Meridian Capital Group Arranges $56.1 Million in Construction Financing for a Dual-Branded Hotel Located in Downtown Fort Lauderdale, FL

Ronnie Levine

, New York, NY, Sept. 7, 2016– Meridian Capital Group, America’s most active debt broker, arranged $56.1 million in construction financing for the development of a new dual-branded hotel property located in Fort Lauderdale, FL, on behalf of Wurzak Hotel Group and DoveHill.

The four-year construction loan, provided by Bank of the Ozarks, features full-term interest-only payments. 

This transaction was negotiated by Meridian Senior Managing Director, Ronnie Levine and Vice President, Aggelos Sklavenitis, who are both based in the company’s New York City headquarters.

The dual-branded property, located at 299 North Federal Highway in downtown Fort Lauderdale, is slated to contain both a 209-room Tribute Portfolio hotel, named The Dalmar, and a 114-room Element by Westin hotel, both brands of Starwood Hotels and Resorts Worldwide.

The building will rise 23-stories and will feature amenities including a rooftop lounge, sky lobby, infinity pool, gym, landscaped deck with a garden relaxation area, approximately 24,000 square feet of meeting space, a coffee bar, a restaurant, approximately 4,000 square feet of retail space on Northeast 3rd Street as well as a 212-space parking garage.

Aggelos Sklavenitis

Downtown Fort Lauderdale is a vibrant 24/7 live, work and play community and the 0.77 acre development site is one of the largest development sites in the area. 

The property is conveniently situated at the southwest corner of Federal Highway (US 1) and 3rd Street.

The hotels will cater to business travelers, young professionals who want to be in close proximity to downtown and central business districts offices, as well as tourists who are attracted to a more authentic and boutique-style alternative to the traditional beach hotels in the area.

“Meridian was able to leverage its strong lending relationships to obtain construction financing for the 299 North Federal Highway transaction,” explained Mr. Levine. “The high-quality sponsorship and the strategic location of the property made the deal stand apart from other opportunities in the market,” he added.

“We are proud to have been a part of this transformative project that fills an obvious void in the Fort Lauderdale hospitality landscape west of the Intracoastal.”

Howard Wurzak

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com

  

DoveHill is an independent real estate investment company founded in 2010 by Howard Wurzak and Jake Wurzak. 

Howard and Jake collectively have 50 years experience in underwriting, acquiring, redeveloping, developing and repositioning of real estate projects. 

For the past 17 years their focus has been the hospitality sector and they have demonstrated an ability to excel using a low cost-basis, value-enhancing, institutional-quality approach to the development of hotel projects.

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

 www.wurzakhotelgroup.com

www.dovehillcos.com

Meridian Capital Group Arranges $23.9 Million in Permanent Financing for the Purchase, Renovation and Partial Buyout of a Fractured Condominium in Tamarac, FL

Jay Jacobovitch

New York, NY.  Sept. 7, 2016 – Meridian Capital Group, America’s most active debt broker, arranged $23.9 million in permanent financing for the purchase, renovation, and partial buyout of a fractured condominium located in Tamarac, FL.

The three-year bridge loan features a LIBOR-based floating rate, beginning at 5.06%, with full-term interest-only payments. 

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

Jasmine at Tamarac, located at 8560 NW 61st Street in Tamarac, FL, is a two-story garden style property, totaling 222 rental units and 69 sold condos. The property offers a wide range of amenities, including a business center, laundry facility, swimming pool, fitness center and access to public transportation.

“The property is a fractured condo complex, where the borrower is purchasing the rental units and intends to rehabilitate those units in order to raise rents,” said Mr. Lefkowitz.

“The borrower also plans to buy out all of the existing condominium owners, renovate their units and convert the property to a fee-simple multifamily complex,” he added. “The lender has agreed to a loan which will fund 75% of the purchase and rehabilitation cost, in addition to funding 75% of the borrower’s future purchases of the remaining condo units.”

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

Lincoln Brokers Leases Totaling More Than 36,000 SF at Eleven Seventeen Perimeter in Metro Atlanta

Liz Love

ATLANTA, GA (Sept. 6, 2016) – Lincoln Property Company (Lincoln) has secured two new leases, two lease renewals and two lease expansions totaling 36,168 square feet at Eleven Seventeen Perimeter, a Class A office building in the Central Perimeter submarket of metro Atlanta.

