Design Firm Cooper Carry Experiences Marked Growth in 2014, Indicating Strong Economy through 2015

  

Kevin R. Cantley

ATLANTA, GA – A robust commercial real estate market in 2014 fueled substantial growth for internationally recognized design firm Cooper Carry.

 The firm, which is active in public and private sectors ranging from hospitality to research laboratories, expanded its design portfolio by an additional 122 new projects.

The resurgence of the market also led to a 35 percent increase in the number of design professionals across its Atlanta, New York and Washington, D.C. offices to accommodate new projects across all of the firm’s 13 specialty practice groups.

 The New York office also recently relocated to a new studio in Lower Manhattan, one of the city’s burgeoning meccas attracting designers and other creatives.

“2014 is the first year since the collapse began in 2007 that Cooper Carry has seen growth in each of the practice areas that we serve as well as in each of the geographic markets served by one of our offices,” said Cooper Carry President and CEO Kevin R. Cantley.

 “In addition to the expansion of the volume of our business, we have enjoyed the increase in demand for innovation, particularly in the design of the workplace for several corporations.”   

Hyatt Place, Washington, DC

The overall growth in the market is especially reflected in the hospitality sector. Cooper Carry’s hospitality practice was awarded 14 new hotel projects in 2014.

 The firm designed 10 hotels that were delivered this year, including Hyatt Place hotels in Washington, D.C. and Baltimore, and the Villa Christina Hyatt in Atlanta. The 2.4 million square feet delivered represents over 3,000 keys. 

Of significance was the opening of the 4,000th Marriott hotel, the 1,175-key Marriott Marquis in Washington, D.C., designed in collaboration with tvsdesign.

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

Hadley Creekmuir

The Wilbert Group

O: 404.343.4080

C: 404.556.0010

hcreekmuir@thewilbertgroup.com

Cousins Properties Announces Agreement to Sell 777 Main in Fort Worth, TX

777 Main, Fort Worth, TX

ATLANTA, GA --Cousins Properties Incorporated (NYSE: CUZ) announced today that it has entered into a binding purchase and sale agreement, with a non-refundable deposit, to sell 777 Main in Fort Worth, Texas. 

The transaction is scheduled to close by year end, subject to customary closing conditions.

777 Main is a 980,000 square foot, Class-A office tower located in downtown Fort Worth and was 75% leased as of September 30, 2014. 

Cousins purchased the asset in September 2013 as part of its Crescent Texas acquisition, which included the 4,348,000 million square foot Greenway Plaza office complex in Houston, Texas.

Greenway Plaza, Houston, TX

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). 

The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.

The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments.

 For more information, please visit www.cousinsproperties.com.

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

Cousins Properties Incorporated

Marli Quesinberry, 404-407-1898

Director, Investor Relations

marliquesinberry@cousinsproperties.com

Hold-Thyssen Negotiates Three New Professional Office Leases in Downtown Winter Park, FL

Darby Hold

 WINTER PARK, Fla. --- Hold-Thyssen Inc., a real estate services firm, recently negotiated three new lease agreements for professional office space in downtown Winter Park.

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated a lease representing New England Partners, LLC, landlord of the New England Building at 230 S. New York Ave.   

The new tenant, Ashley C. Winship P.A., a real estate planning law practice, leased Suite 200 with 771 rentable square feet.  Brandon Humes with BREC Properties LLC represented the tenant.

Hold also negotiated two executive office suite leases in The Albors at 5971 Brick Court on behalf of landlord Albors Properties.  

Ashley C. Winship

  Orozco Wellness Center LLC, a group of practitioners who coach on nutrition for wellness leased a 240 square foot office and Pure Dezign, Inc., a creative firm that services corporate marketing teams and advertising agencies leased a 186 square foot office.  

 No additional brokers participated in the transaction.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide. 

 The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com.

