Florida Division of Largest U.S. Healthcare Union Establishes Office at Miramar Park of Commerce in Miramar, FL

Monica Russo

 MIRAMAR, FL – At the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, Sunbeam Properties & Development announced that 1199SEIU United Healthcare Workers East - Florida d/b/a 1199SEIU Florida signed a new lease for 9,975 sq. ft. of office space at 2871 Corporate Way in MPC-15.

1199SEIU Florida is a division of 1199SEIU United Healthcare Workers East, the largest healthcare union in the nation with more than 400,000 members in Massachusetts, New York, New Jersey, Washington, D.C. and Florida. In addition to its office in the Miramar Park of Commerce, which serves South Florida, 1199SEIU Florida also has an office in Tampa.

“1199SEIU Florida represents more than 25,000 healthcare workers in Florida’s hospital and nursing home industry,” said Monica Russo, 1199SEIU’s executive vice president for Florida.

Maridee Bell

“1199SEIU Florida works to secure fair wages and benefits, safe work environments, paid time off, stable retirement, childcare, education benefits and more for its members, who in turn work diligently to provide high quality care in some of the largest for-profit and academic healthcare institutions in the state.”

1199SEIU Florida also advocates for its members, patients and communities through government and elected officials, working to help elect working-family-friendly candidates and drafting worker-friendly legislation.

Lauren Pace

“To represent such an expansive group healthcare workers in South Florida, it’s important for 1199SEIU Florida to have an accessible location in a state-of-the-art facility,” said Sunbeam Properties Vice President Maridee Bell.

 “Labor unions like 1199SEIU Florida require space that offers functionality and connectivity suitable for serving members locally and across the state. The Miramar Park of Commerce is one of the few places in South Florida that already has the infrastructure in place to accommodate these requirements.”

In the transaction, 1199SEIU Florida was represented by Tom Viscount of Butters Realty and the Park was represented by Bell and Lauren Pace of Sunbeam Properties and Ryan Goggins of Colliers International.

Ryan Goggins

  For more information on Miramar Park,, contact Lauren Pace (lpace@wsvn.com)

 or Maridee Bell (mbell@wsvn.com)

 at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

For more information on this news release, please contact:

 Lexi Robinson

954-776-1999, ext. 255

lrobinson@piersongrant.com or

Harriet Sausner, 1199SEIU United Healthcare Workers East, MPC-15, 2871 Corporate Way, Miramar, FL, 33025, 786-594-4348, harriet.sausner@1199.org

Meta Housing Corp. Expands into New Housing Types; Promotes Aaron Mandel and Chris Maffris to Executive Vice President

Aaron Mandel

LOS ANGELES, CA (Aug. 29, 2017) – Meta Housing Corporation , a Los Angeles-based affordable housing developer, has announced the promotions of Aaron Mandel and Chris Maffris to Executive Vice President.

These promotions coincide with the firm’s ongoing growth and expansion into new housing types, according to Kasey Burke, President of Meta Housing Corporation.

“Aaron and Chris have been instrumental in successfully driving our mission of providing high-quality affordable housing forward,” says Burke. “They have both played a tremendous role in expanding our development pipeline and our presence in developing additional housing types.”

Burke explains that Meta Housing has long focused on affordable housing for families and seniors and has recently expanded into developing new affordable housing types such as veterans, homeless and supportive housing.

“These promotions demonstrate the significant value we place on Aaron and Chris, and their abilities to further aid in the growth of the firm,” says Burke. “Over the last decade, they have become integral to our leadership team, effectively overseeing the growth of the development team and new development opportunities.”

Chris Maffris

            Mr. Mandel has been with Meta Housing for more than 13 years. During his tenure, he has overseen the financing and development of more than 2,000 apartment units.

            In his new role, he will provide strategic direction and management for Meta’s development division. He will also continue to oversee all aspects of development projects from initial land acquisition all the way through lease-up, as well as structuring and arranging complex layered financing for these developments.

