Done Deals

Saturday, April 11, 2020

Trophy Beverly Hills Mansion, once listed at $20.5 million, now on auction block

Mediterranean-styled Beverly Hills mansion, in Beverly Hills Flats, once priced at $20.5 million

Photo credit: Concierge Auctions Source: www.conciergeauctions.com

Donna Reed

Easy to imagine oneself in a Garden of Eden or exotic country in this Old World, Mediterranean-style mansion in the Beverly Hills Flats neighborhood that looks like a luxury jungle retreat, but it is only steps from the Beverly Hills Hotel.

Courtney Cox

Draped deeply in foliage from its walled entrance to heavily vined house walls and thickly planted landscaping, it is walking distance to Rodeo Drive shopping and restaurants.

Shirley MacLaine

The neighborhood’s leafy, curvy streets and expensive estates have attracted a long list of illustrious residents over the years including Donna Reed, Dean Martin, Courtney Cox and Shirley MacLaine, according to TopTenRealEstateDeals.com.

Dean Martin

Previously listed at $20.5 million, the home is going to no-reserve auction on April 15th.

Through palms, stands of bamboo and ferns, the entrance opens to a grand, bright white modern foyer where the dramatic, curved staircase with its unique sculptural railing is the centerpiece.

Entrance to mansion

The decor scheme throughout is centered around a base of dark mahogany-wood floors with a glassy high sheen, white walls, beamed vaulted ceilings, French doors and large windows with jungle-garden views.

Architectural details and rich materials exist in each room including walls finished by Italian artisans with gold-and-nickel dust for color and shine, a gold-accented bath, huge chef’s kitchen with onyx countertops, and a large terrace with an outdoor living room and fireplace, an outdoor kitchen and pizza oven.

Oenophiles will appreciate the 5,500-bottle-wine room and those who prefer to take their spirits outside in the mild climate can enjoy lounging in the shade of the loggia or in the sunshine by the pool and spa.

There are eight French-style fireplaces with large fireboxes to view the flames.

The ivy-covered estate with guest house sits on just over a half acre, has 10,630 square feet of living area and comprises six bedrooms, seven baths, master suite with fireplace and two balconies, a library and office.

Previously listed at $20.5 million, it will be going to auction April 15 through Concierge Auctions.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone: 434-480-4504
Twitter: @toptenrealestat
facebook.com/toptenrealestat

JLL arranges $18.85 million loan for Denver apartment project

Rendering of planned Bloom at Cherry Creek Apartments, Denver, CO

DENVER, CO – JLL Capital Markets announced it has arranged $18.85 million in financing for the development of Bloom at Cherry Creek, a 111-unit, Class A mid-rise apartment property currently under construction in Denver’s Cherry Creek submarket.

JLL worked on behalf of the borrower, Botnick Realty, to secure the five-year, fixed-rate construction loan through a regional bank.

Bloom at Cherry Creek is being constructed on a 1.11-acre site at 4700 E. Kentucky Avenue, which provides immediate access to recreation amenities, including the Cherry Creek Bike Path and Infinity Park, as well as nearby access to the Cherry Creek North shopping district.

Kristian Lichtenfels

Due for completion in mid-2021, the five-story, podium-style property will total 70,733 rentable square feet across a mix of studio, one- and two-bedroom units finished with white Shaker cabinets, quartz countertops, stainless steel appliances, luxury flooring and in-unit washers and dryers.

Amenities will include a rooftop deck with firepit, grilling station, community kitchen, game room, fitness center and workstations.

The JLL Capital Markets team representing the borrower included Senior Directors Kristian Lichtenfels and Matt Steffen.

Matt Steffen

“We see Bloom at Cherry Creek as Botnick Realty’s next great opportunity to expand on our investment strategy in and around Denver, said Brian Botnick, Managing Member of Botnick Realty.

“We are excited to grow our platform and continue building our team with a focus on providing quality residential communities.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About Botnick Realty:

For four generations and over 70-years, the Botnick Family has been building, selling, investing in and maintaining residential and commercial real estate.

Brian Botnick

The company started in the 1940’s as a scattered-site custom home builder and began building multifamily communities in the 60’s, many of which remain in their 2,000+ unit portfolio today.

