HFF announces sale of hotel development site in downtown Portland, ME

Rendering of Hotel Aloft Development Site, Portland, ME

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a fully approved hotel development site at the former Rufus Deering Lumber Co. in downtown Portland, Maine.

The HFF team represented the seller, Reger Dasco Properties, and procured the buyer/developer Norwich Partners, LLC.

The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces.

Alan Suzuki

 The hotel will be among the first phase of development and upon completion will operate as an Aloft Hotel.  The six-story, 112,439-square-foot building will feature 155 guestrooms, restaurants, meeting space, fitness center and 22 on-site parking spaces in addition to hotel valet parking. 

 The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous award-winning restaurants, art galleries and retail shops. 

Additionally, the hotel is within close proximity to the city’s leisure and corporate lodging demand drivers, including The Maine Medical Center, the University of Southern Maine and corporations such as IDEXX Laboratories and Tex Tech Industries.   

Matthew Enright

The HFF investment advisory team representing the seller consisted of managing director Denny Meikleham, senior director Alan Suzuki and director Matthew Enright.

Reger Dasco Properties is Portland’s premiere residential/mixed-use development team.

Hobson’s Landing is the fourth project on the peninsula that Reger Dasco has overseen as part of Portland’s next residential renaissance. Reger Dasco Properties has extensive experience with real estate investments, high-quality residential developments and mixed-use projects.

Norwich Partners is a New England and Florida-based developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida.  Founded and capitalized in 2003, the company formalized a long-standing business relationship between the three founding members. 

CONTACTS:

DENNY MEIKLEHAM

MA Lic. #009519748

HFF Managing Director

(617) 848-1560

dmeikleham@hfflp.com

ALAN SUZUKI

HFF Senior Director

(617) 338-0990

asuzuki@hfflp.com

MATTHEW ENRIGHT

HFF Director

(617) 848-1851

menright@hfflp.com

JAMES KOURY

ME Lic. #BR904355

HFF Senior Managing Director

(617) 338-0990

jkoury@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

norwichpartners.com.

www.regerdasco.com.

Hertz Investment Group Enters Norfolk Real Estate Market with Purchase of Dominion Tower

Dominion Tower, 999 Waterside Drive
Woodland Hills, CA

 WOODLAND HILLS, CA – Hertz Investment Group has entered the Norfolk, Virginia, commercial real estate market in a big way with the acquisition of Dominion Tower, the largest property in the city.

Judah Hertz

The 26-story, 341-foot tall structure includes 403,276 square feet of Class A office space with an average of 15,800 square feet per floor.

Built in 1989 and remodeled last year, Dominion Tower offers one of the few privately-owned garages in the city, with parking available for 1,224 vehicles.

Located in the city’s Central Business District at 999 Waterside Drive, Dominion Tower offers an unparalleled view of the waterfront and is located near the Waterside District entertainment destination.

Hertz Investment Group acquired the property for $79 million.

“Dominion Tower is one of the most iconic properties in the Norfolk skyline, and Hertz Investment Group is proud to include it in our portfolio of properties,” said Judah Hertz, chairman of Hertz Investment Group.

Jim Ingram

 “Truthfully, we like everything about this building – the design, the tenant mix and occupancy rate, the parking availability and just a wonderful location next to the Elizabeth River. We strive to acquire best-of-class buildings, and with Dominion Tower that mission was accomplished.”

The building is 93 percent leased, and the diverse tenant base includes Bank of America (whose signage is on top of the property), Merrill Lynch, Wells Fargo, Williams Mullen law firm, Harbor Group real estate investments, defense contractor CACI and digital marketer Trader Interactive.

The property also has a café, fitness center, full service restaurant, wine shop and conference center.

Norfolk marks Hertz Investment Group’s second market in Virginia, as it owns and manages six properties in Richmond totaling 1.4 million square feet.

Hertz Investment Group’s portfolio includes 72 properties totaling more than 22 million square feet in 24 cities in 18 states. The privately-held company has actively been acquiring properties, more than doubling its portfolio in the last five years.

It has also entered the Fort Worth, Houston, Baltimore and Las Vegas markets in the past year.

Norfolk is part of the Hampton Roads MSA (metropolitan statistical area), the second largest in the state. Hampton Roads also includes Newport News, Virginia Beach and Williamsburg. The population for the area is more than 1.7 million, representing a 10 percent growth since 2000. 

“We really like the market and will be exploring additional opportunities here,” said Jim Ingram, Chief Investment Officer.

“Hertz Investment Group’s strategy in every market is to acquire Class A office properties in markets poised for growth.”

Contact

Jim Ingram

601-974-8138 

  jingram@hertzgroup.com

http://www.hertzgroup.com.

HFF announces $30.7 million in financing for two Denver-area multi-housing communities

Estrella Apartments, 7050 Pecos Street, Denver, CO

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announces $30.777 million in financing in two separate transactions for two Denver multi-housing communities; Estrella Apartments and The Avalon.

Josh Simon

The HFF team worked on behalf of the borrower, Mountain View Capital, LLC, to secure the seven-year, floating-rate loans through Freddie Mac’s CME Program. 

 A $13.275 million loan was arranged for Estrella Apartments and a $17.502 million loan was placed on The Avalon.  

Both securitized loans are refinancing existing Freddie Mac loans and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. 

The borrower refinanced with a float-to-float strategy to recapture some trapped equity created by the significant renovations conducted at each property while also allowing for continued loan flexibility and additional interest only amortization. 

Estrella Apartments comprises 194 units located at 7050 Pecos Street.  The Avalon is located at 629-645 Wolff Street and consists of 235 units.  Both properties have been renovated within the last year, each at least receiving over $2MM in renovations. 

Kristian Lichtenfels

The roofs at each property have been replaced, both properties have had the exteriors repainted, grounds have been improved with extensive interior unit renovations as well.

The HFF debt placement team representing the borrower included managing director Josh Simon and director Kristian Lichtenfels.

Mountain View Capital, LLC, the investment company for Boulder, Colorado-based Jeffrey K. Sanders, was formed in 2008 to develop and acquire long-term real estate investment opportunities.  

Mountain View Capital’s current multifamily portfolio consists of over 1,700 units across seven properties in Colorado and Wyoming.  Mountain View Capital’s strategy is to create long-term cash flows and substantial value appreciation with every investment. 

Jeffrey K. Sanders

 Since 2001, Mr. Sanders has been involved with the acquisition, repositioning and sale of over 4,000 apartment units and approximately 500,000 square feet of retail and office.

Contacts

JOSH SIMON

HFF Managing Director

(303) 515-8000

jsimon@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com