The Altman Companies Breaks Ground on Altís Lakeline Apartments in Austin, TX

  

Altis Lakeline Apartments, 12700 Ridgeline Boulevard, Austin, TX

AUSTIN, TX –The Altman Companies, a nationally recognized developer of luxury apartment communities, has broken ground on its first development in Austin, Texas.  

Located at 12700 Ridgeline Blvd., the 354-unit Altís Lakeline is rich with features and amenities.

Altís Lakeline consists of 19 two- and three-story residential buildings. The spacious floorplans include one-, two- and three-bedroom units. The gated community has private entries and attached garages, as well as private balconies and patios.  Residents have on-the-spot luxurious perks designed just for them including valet door-to-door trash service, package delivery and virtual concierge services.

Joel Altman

 “Multifamily construction has shown continued strength in the Austin market and we’re excited to establish a presence in this desirable, central location,” said Joel Altman, chairman of The Altman Companies.

 “Today’s apartment residents want more from their communities. Altís Lakeline combines the latest residential amenities with a host of elevated services and perks to create an exceptional living experience.”

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

BoardroomPR

Ashley Fierman, afierman@boardroompr.com

Todd Templin, ttemplin@boardroompr.com

(954) 370-8999

www.AltmanCos.com.

Arbor Funds $200 Million in Multifamily Deals Across South and Midwest

Matt Norman

UNIONDALE, NY - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of 21 loans totaling $200,315,900 across Texas, Arkansas, Tennessee, Alabama and Ohio under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Multifamily Affordable Housing, Fannie Mae DUS® Small Loan, CMBS and Arbor Reality Trust's Bridge and Mezzanine programs.

Matt Norman, Vice President in Arbor’s Dallas, TX, office, originated all of the loans.

 “As demonstrated by this collection of loans, Arbor is providing investors the personal service and customized loan products they need to take advantage of today’s strong multifamily market conditions,” Norman said.

“Arbor has the nationwide expertise that’s required to meet borrower demands no matter where they do business, including the thriving multifamily markets found across the South and Midwest.”

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

Christopher Ostrowski

costrowski@arbor.com

Urgo Hotels & Resorts and Triumph Development Partner to Build Residence Inn by Marriott in Breckenridge, CO

Rendering of planned Residence Inn by Marriott, Breckenridge, CO

Mathew Jalazo

BRECKENRIDGE, CO and BETHESDA, MD -- A joint venture partnership between Urgo Hotels & Resorts and Triumph Development, LLC has announced it broke ground on a 129-suite, custom-designed Residence Inn by Marriott in the heart of Breckenridge, Colo. 

Set to open in the fall of 2016, it will be the first new hotel built in Breckenridge in more than 20 years and is the first Marriott-branded hotel in the market.  

Urgo and Triumph will oversee the development of the hotel and Urgo will operate the hotel.

“Both Triumph and Urgo have a strong history of developing and repositioning hotels in mountain ski markets,” said Mathew Jalazo, director of development at Urgo Hotels.

 “We are patient developers, seeking unique sites with high upside potential.  Urgo and Triumph have been working on this project for over two years, acquiring the shuttered Breckenridge Mountain Lodge, arguably one of the best sites in the market, and then shepherding the project through the extensive permitting process.

“The Residence Inn will be only the second branded hotel in the market and we expect the Marriott flag and exceptional location to give us a compelling competitive advantage,” he added. 

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

Chris Daly, media

chris@dalygray.com

(703) 435-6293

www.triumphdev.com

www.urgohotels.com.

Mortgage Bankers Predict New Wave of Home Ownership by 2024

Lynn Fisher

WASHINGTON, DC -- By 2024, the U.S. will create between 14 million and 16 million new households, according to the Mortgage Bankers Association.  Of those, as many as 13 million will be owners and as few as three million will be renters.

The MBA predicts over the next decade, Americans will emerge from their childhood bedrooms or rental apartments and start becoming homeowners again.

The MBA says home ownership has plunged to its lowest level in half a century. But over the next decade the country will see a surge in new household formation, with many of those families choosing to own rather than rent.

The MBA says that as many as 1.3 million additional owner households will be created each year. That is a significant pickup from the recession, when the number of owner households has been basically flat.

“It’s a huge amount of housing demand any which way you cut this,” said Lynn Fisher, MBA’s vice president of research and economics.

The MBA says the homeownership rate rose from less than 64% in the late 1980s to more than 69% in the mid-2000s before dropping to below 64% again in 2015.