            Mr. Maffris, who joined Meta in 2003, has supervised the development of more than 3,700 apartment units and 30,000 square-feet of commercial space.

In his new role, Maffris will oversee the development team while focusing on urban infill and revitalization projects that strengthen neighborhoods and improve outcomes for residents.

            Mr. Maffris received a degree in Economics with a Specialization in Computer Science from UCLA. Mr. Mandel earned a degree in International Relations with a minor in Economics from Pomona College where he was a member of the varsity soccer team.

About Meta Housing Corporation

Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units.  

 For more information on this news release, please contact:

Miki Akil/Lexi Astfalk

Brower, Miller & Cole

makil@browermillercole.com

(949) 955-7940

www.metahousing.com

WoodSpring Suites Implements 100 Percent Pet-Friendly Policy Nationwide

Wendy Hoekwater

Gary DeLapp

Charlotte, NC —WoodSpring Hotels, the nation’s fastest-growing extended-stay hotel company, announced it has implemented a 100 percent pet-friendly policy at its WoodSpring Suites hotels nationwide. 

Guests will be required to pay a one-time fee for any cat or dog depending on the length of stay. Additionally, all WoodSpring Suites hotels will have waste stations available for their guests’ pets to use when taking them outside.

“Many Americans consider their pets to be members of their family, and a growing number of families are making their pets a more integral part of their travel experience,” said Wendy Hoekwater, WoodSpring Hotels chief marketing officer. “As a hotel brand that caters to long-term stays, we are taking great strides to ensure our guests receive a space they truly feel is like a second home.”

“Not only does our pet-friendly program open our doors to our guests’ furry friends, but it also opens doors to a profitable and competitive consumer segment,” said Gary DeLapp, WoodSpring Hotels President and CEO.

“According to the American Pets Products Association, Americans spent $66.75 billion on their pets in 2016, with estimates going as high as $69.36 billion in 2017. 

“We’re now able to attract guests with pets looking for awesome and affordable extended stay hotel accommodations, and we expect to see our occupancy and room revenue increase as a direct result of our pet-friendly program.”

This announcement comes shortly after the brand enters the final stages of its repositioning, which includes other guest-centric updates, such as brand-wide free wireless internet and new bedding.

“Working with our key stakeholders, we are constantly making sure we’re tapped into what extended stay guests wants in their hotel and then offering those desires at a reasonable rate,” DeLapp added. “Our pet-friendly program is just another great example of this process coming to life.”

 For more information on this news release, please contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com

www.dalygray.com  or

Crystal Franz

Vice President of Corporate Communications

cfranz@woodspring.com

www.woodspringfranchise.com.

Tampa Bay Industrial Portfolio Trades for $16.1 Million

 

Douglas K. Mandel

 TAMPA, FL – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of the Tampa Bay Industrial/Flex Portfolio, a two-business park portfolio consisting of Airport Corporate Center in Tampa and Bay Tec Center in St. Petersburg.

The assets feature 14 prime, light-industrial/flex buildings totaling 231,867 square feet. The portfolio sold for a total of $16,097,500.

Douglas K. Mandel, senior managing director, in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, an office and industrial property investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of Calare Properties, a private Massachusetts-based real estate investment firm and operator. 

The IPA team also procured the buyer, Avistone, a real estate investment firm based in Laguna Niguel, California.

In 2017, the IPA Team of Mandel and Hanson also represented the sale of Palm Lake Office in Tampa, Vology Corporate Headquarters in Clearwater and the BMO Bank Building in Bradenton.  “The Tampa Bay market is a core market for our Team”, states Mandel.  “We are seeing a significant amount of investor interest in the market from both South Florida as well as out-of-state capital”.  

Nicholas Hanson

The Bay Tec Center was built in 1985. It is located within the Gateway/Mid-Pinellas industrial submarket at 2810-2880 Scherer Drive North in St. Petersburg, near Roosevelt Boulevard and Interstate 275. 

The office park features two dock-high small bay/flex distribution spaces and six grade-level flex/office service center buildings.

