HFF closes $33.65 million sale of and arranges $25.5 million financing for mixed-use commercial condominium in Seattle, WA

Bay Vista, 2815 2nd Avenue, Seattle, WA

Erica Christensen

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $33.65 million sale of and arranged $25.5 million in financing for Bay Vista, a 119,793-square-foot, mixed-use commercial condominium with 173 underground parking stalls in Seattle, Washington. 

HFF marketed the property on behalf of the seller, The Carlyle Group, and procured the buyer, Madison Marquette Realty Services.  

Additionally, HFF arranged a $25.5 million, floating-rate loan through Natixis Real Estate Capital LLC for the new owner.  

Loan proceeds were used to acquire the property and fund future capital expenditures and re-tenanting costs.

Bay Vista is located at 2815 2nd Avenue just north of the Seattle Central Business District, southwest of South Lake Union and less than half of a mile south of Seattle Center, home to the Space Needle, Pacific Science Center and Key Arena.

Nick Kucha

 With a Walk Score® of 98, the property boasts an amenity-rich location with close proximity to numerous mass transit options including bus routes, streetcar lines, bike lanes and car sharing locations.  

The offering comprises 12 commercial condominium units within the first five floors of the building. 

The 18 floors above Bay Vista, which were not part of the offering, consist of privately-owned residential condominium units.   

Tenants at the 88-percent-leased tower include Welfare & Pension Administration Services, Committee for Children, State of Washington: Board of Industrial Insurance Appeals, Syntegrity, Maul Foster, Team Soapbox and Epic Team Adventures.

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, who is also co-head of HFF’s West Coast team. 

HFF’s debt placement team was led by managing director Mark Remington and associate director Erica Christensen. 

“Bay Vista has been repositioned as the dominant, technology-oriented office destination for millennial users and since 2015, new leasing activity at the property has been 100 percent dominated by STEM and creative tenants,” said Kucha.

"Natixis delivered as promised, and Madison Marquette acquired an asset that is well-positioned to significantly increase in value once it applies its magic," added Remington.

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $25.5 million refinancing for office building in Manhattan’s Garment District

35 West 36th Street, Garment District, Manhattan, NYC

Steven Klein

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $25.5 million refinancing for 35 West 36th Street, a 79,750-square-foot office building in the Garment District of Manhattan.

HFF worked on behalf of the borrower, a joint venture between Hidrock Properties and an institutional investment partner, to secure the five-year, floating-rate loan through M&T Bank.

Originally built in 1911, 35 West 36th Street is a 12-story building with 72,600 square feet of office space and 7,150 square feet of ground floor retail.  The fully-leased property has a diverse tenant roster with no one tenant occupying more than 8.3 percent of the building. 

Situated mid-block between 5th and 6th Avenues in the Garment District, 35 West 36th Street is just blocks from Herald Square and the Times Square, Grand Central and Midtown South submarkets.  

Public transport is available via 18 subway lines, NJ Transit and LIRR, PATH, commuter bus lines and Metro North lines, all within walking distance.

The HFF debt placement team was led by managing director Steven Klein and director Geoff Goldstein.

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges first mortgage and mezzanine financing totaling $265 million for Church Park in Boston’s Back Bay

      Church Park Apartments, 189-277 Massachusetts Avenue and 15-35 Westland Avenue          
Back Bay Neighborhood, Boston, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged first mortgage and mezzanine financing totaling $265 million for Church Park, a 508-unit, luxury multi-housing community with 74,000 square feet of retail space in Boston’s Back Bay.

HFF worked on behalf of The United Company Apartments LLC, to secure the $200 million, long-term, fixed-rate loan through a national insurance company.  A $65 million co-terminous mezzanine loan was arranged by HFF through JP Morgan Asset Management (JPMAM).

Church Park is situated on two parcels at 189-277 Massachusetts Avenue and 15-35 Westland Avenue across from the Christian Science Plaza in the heart of Back Bay. 

Boasting a Walk Score® of 98, a Bike Score® of 88 and a Transit Score® of 100, the property provides residents with easy access to a multitude of cultural offerings including the Boston Public Library, Symphony Hall and The Museum of Fine Arts, coupled with first-class retail destinations along Newbury Street, Copley Place Mall and the Prudential Center.

 Additionally, three MBTA Green Line stops and one MBTA Orange Line stop are within walking distance of Church Park, and the Massachusetts Turnpike is within minutes of the property.  Originally built in 1973, the property consists of a 12-story building and a six-story building plus 540 parking spaces. 

The residential units average 782 square feet each within studio, one- and two-bedroom layouts.  Amenities include 24-hour security, concierge services, fitness center, roof deck terrace with grills, community room, laundry facilities, Zip Car services and car detailing.  Whole Foods anchors the retail space with additional tenants such as CVS, Unleashed, Economy Hardware and Sovereign Bank rounding out the 97-percent-leased rent roll.

The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and managing director Greg LaBine.

Greg LaBine

“Church Park has undergone continuous renovations and upgrades throughout its history to give its customers a first-class residential experience,” said LaBine.  

“In addition, its retail tenancy allows renters access to most of their shopping needs right on their doorstep.  This feature along with the unparalleled location made this an attractive opportunity for the lending community.”

“It can be challenging to put together a combined capital stack comprising both a first mortgage and mezzanine, but the lenders worked well together to make this a seamless execution for the borrower,” added Wittmann.

 “We were pleased to see the level of interest the debt market showed in Church Park, and appreciate the confidence that the lenders placed in our management team and this asset,” stated Curtis Kemeny, CEO and President of Boston Residential Group on behalf of The United Company Apartments LLC.

  “This transaction was a big win for the partnership and an important step in our long-term stewardship of the property.”

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

Kristen Murphy

Director, Marketing

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

tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com

krmurphy@hfflp.com