Arbor Funds $11.9 million Fannie Mae Green Financing® Loan in Bountiful, UT

Carrington Place Apartments, Bountiful, UT

UNIONDALE, NY  – Arbor Realty Trust, Inc. (NYSE:ABR),a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded a Fannie Mae Green Financing® loan in Bountiful, UT.

Garth Davis

Carrington Place, a 142-unit multifamily property, received $11.9M in funding through the Fannie Mae Green Financing® loan program. The deal provides a 10-year fixed term and a 30-year amortization schedule.

Garth Davis of Arbor’s San Francisco office originated the loan. “The investors, through Arbor’s capital markets group and deep relationships within the market, were able to aggressively price the deal,” said Davis. 

“The result was a lower spread that was passed onto the client with a lower than expected interest rate - all of which made the client very happy.”

Carrington Place provides a wealth of features and amenities, including laundry facilities, covered parking, storage units, private balconies, and emergency maintenance, as well as recreation options consisting of a spa, swimming pool, basketball court, tennis court, and playground.

CONTACTS:

Arbor Realty Trust, Inc. 333 Earle Ovington Blvd, Suite 900 Uniondale, NY 11553 800.ARBOR.10 arbor.com Contact: Bina Handa Tel: 516.506.4229 bhanda@arbor.com

HFF announces $26 million sale and $18.9 million financing of Orlando, FL power center

International Drive Value Center, Orlando, FL

Brad Peterson

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $26.156 million sale of and $18.915 million acquisition financing for International Drive Value Center, a 186,000-square-foot power center in Orlando, Florida.

 The HFF team marketed the property on behalf of the seller, Retail Value Inc. (RVI).  A partnership between Collett Capital and Long Wharf Capital purchased the asset. 

Additionally, working on behalf of the new owner, the HFF team placed the five-year, floating-rate acquisition loan with TD Bank.  Loan proceeds will be used for the acquisition and to fund future capital improvements.

International Drive Value Center is 95 percent leased and anchored by multiple national and regional tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx, dd’s DISCOUNTS, Five Below and Dollar Tree. 

Whitaker  Leonhardt

The center spans 23 acres and is at 5295 International Drive.  

Located at the epicenter of central Florida, International Drive Value Center is approximately six miles from downtown Orlando, 8.5 miles northeast of Walt Disney World® and less than one mile southeast from Universal Studios. 

Additionally, the center is in the nation’s No. 1 retail submarket, the International Drive Retail submarket.

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.

The HFF debt placement team representing the new owner consisted of senior managing director Travis Anderson, senior director Cory Fowler and managing director Rebecca Van Reken.

Travis Anderson

 “Orlando is one of the most highly sought-after retail investment markets in the U.S. in 2018,” Peterson said.  “We have the No. 4 fastest-growing population and No. 2 fastest-growing workforce in the U.S., which is squarely on the radar of investors. 

"So far in 2018, our team has priced 12 retail centers totaling more than $360 million in value in Orlando, and investor enthusiasm has been very robust.”

 “International Drive Value Center is one of the premier retail centers in central Florida, and, given its prime location in the heart Orlando’s dynamic and thriving tourist corridor, many of the tenants achieve sales volumes far in excess of chain averages,” Leonhardt added. 

“The future of the asset looks even brighter given the continued success of the nearby Orlando International Premium Outlets combined with the new nearby mixed-use developments.”

 RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. 

Rebecca Van Reken

RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp.  RVI focuses on realizing value in its business through operations and sales of its assets. 

Additional information about RVI is available at www.retailvalueinc.com.

Collett Capital is a privately owned acquisition platform that focuses on acquiring undervalued community shopping centers in the southeast, southwest and midwest, and southeastern real estate assets with existing cash flow and the potential for long-term capital appreciation. 

Cory Fowler

Since its inception in 2015, Collett Capital has invested in over $150 million worth of real estate.  

Visit https://www.collettcapital.com for more information.

 Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. 

Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. 

 Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets.  For further information, visit: www.longwharf.com.

CONTACTS:

BRAD PETERSON

FL Lic. #BK3162030

HFF Senior Managing Director

(407) 745-3900

bpeterson@hfflp.com

WHITAKER LEONHARDT

FL Lic. #SL3221137

HFF Senior Director

(407) 745-3900

wleonhardt@hfflp.com

TRAVIS ANDERSON

HFF Senior Managing Director

(704) 526-2800

tanderson@hfflp.com

CORY FOWLER

HFF Senior Director

(704) 526-2800

cfowler@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Rhodes + Brito Architects Names Two New Project Coordinators

Samar Mady

ORLANDO, FL --- Rhodes + Brito Architects announced that Samar Mady and Dwinessa Pratt have joined the firm as Project Coordinators.  

