SG Property Services Acquires Medical Office Portfolio in Atlanta for $14.5 Million

Paul Shailendra

ATLANTA, GA (Nov. 25, 2014) — SG Property Services has acquired the Oak Hill Medical Portfolio, an eight-building, 70,000-square-foot portfolio that includes properties in Peachtree City, Blairsville and Newnan, Georgia, for $14.5 million.

“This portfolio was attractive because of its strong credit tenants and in place yield, as well as its potential for further development,” said Paul Shailendra, president of SG Property Services.

““Newnan has seen substantial healthcare investment by virtue of the newly constructed Cancer Treatment Centers of America and Piedmont Newnan Hospital.”

The properties in the transaction include: 10 Eastbrook Bend in Peachtree City; 1294 Hwy 515 East in Blairsville; and 39 Oak Hill Court Buildings A-D, 110 Oak Hill Boulevard and 60 Oak Hill Boulevard in Newnan.

Lee Asher

The buyer plans to quickly complete the lease-up at the buildings. SG Property Services recently completed a lease with Piedmont Medical Care and is evaluating additional tenants.

Lee Asher of CBRE represented the undisclosed sellers in the transaction.

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

Lincoln Harris Brokers Ipreo’s 23,230-Square-Foot Expansion at One Bank of America Plaza in Raleigh, NC

Kaler Walker

RALEIGH, NC — Lincoln Harris has brokered Ipreo’s 23,228-square-foot expansion at One Bank of America Plaza in downtown Raleigh. Ipreo, which provides market data and software to capital markets and corporate professionals, has more than doubled the space it occupies at the 17-story, Class A building and now leases over 45,000 square feet at One Bank of America Plaza.

Kaler Walker, vice president of office leasing in Lincoln Harris’ Raleigh office, represented Ipreo in the transaction. Hillman Duncan of Cassidy Turley and John Hogan of Highwoods Properties represented the landlord.

“This is tremendously exciting news not only for the Raleigh office market, but for the area economy as a whole,” Walker said. “It signals the further strengthening of Raleigh’s already vibrant technology sector, and it paves the way for the addition of many jobs.”

Ipreo moved into the building in the spring of 2013, planning to hire approximately 150 employees in the first 12 months. Given its continued global growth, Ipreo has exceeded its initial hiring plans and continues to hire in Raleigh, triggering the need for an additional floor.

Hillman Duncan

“We’re thrilled by the success we’ve had in launching and growing our Raleigh operation,” said O’Hara Macken, EVP & Managing Director at Ipreo.

“North Carolina and the City of Raleigh have more than fulfilled our expectations as both a thriving business community and a source for recruiting high-caliber talent.

“We appreciate the support Lincoln Harris has provided us since the beginning and are very happy with both the building and the central downtown location. 

"We’re pleased to make this new investment in expanding our space here to support our continued growth.”

O'Hara Macken

The announcement of Ipreo’s expansion comes just months after One Bank of America Plaza changed ownership hands. Highwoods Properties bought the 374,000-square-foot building, one of the largest in the Triangle Area, for $92.3 million in September.

Strategically located on Fayetteville Street in City Plaza, One Bank of America Plaza is near the Progress Energy Center for the Performing Arts, Red Hat Amphitheater, Raleigh Convention Center and the four-star Marriott Hotel. Other amenities include 24/7 security, fitness center, conference center and a Bank of America branch.

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

Marcus & Millichap’s Scott Pertel Wins NAIOP’s Developing Leader Award

Scott Pertel

SAN FRANCISCO, CA, Nov. 25, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announce Scott Pertel, an associate director with Marcus & Millichap’s National Office and Industrial Properties Group (NOIPG), was presented the National Association of Industrial and Office Properties (NAIOP’s) Developing Leaders Award in recognition of valued contribution to the industry, according to Alan L. Pontius, national director of Marcus & Millichap’s NOIPG.