HFF secures $19.75 million in construction financing for luxury residential condominium project in downtown Scottsdale, AZ

   Rendering of planned Envy luxury mid-rise condominiums  
                                     Downtown Scottsdale, AZ                                                    

Bryan Clark

SAN DIEGO, CA – HFF announced today that it has secured $19.75 million in construction financing for the development of Envy, an 89-home, luxury mid-rise condominium project in downtown Scottsdale’s Entertainment District. 

Working on behalf of the borrower, Deco Communities, HFF placed the non-recourse construction loan with a commercial bank.  

The floating-rate loan was priced above LIBOR with a floor of 4.25 percent and did not have a pre-sale requirement.  

HFF also arranged $14 million in joint venture equity for the project on behalf of the borrower in a separate transaction earlier this year.

                Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads.  Slated for completion in the spring of 2016, the 89 for-sale residences will feature a variety of one- and two-bedroom floor plans. 

Patricia A. Watts

The eight-story property will provide panoramic city and mountain views and is set to include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, resort-style swimming pool and spa, bicycle storage, electric car charging stations and concierge service.

                The HFF debt and equity placement team was led by director Bryan Clark.

Deco Communities brings fresh thinking to residential real estate development.  

In their 17th year in real estate ownership and development in the Southwest, Deco’s founders have used their background in for-sale residential and research into changing demographics and buyer trends to create a  truly unique residential real estate development company. 

Principals Robert Lyles, Patricia Watts and Dan Richards collectively have more than 75 years of experience in the Valley’s residential market, having completed numerous commercial and mixed-use projects and created more than 3,500 homes and counting.  www.decocommunities.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 arranges $61.75 million financing for development of 60 Fulton Street in Lower Manhattan, NY

Rendering of planned Exhibit luxury residential tower, 60 Fulton Street
Lower Manhattan, NY

Jennifer L. Keller

NEW YORK, NY  – HFF announced today that it has arranged $61.75 million in financing for the development of  Exhibit, a luxury residential tower comprised of 120 residential rental units and 6,800 square feet of retail space located at 60 Fulton Street in Lower Manhattan.

                HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, LLC to secure a 33-year construction-perm loan through Pacific Life Insurance Company. 

                The project is located on the corner of Fulton and Cliff Streets, within a few blocks of the Fulton Center transportation hub, which offers access to 10 subway lines, the World Trade Center and South Street Seaport. 

Scheduled for completion in 2016, the 23-story project will be developed by Socius Development Group, and will contain a total of 120 rental units (96 market rate and 24 affordable) comprised of studio, one- and two-bedroom floor plans.

Robert Rizzi

 Exhibit will offer residents unobstructed views of the Manhattan skyline, East River and Brooklyn Bridge.  

Property amenities will be located on the 23rd floor and will include two landscaped rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. 

  With frontage along Fulton Street, the project will also contain 6,800 square feet of retail. 

This is the second collaboration between Scott Aaron, managing principal of Socius Development Group (www.sociusdev.com) and the Brauser family.  They previously developed the highly regarded 100 West 18th Street, a luxury condominium and retail development in Chelsea.

The HFF team representing the borrower was led by managing director Rob Rizzi, managing director Michael Gigliotti and director Jennifer Keller.

“The project is strategically positioned to benefit from the ongoing transformation of the Financial District into a vibrant residential neighborhood,” said Jennifer Keller. 

Michael Gigliotti

  “This construction-perm loan allowed the sponsor to lock a historically low fixed interest rate with an opportunity to increase proceeds upon stabilization - an ideal execution for a generational owner.”

The Parkland Group is a fully integrated real estate owner, operator and developer led by Gerald and Steven Brauser. 

  The company’s portfolio is comprised of multifamily, retail, truck stops and parking garages throughout the United States.  The Parkland Group is based in Manhattan and has offices in Ft. Lauderdale, Florida.

Socius Development Group is a full-service real estate development firm, specializing in luxury residential and hospitality development in the New York, New Jersey and Connecticut.  For more information please visit www.sociusdev.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 arranges $12.2 million refinancing for 6-property retail portfolio in Miami’s Little Havana and Brickell neighborhoods

MIAMI, FL – HFF announced today that it has arranged a $12.2 million senior refinancing for a 64,939-square-foot portfolio comprised of six retail properties in Miami’s Little Havana and Brickell neighborhoods.

