HFF announces $50 million financing for luxury mixed-use property in Denver, CO

210 St Paul, the first phase of The St Paul Collection (www.stpaulcollection.com),
Cherry Creek North neighborhood, Denver, CO

Brock Yaffe

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces $50 million in financing for 210 St Paul, the first phase of The St Paul Collection (www.stpaulcollection.com), an iconic mid-rise, mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood.

 The HFF team worked on behalf of BMC Investments to secure the 11-year, non-recourse, full-term, interest-only fixed-rate loan through Freddie Mac’s Lease-Up Loan Program.  

The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

 The HFF debt placement team representing the borrower consisted of director Brock Yaffe.

 “Working with the HFF team in concert with Freddie Mac is a pleasure.” said Max Bresner, BMC’s Chief Operating Officer.  “HFF executed at a high level and procured very attractive long-term financing for this asset. 

 "Located in the heart of Cherry Creek, Denver’s most premiere submarket, we believe this asset enriches the neighborhood and sets a new standard in rental luxury living.”

Max Bresner

 The St Paul Collection is a two-phase development located at the intersection of St Paul Street and 2^nd Avenue amid more than 2.5 million square feet of retail within walking distance to the property. 

The property’s central location also gives nearby access to major employers in Cherry Creek and Denver’s CBD.  

Completed in June, 210 St. Paul comprises 81 luxury residences in a mix of one-, two- and three-bedroom floor plans as well as penthouses ranging in size from 770 to 2,800 square feet. 

The property also includes 11,000 square feet of retail leased to CB2, Crate & Barrel’s fresh approach to furnishings & décor.  The second phase, which is not part of this financing, will add an additional 84 residential units and 44,000 square feet of retail space.

   

CONTACTS:

BROCK YAFFE

HFF Director

(303) 515-8000

byaffe@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

www.bmcinv.com.

HFF announces the sale of suburban Philadelphia retail center

Warminster Plaza, Warminster, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Warminster Plaza, a 128,544-square-foot shopping center in the Philadelphia-area community of Warminster, Pennsylvania.

Chris Munley

 The HFF team marketed the property on behalf of the seller, Liberty Bell Capital III, LP.  PB Warminster Plaza LLC purchased the asset.  

 Warminster Plaza is situated at the intersection of Street and York Roads, which have a combined traffic count of 70,000 vehicles per day.  The retail center also has immediate access to the Pennsylvania Turnpike (Route 276) and is approximately 27 miles from City Center Philadelphia. 

 

More than 78,300 residents earning an average annual household income of $87,393 live within a three-mile radius of the center.  

Warminster Plaza is home to SMG SportsPlex at Warminster, AAA, Lee’s Hoagie House, YMCA of Buck’s County, Kid’s First Swim Schools, Pearle Vision Center and Grand Buffett.

 The HFF investment advisory team representing the seller included managing director Chris Munley and director Michael DiCosimo.

Michael DiCosimo

 “Investor demand for infill community and neighborhood shopping centers such as Warminster Plaza remains strong,” Munley said.  

“Retail assets offer competitive risk-adjusted returns in today’s commercial real estate climate, and more capital is entering the space as we continue to see improving retail fundamentals in occupancy levels, rental rates and tenant demand.”

CONTACTS:

CHRIS MUNLEY

PA Lic. #RS314499 

HFF Managing Director

(484) 532-4200

cmunley@hfflp.com

MICHAEL DICOSIMO

HFF Associate Director

(484) 532-4200

mdicosimo@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

HFF announces $31.5 million capital placement for Chicago-area high flow-through logistics center

Robin Stolberg

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the capital placement for the $31.5 million acquisition of a single-tenant, long-term-leased, high flow-through logistics facility in Alsip, Illinois. 

 HFF arranged the capital on behalf of Dayton Street Partners (DSP), which will own the property with a long-term lease in place to full-service logistics provider Experior Transport. 

 Constructed in 2013, the facility, located at 12161 South Central Avenue in Alsip, sits on more than 42 acres and operates through a 171,624-square-foot, 69-door, cross-dock facility with a 27,000-square-foot, 12-bay truck repair center.

The site notably includes more than 800 trailer parking positions, as well as a fueling station and a truck scale. 

 The HFF advisory team included senior directors Robin Stolberg and Kurt Sarbaugh, managing director Steve Skok and analyst Sam Berry.

Kurt Sarbaugh

 “This state-of-the-art asset plays a critical role in moving product though the last-mile supply chain, and this acquisition falls in line with DSP’s overall strategy of acquiring high barrier-to-entry, infill, logistics-related real estate,” said Howard Wedren, founder and managing principal of Dayton Street Partners.

Dayton Street Partners LLC is a niche commercial real estate investment and development firm focused on the acquisition and development of high barrier to entry infill industrial and logistics properties. 

