$7.2 million refinancing for 118-unit multi-housing community in Aurora, CO secured by HFF

Shadow Tree Apartments, 1800 Billings Street, Aurora, CO

Josh Simon

DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $7.2 million refinancing for Shadow Tree Apartments, a 118-unit multi-housing community in the Denver suburb of Aurora, Colorado.

HFF worked on behalf of Vukota Capital Management to secure the 10-year, 3.91 percent fixed-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.

Shadow Tree Apartments is located at 1800 Billings Street in the Aurora Village submarket.  The property is just off of Interstate 225 providing access to Interstates 25 and 70 and the Denver metropolitan area.

 Additionally, Shadow Tree Apartments is strategically located within two miles of Anschutz Medical Center, home to the University of Colorado Hospital and Fitzsimmons Army Hospital.  The two, three-story residential buildings are 94 percent occupied. 

The HFF debt placement team representing the borrower was led by managing director Josh Simon and associate director Brock Yaffe.

 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.vukotacapital.com.

Rendering for Planned Condominium Project
in TriBeCa Neighborhood, New York City

NEW YORK, NY -- Winter & Company has arranged a $38,373,183 construction loan (more than $5 million loan-per-residential-unit) for the development of an ultra-high-end luxury boutique condominium project located in TriBeCa.

The three-year construction loan is priced at LIBOR + 350 basis points with a floor of 3.7% and was structured with limited recourse.

Gregg Winter

Much of the existing building will be demolished and the resulting structure will be a nine-story building with seven large, luxurious units with copious terraces and outdoor space, in-building parking and units ranging in size from 3,393 to 7,098 square feet.

Winter & Company had also arranged the sale of this property from a previous developer to the current developer.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing (as well as joint venture equity for new developments), multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties since 2003.

For a complete copy of the company’s news release and for more information on construction financing programs and arranging joint venture equity, please contact:

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-9170

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Feldman Equities Hires Leasing Veteran Mike DiBlasi and Financial Analyst Mahmoud Mihanyar

Mike DiBlasi

TAMPA, FL -- With an eye towards an ever expanding real estate portfolio including development and acquisition Feldman Equities continues to add to its Tampa Bay staff. 

Just weeks after bringing aboard Mack Feldman and Jonathan Schneider, Feldman has hired real estate leasing powerhouse Mike DiBlasi and financial analyst Mahmoud Mihanyar.

As Executive Vice President of Leasing and Marketing, DiBlasi will head all leasing activity for the 1.3 million square foot office building portfolio owned and under development by Feldman Equities and Tower Realty Partners in Tampa Bay.  His role will also include leasing oversight of acquisitions and third party leasing assignments.

Feldman Equities CEO Larry Feldman, who attributes the company’s success to smart risk taking, found a like-minded hire in DiBlasi who advises those getting into the business to take risks when you are young.

Mahmoud Mihanyar

“I started my career as a CPA and after five years, left that salary and security for the opportunity to enter the commissionable world of commercial real estate brokerage, “ said DiBlasi. “I took a risk and it paid off.  After 10 successful years in the business I’m embarking on yet another incredible opportunity.”

DiBlasi has spent the past seven years as Senior Leasing Director for Liberty Property Trust’s 4.2 million square foot Tampa portfolio of office, flex and industrial properties. Prior to joining Liberty he spent three years as a broker with Cushman & Wakefield.

Feldman also brings on board Financial Analyst Mahmoud Mihanyar a recent graduate of Hough Graduate School of Business at the University of Florida where he earned a Master of Science in Real Estate.

Prior to entering the program he managed a small construction company in Daytona Beach, FL. Mihanyar also attended the University of Florida’s College of Design and Construction earning a Bachelor of Design in Architecture.

“With his design and construction background Mahmoud brings a specific understanding to real estate finance,” said Feldman. “Lease transactions, development, acquisition…we plan on keeping Mahmoud busy.”  

Larry Feldman

Feldman Equities, LLC is the modern business entity that encompasses a century of success in commercial real estate development and ownership throughout the United States. 

