Arbor Funds $28 Million Fannie Mae DUS® Loan in Houston, TX

                              

Casa Verde Apartments were built in 1973 and renovated in 2010.

 UNIONDALE, NY, May 21, 2020 – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Houston, TX. The Casa Verde Apartments received $28M in refinance funding through the program.

 Brian Scharf of Arbor’s Uniondale office originated the loan.

 “This transaction highlights our ongoing ability to provide liquidity to our borrowers in the current environment,” Scharf said. “At Arbor, we take pride in finding customized financial solutions that result in successful outcomes for our clients.” 

 Brian Scharf 

  

 Casa Verde Apartments were built in 1973 and renovated in 2010. The 384-unit complex includes one-, two-, three- and four-bedroom floor plans with central air conditioning, walk-in closets and hardwood flooring.

The gated property features a clubhouse, swimming pool and playground.  Shopping, dining and entertainment are nearby.

Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

The Habitat Company and McHugh Construction Top Off Phase One of Ogden Commons Opportunity Zone Project on Chicago’s West Side

The Habitat Company, McHugh Construction and Bowa Construction recently announced the topping off of the first building in phase one at Ogden Commons, Chicago’s largest mixed-use Opportunity Zone project. Upon completion, the project will include 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units.

CHICAGO, IL, May 21, 2020 – Chicago-based firms The Habitat Company, James McHugh Construction Co. and Bowa Construction have announced the recent topping off of a commercial and retail building that marks phase one of the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood.

Habitat formed a public-private partnership with Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority and the city of Chicago to develop the 10 acres along the 2600 block of Ogden Avenue on Chicago’s West Side.

 Upon completion, the project will include 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units.

“While COVID-19 kept us from celebrating with a traditional topping-off ceremony when the last piece of steel was placed in late April, we wanted to acknowledge how proud we are of the construction workers and subs for hitting this milestone on time and on budget,” said Matt Fiascone, president of The Habitat Company.

 Matt Fiascone

 “The construction of new medical facilities and affordable housing is more vital than ever for neighborhoods like North Lawndale that have been overlooked for too long. 

"This building is just the first step to bringing new jobs, retail and housing to the community.”

Located at 2652 W. Ogden Ave., the commercial building offers 50,000 square feet spread across three floors. 

Unlike a standard rectangular building, the steel structure includes several angles with the upper floors suspended above a small courtyard at the building’s entrance, noted Ray Cisco, project executive with McHugh Construction.

“With the steel frame of Ogden Common’s first building now in place, the site is definitely coming to life and the surrounding community can feel the development’s momentum, which is important given this new time when so much of life feels like it’s on pause,” said Cisco.

 Ray Cisco

 “It’s good for the area to see our team working on the building, and of course we’re trying to give back by using local crews through union sub-contractors.”

Scheduled for completion in January 2021, the SCB-designed building will provide active retail frontage and create a memorable gateway to a revitalized Ogden Avenue commercial corridor from the east.

The building’s ground floor will be occupied by Steak n’ Shake, Ja’ Grill and Wintrust Bank. The second and third floors will include medical office space leased to Sinai Health System for outpatient services. 

Cinespace Chicago Film Studios will also lease office space on the upper floors for its two nonprofit affiliates: Cinecares, which offers a job-training program in film production for disadvantaged youth; and Stage 18, a film industry incubator designed to expand Chicago’s talent pool in movie and TV production.

 The Habitat Company, McHugh Construction and Bowa Construction recently announced the topping off a 50,000-square-foot office and retail building at Ogden Commons, a $200 million mixed-use project in Chicago’s North Lawndale neighborhood.

Located on land formerly occupied by the Chicago Housing Authority’s Ogden Courts and Lawndale public housing developments, Ogden Commons is being financed through a combination of debt and Opportunity Zone equity. PNC Bank funded $15 million of the $22 million development cost for phase one at Ogden Commons.

The residential component of Ogden Commons will take place across multiple phases, with an anticipated start in 2021. Plans for the first residential phase call for a 92-unit multifamily building and three six-flat buildings.

CONTACTS:

 Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4520

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.habitat.com.

www.mchughconstruction.com.

 www.thebowagroup.com.

Kinzie Builders Completes Two Luxury Rental Developments in Chicago Suburbs – 444 Social and Marq on Main

Chicago-based Kinzie Builders recently completed construction on Marq on Main, a 202-unit luxury rental community in downtown Lisle, IL

CHICAGO, IL, May 21, 2020 – Kinzie Builders announced it has completed construction on two suburban Chicago luxury rentals projects – 444 Social, a new 302-unit development in Lincolnshire, Ill., and Marq on Main, a new 202-unit community in Lisle, Ill.