The Airport Corporate Center was built between 1982 and 1984 and is located within the Westside/Airport submarket along the east side of Veterans Expressway at 6702-6712 Benjamin Road in Tampa. 

The office center features two dock-high small bay flex space buildings and four grade-level flex/office service center buildings, two of which have frontage on Benjamin Road.

For more information on this news release, please contact:

Ryan Nee, Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

George Smith Partners Appoints Two New Vice Presidents, Allison Weiss and Dana Light, to Bolster Firm’s Growth and Expansion

Allison Weiss

LOS ANGELES, CA (Aug/ 28, 2017) – Commercial real estate investment banking firm George Smith Partners has announced two new additions to its team, Allison Weiss as Vice President/Director of Platform Development and Dana Light as the Vice President of Research/Marketing.

Both Weiss and Light will work to increase the velocity of the firm’s ongoing growth and expansion, according to Principals and Co-Managing Directors Jonathan Lee and Shahin Yazdi.

 “These two new appointments reflect our focus on growing our platform in the markets we serve, as well as our objective to serve more clients across a broader geography throughout the country,” says Lee. 

Yazdi agrees, noting that during this rapid growth, the firm’s current clients and team remain top priorities.

“The addition of these two new team members, who are highly regarded in our field, will serve the dual purpose of accelerating our growth while also upholding our current strength in the marketplace,” Yazdi explains.  “As highly ethical professionals, we deliver quality to our clients, support our communities philanthropically, and work in partnership with our colleagues.”

Dana Light

 Allison Weiss - Vice President / Director of Platform Development

In her newly created role, Weiss will be responsible for recruitment and hiring on a national basis.  She will also spearhead George Smith Partners’ brand development and positive company culture to ensure strong employee retention, enabling the firm to maintain its competitive position in the current market.

“Allison’s expertise in sourcing talent and cultivating relationships with clients will be instrumental in helping us to attract top talent in key locations and open new offices in the near future,” says Lee.

Prior to George Smith Partners, Weiss served as a National Recruiting Manager for Marcus & Millichap Capital Corporation (MMCC) where she directed recruitment, project management, marketing and public relations, presentation development and execution, and corporate operations.

Jonathan Lee

Weiss, who notes that George Smith Partners’ unique platform attracted her to the firm, explains, “George Smith Partners’ entrepreneurial culture and reputation as one of the leading real estate investment banking firms in the nation immediately drew me to this opportunity. I look forward to building upon this legacy by attracting and retaining the best employees and clients, while upholding the strict standard of excellence that is already in place at this top-notch firm.”

Dana Light - Vice President of Research/Marketing

In her new position, Light will focus on researching responsible lenders and lending programs for George Smith Partners. This work will support the firm in upholding its exemplary reputation, which was established by George Smith when he founded the company 25 years ago.

Shahin Yazdi

Light will also spearhead industry and company events for the firm, continuing to grow and fortify George Smith Partners’ brand and visibility. 

“Dana’s long established reputation in the industry, coupled with her deep experience in internal research and event management will ensure that we continue to find the best sources of capital and increase our visibility as an extremely reputable firm,” says Yazdi.

Before joining George Smith Partners, Light served in business development and marketing roles with Arixa Capital Management, including organizing large-scale events and implementing grassroots marketing campaigns to create a large following for the firm.

Light, who was first attracted to George Smith Partners’ spotless reputation, says, “George Smith Partners is known throughout the industry for its diligence and uncompromising ethics.  I am thrilled to be a part of this firm’s growth, and to support its ongoing commitment to providing responsible, tailored financing that meets the needs of clients throughout the U.S.”

For more information on this news release, please contact:

Katie Clendening / Miki (Conant) Akil

Brower, Miller & Cole

(949) 955-7940

kclendening@browermillercole.com

www.GSPartners.com

Hanley Investment Group Completes Sale of Shadow-Anchored Target Shopping Center in Lake Elsinore, CA for $11.6 Million

Oak Grove Crossing Shopping Center, Lake Elsinore, CA, Riverside County, CA

Kevin Fryman

LAKE ELSINORE, CA. -- Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm represented the buyer and seller in the sale of Oak Grove Crossing, a 22,577-square-foot shopping center shadow-anchored by Target in Riverside County, Calif.