Feldman Equities and its joint venture partners own or manage over four million square feet of Florida office space. Over the past 30 years, Feldman Equities has developed or acquired over eleven million square feet of office and retail properties with an aggregate value in excess of $3 billion.

Feldman Equities is a standout, recognized for its trademark, hands-on approach to turning around distressed assets. Feldman Equities is marshaled by its president and CEO, Larry Feldman.

Today, Feldman Equities is embarked upon an aggressive program to acquire underperforming office buildings in the greater Tampa Bay market. Typical candidates for acquisition are office buildings of over 100,000 square feet.

In addition to acquisitions, Feldman Equities is building from the ground up.  The company and its affiliates recently acquired the last piece of developable waterfront in the core of downtown Tampa.  Feldman and his partners will develop Riverwalk Tower, a 52-story office and luxury residential building along Tampa’s Riverwalk.  The tower will become the tallest building on the West Coast of Florida and is expected to dominate the Tampa skyline.

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

tyoungman@assetmarketingonline.com

www.feldmanequities.com/about

  

Kristen Larkin Joins FitzGerald Associates Architects As Associate Principal

Kristen Larkin

 CHICAGO, IL — Chicago-based FitzGerald Associates Architects, a leading national residential and commercial design firm, announced that industry veteran Kristen Larkin, ASID, has joined the firm as an associate principal.

For more than 15 years Larkin has designed a range of custom public spaces including multifamily developments, commercial offices, hotels, dormitories, K-12 and higher education facilities.

 In addition to her work designing interiors for many high-profile multifamily developers across Chicagoland, Larkin’s portfolio includes commercial and institutional commissions such as British International School of Chicago, The Salvation Army Freedom Center, DePaul School of Music, and corporate offices for IBM and @properties.

She has been responsible for the implementation of creative interior design solutions from the initial concept and planning phase through construction and furniture, fixture and equipment installation.

Mike De Rouin

“Kristen brings with her a high level of design talent and expertise that will immediately contribute to the FitzGerald team and complement the work we already do,” said Mike DeRouin, president of FitzGerald Associates Architects.

“Her experience within the firm’s core disciplines – as well as sectors in which we seek to expand – will be critical as we continue raising the bar on the interior design services we offer our clients.”

Previously, Larkin was the principal of interior design at Chicago-based Antunovich Associates. Prior to that, she worked under the tutelage of mentor Bonnie C. Smith for more than 10 years, eventually forming the partnership Smith & Larkin Interior Design in 2008.

“I am thrilled to join a firm with such a rich history and a progressive approach to building,” said Larkin. “By joining the FitzGerald team, I look forward to supporting the firm’s broad range of clients and services as we strive to make our projects not only beautiful but also functional, both inside and out.”

Larkin holds a BFA in interior design from Harrington College of Design.

high-rise residential buildings; commercial and industrial facilities; banks; restaurants;

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

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523

Stepp Commercial Completes $4.21 Million Apartment Property Sale in Long Beach, CA

Robert Stepp

                                                                                  
Long Beach, CA, Sept. 26, 2016 – Stepp 
Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $4.21 million sale of a 22-unit apartment property located at 2333 to 2401 E. 5th Street in the Retro Row submarket of Long Beach.  

Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Culver City, as well as the buyer, a private investor from Santa Monica. The closing cap rate was 3.8 percent and the price per unit was $191,000.  

Built in 1963, the property features 18 one bedroom units and four two-bedroom units with open floor plans. It offers a large central courtyard, on-site laundry, and 12 private garages. It is located within walking distance to the beach, Bixby Park, and the numerous shops and restaurants in the Retro Row area along 4th Street.

“The buyer is planning on investing $20,000 per unit for interior upgrades and enhancements and will also renovate the exterior areas. Once complete, the buyer will be able to secure market rental rates which are approximately 15 percent higher than what the property is currently seeing.”

Retro Row is a vibrant, bike-friendly area of Long Beach that stretches from between Cherry and Junipero. This district is home to more than 40 independent merchants as well as a restored 1920s Art Theatre which hosts a mix of first-run and art films, live concerts and other events.

