Hearst purchases 1098 Harrison from Embarcadero Capital Partners in San Francisco’s tech-driven SOMA District

1098 Harrison Street, a 44,794-square-foot creative office asset in the heart of San Francisco’s tech-driven SOMA District.

 SAN FRANCISCO, CA – JLL Capital Markets announced it has facilitated the sale of 1098 Harrison Street, a 44,794-square-foot creative office asset in the heart of San Francisco’s tech-driven SOMA District.

Gerry Rohm

Originally built in 1924, 1098 Harrison Street received a complete base building renovation over the last 10 years and is regarded as a state-of-the-art creative office space with top-of-the-line amenities, including an all-hands stadium seating area and a rooftop deck.

The two-story building is fully leased into 2029 to Plaid, Inc.  The property’s central location in Downtown San Francisco provides proximity to premier tenancy, numerous mass transit options providing connectivity throughout the Bay Area and an abundance of retail, entertainment, dining and cultural amenities located in San Francisco’s Union Square, Mid-Market and South/North Financial District neighborhoods.

 The JLL Capital Markets team representing Hearst was led by Senior Managing Director Gerry Rohm (CA Lic. #01385740) and Senior Director Erik Hanson.

JLL facilitated the transaction between the buyer, Hearst, and seller, Embarcadero Capital Partners, in the all-cash, off-market transaction that was structured and completed during COVID.

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

Erik Hanson

 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.

 

For more news, videos and research resources on JLL, please visit our newsroom.

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

 

CONTACT:

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 www.jll.com

embarcaderocapitalpartners.com.

 

$63 million recapitalization secured for Channel Club luxury high-rise in Tampa, FL

Channel Club, a recently completed two-story,
Class A high-rise apartment community
 at 1115 East Twiggs Street, Tampa, FL

 TAMPA, FL – JLL Capital Markets announced it has arranged a $63 million recapitalization of the Channel Club, a recently completed two-story Class A high-rise apartment community located at 1115 E. Twiggs St. in Tampa, Florida. 

 JLL represented the borrower, a partnership between ECI Group and Mercury Advisors, to secure the financing with BBVA USA and BlackRock.

Chip Sykes

 The Channel Club consists of 324 one- and two-bedroom apartments, with units averaging 911 square feet.

 Residents can enjoy spacious, sophisticated units with best-in-class interior finishes and stainless-steel appliances, granite countertops in the kitchen and bathroom(s), 42-inch upper cabinets and a private balcony with immaculate skyline views.

 Community amenities include a resort-style pool accompanied by breathtaking Downtown Tampa views, state-of-the-art fitness center, a covered parking garage and business center. Additionally, residents have the convenience of an on-site Publix for grocery needs.

 Touted as Tampa’s most walkable submarket and just a few minutes from Downtown Tampa, the property is strategically located in close proximity to various shopping, dining and entertainment options in the Channel District neighborhood.

Matt Mitchell

Formerly a historic industrial district, Channel District is currently undergoing several transformative developments, including a $3.5 billion Water Street mixed-use property.

The revitalization marks the Channel District as a burgeoning neighborhood in Tampa, housing 3,300 of the 3.1 million residents in the metropolitan area and quickly becoming a hot spot for start-ups and businesses, providing immense job opportunities within the surrounding areas.

 The JLL Capital Markets team representing the borrower was led by Atlanta-based Managing Director Chip Sykes who commented, “We are extremely grateful for the opportunity to have worked on this financing for ECI and Mercury Advisors.

 "We are in a highly challenging financing environment and only the best assets in the strongest growth markets with best-in-class sponsors are being financed. I’m glad those stars were aligned here and allowed us to succeed.”

 “Despite the disruptions in the capital markets caused by Covid-19, capital continues to find Tampa to be an attractive market for real estate,” continues Matt Mitchell, who leads JLL’s Capital Markets group in Tampa.

“Tampa has emerged as one of the most stable multi-housing markets in the U.S. because of a variety factors including its economic diversity, affordability and a manageable pipeline of new supply.”

