Renovation and Expansion of Apartments into 66-Unit Affordable Housing Community Complete in San Francisco Bay Area

  

Michael Gaber

SAN FRANCISCO, CA– WNC, a national investor in real estate and community development initiatives, announced today the completion of Kimme’s Place, a new affordable housing community with a combination of 66 reconstructed and new units in the Bay Area suburb of Vacaville, Calif.

WNC provided approximately $3.4 million in low-income housing tax credit (LIHTC) equity to fund the development.

Kimme’s Place consists of 26 one-bedroom and 40 two-bedroom garden-style units for families. Located at 1437 Callan St., amenities include onsite management, a laundry facility, fitness center, classroom/computer room and picnic area. Each unit is equipped with central heating and air conditioning, energy efficient appliances, inset LED lighting and granite countertops.

Kimme’s Place was co-developed by CFY Development Inc. and The EGIS Group Inc. With a total cost of $15 million, the development took approximately one year to complete. Bruce Keith served as the project’s architect. Additional funding was provided by the City of Vacaville, Boston Capital and JP Morgan Chase.

“WNC has long-term relationships with CFY Development and EGIS that have spanned more than 25 years and 10 years, respectively,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Our firm is very proud to have partnered with them once more to preserve and upgrade 66 units of affordable housing that may otherwise be out of reach for families in need.”

 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

www.wncinc.com.

Continental Funding Group Secures $19 Million in Financing with Cash-Out Component for Courtyard by Marriott Hotel in Baldwin Park, CA

Courtyard by Marriott, Baldwin Park Submarket, Los Angeles, CA

BALDWIN PARK, CA  – Commercial real estate investment banking firm Continental Funding Group has successfully secured $19 million in fixed-rate refinancing for Courtyard by Marriott, a 195-room select-service hotel in the Baldwin Park submarket of Los Angeles, California.

The financing was arranged by Continental Funding Group President Mitch Paskover.

Mitch Paskover

“The financial markets for commercial properties have made a tremendous comeback over the last several years, yet the market for limited hotels is still a bit conservative,” says Mitch Paskover President of Continental Funding Group.

“Many lenders believe the hospitality industry may be reaching a plateau as rising occupancy and average daily rates have tapered off, indicating a potential slowdown in the tourism sector.”

            Paskover adds that the boom in hotel construction, a 19.5 percent increase from 2014 to 2015 according to a CoStar report, further raises uncertainty among lenders as to whether the hotel market can sustain this growth, as the additional supply may potentially impact the industry moving forward. 

“As a result, securing a lender for a hotel, particularly a limited-service one, requires a strategic and out of the box approach, which is exactly what we did,” continues Paskover.

The Courtyard by Marriott in Baldwin Park was originally built as a Hilton, followed by an affiliation with Radisson, before becoming franchised as part of the Marriott chain in 2004. The sponsor requested a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a substantial cash-out component.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

 www.contifunding.com.

Regency Centers Amends its Unsecured Term Loan Facility

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) announced an amendment (the “Amendment”) to its existing senior unsecured term loan facility (the “Facility”).

 The Amendment increased the Facility size by $100 million to $265 million, extended the maturity date to January 5, 2022 and reduced the applicable interest rate to LIBOR plus 0.95% per annum, which is based on the Company’s credit rating.

 Simultaneous with closing, Regency executed interest rate swaps for the full notional amount of the Facility, which fixes the interest rate at 2.00% through maturity.

Regency used the additional $100 million to pay down its line of credit, which was utilized as a component of the Company’s funding of the previously announced acquisition of Market Common Clarendon. The Company’s line of credit now has a balance of zero.

The Facility was syndicated to a group of eleven banks led by Wells Fargo Securities, LLC, Regions Capital Markets, SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association acting as Joint Lead Arrangers.

 Wells Fargo Bank, National Association will be the administrative agent for the Facility. Regions Bank, SunTrust Bank and US Bank National Association were the syndication agents. Branch Banking and Trust Company and PNC Bank, National Association acted as documentation agents. 

