Greysteel’s Multifamily Team Led by Ari Firoozabadi Named Exclusive Advisor and Agent on Sale of Courtyard Park in Hyattsville, MD

Courtyard Park Apartments, 4201 - 4213 Oglethorpe St.
 Hyattsville, MD

Ari Firoozabadi

HYATTSVILLE, MD  – The Greysteel Company’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, and Lance Ahmadian have been named exclusive advisor and agent for the sale of Courtyard Park Apartments located at 4201 – 4213 Oglethorpe Street in Hyattsville, Maryland. 

John Mullen

The 94 unit walk-up apartment community is conveniently located inside the beltway next to major employers and transportation hubs, reinforcing strong rental demand and bolstering a stable submarket. 

Kyle Tangney

The property is ideally located with a bus stop across the street offering direct access to the Prince George’s Plaza Metro station on the Metrorail Green Line as well as a stop on the University of Maryland Shuttle bus route. “QUOTE”

Courtyard Park is located three miles from the Washington, D.C. border offering residents and investors convenient access into the city, the University of Maryland, and new retail developments.

Caleb Brown

Less than one mile from the property is the Hyattsville Arts District offering a high-end living experience with plush area amenities.  University Town Center and The Mall at Prince Georges are located a little over a mile from the property.  

 For a complete copy of the company’s news release, please contact:

Yassi Farzaneh

202-280-2714

Marcus & Millichap Capital Corp. Arranges $5 Million Walgreens Refinance

Walgreens, Quincy, IL

QUINCY, IL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5 million refinance for a 14,820-square foot Walgreens in Quincy, Ill.

Steven Goldwyn

            Steven Goldwyn, an associate director in the Fort Lauderdale office, arranged the loan.

            “Daniel Greenberg, a senior associate with Marcus & Millichap Real Estate Investment Services, reached out on behalf of the client. The borrower wanted to retire the seller carryback debt from when they closed the property’s acquisition at the end of 2012,” says Goldwyn.

Daniel Greenberg

“Seeking options, we offered both the longest fixed-rate loan available in the marketplace in the form of a self-liquidating credit tenant lease, and a non-recourse bank loan at 4.5 percent for 10 years on a 30-year amortization schedule. The borrower opted for self-liquidating,” Goldwyn says.

            The 24-year loan amortizes over 24 years at a fixed rate of 5.1 percent.  The loan-to-value is 51 percent.

  

 For a complete copy of the company’s news release, please contact:

Gina Relva,

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

$14.5 Million Buys Los Angeles Apartment Complex

  

 Villa La Paloma Apartments,

 7722 Reseda Blvd., Reseda, CA

RESEDA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Villa La Paloma, a 138-unit apartment complex in Reseda, a community in the San Fernando Valley region of Los Angeles. The $14,500,000 sales price equates to $105,072 per unit.

Jeff Louks

            Jeff Louks, a senior vice president investments in the Encino office of Marcus & Millichap, represented the seller, 1439 Curson Partners LP. The buyer is La Paloma LLC.

            “The new owner took advantage of an exceptional investment opportunity,” says Louks. “Villa La Paloma’s location borders Northridge and is only two miles from a well-known university.

“Although the property is subject to rent control, the high rate of turnover from students helps keep rents as close to market as possible and modest upgrades and strategic marketing can further increase the income stream,” adds Louks.

Located at 7722 Reseda Blvd., the 92,122-square foot property is situated in a park-like setting on 2.48 acres.

Villa La Paloma was built in 1978 and is composed of 114 junior one-bedroom/one-bath units, 21 one-bedroom/one-bath units, and three two-bedroom/two-bath units. Amenities include spacious floor plans, vaulted ceilings in 61 units, a swimming pool and Jacuzzi, large landscaped courtyard with barbecues, plentiful gated parking, a recreation room and secure intercom entry.

