HFF announces $19.9 million sale of newly constructed office building in Chapel Hill, NC

The Station at East 54 office building, Chapel Hill, NC

CHARLOTTE, NC –– HFF announces the $19.925 million sale of The Station at East 54, a newly constructed, Class A office building totaling 47,856 square feet in Chapel Hill, North Carolina.

The HFF team represented the seller, a joint venture between East West Partners Management Company of NC and Northridge Capital, and procured the buyer, Durham, North Carolina-based Mattie Equity, LLC.

Ryan Clutter

Completed in 2018, The Station at East 54 is a state-of-the-art office asset that is fully leased to two tenants, including Spaces, a subsidiary of Regus that provides creative and flexible co-working spaces, and TrueBridge Capital Partners.  

The Class A property is located within two miles of the University of North Carolina at Chapel Hill and features floor-to-ceiling windows with sweeping views of the UNC Finley Golf Course, ultra-modern interior finishes, creative meeting spaces, smart conference rooms, modern employee lounges and an attached two-story parking deck. 

 The building is adjacent to the walkable East 54 mixed-use urban development that features numerous street-level dining and retail offerings, offices, top-tier multi-housing units, a 130-room Aloft Hotel and luxury residential condominiums. 

Scot Humphrey

 Additionally, The Station at East 54 is located along the Highway 54 corridor that connects Chapel Hill and Research Triangle Park, offering tenants and visitors unmatched accessibility to North Carolina’s flourishing “Triangle” region.

The HFF investment advisory team representing the seller consisted of managing director Scot Humphrey, senior managing director Ryan Clutter, senior director Chris Lingerfelt and director Zack Drozda. 

“Ultra-modern jewel box office buildings like The Station at East 54 are highly coveted by investors and incredibly challenging to find in today’s market,” Humphrey commented. 

“This is especially true in Raleigh-Durham, where overall investor interest is off the charts due to a collective belief in the market’s ability to grow at an outsized clip over the foreseeable future.”  

Chris Lingerfelt

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

Headquartered in Chapel Hill, North Carolina, East West Partners has been developing innovative communities in major markets, including the Research Triangle and Charlotte. 

 For more information, please visit: www.ewp-nc.com.

Founded in 1997 as a private asset manager for a prominent regional family group, Northridge Capital is an independent, private investment advisor and asset manager dedicated to providing a high level of personalized service for its clients. 

Since 2002, Northridge has expanded its activities to include operating as an independent, third-party investment advisor and asset manager on behalf of multiple American and Middle Eastern investors, including High Net Worth (HNW) individuals, families, and institutions. 

Northridge Capital has a national geographic footprint historically and currently focuses on Washington D.C., Texas, and the Southeast including Raleigh/ Durham (NC), Charlotte (NC), Nashville (TN), Atlanta (GA), Richmond (VA), Charleston (SC), and Central and Southeast Florida. 

For more information please visit www.northridgecapital.com .

Zack Drozda

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

 HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).

  For more information, please visithfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

RYAN CLUTTER

NC Lic. #172952

HFF Senior Managing Director

(704) 526-2800

rclutter@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

HFF announces $7 million refinancing for grocery-anchored retail center in suburban Minneapolis, MN

Chris Drew

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $7 million financing for Burnsville Market, a 137,396-square-foot, Club Foods-anchored retail center in the Minneapolis community of Burnsville, Minnesota.

The HFF team worked on behalf of the borrower, Sterling Organization, to place the three-year, fixed-rate bridge loan with RGA Reinsurance Company.  

Loan proceeds will be used to implement the borrower’s redevelopment plans.

Situated on 16.49 acres at 1750 County Road 42 West, Burnsville Market is in the heart of the dominant retail corridor that serves the southern Minneapolis MSA. 

 The center’s excellent visibility exposes it to more than 183,000 vehicles per day, and more than 69,000 residents earning an average annual household income of $87,497 live within three miles of the property.

Nat Scarmazzi

The HFF debt placement team included senior managing director Chris Drew, senior director Nat Scarmazzi and associate Matthew McCormack, along with managing director Jules Sherwood, a licensed Minnesota real estate broker.

“The Sterling Organization purchased the asset opportunistically and will begin to reposition the center to capitalize on the phenomenal market fundamentals and stellar demographics,” Scarmazzi said. 