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com

New Castle Hotels & Resorts Opens Fairfield Inn & Suites Downtown New Orleans

  

Cutting a ribbon of Mardi Gras beads to celebrate the official opening of the Fairfield Inn and Suites Downtown New Orleans, are first guest Emily Voros, Gerry Chase, president and COO New Castle Hotels and Resorts, Patricia Coulter, general manager, Adam Valente managing director Rockbridge, Charles Snyder New Castle director acquisitions development, Ted Stimson vice president Rockbridge, Kurt Weigle CEO of New Orleans Downtown Development District.  Rear Ben Johnson, CEO New Orleans Chamber of Commerce

Gerry Chase

NEW ORLEANS, LA —New Castle Hotels and Resorts (NCHR), a leading third-party management company, developer and owner of a diverse, international portfolio of hotels and resorts, celebrated the opening of the 103-suite Fairfield Inn and Suites Downtown New Orleans/French Quarter Area, the company’s first project in this top US convention and leisure market.  Rockbridge Capital provided financing for the project.

The historic hotel, built in 1910 as the Interstate Electric Company, was acquired by New Castle in April of 2015 and under the direction of New Orleans architect John T. Campo Associates, underwent a $10 million transformation utilizing historic tax credits for the preservation of the building’s façade and interior structures.

“New Castle has a long history of rescuing high-potential historic buildings and transforming them into top-performing, modern hotels that reflect their original character,” said Gerry Chase, president and COO of New Castle Hotels & Resorts.

 

Patricia Coulter

“This Fairfield Inn and Suites, in the center of New Orleans Central Business District, threads the needle of evolving guest expectations by combining the best attributes of this popular Marriott brand, and the destination-specific details and influences that speak to contemporary travelers.”

“New Orleans is a city whose present and future success is founded on a rich and distinguished history, including our musical, architectural, and the less-appreciated industrial heritage,” said Kurt Weigle president and CEO of the New Orleans Downtown Development District.

 “Congratulations to New Castle Hotels & Resorts for recognizing the important role the Interstate Electric Company building played in advancing all three elements of our history and for the beautiful job they did highlighting them.  This new Fairfield Inn & Suites will contribute nicely to writing the next chapter of the New Orleans story.”

Chase cited the 13-foot ceilings in the guest rooms, exposed original brick interior walls and support beams, and the building’s façade as noteworthy examples of the hotel’s historic character.  Jazz-themed lobby decor and a full-service bar, 346Blu, pay homage to the city’s vibrant music scene and elevate the hotel beyond the traditional Fairfield prototype.

“Guests will find that the Fairfield Inn & Suites Downtown New Orleans is in a class by itself when compared to most select service hotels,” noted General Manager Patricia Coulter.  “Top-of-the-line finishes, guest suites with two king beds, and full-service hotel amenities such as 346Blue will provide an upscale experience for an exceptional price.”

Kurt M. Weigle

Located in the Central Business District, and just 15 miles from Louis Armstrong New Orleans International Airport, the Fairfield Inn & Suites New Orleans Downtown/French Quarter Area is within walking distance of the Mercedes-Benz Superdome, the Morial Convention Center and Harrah’s New Orleans Casino as well as the city’s famed French Quarter. 

The hotel also is in close proximity to the Port of New Orleans, Shell Oil, Entergy, New Orleans City Hall and numerous federal government offices. 

“New Orleans is on a 10-year run of record-breaking tourism growth, with nearly 10 million visitors spending more than $7 billion in 2015,” said Chase.  “This city has a tremendous marketing engine and a world-class infrastructure capable of hosting major events like Mardi Gras and the NBA All-Star game simultaneously next year. 

“They also have a need for new, top quality accommodations to host those guests.  We look forward to playing a small role in this city’s tremendous economic trajectory.”

  

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

Lauralee Dobbins

Write Touch PR

609-451-5102

Lauralee@WriteTouchPR.com

www.newcastlehotels.com

Faris Lee Investments Completes $3.51 Million Sale of Single-Tenant Retail Property Occupied by Chicago Fire Pizza in Elk Grove, CA

Retail Center, 7101 Laguna Boulevard, Elk Grove, CA

Jeff Conover

IRVINE, CA  – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $3.51 million sale of a 7,096-square-foot retail property in Elk Grove, Calif. 