 For a complete copy of the company’s news release, please contact:

Ben Johnson,

Marketing Director

(925) 953-1736

Sale of grocery-anchored retail center in Memphis, TN closed by HFF

Summer Center, 4270 Summer Ave., Downtown Memphis, TN

ATLANTA, GA – HFF announced today that it has closed the sale of Summer Center, a 148,685-square-foot grocery-anchored retail center in Memphis, Tennessee.

Jim Hamilton

                HFF marketed the property on behalf of the seller, Weingarten Realty Investors.  BDB Realty purchased the asset for an undisclosed amount.  

Summer Center is located at 4270 Summer Avenue near the intersection of Waring Road east of downtown Memphis in close proximity to the University of Memphis, Southwest Tennessee Community College, St. Jude’s Children’s Research Hospital and numerous corporate headquarters for companies such as FedEx, AutoZone, ServiceMaster, International Paper and Methodist LeBonheur Healthcare.

Richard Reid

 Renovated in 2008, the property is 95 percent leased and anchored by Kroger and Ross Dress for Less.

                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.twitter.com/hff

www.hfflp.com

www.weingarten.com

HFF closes $34 million sale of multi-housing community in White Plains, NY

Jose Cruz

FLORHAM PARK, NJ – HFF announced today that it has closed the sale of 25 Martine Avenue, a 12-story, 124-unit multi-housing community in White Plains, New York.

                HFF marketed the property on behalf of the seller, a joint venture between Korman Communities and an institutional partner.  The DSF Group purchased the community for $34 million free and clear of existing debt.

Andrew Scandalios

                25 Martine Avenue, situated in downtown White Plains, is located adjacent to The Galleria at White Plains, close to The Bronx River Parkway and Interstate 287, and directly across from the Metro-North White Plains train station providing access to Manhattan. 

Kevin O'Hearn

Renovated in 2004, the property features studio, one- and two-bedroom units averaging 727 square feet each.  Community amenities include a fitness center, residents lounge, internet café and a 159-space parking garage.

According to Jose Cruz, “DSF has been very active in the Northeast during the last several years.  This was DSF’s first acquisition in the New York area and they did a great job of working through the transaction and closed on time.” 

                The HFF team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Stephen Simonelli.

Jeffrey Julien

Celebrating 100 years of real estate management and investment experience, Korman Communities seeks acquisition opportunities for its premier AKA and AVE brands. 

Korman Communities specializes in AAA quality properties in major urban markets across the United States and in London. 

Stephen A. Simonelli

The primary growth markets for Korman Communities include New York City metro (including northern New Jersey and southern Connecticut), Philadelphia metro, Washington metro (including District of Columbia, northern Virginia, and southern Maryland), Boston, Los Angeles, San Francisco, and London.

With more than $1.5 billion invested in four million square feet since 2000, the DSF Group has quietly become one of the most successful private real estate investment firms in the country.

  

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $191 million construction financing for mixed-use project in Boston’s Fenway Triangle neighborhood

The Van Ness, 1325 Boylston St., Fenway Triangle Neighborhood, Boston, MA

BOSTON, MA – HFF announced today that it has arranged construction financing for The Van Ness, a 762,000-square-foot mixed-use project located in Boston’s Fenway Triangle neighborhood.

Greg LaBine

HFF worked on behalf of the borrower, a joint venture between Samuels & Associates and institutional clients advised by J.P. Morgan Asset Management, to secure the long-term, fixed-rate financing through Northwestern Mutual. 

The Van Ness is located at 1325 Boylston Street within walking distance of the Longwood Medical Area near Kenmore Square, Boston’s Back Bay neighborhood and the Town of Brookline.

 The project will include 172 residential units situated above a three-story, 169,000-square-foot Target department store.  The property will also include 31,000 square feet of ground-floor retail, an 11-story, 233,000-square-foot, Class A office tower and 506 parking spaces. 

The HFF team representing the borrower was led by director Greg LaBine.