“RGA understands the market and, more importantly, the quality of the sponsorship, which allowed them to execute in a compressed closing timeline.”

Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms.

Matthew McCormack

The company’s national platform is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. 

 Sterling Organization is headquartered in Palm Beach, Florida.  for more information.

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

Jules Sherwood

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  

For more information, please visit

hfflp.com or follow HFF on Twitter @HFF.

Burnsville Market, Burnsville, MN

CONTACTS

CHRIS DREW

HFF Senior Managing Director

(305) 448-1333

cdrew@hfflp.com

NAT SCARMAZZI

HFF Director

(305) 448-1333

nscarmazzi@hfflp.com

JULES SHERWOOD

MN Lic. #40340183

HFF Managing Director

(303) 515-8000

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

 http://www.sterlingorganization.com 

Arbor Funds $14 Million Fannie Mae DUS® Loan in Grand Rapids, MI

Michael Jehle

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® Loan in Grand Rapids, MI. The Gateway at Belknap Apartments, a mixed-use multifamily property, received $14M in funding through the program.

Michael Jehle of Arbor’s Oklahoma office originated the loan.

“This repeat customer of Arbor came to us after stabilization of the property for permanent financing,” said Jehle.

“We were pleased to provide a very attractive 15-year fixed rate loan with three years of interest only and a 30-year amortization schedule, exactly as the customer had requested.

The Gateway at Belknap Apartments, Grand Rapids, MI

"The Greater Grand Rapids Metropolitan Area is experiencing strong economic growth and development, and the subject property will enjoy high demand for many years in the future.”

Built in 2017, The Gateway at Belknap consists of retail space on the main floor and 88 apartment units within the three-story property.

Medical Mile, Grand Rapids, MI

Offering studio, one-bedroom and two-bedroom options, the upscale residences include underground parking, an elevator, interior mail access, 24-hour cardio studios, emergency maintenance and electronic keyed entry.

The Gateway at Belknap Apartments are located in the Belknap Lookout neighborhood overlooking the Medical Mile, which includes Michigan State University’s College of Human Medicine, Spectrum Health’s downtown hospital campus and clinics, the Van Andel Research Institute, and Grand Valley State University’s Cook-DeVos Center for Health Sciences.

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Avanath Expands East Coast Portfolio: Acquires 200+ Affordable Family and Seniors Units in New York and Maryland for $36.25 Million

  

54-Unit Invincible Court, Harlem, NY

            HARLEM, NY and TEMPLE HILLS,  MD — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has expanded its East Coast portfolio, acquiring two affordable properties in New York and Maryland for a combined total of $36.25 million.

            The properties include Invincible Court, a 54-unit affordable family community in Harlem, New York, and Manor at Victoria Park, a 148-unit senior affordable community in Temple Hills, Maryland.

           

“The need for quality affordable housing impacts all demographics everywhere,” says Daryl Carter, Founder, Chairman and CEO of Avanath Capital Management.

Abyssinian Baptist Church, Harlem, NY is the third oldest
African American church in the U.S.

 “Whether a millennial priced out of a city’s urban core or a baby boomer retiring, downsizing and living on a fixed income, this demand continues to grow across the U.S.”

           

 In fact, all of the baby boomer generation will be 65 and older by 2030, meaning that over the next several years there will be an influx of renters looking for affordable senior properties. There will also be growing demand from younger generations as the wage gap continues to widen and rents continue to rise.

          

  “By acquiring these two assets, we will be able to capture both ends of the market, providing affordable options to renters who need it most while also delivering risk-adjusted returns to our investors,” says Carter.

148-Unit Manor at Victoria Park Apartments, 3420 Rickey Avenue, Temple Hills, MD

            These two acquisitions include:  

       

54-unit Affordable Housing Community in Harlem, NY

Avanath has acquired Invincible Court, a 54-unit affordable family apartment community in Harlem, New York, for $19.25 million.

The property was acquired in JV partnership with Oak Tree Residential.

The apartment community is located in the Central Harlem area of Manhattan near the Abyssinian Baptist Church, which is the third oldest African American church in the U.S. and one of the cornerstones of the Harlem Renaissance cultural movement in the 1920s, according to Carter.

“As a student of African American history, it is particularly meaningful to me that Invincible Court is located a few doors away from the Abyssinian Baptist Church,” says Carter.