Oak Grove Crossing is located at 18283 &18285 Collier Avenue in the city of Lake Elsinore, Calif. The purchase price was $11,565,200.

Hanley Investment Group Executive Vice President Kevin Fryman represented the seller, a private investment partnership based in Murrieta, Calif.  The buyer, a family trust from Orange, Calif., was represented by Hanley Investment Group Associate Jeff Lefko and Executive Vice President Bill Asher.

Jeff Lefco

he property, which was built in 2006, is located on 2.36 acres and was 100 percent occupied at the time of the sale by 81 percent national and regional credit tenants. 

National and regional credit tenants include McDonald's with a drive-thru, Starbucks, GameStop, GNC, H&R Block, Pacific Dental, Papa John's Pizza, Subway, Supercuts, Verizon and Yogurtland.

Fryman reports that the property enjoys long-term historical occupancy. “Approximately 77 percent of the tenants have been located at the center since it was built in 2006,” Fryman noted. “Since 2012, all of the shop tenants have signed a new lease or extended their lease.”

Fryman added, “The sale also included a stand-alone McDonald’s pad on a long-term ground lease.”

Bill Asher

Target is the second largest discount retailer in the United States (ranked #38 on Fortune 500), according to Asher. 

“This location includes Target’s grocery concept as well as a CVS/pharmacy inside the store, driving ‘daily needs’ traffic to the center,” Asher commented. “Additional traffic draws include Bank of America and Tarbell Realtors, which are located in the shopping center, but were not a part of the sale.”

According to Fryman, Hanley Investment Group was the second brokerage firm to formally list the property. “The buyer was procured through our in-house collaboration to match the seller’s requirements with clients that we knew were active exchange buyers,” Fryman reported. 

“We marketed the property with a potential break-up strategy,” said Fryman. “McDonald’s is separately parceled, which provided a unique opportunity to sell the McDonald’s pad on an individual basis in the future, taking advantage of the historically-low caps demanded by single-tenant buyers.”

For more information on this news release, please contact:

anne@monaghanpr.com
www.hanleyinvestment.com

29th Street Capital Acquires Wooded Isle Apartments in Hyde Park, IL; Community is Firm’s 6th Chicago-Area Acquisition

Wooded Isle Apartments, Hyde Park, IL

Dan Howard

Chicago, IL – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Wooded Isle Apartments – its sixth property in the greater Chicago area. 

The 75-unit multifamily community, located eight miles south of downtown Chicago in Hyde Park, features studios, one- and two-bedroom units.

29SC has allocated approximately $1 million for capital improvements. Interior upgrades will include granite countertops and stainless steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on roof repairs, lighting, fresh paint, signage, landscaping and community-wide WiFi.

“We are confident in the strength of the Chicago market and are excited to have found a value-add opportunity at such a great location,” said Dan Howard, 29th Street Capital’s Vice President of Acquisitions in Chicagoland. “Wooded Isle is well-located relative to many daily conveniences, transportation options and employment opportunities.”

For more information on this news release, please contact:

Terri Thornton
Partner, Thornton Communications

Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com 

Aloft Hotels Brings Its Contemporary Style and Vibrant Social Scene to San Juan

Rendering of Planned Aloft Hotel at Convention Center District
in Miramar, San Juan, Puerto Rico

Frederico Stubbe Jr.

 San Juan, Puerto Rico – PRISA Group, the developers of The District San Juan, Puerto Rico’s premier entertainment destination, unveiled the flag for its lifestyle-focused hotel at the Convention Center District in Miramar.

 Federico Stubbe, Jr., CEO of PRISA Group, announced that Aloft Hotels will make its Caribbean debut as part of the new $125 million-dollar entertainment project, injecting the local scene with a new sense of style, innovation, and energy.