The MBA says if current homeownership rates by age and race persist, the report’s authors expect the homeownership rate to grow modestly to 64.8%. If those rates of homeownership by group revert to higher long-term trends, they expect the homeownership rate to rebound to 66.5%.

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

mba_mail@mba.org

Meridian Capital Group Arranges $15 Million in Acquisition Financing for the Berkshire Reserve Multifamily Property Located in Naples, FL

Israel Schubert

Boca Raton, FL,  Aug. 25, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated a $15 million mortgage for the purchase of the Berkshire Reserve multifamily property located in Naples, FL on behalf of Axonic Capital.

The five-year loan, provided by a regional balance sheet lender, features a competitive fixed-rate of 3.125% and a flexible prepayment penalty.

This transaction was negotiated by Meridian Senior Managing Director, Israel Schubert, and Vice President, Brad Beattie, who are based in the Company’s Iselin, NJ and Boca Raton offices, respectively.

Brad Beattie

Constructed in 2001, Berkshire Reserve is a townhome-style community that totals 146 units and is located at 3536 Winifred Row Lane in Naples, FL.

The property contains 37 two-story buildings situated on landscaped grounds with a central lake and fountain. Property amenities include a swimming pool, large sundeck and lounge area, playground, barbeque grill, picnic area and carports.

 Berkshire Reserve is in close proximity to Golden Gate Community Park which houses a fitness center, Olympic-sized pool with diving area and a children’s pool, baseball and softball fields, a soccer/football field, tennis courts, basketball courts, racquetball courts, shuffleboard courts and a community center for other activities.

“In addition to obtaining an aggressive 75% loan-to-value, non-recourse bank loan, Meridian was able to negotiate a prepayment penalty that declines to 1% in the event of sale at any point over the term of the loan,” said Mr. Beattie.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

Meridian Capital Group Arranges Acquisition Financing for the Oakleigh Apartments Multifamily Property Located in Baton Rouge, LA

Oakleigh Apartments, 11580 Perkins Road
Baton Rouge, LA

ISELIN, NJ,  Aug. 25, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated a mortgage for the purchase of the Oakleigh Apartments multifamily property located in Baton Rouge, LA on behalf of a private REIT.

The 10-year loan, provided by EverBank, features a competitive fixed-rate of 3.83% and a flexible prepayment penalty. 

This transaction was negotiated by Meridian Senior Vice President, Barry Lefkowitz and Vice President, Sam Walkin who are both based in the Company’s Iselin, NJ office.

  

Constructed in mid-1980’s, Oakleigh Apartments is a townhome-style community that totals 296 units and is located at 11580 Perkins Road in Baton Rouge, LA. The gated property features two swimming pools, a fitness center and an on-site laundry facility.

 

Perkins Rowe Shopping Center, Baton Rouge, LA

Oakleigh Apartments is conveniently located two blocks from the Perkins Rowe Shopping Center, Cinemark Theatre and numerous popular restaurants.

“We worked closely with the talented team at EverBank to manage title and land restrictions allowing our client to close their purchase as planned and begin executing their business plan,” said Mr. Walkin. 

“In addition, we negotiated high loan-to-cost balance sheet financing that includes a low rate of 3.83% despite a rising interest rate environment,” he added.

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

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

NAI Realvest Negotiates $3.9 Million Sale of Winter Park, FL Infill Industrial Facility

Christie Alexander

WINTER PARK, FL – NAI Realvest recently negotiated the $3,900,000 sale leaseback of the Accord Industries facility located at 4001 N. Forsyth Rd. in Winter Park.

The NAI Realvest team of Drew Saphos, CCIM, Chairman George Livingston, and Principal Christie Alexander negotiated the transaction on behalf of the seller, Accord Industries, LLC.

The 23.84 acre sale includes a partial long-term leaseback of the infill industrial site to Accord Industries, a privately held U.S. owned and operated manufacturer of extruded PVC pipe. Accord Industries will continue its operations at the Winter Park location.

The buyer is Winter Park-based Forsyth Commerce Center, LLC, who was represented by KR Properties of Central Florida. 

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.

Stirling Sotheby’s International Realty Names International Marketing Specialist at its Lake Nona Marketing Center in Orlando, FL

Omar Abdul-Hafiz

ORLANDO, FL--- Stirling Sotheby’s International Realty has named Omar Abdul-Hafiz an International Marketing Specialist in the firm’s Lake Nona Marketing Center on Narcoossee Rd. in southeast Orlando.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Abdul-Hafiz is an entrepreneur with close ties to the Middle East and is fluent in Arabic.

The UCF graduate who holds a degree in Political Science and International Relations is also a founder and partner of a profitable real estate firm that buys, rehabs and resells residential and commercial properties.     

