Monday, June 9, 2014

Pyramid Hotel Group Adds Depth to Asset Management Expertise; John Green Rejoins Company as Senior Vice President

  
John Green

BOSTON, MA, June 9, 2014—Officials of Pyramid Hotel Group, one of the nation’s largest, independent, hotel management and asset management companies, today announced John Green has rejoined the company as Senior Vice President, Asset Management, adding significant depth to the company’s senior management team.

  He will join a robust team of asset management professionals as Pyramid grows its asset management portfolio. He will be responsible both for the growth and servicing of new relationships.

“We bring the same attention to detail to our responsibilities as asset managers for hotels operated by other companies, as we do to the hotels we operate,” said Richard M. Kelleher, Pyramid’s principal and chief executive officer.

 “We are delighted to welcome John and his more than 30 years of operating experience back to Pyramid.  His extensive background in owner relations, brands and asset performance coupled with extensive operations experience combine to create a unique strength to improve asset value.

 His background includes expertise with the full gamut of all the leading brands from luxury to focused-service and numerous independent and boutique hotels and resorts throughout the United States, Caribbean, Canada and Central America. 

Richard M. Kelleher
He has hands-on experience in all aspects of hotel ownership/operations from acquisition to exit strategy, repositioning and refurbishment, brand selection, cost controls and building sustainable profitability.  His well-deserved industry reputation and strong owner relationships will further strengthen our asset management group.”

Prior to rejoining Pyramid, Green was senior vice president of Wyndham Hotel Group Management’s hotel portfolio for the Wyndham Hotel Group.

 During his tenure, the group expanded from 14 to 50 hotels, generating more than $450 million in 2013 revenues.  Concurrently, he was brand senior vice president of Wyndham Hotels and Resorts, accountable for the Wyndham Hotels and Resorts franchise system, handling license partner relations and growing the group from 60 to 100-plus operating units. 

He previously was senior vice president and managing director of Pyramid Hotel Group where he was responsible for half of the owned and managed hotel portfolio in the eastern United States. 
  
For a complete copy of the company’s news release, please contact:

Chris Daly
Daly Gray
(703) 435-6293


Charles Dunn Completes $22 Million Sale of 201-Unit Multifamily Property in Panorama City, CA


Hamid Soroudi

 LOS ANGELES, CA, June 9, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $22 million sale of a 201-unit  multifamily property located at 9010 Tobias Ave. in Panorama City, Calif.

Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, Tobias Partners, LP, a private investor from Los Angeles.  The buyer was PJCF-T2, LLC, a Los Angeles-based private investor. The property sold at a cap rate of 5.3 percent and at a per-unit price of $109,543. 

              Built in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bathroom units, 51 studio units, and 48 two-bedroom/two-bathroom units. 

The four-story property includes two elevators, center courtyard that includes a pool and spa; recreation room and gym; controlled access; and semi-subterranean parking spaces. Many of the units have been recently renovated.

              “The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” said Soroudi. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.” 

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


HFF closes sale of Hoboken, NJ Class A multi-housing property


Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Curling Club Apartments, a 240-unit, Class A multi-housing community in Hoboken, New Jersey.

               HFF marketed the property on behalf of PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.  The property was purchased free and clear of existing debt.

               Curling Club Apartments encompasses a full city block in the uptown Hoboken submarket between Grand and Adams Streets and 12th and 11th Streets as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets. 

Kevin O'Hearn
Completed in 1999, the property consists of four five-story residential buildings above a single level parking garage as well as a free-standing, single-story clubhouse and an interior courtyard.  All of the apartments are two-bedroom, two-bathroom units. 

Community amenities at the pet-friendly residence include a fitness center, resident’s lounge, storage units and garage parking.  Residents also benefit from shuttle service to the PATH station.

Michael Oliver
               The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Michael Oliver out of the New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


HFF closes sale of two office/R&D buildings in Pleasanton, CA


Steven Golubchik
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Arroyo Center, two office/R&D buildings totaling 104,741 square feet in Pleasanton, California.

