Friday, May 13, 2016

Rhodes+Brito Named Orlando’s Top Architectural Firm by Orlando Chapter of the AIA



 Byron Lastrapes, AIA, Principal who heads design of K-12 education at Rhodes+Brito Architects flanked by cofounders Ruffin Rhodes, AIA (left) and Max Brito AIA, (right).

Orlando, FL  --- Rhodes+Brito Architects, Inc. was recently named “Firm of the Year”  by the Orlando Chapter of the American Institute of Architects (AIA), one of the most prestigious and influential professional organizations in the U.S.
Orlando International Airport Interior

This month Rhodes+Brito will start the design documents for portions of the new $1.9 billion South Terminal at Orlando International Airport.

Rhodes+Brito opened their downtown Orlando office 20 years ago. Since then the company has successfully completed hundreds of projects, including the landmark Florida A&M University College of Law, Citrus Bowl Renovation, countless schools, libraries, community centers, parks and administrative buildings.

“This is a milestone year for our firm and we are pleased to have received this designation from our peers,” Ruffin Rhodes, co-founder and partner, said recently. “Starting our own company was a life-long dream of ours. 

"Over the last two decades we’ve worked hard to maintain our solid reputation as a quality firm. It is nice to have our dedication to the profession of architecture and accomplishments recognized.”

Max Brito said the firm’s rise parallels that of Orlando. 

Ruffin Rhodes
“We started the company at a time when the City was starting to experience new growth. With this growth, the vision for what the region could become was evolving.” Brito said.

 “We are proud of how the area has developed in these 20 years. Downtown Orlando is such a different place today. As the population has grown, the need for new or renovated facilities has grown, and we are honored to be part in that,” he said.

Rhodes+Brito has grown too, from an enthusiastic startup with just two employees to an intensely focused operation with a staff of more than 20, including seven registered architects and dozens of ongoing projects.

“We feel a deep sense of indebtedness to our current and previous employees, consultants, friends, peers, family and our wonderful clients, but also to this city. It’s our city, and we’re proud to live and work here,” Brito said.

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

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


Thursday, May 12, 2016

HFF closes $105.28 million sale of Aventura Corporate Center in Miami, FL

 
Aventura Corporate Center, Aventura, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Aventura Corporate Center, a three-building, core office park with 252,244 square feet of Class A office space in Aventura, Florida, an affluent northeastern suburb of Miami.

HFF marketed the property on behalf of the seller, Groupe Pacific.  Renaissance Properties purchased the park for $105.28 million.

Manuel de Zarraga
Aventura Corporate Center consists of 20801, 20803 and 20807 Biscayne Boulevard, plus three parking garages and significant additional development rights.  The campus-like setting offers tenants an on-site café and the Coconut Grove Bank featuring a drive-through teller.

  Major tenants include Morgan Stanley, South Broward Hospital, Regus, Serendipity Labs and Corpac Steel.  Aventura Corporate Center is located at the intersection of Biscayne Boulevard and NE 207th Avenue across from the world-class Aventura Hospital and Medical Center.

  This location is the midpoint of a one-mile stretch filled with more than 400 retailers at landmarks including Aventura Mall, Promenade Shops at Aventura, Aventura Commons and The Village at Gulfstream Park.  

The AC Hotel by Marriott and the ParkSquare Aventura developments underway on-site and adjacent to the park, will create a walkable “Town Center” atmosphere when complete.

The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, director Ike Ojala, senior managing director Hermen Rodriguez and associate director Jorge Portela.  The buyer was represented by Bob Dockerty of Dockerty Romer & Co.

“Aventura Corporate Center represents the largest concentration of office product in Aventura, and was a truly generational opportunity for the new owner to acquire a core office park with significant additional development upside in one of Miami’s most coveted areas,” said de Zárraga.

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

Kristen M. Murphy
Director, Marketing
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


NAI Realvest Negotiates $2 Million+ Purchase of Industrial Properties in NW Orange County, FL


 
Jay Rohr
ORLANDO, FL – NAI Realvest recently negotiated the acquisition of two industrial properties – a 43,713 square foot manufacturing / warehouse facility that sold for $1,652,000 and an adjacent 3.80 acres of vacant land on rail for $390,000 – located on Clark Street in Apopka, northwest Orange County.  

Tom R. Kelley II, CCIM a principal at NAI Realvest, negotiated both transactions on behalf of the buyer MBS Orlando Real Estate, LLC.   