                HFF worked exclusively on behalf of The Barlington Group to secure the 10-year fixed-rate CMBS loan through UBS Investment Bank.   

The Little Havana submarket is located in the heart of Miami between the Brickell Financial District to the east, Coral Gables to the west and Jackson Health District just north. 

Chris Drew

Little Havana is one of Miami’s oldest neighborhood and due to the urban renaissance Miami is currently experiencing is considered a reemerging area. 
  Little Havana is among Miami’s most beloved neighborhoods and one of South Florida’s top cultural tourist attractions. 
 Little Havana has a rich Hispanic history from founding Cuban exiles to an influx of Central Americans and South Americans.
 As a locale so rich in history and culture, Little Havana has attracted a strong contingent of young professionals and artists drawn to the area’s cultural renaissance.  

The properties in the 100-percent-leased portfolio were all acquired by the borrower within the last five years and include:  Goodwill Superstore, 982 SW 8th Street; Futurama, 1637 SW 8th Street; recently completed 7-11, 735 NW 12th Avenue; Village Shops of Little Havana, 541 SW 12th Avenue; and Pents and Frows, 3670 Grand Avenue adjacent to the historic Ace Theatre occupied by Kroma Gallery. 

Maxx Carney

Additionally, included in the collateral was Brickell Station, which is home to Blackbird Ordinary, Stanzione 87 Pizza, La Moon Restaurant and Toasted Bagelry & Deli and is strategically located at the entrance to Miami’s Brickell Financial District at the intersection of SW 8th Street and SW 1st Avenue, adjacent to Swire Properties $1.05 billion mixed-use development known as Brickell Citi Centre.

The HFF team representing the borrower was led by director Chris Drew, associate director Jose Carrazana and real estate analyst Maxx Carney. 
“This was a terrific opportunity for HFF to work with a community conscious sponsor that is focused on both acquiring and operating great real estate and transforming an historic neighborhood through art, amazing food and authentic experiences,” Drew said.  

Martin Pinilla II (left) and Bill Fuller

“Given the significant concentration of art studios and local restaurants, the portfolio was not a typical deal that a New York-based lender underwrites; however, HFF was able to get a number of institutional lenders comfortable with the portfolio due to the experienced sponsorship and the strong fundamentals of the Little Havana and Brickell retail and office submarkets.”

                Barlington Group was founded by Bill Fuller and Martin Pinilla II, in Miami, Florida, in June 2004, as an urban development company committed to revitalizing neighborhoods within Miami's urban core.

 Since inception, Barlington Group has acquired, developed and managed commercial projects with a value exceeding $100 million.  Barlington’s repositioning projects have focused on a variety of asset classes including; multi-family, retail, office and mixed use buildings. 

The company currently operates 100-plus multi-family units and more than 400,000 square feet of retail and office space in 15 retail and mixed-use centers. The company is also invested in retail, entertainment, and hospitality ventures.  The core mission of The Barlington Group is to have fun creating unique places to live, work and play.

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

krmurphy@hfflp.com

HFF arranges $45 million financing for acquisition of Salt Lake City-area power center

Jim Curtin

DALLAS, TX – HFF announced today that it has arranged $45 million in post-closing acquisition financing for The Family Center at Taylorsville, an approximately 779,000-square-foot regional power center in Taylorsville, Utah, a Salt Lake City suburb.

                Working on behalf of TriGate Capital, HFF placed the three-year, floating-rate loan with Wells Fargo Bank.  Loan proceeds were used to facilitate the acquisition of the shopping center.

                The Family Center at Taylorsville is situated on 68.36 acres at 5400 South and Redwood in Taylorsville, a suburb less than nine miles south of downtown Salt Lake City.  The center is leased to Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A, among other tenants.

                The HFF team representing the borrower was led by associate director Jim Curtin.

