HFF hires Steve Forte as a senior director in its Philadelphia, PA office

Steve Forte

Rusty Tamlyn

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces  it has hired Steve Forte as a senior director focused on industrial investment advisory in the firm’s Philadelphia office. 

Mr. Forte will be a part of HFF’s national industrial investment advisory team led by executive managing director Jody Thornton and senior managing director Rusty Tamlyn.  He is a 13-plus year veteran of the commercial real estate industry and joins HFF from The Flynn Company, a regional full-service brokerage firm. 

 Mr. Forte has been named a CoStar Power Broker and holds a Bachelor of Business Administration from Temple University.

“Steve is an industrial veteran with an impressive amount of experience in the important Philadelphia and Lehigh Valley submarket,” Tamlyn said. 

Jody Thornton

“As we continue to build out the HFF national industrial capital markets platform, Steve’s addition helps us to better provide our clients with access to the best team on the field in all of the major markets. 

”Finding the right people who align with our culture and value system is critical, and we are fortunate to have Steve join our platform.”

“We have known Steve for more than a decade and have been interested in adding him to our team for some time,” said Mark Thomson, senior managing director and co-head of HFF Philadelphia. 

“To us, the most important traits in a team member are character and cultural fit so Steve’s addition was a no-brainer because he exemplifies these traits perfectly.

Mark Thomson

"We have a dominant market share in the three major property sectors – multi-housing, office and retail – and after a strategic and thoughtful approach for the right fit, we fully expect to achieve the same in industrial with Steve.  We are extremely excited to bring him into our family.”

CONTACTS:

RUSTY TAMLYN

HFF Senior Managing Director

(713) 852-3500

rtamlyn@hfflp.com

MARK THOMSON

PA Lic. #RS292417
HFF Senior Managing Director
484) 532-4200
mthomson@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Clever Real Estate of St. Louis, MO Cites Unexpected Impact of Legalizing Marijuana Use on Local Housing Markets

Luke Babich

ST. LOUIS, MO -- It’s high time the real estate industry started to talk about marijuana, suggests Luke Babich, co-founder and chief security officer at St. Louis, MO-based Clever Real Estate. 

Babich, an active real estate investor with 22 units in St. Louis and a licensed Real Estate Agent in the state of Missouri, presents his findings in

 A new study from Clever Real Estate. The study reveals the true impact legalizing marijuana has on local housing markets, Babich says.

Typical marijuana plant

Opponents of legalizing marijuana argue that legalization leads to elevated crime rates. In the real estate world, higher crime rates lead to lower property values and poor investments, so we needed to get to the bottom of this debate.

Does legalization lead to budding industry or stoned cold housing markets?

Here are the takeaways you need to know.

Key insights:

●     Between 2014 and 2019, cities that allowed retail dispensaries saw home values increase $22,888 more than those where marijuana remains illegal.

●     CATO research supports these findings, suggesting homes close in proximity to marijuana retail dispensaries tend to increase in value.

●     For cities where only medicinal marijuana is legal, home values increased at a comparable rate to cities where marijuana is illegal; a statistically significant increase in home values could not be attributed to medicinal marijuana legalization.

●     States that legalize recreational cannabis usage, however, see an immediate bump in home values following legalization – even before retail dispensaries begin to pop up.

●     From 2017 to 2019, cities that legalized recreational marijuana usage saw home values increase $6,337 more than those where marijuana is illegal.

Our findings show that in cities where recreational marijuana has been legalized, home values increase at higher rates than in those where marijuana is illegal or only legal medicinally.

Additionally, between 2014 and 2019, cities that allowed retail dispensaries saw home values increase $22,888 more than those where marijuana remains illegal. 
These insights are consistent with findings from the CATO Institute; homes closer to retail dispensaries are approximately 8.4 percent more valuable than those further away.

Our study also found that from 2017 to 2019, cities that legalized recreational marijuana saw home values increase $6,337 more than those where it remains illegal. This suggests that housing markets respond immediately to pro-market marijuana legislation.

CONTACT:

Thomas O'Shaughnessy 

thomas@movewithclever.com

Ackerman & Co. Brokers 12,020 SF Lease with Law Firm at 55 Allen Plaza in Downtown Atlanta, GA

Delmont (Del) Early III

ATLANTA, GA – Ackerman & Co. announced  it represented Stewart Trial Attorneys in a 5-year, 12,020-square-foot lease at 55 Allen Plaza, a 348,658-square-foot, Class A office building in downtown Atlanta. 