Wiretec Ignition Inc. of Palmetto Florida is the seller of the industrial building and Metroone Development Company of Winter Park is the seller of the vacant adjacent acreage.  The sellers were represented by Jay Rohr of Metro One.

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


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

Meridian Capital Group Arranges $11.4 Million in Permanent Financing for BJ’s Wholesale Club in Homestead, FL


Jason Grimm

Boca Raton, FL, May 12, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $11.4 million in permanent financing for the refinance of a single-tenant retail property in Homestead, FL.

The 15-year, self-liquidating, non-recourse loan was provided by a regional balance sheet lender and features a fixed-rate of 4.00% for the first seven years, followed by a fixed-rate of 4.50% for the remaining term. 

This transaction was negotiated by Meridian Vice President, Jason Grimm, who is based in the Company’s Boca Raton, FL office.

The 136,000 square foot retail property is located at 650 SE Eighth Street near the intersection of Ronald Reagan Turnpike and South Homestead Boulevard. 

Anchor BJ’s Wholesale Club is a national membership-only retail chain offering bulk groceries, electronics, apparel, furniture and much more. The superstore also includes BJ’s Gas, BJ’s Optical and BJ’s Tire Center.

“Meridian worked closely with the lender to satisfy the client’s tax and insurance-related requests and was able to negotiate a springing recourse option in the event that BJ’s Wholesale did not renew its lease upon its expiry in 10 years,” explained Mr. Grimm. “Meridian then helped the client mitigate interest rate risk by locking a 4.00% rate for the first seven years, followed by 4.50% for the remaining term,” he added. 

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

Jonathan Stern
Meridian Capital Group
212/972-3600


Wednesday, May 11, 2016

Mary Kay Andrews to Host Book Signing at Ponce City Market in Atlanta, GA


Mary Kay Andrews
ATLANTA, GA – 25 years after leaving her job as an Atlanta Journal-Constitution reporter, New York Times bestselling author, Mary Kay Andrews, a.k.a. Kathy Hogan Trocheck, will debut her latest novel, THE WEEKENDERS, her twenty-fourth novel, with a festive launch party at Ponce City Market on Sunday, May 15 from 3-5 p.m.

This will be in advance of the book’s May 17 on-sale date, offering ticket buyers a chance to get an advance, signed copy via a meet and greet.

WHAT: Official Atlanta book launch for THE WEEKENDERS, by Mary Kay Andrews, benefitting Atlanta Beltline Partnership’s “Light the Line” funding campaign.

WHO: Author Mary Kay Andrews and approximately 450 fans, guests and VIPs

WHEN: Sunday, May 15, 2016 from 3-5 p.m.
  
For a complete copy of the company’s news release, please contact:

ANDI
HILL
ACCOUNT DIRECTOR
LIZ LAPIDUS PR
O | 404-688-1466
C | 404-457-7368
FOLLOW US @lizlapiduspr
FOLLOW ME @andihill51979
772 Edgewood Ave, NE
Atlanta, Georgia 30307

Real Estate Executives Steven Fischler and Eyal Alfi Team Up to Launch New Real Estate Private Lending Company in Coral Gables, FL


Steven Fischler
Miami, FL (May 11, 2016) —Steven Fischler, founder, president and managing principal of New York-based SRF Ventures, and Eyal Alfi, veteran banker and principal of the Miami-based Pan York Group of Companies, have announced the launch of New Gables Capital, a commercial real estate direct lender that is already facilitating transactions for clients across the nation.

Fischler, a 33-year-old former Lehman Brothers executive, and Alfi, who spent 13 years in banking and commercial real estate in New York before relocating to Miami to run Pan York in 2010, created New Gables Capital to help clients find loan opportunities that are often overlooked by traditional lenders and investors or that are too small for the large institutional bank and non-bank lenders.

Headquartered in Coral Gables, Fla., New Gables Capital specializes in arranging or originating debt and equity financing between $1 million and $30 million for most property types, including condominiums, hospitality, multifamily, office, retail and land. The company has already completed over $50 million in originations. New Gables is capitalized primarily by high-net-worth individuals and family offices with commitments to fund over $100 million in 2016.

Eyal Alfi
Fischler earned a Bachelor of Business Administration in Management from the University of Miami and a Masters in Real Estate Finance with distinction from New York University. While at Lehman Brothers, Fischler managed some of the highest-profile real estate assets involved in the financial services firm's bankruptcy, including the Canyon Ranch Miami Beach and Setai South Beach properties.