          The Developing Leaders Award was presented to Pertel, a board member of the NAIOP-SFBA Chapter and co-chair of its Young Professionals Group, at the ninth annual NAIOP Developing Leaders Awards ceremony in Denver. The award is presented to those who have shown exemplary achievements and demonstrated outstanding professional accomplishments in the commercial real estate industry.

Alan L. Pontius

        “Scott’s diligence in pursuit of career development and success has been very impressive, to say the least,” says Pontius. “This honor not only brings a degree of satisfaction and accomplishment to Scott, it represents the quality of professionals we look to build our firm’s base upon,” continues Pontius. “I personally extend my congratulations to Scott for this very high industry honor.”

        “It is a privilege and honor to be recognized by NAIOP for my achievements and commitment to our industry,” says Pertel. “I look forward to continuing my work with NAIOP as our industry evolves and matures.”

          NAIOP, a Commercial Real Estate Development Association, is the leading organization for developers, owners and investors of office, industrial, retail, and mixed-use real estate. With over 15,000 members, the association provides strong accuracy, education and business opportunities.

         Pertel provides real estate advisory services for corporations, operators and developers throughout the U.S. and Canada, with a specific focus on single tenant industrial properties and sale-leaseback transactions.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

Sambazis Retail Group of Marcus & Millichap Sells $17 Million Regional Power Center in Alabama

Phil Sambazis

BIRMINGHAM, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastwood Village, a 134,256-square-foot regional power center in Birmingham, Ala.

The $17 million sales price equates to $127 per square foot.

            Phil Sambazis and Thomas Ladt of Sambazis Retail Group in Marcus & Millichap’s San Diego office represented the seller.

Andrew Chason of the firm’s Mobile, Ala. office also provided representation. Zachary Taylor and Don McMinn, vice presidents investments in the firm’s Atlanta office, represented the buyer.

            “Eastwood Village is a regional power center that was 99 percent occupied at the time of the sale,” says Sambazis. “National tenants account for more than 96 percent of the center’s income stream.”

Thomas Ladt

            Completed in 2007, the property is located on 5.5 acres at 1604-1624 Montclair Road within a dense retail corridor off Interstate 20 between Montclair Road and Crestwood Boulevard (U.S. Highway 78) in Birmingham, Ala.

The retail trade area is composed of 1.5 million square feet with retailers that include Publix, Home Depot, Winn Dixie, and T.J. Maxx.

Eastwood Village is supported by a trade area that encompasses more than 108,000 people with an average annual household income that exceeds $60,000 in a one-mile radius and $74,000 within three- and five-mile radiuses.

The shopping center borders the city of Mountain Brook, which is one of the more affluent communities in the Southeast with a median annual household income of $118,450 and 56 percent of households with incomes that exceed $100,000 per year.

            Eastwood Village is shadow-anchored by a 24-Hour Walmart Supercenter. Additional anchors include Ross Dress for Less, Office Depot, Party City, Shoe Carnival and Tuesday Morning.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Sells Prince George’s County Radisson Hotel for $10.45 Million

Radisson Largo-Washington DC Hotel
9100 Basil Court, Largo, MD

LARGO, MD – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Radisson Largo-Washington, D.C., a 184-room hotel in Largo, Md. The $10.45 million sales price equates to $56,800 per room.

            David Greenberg, vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with Jonathan Ruprai, senior associate, and Dennis Hopper, associate, both in the firm’s Tampa office, represented the seller, Philadelphia-based AMC Delancey.

Karianne J. Cibello

Gordon Allred, first vice president investments in Marcus & Millichap’s Ontario, Calif. office, and Karianne Cibello, associate in the firm’s Washington, D.C. office, represented the locally based buyer.

 The sale is indicative of the collaborative national platform for which Marcus & Millichap is known.

            “Our strategic marketing campaign produced numerous offers, and ultimately an attractive sales price for the seller,” says Ruprai. “The seller capitalized on healthy market conditions and the opportunity to reposition to a superior brand.”

“Acquired at a discount to replacement cost, the property gives the new owner several options, including continuing to operate the hotel as a Radisson, rebranding to a different flag, or converting the hotel to an alternative use,” adds Allred.

