HFF announces sale and financing of River’s Cove Apartments in suburban Milwaukee, WI

River's Cove Apartments, Germantown, WI

Wick Kirby

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for River’s Cove Apartments, a 112-unit multi-housing community in the Milwaukee suburb of Germantown, Wisconsin.

 The HFF team marketed the property exclusively on behalf of the seller, Mandel Group, Inc., and procured the buyer, Weidner Apartment Homes.  

Additionally, HFF worked on behalf of the new owner to secure a 12-year, fixed-rate, Fannie Mae acquisition loan through M&T Realty Capital Corporation.

 River’s Cove is nestled between Hupt Strausse Park and Blackstone Country Club at W172 N11392 Division Road in Germantown. 

Kevin Girard

 The nearly 11-acre property overlooks the Menomonee River and is approximately 20 miles northwest of the Milwaukee CBD. 

In addition, River’s Cove is accessible to major employers at Germantown Industrial Park, one of the largest industrial parks in Wisconsin, as well as two Fortune 500 Companies, the 350-acre Germantown Business Park and several top healthcare providers. 

 Homes average 1,062 square feet and include washers and dryers, fireplaces, and balconies or patios.  

Community amenities include a picnic area and pond, garage parking, golf course and waterfront views, and quick access to nearby walking/biking trails. 

Sean Fogarty

 The property provides additional upside to the buyer through the completion of an interior renovation program and was 98 percent occupied at closing.

 The HFF investment advisory team representing the seller included senior directors Wick Kirby and Kevin Girard, managing directors Sean Fogarty and Marty O’Connell, senior managing director Jaime Fink and executive managing director Matthew Lawton.

 HFF’s debt placement team representing the new owner included senior managing director Tom Wilson and senior director Jason Bond.

 Mandel Group, Inc. is an integrated real estate services firm with operations in development, construction, and property management. 

Marty O'Connell

The firm is recognized as the premier residential multi-family developer in the greater Milwaukee area. Its acquisitions include properties in Wisconsin, Minnesota, Kansas, Missouri and Iowa.

 Weidner Apartment Homes was founded in 1977 by Dean Weidner.  With a commitment to providing quality apartment home living for all of its residents, Weidner Apartment Homes is currently ranked 15^th on NMHC’s top 50 list of apartment management companies and has 52,000 units throughout the U.S. and Canada.

 M&T Realty Capital Corporation (www.mandtrcc.com) is a wholly-owned commercial mortgage-banking subsidiary of Manufacturers and Traders Bank, better known as M&T Bank Corporation.

Jaime Fink

Founded in 1856, M&T Bank Corporation (www.mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 750 branch offices and 1,800 ATMs in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and Washington, D.C.

Matthew Lawton

CONTACTS:

WICKLIFFE KIRBY

HFF Senior Director

(312) 528-3650

wkirby@hfflp.com

JAIME FINK

Tom Wilson

WI Lic. #54163

HFF Senior Managing Director              

(312) 528-3650

jfink@hfflp.com

TOM WILSON

HFF Senior Managing Director

(206) 576-0035

twilson@hfflp.com

JASON BOND

HFF Senior Director

(312) 528-3650

jbond@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

https://mandelgroup.com/.

HFF announces the sale of 240-unit apartment community in Lawrenceville, NJ

Steward's Crossing Apartments, Lawrenceville, Mercer County, NJ

Michael Oliver

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Steward’s Crossing, a 240-unit multi-housing community in Lawrenceville, Mercer County, New Jersey.

The HFF team marketed the property exclusively on behalf of the seller, Merion Realty Partners and a joint venture partner.  Berkshire Group purchased the property.

Steward’s Crossing is located at 1000 Stewards Crossing Way in the affluent Princeton submarket of Lawrenceville, less than one mile from Route 1, Interstate 95 and Interstate 295. 

Jose Cruz

 The property’s proximity to both Princeton and the state capital of Trenton provides access to numerous employment and commercial drivers as well as Princeton University. 

Totaling 240 homes spread throughout 12 buildings and 24 acres, the property has a wooded, park-like atmosphere and best-in-class amenities, including a spacious clubhouse, 24-hour fitness center, tennis court, swimming pool with sundeck, outdoor lounge with Wi-Fi, grilling area, dog park, walking paths and covered parking. 