Hunter Henritze, Matt Davis and Matt Fergus of Lincoln represented the building owner, 1117 Sandy Springs, LLC, in the transactions, which brings the property to 92 percent leased.

Details of the leases:

·     Jabian, LLC, signed a 10,536-square-foot lease renewal. Jeff Taylor of Transwestern represented the tenant.

·     PEM Investments signed a new 1,570-square-foot lease. Ben Reeves of JLL represented the tenant.

·     The Judge Group signed a new 7,563-square-foot lease. Doug Wise of Newmark Grubb Knight Frank represented the tenant.

·     Nutrifit Sport and Therapy signed a 911-square-foot lease renewal. Liz Love of JLL represented the tenant.

·     Tropical Smoothie signed a 2,561-square-foot lease expansion. Kevin Carroll of CBRE represented the tenant.

·     TekStream signed a 13,027-square-foot lease expansion. Dave Armento of New Dominion represented the tenant.

Hunter Henritze

“The Central Perimeter submarket has continued to be one of the most active submarkets in the city,” Henritze said. 

“Access to major roadways and public transit, along with the abundance of surrounding amenities are the primary reasons Eleven Seventeen Perimeter has proven to be appealing to new and existing tenants.”

Eleven Seventeen Perimeter is a LEED certified office building near the Sandy Springs MARTA station, Georgia 400 and Interstate 285.

 The five-story building features free covered and surface parking, an onsite café and courtyard, a fitness center, and a renovated conference facility.

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Regency Centers Declares Quarterly Cash Dividend on Preferred Stock

Patrick Johnson

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (the “Company”) (NYSE: REG) announced its Board of Directors declared a quarterly cash dividend of $0.41406 per share on the Company’s Series 6 Preferred Stock (CUSIP: 758849707; NYSE: REGPrF), payable on September 30, 2016 to shareholders of record on September 13, 2016.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.3750 per share on the Company’s Series 7 Preferred Stock (CUSIP: 758849806; NYSE: REGPrG), payable on September 30, 2016 to shareholders of record on September 13, 2016.

With more than 50 years of experience, Regency is the preeminent national owner, operator and developer of high-quality, grocery anchored neighborhood and community shopping centers. The Company’s portfolio of 311 retail properties encompasses over 42.3 million square feet located in top markets throughout the United States, including co-investment partnerships.

Regency has developed 222 shopping centers since 2000, representing an investment at completion of more than $3 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.

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

Regency Centers Corporation

Patrick Johnson, 904-598-7422

PatrickJohnson@RegencyCenters.com

ATTOM Data Solutions Reports U.S. Home Loan Originations Decrease 4% in Q2 Despite Rise in Purchase and HELOC Originations

Daren Blomquist

IRVINE, Calif. –— ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, released its Q2 2016 U.S. Residential Property Loan Origination Report, which shows nearly 1.9 million (1,868,187) loans were originated on U.S. residential properties (1 to 4 units) in the second quarter of 2016, up 26 percent from the a two-year low in the previous quarter quarter but down 4 percent from a year ago.

The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80 percent of the U.S. population.

The 4 percent year-over-year decrease in total originations was driven by a 12 percent year-over-year decrease in refinance originations — the second consecutive quarter with an annual decrease.

Conversely, purchase originations increased 1 percent from a year ago — the eighth consecutive quarter with an annual increase — and Home Equity Line of Credit (HELOC) originations increased 5 percent from a year ago — the 17th consecutive quarter with an annual increase.

Michael Mahon

“Homeowners are increasingly tapping the home equity that many have built up during the last four years of rapidly rising home prices,” said Daren Blomquist, senior vice president at RealtyTrac.

“Meanwhile those rapidly rising prices are also locking some non-cash buyers out of red-hot but high-priced markets, resulting in weaker purchase loan originations in places like Denver, San Francisco, Portland and Dallas. 

"On the other hand, more affordable markets such as Cleveland, Kansas City and Boise are posting double-digit increases in purchase loan originations.”

Dallas, Birmingham, Phoenix post biggest increases in HELOC originations

Among the 73 metropolitan statistical areas with a population of at least 500,000 and at least 5,000 total loan originations in Q2 2016, those with the biggest year-over-year increases in HELOC originations were Dallas (up 36 percent); Birmingham, Alabama (up 30 percent); Phoenix (up 28 percent); Sacramento (up 27 percent); and Seattle (up 25 percent).