David Greenberg

“The industry and economic indicators are showing an uptick in the Washington, D.C. market and the timing of this transaction was beneficial for both buyer and seller.

“In a market with historically tight supply and high demand, this is a win-win situation as the new owner will be able to successfully reposition the investment in a resilient and upward trending environment,” Allred concludes.

The property is located at 9100 Basil Court in Largo, Md. off the Capitol Beltway at Exit 17A. FedEx Field, Computer Science Corp., Six Flags America, the Internal Revenue Service, Andrew’s Air Force Base, the University of Maryland-College Park and other area businesses and attractions are nearby.

With an industry-leading investment team located in more than 40 strategic markets, Marcus & Millichap’s National Hospitality Group has now sold more than 140 hospitality assets year-to-date.         

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

Gina Relva

Public Relations Manager

(925) 953-1716

Estate Investments Group, Mattoni Group and Fortune Capital Partners Hosts Ground-Breaking Ceremony of Gables Prado Apartments in West Miami, FL

Robert Suris

Miami, FL—On Thursday, Nov. 20, 2014, Estate Investments Group, Mattoni Group and Fortune Capital Partners celebrated at the groundbreaking of Gables Prado, a class A luxury apartment community that is the second development of this kind to rise in the City of West Miami.

The property is located just west of Coral Gables in West Miami at 950 S. Red Road.

 The development group is also responsible for the construction of the first luxury apartment residences to exist in the City of West Miami, known as Gables Gate Tower.

"Gables Prado is the beginning of more developments to flourish in the City of West Miami," said Robert Suris, Principal of Estate Investments Group. "We plan to impact the community in more ways than just building apartments and look forward to continued participation of the rebirth occurring in the City of West Miami."

  

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

  

Jessica Wade Inc.

Jessica Wade Pfeffer, President

7100 Biscayne Blvd., Suite 305A | Miami, FL 33138

Office +1.305.456.0483 | Cell +1.305.804.8424

Jessica@jessicawadeinc.com

 www.jessicawadeinc.com

Holman Automotive Purchases Fort Lauderdale, FL Site for New MINI Cooper Showroom in $3.65 Million Deal Brokered by Steve Hyatt of Berger Commercial

Steve Hyatt

FORT LAUDERDALE, FL – Berger Commercial Realty Senior Vice President Steve Hyatt represented Holman Automotive, Inc. in the $3.65 million purchase of a Fort Lauderdale site located at 2150 S. Federal Highway. Element Three Inc. sold the 1.06-acre property, which formerly housed Air & Sea Rent-A-Car.

Holman Automotive is planning to relocate the sales department of MINI of Fort Lauderdale, a MINI Cooper car dealership currently located at 1440 S. Federal Highway, to the new site within a year.

The property features a parking garage with 185 spots and a 38,000-square-foot building, which Holman Automotive plans to renovate. 

The facility's architects are Falkanger, Snyder, Martineau and Yates, who are designing a new, ultra-modern showroom for the MINI sales department.

The MINI dealership's new service center will be located six blocks away at 2627 S. Andrews Ave., where Holman Automotive is currently building a new $15 million service center, designed by the same architects, for both its BMW and MINI franchises. 

Holman Automotive purchased the South Andrews Avenue property in March 2013 for $5.6 million from Causeway Lumber Company in a deal that was also closed by Hyatt, who specializes in automotive real estate.

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

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

$16.4 Million Suburban Apartment Community Sold by IPA in Middletown, CT District

Steve Witten

MIDDLETOWN, CT – 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 Hunters Crossing, a 198-unit apartment complex in the Westlake district of Middletown, Conn. The $16.4 million sales price equates to $82,800 per unit.

            IPA executive directors Steve Witten and Victor Nolletti represented both parties in the transaction with the assistance of Marcus & Millichap associate Eric Pentore. The seller is Middletown Apartment Associates LLC. The buyer is Hunters Crossing LLC.