Abdul-Hafiz will focus on representing buyers and sellers in Central Florida’s Lake Nona, Medical City area.  He has excellent contacts with professionals throughout the Middle East, Canada and the U.S. who are interested in investing in the area.

“Omar brings a new dimension of opportunities at Stirling Sotheby’s International Realty, said Soderstrom. “We think he will open doors to important market segments and growth.”

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 332 Apartment Units in Birmingham, AL for $14 Million

Josh Jacobs

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently completed the sale of the Devonshire Place and Sun Valley Apartments, a 332-unit multifamily property for $14,110,000 or $42,500 per unit.

David Oakley, managing director and Josh Jacobs, investment sales associate in Berkadia’s Alabama regional office negotiated the sale representing the New York-based seller of the apartments located at 2349 8th St. NW in Birmingham’s northwest corridor near Pinson and Center Point submarkets.

Built in 1971 and 1974, Devonshire Place and Sun Valley is a garden-style, two- and three-story community situated on approximately 19.76 acres of land with a density of 16.60 units per acre and an average unit size of 1,043 square feet.  

The property houses a total of 346,260 square feet, offering a well-balanced unit mix of studio, one-, two-, and three-bedroom floor plans ranging in size from 500 to 1,560 square feet.

The buyer was New York-based Devonshire Apartments AL, LLC. 

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.

CBRE Capital Markets Brokers Sale of New Luxury Rental Community in Sanford, FL

Elan Towne Center, Sanford, FL

Orlando, FL –  CBRE Capital Markets arranged the sale of Elan Towne Center, a new 360-unit, Class “A” apartment community in the Sanford area of Orlando.

Located at 12500 Solstice Loop, the asset was completed in early 2015. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to the seller in the transaction.

“The property was completing the lease-up when taken to market, and the strong investor demand was a testament to the desirable product and compelling employment story in the nearby Lake Mary Heathrow Office Park,” said Mr. Granade, Vice Chairman of CBRE Capital Markets, Multifamily.

 “Institutional and larger private equity investors are flocking to these high-quality locations and opportunities, and are bullish on the rent and employment gains projected for Orlando.”

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

Elizabeth Cross

Daniel Jimenez

+1 305 428 6373

+1 407 839 3191

elizabeth.cross@cbre.com

 daniel.jimenez@cbre.com

  

NAI Realvest Negotiates Three industrial leases totaling 18,000 square feet in Seminole County, FL

Michael Heidrich

ORLANDO, FL— NAI Realvest recently negotiated three long-term leases totaling 18,000 rentable square feet at industrial centers in Longwood and Sanford.

Michael Heidrich, senior vice president and principal at NAI Realvest brokered the transactions representing the landlords.

At 1075 Florida Central Parkway in Longwood, Heidrich represented the landlord 1944 Unionport Associates LLC of New York, NY in a lease renewal agreement with local tenant MRI Depot, Inc. for Suite 2000 with 5,204 square feet.  

TekQuest Industries Corporation d/b/a Rush Hampton is the tenant who renewed its lease of 10,800 square feet in Suite 1000 at 4275 Church St. in Monroe CommerCenter South in Sanford. 

    Allen’s Environmental, LLC d/b/a/West End Construction renewed the lease of 2,000 square feet at 707 Progress Way in the same center and the landlord there is Monroe South SPE, LLC of Orlando.

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

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

  

HFF secures $35.23 million in financing for Burlington, MA-based Linear Retail Properties

 

Riaz Cassum

BOSTON, MA – Aug. 24, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $35.23 million in combined financing for Main Street Marketplace in Waltham, Massachusetts and Eaglewood Shops in North Andover, Massachusetts.

Working on behalf of the borrower, Linear Retail Properties, HFF placed the fixed-rate, first mortgage acquisition loans with different lenders in two separate transactions. 

A $14.56 million loan was placed with Cambridge Trust Company for Main Street Marketplace and a $20.67 million loan was secured through Washington Trust with Middlesex Savings Bank for Eaglewood Shops.

Main Street Marketplace is a 44,461-square-foot, Class A retail center that was completed in 2012.  

The property is fully leased to 13 local, regional and national tenants including iParty, Panera Bread, Chipotle Mexican Grill, GNC, Aspen Dental, Supercuts, Five Guys and AT&T Wireless. 

Situated on a 4.31-acre site at 1030 Main Street, the property is straddled by State Routes 20 and 117 about a half of a mile east of Route 128/Interstate 95 in Waltham.  Average daily traffic counts at the property exceed 31,000 cars per day on Weston Road (Route 20).

