Palo Alto Housing Breaks Ground on New Affordable Veterans and Workforce Housing in Mountain View, CA

Eagle Park Apartments, 1701 West El Camino Real, Silicon Valley, Mountain View, CA

 

Ken Rosenberg

MOUNTAIN VIEW, CA -- On June 12, 2017, City of Mountain View Mayor Ken Rosenberg, Santa Clara County Board Supervisor Joseph Simitian, State Housing and Community Development Director Ben Metcalf, California Department of Veterans Affairs and other local leaders will celebrate the groundbreaking of Eagle Park Apartments, an affordable residential rental community being developed by Palo Alto Housing (PAH) in the center of Silicon Valley.

Eagle Park Apartments will be an architecturally innovative building comprised of 67 rental apartments which will house low-income veterans and households earning up to 60 percent of the Santa Clara County Area Median Income (AMI). 

The unit mix consists of 62 studios at approximately 400 square feet and five one-bedroom apartment homes at nearly 600 square feet. 

Expected to be completed in the fall of 2018, this approximately half-acre property is centrally located in Mountain View at 1701 W. El Camino Real, within walking distance of groceries, pharmacies, restaurants and public transit.

 The residential apartment community building will be GreenPoint Rated through the inclusion of the following green design features: solar thermal system, energy-efficient HVAC, energy-efficient lighting and water-conserving fixtures.

Candice Gonzalez

Onsite amenities will include roof decks for socializing, a community room with a computer lab, community kitchen and elevator access on every floor. Van Meter Williams Pollack is the Architect. Branagh Inc. is the General Contractor.

“Palo Alto Housing commends the City of Mountain View for making affordable housing a strategic priority,” said Candice Gonzalez, CEO of Palo Alto Housing. “We truly appreciate the collaboration between our public and private partners. In the middle of Silicon Valley, in one of the most expensive real estate markets in the country, we are proud to honor our veterans and workforce with high-quality, affordable housing in an amenities-rich neighborhood.”

Adrian Schurr

Financing for the $33 million development is provided by the City of Mountain View, County of Santa Clara, U.S. Bancorp, State Department of Housing and Community Development, Veterans Housing and Homelessness Prevention Program, California Housing Finance Agency, California Department of Veterans Affairs and Google. 

"Google is honored to help support the amazing work that Palo Alto Housing is doing,” said Adrian Schurr, Bay Area Program Manager for Google.org. “PAH is an amazing leader in the community and we're excited to see the success of their initiatives."

"It was in June last year where we, as a city, stepped up and invested $8 million in development funds for this Palo Alto Housing Corporation project because it is bringing 67 new affordable homes with easy access to mass transit,” said Mountain View Mayor, Ken Rosenberg. “This project is a great example of how both cooperation and smart development can make our city more accessible by increasing our overall supply of affordable housing and making a great place for our veterans to come home to.”

Palo Alto Housing’s property management division will provide professional, onsite property management. PAH’s resident services division will partner with a network of service providers including the VA Palo Alto and Abode Services to provide robust supportive services to residents. Services will be designed to ensure housing stability, promote health and wellness, and encourage social integration. Palo Alto Housing’s mission is to create stronger, more diverse communities by providing and maintaining high-quality, affordable housing where individuals and families thrive.

Those interested in housing at Eagle Park Apartments may call Palo Alto Housing at (650) 321-9709 and request to be added to the interest list. 

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

Anne Monaghan

MONAGHAN COMMUNICATIONS, INC.

anne@MonaghanPR.com

 830.997.0963

www.pah.community.

Outside the Lines (OTL) Unveils Entertainment Show Fountain at $3 Billion Legacy West Development in Plano, TX

  

Legacy West Fountain, Plano, TX

PLANO, TX – Outside the Lines (OTL), a design-build construction company that specializes in creating one-of-a-kind water features, rockwork and themed environments, has unveiled a state-of-the-art, iconic show fountain that will serve as the public centerpiece of the new mixed-use Legacy West development in Plano, Texas.

“Public spaces are the new anchor tenant in retail,” says J. Wickham Zimmerman, Chief Executive Officer of OTL.  “Now more than ever, retail owners recognize the importance of integrating thoughtfully designed gathering spaces, artful show fountains, and central park areas to drive foot traffic and transform their centers into world-class destinations.”

OTL’s entertainment show fountain, which encompasses 3,500 square feet across three separate basins, will consist of 131 nozzles to create a choreographed water show that dances in synchronized movement to 14 individually programmed songs and 398 LED lights.