Over the last 10 years, Botnick Realty has built a presence of over 600-apartment units in Colorado, providing a solid foundation for future growth in the state, while maintaining a strong presence in Ohio and Georgia.

Contact:

Olivia Hennessey

JLL Senior Associate

Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.

JLL arranges refinancing for Philadelphia retail center

Penrose Plaza, a 263,847-square-foot, grocery-anchored shopping center in Philadelphia, PA, is anchored by ShopRite, the dominant grocery anchor in the region.

PHILADELPHIA, PA – JLL Capital Markets announced it has arranged a refinancing for Penrose Plaza, a 263,847-square-foot, grocery-anchored shopping center in Philadelphia, Pennsylvania.

JLL worked on behalf of the borrower, a joint venture between Onyx Equities and Siguler Guff, to place the five-year, fixed-rate loan with AXA Equitable Life Insurance Company.

Steve Klein

Loan proceeds, which include an initial and future funding, will be used to refinance an existing loan and finish implementing the borrower’s value-add business plan.

Penrose Plaza is anchored by ShopRite, the dominant grocery anchor in the region.

ShopRite recently extended its lease and expanded its footprint at the center, which is also home to a diverse roster of mostly service-oriented, restaurant and internet-resistant tenants such as dd’s DISCOUNTS, Planet Fitness, Dollar Tree, Citi Trends and Subway.

Situated on 30 acres at 2900-3000 Island Ave., Penrose Plaza is in South Philadelphia, approximately six miles from Center City in an exceptionally dense trade area with a population of 147,560 within a three-mile radius.

The retail center has direct access to some of the most heavily traveled thoroughfares in the region and benefits from proximity to the large employee bases at Philadelphia International Airport, University of Pennsylvania, the Navy Yard and more.

Ryan Ade

The JLL Capital Markets debt placement team was led by Managing Director Steve Klein and Senior Managing Director Ryan Ade.

“JLL is grateful to have had the opportunity to work alongside Onyx Equities, Siguler Guff and AXA Equitable Life Insurance Company on this transaction,” Klein said.

“The borrower has greatly enhanced the shopping center since taking ownership, and we are looking forward to the completion of their value-add business plan, which will further improve the property for both shoppers and tenants alike.”

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

Kimberly Steele
JLL Senior Associate
Public Relations

Phone: +1 713 852 3420

Email: Kimberly.Steele@am.jll.com

jll.com.

Downtown Aspen Penthouse Sold for Record $11.2 Million

Aspen Penthouse Winter Destination of the Rich and Famous

Photo credit: Douglas Elliman Source: my.flexmls.com

ASPEN, COLORADO -- In the middle of all the Aspen action and the year-round Rocky Mountains scenery, winter skiing and summer hikes, an Aspen penthouse has just sold for $11.2 million - the highest recorded penthouse sale in Aspen so far in 2020.

Goldie Hawn

Ute City, now known as Aspen, was a silver-mining town that was routinely attacked by the Ute Indian tribe over land issues. A booming mountain town by the late 1800s with businesses, banks, hotels and restaurants.

However, the government’s on-again, off-again love affair with the precious metal brought Aspen to its knees by the 1930s when the town was on the verge of becoming a ghost town, according to TopTenRealEstateDeals.com

That year, a group of investors looked over the crumbling town noting two good assets: lots of snow and many vacant businesses and homes.

John Denver

According to Savills, Aspen is now the most expensive ski town in the world, home to Billionaire’s Mountain where the town’s richest residents including Wal-Mart and Amazon families have their ski villas.

The property is ideally located in the middle of the city’s best galleries, shops, restaurants and taverns and only a two-block stroll to the Aspen Ski Club at the entrance to the slopes,

Kurt Russell

The Hyman Avenue penthouse has three bedrooms, four baths, a two-car garage, private entrance, large deck with hot tub and a rooftop sundeck with unobstructed and stunning mountain views.

Crisp and contemporary throughout, surfaces sport the latest in upscale materials, fixtures and appliances. Designed on an open plan with walls of glass and a welcoming fireplace, entertaining is a breeze and can spill out onto the large wrap-around deck and upstairs to the roof deck and night town lights.