According to Stubbe, “Aloft Hotels is the perfect match for The District. Its modern, cutting-edge design and vibrant social atmosphere cater to a new generation of travelers, young in age and young at heart, who appreciate style and a buzzing social scene – all at competitive rates. 

"The Aloft guest and experience fit perfectly with the fun and festive atmosphere we envision for The District.”

Stubbe indicated that Aloft Hotels in Puerto Rico introduces an urban-inspired gathering place and hot spot that will complete the offering of The District, making it an ideal destination for travelers as well as locals. “It will be the perfect place for individuals who value self-expression, bold design and connectivity.”

Bridget Higgins

“We are excited to be joining The District, bringing Aloft Hotels’ eclectic, social vibe to locals and guests alike,” said Bridget Higgins, Senior Director, Aloft Hotels. “From the W XYZ bar to our Live at Aloft Hotels music program, Aloft San Juan offers a standout hotel option with unparalleled experiences for those looking to enhance their experience in this beautiful Caribbean destination.”

The hotel, which has already broken ground and is expected to open the second half of 2019, will feature 175 loft-like guestrooms over seven stories with a variety of open spaces that are alive with activity and integrating the latest, innovative technology.

 For more information, please contact:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

chris@dalygray.com

www.dalygray.com

Franklin Street Arranges $3 Million Sale of Newly-Constructed Panera Bread in Tennessee

John Tennant

ATLANTA, GA – Franklin Street has arranged the $3,028,571 sale of a newly-constructed Panera Bread, a national chain of bakery-café fast-casual restaurants, located at 639 S. Cumberland Street in Lebanon, Tennessee.

John Tennant, Bryan Belk and Oliver Oldacre of Franklin Street’s Atlanta office represented the seller, Oldacre McDonald of Nashville, Tennessee, in the marketing of the 3,486-square-foot restaurant. The buyer was Quality Properties, GP of Johnson City, Tennessee, who plans to hold the property for long-term investment.

“The sale of this property signifies that even with higher interest rates, we are still seeing aggressive CAP rates for high quality, net-leased properties where investors are looking for stabilized returns,” said Oldacre, investment sales associate at Franklin Street.

 “The buyer was very interested in the development from the onset due to involvement in purchasing multiple properties of similar quality through an existing 1031 exchange. We are excited to have executed the sale so quickly.”

 For more information, please contact:

Britni Johnson • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

M: 912-580-7241

@beejie330

www.thewilbertgroup.com

Facebook | Instagram | Twitter

www.FranklinSt.com.

Draper and Kramer Commercial Finance Division Closes $250 Million in FHA/HUD Loans During First Half of 2017

                  

Lee Oller

                                                 CHICAGO, IL -– Chicago-based Draper and Kramer, Inc.,  one of the leading privately held, full-service real estate firms in the United States, announced its commercial finance division closed 17 Federal Housing Administration/Department of Housing and Urban Development loans totaling more than $250 million during the first half of 2017.  

Draper and Kramer’s experience as an FHA-approved lender dates back to 1937, when it was awarded one of the first FHA licenses by former President Franklin D. Roosevelt. 

Over the past 10 years, the division has closed over $1 billion dollars in loans for the new construction, substantial rehabilitation, acquisition and refinancing of multifamily apartments, senior living communities, including assisted living and skilled nursing facilities. 

In 2016, the company was a top FHA/HUD producer in the Midwest.

The 17 loans represent a cross-section of FHA financing programs as well as markets across the U.S., including Colorado, Wisconsin and Illinois.

“The first half of 2017 has been very dynamic, with our clients financing over 3,200 multifamily units,” said Lee Oller, senior vice president with Draper and Kramer and chief underwriter for the company’s commercial finance group. “We’ve already surpassed 2016’s total loan volume, and we look forward to closing out 2017 as one of our firm’s best years ever.”