“The combination of rapidly rising home prices and historically low interest rates has resulted in a substantial increase in the number of homeowners taking out a home equity line of credit (HELOC) in the greater Seattle area,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market.

Matthew Gardner

“I believe the popularity of HELOCs compared to cash-out refinances is likely due to the fact that interest rates are traditionally lower for HELOCs.

“Additionally, if equity is withdrawn during a refinance, homeowners must begin paying back the funds immediately, whereas a HELOC allows you to use the funds as needed.”

Other markets among the top 10 for biggest year-over-year increase in HELOC originations were and Columbus, Ohio (up 25 percent); Provo-Orem, Utah (up 24 percent); Denver (up 24 percent); Orlando (up 24 percent); and Cleveland, Ohio (up 23 percent).

“With an aging housing inventory across Ohio, we are seeing a resurgence of consumers electing to invest in their current homes, and utilize the increased availability of HELOCS for funding such needed repairs as new roofs, remodeling, and home addition projects,” said Michael Mahon, president at HER Realtors, covering the Ohio housing markets of Dayton, Columbus and Cincinnati. HELOC originations increased 21 percent in Dayton and 17 percent in Cincinnati compared to a year ago.

“With our strong appreciation in South Florida over the past few years, many property owners are hedging their bets and locking in a low-rate HELOC that gives them flexibility and options in the coming years,” said Mike Pappas, CEO and president at the Keyes Company, covering South Florida, where HELOC originations increased 19 percent in Q2 2016 compared to a year ago.

Mike Pappas

Cleveland, Kansas City, Boise post biggest increase in purchase originations

Among the 73 metro areas analyzed in the report, those with the biggest year-over-year increases in purchase loan originations in Q2 2016 were Cleveland, Ohio (up 31 percent); Kansas City (up 21 percent); Boise, Idaho (up 20 percent); Dayton, Ohio (up 17 percent); and Rochester, New York (up 15 percent).

Other markets among the top 10 for biggest year-over-year increases in purchase loan originations were Columbia, South Carolina (up 13 percent); Atlanta (up 13 percent); Milwaukee (up 12 percent); Deltona-Daytona Beach-Ormond Beach, Florida (up 11 percent); and Colorado Springs (up 11 percent).

Denver, Houston, San Francisco post decreases in purchase loan originations

Among the 73 metro areas analyzed in the report, those with the biggest year-over-year decreases in purchase loan originations in Q2 2016 were Honolulu, Hawaii (down 16 percent); Denver (down 8 percent); Louisville, Kentucky (down 7 percent); Houston (down 7 percent); and San Francisco (down 6 percent).

Other markets among the top 10 for biggest year-over-year declines in purchase loan originations were Bakersfield, California (down 6 percent); Portland (down 5 percent); Oxnard-Thousand Oaks-Ventura, California (down 5 percent); Dallas (down 5 percent); and Detroit (down 4 percent).

  

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

Data and Report Licensing:

800.462.5193

datasales@attomdata.com

HFF closes sale of Nine-building, 451,213-square-foot industrial portfolio in the Carolinas

Eagleton Downs, 520, 521 and 601 Eagleton Downs Drive, Pineville, NC
and 10401 John Price Road, Charlotte, NC

 CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a nine-building, 100-percent-leased industrial portfolio totaling 451,213 square feet in Charlotte and Raleigh-Durham, North Carolina, and Greenville-Spartanburg, South Carolina, markets. 

HFF marketed the property on behalf of the seller, Dalfen America Corp.  MDH Partners, LLC purchased the portfolio.

The portfolio comprises Stuart Andrew Business Center, Eagleton Downs, Airport Distribution Center and Matrix Business Center.

Chris Norvell

 Six of the portfolio buildings are in the Charlotte market; the two-building, 91,320-square-foot Stuart Andrew Business Center is located at 4216 Stuart Andrew Boulevard and 646 Michael Wylie Drive (Charlotte), and Eagleton Downs, a four-building, 122,940-square-foot industrial center at 520, 521 and 601 Eagleton Downs Drive (Pineville) and 10401 John Price Road (Charlotte).