Other participants in the Facility include Bank of America, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and Mizuho Bank.

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

Regency Centers Corp.

Patrick Johnson, 904-598-7422

PatrickJohnson@RegencyCenters.com

Chatham Lodging Announces Monthly Dividend

.

WEST PALM BEACH, Fla., July 8, 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 that its board of trustees has declared a monthly common share dividend of $0.11 for July 2016.  

The common dividend is payable August 26, 2016, to shareholders of record on July 29, 2016. 

  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

www.chathamlodgingtrust.com

HFF named to market for sale south central Pennsylvania retail power center

Franklin Center, 1320 Lincoln Way East, Chambersbourg, PA

Chris Munley

 PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has been retained to market for sale Franklin Center, a 174,667-square-foot retail power center in the south central Pennsylvania community of Chambersburg.  

HFF is marketing the property on behalf of Coastal Equities.   

Renovated and redeveloped in 2015, Franklin Center is 96 percent occupied by a best-in-class tenant roster, including anchor tenants Dick’s Sporting Goods, Ulta Beauty, Petco, T.J. Maxx and Ollie’s Bargain Outlet.

 Additionally, the center has three separate potential inline and outparcel development sites totaling more than 27,000 square feet.  

Situated on 25 acres at 1320 Lincoln Way East, Franklin Center is in the region’s primary retail corridor of Lincoln Way East (Highway 30), which attracts shoppers from surrounding municipalities.  

The center is less than half a mile from Interstate 81, the most heavily traveled highway in the region.

The HFF investment sales team representing the seller is led by managing directors Chris Munley and Kevin O’Hearn, senior managing director Jose Cruz and associate director Michael DiCosimo

Kevin O'Hearn

"Franklin Center is a unique acquisition opportunity in the current marketplace, having both a preeminent tenant roster with newly-executed, long-term leases to some of the top-performing brands in retail while still offering significant remaining upside to substantially grow property-level NOI over the course of the hold period," Munley said.

  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

http://www.coastalequities.com.

HFF closes sale and arranges financing for Ashworth by the Sea in Hampton Beach, NH

Ashworth by the Sea Hotel, 295 Ocean Boulevard, Hampton Beach, NH

Denny Meikleham

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale and arranged financing for Ashworth by the Sea, a 107-room, oceanfront hotel located in the New Hampshire Seacoast community of Hampton Beach. 

HFF marketed the property on behalf of the seller, XSS Hotels, and procured the buyer, Linchris Hotel Corporation.  

Additionally, HFF assisted the new owner in securing the seven-year, fixed-rate acquisition financing through Middlesex Savings Bank.  The hotel was sold unencumbered by management.

Ashworth by the Sea is the only full-service oceanfront hotel in the state of New Hampshire.  Hotel guests can choose from 106 guestrooms and suites, most offering ocean views and private balconies; and one detached cottage.

 The recently-renovated property features three food and beverage outlets, including Breakers Restaurant and Bar, Wharfside Café and Sandbar Rooftop Lounge.  Hotel guests have access to an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space across five meeting rooms. 

The immediate area surrounding the hotel is a classic tourist destination, featuring leisure amenities such as the Ocean Gaming Casino, Seashell Stage, Casino Ballroom and Playland Arcade. 

The beach community draws tourists in through a busy events calendar full of free nightly concerts, weekly fireworks, festivals including the Master Sand Sculpting Competition, the Children’s Festival and the Annual Seafood Festival. 

Alan Suzuki

Situated at 295 Ocean Boulevard, Ashworth by the Sea is positioned 13 miles south of Portsmouth, 37 miles east of Manchester and 50 miles north of Boston on New Hampshire’s Seacoast.  

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.

HFF’s debt placement team representing the buyer was led by director Greg LaBine.

  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

www.linchris.com.

www.xsshotels.com

HFF closes sale of and arranges financing for Greater Boston area grocery-anchored shopping center

  

Hood Commons Shopping Center, 55 Crystal Avenue, Derry, NH

Jim Koury

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Hood Commons, a 208,805-square-foot, grocery-anchored shopping center in Derry, New Hampshire.

