HFF closes sale of Hilton Key Largo Resort hotel in the Florida Keys

Hilton Key Largo Resort, Key Largo, FL

Daniel C. Peek

TAMPA, FL -– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Hilton Key Largo Resort, a 200-room waterfront resort in Key Largo, Florida.

HFF marketed the property on behalf of the seller and completed the sale to KHP Capital Partners.  Davidson Hotel Company will assume management post-closing.

The Hilton Key Largo Resort is situated on a 13.1-acre parcel with 850 feet of Florida Bay frontage in Key Largo, the first and largest of the Florida Keys.

  Located at 97000 South Overseas Highway, the hotel is less than 70 miles from Miami International Airport and near the John Pennekamp State Park, the only living coral reef along the continental United States, and numerous fishing and watersports attractions. 

Max Comess

Consisting of three four-story buildings connected by covered walkways on each floor, the resort features a private beach, 21-slip marina, two outdoor heated pools, two tennis courts and watersports rentals.

 The property also includes approximately 18,000 square feet of indoor and outdoor event space, Treetops Bar & Grille, Splashes Pool Bar and Waves Beach Bar.  

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Max Comess and associate director Alexandra Lalos.

“Florida hotels are continuing their trend of exceptional performance into 2016,” Peek said.  “Increases in group travel and diminishing seasonality have translated into strong institutional interest for resorts, particularly in extreme barrier-to-entry markets such as the Florida Keys.”

“Key Largo in particular seems to be emerging as a new high-end resort destination in South Florida,” Comess added.  “The same transformation and flight to quality that occurred in Key West and Islamorada in recent years appears to be happening in Key Largo, the closest of the Florida Keys to Miami.”

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

Kristen M. Murphy

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

www.khpcapitalpartners.com.

HFF secures construction loan for built-to-suit Class A office development in Dallas’ Cypress Waters master planned community

  

Trey Morsbach

DALLAS, TX –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured construction financing for the development of a 325,600-square-foot, built-to-suit, Class A office development for CoreLogic in Dallas, Texas.

Working on behalf of Billingsley Company (Billingsley), HFF placed the fixed-rate construction/perm loan with Regions Bank.  The financing includes a two-year construction loan plus multiple extension options. 

This is the fourth financing HFF has secured for Dallas-area developments for Billingsley in the last year, including arranging the construction loan for 7-11’s corporate headquarters within Cypress Waters.

Due for completion in April 2017, the four-story property will be fully leased to CoreLogic, a leading global property information, analytics and data-enabled services provider based in Irvine, California. 

The CoreLogic build-to-suit is situated within Billingsley’s Cypress Waters master-planned community, a 1,000-acre waterfront development with office, multi-housing and retail in the central part of the Dallas-Fort Worth Metroplex. 

Jim Curtin

Located on 20.85 acres at the intersection of Hackberry Road and Ranch Trail, the property is positioned along the LBJ Expressway (Interstate 635) corridor less than three miles from the north entrance of DFW International Airport.

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and director Jim Curtin.

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

Kristen M. Murphy

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

www.cypresswaters.com

www.billingsleyco.com.

Lincoln Property Company Promotes Three Within Atlanta Office

Michael Howell

ATLANTA, GA  – Lincoln Property Company (Lincoln), one of the nation’s largest diversified commercial real estate companies, continues to build on its success with the promotion of three talents in its Atlanta office.

Michael Howell and Hunter Henritze, who currently co-lead the company’s office leasing practice, are both being promoted to senior vice presidents, where they will continue in their current positions but will broaden their roles within the Georgia region.

“Michael and Hunter are tremendous assets to our team and have delivered outstanding performance for the clients we serve while demonstrating invaluable leadership within our team,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. 

“They are each richly deserving of this promotion, and I look forward to growing and improving our business platform with them for many years to come,”

Hunter Henritze

Additionally, Jeff Henson, a senior leasing agent, will be promoted to vice president in Lincoln’s office leasing group. Henson specializes in representing landlords in suburban  Atlanta with the leasing and brokerage  of single-story and mid-rise office and flex industrial properties.  

“Jeff is one of the most tenacious, aggressive and innovative sales professionals in our office,” Bartlett said. “No one works harder on behalf of his clients and his approach and efforts have helped us grow our market share in this product type.”