For more information, please contact:

Sarah Lyons, slyons@taylorjohnson.com (312) 267-4520

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

www.draperandkramer.com

Happy Home Communities Acquires 439-Space Mobile Home Park Portfolio in Central and Northeast Pennsylvania for $13 Million

.

Ellie Davis

Los Angeles, CA - Happy Home Communities (HHC), the mobile home park and RV park investment arm of Gelt Inc., a Los Angeles-based multifamily real estate investment and asset management firm, has acquired a mobile home park portfolio in central and northeast Pennsylvania.

HHC acquired the three-property 439-space portfolio from Horizon Land Company for $13 million.

"HHC liked this portfolio because it is a stabilized and cash-flowing investment that will produce strong returns for our investors. It also offers value-add opportunities by managing the operating budget more efficiently, and bringing in affordable manufactured homes to fill approximately 48 empty lots," said Ellie Davis, director of acquisitions and asset management for Happy Homes Communities.

 "Over the next 36 months we are planning to improve the communities by upgrading common areas as well as adding amenities including playgrounds to each of the properties."

For more information on this news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Cohen Commercial Realty Signs New Asian Market to 9,000 SF Lease in Greenacres, FL

Bryan S. Cohen

Greenacres, FL — Bryan S. Cohen, Thomas Whittelsey, and Travis Langhorst of Cohen Commercial Realty, Inc., announced the signing of New Asian Market to lease a 9,000-square-foot space at The Market Place, located at 7330 Lake Worth Road, Greenacres Florida. Cohen Commercial represented the landlord in all transactions.

Stretch Zone Takes 800 SF at Mirasol Walk in Palm Beach Gardens, FL

Palm Beach Gardens, FL — Bryan S. Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of Stretch Zone to lease an 800-square-foot space at Mirasol Walk, located at 6251 PGA Boulevard in Palm Beach Gardens, Florida.

PSQ Jewelry Leases 685 SF at Loggerhead Plaza in Juno Beach, FL

Juno Beach, FL — Bryan S. Cohen, Thomas Whittelsey, and Allan Carlisle of Cohen Commercial Realty, Inc., announced the signing of PSQ Jewelry, Inc. to lease a 685-square-foot space at Loggerhead Plaza located at 14255 US Highway 1 in Juno Beach, Florida.

For more information on this news release, please contact:

Jamie Crocker

jamiecrocker@cohencommercial.com

The Habitat Company Announces New Affordable Housing Group

 

Matt Fiascone

CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced it is streamlining its affordable housing business line operations under a single umbrella called the Habitat Affordable Group. 

The new Habitat Affordable Group strategically brings together the firm’s public housing and affordable housing management divisions with its community development operations to more effectively serve and grow its affordable portfolio. 

“Since our first affordable housing development 46 years ago, The Habitat Company has always been forward-thinking in our commitment to create and preserve affordable housing opportunities,” said Matt Fiascone, president of The Habitat Company.

“Establishing the Habitat Affordable Group is about more than a new name; Habitat is consistently seeking to identify best practices when it comes to our affordable housing investments, and blending the operational and development functions of this core business will help achieve greater efficiencies.”

For more information on this news release, please contact:

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

Robin Plous, rplous@taylorjohnson.com (312) 267-4523

 www.Habitat.com.

Passco Companies Acquires Prime Multifamily Community in Supply-Constrained Key West, FL for $101.5 Million

Ocean Walk Apartments, Monroe County, Key West, FL

KEY WEST, FL – Passco Companies, a privately-held California based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Ocean Walk Apartments, a 297-unit multifamily community in the Monroe County of Key West, Florida for $101.5 million, the largest single-asset transaction in the firm’s history. 

Colin Gillis

This is an extremely rare find as this property is one of only three professionally-managed multifamily communities in Key West, representing nearly half of the multifamily supply on the entire island, according to Passco’s Vice President of Acquisitions for the Southeast, Colin Gillis.

            “Key West is without a doubt one of the highest barriers to entry markets in the entire country with relatively no remaining development sites, extremely limited competition and a highly-mandated growth ordinance,” adds Gillis.

