Meridian Capital Group Arranges a $14.25 Million Cash-Out Refinancing For a Multifamily Property in Orlando, FL

Tal Bar-Or

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $14.25 million in permanent financing for the cash-out refinance of a multifamily property located in Orlando, FL, on behalf of The Styles Group.

The three-year loan, provided by Rialto Mortgage Finance, features a competitive rate and interest-only payments. 

This transaction was negotiated by Meridian Senior Managing Director, Tal Bar-Or, Vice President, Raj Khatiwala and Senior Associate, Kyle A. Kite, who are based in the company’s New York City headquarters.

Southern Oaks Apartments is a recently acquired two-story, 330-unit garden-style multifamily complex, located at 5900 Park Hamilton Boulevard. The property is situated in the heart of Orlando where tenants enjoy close proximity to world-class dining and shopping. Southern Oaks Apartments offers a wide variety of community amenities, including pools, outside fitness areas, on-site laundry facilities and a playground.

Raj Khatiwala

“The borrower increased net-cash flow tremendously in less than a year, which allowed for a very attractive refinance,” explained Mr. Kite. 

“Meridian is pleased to have worked with The Styles Group and Rialto to tailor a solution that allowed the borrower to take advantage of a short-term interest-only loan, to help further execute their business plan,” he added.

 “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of The Styles Group.”

P.R. Steinfurth, Principal of The Styles Group, has over fifteen years of experience in all aspects of the multi-family real estate industry concentrating on acquiring value add properties. 

The firm focuses on increased rents through effective property management and substantial property upgrades.

The Styles Group current market areas for these activities are Florida and Texas. The portfolio of multi-family units currently approximates over 2,500 rental units.

Southern Oaks Apartments, Orlando, FL

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms.

 In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day.

Since inception, the company has closed more than $260 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

 Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California.

  

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

  

john greene Realtor Receives Inc. 5000 Honor For Second Consecutive Year; Firm ranks among America’s fastest-growing private companies

  

Tim Greene

CHICAGO, IL — Naperville, Illinois-based john greene Realtor, a leading brokerage firm with a 40-year history in the Chicagoland market, announced it has been ranked among the fastest-growing companies in the country in the prestigious Inc. 5000 listing for the second consecutive year. The firm achieved this year’s honor with 72-percent growth over a three-year period.

“It makes all of us immensely proud to achieve this award for the second year in a row, and to have continued our exponential growth over the past several years,” said Tim Greene, CEO of john greene Realtor. “We are grateful for the ongoing support of our clients and the dedication of our team members who are the reasons we’ve been able to achieve this level of recognition.”

Established in 1976, john greene Realtor has thrived under two generations of family leadership and, today, has more than 130 professionals focused on residential, commercial, industrial and land brokerage. 

Combining its local expertise and global reach, john greene Realtor is revered as an independent brokerage with access to an expansive global network of premier real estate companies. 

“Our firm has decades of experience in the Chicago area, yet at the same time, we’re able to deliver resources from across the globe tailored to each client’s specific needs,” said Greene. “As we celebrate our 40th anniversary, our focus will remain on maintaining our reputation for excellence, innovation and delivering a five-star client experience.”

john greene Realtor also received the 2015 and 2016 “Top Workplaces” award by the Chicago Tribune, and has been voted the “Best Real Estate Company” in Naperville Magazine’s "Best of Naperville" issue each year from 2010 to 2016.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.johngreeneRealtor.com.

  

$210 million financing for 10-property multi-state retail portfolio arranged by HFF

 

Joe Dykstra

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a total of $210 million in first lien financing for Westwood Financial Corp comprising 10 multi-tenant retail centers totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial Corp., in advising them on new loans and transferring of loans as part of their $1.2 billion consolidation and reorganization. 

As part of the process, HFF placed several new loans, including a 10-year, $110 million, fixed-rate portfolio loan with a correspondent life company and a $100 million senior credit facility with Wells Fargo Bank's Real Estate Capital Markets Group.

  HFF will service the $110 million loan, proceeds of which will be used to re-finance existing loans and will assist in the corporate restructure setting Westwood for future growth.

“Kevin MacKenzie and the HFF team are the best in the business,” said Joe Dykstra, co-CEO of Westwood Financial.  “HFF has represented us on more than 40 loans for our affiliates over the last four years, and the sourcing and execution has always been leading edge. 

Kevin MacKenzie

“Most recently in conjunction with our $1.2 billion consolidation and reorganization transaction, HFF arranged for a $100 million senior credit facility with Wells Fargo and a $110 million senior loan with a life company. The loans had to fund the same day as our closing consolidation.  Kevin and his team’s execution was flawless.”

“There were quite a few objectives we set out to achieve in this financing request, and the lenders were both able to deliver in order to meet Westwood’s needs with the most efficient terms available,” said senior managing director Kevin MacKenzie.