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

www.lpcsoutheast.com/blog.

www.lpcsoutheast.com.

Harvard and Lincoln Buy, Build to Assemble 425,000 SF Waypoint Campus in Arizona

Aerial rendering of planned Waypoint office development
on borders of Tempe, Scottsdale and Mesa, AZ

PHOENIX, Feb. 24, 2016 – With the just-closed, $34.34 million office acquisition of Riverview Point, Harvard Investments and Lincoln Property Company (LPC) will combine new construction with existing buildings to establish a 425,861-square-foot, Class A office campus at the borders of Tempe, Scottsdale and Mesa, Arizona.

The new development, branded collectively as Waypoint, will combine Harvard and LPC’s recently delivered Waypoint One Class A office building, their soon-to-break-ground Waypoint Two Class A office building and the existing, two-building Riverview Point portfolio. The result is a four-building business campus situated on 34.53 acres along the Loop 202 and adjacent to Mesa Riverview, a 1.3 million-square-foot retail, hospitality and entertainment complex.

Dave Krumwiede

“With this activity, we’re establishing an almost half-million-square-foot office destination within one of the Valley’s brightest business corridors,” said Craig Krumwiede, President of Harvard Investments. “It is a tremendous opportunity to create a very strong new portfolio asset in the market.”

Developed in 2008, Riverview Point consists of two, two-story office buildings totaling 164,861 square feet at 1138 and 1146 N. Alma School Rd. in Mesa. The project is 98 percent leased to tenants including Ashton Woods, Mitel Corporation, Udall Shumway PLC and the corporate headquarters for Nextcare. Harvard and LPC will roll out a building renovation plan at Riverview Point that includes new paint, interior renovations and new monument signage to build the cohesive Waypoint brand.

The newly acquired buildings sit adjacent to Waypoint One, a two-story, 108,000-square-foot Class A project that was developed and fully pre-leased last year by Harvard and LPC. 

Located at 1150 N. Alma School Rd. in Mesa, Waypoint One is now 100 percent occupied by American Traffic Solutions (ATS). ATS moved into Waypoint One in November, consolidating approximately 500 employees from Scottsdale and Tempe to create a new corporate headquarters.

Craig Krumwiede

In March, Harvard and LPC will break ground on Waypoint Two, a 152,000-square-foot Class A office building adjacent to Waypoint One at 1130 N. Alma School Rd. in Mesa. Waypoint Two is designed to accommodate single- and multiple-occupancy users. 

Like Waypoint One, it will provide a “high-tech” aesthetic with clean lines, timeless materials, simple detailing, bright and open lobbies and workspaces, and abundant parking.

“On its own, Riverview Point is a successful project that is almost fully leased to a roster of stable tenants. Waypoint One adds the vibrancy of American Traffic Solutions and Waypoint Two gives us the runway to expand on that vibrancy,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “By controlling this entire site, we have the flexibility and freedom to build a very distinct and modern office footprint in the East Valley.”

The new four-building Waypoint campus sits just six miles east of Phoenix Sky Harbor International Airport, with convenient access to Loop 101 at Rio Salado Parkway and the Loop 202 at Dobson and Alma School roads.

 Waypoint is less than one mile from the new Cubs Spring Training Facility and the newly reconfigured Riverview Park. It joins an established business and hospitality environment that includes the mixed-use Mesa Riverview, a Hyatt Place Hotel and a 180-room, upscale brand Sheraton Hotel with amenities including full-service restaurants, bars, swimming pool, fitness facility and more than 30,000 square feet of meeting and event space.

Barry Gabel

Barry Gabel and Chris Marchildon of CBRE represented the seller, R&R Riverview LLC, in the Riverview Point transaction. The financing partner is BMO Harris.

LPC will manage all four buildings at the project, adding Waypoint to its more than 8 million-square-foot Phoenix property management portfolio.

To discuss leasing at Waypoint, contact Dave Carder or Luke Walker of CBRE at (602) 735-5555.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

www.lpc.com

www.lpcphx.com.

http://www.harvardinvestments.com.