The property includes a single-tenant freestanding restaurant building that is NNN-leased to Chicago Fire Pizza, one of the Sacramento region’s top pizza restaurants.

Jeff Conover and Thomas Chichester with Faris Lee Investments represented the seller, EGB Elk Grove, LLC. The buyer, Berkeland Family Revocable Living Trust, was represented by Matthews Retail Advisors. The closing cap rate was 6.5 percent. 

“Faris Lee aggressively marketed this property and received a total of 15 offers with multiple backup offers,” said Chichester. “We identified a strong, all-cash buyer that was in a 1031 exchange and closed escrow in just 16 days.”

Chichester added that the tenant recently signed a new 15-year lease with extension options, providing the buyer with stable income and limited landlord responsibilities.

Built in 2005 and renovated in 2015, the property is situated on 1.47 acres at 7101 Laguna Blvd. and is adjacent to the 442,000-square-foot Laguna Crossroads Center which includes Target, Orchard Supply Hardware, and Steinmart.

The property is also within a strong retail corridor with other retailer brands including The Home Depot, T.J. Maxx, BevMo, PetSmart, and Best Buy. It is within an area with more than 292,000 consumers within a 5-mile radius. 

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

darcie@spauldingthompson.com

www.farislee.com.

HFF arranges $29.5 million financing for Tampa, FL mixed-use office and retail property

       

Rendering of Planned TriPointe Plaza Office and Retail, 4488 Boy Scout Boulevard
Westshore District, Tampa, FL

Chris Drew

MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $29.5 million in financing for TriPointe Plaza, a 71,721-square-foot, Class A office and retail mixed-use property in Tampa, Florida.

HFF worked on behalf of the borrower, Cardinal Point Management to secure the five-year, fixed-rate loan through a national life insurance company.  

Initial loan proceeds were used to acquire the property with the future proceeds going to fund the construction and interior build-out of a rooftop restaurant/lounge area. 

TriPointe Plaza is located at 4488 Boy Scout Boulevard in the Westshore District of Tampa, just south of International Plaza Mall and Tampa International Airport.  

This location has frontage and visibility along Boy Scout Boulevard, which boasts a traffic count of more than 50,000 vehicles per day. 

Completed in 2008, the property consists of a four-story Class A office building with a 374-space structured parking garage plus 15,005 square feet of in-line retail space on the ground floor and a freestanding 10,008-square-foot Eddie V’s Prime Seafood & Steaks restaurant constructed in 2013.

 The 90-percent-leased office component is anchored by a drive-through Synovus Bank branch, BNY Mellon, TD Ameritrade and Sharp Electronics.

  Additionally, the borrower has plans to construct a 10,500-square-foot rooftop restaurant/bar space on the top level of the parking garage that will boast panoramic views of Tampa Bay, Westshore and Downtown Tampa. 

Upon acquisition, Cardinal Point Management will begin a leasing campaign to identify a restaurant/lounge concept for this space.  

Westshore Business District, Tampa, FL

The HFF debt placement team representing the borrower was led by managing director Chris Drew and associate director Brian Gaswirth.

HFF’s debt placement group recorded $18.031 billion in 604 closed transactions through the first half of 2016, an increase of 2.1 percent from first half 2015.

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.cardinalpointmanagement.com.

HFF secures $7.85 million financing for retail center in New Bern, NC

                               

Rivertowne Square,  3005-3031 U.S. Highway West 17,  New Bern, NC

Travis Anderson

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $7.85 million in acquisition financing for Rivertowne Square, a 75,295-square-foot, fully-occupied retail center in the North Carolina destination community of New Bern.    

HFF worked on behalf of the borrower, Crosland Southeast, to place the floating-rate loan with New Bridge Bank.  Loan proceeds were used to purchase the property.

Rivertowne Square is anchored by PetSmart, Books-A-Million, Shoe Carnival and Wal-Mart Supercenter (shadow anchor) and is home to Panera Bread, Cato, Chipotle, Athlete’s Foot and Game Stop.

 Situated on 12.83 acres at 3005-3031 U.S. Highway W 17, the property is in the retail hub of New Bern, a popular retirement community and tourist destination located at the convergence of the Neuse and Trent Rivers approximately 30 miles from the Atlantic Ocean.