Brett Paulsrud

Completed in 2005, Eaglewood Shops is a Class A retail center with 77,558 square feet of space anchored by Staples.  

Other retailers at the fully-leased center include Pier 1 Imports, Jos. A. Bank, Burtons Grill, Chipotle Mexican Grill, Thyme Sushi and b good. 

Eaglewood Shops is located on more than 13 acres at 145 Turnpike Street less than one mile south of Interstate 495 in North Andover.  The property has average daily traffic counts of more than 29,000 vehicles per day on Turnpike Street (Route 114).

The HFF debt placement team representing the borrower was led by senior managing director Riaz Cassum and director Brett Paulsrud.

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

 Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.linearretail.com

 or on Twitter @LinearRetail.

  

HFF arranges financing for Austin, TX multi-housing community

  

Falcon Ridge Apartments, 500 East Stassney Lane, Austin, TX

  

Eric Tupler

DENVER, CO, Aug. 24, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged financing for Falcon Ridge, a 296-unit, garden-style multi-housing community in Austin, Texas.

HFF worked on behalf of the borrower, Griffis Residential, to secure the 10-year, fixed-rate loan with TIAA-CREF.  Loan proceeds were used to acquire the property.

Built in 2000, Falcon Ridge has 12 residential buildings consisting of one-, two- and three-bedroom floor plans averaging 901 square feet each.

 Community amenities include two swimming pools, spa, fitness center, tanning room, sand volleyball court, barbecue area with grills, dog park, jogging trail, car wash and clubroom/business center.

 The property is situated on 23.45 acres at 500 East Stassney Lane immediately southeast of the intersection of Interstate 35 and Highway 71 in Austin’s South Central neighborhood.  The asset is 94 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler, managing director Josh Simon and associate director Casey Wenzel.

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

 Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.GriffisResidential.com.

CBRE Lists Reserve at Maitland for Sale in Maitland Center, FL

Reserve at Maitland, Maitland Center, FL

Ron Rogg

ORLANDO, FL -- CBRE, as exclusive advisor, is pleased to offer for sale Reserve at Maitland, three single-story office buildings totaling 196,835 square feet, located in the prestigious Maitland Center office submarket; one of the most established suburban submarkets in the Southeast. 

Maitland Center’s large concentration of institutional developers and owners has historically been a strong draw for credit tenants.

Strong credit tenants, Bright House Networks and Alere, have a long history at the property and offer ownership predictable cash flow and significant upside in the lease up of current vacancy.

Built in 2001, the Property has been owned and maintained on an institutional basis. A combination of asset quality, location, credit tenants, and significant upside potential make it one of Central Florida’s best available value-add investment opportunities.

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

 Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com

Charles Dunn Company Completes Office Property Sale in Porter Ranch Neighborhood of Los Angeles, CA

Justin Mendelson

LOS ANGELES, CA, Aug. 24, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4,925,000 sale, a fully occupied, 15,798-square-foot office building located in the affluent Porter Ranch neighborhood of Los Angeles. 

Built in 1985 and located at 11260 Wilbur Ave., the two-story, pride-of-ownership property is situated on just under one acre of land at the signalized intersection of Wilbur Ave. and Rinaldi St.

The asset features Spanish-style architecture and is occupied by office and professional tenants. The Property is across the street from Porter Valley Country Club and is one-half mile from the Facey Medical Group.

Justin Mendelson and Fred Sheriff of Charles Dunn Company represented the sellers, Wilnaldi Venture, L.P. and Wilnaldi Bellisimo LLC. The same Charles Dunn team including Darrell Levonian of the firm represented the buyer, Papazian-Hirsch Calabasas, LP.

Fred Sheriff

 The transaction closed at a 6.7 percent cap rate, and price-per-square-foot in excess of $300.

Charles Dunn Company garnered approximately 10 offers throughout the marketing process on Northridge Professional Park and worked with the seller to select a well-capitalized and experienced buyer. The buyer – a long-time client – has completed multiple transactions with the Charles Dunn’s Darrell Levonian over the years.

“This was an opportunity for the buyer to trade from another property that we sold at a 4 percent cap rate into this office building in a submarket with great demographics and a cap rate of 6.7 percent,” said Mendelson. 

“Additionally, the property offered a very stable tenancy history, attractive cash-flow within a sub-market that doesn’t have many office space choices, and limited new planned development.”

Mendelson added that “the majority of Northridge Professional Park’s tenants are local companies that are owned and/or led by executives who live in the nearby high-end residential communities. The area enjoys convenient retail, dining, entertainment and recreation amenities.”

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com