Steward’s Crossing has a diverse mix of one-, two- and three-bedroom floor plans, which feature renovated kitchens and bathrooms, in-unit washers and dryers, and walk-in closets, with some also equipped with fireplaces, vaulted ceilings, and patios or balconies.

 

Kevin O'Hearn

The HFF investment advisory team representing the seller included Michael Oliver, Jose Cruz, Kevin O’Hearn and Steven Simonelli, all working closely with HFF’s Philadelphia multi-housing team, including Mark Thomson, Carl Fiebig and Fran Coyne.

“The greater Princeton area has incredible fundamentals and is one of the New Jersey’s strongest multi-housing submarkets,” Oliver said.  “We have seen an increased appetite from institutional capital within the region. Berkshire will have great success continuing the efforts of the sellers at the property.”

Stephen Simonelli

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

Merion Realty Partners (Merion) was established in 2011 as a vertically integrated real estate investment and management platform. 

 Merion is a sponsor of multifamily-focused investment funds and joint ventures dedicated to pursuing and operating investment opportunities for institutional and high-net-worth investors. 

 As of June 2018, Merion has, on behalf of investors and joint venture partners, acquired 37 apartment communities with a total acquisition value of approximately $860 million. 

 Merion primarily targets value-add apartment projects located in select suburban markets focused in the Southeast, Mid-Atlantic and Northeast regions.

Mark Thomson

 In addition to sponsored investments, Merion has served as asset manager of a diverse portfolio of real estate assets, including multifamily, hospitality, single-tenant net-leased assets, medical office, retail and gaming owned by funds affiliated with CMS Companies. 

 

Merion Realty Advisers, LLC is an SEC-registered investment adviser providing services to certain Merion managed assets, funds and joint ventures.

 Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. 

Carl Fiebig

Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies and operational experience. 

The company has experience in disciplines, including acquisitions, portfolio and property management, debt, development and redevelopment. 

 Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco.  As of March 30, 2018, Berkshire Group had approximately $7.3 billion in real estate assets under management. 

Fran Coyne

For more information on Berkshire, please visit www.berkshire-group.com.

CONTACTS:

MICHAEL OLIVER

NJ Lic. #0682428

HFF Senior Director

(973) 549-2000

moliver@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

HFF announces sale of 160-unit apartment community in West Des Moines, Iowa

Springs at Jordan Creek Apartments, West Des Moines, IA

 CHICAGO, IL -– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Springs at Jordan Creek, a 160-unit, Class A apartment community in West Des Moines, Iowa.

Sean Fogarty

 The HFF team marketed the property exclusively on behalf of the seller, Continental Properties, and procured the buyer, Milwaukee-based Mandel Group, Inc.

 Springs at Jordan Creek is situated on 12.05 acres at 8655 Bridgewood Boulevard less than two miles south of Interstate 80 and approximately 13 miles southwest of downtown Des Moines. 

Set on park-like grounds, the garden-style property offers a mix of studio through three-bedroom residential units.  

The property’s two-story, townhome-style units feature hardwood-style floors, granite countertops, stainless-steel appliances, island breakfast bars, soaking tubs, nine-foot ceilings, walk-in closets, and in-unit washers and dryers. 

 Common area amenities include a swimming pool, 24-hour fitness center, clubhouse, business center, coffee bar and a leash-free pet playground.  Springs at Jordan Creek was 96 percent occupied at closing.

David Gaines

 The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty along with managing director Jules Sherwood, a licensed Iowa real estate broker.

 Springs at Jordan Creek marks the third sale during the last 10 months in the greater Des Moines area that the HFF team transacted, including Springs at Waukee and Autumn Ridge Apartments (Phase I), both located in nearby Waukee, Iowa.

 Continental Properties is a national commercial real estate development company with over 39 years of delivering projects throughout the United States.  Continental has developed over 20,000 apartment units under the “Springs” brand in the last 17 years. 

Jules Sherwood

The Continental team is characterized by its uncompromising commitment to the highest standards of integrity in its interactions with its customers, vendors, communities and co-workers.