Stewart Trial Attorneys, a law practice focused on personal injury and civil rights litigation, is expected to occupy the building in the second quarter of 2019.

Ackerman & Co. Senior Vice President Del Early represented Stewart Trial Attorneys in the transaction and Caroline Fisher of Lincoln Property Company represented ownership (The Teachers Retirement System of the State of Illinois).

“We’re pleased to complete this lease that will provide Stewart Trial Attorneys the space needed to accommodate its long-term growth,” Del Early said.

Caroline Fisher

“The firm was attracted to 55 Allen Plaza’s excellent location providing tenants immediate access to the I-75/I-85 connector, walkable access to MARTA bus and rail, the adjacent W Hotel and nearby restaurants and retail.”

Featuring a sleek, contemporary design with bright, open common areas, 55 Allen Plaza provides secure building access, a fitness club, café, conference room, sundries shop and enclosed parking with covered access.                                                                            

55 Allen Plaza, Downtown Atlanta, GA

About Ackerman & Co.

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. 

The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion. 

CONTACT:

Steve Webb 

swebb@ACKERMANCO.NET

www.ackermanco.com

HFF secures $97 million financing for 111 Leroy in Manhattan, NY

Kristen Knapp

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $97.1 million in financing for 111 Leroy, a boutique luxury condominium development in Manhattan’s West Village.

HFF worked on behalf of the developer, Property Markets Group (PMG), to arrange the two-year, floating-rate financing through Rialto Capital Management. 

Loan proceeds were used to finance unsold condo inventory at the development, which consists of 13 residences and four townhouses totaling approximately 50,000 sellable square feet.  HFF previously secured construction financing for the project, which is now in the final stages of development.

Christopher Peck

111 Leroy consists of 18 bespoke residences within a 10-story, mid-rise tower at the corner of Greenwich Street in the West Village. 

The residences offer a variety of studio through four-bedroom floor plans ranging from 506 to 3,370 square feet and the project’s five three- and four-story townhouses include multiple private terraces with fire pits, outdoor kitchens, hot tubs and private elevators. 

 The townhouses are available in a variety of four- and five-bedroom layouts averaging 5,397 square feet.  The one five-bedroom townhouse unit also includes a private parking garage with direct entry. 

              111 Leroy, a boutique luxury condominium development 

                                in Manhattan’s West Village

Homes will include high ceilings, nine-inch white oak flooring, LG washers and dryers, radiant floor heating, energy efficient HVAC systems, custom walnut cabinetry and Savant home automation. 

In addition to the high-end interior finishes and exclusive Leroy Street address, 111 Leroy will also feature a 24-hour doorman, state-of-the-art gym, resident’s lounge, water views, and a landscaped yard with arbor garden, lounge area, fire pit and barbecue.

The HFF debt placement team included managing director Christopher Peck and analyst Kristen Knapp.

CONTACTS:

CHRISTOPHER PECK

NY Lic. #40PE1175637

HFF Managing Director

(212) 245-2425

cpeck@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

http://www.rialtocapital.com.

NAI Realvest Completes New Lease Agreement with Growing South Florida-based Wholesale Masonry Distributor

Michael Heidrich

ORLANDO, FL – NAI Realvest who leases and manages the Airport Commerce Center at 8350 Parkline Blvd. off Orange Avenue and McCoy Road recently completed a multi-year lease agreement for 12,320 square feet bringing the industrial center’s occupancy to 100 percent and doubling the tenant’s Orlando operations.  

Michael Heidrich, a principal at NAI Realvest brokered the transaction on behalf of the landlord Ohio-based Parkline Properties, LLC an affiliate of MAS Investment Group.    

The new tenant BrickAmerica, LLC, headquartered in Ft. Lauderdale , currently employs four professionals in Orlando and expects to add at least three to four more employees within the next twelve months. 

The growing company’s relocation from the Edgewood industrial area to the Airport Commerce Center more than doubles their space which will include a showroom for expanded product lines.  

The wholesale distributor of hardscape and masonry materials will showcase Eldorado Stone Veneer, Natural Ledgestone, Clay Brick, and Porcelain exterior paving options.  Additional product information is available on their web site www.BrickAmerica.com.

The new location was strategically chosen for its close proximity to Orange Avenue just north of SR 528 where builders, architects and designers can easily preview the latest trends in veneer and paving for commercial and residential projects.

