Real Estate Father-Daughter Power Duo Mike and Christina Pappas of The Keyes Company Rappel to Help Stop Youth Violence in South Florida

Mike Pappas and daughter Christina Pappas

MIAMI-DADE, FL -- Mike and Christina Pappas, along with a few employees of The Keyes Company, went to extraordinary lengths to raise money and awareness for the Youth For Christ charity initiative to help stop youth violence.

Over-the-Edge Group, Miami, FL

 Keyes served as a building sponsor of this year’s edition of the event, which involved participants rappelling down the company’s 10-story Miami headquarters on February 24 and 25 and generating donations in advance of their rappel.

In addition to Mike and Christina Pappas, who rappelled down the Keyes headquarters in tandem, participants included former Florida Insurance Commissioner and founder of Keyes affiliate Tom Gallagher Insurance, Tom Gallagher and Miami-Dade County Police Director Juan Perez.

Tom Gallagher

The annual Miami Over the Edge event helps curb the rising tide of youth violence by generating crucial funds to help nearly 8,000 young people participate in the highly effective programs of Miami Youth for Christ.

For more information, visit www.miamiovertheedge.com.

 Independently-owned and operated since 1926, The Keyes Company is a leader in the real estate industry. Keyes completed a merger with Illustrated Properties in July 2016.

Following the merger, Keyes has 58 offices, more than 3,000 Associates and nearly $6 billion in annual real estate sales and services. Keyes’ offices are distributed throughout six counties – Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, and Volusia. Keyes expands our Associates’ reach globally as a Founding Member and Shareholder of Leading Real Estate Companies of the World®.

In addition to our Associates’ expertise, The Keyes Company offers a suite of resources to cover whatever needs arise while buying or selling your home. Your mortgage, title, insurance, and property management needs can all be managed in-house, allowing us to close your deal with speed and efficiency while giving you the opportunity to talk to a real person whenever you have a question.

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

Ashley Fierman

Senior Account Executive, BoardroomPR

afierman@boardroompr.com

O 954-370-8999

C 954-330-1554

Bank of America Plaza | 1776 N. Pine Island Road

Suite 320 | Plantation, FL 33322

Stepp Commercial Completes $2.85 Million Sale of Apartment Property in Santa Monica, CA

Kimberly R. Stepp

Los Angeles, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the nearly $2.85 million sale of a fully occupied six-unit property located at 1141 19th Street in Santa Monica.

Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial represented the seller, The Credit Shelter Trust, and. Stepp represented the buyer, Nina Property Management.  The transaction closed at a cap rate of just 3.4 percent and at a price per unit of $451,250. 

“This property is in a prime north of Wilshire location and offers the buyer an 87 percent potential upside in rents, and an excellent unit mix,” said Stepp.

Aynsley Armbrust

Built in 1973, the two-story property consists of a mix of two- and three-bedroom townhouse units. The units feature en suite bathrooms, fireplaces, hardwood floors, tiled kitchens and baths, Caesarstone countertops, and private patios and garages. 

Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

 For more information, please visit www.steppcommercial.com

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

Darcie Giacchetto

949.278.6224

Ackerman & Co. Announces Off-Market 274,791-Square-Foot Acquisition in Atlanta’s I-20W/Fulton Industrial Submarket

Kris Miller

 Atlanta, GA – Ackerman & Co., a full-service commercial real estate firm, announced the recent acquisition of a three-building industrial portfolio in the Westgate Business Park in Atlanta, Ga. The three buildings (5215, 5245 and 5260 Westgate Drive) were purchased in an off-market deal from Clarion Partners, LLC for $7.55 million.

The three well-located, front-load, shallow-bay industrial buildings total 274,791 square feet and are fully occupied. Ackerman & Co.’s in-house team will provide leasing and management services for the new acquisition.

 The deal was facilitated by Cushman and Wakefield’s Stewart Calhoun and Casey Masters. The all-equity transaction was sourced through a new partnership with a leading European private equity group.

“The I-20W/Fulton Industrial Submarket continues to be a top performer with low vacancy and steady quarter-over-quarter average rental rate growth,” said Kris Miller, President of Ackerman & Co. “We are very excited about this opportunity to purchase highly functional industrial properties in a key submarket,” he added.

The company plans to continue expanding and upgrading its industrial real estate presence, primarily through shallow-bay and bulk industrial acquisitions, throughout of Metro Atlanta. Ackerman & Co. is currently developing a 1,000,812-square-foot bulk distribution center in the I-85 Northeast Atlanta submarket.