  For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

ecigroups.com.

bbvausa.com 

 

 

 

$45 million in financing secured for The Retreat at Lakeland, FL

The Retreat at Lakeland Apartments, 5115 North Socrum Loop Road,
 Lakeland, FL

 MIAMI, FL – JLL Capital Markets announced today that it has arranged a $45 million loan refinancing for The Retreat at Lakeland (The Retreat), a multi-housing property located at 5115 N. Socrum Loop Rd. in Lakeland, Florida.

 JLL worked on behalf of the borrower, Covenant Capital Group, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Elliott Throne

 In 2017, Covenant Capital extensively renovated the interior and exterior of The Retreat, including adding a new clubhouse and entry gate, roof replacements and in-unit upgrades such as new hard surface flooring, stainless steel appliances and granite countertops.

 Built in 1988, the 464-unit garden-style property consists of one-, two- and three-bedroom apartments with spacious living rooms and closets, full-size washers and dryers, Whirlpool bathtubs, wood burning fireplaces and private patios and balconies.

 Community amenities include two pools, a sundeck, grilling and picnic areas, outdoor recreational areas such as tennis and pickleball courts, dog park, playground, fitness center and more.

Campbell Roche

 The Retreat is centrally located in the city of Lakeland, home to the headquarters of Publix supermarkets and Joker Merchant Stadium, where the Detroit Tigers practice for Spring Training, one of the world’s largest LEGOLAND Theme Parks, several championship golf courses, including Big Cypress Golf Club and Cleveland Heights Golf Course, and numerous parks, where residents can enjoy various outdoor activities.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Campbell Roche, Director Amit Kakar and Associate Drew Jennewein.

 “The borrower was able to take advantage of a great refinance following the completion of their recent renovation at a time when rates were at historical lows,” stated Throne. “This is another example where Covenant Capital has added significant value to their properties, further providing their investors with even stronger returns.”

Amit Kakar

 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.

 For more news, videos and research resources on JLL, please visit our newsroom.

 About Covenant Capital Group

Covenant Capital Group is a real estate private equity firm specializing in value-added acquisition and redevelopment of apartment communities. Covenant Capital Group is one of the largest real estate fund managers with more than $1.4 billion of assets under management on behalf of over 250 institutional and high net worth investors. 

Drew Jennewein

The firm specializes in the acquisition, renovation, repositioning, re-branding and asset management of apartment communities. 

For the past 13 years, Covenant has been an active investor in the Southeastern and Mid-Atlantic regions and controls over 17,000 apartment units in 14 states.

 

CONTACT:

Natalie Passarelli
Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

covenantcapgroup.com.

 

$32.45 million acquisition financing secured for Magnolia Terrace apartments in Charlotte, NC

 

Magnolia Terrace Apartments, 8301 Paces Oaks Boulevard, Charlotte, NC

CHARLOTTE, NC – JLL Capital Markets announced it has arranged $32.45 million in acquisition financing for the Magnolia Terrace multi-housing community located at 8301 Paces Oaks Blvd. in Charlotte, North Carolina.

 JLL worked on behalf of the borrower, Stonebridge Investments, to secure the 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Will Bateman

 Built in 1989, Magnolia Terrace is a three-story apartment building with 264 garden-style units, totaling 242,136 square feet.

The one-, two- and three-bedroom apartments, averaging 561 square feet, are newly renovated and include a breakfast bar with pendant lighting, an open floor plan, walk-in closets and patios and balconies, along with select units offering vaulted ceilings and fireplaces.

Community amenities include picnic and grilling areas, a business center, fitness center, playground, pool and sundeck. Magnolia Terrace is also pet-friendly, and residents can enjoy an onsite Bark Park.

The property is positioned in UNC Charlotte/University City, a submarket dubbed as one of the largest employment nodes in the area, with key drivers such as the Carolinas Medical Center and University Research Park.

