EverWest Provides Financing For Lake Calhoun Minneapolis Multifamily Development

Rendering of planned LakeHaus apartments, 3100 West Lake Street, Calhoun community, Minneapolis, MN

MINNEAPOLIS, MN  – EverWest Real Estate Investors, together with its investor LibreMax Capital, LLC has announced it will provide financing for the development of LakeHaus, an eight-story, best-in-class multifamily project being developed by Brickstone Partners Inc. and KMK Capital LLC in the Lake Calhoun community of Minneapolis.

Located at 3100 W. Lake St., LakeHaus is scheduled to begin construction in November and deliver during the second quarter of 2020. When completed, it will have 200 luxury apartments situated on the last developable parcel of land along the northwest shore of Lake Calhoun, a premier live-work-play community within one of the country’s strongest rental markets.

Zi Sen Chong

“LakeHaus takes full advantage of a market need, delivering in-demand luxury living options with a direct connection to both employment centers and recreation,” said EverWest Senior Associate for Structured Finance Zi Sen Chong.  “That points to a bright future for the development.”

Apartments at LakeHaus will include studio, one- and two-bedroom floorplans with floor-to-ceiling windows, oak hardwood floors, gas ranges, stainless steel appliances, wireless thermostats, automated lighting and fiber optic connection. 

Most units have exterior balconies and views of the lake, downtown or both.

Residents will be served by a secure underground parking garage, a resort-style rooftop pool, fitness facilities, a designated creative workspace, lounge with chef-quality kitchen and bar, ground-floor park and bike repair and car wash stations.

Tom McCahill

The community sits between Lake Calhoun and the Midtown Greenway Trail, which connects to approximately 100 miles of biking and walking trails. It is four miles from downtown, one block from the future Lake Calhoun light rail stop and walkable to dozens of restaurants and retailers including Whole Foods, Walgreens, Chipotle, Wakami Sushi and Bistro, Caribou Coffee, Moda Yoga and ShowPlace Icon Theatre.

EverWest launched its structured finance platform in 2013 under the direction of industry veterans Tom McCahill and Joe Chickey, with a focus on originating and managing mezzanine debt, preferred equity financing and B-notes for commercial properties and developments throughout the U.S.

“The LakeHaus investment aligns extremely well with that platform, delivering an in-demand product to an underserved market,” said McCahill. “We are equally confident in the development team and their proven track record in planning, entitling and building premier projects in the apartment sector. 

"We have every confidence that they will make exceptional use of this opportunity.”

Joe Chickey

The Lake Calhoun apartment submarket sits at a  5.7 percent vacancy rate, with rent growth averaging 6.5 percent since 2013 and expected to continue to grow for the foreseeable future. Average household income within one mile of the LakeHaus site is $133,276 and nearby home prices typically range from $1 million to $7 million.

EverWest continues to actively seek new investment opportunities in major markets across the U.S.

For more information on EverWest, visit www.everwest.com. 

For more information on GWL Realty Advisors, visit www.gwlra.com.

 CONTACT:

 Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF announces $49.66 million financing for redevelopment of historic hotel in downtown Sacramento, CA

Rendering of planned Hyatt Centric City Center,
 formerly Marshall Hotel,
Downtown Sacramento, CA

 LOS ANGELES, CA –– HFF announces the $49.66 million construction financing for the redevelopment of the historic Marshall Hotel into the Hyatt Centric City Center, a 172-room, full-service, upscale, boutique hotel in downtown Sacramento, California.

Louis 'Satchmo' Armstrong

The HFF team worked on behalf of the borrower, Presidio Companies, to secure the senior construction loan with Mosaic Real Estate Investors, along with one of the largest PACE (Property Assessed Clean Energy) financings on the West Coast to date with Counterpointe Sustainable Real Estate.

Situated on 0.26 acres at the corner of 7th and L Streets, Hyatt Centric City Center is directly adjacent to the newly delivered Golden 1 Center, a concert venue and home to the NBA’s Sacramento Kings.

The hotel is located at the epicenter of Sacramento’s $1.1-billion investment to transform downtown into a vibrant live-work-play environment. 

Billie Holiday

 Additionally, the hotel is seven blocks from the Sacramento Convention Center, which hosts more than 875,000 attendees annually. 