Mady holds a Bachelor’s of Science degree in Architectural Engineering/Urban Planning from Ain Shams University in Cairo , Egypt .

Dwinessa Pratt

Pratt is a recent graduate of the Master of Architecture program at Florida A&M University

. 

In their new roles as Project Coordinators, Mady and Pratt will provide support services to the firm’s project architects including initial research, design development and finalizing construction documents, according to Ruffin Rhodes, co-founder of the firm.   

Ruffin Rhodes

“We are pleased to have these exceptional young professionals join our firm and look forward to their continued growth,” said Rhodes .

Rhodes+Brito, an Orlando firm founded in 1996, currently employs a staff of 50, including 9 registered architects.

The firm has exceptional experience providing architectural services to a wide variety of agencies throughout the state of Florida , including government, federal, civic, K-12, Higher education and aviation.

CONTACTS:

Ruffin Rhodes, AIA Co-founder Rhodes+Brito Architects, 

407-648-7288 ruffin@rbarchitects.com

Maximiano Brito, AIA, Co-founder Rhodes+Brito Architects, 

407-648-7288 max@rbarchitects.com

Larry Vershel or Beth Payan, Larry Vershel Communications 

407-644-4142 Lvershelco@aol.com

Arbor Funds $6.4 Million Freddie Mac SBL Deal in Hendersonville, NC

Charleston at the Meadows Apartments, Hendersonville, NC

UNIONDALE, NY  -– Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded a Freddie Mac SBL deal in Hendersonville, NC. 

Charleston at the Meadows, an 84-unit, multifamily property, received $6.4M in hybrid refinancing through the Freddie Mac SBL program. The 20-year loan provides for a 7-year fixed period followed by a 13-year floating rate. It also offers a waiver of the prepayment percentage during the floating period.

Jonathan Chaim

Jonathan Chaim of Arbor’s New York City office originated the loan. “We worked with a local family investment group with generational experience but new to agency loans,” Chaim said. 

“Our borrower liked the nonrecourse component offered by Freddie Mac loans. They also appreciated the rate lock feature that protected them from multiple rate increases during the application process.”

Charleston at the Meadows is conveniently located near downtown Hendersonville and just a short drive to the heart of Asheville. 

Amenities in this pet-friendly community include on-site management, stainless steel appliances, hardwood floors, and air conditioning and washer/dryer machines in every unit.

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

HFF announces $33 million refinancing of retail shopping center in Beverly, MA

North Beverly Plaza, Beverly, MA

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $33 million refinancing of North Beverly Plaza, a 197,471-square-foot, grocery-anchored retail shopping center in the community of Beverly, Massachusetts on Boston’s North Shore.

Greg LaBine

The HFF team worked on behalf of the borrower, North Beverly Plaza, LLC, an entity of Mugar Enterprises, Inc., to secure the long-term, fixed-rate loan through TD Bank. 

North Beverly Plaza is located off of Route 128 at 55 Dodge Street in the suburban North Shore community of Beverly, about 26 miles north of Boston. 

The 96-percent-leased property is anchored by a 65,000-square-foot Shaw’s supermarket and features a diverse tenant roster, including CVS, People’s United Bank, Staples and Chipotle.  

HFF’s debt placement team representing the borrower consisted of managing director Greg LaBine and associate Amy Lousararian.

“This loan showed the benefit of refinancing early to access equity trapped in a low leverage existing financing, even in the context of having to pay a prepayment penalty,” said LaBine.  “HFF had been advising the borrower for years on the right time to pull the trigger, and the economics now made sense.”

Amy Lousararian

“This transaction was also a good example of the kind of financing still available for well-located, grocery-anchored retail with best-in-class sponsorship” added LaBine. 

“Multiple lenders sought this transaction, including life companies and banks.  TD Bank offered the best combination of proceeds, pricing, amortization and prepayment flexibility, while also providing a very smooth closing experience.”

CONTACTS:

GREG LABINE

HFF Managing Director

(617) 338-0990

glabine@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

   

HFF announces sale of upscale retail center on Orlando’s “Restaurant Row”

The Fountains at Bay Hill, Orlando, FL

ORLANDO, FL – – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a partial interest in The Fountains at Bay Hill, a 103,961-square-foot, upscale, mixed-use retail center with office space along “Restaurant Row” in Orlando, Florida.

Brad Peterson

The HFF team marketed the property on behalf of the seller.  An affiliate of Core Investment Properties Fund purchased 50 percent of the asset. 

Situated on 9.93 acres at 7535 Sand Lake Road, The Fountains at Bay Hill is located along the famed “Restaurant Row,” a prestigious and thriving one-mile stretch of Sand Lake Road between Interstate 4 and Apopka-Vineland Road that appeals to tourists and residents in the nearby upscale communities of Isleworth, Windemere and Bay Hill. 