“Eyal and I have discovered opportunities in the market to invest in real estate through smaller loans than most companies are focused on,” said Fischler, whose SRF Ventures has arranged or originated over $1.1 billion in financing and equity since launching in 2012. “We can execute well and achieve good returns in that space.”

Alfi, a veteran of the Israeli Air Force, earned a Bachelor of Science in Mechanical Engineering from Coventry University in Coventry, England and a Master of Business Administration from Bradford University in Bradford, England. 

Canyon Ranch Condos Miami Beach, FL
While in New York, Alfi served as Vice President at The Dime Savings Bank of New York, Vice President and Senior Loan Officer in Washington Mutual Bank’s Commercial Real Estate Lending Group and President of Investment Sales and Finance at GFI Realty Inc.

“At New Gables Capital, we are not bound by the limits of a specific product type or standardized debt and equity structures, we simply execute when it makes credit and economic sense,” Alfi said. 

“Our vast lending experience and access to private capital on the other hand allow us to act swiftly and efficiently and maximize profits for our firm and our clients.
  
Headquartered in Coral Gables, New Gables Capital is a real estate advisory firm and direct lender for transactions involving all property types for clients nationwide. The company specializes in originating debt and equity financing between $1 million and $30 million. New Gables is partially owned by SRF Ventures and the Miami-based Pan York Group of Companies.

 For more information, visit www.newgablescapital.com.

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

Ilana Tescher
Account Executive, BoardroomPR
itescher@boardroompr.com
O 954-370-8999
C 954-249-1816
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
Web | Facebook | LinkedIn | Twitter | Instagram





Morgante Wilson Architects Promotes Renata Buenrostro to Director of Architectural Interiors


Renata Buenrostro

CHICAGO, IL (May 11, 2016) – Evanston, Illinois-based Morgante Wilson Architects, Ltd., one of the country’s leading residential architecture and interior design firms, announces the firm has promoted Renata Buenrostro, 45, to director of architectural interiors.

Buenrostro joined the firm in 2000 as an architectural project manager, a position she held for four years before being named associate of architectural interiors in 2004.

“Renata is one of our veteran employees, and was the first from our staff to work exclusively on our architectural interiors team,” said Elissa Morgante, co-principal of Morgante Wilson Architects.


Elissa Morgante
“Our firm has grown exponentially in the last several years and we’ve added staff across all practice areas, so to have someone with Renata’s leadership and expertise heading up our architectural interiors group is invaluable. We’re extremely proud to see her step into this new role.”

In her new position, Buenrostro will oversee all architectural interior projects for the firm and will mentor and train new team members. 

She will also collaborate with the firm’s architectural and interior design project managers to ensure a cohesive approach to all aspects of each project. 

Buenrostro specializes in private residential work, with past projects including numerous lakefront homes on Chicago’s North Shore and in Michigan.

“What I love about architectural interiors is how special and unique each project becomes through the different elements we select, from plumbing fixtures to stone, tile, lighting fixtures, hardware, different woods and textures. 

"All these selections work together to make the rooms come alive with personality,” said Buenrostro. “I’m privileged to be leading such a talented team as we continue to create exciting spaces for our clients.”

Buenrostro was born and raised in Mexico, where she graduated from the Ibero-American University in Mexico City. She is a licensed architect in Mexico and an international AIA member. She studied History of Architecture at UIC, and Art History at the Sorbonne University in Paris.

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

Sarah Lyons, slyons@taylorjohnson.com, 312-267-4520
Kim Manning, kmanning@taylorjohnson.com, 312-267-4527


Arbor Bolsters FHA Lending Platform with Two New Senior Executives


Jeffrey Allshouse
UNIONDALE, NY  - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the enhancement of its HUD/FHA Lending Group with the appointment of two highly tenured FHA executives in Jeffrey Allshouse, Senior Vice President of FHA Sales; and Jeffrey Ross, Senior Vice President and Chief Underwriter.

 Both Mr. Allshouse and Mr. Ross will report directly to John Caulfield, Arbor’s Chief Operating Officer.

With more than 30 years of commercial mortgage originations experience, Mr. Allshouse will be responsible for growing Arbor’s nationwide HUD/FHA loan originations platform.

Prior to joining Arbor, Mr. Allshouse held senior leadership positions at Prudential Mortgage Capital’s HUD multifamily/healthcare lending unit.  