 New Bern is at the gateway to the Outer Banks and has an expansive 45-mile coastal trade area with high historical retail volumes.

  Rivertowne Square is at the “main and main” intersection of Highway 17 and U.S. 70, which has a combined traffic count of approximately 73,000 vehicles per day.

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

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://croslandsoutheast.com

Lincoln Secures Two New Leases Totaling More Than 35,000 Square Feet in Alpharetta, GA

Hunter Henritze

ATLANTA, GA– Lincoln Property Company Southeast (Lincoln) has secured two new leases totaling more than 35,000 square feet with Siemens and Kaplan, Inc. at 800 and 900 North Point Parkway, two Class A office buildings located in Alpharetta, Georgia.

Michael Howell and Hunter Henritze of Lincoln represented the landlord, Equity Office, in the transactions.

 Kaplan, Inc., represented by Gregg Metcalf with JLL, signed a new lease for 23,364 square feet at the 129,644-square-foot 900 North Point Parkway. 

The three-story building features a recently renovated lobby, updated common area corridors, a beautifully landscaped interior courtyard and amenities including an on-site fitness center and a Rising Roll to-go café.

Allison Bittel

Siemens, represented by Travis Jackson and Allison Bittel with Cushman & Wakefield, signed a new lease for 12,000 square feet at the 171,176-square-foot 800 North Point Parkway. The four-story building features a recently renovated lobby, updated common areas, bathrooms and a beautifully landscaped interior courtyard.

“North Fulton’s highly educated workforce, numerous Fortune 500 headquarters and top-ranked schools make it a desirable place to do business,” Howell said.

“With the building renovations, accessibility to GA 400 and a lively surrounding community, 800 and 900 Nor

th Point Parkway continue to attract sought after companies like Kaplan and Siemens.”

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

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

Meridian Capital Group Arranges a $14.25 Million Cash-Out Refinancing For a Multifamily Property in Orlando, FL

Tal Bar-Or

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $14.25 million in permanent financing for the cash-out refinance of a multifamily property located in Orlando, FL, on behalf of The Styles Group.

The three-year loan, provided by Rialto Mortgage Finance, features a competitive rate and interest-only payments. 

This transaction was negotiated by Meridian Senior Managing Director, Tal Bar-Or, Vice President, Raj Khatiwala and Senior Associate, Kyle A. Kite, who are based in the company’s New York City headquarters.

Southern Oaks Apartments is a recently acquired two-story, 330-unit garden-style multifamily complex, located at 5900 Park Hamilton Boulevard. The property is situated in the heart of Orlando where tenants enjoy close proximity to world-class dining and shopping. Southern Oaks Apartments offers a wide variety of community amenities, including pools, outside fitness areas, on-site laundry facilities and a playground.

Raj Khatiwala

“The borrower increased net-cash flow tremendously in less than a year, which allowed for a very attractive refinance,” explained Mr. Kite. 

“Meridian is pleased to have worked with The Styles Group and Rialto to tailor a solution that allowed the borrower to take advantage of a short-term interest-only loan, to help further execute their business plan,” he added.

 “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of The Styles Group.”

P.R. Steinfurth, Principal of The Styles Group, has over fifteen years of experience in all aspects of the multi-family real estate industry concentrating on acquiring value add properties. 

The firm focuses on increased rents through effective property management and substantial property upgrades.

The Styles Group current market areas for these activities are Florida and Texas. The portfolio of multi-family units currently approximates over 2,500 rental units.

Southern Oaks Apartments, Orlando, FL

Founded in 1991, Meridian Capital Group is America’s most active debt broker and one of the nation’s leading commercial real estate finance advisory firms.

 In 2015, Meridian closed over 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day.

Since inception, the company has closed more than $260 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds.

 Meridian arranges financing for many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties.

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

  

 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

  

john greene Realtor Receives Inc. 5000 Honor For Second Consecutive Year; Firm ranks among America’s fastest-growing private companies

  

Tim Greene

CHICAGO, IL — Naperville, Illinois-based john greene Realtor, a leading brokerage firm with a 40-year history in the Chicagoland market, announced it has been ranked among the fastest-growing companies in the country in the prestigious Inc. 5000 listing for the second consecutive year. The firm achieved this year’s honor with 72-percent growth over a three-year period.