More than 46,631 residents earning an average annual household income of $124,120 live within three miles of the center.

  The Fountains at Bay Hill is home to a variety of national and regional tenants, including Ruth’s Chris Steak House, The Melting Pot, CVS Pharmacy, MoonFish, Steak on Fire, AT&T and My Gym Children’s Fitness Center.

Whitaker Leonhardt

The HFF investment advisory team representing the seller included senior managing director Brad Peterson, senior director Whitaker Leonhardt and associate Michael Brewster.

According to Leonhardt, “Fountains at Bay Hill is located in one of the most highly desirable infill retail locations in Orlando, surrounded by some of the region’s top-performing restaurants, desirable Bay Hill and Dr. Phillips neighborhoods, world class Orange County Convention Center, and Orlando’s prolific surrounding hotels, theme parks, and attractions. 

This is a tremendous property and a great addition to Core’s portfolio, and is the 7^th asset that HFF has sold or financed along Sand Lake Road’s Restaurant Row corridor.”

CORE is a private investor of primarily value add retail and office properties located in primary and secondary MSA markets of Florida and the southeastern United States. 

Michael Brewster

CORE and its principals own and actively manage approximately one million square feet of properties throughout the region and target experience-oriented properties with existing cash flow and upside potential through active management.

CORE leverages their experience for investors and provides an opportunity to invest in their Core Investment Properties Fund aiming to provide investors steady income with upside potential. 

Additionally, Core has investments in technology, management and other ancillary real estate ventures.  Visit http://coreipf.com to learn more.

CONTACTS:

   

BRAD PETERSON

FL Lic. # BK3162030

HFF Senior Managing Director    

(407) 745-3900

bpeterson@hfflp.com

WHITAKER LEONHARDT

FL Lic. # SL3221137

HFF Senior Director    

(407) 745-3900

wleonhardt@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

29th Street Capital acquires Argenta Apartments in Mesa, AZ

Argenta Apartments, Mesa, AZ

MESA, AZ – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Argenta Apartments, a 396-unit multifamily community located in Mesa, Arizona.

29SC plans to invest over $3.2 million in capital improvements. Interiors will receive updated flooring, new black appliances and upgraded fixtures as well as plumbing and lighting packages.

Dusty Eddy

Cabinets will also be re-faced. Exterior improvements will focus on landscaping, A/C units and roof repairs. The new owner will add a dog park and playground and upgrade the pool area.

“The property is conveniently located north of Hwy. 60, which provides easy access to downtown Mesa as well as Tempe, Chandler and Phoenix,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “We are acquiring this asset at the right price in a highly desirable submarket, so overall it’s a great addition to our portfolio.”

The transaction closed November 15. The sale price and seller were not disclosed.

 CONTACT: 

Terri Thornton Partner, Thornton Communications Phone: 404-932-4347 Email: Terri@TerriThornton.com  Website: www.TerriThornton.com

https://29thstreetcapital.com.

Ackerman & Co. Represents Owner OA Development in 22,753 SF Lease at Phoenix Business Campus in College Park, GA

1740 Phoenix Parkway, College Park, GA

 ATLANTA, GA – Ackerman & Co. has completed a 13-year, 22,753-square-foot lease with United Food and Commercial Workers (UFCW) Unions and Employers Benefits Administration LLC at 1740 Phoenix Parkway in College Park, Ga., on behalf of owner OA Development Inc.

Frank Farrell

The lease takes effect February 1, 2019. Ackerman & Co.’s Frank Farrell and Kris Redding represented the owner in the transaction. Craig Mendel of Cresa represented the tenant.

1740 Phoenix Parkway, located in Phoenix Business Campus, will serve as the regional administrative offices for UFCW, which is North America’s largest private sector union, with 1.4 million members.

UFCW will relocate from the nearby 1800 Phoenix Boulevard Building 300, where it currently occupies 18,420 square feet, increasing its space by more than 4,000 square feet with the move.

Farrell and Redding are the landlord leasing representatives for OA Development’s 296,000-square-foot portfolio located in Phoenix Business Campus, Phoenix Office Park and Phoenix Summit.

Kris Redding

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast.

The company, founded in 1967, retains an expert team of more than 100 real estate professionals. 

To date, Ackerman & Co. has developed and acquired 37 million square feet of office, medical, industrial, retail and mixed-use space, has 8 million square feet under management, and maintains an investment portfolio valued at $1 billion.

 For more information, visit www.ackermanco.com

 CONTACT: 

Steve Webb Marketing Research Coordinator P: 678.993.2935     F: 770.913.3966 …………………………………………………………………………………………. Ackerman & Co. 10 Glenlake Parkway, South Tower, Suite 1000 Atlanta, Georgia 30328