               HFF marketed the properties on behalf of the seller, a joint venture between Cannae Partners and certain affiliates of Westport Capital Partners LLC.  Embarcadero Capital Partners, LLC purchased the assets for an undisclosed amount free and clear of existing financing.

               Arroyo Center is located at 5758-5794 W. Las Positas Boulevard within the Hacienda Business Park between Walnut Creek and Silicon Valley in Pleasanton.

 The 6.69-acre site is within 1.5 miles of the Dublin-Pleasanton BART station and less than two miles from the 1-580 and 1-680 interchange providing access to the greater San Francisco Bay area.

 The properties were renovated in 2013/2104 and are fully leased to two tenants: Hewlett-Packard and Gatan, a subsidiary of Roper Industries.

John Simerlein
               The HFF investment sales team representing the seller was led by managing director Steven Golubchik and director John Simerlein.

Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients.

Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA, Wilton, CT and London, England. For more information regarding Westport Capital Partners LLC, please visit http://www.westportcp.com/.

Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco peninsula. The firm invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com


Sheraton Bali Kuta Resort Announces Opening of Play@Sheraton Kids Club


Dario Orsini
BALI, INDONESIA, June 9, 2014 – Sheraton Bali Kuta Resort, the newly opened luxurious resort located in the heart of the famed Kuta Beach, announced the opening Play@Sheraton Kids Club for its younger guests to enjoy from now onwards.

 Play@Sheraton Kids Club is designed to enhance the family travel experience with a fully-tailored program including special amenities, education, and entertainment designed for children up to 12 years old. Sheraton Bali Kuta Resort celebrated the opening of Play@Sheraton on Saturday, June 7.    

“We are thrilled to unveil the Play@Sheraton Kids Club at our beautiful new resort,” said Dario Orsini, General Manager of Sheraton Bali Kuta Resort.

“We have seen a surge in demand for family friendly facilities since opening a year ago and trust that this extension to our resort facility will not only meet the increasing needs of parents traveling with children, but also drive more family business to the Kuta area,” he added.   

 The opening of the kids club took place in the resort’s social courtyard, in the presence of hotel guests and media members, including a dance performance by kids from the Harmony Ballet School in Bali. 

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com

Hospitality Ventures Management Group Adds 42nd Hotel to Portfolio and Enters Multiple Strategic Partnerships

  
Mary Beth Cutshall

 ATLANTA, GA (June 9, 2014) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, privately owned hotel ownership and management company, today announced that it remains on track to have one of its most successful years on record, having added three more hotels to its portfolio in the last two months and with two strategic partnerships on the horizon that have the potential to substantially increase the company’s portfolio of owned & third-party managed assets in the next two years.

            “While 2014 has been a strong year for most of the hospitality industry, it looks like it could well be the best year since we started in 2001, in terms of growth and diversification,” said Robert Cole, president & CEO of HVMG.

  “Historically, we have been known for our turn-around prowess, and now that we are at the place in the cycle where major repositioning has somewhat subsided, we are expanding into new territories, including new brand segments, and establishing new, best-in-class partnerships.”
  
Robert S. Cole
“With relatively low new product supply and high consumer demand, a growing number of hotels are changing hands, an ideal time for us given our skill set,” said Mary Beth Cutshall, HVMG’s senior vice president of acquisitions and business development. 

“With experts like PKF and STR predicting increased RevPAR well ahead of inflation for the next few years, we firmly believe now is the time to strike and are interested in investments, joint ventures and third-party management opportunities that contribute to our measured growth plan."


“We quietly have gone from a handful of hotels to nearly 50 in less than 7 years, a testament to the team of professionals we’ve been fortunate enough to assemble,” Cole noted.

 “We have a highly diverse group of executives with an average of more than 20 years industry experience each, and our retention rate is one of the highest in the industry.  I credit that to the family atmosphere the team has been able to cultivate.  As excellent as 2014 is already, the future looks even brighter still.”