 Airport Distribution Center, a Class A, two-building, 165,144-square-foot property, is located at 5101 and 5151 Nelson Road in the Raleigh-Durham-area community of Morrisville, North Carolina. 

Matrix Business Center is a 71,809-square-foot, one-building, Class A warehouse building at 500 Matrix Parkway in Piedmont, South Carolina, near Greenville-Spartanburg.

The portfolio is home to 13 tenants, including Professional Builders Supply, LLC; General Electric Company; Worldpac, Inc. and S&N Communications, Inc.  Located along the main southeastern distribution corridor, the buildings are adjacent to major roadways, including Interstates 85, 40 and 77.

The HFF investment sales team representing the seller was led by senior managing director Chris Norvell.

“We continue to see extremely strong demand for industrial investment product throughout the Carolinas,” Norvell said.  “This is particularly true in Charlotte, Raleigh and Greenville, which boast some of the strongest fundamentals among the nation’s secondary markets.  The opportunity to acquire a position in each market via a 100-percent-leased portfolio was well received in the market.”

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

HFF closes $54.5 million sale of Two-property seniors housing portfolio in Washington, DC and New York

Chevy Chase House, 5420 Connecticut Avenue NW, Washington, DC

Ryan Maconachy

DALLAS, TX -- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $54.5 million sale of two seniors housing assets totaling 219 units – Chevy Chase House in Washington, D.C. and Country House in Yorktown Heights, New York.

HFF marketed the asset on behalf of the seller, Holladay Corporation.  A joint venture between Blue Vista Capital Management, LLC and Meridian Senior Living, LLC purchased the communities free and clear of existing debt.

Chevy Chase House is located at 5420 Connecticut Avenue NW in Washington, D.C.  The community includes 131 independent living, assisted living and respite care units across a mix of studio, one- and two-bedroom floor plans averaging more than 600 square feet each.

 Chevy Chase House is situated close to best-in-class medical providers, including Sibley Memorial and Walter Reed National Military Medical Center, and high-end neighborhood amenities such as Starbucks, the Avalon Theater, a public library and numerous restaurants.

Country House is located at 2000 Baldwin Road in the Westchester County community of Yorktown Heights proximate to best-in-class medical providers in the surrounding area.  The property has 88 independent living, assisted living and respite care units as well as wellness amenities, including Wii bowling, yoga instruction and body movement classes.

The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.

 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.meridiansenior.com.

HFF secures $23.275 million financing for grocery-anchored retail power center in Wilson, NC

                        

Heritage Crossing, 3401 Raleigh Road Parkway West, Wilson, NC

  

Travis Anderson

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $23.275 million in acquisition financing for Heritage Crossing, a 311,030-square-foot, fully-occupied, grocery-anchored retail power center in Wilson, North Carolina.    

HFF worked on behalf of the borrower, a partnership between Collett Capital, Return Holdings and SilverCap Partners, to place the five-year, floating-rate loan with Bank of North Carolina.  Loan proceeds were used to purchase the property.

Completed in 2006, Heritage Crossing is anchored by Harris Teeter, Ross Dress for Less, Marshalls, Best Buy, Belk, Bed Bath & Beyond and PetSmart and is shadow-anchored by Target.

The 100-percent-leased retail center is also home to national and regional tenants, including Starbucks, Rue 21, Five Below, Payless, Kay Jewelers, Moe’s Southwest Grill, Subway, AT&T Wireless, Cato and GNC.

 Heritage Crossing is located at 3401 Raleigh Road Parkway West in Wilson, a community approximately 50 miles east of downtown Raleigh and 40 miles west of Greenville.  The center is situated at the heavily-trafficked intersection of Raleigh Road Parkway and Airport Boulevard, which has a combined traffic count of more than 40,000 vehicles per day. 

Cory Fowler

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler. 

“Proven by its strong national tenant lineup and 100-percent occupancy, Heritage Crossing is regarded by many as the best location in town, as it is positioned along two major thoroughfares with excellent visibility,” said Fowler.

 “This strong partnership and asset will be further enhanced by Collett’s unique understanding of the property’s strengths and previous working relationships with the tenants, as Collett developed the center in 2006.”