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

 Fara Wilson

Vice President

Director of Marketing and Communications

P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

www.ackermanco.com

PM Hotel Group and Buccini/Pollin Group Host Topping Off Ceremony for North America’s First Canopy by Hilton Washington, D.C./Bethesda North Scheduled to Open Fall 2017

 

Joseph Bojanowski

WASHINGTON, DC — Officials of PM Hotel Group, a leading, national hotel management company, and The Buccini/Pollin Group, a privately-held, full-service real estate acquisition, development and management company (BPG), hosted a celebratory topping off ceremony, the nation’s first for Canopy by Hilton, for the177-room Canopy by Hilton Washington, D.C./Bethesda North. 

The event was attended by Joseph Bojanowski, PM Hotel Group president; Dave Pollin, BPG co-founder; Gary Steffen, global head, Canopy by Hilton; and Isiah Leggett, Montgomery County Executive, among others.  The event’s highlight was a special drywall signing ceremony.  

“As an owner/operator, we seek to be on the cutting edge and have pioneered a number of hotel concepts with Hilton, Inc., including the smaller format, Tier II Embassy Suites prototype and several dual-branded hotels, as well as urban adaptations of the Homewood Suites and Embassy Suites brands in Manhattan,” Pollin said.

 “All were well received by our guests, and we believe the Canopy brand will quickly become a market leader in the upper upscale lifestyle segment.”

Located at 11860 North Trade Street, the 177-room hotel will include 23 suites and two spectacular, three-bay Presidential suites that incorporate design cues from the dynamic D.C. Metro area. 

Dave Pollin

The hotel also will provide 4,350 square feet of meeting space, complimentary Wi-Fi and a café/bar area that provides local artisanal breakfast, ready-made lunches and stocked shelves offering fresh and seasonal ingredients.

The hotel is situated just one block from the White Flint station on the Metro’s Red Line, allowing for easy access to downtown Washington, D.C., Bethesda, Rockville, and Northern Va. Both Washington Dulles International Airport (IAD) and Ronald Reagan Washington National Airport (DCA) are within 25 miles of the hotel, and Baltimore-Washington International Airport (BWI) is approximately 36 miles away.

“We are thrilled to ‘Say Hello to the Canopy Washington, D.C./Bethesda North’ as the first North American Canopy by Hilton hotel to celebrate its topping off,” said Gary Steffen, global head, Canopy by Hilton.

“The vibrant neighborhood serves as an ideal location given its ability to act as both a business hub and recreational destination with attractive and unique shopping, dining and entertainment opportunities, and we look forward to welcoming guests later this year.”

The hotel is a key part of the second phase of Pike & Rose, a new, mixed-use development that is reinventing one of the region’s most successful retail corridors. The t-shaped, four-block complex features numerous dining, retail and entertainment options.

Gary Steffen

“In addition to the construction jobs created, the hotel will add more than 100 permanent jobs upon opening,” Leggett said.  “This is one of the most dynamic areas in the county, and we expect great things from this new development.”

“This is a very guest-centric hotel, which matches up well with our operating philosophy,” Bojanowski added.  “We are well versed in the upscale and boutique hotel segments, having operated many properties in these classes.  Its high-profile location in a major, new development will showcase the brand and be a major factor in attracting business and leisure travelers, as well as locals, to the Pike & Rose development.”

Adding to the acclaimed restaurant offerings within walking distance, the hotel will feature a bistro signature to the Canopy by Hilton brand that highlights D.C. favorites like soft shell crabs and half-smokes from Ben’s Chili Bowl. 

With an eye on authentic locality, produce will be sourced from Maryland farms situated within 50 miles of the hotel, and the bar will serve local brewery beers, including Baying Hound Aleworks in Rockville, Denizens Brewing Company in Silver Spring and Flying Dog Brewery in Frederick, as well as DC Brau Brewing Company. 

Additionally, guests will have access to gluten-free Meringue Rose Cookies from Bethesda’s Red Bandana Bakery.

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

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com | www.dalygray.com

www.canopybyhilton.com.

www.pmhotelgroup.com.

www.bpgroup.net.

Bull Realty Sells $3.5 Million Office Building in Suwanee, GA

Andy Lundsberg

ATLANTA, GA — Bull Realty brokered the sale of 345 Peachtree Industrial Blvd., a 2-story office building totaling 17,366 on 1.7 acres in Suwanee, GA. The transaction closed on February 21, 2017 for $3,540,000 at an 8% cap rate.

The property is anchored by Emory Healthcare, who occupies approximately 6,000 SF on the first floor. There are multiple other tenants providing medical and personal services, such as C.H. Martin Co. and Children & Teen Dental. The property is 92% occupied.

The portfolio was exclusively listed by Andy Lundsberg, Partner at Bull Realty.

“Suwanee is now considered an affluent submarket of Atlanta. This particular area has seen an influx of growth and development over the last few years,” said Lundsberg.