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

Lauralee Dobbins
Daly Gray, Inc.
703-435-6293


Arbor Appoints Patrick Brady as an Originator in Boston Office


Patrick Brady
UNIONDALE, NY (June 9, 2014) – Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Patrick Brady as Originator.

 A native of Middleboro, MA, and a current resident of Quincy, MA, Mr. Brady is responsible for originating multifamily loans nationwide utilizing Arbor’s entire product line, including FHA, Fannie Mae, Freddie Mac, CMBS, Bridge, Mezzanine and Preferred Equity.

He is based in the company’s Boston, MA, office and reports to Ken Fazio, Senior Vice President, National Production Manager.

Mr. Brady joined Arbor in 2010 as an underwriter. In that role he handled the processing and underwriting of Fannie Mae DUS loans on multifamily properties nationwide. 

He was also responsible for full credit underwriting of borrowers, collection and analysis of due diligence and presentations to the Loan Committee. 

 Prior to joining Arbor, Mr. Brady served as an analyst for The Claremont Companies where he performed such duties as cash flow modeling, analysis of due diligence and managing an existing real estate portfolio.  He was also responsible for evaluating more than $1 billion of potential acquisitions. 

 Mr. Brady graduated with honors from Bridgewater State University and holds a B.S. in Accounting and Finance.

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

Christopher Ostrowski


Saturday, June 7, 2014

Multi Housing Advisors Brokers $13.8 Million Sale of Suburban Nashville, TN Apartments


Brett Kingman
NASHVILLE, TN — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, Tennessee.

Brett Kingman, a director in MHA’s Atlanta office, represented the sellers, affiliates of Danville, California-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, New Jersey-based Spyglass Capital Partners, did not use a broker.

 “Green Leaf at Hermitage is a unique value-add opportunity in a growing suburb of Nashville,” Kingman said. “As the overall Nashville economy continues to thrive, we continue to see increased investor demand for well-located assets due to improving market fundamentals.”

 Green Leaf at Hermitage was built in 1973 and includes one-, two- and three-bedroom layouts. Amenities include a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area.

 The buyer plans to upgrade the interiors and exterior of the property.
clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.


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

Stephen Ursery
The Wilbert Group
404-549-7150 (O)
 404-405-2354 (C)


$20.5 Million Nursing Home Sale Arranged by IPA in Butler County, PA


Mark Myers
BUTLER, PA – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Sunnyview Nursing and Rehabilitation Center, a 240-bed nursing home in Butler, Pa., the seat of Butler County. The sales price is $20,500,000.

            IPA senior director Joshua Jandris and IPA executive director Mark Myers, along with IPA associate Charles Hilding and Matthew Gorman, a vice president investments in Marcus & Millichap’s Philadelphia office, represented the seller, Butler County, Pa. The buyer is a private Northeast-based healthcare property investment firm.

            “Our 45-day marketing period produced nine bidders for the property and we closed 45 days after the signing of the advance pricing agreement,” says Jandris. “The sales price included the purchase of the facility and the accounts receivables.”

            “This sale is an example of our effectiveness at providing owners with the opportunity to choose among many solid offers, assisting sellers throughout the bidder vetting process and finding the buyer who best meets all of the seller’s objectives,” adds Myers. 

Joshua Jandris
            Built in 1963 on more than seven acres, the property is located at 107 Sunnyview Circle in Butler, Pa., minutes from downtown.

            The sale of the Sunnyview Nursing and Rehabilitation Center is Jandris, Myers, Hilding and Gorman’s fifth Pennsylvania county nursing home transaction, and the 14th county home closing they have arranged in the last four years.

 In March 2014, the team brokered the sale of Friendship Ridge, a 605-bed skilled nursing facility in Beaver, Pa. for $33.5 million.


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

Gina Relva
Public Relations Manager

(925) 953-1716

$91 Million Best Florida Self-Storage Portfolio Sale Arranged by Marcus & Millichap


Michael A. Mele
TAMPA FL, June 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of an eight-property, more than 7,000-unit, 854,831-rentable-square-foot portfolio of Best Florida Storage locations in Broward County, Fla.