CONTACTS:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com

Patrick Mahoney, President / CEO, NAI Realvest 407-875-9989 pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142 Beth@larryvershel.com   

HFF closes $263.8 million sale of Soho Lofts in Jersey City, NJ

Soho Lofts is located at 273 16^th Street
on the border of Jersey City, NJ and Hoboken, NJ
in the expanding “South of Hoboken” neighborhood.

Jose Cruz

MORRISTOWN, NJ, April 10, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $263.8 million sale of Soho Lofts, a 377-unit, luxury apartment property in Jersey City, New Jersey.

HFF marketed the property exclusively on behalf of the seller, AEW, and procured the buyer, Mack-Cali Realty Corporation, acting on behalf of Roseland Residential Trust, its growing multi-housing platform.

Soho Lofts is located at 273 16^th Street on the border of Jersey City and Hoboken in the expanding “South of Hoboken” neighborhood. 

The property is immediately adjacent to Interstate 78 and the Holland Tunnel and is proximate to downtown Hoboken, as well as the PATH train, ferry terminal and NJ Transit Bus Terminal. 

 

Kevin O'Hearn

Completed in 2018, the property consists of 369 studio through three-bedroom units as well as eight townhouses situated within 13- and 20-story towers connected by four- and seven-story structures. 

 Soho Lofts also includes 17,300 square feet of ground-floor retail space and a 375-space parking garage.  

Units average 1,191 square feet in size with best-in-class features, including gourmet kitchens with stainless steel appliances, custom cabinetry and granite countertops;

bathrooms with enclosed glass showers, rain showerheads and Carrara tile; expansive windows with views of the Manhattan skyline; 10-foot ceilings; white oak flooring; exposed duct work; and in-unit washers and dryers. 

 

Michael Oliver

 The property includes numerous resort-style amenities, including an infinity edge pool, private poolside cabanas, fireside seating with outdoor TV, cinema room, Zen garden, expansive fitness center, indoor/outdoor yoga room, 10-person sauna, demonstration kitchen and private party room, arcade lounge with billiards and shuffleboard, tech lounge, children’s playroom and dog grooming rooms.

The HFF investment advisory team representing the seller included Jose Cruz, Michael Oliver, Kevin O’Hearn, Stephen Simonelli, Jordan Avanzato and Mark Mahasky.

Stephen A. Simonelli

“Investors responded very favorably to this offering, given the lack of multi-housing opportunities on the waterfront and the building’s high-quality construction,” Cruz stated.  “Core offerings like Soho Lofts in core locations like Jersey City provide significant future capital appreciation along with current returns.”

HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.

About Roseland Residential Trust

Roseland Residential Trust is an owner, manager and developer of luxury lifestyle-oriented multifamily and mixed-use properties in select waterfront and transit-oriented markets throughout the Northeast. 

 A subsidiary of Mack-Cali Realty Corporation, one of the country's leading real estate investment trusts (REITs), Roseland is the master developer for several nationally recognized mixed-use destinations, including Port Imperial, a $3 billion, 200-acre community on the Hudson River Waterfront in New Jersey.

Mark Mahasky

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

 For more information, please visithfflp.com or follow HFF on Twitter @HFF.

Jordan F. Avanzato

CONTACTS:

JOSE CRUZ

NJ Lic. #8743725

HFF Senior Managing Director

(973) 549-2000

jcruz@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

Meta Housing Breaks Ground on 72-Unit Transit-Oriented Affordable Multifamily Development in Los Angeles, CA

Monique King-Viehland

Los Angeles, CA – Meta Housing Corporation, a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based non-profit public benefit corporation, has announced the development of Vermont Corridor Apartments, a six-story, transit-oriented senior and permanent supportive housing multifamily community in the Koreatown neighborhood of Los Angeles, California.

Vermont Corridor Apartmnts, 433 S. Vermont Avenue,
Koreatown submarket, Los Angeles, CA

The $51.4 million project will provide affordable housing for seniors aged 62+ earning between 25 and 60 percent of area median income.

Monique King-Viehland, Executive Director of the Community Development Commission/Housing Authority of the County of Los Angeles, comments:

“We look forward to the future of the Vermont Corridor Apartments and its position in the community – a hub that will provide affordable homes for seniors and special needs residents.

"The addition of the YMCA on the first floor will help to enhance the neighborhood through their commitment to meeting community needs through a strong range of programs.”

Meta Housing Corporation and Western Community Housing will serve as co-developers and general partners on the project. Western Community Housing will also coordinate resident services, while The People Concern will coordinate supportive services.