 “The life company provided a low-cost, long-term, fixed-rate option using a forward rate lock, and Wells Fargo provided the flexibility needed to bridge assets into a strategic credit facility including a go forward solution on additional assets. 

“It was a great introduction for Westwood to a new lending relationship with the life company and a new credit facility with Wells Fargo.  Both the borrower and lenders did an excellent job working through a complicated closing process, including multiple assets, a newly-formed sponsorship entity and creative solutions for the extended time-line to close.”

The $110 million loan consisted of six assets including the 79,575-square-foot Village Plaza in Phoenix, Arizona; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano (Orange County), California; and the 103,124-square-foot Stateline Village in Prairie Village (Kansas City), Kansas.  

Lauren LaFever

Additionally, the portfolio contains two Dallas-area centers, the 46,789-square-foot Hebron Parkway Plaza in Carrollton and the 226,414-square-foot Old Town Shopping Center in Dallas, and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, North Carolina. 

Ninety-one percent leased overall, key tenants of the portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels.

Cory Fowler

The seed assets in the Wells Fargo facility included three grocery-anchored centers and one power center with a shadow grocery.

 The properties are:  the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 89,506-square-foot Mercado Del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 30,300-square-foot Magnolia Vineland Shopping Center shadow anchored by Ralph’s in North Hollywood, California; and Legacy Village shadow anchored by Target in Phoenix, Arizona.

 Ninety-five percent leased overall, other key tenants of the portfolio includes Ross Dress for Less, Beall’s, FedEx Office, Orange Theory, Steak 44, Famous Footwear, AutoZone, Orange Theory Fitness and Chipotle. 

The HFF debt placement team representing the borrower consisted of MacKenzie, director Jim Curtin, associate director Cory Fowler, associate Jamie Kline and real estate analyst Lauren LaFever.

 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

The St. Moritz in Edgewater, NJ, Rebranded As Riello Following $6 Million Renovation

Riello Apartments, 99 Gorge Road, Edgewater, NJ

EDGEWATER, NJ – Waterton, a U.S. real estate investment and management company, announced it has rebranded The St. Moritz, a 225-unit apartment tower located at 99 Gorge Road in Edgewater, N.J., as Riello following a $6 million renovation of the property.

Waterton, which has managed the community since 2014, spearheaded a two-year capital improvement program that renovated individual residences and common areas. The improvements include a new outdoor pool and spa area with private cabanas, grilling stations and a fire pit, as well as an updated lobby, business center and fitness facility featuring all-new exercise equipment.

David Scharfenberg

Additional enhancements were made to parking garage and façade of the building, which is owned by Barings Real Estate Advisers, acting on behalf of an institutional investor

“In today’s fast-paced rental market, it’s essential for existing communities to stay relevant,” said David Scharfenberg, assistant vice president of regional operations at Waterton.

 “While The St. Moritz already offers many of the services and amenities today’s renters seek in a residential community – not to mention an unbeatable location, overlooking the Hudson River with panoramic views of the Manhattan skyline – we saw an opportunity to further enhance the appeal of the property through renovations designed to position it as the Manhattan alternative.

“Because we were creating a new look for the building, we felt it was only appropriate to give it a new identity as Riello.”

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

 Abe Tekippe at (312) 267-4528 or atekippe@taylorjohnson.com;

 or Kim Manning at (312) 267-4527 or kmanning@taylorjohnson.com.

www.waterton.com

www.barings.com.

Minto Begins Promised Improvements to Seminole Pratt Whitney Road in Westlake, FL

Mike Belmont

WESTLAKE, FL – Minto Communities announced that construction has begun on improvements to Seminole Pratt Whitney Road through the newly formed City of Westlake.

 The improvements consist of major utility infrastructure installation, placing the overhead power underground, as well as widening a 1.5-mile stretch of the roadway. 

The project will also include the installation of a rural parkway landscape buffer.  Minto agreed to this significant infrastructure project as part of its development order for Westlake, a 3,800-acre master-planned community. 

While Minto is funding and paying the approximately $19-million cost, the project will be constructed jointly by Minto and the Seminole Improvement District.

Plans call for expanding the two-lane road to four lanes with a landscaped divided median. Widening will occur from the northern end of Seminole Ridge High School to just past 60th Street North. In addition, there will be an 80-foot landscaped buffer and sidewalks constructed in the dedicated Rural Parkway Easement.

“The District has executed all contract documents and the road contractor has been issued a notice to proceed. Mobilization efforts and pre-construction efforts are well underway,” said Mike Belmont, president of Minto Communities.

“As part of our development order with Palm Beach County, we agreed to step up and commence construction on this substantial improvement to Seminole Pratt Whitney before putting a shovel in the ground for our new community,” said John Carter, vice president of Minto Communities. “We are pleased to see this major transportation improvement project starting.” 

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

BoardroomPR

Todd Templin/Ashley Fierman

ttemplin@boardroompr.com/afierman@boardroompr.com

(954) 370-8999

www.mintofla.com.