Gillis explains that there are only two other competing apartment communities on the island, both of which have demonstrated consistently above-average occupancy rates and explosive year-over-year rent growth.

Located on the Atlantic side of the island, Ocean Walk is located in close proximity to the beach, a diverse variety of restaurants, retail, entertainment hubs in downtown and the Key West International Airport. 

The property features a variety of amenities, including a clubhouse, swimming pool with an expansive sundeck, tennis courts, and basketball court, among others.

“This is an asset that will continue to perform over time and one that we plan to hold long-term,” explains Gillis. “Our strategic approach is to continue a series of capital improvements to upgrade the property, further positioning it for long-term growth.”

During prior ownership, the seller extensively upgraded the majority of the unit interiors with granite countertops, stainless steel appliances, and new cabinetry and flooring, in addition to completing considerable exterior improvements.  Passco plans to renovate and update the remaining 10% of the 297 units that were not updated during prior ownership.

Hampton Beebe

Gillis notes that Passco has been extremely active in the Florida market, acquiring more than eight properties in Florida in the last two years.

In addition, Passco has also remained extremely active in multiple markets across the U.S. and currently has acquired four additional properties thus far in 2017, totaling more than $350 million, with several more that are planned to close over the next few months. 

“Ocean Walk, along with the additional assets in our acquisition pipeline, is putting us on track to reach our $1 billion goal in commercial real estate assets this year,” says Gillis. “We recently surpassed $2 billion in assets under management, and we plan to continue this momentum, growing our portfolio with high-quality, well-located assets across the country.”

Hampton Beebe, Executive Managing Director at ARA Newmark, the broker involved in the deal adds, “Ocean Walk is truly a one-of-a-kind asset that will continue to benefit from the market’s demand drivers. The Key West market has experienced strong population gains, record rent growth, and is greatly under supplied. This, coupled with the recent renovations completed at the property, provides exceptional value potential for Passco.”

The apartment community is located at 3900 South Roosevelt Boulevard in Key West, Florida. Hampton Beebe with ARA Newmark represented the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer, Passco Companies.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick.

For more information on this news release, please contact:

Lauren Burgos/ Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Lburgos@browermillercole.com

 www.browermillercole

www.bgcpartners.com

www.passco.com

www.ngkf.com.

www.aranewmark.com.

HFF announces $21.5 Million financing of Class A multi-housing community in Franklin Lakes, NJ

Franklin Lakes, Bergen County, NJ

Jim Cadranell

FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $21.5 million financing of Mill Pond at Franklin Lakes, a 100-unit, Class A multi-housing community in Franklin Lakes, Bergen County, New Jersey.

The HFF team worked exclusively on behalf of the borrower, Sterling Properties Group, LLC, to secure the long-term, fixed-rate refinancing through New York Life Insurance Company. 

Mill Pond at Franklin Lakes is located at 1100 Sterling Drive just off Old Mill Road convenient to Route 208, Interstate 287, Route 17 and Route 80.  In addition, the property is approximately 22 miles northwest of the George Washington Bridge offering access into Manhattan.

 The property has 10 residential buildings comprising a variety of one- and two-bedroom units ranging from 816 to 1,317 square feet.  Community amenities include an outdoor heated pool with patio, clubhouse and fitness center.  Units feature private entrances, granite countertops, designer cabinetry, soaking tubs, hardwood floors, lofts, balconies and one-car garages.  The property is 100 percent leased.

Jon Mikula

The HFF debt placement team representing the borrower included senior managing directors Jim Cadranell and Jon Mikula.

“The Mill Pond refinancing was a win-win for both lender and borrower” Cadranell said.  “New York Life Insurance Company was able to retain a good loan in its portfolio and the borrower obtained a significantly lower interest rate.  It was HFF’s pleasure to facilitate the transaction.”

Holliday Fenoglio Fowler, L.P. and Holliday GP Corp are licensed New Jersey real estate brokers.

For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

http://sterlingpropertiesnj.com/index.php.