 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.silvercappartners.com

www.collettcapital.com

$5.8 Million Loan Arranged by Marcus & Millichap Capital Corp. for 105-Room Springhill Suites by Marriott in Port St. Lucie, FL

  

Springhill Suites by Marriortt, Port St. Lucie, FL

Robert Bhat

PORT ST. LUCIE, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged a $5.8 million loan secured by a 105-room Springhill Suites by Marriott in Port St. Lucie, Florida.  Robert Bhat, a director in MMCC’s Miami office, arranged the debt placement.

“This hotel was acquired in an all-cash transaction in March 2016,” says Bhat. “We helped the buyer, an experienced hotel development group that specializes in value-add opportunities, refinance the investment.  

"They will complete a Property Improvement Plan (PIP) in the fall with a new design plan for the property.”

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

Kirk A. Felici

First Vice President/Regional Manager

 Miami Office

786-522-7000

120-Unit Jasmine Homes Apartments in Lakeland, FL Sold for $7.4 Million in Deal Brokered by Marcus & Millichap

Jasmine Homes, 3215 Baird Avenue, Lakeland, FL

LAKELAND, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Jasmine Homes, a 120-unit apartment property located in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $7,400,000.

Nicholas Meoli and Michael Donaldson, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by Meoli and Donaldson.

Nicholas Meoli

Jasmine Homes is 120-unit, garden-style community located at 3215 Baird Avenue in Lakeland, Florida. Situated on an approximately 7.10 acre site, Jasmin Homes is comprised of 20 two-story residential buildings and one, two-story building, which serves as a clubhouse and leasing office.

The unit mix offers two spacious, open floorplans consisting of 28 one-bedroom/one-bathroom units with 725 rentable square feet and 92 two-bedroom/one-bathroom units with 864 rentable square feet. 

Amenities at Jasmine Homes include a sparkling swimming pool with a spacious sundeck and complimentary Wi-Fi, dog park, new playground, racquetball court, on-site laundry facilities, state-of-the-art fitness center, business center and media room.

“Located in a sought after area in Lakeland, Jasmine Homes is surrounded by new developments and easy access to Interstate 4, which allows for a quick commute to several destinations between the two major area metros, Tampa and Orlando,” says Meoli.

“Population growth and organic rental growth continues to climb within the Interstate 4 corridor making Jasmine Homes a well-positioned property for a long term investment,” add Donaldson.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Brokers $3.6 Million Sale of Downtown Lot in St. Petersburg, FL

 

Paul Bouldin

ST. PETERSBURG, FL -– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 105,154-square feet of land located in downtown St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,600,000.

Paul Bouldin, senior associate, Michael P. Regan and Francesco P. Carriera, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a developer, was secured and represented by Bouldin. 

Located on 6th Avenue South in downtown St. Petersburg, this mixed-use development site is specially designated as an Activity Center within the Future Land Use designation of Planned Redevelopment-Mixed-Use and carries the Corridor Commercial Traditional-1 zoning designation.

The property is located one block south of Interstate 175 with immediate access to the on and off ramps. It is within walking distance of Campbell Park, Bayfront Medical Center, All Children’s Hospital and Tropicana Field.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $1.12 Million Sale of 27-Unit Howard Landing Apartments in Winter Haven, FL

Howard Landing Apartments, 2007 and 2101 Avenue G Northwest, Winter Haven, FL

 

Ned Roberts

WINTER HAVEN, FL, August 24, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Howard Landing, a 27-unit apartment community located in Winter Haven, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.

Ned Roberts, associate, Michael Donaldson, vice president investment, and Nicholas Meoli, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. 

The buyer, a private investor, was secured and represented by Roberts, Donaldson and Meoli.

The asset sold within 3.5 percent of the list price with a 7.34 percent capitalization rate. It closed in 64 days with the first contracted buyer, whom the Meoli-Donaldson Partners sourced through their exclusive proprietary database of active multifamily investors.

“The buyer typically focuses on core Tampa Bay submarkets,” says Roberts. “This transaction is evidence of the growing appeal of tertiary markets for investors seeking greater yield compared to more traditional core markets.”

Michael Donaldson

Howard Landing is a 27-unit, multifamily community located steps from the shores of Lake Howard at 2007 and 2101 Avenue G Northwest in Winter Haven, Florida.

The property is comprised of 11 buildings situated on two parcels totaling approximately 2.27 acres. Built of concrete block construction between 1977 and 1980, all of the units feature two-bedroom/one-bathroom floor plans of approximately 800 rentable square feet.