Passco Secures Four National Retail Tenants in Handford, CA Asset

  

Todd Siegel

HANFORD, CA (Feb. 25, 2016) – Passco Companies, LLC has secured four national retail tenants for its retail asset, Hanford Mall in Hanford, California; Buffalo Wild Wings, Five Guys, Dunkin Donuts, and Pieology.

“As a retail owner since our inception in 1998, Passco has always found new ways to optimize our retail assets,” says Todd Siegel, Vice President Retail of Passco Companies. 

“This property is no exception.  These new restaurant tenants will draw new and repeat consumers, which will ultimately increase net operating income and improve overall property value over time.”

Siegel notes that a focus on dining and experience tenants continues to be a priority for retail owners in today’s market.

“Retail turnarounds are a specialty for our team,” Siegel says.  “We are experienced in transforming large retail centers, and we are able to draw upon that strategic knowledge to create value in our mall assets as well.”

Hanford Mall, located at 1675 West Lacey Blvd. in Hanford, is anchored by Kohls, Forever 21, Sears, JC Penney, and Cinemark 8.

Passco’s new tenants Buffalo Wild Wings, Five Guys and Pieology are already under construction, with planned openings in Summer 2016.  Dunkin Donuts is set to begin construction shortly.

“Each of these new leases demonstrates our ongoing strategy to ensure long-term stabilized growth in our Hanford Mall asset, ultimately delivering strong returns to our investors,” says Siegel.

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

lastfalk@browermillercole.com

         

www.passco.com.

Judy Dolan of Berger Commercial Realty Promoted to Senior Vice President

  

Judy Dolan

 FORT LAUDERDALE, FL (Feb.  25, 2016) – Berger Commercial Realty recently announced the promotion of Judy Dolan to senior vice president.

With more than two decades of experience in commercial real estate, Dolan was promoted to vice president in 2009 after joining Berger Commercial Realty as a broker associate in 2006.

Licensed by the Florida Bar, her background as a real estate closing attorney complements her experience in commercial sales and leasing. 

Dolan’s notable assignments include Lyons Technology Center, Merrill Industrial Center, the Executive Airport Business Center and Plantation Technology Park.

In 2015, she represented Resolve Marine Group in the $8.9 million purchase of Harbor Place, a 36,000-square-foot office building located at 1600 S.E. 17th St. in Fort Lauderdale. Following the transaction, Resolve Marine Group retained Berger Commercial Realty to lease and manage the building.

 She has also represented Resolve in a number of other real estate transactions over the past five years, including the company's original 2012 lease at Harbor Place.

Harbor Place, Fort Lauderdale, FL

A long-time resident of Broward County, Dolan’s community affiliations include founding the Women’s Chamber of Commerce and serving as chairwoman. 

She is past president of the American Business Women’s Association, a member of the Greater Miami Board of Realtors, and a volunteer at Harbordale Elementary. 

Her accolades include “Member of the Year” and “Woman of the Year” awards from the American Business Women’s Association, “Member of the Month” and Pinnacle Award distinctions from the Miramar/Pembroke Pines Chamber of Commerce, and CoStar Power Broker recognition from 2007 through 2010.

Dolan earned her Juris Doctor from University of Miami School of Law and received a Bachelor of Science in Criminal Justice from Rowan University in Glassboro, N.J.

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

954-776-1999

Pierson Grant Public Relations

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

HFF arranges $95.5 million in financing for Southern California seniors housing development

  

Rendering of planned Crestavilla seniors housing community,
30111 Niguel Road, Laguna Niguel, CA

James Fowler

NEWPORT BEACH, CA – Feb. 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $95.5 million in joint venture equity and construction financing for the development of Crestavilla, a 211-bed, to-be-built, luxury, resort-style seniors housing community located in the Orange County community of Laguna Niguel, California.

HFF worked on behalf of the developer, Steadfast Companies, to arrange the $27.9 million joint venture equity capital with Fremont Realty Capital.  In addition, HFF secured the $67.6 million construction loan for the partnership through a local bank.

Crestavilla will be a luxury, fully-licensed seniors housing development with panoramic views of the neighboring Pacific coastal hills.  The three-story, Spanish Colonial-style building will house 61 independent living units, 115 assisted living units and 25 memory care units, totaling 201 units with 211 beds. 