 “This was a unique opportunity to acquire an asset in a neighborhood with such historical significance, and one that has undergone tremendous growth over the last several years.”

Rendering of Columbia University Campus Extension,
125th Street and Broadway, Manhattan, NY

The $6.3 billion Columbia University campus extension at 125^th Street and Broadway, along with an ongoing migration of younger renters being priced out of other areas across Manhattan, are major components in fueling this growth. 

“The new campus extension is planned to bring hundreds of jobs and new residents to the region, driving long-term demand for the property,” explains Carter.

Avanath plans to implement a series of renovations to the property, which will include renovations to the interior units, building improvements, transforming the basement space into a laundry facility, and adding storage lockers.

            “Two of the top in-demand amenities for residents at the property are laundry and storage space,” says Carter. “By transforming the unused basement into a laundry and storage facility, we will be able to enhance the quality of life for residents, increase occupancy, and reduce turnover at the property.”

Daryl Carter

Invincible Court is located at 112 West 138^th Street in Harlem, New York. The apartment features studios, one- and two-bedroom floorplans. Friedman-Roth represented the seller, 138^th Street Properties, LLC.

148-unit Senior Affordable Housing Community in Temple Hills, MD

Avanath has acquired Manor at Victoria Park, a 148-unit senior affordable community in Temple Hills, Maryland, for $17 million.  CBRE represented the seller, Harmony Housing.

Located in a suburb of Washington D.C., the property will benefit from its close proximity to downtown D.C., an expansive transportation network, and a growing population of seniors.

“Seniors are increasingly moving out of deeper suburban areas and into suburbs directly outside urban cores, or within 5 to 10 miles of a city center,” explains John Williams, President and CIO of Avanath.

John R. Williams

“This is because many seniors want to be located near transportation, retailers, medical offices, and their families and grandchildren who have opted for more urban environments. This trend will drive continued demand for Manor at Victoria Park over the next several years.”

The property will also benefit from Avanath’s existing presence in the region. Avanath currently owns five other properties in the surrounding areas.

“Because we already have a presence in the area, we will be able to immediately share resources, and drive down operating costs at the property through economies of scale,” says Williams. “This will directly translate to the bottom line for our investors.”

The apartment community features a host of amenities including a beauty salon, billiards room, computer lab, community room, fitness center, convenience store, a walking trail, library, wellness clinic, theater, and community garden.

        

125th Street, Harlem, NY

  “Our strategy regarding affordable housing has always been a holistic approach,” says Williams. “We understand the importance of providing amenities and services that have a positive impact on our residents’ lives.

"These programs and services also result in higher occupancies and less turnover, which creates opportunities for us to consistently maximize returns to investors.”

CONTACTS

Lexi Astfalk / Jenn Quader

Brower Group

(949) 955-7940

Lastfalk@brower-group.com

www.avanath.com.

Keyes Insurance Announces Mark Introcaso as Chief Operating Officer

Mark Introcaso

Miami, FL  – The Keyes Company’s insurance division, Keyes Insurance, welcomed Mark Introcaso as Chief Operating Officer.

Introcaso brings more than 37 years of experience in the insurance industry, most recently with Peoples Trust as the Director of Business Development South Region.

 In 1995, Introcaso founded a South Florida-based agency which grew to more than 80,000 policies and a team of 70 members. In 2012, the company merged with Brown and Brown, and Introcaso became Vice President of Personal Lines. While there, he managed and grew the largest personal lines book in Florida.

Mike Pappas

“Over the course of nearly four decades, Mark has proven himself to be a leader in the insurance sector,” said Mike Pappas, President and CEO of The Keyes Company. “He brings industry knowledge and the opportunity to learn how we can better meet the needs of our clients and manage our growing team.”

“Mark’s vision and passion is well known throughout the industry,” said Ryan Papy, President of Keyes Insurance. “His reputation and commitment to his clients and team members is second to none. We are delighted to have him in the core of our business.”

Keyes Insurance plans to relocate and expand its headquarters in response to the company’s rapid growth. Completion is expected in May 2019.

Ryan Papy

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate.

Overall, Keyes generates more than $6 billion in annual revenue from their real estate service lines. The firm is the largest independently-owned real estate firm in Florida and a Top 30-ranked firm in the entire United States.

Independently-owned and operated since 1926, The Keyes Company is a leader in the real estate industry. 

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