Elliott Throne

Additionally, Magnolia Terrace is just a few minutes from I-85 and I-77, allowing smooth access to anywhere in the Charlotte metropolitan area – a region known as a prime commuting location with half of a million workers living just 30 minutes from their workplaces. 

 “We are excited to expand our portfolio into the Carolinas and enter the Charlotte market,” said Will Bateman, Director, StoneBridge Investments.

“We are bullish on Charlotte as a whole, and University City in particular, due to its proven track record of growth, high quality of life and ability to attract top employers.

"Magnolia Terrace has a history of strong performance that we believe we can build on through continued upgrades to the units and common areas, providing our residents with high-quality homes at relatively affordable price points.”

Cory Fowler

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Cory Fowler and Director Amit Kakar.

 “Stonebridge stepped up to acquire a great property when most investors were on the sidelines trying to make sense of how the pandemic would affect real estate assets,” Fowler stated. “They were rewarded with a very attractive loan that will further boost their returns.”

 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.

Amit Kakar

 For more news, videos and research resources on JLL, please visit our newsroom.

 

About Stonebridge Investments 

Stonebridge Investments is a privately held investment company focused exclusively on the multifamily market.

 The firm is an experienced, hands-on, entrepreneurial investors, involved in all aspects of its projects from end-to-end. The firm shares a passion for real estate and a core desire to create excellent living environments for all its residents. 

Headquartered in Washington, DC, Stonebridge maintain offices in Orlando and Amsterdam. The firm’s investment footprint spans major markets throughout the Mid-Atlantic and Southeast US.

Together, key principals of the firm have more than 60 years of experience in the real estate industry, ranging from brokerage to capital markets to acquisition to investment and fund management.

CONTACT:

  Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email: Natalie.Passarelli@am.jll.com

 

Stevens-Leinweber establishes in-house role for quality control, COVID-related safety; Construction industry veteran Terry Pagano promoted to head of quality assurance

.

 

Terry Pagano

PHOENIX, AZ – A growing pipeline of ground-up and tenant improvement business – combined with ongoing COVID-related precautions – has prompted Stevens-Leinweber Construction (SLC) to create a new in-house position focused on quality control and safety.

 

SLC team member Terry Pagano has been promoted from Superintendent to Quality Assurance Manager to assume the new role.

 

“The quality and safety requirements of today’s construction industry are evolving quickly,"  said SLC President and CEO Jamie Godwin.

 

 "This new position puts Stevens-Leinweber ahead of that curve – helping us manage everything from our response to the current COVID pandemic to our long-term integration of technology and our ability to capitalize on market expansion opportunities. 

 

“Terry brings a tremendous attention to detail and a strong understanding of process improvement to this new role. His skills will be a notable asset in the months and years ahead.”

He is also taking on progressive responsibility for SLC’s safety initiatives. This includes creating official COVID-related plans ranging from facemask, hygiene and temperature screening policies to job site sign-in protocols that support effective tracking and tracing.

Jamie Godwin

 In his new position, Pagano develops standardized quality plans for SLC and oversees their implementation based on each job’s specific requirements.

 

Pagano additionally serves as an in-house resource for employees, providing guidance on COVID self-monitoring and testing.

 

Prior to joining SLC, Pagano served in roles including Engineering Manager, Manager of Product Engineering, Senior Engineer and Mechanical Engineer for numerous regional and national and international companies.

 

He also owned and operated his own construction company, servicing both commercial and residential customers.

 

Pagano holds a bachelor’s degree in Mechanical Engineering from the University of Dayton.

  

Media Contact:

Stacey Hershauer

stacey@focusaz.com

480.600.0195

Tauro Capital Advisors Secures $20.5 Million for Four Triple-Net-Lease Investors and Developers

Stephen Stein

 LOS ANGELES, CA — Tauro Capital Advisors, Inc., a fully integrated financial services company with a diverse background in all aspects of commercial real estate, has secured a total of $20.5 Million in financing on behalf of four triple-net-lease developers and investors. 