Kenmore Square, Boston, MA

“With The Van Ness, Samuels will continue their vision for the Fenway neighborhood to be a premier live/work/play destination in Boston,” said LaBine.  

“The combination of high-quality residences, first-class office space and superior shopping anchored by Target make this a welcome addition to Fenway.”

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Broward County, FL Multifamily Brings $10.5 Million

Oakland Hills Apartments, 5501 SW 11th St., Margate, FL

MARGATE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Oakland Hills Apartments, a 189-unit villa-style apartment community in Margate, Fla. The $10,500,000 sales price equates to $55,556 per unit.

Still Hunter III

Still Hunter III and Evan P. Kristol, both senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, an agency lender working through an industry-leading loan servicing company.  The buyer is a local private investor.

“The seller obtained the property through foreclosure,” says Hunter. “The $88 per rentable square foot sales price is approximately 30 percent less than the previous mortgage amount.”

“The sales price, combined with 100 percent occupancy, provides the new investor with a future upside that is usually difficult to attain,” adds Kristol.

Evan P. Kristol

Located at 5501 SW 11th St. in Margate, Fla., the 119,232-square foot, 1989-built property is situated just east of Interstate 441/State Route 7 at the edge of a residential neighborhood between McNab Road and Atlantic Boulevard, and just west of Florida’s Turnpike.

Oakland Hills Apartments consists of 28 one-story buildings arranged on 18.7 acres around a large, private lake. The unit mix is composed of 155 one-bedroom/one-bath units, 23 two-bedroom/one-bath apartment, nine two-bedroom/two-bath units and two three-bedroom apartments.

Amenities include a gated lakefront swimming pool with sundeck, two laundry centers, open parking, private patios, ample storage, efficient floor plans with utility rooms and washer/dryer connections, additional boat and recreational vehicle storage, landscaped courtyards and plentiful green space.

 For a complete copy of the company’s news release, please contact:

Ben Johnson

Marketing Director

(925) 953-1736

MBA Statement on Introduction of Corker-Warner Housing Finance Legislation

   

Debra W. Still

WASHINGTON, DC – Executives from the Mortgage Bankers Association (MBA) issued the following statements today following the introduction of housing finance legislation by Senators Bob Corker (R-TN) and Mark Warner (D-VA).

Statement of David H. Stevens, MBA’s President and CEO:

“The introduction of this bipartisan bill represents an important step in redefining the government role in housing finance and is a positive framework on which to begin this crucial debate.  Senators Warner and Corker are to be commended for taking a thoughtful and comprehensive approach to drafting a bill to restructure the secondary mortgage market in a way that provides sufficient liquidity to the market so that lenders can offer a full range of sustainable mortgage credit to qualified borrowers through all market conditions.    

David H. Stevens

“We realize that this bill is a starting point for the debate, and we are eager to work with the leadership of the Senate Banking Committee, the authors, and other committee members to improve the bill in a way that creates a vibrant secondary market capable that works for lenders of all sizes and business models so they can support both the owner-occupied and the multifamily rental housing markets."

Sen. Bob Corker (R-TN)

Statement of Debra W. Still, CMB, MBA’s Chairman:

“Fannie Mae and Freddie Mac have been in conservatorship for almost five years now, and it is important that policymakers begin defining a long-term plan for the future role of the federal government in the mortgage market.  The Corker-Warner bill is a significant milestone and should get policymakers headed in that direction.

Sen. Mark Warner
(D-VA)

“We are pleased to see a number of synergies between this bill and MBA members’ thinking on the future secondary market, and we believe the Corker-Warner approach is consistent with the broad objectives of the secondary market transition concepts that MBA has recently announced.”

For a complete copy of the company’s news release, please contact:

John Mechem

(202) 557-2924

Greystone Provides $30 Million in HUD Financing for Multifamily Properties in Texas and Tennessee

  

Hickory Point at Brentwood Apartments, Nashville, TN

Betsy Vartanian

New York, NY – June 26, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced today that it has originated in excess of $30 million of FHA insured loans for two multifamily properties located in Texas and Tennessee.