Four of the properties are located in Fort Lauderdale, one is in Lauderhill, one is in Oakland Park, two are in Pompano Beach and one has an annex in Deerfield Beach. The $91,000,000 sales price equates to $106 per square foot.

            Michael Mele, a first vice president investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

            “The Best Florida Storage portfolio is an outstanding mix of stabilized assets with strong cash flow, lease-up properties with new construction components, and newly renovated space,” says Mele.

“The previous owner assembled this portfolio of prime locations with exacting focus over a decade of ownership, selectively pruning under-performing assets along the way. The properties have been so masterfully aggregated that it takes no more than 30 minutes to travel between the two farthest facilities.”

            The properties are:

·         Best Storage One, 115,528 total rentable square feet, 1,074 units, Fort Lauderdale
 ·         Best Storage Two, 56,107 total rentable square feet, 740 units, Fort Lauderdale
 ·         Best Storage Three, 104,474 rentable square feet, 1,070 units, Fort Lauderdale
 ·         Best Storage Five, 87,137 rentable square, 1,041 units, Lauderhill
 ·         Best Storage Six, 52,113 rentable square feet, 346 units, Pompano Beach
 ·         Best Storage Seven, 88,694 rentable square feet, 519 units, Oakland Park
 ·         Best Storage Eleven, 220,000 rentable square feet, 1,169 units, Pompano Beach and Deerfield Beach
 ·         Best Storage Twelve, 100,450 rentable square feet, 1,199 units, Fort Lauderdale

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

Gina Relva
Public Relations Manager

(925) 953-1716

HFF secures joint venture equity for high-rise mixed-use property acquisition in San Diego’s Broadway Corridor


625 Broadway, Downtown San Diego, CA

SAN DIEGO, CA – HFF announced it has secured joint venture equity for the acquisition of 625 Broadway, a 222,301-square-foot, mixed-use property in the Broadway Corridor of downtown San Diego.

               HFF worked on behalf of Hammer Ventures to arrange the joint venture equity to acquire the building.

625 Broadway, or the 6th and Broadway Building, was the first high-rise built in downtown San Diego. 

The project includes 186,636 square feet of office space, 35,665 square feet of fully leased, “high street” ground floor retail and a 376-space parking structure. 

625 Broadway is situated at the 6th and Broadway gateway to the Gaslamp Quarter close to the 5th Avenue Trolley Station, Westfield Horton Plaza, Petco Park, San Diego Convention Center and the downtown business district. 

The HFF team representing the borrower was led by associate director Bryan Clark.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF arranges $6 million financing for 3-building industrial/flex park in San Diego, CA


Zach Koucos
SAN DIEGO, CA – HFF announced it has arranged $6 million in financing for Morena Business Center, a three-building, 62,814-square-foot flex industrial park in San Diego, California.

               Working exclusively on behalf of SR Commercial, HFF placed the fixed-rate, non-recourse loan with RGA Reinsurance Company.  Loan proceeds were used towards acquiring the property, and funding capital improvements. 

               Morena Business Center consists of 2620, 2640, and 2645 Financial Court, and is located just east of Interstate 5 in the Morena submarket of central San Diego. 

The 6.26-acre site features three buildings that offer diverse suites with excellent divisibility and flexibility.  Key tenants include Destination Concepts, American Geotechnical, Solar West Electric, and Envision.  

               The HFF team representing the borrower was led by director Zach Koucos and senior managing director Aldon Cole.

Aldon Cole
“We were pleased with the competitive quotes and quick, efficient process we received through HFF’s efforts.  This is a clear indication that lenders are bullish on high-quality multi-tenant assets located in desirable markets. 