 The deals include a $15 million debt facility for a NNN lease developer, as well as acquisition financing for three triple-net-lease deals totaling $5.5 million, all of which closed within the last 30 days. 

 “We are one of the most active intermediaries in the triple-net-lease sector and have continued to secure and structure quality financing on behalf of our clients throughout the pandemic,” says Stephen Stein, Managing Partner at Tauro Capital Advisors.

 “In fact, these deals come on the heels of Tauro securing $50 million in debt facilities for three triple-net-lease developers and investors just last month.”

Deryl Deese

 According to Stein, these transactions are demonstrative of a larger trend among sponsors toward NNN lease deals as they tend to be more stabilized assets that perform in times of economic uncertainty.  

These recent deals include:

 $15 Million Debt Facility for Triple-Net-Lease Developer 

Tauro Capital Advisors has secured a $15 million revolving debt facility on behalf of a single-tenant triple-net-leased developer. The facility was arranged by Deryl Deese, Director at Tauro Capital Advisors. 

   “There is certainly a flight to safety underway among investors and developers, which has resulted in an influx in demand for single-tenant triple-net-lease properties,” explains Deese.

 “Because of our depth of expertise in the space, we have been extremely successful in securing 100% financing options for sponsor’s who are looking to expand their construction pipelines.” 

   The sponsor plans to use the facility to fund developments for national creditworthy tenants including Target and 7-Eleven, among others.

          $2.8 Million in Acquisition Financing for a 11,000 Square-Foot Retail Asset 

 Tauro Capital Advisors has secured $2.8 million in non-recourse financing for the acquisition of an 11,000 square-foot single-tenant retail property on behalf of a private investor based in Los Angeles, CA.

 The property is 100% occupied by a CVS. The financing was arranged by Matt Bucaro, Senior Director, Capital Advisor at Tauro Capital Advisors. 

Matt Bucaro

The sponsor was looking for financing with no pre-payment penalties in preparation for an upcoming sale of the property. 

 “At Tauro, we understand that securing financing isn’t always about the interest rate rather the sponsor’s overall goals for the property and over the long-term,” says Bucaro.

 “We knew that structuring the financing without any pre-payment penalties was extremely important to the sponsor’s business plan.” 

 Tauro worked closely with the sponsor who was able to negotiate a 10-year lease extension with the tenant during escrow. 

 “Because we act more as a partner to our sponsors, we were able to move quickly to secure financing that fit the sponsor’s needs with no prepayment penalties,” says Bucaro. 

 The five-year loan was priced at 3.65% with a 62% loan-to-value with no prepayment penalties. 

 $1.4 Million in Acquisition Financing for a 11,232 Square-Foot Retail Asset 

           Tauro Capital Advisors has secured $1.4 million in acquisition financing for an 11,232 square-foot single-tenant retail property 100% occupied by Rite Aid.

 The financing was arranged by Matt Ingle, Associate Director, Capital Advisor at Tauro Capital Advisors on behalf of a private investor. The 10-year loan was priced at 3.9% with a 53% loan-to-value and 25-year amortization.

Matt Ingle

$1.3 Million in Acquisition Financing for a 4,200 Square-Foot Retail Asset 

 Tauro Capital Advisors has secured $1.3 million in acquisition financing for a 4,200 square-foot single-tenant retail property. The property is 100-percent occupied by Wendy’s. The financing was arranged by Bucaro.

 Tauro was able to secure a 15-year loan with a fixed rate for the sponsor.

 “Most lenders will typically do a 10-year term max so our ability to extend the term of the loan by an additional five years speaks to our strength as a financial intermediary,” explains Bucaro. 

 The 15-year fixed loan was priced at 3.95% with a 60% loan-to-value.

Contacts:

Micaela Fehrenbach/Lexi Astfalk 

Brower Group 

(949) 438-6262 

 

mfehrenbach@brower-group.com

https://www.taurocapitaladvisors.com.