The Marshall Hotel, constructed in 1911, is listed as a landmark in the Sacramento Register of Historical and Cultural Resources for its historically significant role in Sacramento’s K Street jazz scene from the late 1920s to the early 1950s. 

 Located on the ground floor of the Marshall, The Clayton Club was a stage for countless jazz musicians, including Louis Armstrong, Billie Holiday and Cab Calloway. 

Cab Calloway

The 11-story Hyatt Centric redevelopment, which also includes the Jade Apartment building, will preserve the two historical facades of the Marshall Hotel.  Expected to be delivered in 2020, the hotel will feature a restaurant, lounge, rooftop terrace and bar, coffee bar, fitness center and spa.

According to HFF, “this was a herculean effort from all parties involved to structure such a complex capitalization, which includes valued municipal efforts. 

"The result will be a long-waited hotel with historical significance that will be a great addition to the vibrant Downtown Sacramento revitalization.”

Holliday GP Corp. ("HFF"), California Department of Real Estate License #01385740.     
     

Old Jade Apartments, Downtown Sacramento, CA

Presidio has over 20 years of experience in ground up development, deep renovations and management of operations of virtually every segment of the hospitality market. 

CONTACTS: 

MATTHEW STEWART               

CA Lic. # 01956812

HFF Director

(310) 407-2100

mstewart@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Illustrated Properties Adds Waterfront Luxury Real Estate Specialists Brewster Kump and Cindy Spee to Growing Team

Brewster Kump and Cindy Spee

PALM BEACH, FL,  Dec. 4, 2018 – Illustrated Properties continues to attract top talent to its growing team of luxury real estate agents. In the latest example, the firm has added waterfront specialists Brewster Kump and Cindy Spee to its Jupiter West office.

F.F. Bud Admas Sr. (right)
and son, Bud Adams Jr.

A Jupiter native, Kump brings more than 16 years of luxury experience to Illustrated, most recently with Jupiter-based Waterfront Properties and Club Communities.

He is among the most experienced and knowledgeable Realtors when it comes to properties located on the Loxahatchee River, Intracoastal Waterway and Jupiter Inlet Colony.

Real estate marketing specialist Cindy Spee is joining Kump in the move to Illustrated.

Francis Chappy Adams III

“Our Illustrated Properties family is thrilled to welcome the husband and wife duo of Brewster Kump and Cindy Spee,” said Mike Pappas, CEO of Illustrated Properties since 2016. 

“Kump’s ability to consistently exceed the expectations of his luxury clients will combine with our exclusive luxury affiliations: Christie’s International Real Estate, Luxury Portfolio International and Illustrated’s unique marketing platform utilizing innovative technology to produce incredible results.”

Kump advises clients in the purchase and sale of a wide range of luxury waterfront properties in Palm Beach and Martin counties, handling transactions from $500,000 to more than $10 million.

“It is impossible to ignore what Illustrated is accomplishing and building throughout the Palm Beaches,” said Kump. “Cindy and I are beyond excited to be part of this special team. Illustrated has an unparalleled reputation in the luxury market.”

Illustrated has more than 20 percent market share in the Palm Beach luxury market. In September, the firm announced its partnership with top producer and premier luxury specialist Linda Bright.

About Illustrated Properties: The story of Illustrated Properties began in the 1930s, when F.F. “Bud” Adams, Sr. started selling land in Hobe Sound and on Jupiter Island. His son, Bud Jr., took the family business to Palm Beach in 1975 and founded Illustrated Properties. 

Mike Pappas

He also became the exclusive broker for Lost Tree Village and John’s Island. Under the leadership of Bud Jr.’s son, F.F. “Chappy” Adams III in the 1980s, Illustrated grew significantly while implementing new and innovative real estate technologies. 

The company endured a great loss with the passing of Chappy Adams in January 2013 but continued to grow as the #1 real estate brand in Palm Beach County while maintaining the culture of a family-owned business. 

Today, Illustrated Properties has more than 500 agents in 21 offices throughout Palm Beach, Martin, St. Lucie, Volusia and Collier counties. Illustrated is a Christie’s International Real Estate affiliate and a member of the Leading Real Estate Companies of the World^® network.

                                                  

 CONTACT: 

Jasmin Curtiss

Account Executive, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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