Thursday, April 16, 2020

JLL arranges $58.5 million financing for Bay Area multi-housing portfolio


Part of Mosser Capital Apartments National Portfolio

SAN FRANCISCO, CA, April 16, 2020  JLL Capital Markets announced today that it has arranged $58.5 million in financing to fund the recapitalization of a nine-property multi-housing portfolio located in Oakland, California.

JLL worked exclusively on behalf of Mosser Capital (Mosser) and its new foreign investment partner to secure the seven-year (including extension options), floating-rate loan through Société Générale. 

Part of Mosser Capital Apartments National Portfolio

The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADU’s) and other expenses. 

Mosser originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017.

The portfolio consists of 282 existing rent-controlled residential units, including the addition of 28 to-be-built (accessory dwelling units (ADU’s), and four ground-floor retail suites.

 Peter Smyslowski
 The properties are centrally located in highly desirable submarkets of Oakland: Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake. Units average 522 square feet.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Peter Smyslowski and Director Bercut Smith.

“Closing this loan during the recent market disruption posed some unique challenges,” Smyslowski said. “However, thanks to the borrowing team’s outstanding reputation and experience, Société Générale never wavered from its commitment to close the loan in a timely manner.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Bercut Smith
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.



About Mosser Capital:

Mosser is a leading investor, acquirer and operator of value-add, rent-stabilized urban workforce housing in San Francisco, Oakland and Los Angeles for institutional and high-net-worth investors.  

Since Mosser’s founding in 1955, the company has become a leader in urban workforce housing specializing in West Coast gateway markets.  

Mosser’s portfolio comprises more than $1.5 billion in apartment assets in emerging neighborhoods throughout the San Francisco Bay Area and Los Angeles, totaling more than 3,400 units.


Contacts:

 Peter Smyslowski
JLL Senior Managing Director 
CA Lic.: #01301231
Phone: +1 415 276 6300

Olivia Hennessey
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3403



BLT Enterprises Acquires Two Hollywood, CA Properties for $20 Million Despite the Ongoing Covid-19 Pandemic


Stephanie Lakatosh

HOLLYWOOD, CA – BLT Enterprises, a multi-faceted commercial real estate development and investment company, has acquired two properties in Hollywood, California for a total consideration of $20 million.  

The properties include a creative office project at 5735 Melrose Avenue, and an 18,000 square-foot production and entertainment office compound at 6151 Santa Monica Boulevard.

Bernard Huberman
The Melrose acquisition occurred on March 6, and the closing of the Santa Monica property occurred on April 10, despite the current health and economic crisis.

“BLT never wavered from its commitment to close” remarked Stephanie Lakatosh, one of the principals of the seller.  “In fact, BLT closed more than a month early at our request, without any adjustments to the purchase price.”

A sign on the side of a road

Description automatically generated
 BLT Enterprises has acquired an 18,000 square-foot 
production and entertainment office compound 
at 6151 Santa Monica Boulevard. BLT plans to transform 
the property into a modern creative industrial compound.

“These acquisitions are directly in line with our ongoing strategy of acquiring well-located properties that deliver value over a long hold period,” says Bernard Huberman, Founder and President of BLT Enterprises. 

“Despite the current COVID-19 crisis, we are a firm believer in the resiliency of the California economy, and the long term value in the Hollywood submarket.” 

A tall building

Description automatically generated
BLT Enterprises has acquired a creative office project
at 5735 Melrose Avenue within walking distance
 of Paramount Studios and Larchmont Village

BLT plans to transform the Santa Monica property into a modern creative industrial compound catering to production companies, digital advertising agencies and other companies at the convergence of tech and media, according to Huberman. 

Brad McCoy
“The building has incredible bones, and ample parking in excess of most other buildings in the market.”

The Melrose property, which is within walking distance of Paramount Studios and Larchmont Village, was already renovated to fit the needs of various users in the marketplace. 

 “The prior owner did an incredible renovating this property,” remarked Huberman.  “We may convert the existing screening room into a recording studio, given the lack of quality recording space integrated into Class A creative office projects.  Other than that, it’s ready to go.”

BLT has experience with a variety of out-of-the-box acquisitions and conversions in the Greater L.A. market. The firm recently acquired a four-stage studio lot in the core of the Hollywood Media District. 

David Wilson
The 34,000 square-foot studio lot has been rebranded as BLT Studios and continues to serve production clients throughout the area.

BLT was represented in both transactions by Brad McCoy and David Wilson of Lee & Associates.  

The seller of the Santa Monica property was represented by Adam Hall of TOLD Partners, Inc. Paul Brehme and Brad McCoy of Lee & Associates represented the seller of the Melrose property.


Paul Brehme
About BLT Enterprises

Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate. The firm has developed or acquired more than $2 billion in assets to date.


Adam Hall 

BLT Enterprises specializes in the acquisition, entitlement, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.










Contacts:

Lisa James / Jenn Quader
Brower Group
(949) 438-6262

Hold-Thyssen's Carol Kinnard Recognized by Florida Gulfcoast Commercial Association of Realtors for Achievements in Tampa Bay


Carol Kinnard 

TAMPA BAY, FL  --  The Florida Gulfcoast Commercial Association of Realtors (FGCAR) recognized Carol Kinnard of Hold-Thyssen Real Estate Services among the winners at its recent Pinnacle Awards event.   

 Richard J. Fisher
 Richard J. Fisher, Vice President at Hold-Thyssen, Inc. said the award named Kinnard among the top 3 producers in the region in the office category for negotiating more than $5.9 million in commercial office transaction in 2019 in Tampa Bay .

Scott Clendening 
Other 2019 Pinnacle Regional Top Producers in the office sector were Scott Clendening of Commercial Partners Realty Inc, and Kevin Platt of Smith & Associates Real Estate.

Kinnard, who has been with Hold-Thyssen more than six years, is a long-time FGCAR member and past Pinnacle award winner. 

 “I’m so pleased to be included again among others so committed to the commercial real estate profession,” she said.

About Hold-Thyssen Inc.:

Hold-Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States .
Kevin Platt



CONTACTS:

Richard J. Fisher, 
Vice President/Investor Services, Hold-Thyssen, Inc.,
 813-880-7100 ext303
Rfisher@HoldThyssen.com

Robert P. Hold, 
Principal, 
Hold-Thyssen, Inc.,
407-691-0505, 
bhold@HoldThyssen.com

Beth Payan,
 Larry Vershel Communications Inc.
 407-644-4142 or 407-461-3781 
beth@larryvershel.com