TriGate Capital, LLC is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies.  TriGate seeks to identify and invest in opportunities that require new capital to solve capital structure issues or to further an asset or company business plan. 

The firm manages two fully discretionary real estate funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners II, LP (Fund II), which are the vehicles through which TriGate conducts its investment strategy.  

Fund I is fully invested and Fund II is presently in its investment period. For further information, please visit www.trigatecapital.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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

The Scott Residences in Old Town, Chicago, IL Surpasses 60 Percent Leased

  

Anthony Rossi Sr.

CHICAGO, IL (Dec. 15, 2014) – Less than 60 days after welcoming its first residents, The Scott Residences, a new luxury rental midrise in Chicago’s Old Town neighborhood, is more than 50 percent leased. Onsite management and leasing for The Scott is overseen by Chicago-based RMK Management Corp.

Located at the corner of North Wells and West Scott streets, one block north of Division St., The Scott has 71 units, including convertible, one-bedroom, two-bedroom and three-bedroom floor plans, ranging in size from 580 to 1,720 square feet.

Each apartment home features custom kitchen cabinetry, granite countertops, glass-tile kitchen backsplash, GE Artistry™ kitchen appliances, nine-foot ceilings, plank flooring throughout, and a full-size washer and dryer. Select units also have a balcony or terrace, and some have a built-in tech niche, per plan. 

Parking is available for an additional fee. Rents start at $1,900 a month for a convertible unit.

“There has been a lot of news surrounding the downtown luxury high-rise apartment boom in Chicago, but the fast pace of leasing at The Scott shows there is strong demand for new luxury rentals in other desirable neighborhoods, too,” said Anthony Rossi, Sr., president of RMK Management Corp.

“The Old Town neighborhood has long been a sought-after place to live for a variety of people because of its picturesque streets, historic architecture, plentiful parks, wide variety of dining and retail, proximity to the lakefront and easy access to downtown. And because of The Scott’s range of floor plans, the building, too, is attractive to a variety of renters.”

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

Vanessa Irving, virving@taylorjohnson.com, 312-267-4525

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

NAI Realvest Negotiates New Lease Agreement for Modeling, Simulation Firm at University Center in Orlando, FL

Mary Frances West

ORLANDO, Fla. – NAI Realvest recently negotiated a new office lease agreement for 3,443 rentable square feet in Suite 303 of University Center located 11301 Corporate Blvd. in east Orlando off Rouse Rd. and University Blvd.

Senior Broker Associate Mary Frances West, CCIM negotiated the transaction representing the tenant, Productivity Apex, Inc., a modeling/simulation solutions firm.

 The landlord, Crocker Partners V UCC LLC, of Orlando is the landlord who was represented by Micah Strader of CBRE. For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.

NAI Realvest negotiates sale of bank owned office building for $100,000 in Wekiva Springs Road area of Longwood, FL

  

Mitch Heidrich

ORLANDO, Fla. – NAI Realvest recently closed the sale of a bank owned office building with 2,146 square feet located at 750 Miami Springs Drive, off Wekiva Springs Road in Longwood.

NAI Realvest Principal Matt Cichocki and associate Mitch Heidrich, negotiated the transaction representing Ocwen Loan Servicing and the seller U.S. Bank National Assn. of West Palm Beach.

The buyer, Shabnam Abdalllah paid $100,000 for the property with the intent to renovate for use as professional office space.  The buyer was represented by Moe Musleem of Remax Legacy. 

This was the fifth property that the NAI Realvest Retail Team has sold for Ocwen Loan Servicing in the past 12 months.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.

Berkadia Closes on 60 Unit Autumn Brook Apartments in Hueytown, AL for $2.65 Million

David Oakley

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Autumn Brook, a 60-unit apartment community located in Hueytown, Ala. for $2,650,000.

David Oakley, Partner, William Parkhurst, Associate, and Josh Jacobs, Associate, in Berkadia’s Alabama office, negotiated the sale, representing the seller, Autumn Brooke Apartments, LLC.

Built in 1993, Autumn Brook is a garden-style, two-story community situated on approximately 2.79 acres of land with a density of 21.5 units per acre and an average unit size of 1,073 square feet.

The buyer was Autumn Brook Partners LLC, based in Birmingham.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.

  

HFF closes sale of BioMed Realty Trust life sciences facility in Rockville, MD

                                                 

9911 Belward Campus Drive, Rockville, MD

Stephen Conley

WASHINGTON, D.C. – HFF announced the sale of 9911 Belward Campus Drive, a 289,912-square-foot large scale biologics manufacturing facility in Rockville, Maryland, that is 100-percent leased through May 2026 to Human Genome Sciences, Inc., a wholly owned subsidiary of GlaxoSmithKline (NYSE: GSK). 

               HFF marketed the property on behalf of the owner, BioMed Realty Trust.  The asset was purchased for an undisclosed amount. 

9911 Belward Campus Drive is the single point of production for GSK’s FDA-approved lupus treatment Benlysta.  Completed in 2005, the large scale manufacturing site has a fully-integrated warehouse with production and testing capabilities enabling stand-alone production of commercial biologics derived from cell culture.

 The facility sits on a 9.55 acre site at the intersection of Interstate 270 and Shady Grove Road in Rockville, which is two miles south of the newly-opened Intercounty Connector and approximately 20 miles northwest of downtown Washington, D.C. 

Jim Meisel

The HFF investment sales team representing the seller was led by executive managing director Stephen Conley, senior managing directors Jim Meisel, Dek Potts and Andrew Weir, associate director Matt Nicholson and senior real estate analyst Dave Baker.

“This is a very special purpose facility that provides stable cash on cash yields from an investment grade tenant for more than 10 years,” Meisel said.

BioMed Realty Trust, Inc. (NYSE: BMR), is a leading provider of real estate solutions to the life science community and offers leasing, development, construction, redevelopment, acquisition, financing and property management services to its tenant partners in the United States and the United Kingdom. 

BioMed Realty owns or has interests in properties comprising approximately 17.2 million rentable square feet. 

Additional information is available at www.biomedrealty.com.  Follow them on Twitter@BioMedRealty.

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

$13.75 Million Buys North San Diego County, CA Single-Tenant, Net-Leased Retail Asset

Westfield Plaza Camino Real Shopping Mall, 2559 El Camino Real, Carlsbad, CA

John Rodiles

CARLSBAD, CA – 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 a 156,132-square-foot building fully leased to Macy’s West Stores Inc., a subsidiary of Macy’s Inc. The commercial real estate asset is located in the Westfield Plaza Camino Real shopping mall in Carlsbad, Calif.

The $13,750,000 sales price equates to $88 per square foot.

            John Rodiles, vice president investments in the firm’s Long Beach office, and Kirk Garabedian, senior associate in Marcus & Millichap’s Los Angeles office, represented the seller, a San Diego-based private investor. The buyer is an international commercial real estate investor.

            “Macy’s has been in operation at this location since 1979,” says Rodiles. “The retailer completed the initial term of the 32-year lease and is in an eight-year option period that includes four five-year options.”

Kirk Garabedian

            “The company owns another parcel in the same shopping mall that it operates as a men’s and home furnishings store,” adds Garabedian.

            Built in 1979 on 1.71 acres at 2559 El Camino Real in Carlsbad, Calif., the building was renovated in 2000.

            The approximately 1.1 million-square-foot Westfield Plaza Camino Real shopping mall contains 150 retailers and draws nearly 6 million customers per year.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Cincinnati, OH Metro Area Multifamily Asset Trades for $13.75 Million

  

Independence Oaks Apartments, 2050 Boxer Lane
Independence, KY

INDEPENDENCE, KY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Independence Oaks Apartments, a six-building 144-unit apartment complex in Independence, Ky.

The $13,750,000 sales price equates to $95,486 per unit, which is the highest price per unit recorded for a suburban Cincinnati multifamily commercial real estate property sale so far this year.