“It was also great to find partners in HFF and RGA who appreciated the long-term value potential of this property,” said Adam Robinson of SR Commercial.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF secures $6.5 million financing for independent living community in suburban Phoenix, AZ


Discovery Point, Mesa, AZ
PORTLAND, OR – HFF announced today that it has secured $6.5 million in financing for Discovery Point, a 183-unit, independent living community in Mesa, Arizona.

               HFF worked on behalf of the borrower, Campbell-Hogue & Associates, Inc., to secure the seven-year, fixed-rate loan through a national lender that will securitize the loan.

               Discovery Point is a full-service, seniors independent living facility located at 6210 East Arbor Avenue in Mesa, Arizona approximately 28 miles east of downtown Phoenix.

 Completed in 1995, the three-story property is 94.54 percent leased and includes 183 units averaging 600 square feet each. 

Casey Davidson
Services include meal preparation, home maintenance, personal and group transportation, resident wellness programs and housekeeping.  Amenities consist of lounges on each floor, a library, heated swimming pool, activities and billiards room, outdoor gazebo and barbecue area.  The property is managed by Guardian Management.

The HFF team was led by managing director Casey Davidson.


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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF advises on $39.4 million equity and debt capitalization for Washington, D.C. multi-housing community


J. Brenden Flood
WASHINGTON, D.C. – HFF announced it has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit high-rise and garden-style multi-family housing community in southwest Washington, D.C.

                HFF, working on behalf of the borrower, CIH Ventures, Inc., which took assignment of the tenants’ rights through the District’s Tenant Opportunity to Purchase Act, placed a $27.6 million, 10-year loan with M&T Bank (Fannie Mae) along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals, and $1.5 million from a CIH private syndicate.

                Wingate Apartments is located at 4660 Martin Luther King Jr. Ave SW, minutes from I-295, Nationals Stadium and National Harbor. The property is about 15 minutes from Washington, D.C.’s central business district. 

The fully gated-community is comprised of the Vista at Wingate, 385 units situated in three 10-story high-rise buildings, and the Gardens at Wingate (previously known as Enclave Park Apartments), 329 units configured in garden-style apartments.

Cary Abod
 The Wingate sits on more than 21 acres of land on a bluff overlooking the Potomac River.  With recent extensive and comprehensive renovations, the property has been totally refurbished.

 It offers a mix of units that range from studios to five-bedroom apartments.  Community amenities include 24-hour security, two swimming pools, a community room, numerous laundry facilities and tot lots.

                The HFF team representing the borrower was led by director J. Brenden Flood, managing director Cary Abod, senior managing directors Alan Davis and Dave Nachison and associate director Bret Thompson.

Since its inception 40 years ago, CIH Ventures, Inc. has developed an extensive expertise in all aspects of residential real estate acquisition, development, financing, management, and long term investment in the Washington DC metropolitan area. Today CIH focuses on meeting the needs of the market and using detailed operational and physical management to produce a “product without compromise” for sustainable workforce housing in the area.


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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

HFF secures $37 million construction/perm loan for Class A multi-housing development in Meadowlands area of Northern New Jersey


John Mikula
FLORHAM PARK, NJ – HFF announced it has secured a $37 million construction/perm loan for the development of Station at Lyndhurst, a 192-unit, to-be-built, Class A multi-housing community in Lyndhurst, New Jersey.

                Working on behalf of JG Petrucci, HFF placed the long term loan with Webster Bank.  The loan is structured to complete the construction of the project and provide long-term permanent financing. 

Station at Lyndhurst is currently under construction with an estimated completion date of November 1, 2014.  Upon completion, the property will feature 192 units situated within one building atop a structured parking garage. 

Station at Lyndhurst is located at 240 Chubb Avenue in the Meadowlands region of Northern New Jersey less than five miles from the Lincoln Tunnel entrance for direct access to Midtown Manhattan. 

“Given the continued demand for Class A multi-family, lenders have become very creative on structure in order to differentiate themselves while still competing on pricing.

“In this case Webster Bank provided an excellent execution to help our client lock in long-term debt in a low interest rate environment before a single unit was rented,” stated HFF’s Jon Mikula.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com