Donny Rosenberg, a managing director in Greystone’s multifamily lending group, led the efforts to close the loans.

 Greystone’s extensive experience with the U.S. Department of Housing and Urban Development ensured that both properties received loans at ideal terms and rates.

Hunters Crossing Apartments, Longview, TX

The first property, Hickory Point at Brentwood, received $22.5 million of FHA-insured loan proceeds pursuant to Section 223(a)(7) of the National Housing Act. 223(a)(7) financing is available only to loans that are currently HUD insured, allowing borrowers to lower their debt service costs with minimal out of pocket cost. 

  The 298-unit multifamily complex is located in Nashville, Tennessee.

 Greystone provided another $7.9 million loan through HUD’s Section 223(f) program to the borrower of Hunters Crossing, a 192-unit apartment community located in Longview, Texas. With an impending maturity and a much higher rate, the borrower was able to pay off the entire existing mortgage and lower the debt service costs substantially over the new term.

 Robert Peek, Chief Executive Officer at Amesbury Companies, the borrower, commented: “The Greystone team could not have been more insightful, responsive and sensitive to our needs. We would highly recommend them to anyone looking for exceptional service and unparalleled persistence in their agency lending relationships.”

 “Both the borrower and the Fort Worth HUD office pulled together to close this transaction on a tight time frame, avoiding additional costs or losses to the borrower or to the existing lender,” said Rosenberg. 

Betsy Vartanian, Head of Greystone’s FHA business, added: “Providing good capital to good borrowers, secured by good properties in a difficult credit environment is a fulfillment of one of the primary missions of HUD and Greystone, and we’re happy to have done our part.” 

 Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. For more information on Greystone’s financing solutions please visit http://www.greyco.com/multifamily.

 For a complete copy of the company’s news release, please contact:

Cognito

Loretta Mock/Jessica Kleinman

646 395 6300

Greystone@cognitomedia.com

NAI Realvest negotiates lease renewal at Vistawilla Office Center in Winter Springs, FL for Snap-On Tools

                               Vistawilla Office Center, 1511 East State Road 434,

                                             Winter Springs, FL

  

Mary Frances West

MAITLAND, FL– NAI Realvest recently negotiated a lease renewal for Suite 1025 with 2,254 square feet in the Vistawilla Office Center, 1511 E. SR 434 in Winter Springs. 

Margaret Knize

 Senior Associate Mary Frances West, CCIM along with Margaret Knize of NAI MLG Commercial negotiated the transaction representing the tenant, Snap-On Tools Company, LLC, the global manufacturer and marketer of tools.   

 The landlord, Vistawilla Office Center LLC was represented by David McLeod, managing partner.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

HFF arranges $300 million financing for 59-building office portfolio in Silicon Valley

Part of Silicon Valley Portfolio, Silicon Valley, CA

Eric Tupler

SAN FRANCISCO, CA – HFF announced today that it has arranged $300 million in financing for a 59-building office/R&D portfolio totaling 2.4 million square feet throughout the Silicon Valley.

Working on behalf of a joint venture between two global investment managers, HFF placed the four percent, floating-rate loan with Blackstone Mortgage Trust, Inc.  Proceeds were used to refinance existing debt.

Bruce Ganong

The 59-building portfolio encompasses three business parks and 38 standalone office buildings in five submarkets throughout the Silicon Valley – Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. 

The portfolio is more than 80 percent leased to a diverse mix of tenants including Apple, SanDisk, The McGraw-Hill Company, Intel and Netflix.

 Constructed between 1959 and 2000, the properties have been institutionally maintained and are well suited to serve as corporate headquarters providing tenants with high visibility and abundant parking.