 In addition, as the firm marks its 9^th anniversary this month, Kinzie Builders is launching a new website to better showcase its projects, capabilities and growth.

 Steve Spinell

“Over the past nine years since we started Kinzie Builders, there has been an uptick in luxury rental construction in the Chicago suburbs, and we’ve found a niche as a reliable contractor and strategic partner for developers who are delivering Class A properties with unsurpassed amenities in prime locations,” said Steve Spinell, principal of Chicago-based Kinzie Builders.

 “In fact, right now, we have four additional suburban luxury projects in the works, and we are happy to report the COVID-19 pandemic has not slowed down construction on any of them.

"Even with the many extra safety measures we have put in place, our projects remain on schedule and we expect to continue to deliver the results our partners expect.”

444 Social is a new luxury rental community at 444 Parkway Drive (between Routes 45 and 83) in Lincolnshire, owned by Smash Residential and designed by HKM Architects + Planners.

The community recently won an award for Best Community Amenities by Chicago Apartment Association. It is comprised of two four-story buildings, each with multiple courtyards. 

“This is not your average suburban apartment community by any stretch of the imagination, as it is designed to blend residential living with the luxuries of a boutique hotel in a lush setting,” said Spinell.

444 Social Pool: Kinzie Builders has completed construction on 444 Social, a new 302-unit luxury apartment building in the Chicago suburb of Lincolnshire, IL

“444 Social breaks all the norms of typical suburban rentals, starting with its high-end design, which is carried throughout the building – from its colorful exterior to the fun pops of color and interesting details used in common areas, especially in its art and furnishings.”

Another completed Kinzie Builders construction project is Marq on Main, owned by a joint venture between Marquette Companies and Principal Real Estate Investors.

 Located at 4755 Main St. in downtown Lisle, the five-story complex has more than 13,000 square feet of ground-floor retail space along with a host of on-site amenities. Humphrey & Partners Architects was the architect for the project.

“This community answers the strong demand for high-end multifamily in this area, as more renters enter the Naperville market and seek a walkable lifestyle similar to city living where transit, dining, shopping and entertainment options are right outside their doorstep,” said Spinell.

CONTACTS: 

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, (312) 267-4514

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.kinziebuilders.com.

JLL arranges $9.35 million financing for Pennsylvania industrial portfolio

Michael Pagniucci

PHILADELPHIA, PA – JLL Capital Markets announced it has arranged a $9.3 million first mortgage financing for two newly completed and partially leased Class A bulk warehouse distribution facilities totaling 198,721 square feet in the central Pennsylvania community of Elizabethtown. 

 JLL worked on behalf of the borrower, Foxfield Industrial, to place the floating-rate bank loan. Loan proceeds will primarily be used to recapitalize construction costs and provide leverage through stabilization.

 Situated on 20.34 acres, the industrial portfolio is located at 1405 and 1473 Zeager Rd. in Elizabethtown.

The JLL Capital Markets debt placement team was led by Director Michael Pagniucci.

 “The strong lender interest in this financing opportunity is a testament to both the sponsorship involved and the strength of industrial as an asset class,” Pagniucci said.

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

 Contact: 

Kimberly Steele,

JLL Senior Associate,

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

 Foxfieldindustrial.com or follow Foxfield on Instagram: @foxfieldindustrial, LinkedIn or Twitter @foxfieldind.

JLL completes sale and financing of Hawthorne at Lake Norman apartments in Mooresville, NC

Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, NC

CHARLOTTE, NC, May 21, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, North Carolina.

JLL represented the seller, Hawthorne Residential Partners, LLC, and procured the buyer, PassiveInvesting.com. Additionally, JLL worked on behalf of PassiveInvesting.com to secure the 10-year, fixed-rate loan through Freddie Mac. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender.

Andrea Howard

Hawthorne at Lake Norman is located 25 miles north of Uptown Charlotte at 118 Plantation Creek Drive in Mooresville, one of Charlotte’s fastest growing communities. 

The property is nestled along the shores of Lake Norman and is just minutes from the area’s largest employer, Lowe’s Corporate Headquarters. 