“It makes all of us immensely proud to achieve this award for the second year in a row, and to have continued our exponential growth over the past several years,” said Tim Greene, CEO of john greene Realtor. “We are grateful for the ongoing support of our clients and the dedication of our team members who are the reasons we’ve been able to achieve this level of recognition.”

Established in 1976, john greene Realtor has thrived under two generations of family leadership and, today, has more than 130 professionals focused on residential, commercial, industrial and land brokerage. 

Combining its local expertise and global reach, john greene Realtor is revered as an independent brokerage with access to an expansive global network of premier real estate companies. 

“Our firm has decades of experience in the Chicago area, yet at the same time, we’re able to deliver resources from across the globe tailored to each client’s specific needs,” said Greene. “As we celebrate our 40th anniversary, our focus will remain on maintaining our reputation for excellence, innovation and delivering a five-star client experience.”

john greene Realtor also received the 2015 and 2016 “Top Workplaces” award by the Chicago Tribune, and has been voted the “Best Real Estate Company” in Naperville Magazine’s "Best of Naperville" issue each year from 2010 to 2016.

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

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

www.johngreeneRealtor.com.

  

$210 million financing for 10-property multi-state retail portfolio arranged by HFF

 

Joe Dykstra

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a total of $210 million in first lien financing for Westwood Financial Corp comprising 10 multi-tenant retail centers totaling 973,985 square feet in Arizona, California, Kansas, North Carolina and Texas markets.

HFF worked on behalf of the borrower, Westwood Financial Corp., in advising them on new loans and transferring of loans as part of their $1.2 billion consolidation and reorganization. 

As part of the process, HFF placed several new loans, including a 10-year, $110 million, fixed-rate portfolio loan with a correspondent life company and a $100 million senior credit facility with Wells Fargo Bank's Real Estate Capital Markets Group.

  HFF will service the $110 million loan, proceeds of which will be used to re-finance existing loans and will assist in the corporate restructure setting Westwood for future growth.

“Kevin MacKenzie and the HFF team are the best in the business,” said Joe Dykstra, co-CEO of Westwood Financial.  “HFF has represented us on more than 40 loans for our affiliates over the last four years, and the sourcing and execution has always been leading edge. 

Kevin MacKenzie

“Most recently in conjunction with our $1.2 billion consolidation and reorganization transaction, HFF arranged for a $100 million senior credit facility with Wells Fargo and a $110 million senior loan with a life company. The loans had to fund the same day as our closing consolidation.  Kevin and his team’s execution was flawless.”

“There were quite a few objectives we set out to achieve in this financing request, and the lenders were both able to deliver in order to meet Westwood’s needs with the most efficient terms available,” said senior managing director Kevin MacKenzie.

 “The life company provided a low-cost, long-term, fixed-rate option using a forward rate lock, and Wells Fargo provided the flexibility needed to bridge assets into a strategic credit facility including a go forward solution on additional assets. 

“It was a great introduction for Westwood to a new lending relationship with the life company and a new credit facility with Wells Fargo.  Both the borrower and lenders did an excellent job working through a complicated closing process, including multiple assets, a newly-formed sponsorship entity and creative solutions for the extended time-line to close.”

The $110 million loan consisted of six assets including the 79,575-square-foot Village Plaza in Phoenix, Arizona; the 65,054-square-foot Plaza Del Rio in San Juan Capistrano (Orange County), California; and the 103,124-square-foot Stateline Village in Prairie Village (Kansas City), Kansas.  

Lauren LaFever

Additionally, the portfolio contains two Dallas-area centers, the 46,789-square-foot Hebron Parkway Plaza in Carrollton and the 226,414-square-foot Old Town Shopping Center in Dallas, and the 79,226-square-foot Steelecroft Shopping Center in Charlotte, North Carolina. 

Ninety-one percent leased overall, key tenants of the portfolio include Harris Teeter, Sprouts, Hy-Vee, Tom Thumb, Vons, PetSmart, LA Fitness and Michaels.