The seller was RJG Properties LLC and the buyer was Joognoo Vanowen 11835 LLC.

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

Melissa Henry

Communications Manager

Bull Realty, Inc. 

404-876-1640 x 110

ATTOM Dadta Solutions Reports U.S. Home Refinance Originations Post 20 Percent Annual Increase in Q$ 2016, Even as Purchase Originations Decline

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s largest fused property database, released its Q4 2016 U.S. Residential Property Loan Origination Report, which shows more than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in the fourth quarter of 2016, down 15 percent from the previous quarter but still up 2 percent from a year ago.

“Refinance originations continued to post strong numbers compared to a year ago in the fourth quarter even as purchase originations decreased on a year-over-year basis for the second consecutive quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“The increase in refinance originations is surprising given the rising interest rates in the fourth quarter, but many homeowners may have been trying to lock in still relatively low interest rates before those interest rates rose further.

“On the other hand, rising interest rates did seem to have a chilling effect on homebuyers using financing, as evidenced not only by the drop in purchase loan originations but also a corresponding rise in the share of cash buyers, drop in FHA buyer share and a rise in the average down payment percentage in the fourth quarter compared to the previous quarter,” Blomquist added.

 “For the year, the median down payment for loans secured by single family homes and condos was 6.0 percent of the median sales price nationwide, the lowest down payment percentage since 2012, but still close to twice the 3.3 percent in 2006 during the last housing boom.

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

Jennifer von Pohlmann

Office: 949-502-8300 ext 139

Email: Jennifer.vonpohlmann@attomdata.com

Ryan Flautz Named Associate Principal at KTGY Architecture + Planning

  

Ryan Flautz

LOS ANGELES, Calif. - International award-winning firm KTGY Architecture + Planning is pleased to announce the promotion of Ryan Flautz to associate principal at KTGY Architecture + Planning. Flautz joined KTGY in 2011 and has more than 25 years of residential design and project management experience. Flautz formerly served as executive director, production in KTGY’s Los Angeles office.

Flautz has an extensive background in construction documentation and techniques, quality control, staff development and a strong knowledge of federal and state building codes. Some of his recent projects include Skylar at Playa Vista in Playa Vista, Calif.; Amelia at Bay Meadows and Landsdowne at Bay Meadows in San Mateo, Calif.; and Communications Hill in San Jose, Calif.

“We are grateful to Ryan for his outstanding contributions to KTGY,” said Manny Gonzalez, FAIA, LEED AP, managing principal of KTGY’s Los Angeles office. “He is dedicated to our clients and design excellence. He brings a wealth of technical and construction experience to each project.”

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

Anne Monaghan                                          

Monaghan Communications                  

830.997.0963                                                               

For additional information, please call 888.456.KTGY or visit www.ktgy.com.

BKM Capital Partners Further Expands Portfolio in Phoenix Metro; Acquires 11-Building Multi-Tenant Light Industrial Business Park for $17.2 Million

Northwest Business Park,  2310-2440 West Mission Lane, 9014-9034 North 23rd Avenue
 and 9013-9033 North 24th Avenue, Phoenix, AZ

  Phoenix, AZ -– BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial, and small and mid-bay industrial warehouse, has acquired Northwest Business Center, an 11-building  multi-tenant light industrial business park totaling 227,603 square feet in Phoenix, Arizona for $17.2 million.

This is BKM’s 12th acquisition in the Phoenix metro bringing its holdings to more than 2.1 million square feet in the area, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners.

Brian Malliet

“We continue to see tremendous value throughout the Phoenix MSA, especially in the Northwest submarket,” explains Malliet. 

“The Northwest submarket has historically demonstrated incredibly high industrial occupancy and currently has no future industrial construction planned throughout the area. 

"This will drive long term demand for this asset and place upwards pressure on rents over time, allowing us to maximize our ROI.”

“Our niche approach and deep broker relationships allow us to continue to acquire assets at a discount to replacement, providing a strong opportunity for upside potential,” says Malliet. “This is a core component of what we do. We target distressed assets that lack hands-on management where we can create significant value through property renovations and our integrated property management platform.”

            BKM plans to implement a $3.5 million capital improvement program to the property, according to Brett Turner, Director of Acquisitions at BKM Capital Partners.

Brett Turner

            “Our comprehensive capital improvement program will allow us to attract and retain high quality tenants, as well as drive rent growth as leases roll,” says Turner. “We also plan to immediately increase cash flow by leasing up vacant space as the building is currently 77-percent occupied.”

Planned improvements include a new roof, new parking lot, an improved HVAC system and upgrades to the exterior including, paint, landscaping, and new signage, among others.