“Middletown multifamily assets have a history of positive rent growth and value appreciation that outpaces those in most other regional markets,” says Witten.

“Constructed in 1973 and updated in 1997-1998, Hunters Crossing provides the new owner with value enhancement opportunities through modernized interior upgrades and exterior renovations,” adds Nolletti.

Victor Nolletti

The property is located at One Russet Lane in Middletown, which is 10 minutes from downtown Hartford, 20 minutes to New Haven and 30 minutes from the Connecticut shoreline. 

The location provides easy access to interstates 91 and 691 and Route 9 and is 90 minutes from New York City and less than two hours from Boston.

Hunters Crossing is composed of 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments.

 Each first-floor unit has a patio, all second- and third-floor one-bedroom apartments have two outdoor decks and the loft units offer a third rooftop deck. 

The units feature spacious floor plans with oversized closets, kitchens with a full complement of appliances, breakfast bars and private storage areas in select units and lake and woodland views. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry and a nature trail.

  

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

Gina Relva

Public Relations Manager

(925) 953-1716

$2.4 Million Boca Security Center Sale in Boca Raton, FL Brokered by Marcus & Millichap

Howard Bregman

BOCA RATON, 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 Boca Security Center, a 13,400-square foot retail property located in Boca Raton, Fla. The asset sold for $2,400,000.

Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Boca Raton, Fla and the buyer, a private investor from Vero Beach, Fla.

“This was an ideal opportunity for an investor to acquire a rare, prime east Boca Raton retail asset with long-term tenants, a history of high occupancy levels, existing cash flow and the ability to significantly increase the rental income,” says Bregman.

Situated less than a half mile from the east entrance to Florida Atlantic University and with prime frontage on Boca Raton Boulevard, the shopping center was renovated in 2006.  Its tenants include: Boca Security Center, Irishman Pub, Tom Sawyer and other local retailers.

The center is located just north of Glades Road and south of NW 20th Street at 1739-1819 NW 2nd Avenue in Boca Raton, Fla. 

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

 Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400

Marcus & Millichap Brokers $3.5 Million Sale of Pineapple Plaza and Mini Storage in Fort Pierce, FL

  

Pineapple Plaza and Mini Storage complex, Fort Pierce, FL

 FORT PIERCE, 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 Pineapple Plaza and Mini Storage, a 101,352 rentable square foot, self-storage facility located in Fort Pierce, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,500,000.

Michael A. Mele, senior vice president investments and Luke Elliott, associate in Marcus & Millichap’s Tampa office, along with Derek Francis and Tom Thompson, associates in the firm’s Orlando office, represented the seller, a private investor.  Mele and Elliott secured the buyer of the property, a private investor.

Michael A. Mele

Pineapple Plaza and Mini Storage was built in 1987 and is located at 4892 Okeechobee Road in Fort Pierce, Fla.  This is a mixed-use offering consisting of 641 self-storage units and three retail units, for a total of 101,352 square feet. 

 “Pineapple Mini Storage presented a tremendous value add opportunity for this investor who will also benefit from increased management efficiencies,” says Elliott.

 “This is yet another example of the consolidation we are seeing in the industry. I think it will continue to be harder and harder for the mom and pop’s to compete in this new market.” adds Mele.

“This transaction marked the first of three self-storage closings the Mele Group had this week,” concludes Elliott.

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Flamingo West Apartments in Tampa, FL for $3.5 Million

Luis Baez

TAMPA, FLA., November 19, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Flamingo West Apartments, a 72-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $3,500,000.

Luis Baez, senior associate and Casey Babb, a CCIM and vice president investments, in Marcus & Millichap’s Tampa office, represented both parties in the transaction. 

Flamingo West Apartments is a 1970s vintage, Class “B” garden apartment community located at 3738 West Idlewild Circle in Tampa, Florida. 

The community consists of two-story concrete block buildings with built-up flat roofs clustered around central courtyard areas. 

Casey Babb

Units are 90 percent two-bedroom/one-bath or larger and average 872 square feet.  Units are accessed from exterior breezeway corridors and feature fully-equipped kitchens with dishwashers, large open floor plans, tile floors in the living areas, private balconies and fenced-in backyards, washer-dryer connections in select units and updated kitchens and bath. 

Community amenities include an on-site leasing center, large laundry facility, swimming pool and sundeck, interior courtyard areas and a playground.

“This transaction was equally, frustrating, challenging and rewarding,” says Babb.  “The frustrating part was that the sale took 19 months to complete.

"  It was a major challenge to make a deal at an aggressive price point given the sub-par operating performance and physical issues, which included bad roofs and a lot of other deferred maintenance,” continues Babb.

“The rewarding part was that the buyer was able to secure preservation tax-credits which are highly competitive and is positioned to embark very soon on a $3 million rehab job.  This will add another 30 to 50 years of useful life to the property and will provide the residents with a better place to live.”

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

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700

U.S. Home Flipping in Third Quarter 2014 at Lowest Level since Second Quarter 2002 While Average Gross Profits Climb to New Record High

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q3 2014 U.S. Home Flipping Report, which shows that 26,947 single family homes were flipped nationwide in the third quarter of 2014 — where a home is purchased and subsequently sold again within 12 months — representing 4.0 percent of all U.S. single family home sales, down from 4.6 percent in the second quarter of 2014 and down from 5.6 percent in the third quarter of 2013 to the lowest level since the second quarter of 2009.

Investors averaged a gross profit of $75,990 per flip on homes flipped in the third quarter of 2014, a 36 percent gross return on the initial investment — not including rehab costs and other expenses. The average gross return was up from 35 percent in the second quarter but down from 37 percent a year ago.

“Flipping returned to its historic norm of 4 percent in the third quarter as home price appreciation cooled in many of the hot flipping markets across the country,” said Daren Blomquist, vice president at RealtyTrac.

“Meanwhile, the record-high average profits per flip in the quarter demonstrate that flippers are still filling an important niche in an aging housing market with historically low levels of new homes being built. 

"The most successful flippers are buying older, outdated homes in established neighborhoods and rehabbing them extensively to appeal to modern tastes.”

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

Jennifer von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

The Preiss Company Continues Western Expansion; Named Manager of the Vista Student Housing Complex at Boise State University

  

Donna Preiss

 BOISE, ID and RALEIGH, NC -- Officials of The Preiss Company, the nation’s fourth largest, privately held student housing owner,

announced that it continues its strategy to expand further into the Western U.S. after being named manager of the 539-bed Vista student housing complex at Boise State University. 

The complex is comprised of two buildings, Vista East and Vista West, which are located across the street from campus and each other, and currently are under construction and scheduled to open for the fall 2015 semester.

Vista East Student Housing Complex, 1105 LaPointe Street
at Boise State University, Boise, ID

“We continue to have an aggressive appetite to add properties throughout the country, both as a third-party manager and as an investor,” said Donna Preiss, founder and president of The Preiss Company. 

“These properties expand our portfolio to three in the Western U.S. and mark our seventh third-party management contract in the past two months.

“ We are in active negotiations for other contracts on the West Coast and expect to add to our portfolio by year-end.  We are focusing on smart growth and have grown our third-party property management portfolio by 30 percent this year.”

Vista West student housing, 1570 Lusk Place, Boise, ID

Average monthly rents for The Vista will be $680 per month.  Additional information for both properties is live on The Vista website at www.vistaboise.com.

 Vista East, located at 1105 La Pointe Street, offers studio, one-, two- and three-bedroom layouts. 

 All suites have private bedrooms, bathrooms, full-sized washers and dryers.  Among the amenities are a state-of-the-art fitness center, media lounge, study lounge, grilling area, hot tub, games area and café lounge. 

Vista West is located across the street from campus at 1570 S. Lusk Place.  

The building will offer studio, two- and four-bedroom options, each with private bedrooms and bathrooms, as well as full-sized washers and dryers. 

 Amenities will include a study lounge, fitness center, media lounge, games area, outdoor movie theatre, hot tub, café lounge and dog walk area. 

  For more information, visit www.tpco.com.  

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

HFF arranges $85 million financing for mixed-use portfolio in New York’s Meatpacking District

Meatpacking District of New York City, NY, West 14th Street and Ninth Avenue

Jennifer L. Keller

NEW YORK, NY  – HFF announced it has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 square feet of retail and 82 residential rental units in New York’s Meatpacking District.

                HFF worked exclusively on behalf of the borrower, a joint venture between Tavros Holdings LLC and Arel Capital, to secure the floating-rate loan through Blackstone Mortgage Trust.  

Loan proceeds were used to acquire the property.

 In a separate transaction, HFF’s Eric Anton arranged the sale of the transaction while he was with Brookfield Financial.

                The portfolio is situated on an 18,453-square-foot lot at the corner of West 14th Street and Ninth Avenue near Chelsea Market, High Line Park, Google’s New York headquarters, the new Whitney Museum and Hudson Yards. 

The residential component of the property is 100 percent leased and is comprised of three buildings containing a total of 59 studio, 18 one-bedroom and five two-bedroom units. 

Eric Anton

The retail component is leased to tenants such as Scarpetta, The Diner, Le Pain Quotidien, L’Occitane and Solstice Sunglasses.

 More than 200 feet of total retail street frontage faces the triangular Ninth Avenue Public Plaza, a notable pedestrian space created in the middle of Ninth Avenue.  The portfolio also includes available development rights along West 15th Street.

The HFF team representing the borrower was led by managing director Steven Klein and director Jennifer Keller.

“The high-quality portfolio’s irreplaceable location at the heart of the historic Meatpacking District represents one of the most sought-after retail and residential submarkets in Manhattan.

Steven Klein

“The in-place vacancy and below market rents in both the residential and retail components of the transaction presented the borrower with a very appealing and unique opportunity,” said Klein.

Tavros Holdings LLC is a privately-owned real estate investment management and development firm with offices in New York City.  For more information, visit www.tavroscapital.com.

Arel Capital is a real-estate focused investment company, formed in January of 2013.  The firm focuses on investing and developing $50 to $200 million multifamily properties, located in the top 10 U.S. metropolitan areas. For more information, visit www.arelcapital.com.

Blackstone Mortgage Trust, Inc. (NYSE:BXMT) is a real estate finance company that primarily originates senior mortgage loans collateralized by properties in the United States and Europe.   Further information is available at www.bxmt.com.

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

HFF secures $29.66 million financing for Class A multi-housing community in Cary, NC

Matthew Schoenfeldt

CHICAGO,  IL – HFF announced it has arranged $29.66 million in financing for Tradition at Stonewater, a 351-unit, Class A multi-housing community in Cary, North Carolina.

                Working on behalf of the borrower, Banner Apartments, LLC, HFF placed the seven-year, fixed-rate loan with Allianz Real Estate of America, Inc.  Proceeds were used to acquire the property.

                Tradition at Stonewater is located at 12000 Wisdom Drive approximately 35 minutes northwest of downtown Raleigh and near major employment centers such as Research Triangle Park and Duke University & Medical Center. 

Completed in 2008, the property is 93.4 percent leased and includes 351 units averaging 1,016 square feet each.  

Jason Bond

Community amenities include a resort-style saltwater swimming pool, outdoor lounge, screened-in summer kitchen, fitness center, theater room, business center and gated dog park.

The HFF debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and associate director Jason Bond along with senior managing directors Travis Anderson and Ryan Clutter.

Banner Apartments, LLC and its affiliates (“Banner”) is a fully integrated real estate operating company based in Northbrook, Illinois that focuses on the acquisition, management and development of multifamily properties in select Midwest and Sun Belt markets.

  Since its founding in 1989, Banner has acquired and operated 40 multifamily properties totaling more than 8,300 units.  The current portfolio consists of more than 6,000 units, valued at approximately $500 million.

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