Kasey M. Burke

 Westport Construction, Inc. will serve as the general contractor, with Y&M Architects as architect. AMJ Construction Management will handle construction management, and The John Stewart Company will manage the property.

Vermont Corridor Apartments will be located at 433 S. Vermont Avenue in Los Angeles, California. The project is expected to be completed in March 2021. 

Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles' voter-approved Measure H, and subsidized rents for residents experiencing varying levels of homelessness. 

Aaron Mandel

These units were constructed with funding from voter-approved Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles.

“Affordable senior housing is extremely difficult to find in Los Angeles,” says Kasey Burke, President of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. 

"This is a great example of public private partnership working together to improve the community and the lives of our future residents.”

In addition, Vermont Corridor Apartments will include a 12,500 square foot community center on the ground-floor dedicated to the YMCA that will provide community services through its local partnerships and service offerings.

Mark Ridley-Thomas

  “Our partnership with the YMCA provides a cultural center that will serve as a gathering place for the surrounding neighborhood,” explains Aaron Mandel, Executive Vice President of Meta Housing. “By offering these services, we are encouraging interaction and well-being among our future residents and their neighbors.”

Mandel notes that the new development is a reuse of an underutilized County property that will provide a quality and safe environment for residents at an affordable cost while reducing blight in the area. The development will also generate an estimated 321 construction jobs and seven permanent jobs.

“The Vermont Corridor Apartments project is a promise fulfilled,” says City of Los Angeles Supervisor Mark Ridley-Thomas. “For Koreatown residents, it provides not only affordable homes to seniors who need it most, but also a long-awaited community center with a wellness center to be operated by the YMCA.

"Working with Meta Housing and Western Community Housing, as well as the City of Los Angeles and other partners, we have repurposed an aging Los Angeles County facility and transformed it into a beautiful new asset for the community. That’s public-private partnership at its best.”

Vermont Corridor Apartments will feature one- and two-bedroom floorplans for residents and a two-bedroom manager’s apartment. The development will offer generous common spaces including open-space courtyards to encourage interaction among residents, according to Mandel.

CONTACTS:

Micaela Fehrenbach / Lexi Astfalk

Brower Group

mfehrenbach@brower-group.com

(949) 438-6262

www.metahousing.com.

Arbor Funds $47 Million Fannie Mae DUS® Loan in Tucker, GA

Stephen York

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Tucker, GA. 

13Ten Apartment Homes, a 977-unit multifamily property, received $47M in refinance funding through the program. The loan includes a 12-year fixed rate term with six years of interest only.

Stephen York of Arbor’s New York City office originated the loan.

“The closing of this deal really illustrates Arbor’s advantage as a one-stop shop for borrowers,” York said. “We originated this property as a bridge loan in 2017, and are now finishing the job via a cash-out refinance with competitive terms and interest rates. It’s proof of our commitment to clients over the life of a loan.”

  

13Ten Apartment Homes, Tucker, GA

Built in 1988 and renovated in 2019, 13Ten Apartment Homes is a gated community comprised of villas, lofts and townhomes that feature built-in shelfing, private balconies, breakfast bars, wood-burning fireplaces and panoramic views.

Community amenities for the property include an oversized fitness center, indoor and outdoor pools, business center, dog park, car-care center, gazebo with fishing pier, and a beautiful lake.

CONTACTS:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Dan Israeli 

DIsraeli@arbor.com

Arbor Realty Trust Funds Freddie Mac SBL deal in Capitol Heights, MD.

Sam Schwass

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Capitol Heights, MD.  Crest Apartments, a 44-unit multifamily property, received $5M in funding through the program. The deal features a 10-year hybrid term with one year of interest only and a 30-year amortization schedule. Sam Schwass of Arbor’s New York City office originated the loans. Crest Apartments, Capital Heights, MD “This deal was a prime example of Arbor’s ability to execute on any loan,” Schwass said. “Our team overcame many hurdles and was driven by our expertise in the agency space.  "In the end, we were able to successfully create a package that perfectly fit our sponsor’s request. Now we look forward to establishing a long-term relationship with an experienced investor in the DC market!” Built in 1972, Crest Apartments are located in Prince George's County near Route 4 and the Capital Beltway (I-495). The property offers 1-, 2- and 3-bedroom residences, on-site parking, air conditioning and wheelchair accessibility. Contacts:  Bina Handa Tel: 516.506.4229 bhanda@arbor.com Dan Israeli DIsraeli@arbor.com