding an outdoor patio and a new location for Edgar’s Bakery. 

The 18-story building is home to a variety of tenants – including Christian & Small and Crowne Partners – that will soon include Daniel Corporation after it relocates its corporate headquarters to Financial Center. 

Located at 505 20th Street North in downtown Birmingham, Financial Center is situated in the largest office market between Georgia and Texas.  The tower is two blocks from the Jefferson County Courthouse and the federal courthouse and proximate to Interstates 20, 59 and 65, which run through Birmingham.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter, managing director Ralph Smalley and associate director Kelly Kuykendall.

Kelly Kuykendall

The HFF debt placement team representing the new owner was led by director Jeremy Sain and senior managing director Travis Anderson.

 Allegiance Realty Corporation is a privately-held real estate investment company founded in 1996 with a current portfolio totaling 4.5 million square feet. It is focusing on acquiring under-performing office properties in primary and secondary markets throughout the U.S.  For more information, visit www.allegiancerealestate.com.

Jeremy Sain

Founded in 1964, Daniel Corporation is an innovative, full-service real estate organization engaged in development, investment and management of office, multifamily, retail, urban mixed-use, hospitality and medical properties. 

Headquartered in Birmingham, Alabama, with a regional office in Atlanta, Georgia, the firm currently focuses on markets in the Southeast and Mid-Atlantic states.

  Daniel’s broad range of real estate experience and fiduciary tradition enables the company to respond with the flexibility and timeliness demanded by the real estate industry. http://www.danielcorp.com.

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

HFF closes sale of and arranges $55 million financing for Hilton-branded hotel in Irvine, CA

  

Hilton Irvine/Orange County Airport, 18800 MacArthur Boulevard, Irvine, CA

Scott Hall

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged $55 million in acquisition financing for the Hilton Irvine/Orange County Airport, a 306-room, full-service, Hilton hotel in Orange County’s business and retail district in Irvine, California.

HFF marketed the property on behalf of the seller, DiNapoli Capital Partners.  Infinity Realty Advisors purchased the asset free and clear of existing debt.  Additionally, working on behalf of the new owners, HFF placed the 10-year, fixed-rate acquisition loan with Goldman Sachs Mortgage Company.  HFF will service the loan. 

Hilton Irvine/Orange County Airport features 32,188 square feet of indoor/outdoor function space, a fully-equipped fitness center, business kiosk, heated outdoor pool, whirlpool, gift shop, 414 parking stalls and the full-service Aura Bar & Grill restaurant. 

The 10-story hotel recently underwent an extensive renovation that modernized indoor and outdoor spaces, including updating guest rooms, expanding the room count from 302 to 306, updating corridors and meeting spaces and redesigning the courtyard. 

Situated on 6.63 acres at 18800 MacArthur Boulevard, the hotel is across the street from the recently-expanded John Wayne International Airport. 

James Escarzaga

The hotel’s location near the intersection of Interstate 405 and MacArthur Boulevard provides easy access to more than 53 million square feet of office space and the Anaheim/Orange County Convention Center, the largest convention center on the West Coast, in addition to entertainment destinations, including Disneyland, Irvine Spectrum Center, Knott’s Berry Farm and several professional sports venues.

The HFF investment sales team representing the seller was led by managing directors Scott Hall, James Escarzega and Tony Malk.

The HFF debt placement team representing the new owner was led by managing director James Fowler.

“The Hilton Irvine is a high-quality asset that has benefited from strong performance growth associated with recent strategic capital improvements,” Hall said. “The underlying fundamentals for Southern California’s lodging market, specifically the submarket dynamics of Irvine, were key contributing factors to maximizing pricing for this transaction.”

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

Post Properties Announces Regular Quarterly Preferred Dividends

Dave Stockert

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust  announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2016.

 The dividend is payable on September 30, 2016 to all Series A preferred shareholders of record as of September 20, 2016.

Post expects to announce the declaration of quarterly dividends on its common stock following a meeting of its Board next week.

Post Properties, founded 45 years ago, is a leading developer and operator of upscale multifamily communities. 

Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded high density urban and resort-style garden apartments.

Post Properties is headquartered in Atlanta, Georgia, and has operations in 10 markets across the country.

Post Properties has interests in 24,162 apartment units in 61 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,630 apartment units in seven communities currently under development or in lease-up.

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

Post Properties, Inc.

Dave Stockert,

President

 404-846-5000