More recently, he spearheaded HUD-insured hospital originations at Wells Fargo Multifamily Capital, engaging the firm’s first HUD 242/223f transaction. All told, in his career, Mr. Allshouse has generated more than $1 billion worth of direct loan originations and $2 billion worth of FHA originations.

Jeffrey Ross
Mr. Allshouse, who will be based out of Arbor’s Atlanta, GA office, earned his Master of Business Administration degree in Real Estate and Construction Management from the University of Denver and his Bachelor of Business Administration degree in Finance from the University of Michigan.

A 30-year commercial real estate expert, Mr. Ross will be responsible for managing Arbor's FHA multifamily, seniors housing and healthcare operational staff for Multifamily Accelerated Processing (MAP) and LEAN (seniors housing/healthcare) loan production.

He will also supervise the coordination of the Arbor FHA multifamily, seniors housing and healthcare underwriting strategy and the integration of Arbor's Bridge-to-HUD loan program.

Prior to joining Arbor, Mr. Ross worked for Wells Fargo Multifamily Capital, where he was most recently the Director of FHA Screening. Prior to Wells Fargo, he was the Chief Operating Officer and Chief Underwriter for Great Lakes Financial Group, a commercial mortgage lender specializing in FHA and Freddie Mac financing.

Mr. Ross, who will be based out of Arbor’s Cleveland, OH, office, received his Master of Business Administration degree from Baldwin-Wallace College and received his Bachelor of Science degree in Business Administration from John Carroll University.

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

Christopher Ostrowski

Lincoln Property Co. Hires John Orsak as Director of Real Estate


John Orsak

PHOENIX, AZ – Lincoln Property Company (LPC) Desert West has hired industry veteran John Orsak as Director of Real Estate. Orsak brings 15 years of real estate experience to his new position, with a focus on acquisitions, dispositions, development, leasing and asset management.

Orsak previously served as Director of Operations and Project Manager at Hines, and as Senior Director Development of VanTrust Real Estate, where he specialized in uncovering value across a range of asset types. During his career, Orsak has produced revenues of more than $200 million.

“Lincoln’s Desert West portfolio is growing at a record-breaking pace,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “John has the broad expertise to move our many investment and development efforts steadily and successfully forward. We’re very excited to have him as part of our team.”

Based in Phoenix, LPC’s Desert West region posted a record-breaking 2015 and continues that momentum into 2016.In the past 16 months, the office has directed more than $300 million in investment and development activity, with recent deals including the $44 million LPC/Invesco purchase of Luhrs City Center in downtown Phoenix, the $35.25 million LPC/Goldman Sachs purchase of Gainey Center II in Scottsdale, and the $34.34 million LPC/Harvard Investments purchase of Riverview Point in Mesa.


David Krumwiede
Development activity includes a late-2015 completion of the 108,000-square-foot Waypoint One office building in Mesa and Q1 2016 groundbreakings on the 152,000-square-foot Waypoint Two building and Phase I of The Grand at Papago Park Center, which at build out will total 60 acres and 3.2 million square feet of mixed-use space, including 1.8 million square feet of office space, just north of Tempe Town Lake.

Orsak holds a bachelor’s degree in Business Administration from Sam Houston State University. He is a member of the National Association of Industrial and Office Properties (NAIOP) and is the founder of Santa’s Sak, a non-profit organization that supports state-sponsored group homes and puts Christmas gifts into the hands of needy children.

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

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195

Tuesday, May 10, 2016

Intercontinental Acquires Large Creative Office Campus in Dynamic El Segundo, CA Market of Silicon Beach


Jessica Levin

EL SEGUNDO, CA – Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development, and management firm headquartered in Boston, Massachusetts, has acquired the Apollo at Rosecrans, a recently renovated four-building creative office campus totaling 546,833 square feet of office space set on more than 13 acres in El Segundo, California.

CBRE and Kevin Shannon of Newmark Grubb  Knight  Frank represented the sellers, Invesco Real Estate and Second Street Ventures in the transaction.  The purchase price was not disclosed.

“The Apollo is a one-of-a-kind property.  We were able to source and purchase a rare gem that is the definition of the most desired office product in the Silicon Beach area of the Los Angeles market,” says Jessica Levin, Director of Acquisitions at Intercontinental.

“In addition, the asset’s location in a dense geography that provides walkability to surrounding restaurants, stores, transportation and housing options makes this precisely the environment today’s tech and creative company owners and employees are seeking.”

Following its high-end renovation, which was completed in 2015, the property has demonstrated its appeal with a remarkable 537,548 square feet already leased, bringing the asset to 98 percent occupancy in just 18 months, according to Levin.