  

CONTACTS:

ROBIN STOLBERG

IL Lic. #475.123480

HFF Senior Director                               

Steve Skok

(312) 528-3650

rstolberg@hfflp.com

KURT SARBAUGH

IL Lic. #475.123047

HFF Senior Director

(312) 528-3650

ksarbaugh@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

www.daytonstreetllc.com

Levin Johnston Directs $27.8 Million Sale of Two Self-Storage Facilities in Bay Area Submarkets

517-unit Lock It Up Self-Storage, 220 West Ahwanee Avenue, Sunnyvale, CA

  

BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the sale of two institutional quality self-storage facilities encompassing 1,154 units in the Bay Area submarkets of Sunnyvale and Fremont, California.

Jacob Becher

Adam Levin, Senior Managing Director of Levin Johnston and Jacob Becher, Vice President of Investments and Associate Member of National Self Storage Group at Marcus & Millichap, represented the seller, Lock It Up Self-Storage, as well as the buyer in each transaction.

“These sales are a prime example of increased investor interest in self-storage product throughout the Bay Area,” says Levin. 

“The strength of the local multifamily market is a core driver in this investment demand, as smaller average apartment sizes contribute to increased consumer demand for storage space.

" In addition, national trends such as retirement, downsizing of baby boomers, and millennial consumer preferences will only strengthen in the years ahead, providing a positive long-term value opportunity for owners of self-storage product.”

Levin Johnston’s recent transactions include:

 $15.5 Million Sale of Sunnyvale Lock It Up Self-Storage, 38491 Fremont Blvd in Fremont, CA

$12.3 Million Sale of Fremont Lock It Up Self-Storage, 38491 Fremont Blvd in Fremont, California.

Contacts:

Lisa James/ Jenn Quader 

Brower Group

(949) 955-7940

ljames@brower-group.com

levinjohnston.com.

Levin Johnston of Marcus and Millichap Directs Four Multifamily Property Trades Totaling $36.25 Million in Redwood City, CA

 23-unit apartment community, 3530-3540 Farm Hill Boulevard, Redwood City, CA

Adam Levin

REDWOOD CITY, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed four multifamily property trades totaling $36.25 million in Redwood City, California.

 “The Redwood City submarket is a hub of investment activity for buyers seeking to deepen the value of their portfolio, and sellers leveraging current market fundamentals to achieve value,” says Adam Levin, Senior Managing Director of Levin Johnston. “This is a market with high barriers to entry, minimal competitive supply, and an economy that continues to grow rapidly, fueled by tech job growth and rental demand.”

The city posted job growth of 3.8 percent in the past year and is projected to grow by 44.6 percent in the next ten years – higher than the U.S. average of 38 percent.

Robert Johnston

“As this growth and demand continues, we are increasingly generating creative solutions to help multifamily investors create long-term value,” says Robert Johnston, Senior Managing Director of Levin Johnston. “These recent transactions demonstrate the continued strength of the Bay Area multifamily investment market.”

Levin Johnston’s recent transactions include:

$10.45 Million Acquisition of Farm Hill Apartments
$21.8 Million Sale of 180 Flats
$2.1 Million Sale of a Five-Unit Multifamily Property in Silicon Valley
$1.8 Million Duplex Sale in Downtown Redwood City

Contact:

Alex Caswell / Jenn Quader 

Brower Group

(949) 955-7940

acaswell@brower-group.com

Real Estate Capital Institute Predicts Ninth Fed Rate Rise Possible by Year End

John Oharenko

Chicago,IL - As highly anticipated, the Fed unanimously voted to raise rates by a quarter point last month, the third

increase this year.  The increase is part of eight consecutive rate hikes in

just over three years. 

 No rate-hike relief in sight due to a buoyant economy backed by a low unemployment rate staying below four percent, with no serious signs of slowing down along with tame inflation.  

A ninth rate hike is possible before yearend.  And as many as three to four rate hikes are expected over the next couple of years.

With fixed-rate debt at the forefront, popular funding programs offered by

major lending groups are outlined as follows:

*    Agencies:  Agency green programs will continue expanding, as such

debt represents about a quarter of their lending volume.  Mezzanine programs gain significant interest, particularly for workforce housing, with as much as ten percent additional leverage available.  Overall pricing starts in the 150-bps range over treasuries.  As expected, floating-rate fundings are down, but still popular for value creation situations with pricing starting at 190 bps over Libor.

*    Conduits:  Active in the higher leverage lending arena with pricing

starting at 200 bps over swaps.  Higher leverage loans above 75% LTV cost about 50 bps.

*    Life Companies:  Mostly satiated, as annual funding goals on target.

Staying competitive in the 145-165 bps range over treasuries on 65% LTV or less.  Pricing premiums of 10 to 20 bps offered for loans of 15 years or longer.

The Real Estate Capital Institute's(r) director, John Oharenko, advises,

"Despite an impending inverted yield curve -- a strong indicator of recessions -- we are following a clear path of increasing rates based on current Fed policy."

<https://www.bankrate.com/investing/what-to-know-about-the-yield-curve/>