HFF marketed the property on behalf of the seller, NG Hood Commons LLC, and procured the buyer, an affiliate of New York-based Northeast Capital Group.  Additionally, HFF assisted the new owner in securing a 70 percent loan-to-value, 3.79 percent, 10-year, fixed-rate acquisition loan with additional good news fundings.

Hood Commons occupies a 23-acre site at 55 Crystal Avenue in Derry, New Hampshire, a bedroom community just 32 miles north of Boston.  Fronting the heavily traveled Route 28, the property has daily traffic counts of 15,000 cars per day and has a five-mile demographic profile of nearly 60,000 people with an average household income of more than $90,000. 

The property is two miles from Interstate 93, allowing the site to draw from a broad geographic region including communities in both northern Massachusetts and southern New Hampshire.  Renovated in 2015, Hood Commons is 86 percent leased to tenants including Shaw’s Supermarket, Big Lots, Tractor Supply Co., Planet Fitness and Sally Beauty.

The HFF investment sales team representing the seller was led by senior managing director Jim Koury.

HFF’s debt placement team was led by director Porter Terry.

 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

American Realty Advisors Acquires Class A Office Asset in Jersey City, NJ for $101 Million

30 Montgomery Street Office Tower, Hudson Waterfront, Metro New York City

 Jersey City, NJ, July 7, 2016 – American Realty Advisors has acquired  a 16-story boutique office tower located in the Hudson Waterfront 30 Montgomery Street,submarket of the New York City Metro area for $101 million. 

The 315,385 square-foot building, which is ideally situated on the New Jersey Hudson Waterfront within one block of a major mass transit hub, was substantially upgraded and renovated over the last several years. 

Kirk Helgeson

American was attracted to the asset because of the direct transportation link to Manhattan, as well as access to new and growing amenities.

 In addition, 30 Montgomery will benefit from its position as a lower rent alternative in an emerging 18-hour live/work/play location, which is similar to other emerging markets throughout the country, e.g. the Chicago Fulton Marketplace in which American recently acquired Google’s Midwest headquarters.

According to Kirk Helgeson, American’s Chief Investment Officer, “30 Montgomery’s location is particularly attractive based on the rapidly transforming Hudson Waterfront submarket, which is benefitting from strong population growth, sustained residential development, expanding cultural/entertainment/retail amenities, and a diversification of the local employment base.”

Helgeson also notes that this asset is ideally situated to benefit from one of America’s fastest growing residential markets.

“Jersey City is projected to add nearly 7,500 units by the end of 2017, driving additional economic growth associated with the new residents, service providers, retail, and amenities necessary to support a thriving 24/7 CBD,” says Helgeson.

The seller was represented by David Bernhaut, Andrew Merin, and Gary Gabriel of Cushman & Wakefield. 

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

Devin Ugland / Jenn Quader for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940,

DUgland@BrowerMillerCole.com

Stepp Commercial Completes $2.95 Million Sale of Apartment Property in Long Beach, CA

 

Robert Stepp

 LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2.95 million sale of Bluff Park Apartments, a 12-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, San Francisco-based Virtu Bluff Park Associates, LLC, as well as the buyer, Long Beach-based Seaward Road Enterprises, LLC in the transaction. The property closed at a 5.32 percent cap rate and a price per unit of $245,833.

“Bluff Park Apartments offered the buyer a rare, turn-key condition asset that offers strong in-place cash-on-cash returns that he plans on holding long-term,” noted Stepp. 

“It is also in a prime location just one block from Bluff Park and the beach, and is also close to Retro Row and Downtown Long Beach – areas that offer a wide variety of shopping, entertainment and dining amenities.”

Bluff Park Apartments, 1825 East 1st Street,
 Long Beach, CA

Built in 1953 and located at 1825 E. 1st Street, the well-maintained property includes 10 one-bedroom units and two two-bedroom units. 

Eleven of the units were recently fully renovated and feature hardwood floors, granite countertops, stainless steel appliances, and in-unit washers and dryers.