Cory Fowler

The seed assets in the Wells Fargo facility included three grocery-anchored centers and one power center with a shadow grocery.

 The properties are:  the 77,031-square-foot Camelback Village anchored by AJ’s Fine Foods in Phoenix, Arizona; the 89,506-square-foot Mercado Del Rancho anchored by Sprouts Farmers Market in Scottsdale, Arizona; the 30,300-square-foot Magnolia Vineland Shopping Center shadow anchored by Ralph’s in North Hollywood, California; and Legacy Village shadow anchored by Target in Phoenix, Arizona.

 Ninety-five percent leased overall, other key tenants of the portfolio includes Ross Dress for Less, Beall’s, FedEx Office, Orange Theory, Steak 44, Famous Footwear, AutoZone, Orange Theory Fitness and Chipotle. 

The HFF debt placement team representing the borrower consisted of MacKenzie, director Jim Curtin, associate director Cory Fowler, associate Jamie Kline and real estate analyst Lauren LaFever.

 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

The St. Moritz in Edgewater, NJ, Rebranded As Riello Following $6 Million Renovation

Riello Apartments, 99 Gorge Road, Edgewater, NJ

EDGEWATER, NJ – Waterton, a U.S. real estate investment and management company, announced it has rebranded The St. Moritz, a 225-unit apartment tower located at 99 Gorge Road in Edgewater, N.J., as Riello following a $6 million renovation of the property.

Waterton, which has managed the community since 2014, spearheaded a two-year capital improvement program that renovated individual residences and common areas. The improvements include a new outdoor pool and spa area with private cabanas, grilling stations and a fire pit, as well as an updated lobby, business center and fitness facility featuring all-new exercise equipment.

David Scharfenberg

Additional enhancements were made to parking garage and façade of the building, which is owned by Barings Real Estate Advisers, acting on behalf of an institutional investor

“In today’s fast-paced rental market, it’s essential for existing communities to stay relevant,” said David Scharfenberg, assistant vice president of regional operations at Waterton.

 “While The St. Moritz already offers many of the services and amenities today’s renters seek in a residential community – not to mention an unbeatable location, overlooking the Hudson River with panoramic views of the Manhattan skyline – we saw an opportunity to further enhance the appeal of the property through renovations designed to position it as the Manhattan alternative.

“Because we were creating a new look for the building, we felt it was only appropriate to give it a new identity as Riello.”

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

 Abe Tekippe at (312) 267-4528 or atekippe@taylorjohnson.com;

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

www.waterton.com

www.barings.com.

Minto Begins Promised Improvements to Seminole Pratt Whitney Road in Westlake, FL

Mike Belmont

WESTLAKE, FL – Minto Communities announced that construction has begun on improvements to Seminole Pratt Whitney Road through the newly formed City of Westlake.

 The improvements consist of major utility infrastructure installation, placing the overhead power underground, as well as widening a 1.5-mile stretch of the roadway. 

The project will also include the installation of a rural parkway landscape buffer.  Minto agreed to this significant infrastructure project as part of its development order for Westlake, a 3,800-acre master-planned community. 

While Minto is funding and paying the approximately $19-million cost, the project will be constructed jointly by Minto and the Seminole Improvement District.

Plans call for expanding the two-lane road to four lanes with a landscaped divided median. Widening will occur from the northern end of Seminole Ridge High School to just past 60th Street North. In addition, there will be an 80-foot landscaped buffer and sidewalks constructed in the dedicated Rural Parkway Easement.

“The District has executed all contract documents and the road contractor has been issued a notice to proceed. Mobilization efforts and pre-construction efforts are well underway,” said Mike Belmont, president of Minto Communities.

“As part of our development order with Palm Beach County, we agreed to step up and commence construction on this substantial improvement to Seminole Pratt Whitney before putting a shovel in the ground for our new community,” said John Carter, vice president of Minto Communities. “We are pleased to see this major transportation improvement project starting.” 

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

BoardroomPR

Todd Templin/Ashley Fierman

ttemplin@boardroompr.com/afierman@boardroompr.com

(954) 370-8999

www.mintofla.com.