HFF arranges financing totaling $71.75 million for development of high-rise apartment building in Portland, OR

Erica Christensen

PORTLAND, OR – HFF announced it has arranged financing totaling $71.75 million for the development of Block 67, a 21-story, 284-unit, Class A apartment building in Portland’s Central Eastside district.

                HFF worked on behalf of the borrower, a partnership led by Guardian Real Estate Services and Key Development Corporation, to arrange construction financing for the project.  Financing for the project was structured through a senior construction loan and mezzanine financing. 

                Block 67 is located at the intersection of NE 3rd Avenue and Burnside Street, just steps away from the Burnside Bridge.

Due for completion in early 2016, the property will feature 16 levels of residential apartments above approximately 24,700 square feet of retail/commercial space and parking on the first five floors.

Kerry Hughes

Community amenities will include a 9,300-square-foot eco-roof and podium level that is planned to feature fire pits, barbecue area, pet exercise area, fitness center and spa. 

Apartment finishes will be high-quality with many units offering unrivaled views of the Portland skyline. 

The HFF team was led by managing director Casey Davidson, director Mark Erland, associate director Kerry Hughes and senior real estate analyst Erica Christensen.

“Block 67 is poised to be an iconic building for the city of Portland and the burgeoning Central Eastside district.  It is the linchpin and largest component of the long-planned Burnside Bridgehead development area envisioned by the Portland Development Commission,” said Hughes. 

Mark Erland

“Upon its completion it will serve as a beacon for the Burnside Bridgehead and as a gateway to the rapidly redeveloping Central Eastside—marking a new chapter in the continued evolution of the city,” he continued.

                Through a competitive process, the Portland Development Commission awarded the project to Key Development Corporation in 2012.  As a result of a partnership among Skylab Architecture, Andersen Construction Company, Guardian Development and Key Development Corporation, the development team is excited to be one step closer to completing this project.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

W Financial provides $8.25 Million second mortgage for retail property in New York City’s Meatpacking District

NEW YORK, NY -- W Financial has provided an $8,250,000 second mortgage bridge loan for a three-story, 15,000 square foot retail property on West 14th Street in NYC's Meatpacking District, located near the High Line and at the nexus of what has become a highly sought-after location for luxury retailers.

 The property is a commercial condominium unit. W's loan is junior to a seller-provided, purchase money mortgage and was utilized to fund a tenant buyout so that a new lease can be signed with a new tenant at a much higher rent. Our borrowers will either refinance with a bank, or sell the property.

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship.

David Heiden

Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity and joint venture equity on well-located, cash-flowing properties.

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - Founder & Managing Partner

W Financial Fund, LP

Special Situation Financing for Commercial Real Estate ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@w-financial.com

http://www.w-financial.com

recent news:

http://www.w-financial.com/articles.php

Marcus & Millichap Arranges Sale of Columbia Park Apartments in Tampa, FL for $1.325 Million

              

Michael Donaldson

TAMPA, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Columbia Park Apartments, a 24-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $1,325,000 sales price equates to $55,208 per unit.

Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Columbia Park Apartments are located at 14309 North 18th Street in Tampa, Fla.  Built in 2004, the buildings are constructed of concrete block with a stucco exterior and are situated on approximately 2.36 acres of land. 

The property consists of three, two-story residential buildings comprised of entirely three-bedroom/two-bathroom units with 1,040 rentable square feet.  Interior amenities include full-size washer and dryer connections in all units, patios/balconies, spacious floor plans, ceiling fans in living rooms and fully equipped kitchens.

Nicholas Meoli

            “Bringing an REO foreclosure sale to market in 2014 is not what it used to be several years ago,” voices Michael Donaldson. “This property garnered so much interest from the local, national and international markets that our tour days were completely booked with upwards of several hundred inquiries into the property” adds Donaldson.

“Part of the appeal of the property was that it was a 2004 concrete block construction and the unit mix was comprised of entirely three-bedroom floor plans, making this a rare find in a property of this size,” says Nicholas Meoli.

“Through our extensive marketing campaign in conjunction with Auction.com, we were able to close on the asset with an out-of-state cash buyer who was attracted to the positive property attributes and proximity to USF and the surrounding hospitals,” concludes Meoli.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Meridian Capital Group Arranges $17 Million in Permanent Financing for the Aloft Miami-Brickell Hotel Property Located in Miami, FL

Aloft Miami-Brickell Hotel, Miami, FL

Boca Raton, FL – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $17 million mortgage for the cash out refinance of the Aloft Miami-Brickell hotel property located in Miami, FL.

 The 10-year CMBS loan features a competitive fixed-rate of 4.86% and interest-only payments for the full-term.

 This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Loan Originator, Brad Beattie, who are both based in the Company’s Boca Raton, FL office.

 The Aloft Miami-Brickell hotel totals 160 rooms and is located at 1001 SW Second Avenue in the financial district of Miami, FL. The property is conveniently located with easy access to Downtown Miami, Brickell, Port of Miami, Miami Beach and major attractions like American Airlines Arena and Bayside.

 “The hotel has been stabilized for six months,” said Mr. Brown. “Meridian created competition in the market to distill down to those lenders with intimate knowledge of Miami’s hospitality industry who could provide attractive financing, including full-term interest-only payments, based on six months of operations and the projected cash flows,” he added.

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

NAI Realvest negotiates a New and Three Renewal Leases totaling more than 14,000 Square Feet at Hanging Moss CommerCenter in Orlando, FL

Michael Heidrich

ORLANDO, FL – NAI Realvest recently negotiated a new lease and three lease renewal agreements for industrial space totaling 14,075 square feet at Hanging Moss CommerCenter in Orlando. 

 Michael Heidrich, a principal at NAI Realvest and associate Kristen Kemp represented landlord Hanging Moss SPE, LLC and brokered a lease transaction with Molimedic, Inc. who sells new, used and refurbished medical and lab equipment.  The new tenant leased Suite 510 with 2,000 square feet at 6100 Hanging Moss Rd. 

 Heidrich negotiated three lease renewals at Hanging Moss CommerCenter with longtime tenants  Food Factory, Inc. occupying 6,200 square feet and Joseph M. Hooper 1,875 square feet at 6148 Hanging Moss Rd, and with Henry Auad and Fabian Pinilla at 6112 Hanging Moss Rd. occupying 4,000 square feet.

 

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

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

NAI Realvest Negotiates New/Renewal Leases at Goldenrod CommerCenter in Orlando, FL

Kristen Kemp

ORLANDO, FL – NAI Realvest recently negotiated a new lease for 2,206 square feet of industrial space at Goldenrod CommerCenter, 1468 N. Goldenrod Rd. in east Orlando.

Michael Heidrich, principal at NAI Realvest and associate Kristen Kemp brokered the transaction representing the landlord, Goldenrod SPE, LLC.  El Palo Fuerte LLC, an indoor baseball training firm, leased suite 210 with 2,206 square feet   

 Heidrich also brokered a renewal lease agreement for the same landlord.  Mobile Oval Auto Repair LLC renewed their lease of Suite 325 with 2,191 square feet at 1476  N. Goldenrod Rd. in Goldenrod CommerCenter.  

 

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

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

 

HFF closes $48.5 million sale of Amerige Heights Town Center in Fullerton, CA

Ryan Gallagher

IRVINE, CA – HFF announced it has closed the sale of Amerige Heights Town Center, a 163,514-square-foot, dual grocery-anchored retail center in Fullerton, California, a southern Los Angeles suburb.

               HFF exclusively marketed the property on behalf of the seller, an institutional investment manager.  Shin Yen International Pty, Ltd., represented by Randall Realty Advisors, purchased the asset for $48.5 million free and clear of existing debt.

               Amerige Heights Town Center is situated on 15.2 acres at 1895-1897 West Malvern Avenue in Fullerton at the intersection of Malvern Avenue and Starbuck Street, less than three miles from the Santa Ana Freeway (Interstate 5).  More than 213,000 people with an average household income of $81,000 and a median home value of $416,000 live within a three-mile radius.

 Completed in 2001, the center is 95 percent leased to national and regional tenants, including Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and T-Mobile.  The center is shadow-anchored by Target, with a full-service grocery component, and Albertsons, both of which were not included in the sale. 

CJ Osbrink

               The HFF investment sales team representing the seller was led by senior managing director Ryan Gallagher and associate director CJ Osbrink.  Michael Randall, principal at Randall Realty Advisors, represented the buyer.

“The stabilized profile of the rent roll, affluent demographics, and lack of well-positioned retail centers for sale in Orange County helped create a very competitive market for the Amerige Heights Town Center opportunity,” Osbrink said.

Mr. Wan-I Huang (James Huang) founded the Shin Yen International Enterprise Group (Shin Yen) in 1986.  Over the past 28 years, Shin Yen has successfully evolved from a residential construction and development company in Kaohsiung, Taiwan, into a global real estate investment organization with shopping center and office building portfolios in Taiwan, Australia and the United States. 

In the last few years, Shin Yen has increased its retail portfolio by acquiring three additional retail projects and they are actively pursuing additional acquisitions which fit its long-term strategy. 

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

Hansen Realty and Centrum Partners Buy Out Partner Angelo Gordon at Bradley Business Center in Chicago, IL

Bradlee Business Center, 2500 West Bradley Place
Chicago, IL

CHICAGO, IL – The partnership of Chicago-based Hansen Realty and Centrum Partners has taken ownership of the popular North Center office and recreation complex Bradley Business Center at 2500 W. Bradley Place with the buyout of New York City-based Angelo, Gordon and Co.

“This partnership is committed to repositioning this unique space as a premier office and recreational destination on the city’s North Side,” said John Hansen, principal of Hansen Realty.

“The property consists of 500,000 square feet on 22 acres in the very desirable North Center neighborhood of Chicago. There are few commercial space opportunities like this available in the city and recent activity has proven a testament to the benefits of this property’s location and amenities.”

For more information on Bradley Business Center, visit http://bradleybusinesscenter.com/.

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

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

IPA Sells 352 Multifamily Units in West Texas

Drew Kile

MIDLAND, TX – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of 352 multifamily units in Midland, Texas.  The property name and transaction details were not disclosed.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller in the transaction and procured the buyer.

            “The property is a well-maintained, established multifamily asset in one of the nation’s strongest metro areas,” says Balthrope.  

“The prime location, recently rehabilitated exterior and updated landscaping made this a premier acquisition opportunity. Investors saw the potential to capture additional value and rent growth through continued enhancements.”

            “Midland’s exceptional job growth and solid long-term prospects make it one of the best markets in the nation for multifamily property performance,” adds Kile.

            Built in 1982, the property is located off State Highway 250 in Midland, one of the fastest-growing cities in the United States.

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

Gina Relva

Public Relations Manager

(925) 953-1716

IPA Sells 495 Multifamily Units in Dallas, TX

Advenir at Foxmoor Apartments, Dallas, TX

DALLAS, TX, Sept. 15, 2014 – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Advenir at Foxmoor, a 495-unit multifamily property located in Dallas. The terms of the sale were not released.

            IPA executive director Will Balthrope and IPA director Drew Kile represented the seller in the transaction and procured the buyer.

            “This property offers a prime location with direct access to dynamic retail, recreation and employment opportunities along Central Expressway,” says Balthrope.

            Built in 1974 on more than 11 acres with nearly 800 feet of frontage along Highway 75, Advenir at Foxmoor is less than eight miles north of the Dallas Central Business District.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Call for Entries Now Open for CoreNet Global Southern California

  

Kelly Reenders

SOUTHERN CA -- On Thursday, November 6, the Southern California chapter of CoreNet Global will hold its annual REmmy Awards and Charity Gala to recognize the best in corporate real estate. 

The event will be held at Vibiana, a former cathedral, located in the historic core of downtown Los Angeles.

“The REmmys are a unique opportunity to share best practices within the corporate real estate community,” said CoreNet Global Southern California Chapter Chair Kelly Reenders.

“To successfully deliver value to corporations, it takes innovation, collaboration and a fresh perspective. Our chapter is honored to do its part to recognize and celebrate the industry success.”

The Southern California chapter of CoreNet Global is focused on advancing real estate knowledge, connecting people, and promoting personal excellence through programs focused on the needs of its almost 400 local members. For information about members, programs or sponsorship, contact the chapter office at 714.282.8480 or go to www.sccorenet.org.

Tickets are $400 per person. An early bird rate of $350 per ticket is available until September 30. More information on nominations and sponsorships can be found at www.remmyawards-socal.com.

  

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Essex Realty Group Brokers the Sale of a 64-Unit Mixed-Use Building in Chicago, IL

. 

Doug Fisher 

CHICAGO, IL –- Essex Realty Group, Inc. is pleased to announce the sale of 7100 N. Sheridan Rd. in Chicago, Illinois.

 The property is a fully renovated courtyard building consisting of 58 Apartments and 6 Retail Units in East Rogers Park.

 The property features forty (40) 1 Bd/1 Ba apartments, fifteen (15) 2 Bd/1 Ba apartments and three (3) 3 Bd/2 Ba apartments as well as six (6) retail units.

The sale price was approximately $6,350,000. Doug Fisher was the broker on the transaction.

 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.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

NAI Realvest Negotiates Sublease of 2,995 Square Foot Office at The Citadel in East Orlando, FL

  

Mary Frances West

ORLANDO, FL – NAI Realvest recently negotiated a sublease agreement for 2,995 rentable square feet in Suite 350 at The Citadel III, 5950 Hazeltine National Drive in east Orlando.

Mary Frances West, CCIM senior broker-associate at NAI Realvest brokered the transaction representing the sublandlord Cargo Aircraft Management, Inc. and the subtenant is Pentaho Corporation, an existing tenant in the Citadel III building. 

 NAI Realvest is exclusive management and leasing representative for The Citadel III.

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

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

Ventura Consulting Group Earns Four Construction Industry Awards

  

Naval Hospital at Camp Pemdleton, CA

VENTURA, CA - Ventura Consulting Group (VCG), a global builder of world-class construction industry teams, was recently honored with awards on four projects the firm successfully facilitated.

The awards were presented by the Associated General Contractors (AGC) of California, International Partnering Institute (IPI) and Caltrans. Three of the firm’s facilitators also received Master and Senior Level Certification from IPI.

Among a crowd of more than 250 construction industry professionals, the AGC of California presented its Excellence in Partnering Award to two project teams during its 2014 Constructor Awards banquet held at Disney’s Grand Californian hotel in Anaheim on June 7, 2014.  The awards were given for one project under $50 million and one over $50 million.

VCG facilitated the partnering on the new LEED-Gold designed Naval Hospital at Camp Pendleton which was the recipient in the over $50 million project category. 

Earlier in the year, the Naval Hospital project won the AGC Build America Marvin M. Black Excellence in Partnering Award, the industry’s highest partnering honor.

 Built by Clark/McCarthy, a joint venture, the replacement hospital project was delivered six months ahead of schedule and more than $100 million below the Navy’s original budget.

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

Laura Mickelson

(949) 295-4452

LauraMickelson@cox.net

FrontDoor Communities Plans New Community in Metro Atlanta

Eric White

ATLANTA, GA – FrontDoor Communities is adding yet another community to its Georgia portfolio with the announcement of Nash Springs in Lilburn.

Located in Gwinnett County – a high-growth area in metro Atlanta – the community fills demand for well-appointed homes on larger lots in the market.

Nash Springs will include 45 single-family homes off Five Forks Trickum Road, south of Ronald Reagan Parkway, placing it in the top-rated Brookwood High School district.

The neighborhood will reflect FrontDoor’s priority to build better homes through quality design by incorporating timeless architecture and thoughtful planning.

“Bringing a community to Gwinnett County is a natural choice for us as we continue to position FrontDoor Communities as a leader in metro Atlanta,” said Eric White, division vice president at FrontDoor Communities. “The Gwinnett area is starved for finished lots, and we have the unique advantage of providing some of the largest lots in the area.”

Homes will range from 3,000 to 4,0000 square feet, with prices ranging between the low $400,000s to low $500,000s. The neighborhood features include oversized lots (many of which include basements), three-car garages with side entries, porches and outdoor living spaces.

Construction is expected to begin in October 2014 and homes will be move-in ready by spring 2015.

For more information on Nash Springs and other communities, visit www.frontdoorcommunities.com.

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

M.C. Rhodes •The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0274  • M: 678-983-5867

www.thewilbertgroup.com