 Mandel Group, Inc. is an integrated real estate services firm with operations in development, construction, and property management.  

The firm is recognized as the premier residential multi-family developer in the greater Milwaukee area.  Its acquisitions include properties in Wisconsin, Minnesota, Kansas, Missouri and Iowa. 

CONTACTS:

DAVID GAINES

IL Lic. #475.137087

HFF Senior Director

(312) 528-3650

dgaines@hfflp.com

JULES SHERWOOD

IA Lic. #B64080000

HFF Managing Director

(303) 515-8000

jsherwood@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

https://www.cproperties.com/.
https://mandelgroup.com/.

HFF announces $115 million in financing for Esperanté Corporate Center in West Palm Beach. FL

Esperante Corporate Center, 222 Lakeview Avenue,
 Downtown West Palm Beach, FL

Ben Bernstein

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces $115 million in financing for Esperanté Corporate Center, a 255,984-square-foot, trophy office tower in West Palm Beach, Florida.

 The HFF team worked on behalf of the borrower, RedSky Capital and JZ Capital Partners, to secure a fixed-rate senior loan through Apollo Global Management on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company.

 “On behalf of RedSky Capital and JZ Capital Partners, we would like to thank HFF for their hard work and flawless execution,” said Ben Bernstein, Principal of RedSky Capital.  “We are grateful for the support from Apollo and our mezzanine lender and look forward to a long and rewarding partnership.”

Chris Drew

 Esperanté Corporate Center is one of only three Class AA office towers in West Palm Beach and is the market’s newest and most sophisticated office building following a renovation that was completed in the first quarter of 2018. 

The 20-story property offers dramatic water views and boasts a best-in class tenancy with a blue-chip roster of banking, financial and legal services firms including Bank of America, Holland & Knight, and Chatham Lodging Trust. 

Located at 222 Lakeview Avenue in the heart of downtown West Palm Beach, the office tower is situated across the Intracoastal Waterway from the island of Palm Beach, four miles from Palm Beach International Airport and is a short walk to a host of dining, entertainment, and retail options located along Clematis Street and within CityPlace.

Hermen Rodriguez

In addition, Esperanté Corporate Center is located less than one mile from Brightline’s West Palm Beach station connecting the three major commerce hubs of South Florida via high end rail cars.

 The HFF debt placement team representing the borrower included senior managing directors Chris Drew and Hermen Rodriguez and director Maxx Carney.

 “We are extremely excited for RedSky Capital and grateful to their team for giving HFF the opportunity to represent them on the financing of Esperanté Corporate Center,” Drew said.  “The first-class renovation and RedSky’s institutional oversight has solidified Esperanté Corporate Center as one of the top office assets in South Florida. 

Maxx Carney

"Additionally, hedge funds and private equity firms continue to flock to Palm Beach, which adds to the already numerous investment merits for the West Palm Beach submarket.”

 “The West Palm Beach CBD office market is one of South Florida’s most dynamic and amenitized locales,” Rodriguez added.  “Esperanté has done an extraordinary renovation to their office that will continue to attract high quality tenants.”

 RedSky Capital, LLC (“RedSky”) is a Brooklyn-based firm that owns, operates, and develops real estate assets with a focus on value-add opportunities.  JZ Capital Partners (“JZCP”) is a closed-end private equity fund listed on the London Stock Exchange which invests in U.S. and European micro-cap companies and U.S. real estate. 

Ben Stokes

Starting in 2012, RedSky and JZCP (“RedSky/JZ”) began a value-add strategy to buy and develop real estate in burgeoning markets.  Together, RedSky/JZ has established a portfolio of real estate assets in Brooklyn and South Florida in excess of $1.5 billion.

 RedSky Capital was formed in 2006 and is led by Ben Bernstein and Ben Stokes.  

JZCP was founded in 1986 and is advised by David W. Zalaznick and John W. “Jay” Jordan II, who over their careers have co-founded private equity investment vehicles with over $10 billion in committed capital.

David W. Zalaznick

CONTACTS:

CHRIS DREW

HFF Senior Managing Director

(305) 448-1333

cdrew@hfflp.com

HERMEN RODRIGUEZ

HFF Senior Managing Director

(305) 448-1333

hrodriguez@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com