The Apollo is situated along the Rosecrans Corridor, which is a major hotspot for the growing tech and creative companies in LA. 

Apollo at Rosecrans Office Campus, El Segundo, CA
Levin notes that the Apollo at Rosecrans is also poised for strong rent growth based on favorable market fundamentals, including positive net absorption and the lowest vacancy rates that the El Segundo office market has seen in years.

“Demand for creative office space in Westside LA is on the rise,” explains Levin. “Continuing rent hikes in neighboring markets such as Playa Vista is driving tenants to El Segundo, resulting in a vast migration of businesses to the Rosecrans Corridor. This bodes extremely well for future rent appreciation in this submarket.”

“Despite its unparalleled location and creative appeal, rents at The Apollo are considerably below market rate values based on comparable product in the surrounding areas,” Levin adds, noting that while the property commands the highest rents in the Rosecrans Corridor, the Apollo currently leases office space at a 20 percent discount to average Silicon Beach rates.

The Apollo at Rosecrans is located at 2150 Park Place, 2120 Park Place, 2121 Park Place and 2175 Park Place in El Segundo, near the I-105 and the 110 Freeways.

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

Katie Kea / Jenn Quader
Brower, Miller & Cole
(949) 955-7940



HFF closes sale of trophy Trader Joe’s-anchored retail center in the San Francisco Bay Area

  
Los Gatos Village Square Retail Center, Los Gatos, CA

Nicholas Bicardo
 SAN FRANCISCO, CA, May 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Los Gatos Village Square, a 100-percent-leased, 46,235-square-foot, Trader Joe’s-anchored retail center in the San Francisco Bay Area community of Los Gatos, California.

HFF marketed the property on behalf of an institutional seller. Donahue Schriber purchased the asset free and clear of existing debt.      

Los Gatos Village Square is located along Los Gatos Boulevard, which is the most prominent commercial thoroughfare in the city.  

The property’s infill, high barriers to entry location and outstanding demographics of the region has driven a very high rate of tenant retention and historical occupancy at the site, presenting an extremely stable cash flow.

  Anchored by Trader Joe’s, Los Gatos Village Square benefits from outstanding sales productivity from one of the most dominant grocery brands in the country.

 The HFF retail investment sales team representing the seller was led by Nicholas Bicardo, Danny Reddin and Brandon Rogoff.

“Demand for San Francisco Bay Area retail continues to be at an all-time high,” Bicardo said.  “Los Gatos Village Square generated interest from every buyer profile, both domestic and offshore. Retail properties in Los Gatos seldom come available for sale, making this a truly rare opportunity.”

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

Kristen M. Murphy
Director, Marketing
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



Post Properties Announces Christopher J. Papa to Step Down as Chief Financial Officer


David P. Stockert
ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE:PPS) announced today that Chief Financial Officer, Christopher J. Papa, will be stepping down from his role, effective May 31, 2016, in order to assume the position of Chief Financial Officer of Liberty Property Trust (NYSE:LPT). Mr. Papa has served as Post’s Chief Financial Officer since 2003.

Post plans to immediately begin the search for Mr. Papa’s replacement. Until such replacement is identified, Mr. Papa’s responsibilities will be assumed by other members of Post’s senior management team, including Arthur J. Quirk, who has been Post’s Chief Accounting Officer since 2001.

Said David P. Stockert, Post’s CEO and President, “Chris has been an effective and valued member of the leadership team here at Post, and has been instrumental in shaping what is one of the strongest balance sheets in the REIT sector. We all wish Chris every success with this new opportunity.”

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

Post Properties, Inc.

Dave Stockert, 404-846-5000

Monday, May 9, 2016

HFF closes $92.75 million sale of South Florida’s Deerfield Mall


Deerfield Mall, Deerfield Beach, FL

Daniel Finkle
MIAMI, FL, May 9, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $92.75 million sale of Deerfield Mall, a 394,248-square-foot, Publix-anchored, community shopping center located in the South Florida community of Deerfield Beach.

HFF marketed the property on behalf of the sellers, CP Deerfield LLC and Land Trust Agreement 1001-SOD.  Weingarten Realty Investors purchased the asset free and clear of existing debt. 

Completed in 1988 and renovated in 2001, Deerfield Mall comprises one main building totaling 366,301 square feet in an “L” configuration, two multi-tenant outparcel buildings totaling 25,427 square feet and two single-tenant outparcels occupied by Citibank and Chick-fil-A.