Year-to-date, Stepp Commercial has completed 31 transactions totaling 575 units with a cumulative value in excess of $116 million.

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

Darcie Giacchetto

949.278.6224

 www.SteppCommercial.com

Lincoln Property Co. Signs Two New Leases in Duluth, GA

George Gwaltney

 ATLANTA, GA (July 7, 2016) – Lincoln Property Company (Lincoln) has brokered two new leases totaling 4,513 square feet at 6340 Sugarloaf Parkway, a Class A office building located in Duluth, Georgia.

Jeff Henson and George Gwaltney represented the landlord, Kapoor & Sons, LLC, in the transactions.

Edwards Pitman Environmental, Inc. signed a new lease for 2,175 square feet. Kevin Creel of Cresa Partners represented the tenant. Additionally, Holt Consulting Co., LLC, signed a new lease for 2,338 square feet. Rob Coatsworth of CTR Partners represented the tenant.

“Duluth has been growth market during the past couple of years, and an increasing amount of office tenants are seeking space at well-located, well-amenitized properties in the area,” Gwaltney said. “The building’s recent renovations, on-site management and local proactive ownership sets it apart from other properties in the market.”

The four-story, 103,742-square-foot building features a recently renovated lobby and common areas, a prominent location fronting Sugarloaf Parkway and is located adjacent to the Infinite Energy Center.

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.

www.lpcsoutheast.com/blog.

  

Banyan Tree Management Signs 2,297-Square-Foot Lease at Lenox Plaza in Atlanta, GA

  

 

Jeff Henson

 ATLANTA, GA – Lincoln Property Company (Lincoln) has brokered a new lease with Banyan Tree Management totaling 2,297 square feet at Lenox Plaza, an office building located in Atlanta’s desirable Buckhead submarket.

Jeff Henson, Hunter Henritze and George Gwaltney of Lincoln represented the landlord, HD Realty, in the transaction, and Tommy Bond with Southeast Realty represented the tenant.

“Buckhead remains one of Atlanta’s most sought-after markets for office space,” Henson said. 

“With leasing velocity showing great traction in the first and second quarters of this year, the building has reached 85 percent leased and we believe activity will continue in the remaining half of this year.”

Hunter Henritze

Lenox Plaza is located at 3384 Peachtree Road with Lenox Square Mall, Phipps Plaza, fine dining and entertainment nearby. 

The nine-story, 100,882-square-foot office building boasts a premier location with access to the nearby Buckhead MARTA Station as well as a private road that allows tenants and visitors easy access to the building from Peachtree Road.

The building underwent renovations in 2011 with interior upgrades to its elevators and lobby area, and a modernization of its exterior with a sleeker awning and new signage.

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.

www.lpcsoutheast.com/blog.

 

Mortgage Bankers Association Releases Updated Commercial/Multifamily Real Estate Finance Forecast

Jamie Woodwell

 WASHINGTON, DC --The Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will total $500 billion in 2016, roughly flat from the $504 billion originated in 2015 and slightly less than the record of $508 billion originated in 2007.

 Mortgage banker originations of multifamily mortgages are forecast at $210 billion in 2016, with total multifamily lending at $273 billion.

"The year has started off with more than its fair share of twists and turns," said Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research.

“When all is said and done, commercial and multifamily real estate finance markets are likely to end 2016 with another strong year of borrowing and lending.  On the demand side, strong property fundamentals and prices should continue to support an active sales market, which will drive mortgage demand."

Woodwell said, "On the supply side, solid originations for life companies, Fannie Mae, Freddie Mac and bank portfolios are expected to make-up for some – but not all – of the slowdown in the CMBS market this year. 

“The net result will likely be 2016 originations coming in just a shade lower than 2015 levels.  Global economic uncertainty and a range of regulations that could affect the availability of CRE financing remain wildcards.”

Commercial/multifamily mortgage debt outstanding is expected to continue to grow in 2016, ending the year at $2.9 trillion, more than three percent higher than at the end of 2015.

