Monday, March 27, 2017

PulteGroup Purchases 40 Acres in Boca Raton for New Active Adult Residential Community

                         
Brent Baker
 BOCA RATON, FL, March 27, 2017) – PulteGroup Inc. has acquired 40 acres within the site of renowned Boca Raton retirement destination Boca Lago Country Club. 

The national homebuilder paid $8.3 million for the land, which is located off Lyons Road just south of Glades Road.

PulteGroup has plans to build a 55-and-up community, called Boca Flores, under its Pulte Active Adult brand. The project will have 130 two-story carriage homes with two-car garages and one-story villas. Elevators will be standard in the two-story units. Prices start in the high $300,000s.

“Boca Flores is a response to the tremendous demand for active adult homes in close proximity to beaches, world-class dining and shopping,” said Brent Baker, PulteGroup’s southeast Florida division president. “The access to the Boca Lago Country Club also adds significant value for this particular buyer segment.”

The project will be built on a portion of the Boca Lago golf course that was previously closed by the club. Boca Flores is another example of Pulte’s unique ability to revitalize dormant golf course sites with vibrant new communities.

Homes at Boca Flores will range from 1,542 to 2,399 square feet. Amenities include a social membership with tennis privileges at Boca Lago Country Club, a resort pool, cabana, pickle ball court, passive park and walking trail. The community is gated with on-site security present.

“Maintenance-free, highly amenitized living is especially attractive to today’s 55-and-up consumer,” said Baker.

Pulte is slated to launch sales in August 2017. Model homes are expected to open during the first quarter of 2018.

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

Todd Templin and Eric Kalis, BoardroomPR
954-370-8999


HFF arranges $2.94 million financing for newly built mid-rise apartment property in San Diego, CA


Mitra Apartments, East Village Neighborhood, 340 15th Street,
 San Diego, CA
SAN DIEGO, CA, March 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $2.94 million in financing for Mitra, a newly built, five-story, nine-unit boutique apartment building in San Diego’s East Village neighborhood.

Working on behalf of the developer, Nakhshab Development & Design, Inc., HFF placed the 10-year, fixed-rate, non-recourse loan with a commercial bank.  Loan proceeds replaced the existing construction loan and provided cash out.

Mitra is located at 340 15th Street within walking distance to numerous downtown destinations, including Petco Park, the Gaslamp Quarter and Balboa Park.  

Completed in January, the property provides nearby access to public transportation and the area’s major freeways via Interstate 5. 

The LEED Platinum property’s nine units total approximately 9,555 square feet and encompass a mix of eight loft-style floorplans and one penthouse unit offering views of downtown San Diego and the Coronado Bridge.  The open-concept units feature floor-to-ceiling windows, ENERGY STAR® appliances, mid-century modern finishes and patios or balconies.

Aldon Cole













The HFF debt placement team was led by senior managing director Aldon Cole and associate director Chris Collins.

“We are pleased that Nakhshab Development & Design, Inc. benefitted from a competitive bidding process between banks, Fannie Mae and Freddie Mac,” said Collins.  “In this case, the lender stood out from the competition due to their understanding of the value creation and long-term equity potential of the property.”


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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com





HFF secures $81.9 million financing for 400-unit multi-housing community in Denver, CO


Skye 2905 Urban Flats (Skye 2905), North Union Station Neighborhood, Denver, CO

 
Eric Tupler
DENVER, CO, March 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $81.9 million in acquisition financing for Skye 2905 Urban Flats (Skye 2905), a 400-unit, Class A multi-housing community in Denver’s North Union Station neighborhood.

HFF worked exclusively on behalf of the borrower, Griffis Residential, to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest only with a correspondent life insurance company.

Located across 20th Street from the Union Station neighborhood and downtown Denver’s only grocery store, King Soopers, Skye 2905 is in the heart of the city’s cultural core. 

The property is situated on 4.95 acres at 2905 N. Inca Street providing immediate access to major employers in the central business district and abundant dining, entertainment and cultural amenities.  

Skye 2905 is a five-story building consisting of one-, two- and three-bedroom units wrapped around a five-story parking garage with 2,714 square feet of retail on the ground floor. 

The property features common area amenities, including a swimming pool; outdoor entertainment lounge with grilling stations; state-of-the-art fitness center with yoga room; indoor lounge with poker room, gaming center, flat-screen TVs and foosball table; and downtown, mountain and Coors Field views. 

Residences feature nine-foot ceilings, granite countertops, stainless steel appliances, in-unit washers and dryers, soaking bathtubs, walk-in closets and wood plank or polished concrete flooring.

The HFF debt placement team representing Griffis Residential was led by senior managing director Eric Tupler and managing director Josh Simon.
  
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com



HFF hires Roland S. Merchant, Jr. as a senior managing director in New York office


Roland S. Merchant Jr.
        
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced Roland S. Merchant, Jr. has joined its New York office as a senior managing director concentrating on investment sales and structured transactions.

Mr. Merchant has more than 20 years of experience in finance, sales and real estate investment banking and joins HFF from Eastdil Secured LLC.

  He has been involved in over $20 billion of investment sales, joint venture equity, debt placement and loan sale transactions for major public and private institutional real estate investors throughout the United States.

 Prior to Eastdil, Mr. Merchant was an investment banking associate in the Capital Markets Group at Cushman and Wakefield and the Leveraged Finance Group at Merrill Lynch.

Mr. Merchant holds a Master of Business Administration from Columbia Business School, where he was awarded the Robert A. Toigo Fellowship and a Bachelor of Arts from Dillard University. 

 He is a licensed securities representative, a licensed real estate salesperson in the state of New York and a member of Urban Land Institute (ULI), the National Multifamily Housing Council, the Real Estate Roundtable (RER) President’s Council and Real Estate Executive Council (REEC). 

Andrew Scandalios


Philanthropically, Mr. Merchant is the board chairman for the Robert Toigo Foundation Alumni Endowment Board and vice-chairman on the board of trustees for the City Parks Foundation of New York.

“HFF is thrilled to have Roland join our firm and strengthen our New York investment sales team,” said Andrew Scandalios, senior managing director and co-head of HFF’s New York office. 

 “Roland has a wealth of experience, deep relationships and thorough real estate knowledge, which will be of great value to HFF’s existing and future clients.”

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

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com