“This fountain will deliver a crowd-stopping water ballet, making Legacy West a must-visit destination for residents and visitors in this rapidly growing submarket,” says Zimmerman.

J. Wickham Zimmerman

Situated in the central plaza along a main street thoroughfare, OTL’s fountain is directly adjacent to luxury apartments, restaurants, and retailers in a high traffic, open-air setting, and serves as the focal point of the retail entertainment center.

“Our design concept creates a multisensory, dynamic, fully-integrated art and entertainment experience that entices shoppers to come to the center and to stay longer,” explains Zimmerman, who notes that a recent study by MIT and Path Intelligence Ltd. found that shopping centers with vibrant public spaces, programming and entertainment features saw a considerable increase in average length of stay, resulting in higher revenue streams and overall sales.

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

Katie Kea or Jenn Quader

Brower, Miller & Cole

(949) 955-7940

KKea@browermillercole.com

Downtown Tampa’s Park Tower To Get Multi-Million Dollar Renovation

Park Tower,  Downtown Tampa, FL

Larry Feldman

TAMPA, FL — City Office REIT, Inc. (NYSE: CIO) (“City Office” or the “Company”)  announced it has commenced an extensive multi-million renovation on downtown Tampa, Florida’s Park Tower, with completion anticipated in the first quarter of 2018.

In November 2016, a joint venture partnership consisting of City Office, Feldman Equities LLC and Tower Realty Partners acquired Park Tower for $79.75 million.  These groups have partnered together and previously renovated other notable office buildings in the downtown St. Petersburg, Florida market. 

The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa.  The building’s amenities will be also upgraded with a striking new lobby.  

“The renovation of Park Tower will use glass and light to reposition this prominent historic structure as one of the most notable and exciting buildings on Tampa’s skyline,” stated James Farrar, Chief Executive Officer of City Office. 

Internationally-renowned architect Gensler is the designer for both the exterior façade and the building amenities.  The updated design extends a brand to Park Tower that will create a Class-A experience that persists from the sidewalk to the tenant door. 

James Farrar

“The opportunity to renovate our city’s original  high rise is a real honor, and we’re excited to reposition Park Tower as one of the premium assets in the downtown core,” stated Bert Oliva, Principal and Managing Director of Gensler’s Tampa office. 

“We are taking full advantage of Park Tower’s location across from the Tampa Riverwalk,” said Larry Feldman, Chief Executive of Feldman Equities LLC.  “The removal of high perimeter knee walls and installation of stunning glass storefronts with bright lighting will immediately announce the entrance and make it inviting to the streetscape.” 

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

City Office REIT, Inc.

Anthony Maretic, CFO

+1-604-806-3366

investorrelations@cityofficereit.com

www.feldmanequities.com

www.towerrealtypartners.com

www.parktowertampa.com

Berger Commercial Realty Secures 71,000 Square-Feet in Lease Transactions for Landlords in Broward and Palm Beach Counties

Judy Dolan

FORT LAUDERDALE, FL – Berger Commercial Realty/CORFAC International brokers recently secured 71,696 square-feet in lease transactions on behalf of landlords in Broward and Palm Beach counties.

Executive Airport Business Center

Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel represented TCPH Broward, LLC in the lease expansion of 9,546 square-feet of office space to Nagelbush Mechanical, Inc. at Executive Airport Business Center.

Located at 5101 N.W. 21st Ave. in Fort Lauderdale, Executive Airport Business Center is a 73,130-square-foot, class-A business park situated on a 6.09-acre lot across from Fort Lauderdale Executive Airport.

Palm Crossing Central

Senior Vice President Keith Graves represented SPG Palm Crossing, LLC in the lease renewal of 6,784 square-feet of flex space to Strictly Technology, LLC at Palm Crossing Central. Located at 5381 N.W. 33rd Ave. in Fort Lauderdale, Palm Crossing Central is a newly renovated, multi-building, campus-style business park featuring ample parking, proximity to I-95 and Florida’s Turnpike, and flexible floorplans for office, flex and warehouse space.

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

www.corfac.com

www.bergercommercial.com.

Home Flipping Loan Volume Rises to Nine-Year High in Q1 2017 as Average Flipping Returns Decline for Second Straight Quarter

 

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database,  released its Q1 2017 U.S. Home Flipping Report, which shows that 43,615 single family homes and condos were flipped — sold in an arms-length transfer for the second time within a 12-month period — nationwide in the first quarter of 2017, down 8 percent from the previous quarter and down 6 percent from a year ago to the lowest number of homes flipped since Q1 2015 — a two-year low.