All of the units include washer/dryer connections and approximately 80 percent of the units have been upgraded with tile flooring and new appliances, cabinetry and countertops.

“Polk County was particularly attractive to the buyer with year-over-year employment gains and future job growth expectations there exceeding state averages,” concludes Roberts.

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

SunCap Property Group Begins Work on Gilbert Spectrum Building 7 in Gilbert, AZ

Gilbert Spectrum Business Park, Gilbert, AZ

 

Mike Orr

PHOENIX, AZ ­­­­– SunCap Property Group has begun construction of a 60,000-square-foot office building in the Gilbert Spectrum Business Park in Gilbert, Arizona.

This is the first of several planned buildings that SunCap is offering in the 63-acre park, located at the southwest corner of Elliot and McQueen roads. A total of 800,000 square feet of state-of-the-art office, flex-industrial and technology-related space is planned in eight to 10 buildings. Buildings range in size from 60,000 square feet to 200,000 square feet.

SunCap’s design-build team on this project includes Graycor Construction Company as the general contractor and Balmer Architectural Group as the architect of record. Site work is currently underway with vertical development scheduled to begin in mid-September. The building will be delivered in early 2017.

"Graycor has been a strong partner for us across the country on other build-to-suit projects," said Mike Orr, Senior Vice President for SunCap Property Group. "We are pleased to further our relationship with Graycor while delivering the Phoenix region and Town of Gilbert a project we can all be proud of."

Construction will be coordinated out of Graycor's Southwest regional office and will feature concrete tilt panels and decorative stone veneer feature walls. Designed for today’s modern organization, the single-story building delivers oversized windows providing ample natural light paired with the energy efficiency of low-e glass panels.  

 Mark Krison and Luke Krison with CBRE are listing brokers for the project. For more information or to explore future leasing opportunities, please visit

 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.gryacor.com.

www.suncappg.com

http://www.gilbertspectrum.com/index.html.

Capital Square 1031 Surpasses $500 Million in Assets Under Management

Louis Rogers

SAN ANTONIO, TX -- Capital Square 1031, LLC, a leading sponsor of replacement property for Section 1031 exchanges, announced the firm has surpassed $500 million in assets under management with the acquisition of The Canopy, a 220-unit multi-family community located in at 950 Bitters Road East in the north central submarket of San Antonio.

“Capital Square 1031 couldn’t be more pleased to reach this milestone for our firm,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.

 “Since inception, Capital Square has sponsored 31 DST programs, primarily for Section 1031 tax-deferred exchange investors, and grown our portfolio of assets under management to include more than 50 properties.

“We look forward to continuing this growth by adding high quality properties, like The Canopy, to our portfolio.”

The Canopy was approximately 97 percent leased at the time of acquisition. The property includes 13 two- and three-story residential buildings, as well as a clubhouse, located on 8.6 acres of land.

 Situated a quarter-mile from U.S. Highway 281, the community is accessible via Interstates 410, 35 and 10, as well as Texas State Highway Loop 1604. The Canopy is equipped with 272 parking spaces.

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.CapitalSquare1031.com.

WNC Closes $102 Million Institutional LIHTC Fund Offering 17 affordable housing properties for seniors and families in 12 states

  

Christine Cormier

 IRVINE, CA  – WNC, a national investor in real estate and community development initiatives, announced it has closed WNC Institutional Tax Credit Fund 42, L.P. (WNC Corp. 42), a $102 million institutional low-income housing tax credit (LIHTC) fund.

WNC Corp. 42 is estimated to include 1,504 affordable housing units in total, and is comprised of 17 family and senior housing communities scheduled for new construction and rehabilitation.

The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin.

“Approximately 28 percent of the projects in WNC Corp. 42 are new construction and will help to expand the nation’s limited stock of affordable housing,” said WNC Senior Vice President of Investor Relations Christine Cormier.

“The remaining 72 percent of the fund’s projects include traditional and historical renovation, preserving the desperately needed affordable housing supply currently available to seniors and families in eight states.

“WNC is proud to continue existing investment partnerships and expand our investor base with this fund, which consists of two economic investors and four CRA (Community Reinvestment Act) investors.”

This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million year-to-date.

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.