The community will feature a variety of amenities, including four restaurants, two theaters, walking trails, fitness center, salon and spa, dog park, rooftop gardens and verandas, pet care, shuttle and limousine service, medical services and a number of clubs, programs, courses and studios. 

Situated on 11.5 acres at 30111 Niguel Road, the Crestavilla site is 4.5 miles from two acute-care hospitals and 6.5 miles from Saddleback Memorial Medical Center, named in 2015 by Healthgrades as one of America’s 50 Best Hospitals.

The HFF equity and debt placement team representing the developer was led by managing director James Fowler and senior managing directors Ryan Maconachy and Chad Lavender.

“Steadfast Companies, in partnership with Fremont Realty Capital, have already begun construction on what will become the premiere seniors housing project in south Orange County,” Fowler said.  “The location is superb and the planned quality of amenities and construction will be unparalleled.”

  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.fremontrealtycapital.com.

www.steadfastcompanies.com.

Financing for 480-unit apartment community in Houston, TX arranged by HFF

  

Cortney Cole

DENVER, CO – Feb. 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged acquisition financing for Broadstone Stone Park, a 480-unit, garden-style apartment community in Houston, Texas.

HFF worked exclusively on behalf of the borrower, Advenir, Inc., to secure the seven-year, 2.82 percent, floating-rate loan with three years of interest only through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

 The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Advenir will rebrand the property as Advenir@Stone Park and will implement a capital improvement program to achieve greater rental premiums.

Broadstone Stone Park is situated on 21.59 acres at 6160 East Sam Houston Parkway North, approximately seven miles northwest of the Port of Houston and 16 miles northeast of downtown. 

The two-phased, controlled-access community has 17 residential buildings totaling 414,564 rentable square feet and two separate amenity packages for each phase including resort-style swimming pools; state-of-the-art fitness centers; barbecue and picnic areas; clubhouses with full kitchens, billiards tables and shuffleboards; business centers; and detached garages and carports.           

The HFF debt placement team representing Advenir, Inc. was led by Josh Simon, Eric Tupler and Cortney Cole.

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

Prologis Awards Berger Commercial Realty Exclusive Leasing Assignment for Prospect Park I and II in Fort Lauderdale Commerce Center

Joe Byrnes

FORT LAUDERDALE, FL (Feb. 24, 2016) - Prologis, a S&P 500 organization and global leader in industrial real estate development and management, has awarded Berger Commercial Realty the exclusive leasing assignment for Prospect Park I and II.

Located within the Fort Lauderdale Commerce Center, the two business parks total 14 buildings and more than 150,000 square-feet of prime office and flex space.

Brokers Joe Byrnes, Keith Graves and Jonathan Thiel will be the exclusive leasing agents for the properties, which are currently 65 percent occupied.

In 2013, Prologis retained Berger Commercial Realty to manage leasing for the I-595 Distribution Center, a 150,452-square-foot industrial facility in Davie that consists of two buildings.

"We are proud that Prologis, a true global leader in industrial real estate, continues to trust our firm to manage leasing on its behalf, and we look forward to increasing tenancy at these two properties," Graves said.

Keith Graves

Located at 5201 to 5255 N.W. 33rd Ave., the 70,874-square-foot Prospect Park I consists of six buildings and features prime office suites ranging from 1,178 square-feet to 4,719 square-feet.

Prospect Park II, located at 3301 to 3471 N.W. 55th St., consists of eight buildings totaling 81,925 square-feet of office/flex space and features bays from 902 square-feet to 5,589 square-feet. Many of these units are "flex" bays that feature warehouse space and offer grade level loading.

Renovated over the past two years, Prospect Park I and II both feature contemporary designs and enhanced curb appeal.

The business parks offer opportunities for highly visible exterior signage, round-the-clock access and convenient access to I-95, Florida's Turnpike, Commercial Boulevard and Fort Lauderdale International Airport.

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

954-776-1999

Lexi Robinson, ext. 255, 
lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, 
msologuren@piersongrant.com

Marcus & Millichap Arranges $1.8 Million Sale of 12-Unit Apartment Building in Miami Beach, FL

Felipe J. Echarte

MIAMI BEACH, FL, Feb. 24, 2016 – 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 Sapphire NoBe, a 12-unit, two-story, garden-style multi-family complex in the Normandy Isle area of Miami Beach. 