Jeff Glenn

Additionally, Hawthorne at Lake Norman has tremendous accessibility to Uptown Charlotte via the newly delivered I-77 Express Lanes and is surrounded by more than 5.5 million square feet of retail amenities. 

The 20-acre site is home to 18 two- and three-story garden-style buildings offering spacious units averaging 1,055 square feet each and 104 direct access garages. 

Community amenities at the 97%-leased property include a multimedia center, cybercafé, 24-hour fitness center with rock climbing wall, saltwater swimming pool, car wash station, pet park and exclusive boat club.

The JLL Capital Markets team representing the seller included Managing Directors Andrea Howard and Jeff Glenn, Senior Director Allan Lynch and Directors Caylor Mark and John Currin.

JLL’s Capital Markets team representing the borrower was led by Managing Director Cory Fowler.

Allan Lynch

“A product of the area’s dynamic growth story and Hawthorne’s stewardship of the property, the sale of Hawthorne at Lake Norman represented one of our team’s most competitive marketing campaigns,” Howard said.

 “To close a transaction during these uncertain times requires tremendous operational performance at the property level and diligence by both the buyer and seller. 

"This collective performance culminated in a successful sale of a differentiated asset that will offer PassiveInvesting.com outsized returns for years to come.”

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. 

John Currin

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

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

About PassiveInvesting.com

PassiveInvesting.com is a private equity real estate investment firm focused on acquiring value-add and core+ multifamily properties in the Southeast U.S. 

The firm’s portfolio has a current value of more than $275 million stemming from eleven properties with a total of 2,247 units.

About Hawthorne Residential Partners

Since its inception in 2009, Hawthorne Residential Partners has been passionately dedicated to acquiring, developing, repositioning, and managing quality apartment communities. 

Contact: 

Kristen Murphy
JLL Senior Manager
Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

jll.com.

Florida Retail Partners Named Exclusive Leasing Agent for Willow Bend Towne Centre in Lutz, FL

 Kiera Chocola

TAMPA, FL   — Florida Retail Partners has been named exclusive leasing agent for Willow Bend Towne Centre, a 184,435 square foot community shopping center located in Lutz, Florida within the Wesley Chapel submarket, one of the Tampa Bay region's fastest growing markets.

Leasing will be spearheaded by Florida Retail Partners’ Kiera Chocola and Pattie DeWitt.

Leasing at the retail center has been historically high and currently sits at 99%, prompting the center owner to add 10,000 square feet in new construction this year.

“We anticipate quick lease up of this new space, as new tenants are already showing interest in joining Willow Bend’s solid base of established, long-term tenants," according to Chocola. "Tenants like Keke’s Breakfast Café, Vallarta’s Mexi-can and Tijuana Flats drive significant traffic to the center on a daily basis.”

 The additional 10,000 square feet is anticipated to be complete this fall.

The center, anchored by LA Fitness, is located at the epicenter of south Pasco County’s rapid growth sitting at the southeast corner of SR 54 and Collier Parkway.

CONTACTS:

Kiera Chocola

813.251.3333

kiera@floridaretailpartners.com 

  

Tammy Youngman 

TYOUNGMAN@assetmarketingonline.com

www.floridaretailpartners.com

www.xteam.net.                       

Hold-Thyssen Lands American Liberty Mortgage for New Lease at Phillips Place in Southwest Orlando, FL

Darby Hold

Orlando, FL and Winter Park , FL--- Hold-Thyssen, Inc., a full service commercial real estate services firm headquartered in Winter Park, closed on a new multi-year lease agreement with American Liberty Mortgage Inc. at Phillips Place , the upscale office campus at 7575 Dr. Phillips Blvd. in Southwest Orlando . 

Darby Hold, Senior Director for Hold-Thyssen, Inc. brokered the lease of an 800 square foot office suite for relocation of American Liberty’s Orlando branch.  The mortgage firm also has an office in Winter Haven and two in the Denver area.  

Phillips Place
 Southwest Orlando, FL

Hold negotiated another lease agreement with About Face Ink, LLC.  The permanent makeup and facial salon who has been a tenant at Phillips Place for six years, extended the lease of its 350 square foot suite. 

The tenants were not represented in the transactions.  Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place office building,  currently 95 percent leased.

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 .

CONTACTS:

           

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 

407-691-0505, afisher@HoldThyssen.com

Robert P. Hold, Principal, Hold-Thyssen, Inc.

 407-691-0505, bhold@HoldThyssen.com

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.

 407-644-4142 Lvershelco@aol.com.