  

Home flips in Q1 2017 accounted for 6.7 percent of all single family home and condo sales during the quarter, up from 5.8 percent in the previous quarter and unchanged from a year ago.

“The business of financing for home flippers continued to grow in the first quarter of 2017 even as the home flipping rate plateaued compared to a year ago and average home flipping returns decreased for the second consecutive quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“Home flippers financed an estimated $3.5 billion in purchases for homes flipped during the quarter, up from $3.3 billion in the previous quarter and up from $2.4 billion a year ago to the highest level since the fourth quarter of 2007 — a more than nine-year high.”

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

HFF arranges $180 million in financing for One Congress Street and Government Center Garage in Boston, MA

One Congress Street and Government Center Garage, Boston, MA

 

John Fowler

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced the firm has arranged $180 million in financing for One Congress Street and the Government Center Garage, an 11-story mixed-use asset comprising a 1,960-space parking garage with 202,854 square feet of office space and 23,212 square feet of retail space.

HFF worked on behalf of the borrower, a joint venture between National Real Estate Advisors, LLC and its Boston-based development partner, The HYM Investment Group, LLC, to secure the short-term, floating-rate loan through Oxford Properties Group. 

The property is centered among many of Boston’s most popular neighborhoods and destinations, including the Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill.

 The property draws a diverse set of parkers ranging from commuters to event attendees to residents seeking overnight parking. This location also offers immediate access to entrance ramps for Interstate 93 as well as two on-site subway lines (MBTA Green Line and Orange Line), providing connectivity to greater Boston.

Jennifer Keller

The property is also the site of Bulfinch Crossing, a 2.9 million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses. 

Led by the borrower, this project will contribute to a transformation of the neighborhood and provide an additional long-term source of demand for Government Center Garage.  Bulfinch Crossing’s first phase, a 46-story luxury residential tower, broke ground earlier in 2017.

Riaz Cassum

The HFF debt placement team was led by executive managing director John Fowler, senior managing director Riaz Cassum, director Jennifer Keller and associates Xave Jacoby and Chris Thomas. 

The legal team working on the financing, restructuring and land use matters consisted of four firms:  Difede Ramsdell Bender PLLC and Goulston & Storrs represented the borrower and Milbank, Tweed, Hadley & McCloy LLP and DLA Piper represented the lender.

  

“Over the next 10 years, the property will be the location of one of the largest and most exciting mixed-use developments in Boston, while providing unprecedented demand for parking,” Cassum said.  “This financing represents the first step in a long-term development plan and the formation of a strategic lending relationship.”

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.hyminvestments.com.

www.natadvisors.com.

HFF secures $22.25 million acquisition financing for 288-unit apartment community in Port Richey, FL

The Lakes at Port Richey Apartments, Port Richey, FL

Elliott Throne

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $22.25 million in acquisition financing for The Lakes at Port Richey, a 288-unit, garden-style apartment community in Port Richey, Florida.

Working exclusively on behalf of Agora Capitol Partners Inc., HFF placed the 10-year, floating-rate loan with Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

The Lakes at Port Richey features 24, two-story buildings totaling 264,168 rentable square feet with a variety of five one-, two- and three-bedroom layouts. 

The property has been recently renovated with common area enhancements and interior upgrades to select units, including the addition of faux granite countertops, raised panel cabinet doors, new appliances and faux wood plank flooring. 

Community amenities include a swimming pool with cabanas, fitness center, dog park, playground, clubhouse, business center, internet café and coffee bar.  The Lakes at Port Richey is located on approximately 23.75 acres at 8228 Chasco Woods Boulevard less than two miles east of U.S. Highway 19, which is one of the main north-south thoroughfares in Central Florida’s Pasco County.  The property is 98 percent leased.

The HFF debt placement team was led by managing director Elliott Throne.

“The borrower utilized its local area expertise to acquire another great asset that will complement their nearby existing holdings,” stated Throne.

 “Freddie Mac provided a very attractive, low-rate, flexible financing that allowed the borrower to acquire the asset, complete additional property enhancements, and position the property well for the next several years.”

During the first quarter of 2017, HFF closed 197 deals totaling more than $7.4 billion in multi-housing transactions across the country.

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

ohennessey@hfflp.com