MBA's commercial/multifamily members can download a copy of MBA's Commercial/Multifamily Real Estate Finance Forecast at www.mba.org/research.

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

Charles Dunn Company Names Christianne Schrobilgen as Vice President of Marketing

  

Christianne Schrobilgen 

LOS ANGELES, Calif. July 7, 2016 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has named Christianne Schrobilgen as Vice President of Marketing.

 In her new role, Schrobilgen will lead and grow the firm’s marketing department for its brokerage and property management divisions.

 “Aligned with our new strategic direction that is being led by the firm’s President of Brokerage Services, David Pinsel, my goal is to successfully redefine our entire marketing program by utilizing the latest technologies and experienced, passionate talent,” said Schrobilgen.

She adds: “Every assignment has a story, our job as marketers is to tell that story and deliver the resources necessary to find the right match between tenant and landlord or buyer and seller through exceptional customer service.”

Schrobilgen has more than a decade of marketing experience within the commercial real estate industry. She most recently served as Associate Director for Colliers International’s national business development marketing team.

There she managed a wide range of marketing services to help Colliers pursue and win large-scale business including developing go-to-market strategies.  Prior to joining the business development team, she served as a Colliers marketing and team manager for a national, institutional retail investments team. 

David Pinsel

“I worked with Christianne for several years and have seen her talent and marketing expertise first hand. I am extremely pleased that she has joined Charles Dunn,” said Pinsel. 

“We are aggressively expanding the Charles Dunn platform in order to take the firm to the next level by cultivating the corporate culture and growing its market share.

“With Christianne leading Charles Dunn’s marketing team, we will have a crucial part of the infrastructure in place.”

Some of Schrobilgen’s key responsibilities will be to grow the marketing team, train and retain talented and forward-thinking creatives; increase speed-to-market for properties; spearhead tech operations and enhance tech infrastructure to expand resources and efficiency; oversee corporate brand management; and work with the executive team on growth and strategic direction.

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com

Hold-Thyssen Completes Three-Year Lease for 3,330 Square Feet at Maplewood Plaza in Jupiter

Therese Taylor

JUPITER, FL -- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently completed a three-year lease renewal agreement for 3,330 rentable square feet of office/warehouse/flex space at Maplewood Plaza, 407 Maplewood Drive in Jupiter.

Therese Taylor, leasing agent at Hold-Thyssen, represented the Miami-based landlord GECMC 2005 in the transaction. 

The tenant is Flor-Source Enterprises No.1, Inc.  a carpet and flooring distributor. 

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

Cushman & Wakefield Brokers Sale of Two-Property Seniors Housing Portfolio in Suburban Louisville, KY

Allen McMurtry

Megan Fetter

TAMPA, FL, July 7, 2016 -- Cushman & Wakefield negotiated the sale of a two-property, 145-unit senior housing portfolio in suburban Louisville, Ky., comprised of Elmcroft at Oaklawn and Elmcroft of Valley Farms.

Based in Cushman & Wakefield’s Tampa office, Executive Managing Director Allen McMurtry, Senior Managing Director Megan Fetter and Senior Managing Director David Kliewer represented seller Senior Care US Holdings, Inc. in the disposition.

Capital Health Group, LLC purchased the assets on behalf of CHH Senior Housing, LP, a Capital Health Group sponsored programmatic joint venture with Hunt Realty Investments and the Teacher Retirement System of Texas.

David Kliewer

Elmcroft at Oaklawn is an 80-unit assisted living and memory care facility built in 2012 on ±5.62 acres at 100 Shelby Station Drive. The two-story, ±71,963-square-foot building offers 56 assisted living units and 24 memory care units.

Elmcroft of Valley Farms is a 65-unit assisted living and memory care facility built in 2012 on ±6.65 acres at 10201 Valley Farms Boulevard. The one-story, ±61,074-square-foot building offers 31 assisted living units and 34 memory care units for a total of 65 certified units.

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

David A. Meyer 

Meyer Media 

407.489.7488 

david@meyer.media

www.meyer.media

Allen McMurtry

813 349 8349