            Nicholas Andrews, Joel Dumes and Stan Falk of Marcus & Millichap’s Cincinnati office, represented both the buyer and the seller in the transaction.        

Nicholas Andrews

            “Independence Oaks is one of the nicest apartment communities to have been built in the Cincinnati MSA since the recession,” says Dumes. 

“The property’s excellent location and phenomenal rate of lease-up since coming online made it a highly desirable acquisition target for a very hungry market.”

            “We are very proud of the fact that we were able to generate the highest price per unit for a multifamily transaction recorded in suburban Cincinnati so far this year and one of the lowest cap rates of any apartment closing outside of downtown in recent years,” adds Andrews.

 “An assignment like this featuring a stabilized, high-quality asset in a fast-growing market is where we are able to add a tremendous amount of value for owners. 

"We really couldn’t predict at the outset whether the best buyer would ultimately turn out to be institutional or private, local or national but we were confident that between our marketing process and our relationships with each of these classes of buyers we would be able set a new benchmark for value in this market.”

Joel Dumes

            Located at 2050 Boxer Lane in Independence, Ky. with easy access to Interstate 275, Interstate 75 and Interstate 71, the property is set between three wooded acres and several restaurants and retailers, including a Kroger supermarket.

 The Cincinnati area is home to the headquarters of 10 Fortune 500 companies, including Procter & Gamble, Kroger, Macy’s Inc., Fifth Third Bank and the Western and Southern Life Insurance Co.

            Built in 2012 on more than 13 acres, Independence Oaks Apartments’ unit mix features 120 two-bedroom/two-bath apartments and 24 three-bedroom/two-bath units with fully furnished kitchens, electric appliances, high-speed fiber optics, large walk-in closets and a patio or balcony. 

Common area amenities include a clubhouse with pool, a fitness center, a basketball court and playground, a laundry room, lake and 24-hour maintenance.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Senior Residence at Iwilei is Dedicated at Open House in Honolulu; WNC provided $24 million in LIHTC equity to fund the new 160-unit senior housing building

Senior Residence at Iwilei, 888 Iwelei Road
Honolulu, Hawaii

HONOLULU, HAWAII – WNC, a national investor in real estate and community development initiatives, announced today that a new 160-unit affordable senior housing building, Senior Residence at Iwilei, has opened to residents in Honolulu. WNC provided $24 million in low-income housing tax credit (LIHTC) equity to fund construction of the community, where a dedication ceremony attended by Hawaii Governor David Ige was held Dec. 9.

 Senior Residence at Iwilei is a 15-story, elevator-serviced building consisting of a mix of one- and two-bedrooms units. Located at 888 Iwilei Road, the property includes sky-walk access to the parking garage, on-site management, a laundry facility, community room, secured entry and an adult day care center.

Hawaii Gov. David Ige

 In addition, organized group activities, various social and health services, financial management and budgeting are offered at the property. 

An approximate 12,500-square-foot office space, reserved for non-profit organizations, is located on the second floor of the building.

 The community is available to residents aged 62 years and older who earn between 50 percent and 60 percent of the area’s medium income level.

  Each unit includes a balcony or patio, carpeting, blinds, refrigerator, range, garbage disposal and intercom entry.

“We couldn’t be more pleased to help deliver this wonderful new property to Honolulu’s senior residents in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “This community provides safe, comfortable and affordable homes replete with amenities of particular value to seniors.”

Michael Gaber

Senior Residence at Iwilei was developed by Pacific Housing Assistance Corporation. The building also received financing from the Hawaii Housing Finance and Development Corporation and the City of Honolulu.

 WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. 

WNC has acquired more than $6.5 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands.

 Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects.

 WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. 

Additional information is available at www.wncinc.com.

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

Julie Leber

Account Manager

Spotlight Marketing Communications

18101 Von Karman Avenue, Suite 330

Irvine CA 92612

949-427-5172, ext. 703

509-338-5676 - cell

julie@spotlightmarcom.com