Chris Gandy

The HFF team representing the borrower was led by senior managing directors Eric Tupler and Bruce Ganong, director Chris Gandy and associates Leon McBroom and Ed Brown.

“This financing was an integral component of the overall portfolio strategy, which also included the recent HFF executed sales of Park Square and Marriott Business Park in Santa Clara. 

The Blackstone team provided a customized financing solution that complements the portfolio strategy, and they worked tirelessly to meet our client’s condensed timeline,” commented Ganong .

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.blackstonemortgagetrust.com

HFF arranges $28.5 million refinancing for Class A multi-housing community in Jacksonville, FL area

Indigo Apartments, 13525 Bartram Park Boulevard, Jacksonville, FL

MIAMI, FL – HFF announced today that it has arranged a $28.5 million refinancing for Indigo Apartments, a 323-unit, Class A, garden-style multi-housing community in Jacksonville, Florida.

Elliott Throne

HFF worked exclusively on behalf of the borrower to secure the 10-year, fixed-rate loan through GE Real Estate.  HFF will also service the loan.

The property is located at 13525 Bartram Park Boulevard on the southeast side of Jacksonville just off Interstate 95.  Completed in 2007, the property is 97 percent occupied and includes one-, two- and three-bedroom units.  Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center.

“GE recognized the high quality of both the asset and sponsorship and stepped up to deliver a very quick and aggressive execution,” stated director Elliott Throne, who led the HFF team representing the borrower.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Lincoln Brokers Watermark Medical Inc.’s 10,000-Square-Foot Renewal and Expansion at Eleven Seventeen Perimeter in Atlanta, GA

  

     Eleven Seventeen Perimeter, Atlanta, GA

Sabrina Altenbach

ATLANTA, GA (June 25, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered Watermark Medical Inc.’s lease renewal and expansion totaling 10,000 square feet at Eleven Seventeen Perimeter in Atlanta’s Perimeter submarket. Watermark Medical, a healthcare information technology firm, previously leased 5,000 square feet at the building.

 Leigh Braswell, a vice president at Lincoln, and Sabrina Altenbach, a senior leasing associate with the firm, represented the property owner, Colony Realty Partners, in the transaction. Pete Shelton of Colliers International represented the tenant.

 Eleven Seventeen Perimeter is a Class-A, LEED-certified office building near the Sandy Springs MARTA station, Georgia 400 and Interstate 285. The five-story building features free covered and surface parking, an onsite café and courtyard, a fitness center, and a newly renovated conference facility.

Leigh Braswell

 “As the Atlanta economy continues to improve, office tenants are growing more confident, and Eleven Seventeen has benefited from this increased confidence,” Braswell said.

 “Watermark Medical is one of several tenants to expand in the building lately, and it’s easy to see why: With its access to major highways and its top-notch amenities, Eleven Seventeen is the ideal location for a growing firm.”

 For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

lpcsoutheast.com

http://blog.lpcsoutheast.com.

HC Real Estate Capital Arranges Financing for Retail Property In Orlando, FL

            Goldenrod Plaza, 4067 South Goldenrod Road, Orlando, FL

Orlando, FL, June 25, 2013. -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $4,162,500 in financing for Goldenrod Plaza (“GP”). Acquisition financing was arranged through a local lender with a 5-year term and a 25-year amortization schedule.

Orlando International Airport

GP is located at 4067 South Goldenrod Road, Orlando, FL. The plaza is approximately 15 minutes from downtown Orlando and 10 minutes from the Orlando International Airport. GP was built in 2002 and is situated on 8.42 acres. The retail property is 44,262 SF, and anchored by Save-A-Lot grocery store.

Chris Caveglia, Principal at HC Real Estate Capital states, “ This is an excellent opportunity for the buyer to create value through lease-up and NOI Growth.” Caveglia went on to say, “The property is situated in a high growth corridor in the Orlando market.”

 For a complete copy of the company’s news release, please contact:

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com