            In addition to these renovations, the property will also benefit from BKM’s existing presence and other assets in the area, according to Turner.

            “We now own four out of the seven business parks along the I-17 corridor,” explains Turner. “This gives us control of the surrounding competitive set, bringing our holdings to more than 700,000 square feet in the immediate vicinity. Through this existing presence and shared resources, we can further increase net operating income by drastically reducing operating costs and leasing vacant space.”

Robert Buckley

Northwest Business Center is located along the 1-17 corridor, one of the Phoenix Metro’s major thoroughfares, which connects the I-10 Freeway to the south and the Loop 101 Freeway to the north. This central location strategically positions the property to provide easy access to the entire metro area.

The business park is located at 2310-2440 West Mission Lane, 9014-9034 North 23rd Avenue, and 9013-9033 North 24th Avenue Phoenix, Arizona. Robert Buckley at Cushman & Wakefield represented the seller.

 Additional information is available at www.bkmcapitalpartners.com
 or contact Barbara Rea at 949-566-8800.

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

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com

Real Estate Capital Institute Reports Commercial Mortgage Lenders Bullish on Funding Goals and Objectives for 2017

 

John Oharenko

Chicago, IL -- The commercial mortgage lending industry

held its annual conference (CREF) in San Diego this month with industry

veterans remaining very bullish on the funding goals and objectives for this

year.  In summary, an abundant supply of capital combined with conservative,

yet competitive underwriting summarizes the state of the market.  Some of

the key comments shared by lenders include the following:

► “We have more money than deals!”- Most funding sources have same

allocation as last year. CMBS lenders expect to be very active, but only at

profitability levels that accurately reflect risk retention.

► “For the right deal, we’ll win on pricing”- Life insurance companies

clearly lead the industry as far as pricing, with the lowest spreads dipping

below 130 basis points over the ten-year treasuries for lower leverage

opportunities of 50% or less, for example.

► “Spreads just keep tightening"- Mortgage spreads over treasuries are

narrowing, but intense pricing competition remains for lower leverage

offerings. Typical loan pricing at 65% LTV fall comfortably below 200 bps.

► “75% LTV, but on my #s”- Some lenders concerned about peak pricing level

use internal underwriting restrictions such as capitalization rates with

floors. In these instances, leverage levels of 65% are "normal" and 70% or

more is considered "high leverage.” Apartment still attract up to 80% LTV.

Jeanne Peck

► “Can't get enough apartments/industrials” - Capital sources demand more

multifamily and industrial properties to balance out their portfolios as

these are the two most favored categories. Apartments for cash flow

stability and industrials for diversification.

► “Not just a one-trick pony”- In addition to balance sheet lending, life

insurance companies are teaming up with private and public capital sources

for placing debt and equity through fund management vehicles.

► “Gumby prepayments” - With rates close to record low levels, lenders

compete by offering extremely flexible prepayment privileges for fixed and

floating rate loans (e.g. yield-maintenance and declining balance instead of

Defeasance).

John Oharenko, a director of The Real Estate Capital Institute®, observes,

“Lenders are awash with cash, but still maintain funding discipline in light

of regulatory oversight and industry oversight.  Even as rates stay low and

leverage levels tighten, most lenders will still stretch for the ‘right’

deal.”

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com

Meridian Capital Group Arranges $23.9 Million in Construction Financing for Senior Housing Complex in Delray Beach, FL

Ari Adlerstein

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $23.9 million in construction financing for the development of a senior housing community located in Delray Beach, FL.

The five-year loan, provided by a regional balance sheet lender, features a floating rate of 3.25% over the 30-day LIBOR rate and three years of interest-only payments.

This transaction was negotiated by Meridian Managing Directors, Ari Adlerstein and Ari Dobkin and Vice President, Josh Simpson, who are all based in the company’s New York City headquarters.

The community is planned to be a three-story, 118-unit senior housing development, located in Delray Beach. Some of the property features will include an on-site restaurant, bar and café, a hair and nail salon, a surround sound theater, a fitness center and Tai Chi studio.

Future residents of the community will enjoy close proximity to the Interstate 95 highway and Swinton Avenue. The property is a 15-minute drive from Delray Beach and East Atlantic Avenue, which offers visitors a variety of cafes, art galleries, boutiques and restaurants.

Ari Dobkin

Delray Beach has a settled community and is a high-demand area for retirees, as it offers top medical facilities an

d has a long-standing reputation for its golf and tennis clubs,” said Mr. Adlerstein. “We leveraged our strong relationship with a regional lender to successfully fund this exceptional project, which will have all the property and community amenities a senior resident could wish for,” he added.

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 2016, Meridian closed $35 billion in transaction volume.

Since inception, the company has closed more than $270 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. www.meridiancapital.com

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com