 The 94.9-percent-leased shopping center is 84 percent occupied by national tenants, including Publix, Sports Authority, T.J. Maxx, Marshalls, Youfit Health Club, Cinépolis, Dollar Tree, Five Below, Ulta Beauty, The Avenue, Panera Bread, First Watch and Taco Bell. 

The property is situated on approximately 43 acres at the “hard corner” of the heavily-trafficked intersection of Hillsboro Boulevard and Powerline Road, which have combined traffic counts of more than 81,000 vehicles per day. 

Luis Castillo
Situated in northern Broward County (Fort Lauderdale MSA) just south of Boca Raton, the center serves a densely-populated and affluent customer base with approximately 323,995 residents within a five-mile radius.

The HFF investment sales team representing the seller was led by senior managing director Daniel Finkle, managing director Luis Castillo and associate directors Nat Scarmazzi and Scott Wadler.

“Weingarten's acquisition of Deerfield Mall is consistent with our disciplined strategy to acquire dominant centers in high barrier to entry markets,” said Richard Carson, regional vice president of Development and Acquisitions for Weingarten Realty Investors. 

“The center is anchored by a market-leading grocer and top-tier power center tenants and further strengthens our Florida portfolio of high-performing centers.”


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

Kristen M. Murphy
Director, Marketing
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

George Smith Partners Secures Acquisition Financing for $43 Million Purchase of Iconic Fred Segal Melrose Building in Hollywood, CA

David Rifkind


LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured financing on behalf of Canadian retail investment firm CormackHill, LP for the recently announced acquisition of the iconic Fred Segal retail property at 8100 Melrose Avenue in Hollywood, California. 

George Smith Partners’ Principal David Rifkind and his team arranged the financing.

 “Retail is in the midst of a generational change that is reshaping financing in this sector,” says Rifkind. “The shift toward a multi-channel strategy that provides customers with a seamless shopping experience whether online or in-store is changing the way retailers view physical space and retail districts.

“ The result is increased caution among lenders, especially those who don’t yet understand exactly how this shift will impact the commercial real estate market moving forward.”

            Rifkind notes that the financing arranged for this acquisition is indicative of a larger trend in the retail market, specifically retailers and retail insiders being willing to make substantial investments in quintessential shopping districts.

            “Brick-and-mortar properties in key high-end shopping destinations such as Melrose are more important than ever to a retailer’s long-term brand,” explains Rifkind, who points to Chanel’s recent acquisitions in SoHo and Beverly Hills, as well as recent Beverly Hills acquisitions by Zara and LVMH to illustrate this trend. 


            “In this case, our client, CormackHill, LP, is extremely knowledgeable in the retail sector and understood the long term value of this irreplaceable location,” he says.  “Our team demonstrated this vision to lenders, and ultimately structured a market leading loan that fit the client’s objectives.”

            George Smith Partners secured the acquisition loan at a sub-3% floating rate with prepayment flexibility.

            Rifkind notes, “Contrary to what many in the industry claim, enlightened players in the retail sector are highly profitable – utilizing big data, efficient sourcing and manufacturing. In fact, retailers adapting to technology integration are operating at higher margins than ever before.  Many retailers will continue to reduce their store counts, concentrating instead on flagship locations.  This trend will continue to define the strongest retail districts for years to come.”

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

Jenn Quader / Miki Conant
Brower, Miller & Cole
(949) 955-7940


WNC Closes $113 Million California Institutional LIHTC Fund

  

Michael Gaber
IRVINE, CA, May 9, 2016 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 14, L.P. (CA 14), a $113 million institutional low-income housing tax credit (LIHTC) fund.

The fund will acquire nine properties in both suburban and urban parts of California, within the counties of Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. Combined, the properties will offer 1,305 affordable housing units to individuals and families.

CA 14 is WNC’s 19th fund closed in the Golden State. Upon completion of all nine property acquisitions, WNC will have acquired more than 260 properties within California.

“WNC has successfully offered and closed a California LIHTC fund for 14 consecutive years, which speaks volumes about our organization’s commitment to providing affordable housing to individuals, families and communities in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“We are very pleased to have continuous support from our existing investors and development partners, as well as added support from new investors as we endeavor to increase the inventory of affordable housing nationwide.”

CA Fund 14 includes 10 institutional investors, nine of which have previously participated in WNC funds. Additionally, 85 percent of the developers are repeat partners.

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct