Marcus & Millichap Arranges Sale of 152-Room Quality Inn in Ocala, FL for $3.5 million

Jonathan
Gerszberg

OCALA, FL, June 20, 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 Quality Inn, a 152-room hospitality property located in Ocala, FL. The asset sold for $3,500,000.

Jonathan Gerszberg, a senior associate, Ahmed Kabani, a senior associate, and Dominic Vito, an associate, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.

Ahmed Kabani

The buyer, a private investor from Fort Lauderdale, was secured and represented by David M. Greenberg, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office.   Last year, the same agents listed and sold a Hampton Inn in Ocala, making this the second hotel sale in as many years for Marcus & Millichap.

“Last year,” says Kabani, “we had great interest in the Hampton Inn we sold, with more than 10 offers.  Investors see Ocala as a growing market because it is central for tourists and business travelers.” 

David M. Greenberg

Vito notes that, “The seller of the Quality Inn did a fantastic job repositioning a distressed asset, and felt that the market was right for them to capitalize on the value they had created.   We generated six offers and ultimately selected a buyer who saw additional value in the property.” 

The buyer was a first-time hotel investor, with prior experience in apartment buildings. “The purchaser had been interested in the returns generated by hotels, but had no prior experience,” adds Greenberg. 

“We worked closely with him, helping the purchaser understand all facets of hotel operations.  This empowered the purchaser to feel comfortable with the investment, and the opportunity therein.”

Dominic Vito

The Quality Inn - Ocala is a recently converted exterior corridor hotel in the thriving Ocala market. The property has 152 rooms and was converted from a Hampton Inn to a Quality Inn in December of 2012. Despite being constructed in 1987, the Quality Inn is in great condition and sits on approximately 3.25 acres of land directly off Interstate 75 (I-75).

Quality Inn is located at 3434 SW College Road in Ocala, FL. 

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

Kirk A. Felici

First Vice President

Regional Manager

Miami, FL

(786) 522-7000

Atlanta Apartment Association’s Annual Food-A-Thon to Begin June 24

 ATLANTA, GA (June 20, 2014) — The Atlanta Apartment Association (AAA) will start its annual Food-A-Thon, which benefits the Atlanta Community Food Bank (ACFB), with a kick-off event at the Cobb Galleria Centre on the afternoon of June 24.

 The event – which will run from 2 p.m. to 4 p.m. and provide association members with tips on how to maximize the food and cash they collect – marks the start of a nearly four-month food and fund drive that concludes on Oct. 17, when AAA members will deliver their donations to ACFB’s headquarters in a colorful parade.

David A. Hirsch

 This marks the 27th year of the Food-A-Thon, and the campaign has grown to the point that it is believed to be the largest food and fund drive in the United States.

In 2013, the Food-A-Thon collected enough food items and money to provide 6.2 million meals to hungry families in Georgia. The goal for this year’s drive, which has the theme of “So You Think You CAN Dance!”, is to provide 850,000 meals.

 “We are tremendously proud to be partnering with ACFB for another Food-A-Thon,” said David Hirsch, president of AAA. “ACFB is such an amazing organization, and our members never fail to respond to the challenge of helping those in need gain access to nutritional food.”

Founded in 1979, ACFB procures more than 45 million pounds of food and groceries each year and distributes them to more than 600 nonprofit partner agencies serving families and individuals in 29 metro Atlanta and north Georgia counties. For every $1 donated, ACFB can provide $8.47 worth of groceries to those in need.

 The statistics on those in need in Georgia are sobering: 20 percent of residents – and 28.8 percent of children – are food insecure, meaning they don’t know where they next meal is coming from, according to Feeding America. Furthermore, nearly 20 percent of Georgians are living in poverty, up from just under 13 percent in 2000, according to the Census Bureau.

Cobb Galleria Centre

 The Food-A-Thon also will include the Can Can Ball, which takes place on Aug. 22 at the Sheraton Atlanta Downtown.

 At the end of this year’s drive, AAA will award two top prizes: one to the member firm that raises the most cash and one to the company that collects the most food items.

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)

sursery@thewilbertgroup.com

10.6 Million Housing Units in Counties with Very High Natural Disaster Risk According to New RealtyTrac Report

Daren Blomquist

IRVINE, CA  — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its first-ever Natural Disaster Housing Risk Report, which assigns a natural disaster risk score to more than 3,000 county housing markets nationwide.

Scores assigned to each county’s housing market were based on risk data for three natural disaster events — hurricanes, tornados and earthquakes — and each county was assigned to one of five risk categories based on their score: Very High Risk, High Risk, Medium Risk, Low Risk, and Very Low Risk.

“The potential risk of a natural disaster may not be the first item on most homebuyer checklists for a dream home, but prudent buyers will certainly take this into consideration along with myriad other factors that could affect home value,” said Daren Blomquist, vice president at RealtyTrac.

“In the past natural disaster data was technically available, but difficult for buyers and homeowners to dig up; however, now the data is readily available online for virtually any U.S. property, and buyers should take advantage of this.”

Blomquist noted that users can view natural hazard risk data for 110 million property addresses nationwide by simply typing in the address at RealtyTrac-powered  www.homefacts.com (no subscription required).

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

Jennifer von Pohlmann

PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

HFF closes sale of Holiday Inn Resort Lake Buena Vista in Orlando, FL

Holiday Inn Resort Lake Buena Vista, FL

ORLANDO, FL – HFF announced today that it has closed the sale of the Holiday Inn Resort Lake Buena Vista, a 503-room hotel in Orlando, Florida.

               HFF marketed the property on behalf of the seller, Vista Hospitality Company.  ROCH Capital purchased the asset free and clear of debt.  

According to RCA (Real Capital Analytics), this is the largest hotel sale brokered in Orlando in 2014.  Portfolio Hotels is going to be managing the asset on behalf of ROCH Capital.

The hotel is part of a three-property portfolio HFF is marketing on behalf of Vista that also includes the Crowne Plaza Orlando Downtown (on the market) and the Holiday Inn Express & Suites Fort Lauderdale (closed in March). 

Michael Weinberg

               The Holiday Inn Resort Lake Buena Vista, a Walt Disney Good Neighbor Hotel, is located at 13351 S. Apopka Vineland Road proximate to Walt Disney World Resort and the Orlando International Airport. 

Significantly renovated in 2012, the property includes a mix of suites including a presidential, kids and junior suites, as well as spacious traditional guest rooms. 

The hotel features 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee’s Neighborhood Grill & Bar, as well as a fitness center, basketball court, children’s club, gift shop and business center. 

               The HFF investment sales team representing the seller was led by director Michael Weinberg along with director Max Comess.

“The seller underwent a massive renovation to convert this asset from exterior to interior corridors.  This process was unique and gave them a product offering that exceeds the expectations of guests with oversized rooms relative to the competition.  Customers love it!” said Weinberg. 

Max Comess

“We are seeing a tremendous amount of debt and equity capital pour into the hospitality sector.  There just isn’t enough supply of transactions on the market to meet the demand which is creating competition from buyers and lenders,” added Weinberg.

               HFF’s Hotel Group has been active in the sale and financing of similar upscale hotels across the country.  In the last 24 months, the firm financed or sold more than $1 billion of hospitality properties in Florida.

               With offices in Kitchener, Ontario and Binghamton, New York, the Vista Hospitality Group owns and operates hotels, resorts and other commercial properties throughout Ontario, Quebec, New York, South Carolina and Florida.  

Offering more than 2,700 rooms, Vista has developed sophisticated information management systems that form the basis of a highly efficient and effective organizational structure.  

The Vista Management Executive Team is extremely diverse and has acquired a reputation for proven performance at all of its properties.  More information is available at www.vistahospitality.com.

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

krmurphy@hfflp.com

Midwest FedEx Freight Terminal Sells for $15.95 Million in Aurora, IL

Howard Wiese

AURORA, IL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of a 63,740-square-foot FedEx freight terminal located in Aurora, Ill. which was part of a two property portfolio of single tenant Industrial properties.

The $15,950,000 sales price equates to $250 per square foot. The buyer’s acquisition of the FedEx property was a critical component in enabling them to refinance a 1.4 million square foot, 27 building portfolio.

            Nick Manganais, a vice president investments in Marcus & Millichap’s Chicago O’Hare office, represented the seller, an Illinois-based family partnership. Howard Wiese, a vice president investments in the same office, represented the buyer, Welbic Investments, a private real estate investment fund. 

            “The property is one of just 17 FedEx Priority freight terminals in Illinois,” says Manganais. “It was built-to-suit for FedEx in 2003.”

Nick Manganais

            “The property is located in a very strong Chicago metro area near two major highways, Interstate 88 and Illinois State Route 59,” adds Wiese. “O’Hare International Airport and the surrounding densely populated office and industrial areas are within a 30-minute drive.”

            The freight terminal is located on 14.5 acres at 3883 Butterfield Road in Aurora, Ill. Part of Chicago’s Naperville/Aurora metropolitan trade area, Aurora is the second-largest city in Illinois and Naperville is the state’s third-largest city. The population within a seven-mile radius is 400,000, 250,000 of which are part of the workforce.

            The Aurora FedEx freight terminal features a 55,120-square-foot main building with 6,800 square feet of office space. There is also 48,320 square feet of cross-dock working area, which serves as the customer center. The property contains a 6,550-square-foot three-bay repair/wash building, a 1,600-square-foot fueling facility and a concrete scale pit with an axle scale.

The freight terminal has 104 loading/unloading doors with custom dock levelers and custom door seals. There are 269 tractor/trailer parking spaces and a separate employee parking lot that can hold up to 91 cars.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Wyndham Garden Trenton Holds Grand Re-Opening Event for Totally Rejuvenated Hotel in Trenton, NJ

Wyndham Garden Trenton Hotel lobby

 TRENTON, N.J., June 19, 2014—Officials of Welcome Hotel Group, LLC,  today will celebrate the grand re-opening of the 164-room Wyndham Garden Trenton hotel.  More than 100 business, civic and government leaders are expected to attend the event, which takes place at 11:30 a.m.

The celebration marks a new direction in the vision of hotelier, Dr. Bran N. Viswanath, to invest in the Trenton community and to expand his business interests into the hospitality industry. 

Dr. Viswanath is a well-known cardiologist  who was a member of the original team to perform the first open heart transplant in Houston.  In addition to medicine and lodging, Dr. Viswanath business activities also include broadcasting.

“This is our first major investment in hospitality after successfully growing our media portfolio of television and radio stations,” said Dr. Bran N. Viswanath of Welcome Hotel Group.

“Our goal is to duplicate our success in broadcasting to benefit both Trenton and our company.  Since last December, we have spent significant time and resources to bring the hotel out of bankruptcy and create a new standard in hospitality for downtown Trenton.”

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

Chris Daly,

 media

Daly Gray Public Relations

(703) 435-6293

chris@dalygray.com

Premier David Alward Heralds Grand Re-opening and 125th Anniversary of Algonquin Resort in New Branswick, Canada

Algonquin Resort, Saint Andrews, New Brunswick, Canada

SAINT ANDREWS, New Brunswick., CANADA, June 19, 2014 - -New Brunswick Premier David Alward joined officials with New Castle Hotels & Resorts, Southwest Properties and Marriott International, Inc. (NASDAQ: MAR) to commemorate the grand re-opening of the Algonquin Resort.

Now celebrating its 125th anniversary, the Algonquin first opened in June, 1889 and became the nation's first Autograph Collection hotel, Marriott International’s exclusive portfolio of independent hotels, when it opened in March following an 18-month “rafters to registration” renovation.

Southwest Properties and New Castle team purchased the hotel from the provincial government in 2012 with the intent of restoring the national treasure.

New Brunswick Premier David Alward

                “For more than a century the iconic Algonquin Hotel has anchored New Brunswick’s tourism landscape and brought a very vibrant part of this province’s heritage to life, " said Premier David Alward.

 "I join with the members of the community and business sector of this region who are so pleased to begin the next chapter of this historic property’s story here in Saint Andrews, where visitors from around the world will continue to enjoy New Brunswick’s attractions and hospitality.”

The 233-room Algonquin Resort overlooks the picturesque Passamaquoddy Bay from St. Andrews-by-the Sea, New Brunswick, Canada.

For reservations or additional information, please visit www.algonquinresort.com.

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

Lauralee Dobbins

Daly Gray, Inc.

703-435-6293

Lauralee@dalygray.com

Essex Realty Group Brokers the Sale Of 46-Unit Multi-Family Apartment Building in Chicago, IL

Doug Fisher

CHICAGO, IL,  June 19, 2014 - Essex Realty Group, Inc. is pleased to announce the sale of 1331 W. Loyola, a 46-unit apartment complex located in Chicago, Illinois.

The building is situated one block west of Loyola University and benefits from a consistent flow of students seeking unaffiliated off-campus rental housing. 

In addition, the property is within walking distance of the CTA Red Line (Loyola station) at the intersection of Sheridan Road and Loyola Avenue, as well as several CTA bus stops along Sheridan Road and Devon Avenue.

  The property contains a mix of well-maintained studios, junior one-bedroom and one-bedroom apartments with updated bathrooms and kitchens and hardwood floors throughout. 

Recent capital improvements include new windows, electrical service and exterior porches. The property also benefits from a reduced property tax bill through Cook County’s Class 9 tax designation.

Jason Fishleder

 Doug Fisher and Jason Fishleder represented the seller and Doug Fisher represented the buyer in the transaction. The sale price was approximately $3,575,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher

Essex Realty Group, Inc.

Phone: 773.305.4910

dougfisher@essexrealtygroup.com

Charles Dunn Company Names Brian Sterz as Associate of Investment Sales with Team Stepp

  

Brian Sterz

LOS ANGELES, CA,  June 19, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has named Brian Sterz as associate of investment sales out of the firm’s Century City office. 

He joins Team Stepp, one of Charles Dunn’s top performing brokerage teams, led by senior managing director, Kimberly Roberts Stepp. In his new role, Sterz will focus on the sale and exchange of multifamily real estate within Santa Monica and prime Westside Los Angeles locations.

Sterz completed his MBA at the UCLA Anderson School of Management where he concentrated on Real Estate as a student in the Ziman Center for Real Estate.

Prior to joining Charles Dunn, Sterz served as vice president at EP Wealth Advisors, an independent investment firm in West Los Angeles, where he advised high net worth individuals and helped shape portfolio strategy as a member of the portfolio management Investment Committee.

Kimberly Roberts Stepp

He earned the right to use the Chartered Financial Analyst (CFA) designation and graduated from the University of California at Berkeley.

Brian was born and raised in Los Angeles and attended Loyola High School. Brian is also actively involved with Back On My Feet, a national non-profit organization helping underserved communities thrive through running, and enjoys competing in endurance athletic events including ironman triathlons and marathons.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Students/Parents Get Tips on Selecting Off-Campus Student Housing; The Preiss Company to Be Featured on Designing Spaces™

  

Donna Preiss

 RALEIGH, NC, June 18, 2014—The more than 17.7 million students who will attend college this fall will want to tune in to Designing Spaces, the signature home improvement television series on Lifetime® Television, Thursday, June 19, at 7:30  a.m. (ET/PT), to learn the latest insights and tips on what to expect in off-campus student housing. 

 The popular series will feature executives from The Preiss Company, one of the nation’s largest and fastest growing student housing owners, developers and managers.  The program segment was shot at the 288-bed University Village at 2505 in Raleigh, N.C., which serves North Carolina State University.

“Today’s students will have an entirely different housing experience than their parents,” said Donna Preiss, company founder and CEO.  “Student housing offers much better and more affordable accommodations with better amenities than most current on-campus housing.” 

Show host Erin Dangler opens the program with a discussion on student housing trends and how to select the perfect place with Preiss; Adam Byrley, vice president; and  Lauren Dalia, property manager of the Dail College Inn.  

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

Amy Barger,

 Vice President of Marketing

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

Five Medical Office Buildings Sold in Second Quarter by John Smelter of Marcus & Millichap

John Smelter

SAN DIEGO, CA, June 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced that John Smelter, a senior director of the firm’s Healthcare Real Estate Group in San Diego, negotiated the sale of five medical office properties in locations across the country during the second quarter of 2014.

            “After a record-setting year in 2013 for medical office sales, many analysts predicted a slowdown in 2014,” says Smelter.

“While there has been a lessening in the volume of medical office property sales, especially between the record-setting fourth quarter of 2013 and the first quarter of 2014, demand for the product remains high and pricing continues to be strong.”

            “Changes in healthcare policy and demographic shifts will keep boosting demand for medical office space,” adds Smelter, “although investors must keep in mind that healthcare providers have to innovate in order to improve efficiency and profitability in the face of rising costs, an intensifying physician shortage, reduced reimbursements and elevated accountability.”

PinnacleHealth, Wormleysburg, PA

            Among Smelter’s sales in the second quarter were an on-campus single-tenant medical office building, an on-campus value-add two- property portfolio and a single-tenant two-property medical office portfolio, all of which closed in separate transactions.

            In Berwyn, Ill., Smelter arranged the sale of the 42,779-square-foot Berwyn Medical Center for $11,000,000. 

This single-tenant property, leased to Tenet Healthcare Corp., is situated directly across from the Tenet MacNeal Hospital.

Michael
Lawrence

 In Wormleysburg and Carlisle, Pa., he arranged the sale of the 40,485-square-foot, two-building, single-tenant PinnacleHealth Portfolio for the buyer, Physicians Realty Trust, for $9,208,000. 

Benjamin Appel, an associate director of Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG), and Erik Gainor, an NOIPG director, both in the firm’s Philadelphia office, acted on behalf of the seller as list-side advisors.

            In San Diego, Calif., Smelter arranged the $14,250,000  sale of the 107,330-square-foot two-building Alvarado Portfolio, which was jointly owned by ScanlanKemperBard Companies and the Praedium Group, to Reddy Development.

            At the end of the first quarter, Smelter also represented ScanlanKemperBard and the Praedium Group in the sale of the 38,315-square-foot Lakewood Medical Building in Lakewood, Calif., for $5,025,000 to a private party.

John 
Przybyla

            Michael Lawrence, a senior vice president investments in Marcus & Millichap’s Newport Beach office, provided additional representation on the Alvarado Portfolio and Lakewood Medical Building transactions. First vice president John Przybyla is the firm’s broker of record in Illinois.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Global Hotelier, Abdul Suleman, Awarded 2014 Ellis Island Medal of Honor

  

Abdul M. Suleman

  

 NEW YORK, NY and SAN FRANCISCO, CA, June 18, 2014—Global hotelier Abdul M. Suleman, founder and CEO of San Francisco-headquartered Equinox Hospitality Group (www.equinoxhotels.com) and former senior vice president of Hyatt Hotels Corporation, has been awarded the 2014 Ellis Island Medal of Honor by the National Ethnic Coalition of Organizations (NECO).

Muhammad Ali

               Suleman received the Ellis Island Medal of Honor at a gala event held in the Great Hall on Ellis Island. 

The award pays homage to the immigrant experience, honoring not only individuals, but the pluralism and democracy that have enabled ancestry groups to maintain their identities while becoming integral parts of the American way of life.

 The medals are awarded to native-born and naturalized U.S. citizens from various ethnic backgrounds.

Frank Sinatra

Past medalists include U.S. presidents, Noble Prize winners and leaders of industry, education, the arts, sports and government, including  Presidents Gerald Ford, Jimmy Carter, Ronald Reagan, Bill Clinton and George H.W. Bush, United Kingdom Prime Minister Tony Blair, Henry Kissinger, Frank Sinatra, Muhammad Ali, Bob Hope, and Lee Iacocca.  Suleman is the only hotelier honored this year.

Suleman migrated to the U.S. to attend Brigham Young University in the late 1960s.  He entered the hotel industry more than 30 years ago, starting from a front desk position, yet rising through the ranks of Hyatt Hotels Corporation to senior vice president.

Bob Hope

 In 1994 he left Hyatt and founded Equinox Hospitality. Equinox owns, develops, repositions, operates, and asset manages hotels globally.

 In addition to the company owning and operating their own hotels, Equinox is currently an adviser on the world’s largest hotel development project currently underway in Makkah (Mecca), Saudi Arabia. 

This one-of-a-kind development consists of 36 high-rise buildings, representing 26 upscale hotel brands and totaling 11,535 keys, with multiple food & beverage facilities.

For more information about Suleman, please visit www.equinoxhotels.com.

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

Jerry Daly

Daly Gray

(703) 435-6293                                                            

jerry@dalygray.com

MHA Brokers Apartment Sales Totaling 426 Units in Georgia and South Carolina

Lauarel Ridge apartments, Athens, GA

ATHENS, GA, and NORTH AUGUSTA, S.C. (June 18, 2014) — Multi Housing Advisors (MHA) has arranged the separate sales of the 294-unit Laurel Ridge in Athens, Georgia, and the 132-unit Savannah Oaks in North Augusta, South Carolina.

 “These sales represent the recent trends of private capital owner-operators purchasing value-add opportunities in the multifamily sector,” said Robert Stickel, a managing director in MHA’s Atlanta office.

 Stickel represented Juniper Investment Group in the sale of Laurel Ridge. The property, which was constructed in 1968, is located at 195 Epps Bridge Road in Athens. Amenities include a clubhouse, clothes care center, fitness center and swimming pool. New York-based Benchmark Group purchased the property.

Savannah Oaks apartments, North Augusta, SC

 Stickel also represented QR Capital in the sale of Savannah Oaks. Built in 1976, the property is located at 1402 Groves Blvd. in North Augusta. Amenities include a swimming pool, laundry facilities and a playground. California-based Brandenburg Properties acquired the property.

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)

sursery@thewilbertgroup.com

Englewood Construction Retail Group Announces Three New Projects

                                 

William Di Santo

CHICAGO, IL (June 18, 2014) – Englewood Construction, one of the country’s leading commercial construction firms, has announced its retail group has recently completed an interior build-out for Chicago Cruise Lines and begun work on two new projects, including an American Girl Store in Orlando, Fla.

 “As consumers gain confidence and the economy continues to improve, we have seen a willingness for retailers to take on ground-up developments and substantial expansions,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction.

 “There is a lot of pent-up demand in the market and healthy retailers are finding this is the right time to embark on new projects.”

“The partnership between American Girl and Englewood continues to flourish as we expand the brand to new markets,” said Di Santo. “Working with a client across multiple projects and markets helps build trust and familiarity. This is our ninth development with American Girl and we always find that the process seems to improve with each new development.”

 The Orlando store is the second American Girl Englewood has constructed in Florida. In 2012, Englewood completed an American Girl at The Falls in Miami.

 In the Chicago area, Englewood has begun work on a ground-up store for Goodwill in the southwest suburbs and completed an interior build-out for Chicago Line Cruises in the redevelopment of the former River East Art Center in downtown Chicago.

  

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

George Smith Partners Secures Pre-Development Financing for Full City Block of Downtown San Diego, CA

LOS ANGELES, CA (June 18, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged $12.7 million in pre-development financing on behalf of its client, San Diego-based Zephyr Partners, who will develop a full city block in downtown San Diego, Calif.

The development is planned to include two 32-story towers comprised of both residential and retail space, according to George Smith Partners’ Principal Malcolm Davies.

 “This development site is downtown San Diego’s largest land acquisition this year, and is poised to be one of the first downtown condo projects to move forward to construction,” explained Davies.

Malcolm Davies

Zephyr Partners acquired the full city block property located between Seventh Avenue, Eighth Avenue, Broadway and C Street, for $21.1 million on Friday, June 13, according to Davies.

“The site is located in a fantastic sector of downtown that is well-positioned for redevelopment,” noted Davies. 

Upon completion, the development is planned to consist of 700 residential units and 60,000 square feet of anchored retail space. A leased in-line retail center currently occupies the site, and Davies noted that the land is not yet fully entitled.

“Obtaining financing for a development that does not yet have final entitlements in place presented a challenge for our team,” explained Davies. 

  “To combat this issue, we worked to educate lenders regarding downtown San Diego’s master EIR and Zephyr Partners’ vast experience in San Diego developments, demonstrating the firm’s strength as both a borrower and a developer.”

According to Davies, Zephyr Partners has developed numerous San Diego residential projects in recent years, including single family homes, condominium projects, and multifamily communities.

“Drawing upon our extensive network of lenders, we were able to identify a lender who understood the value of and demand for a development of this magnitude in downtown San Diego, and was willing to provide financing even in the absence of final entitlements,” he explained.

George Smith Partners arranged an interest-only loan with a large interest reserve, priced at 6.5 percent for two years with a one year extension.

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com