The asset sold for $1,837,500 representing $153,125 per unit.

“Normandy Isle is a very strong rental community with minimal vacancies due to a growing demand in the area, lack of new product being added to the market and the reduction of inventory due to buildings being converted to condominiums and short term rentals,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“This was a rare opportunity to acquire a renovated apartment building with condo documents in place in an absolute AAA location that continues to appreciate and will do so for the foreseeable future.”

Echarte, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Toronto, ON, and the buyer, a limited liability company from Miami Beach.

Located at 6930 Rue Vendome in Miami Beach, Sapphire NoBe is just south of Normandy Drive (71st Street), which becomes John F. Kennedy Causeway and is the main entrance into the North Beach area from the city of Miami. The neighborhood is on an island located between North Beach and North Bay Village.

Sapphire NoBe consists of two studios and 10 one-bedroom/one-bathroom apartments -each with its own private entrance. The property has been extensively renovated including impact resistant windows and doors, new railings, landscaping, front entrance with travertine flooring, and a new roof in 2012.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Chatham Lodging Trust Announces Fourth Quarter 2015 Results

Jeffrey H. Fisher

WEST PALM BEACH, FL,  Feb. 24, 2016—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 133 hotels wholly or through joint ventures, today announced results for the fourth quarter ended December 31, 2015. In addition, the company provided initial guidance for 2016.

“Despite Wall Street selling off lodging REIT stocks in 2015, Chatham generated marked external growth and operating results while strengthening its balance sheet,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer. “The company achieved numerous great metrics.”

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

Patrick Daly

Office Manager

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Atlantic City, NJ Affordable Housing Community Emerges from Hurricane Sandy Destruction

Kelly Henderson

ATLANTIC CITY, N.J. – (Feb. 23, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete.

WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.

An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.

“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

Michael Gaber

“The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”

Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.

The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.

The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.

The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

Waterton Acquires Parkside at Firewheel Apartments in Garland, TX

  

Matthew Masinter

CHICAGO, IL, Feb. 23, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland, Texas.

Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space.

Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.

“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” said Matt Masinter, senior vice president of acquisitions at Chicago-based Waterton.

“The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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

HFF closes $36.25 million sale of and secures $24.995 million financing for Class A seniors housing community in Seattle’s Upper Queen Anne neighborhood

 

Chad Lavender

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington’s Upper Queen Anne neighborhood.

HFF marketed the property exclusively on behalf of the seller.  Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. 

Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Milestone Retirement Communities, LLC will manage the property.

Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each.  Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. 

Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. 

\

The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.

The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

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

29th Street Capital Acquires League City, TX Apartment Portfolio

Harbor Walk Apartments, League City, TX

Javier Bustillo

League City, TX (Feb. 23, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City, Tex. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19.

* Crow’s Nest Apartments (176 units) has mostly one- and two-bedroom units and primarily caters to professionals. It was built in 1984.

* Harbor Walk Apartments (138 units), which appeals more to families, consists exclusively of two-bedroom and three-bedroom units.  It was built in 1987.

29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

“This acquisition will allow us to grow our presence in Houston and fits our overall business plan perfectly,” said Javier Bustillo, 29th Street Capital’s Senior Vice President of Acquisitions for Texas. 

“These are value-add assets in a great submarket with excellent schools, plentiful employment and very limited new supply. It checks all of the boxes for 29SC.”

Crow's Next Apartments, League City, TX

League City has experienced tremendous job growth fueled by the aerospace, petroleum refining, and health care industries as well as the Port of Houston, which continues to expand and will double its capacity by 2016 once the Panama Canal expansion is completed. 

Both properties are in the Clear Creek Independent School District, ranked as the best large school district in the Houston MSA. The “Houston Chronicle” has also named it one of Houston’s Top Work Places. 

The Clear Lake submarket of Houston, Tex. Is located directly on the I-45 corridor linking it to Galveston Island (32 miles southeast) and the Houston CBD (25 miles northwest).  Major employers include companies in the high tech aerospace, petrochemical, tourism, boating and recreation industries.  The area is home to the third largest concentration of pleasure boats in the United States.  

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

terri@territhornton.com

www.29thstreetcapital.com.