Kevin Costner

Aspen is full of both quirky and elegant charm that draws year-round tourists and wealthy home buyers at prices that range from reasonable to very, very expensive.

Mountain hikes among the wildflowers, art gallery hopping, lunch with friends at a quaint eatery and entertaining in one’s own holiday home where the animated topic of conversation is often the winter skiing and summer concerts and festivals.

Joshua Saslove

Attractions include the Silver Queen Gondola ride to the top of Aspen Mountain, the Aspen Art Museum and the John Denver Sanctuary. Frequent celebrity sightings include residents Goldie Hawn, Kurt Russell and Kevin Costner.

The Downtown Aspen penthouse listing was held by Joshua Saslove and Riley Warwick of Douglas Elliman.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone: 434-480-4504
Twitter: @toptenrealestat
facebook.com/toptenrealestat

Friday, April 10, 2020

Piermont Bank’s $6 million Financing Kicks Off StorageBlue’s Fifth Location in Garfield, NJ

StorageBlue,170 River Drive, Garfield, NJ 07026.

New York, NY, and Garfield, NJ -- StorageBlue, New Jersey’s most consumer-centric and self-proclaimed lowest-priced self-storage brand continues their New Jersey expansion efforts with the grand opening of their Garfield location at 170 River Drive, Garfield, NJ 07026.

Rob Rynarzewski

The project. The $6M project was financed by New York’s Piermont Bank and the location is now officially celebrating its grand opening.

The deal, designed to ensure the long-term success of the project, was spearheaded by Piermont Bank.

Says Rob Rynarzewski, Head of Commercial Real Estate, Piermont Bank:

“Piermont was able to work with Alan (Mruvka) at StorageBlue to creatively structure an interest-only loan that would give him the time needed to lease-up his newest facility in Garfield.

"This is another example of how the Piermont team is able to think outside of the box for our clients. We also believe it is about building a long-term relationship that will support each other’s growth.”

Piermont Bank opened in 2019 with a mission to reinvent how banking works.

With an entrepreneurial culture, where decisions are made quickly, consistently, and diligently, they offer clients the peace of mind with our certainty in strong execution and quick turnaround.

Their fully digitized process turns around loans in half the time business owners typically experience. Piermont provides business owners with common sense, yet tailored banking solutions, with nothing off-the-shelf.

They are willing to look at deals that are unique and challenge ourselves to come up with creative and relevant solutions.

Alan Mruvka

Previously a macaroni factory, the now state of the art 60,000+ square foot self-storage facility features 650 units with sizes ranging from small to x-large.

The heated location features outdoor drive-up units, 24/7 surveillance, keypad access, superior lighting, free curbside pickup, accepts deliveries, offers online and auto-pay, doesn’t require a security deposit, offers U-Haul truck rental and more.

StorageBlue Founder and CEO Alan Mruvka added:

“We are thrilled to work with Piermont Bank to create a deal that realizes the economics of launching new facilities.

"What we have been able to do together ensures that StorageBlue can serve new communities while continuing to provide our customers with the redefined self-storage experience they’ve come to expect.

"We look forward to StorageBlue’s continued expansion with Piermont as a partner.”

StorageBlue was founded by E! Entertainment Founder and former CEO Alan Mruvka. Mruvka’s mission is to leverage his extensive pop culture and entertainment experience into StorageBlue’s mission, culture and growth.

CONTACT:

Daniel E. Chartock | Partner and Co-Creator

Social:

| Web: www.TAGMediaGroup.com

(M) 212.951.0501 | (O) 212.951.0043

storageblue.com
piermontbank.com

JLL arranges $58.5 milion loan for San Diego, CA multi-housing portfolio

Zane Sweet

NEWPORT BEACH, CA – JLL Capital Markets announced it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.

JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank.

The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.

The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego.

The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14^th Street at 1028 14^th Street. The portfolio’s average occupancy at closing was 96%.

The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About Real Asymmetry:

Chris Honeycutt

Real Asymmetry was formed in March 2013 by Chris Honeycutt in partnership with Constellation Realty Management to acquire and improve an eight-unit apartment building in the North Park submarket of San Diego, California.

Since then, the company has transacted a portfolio of improved and in-progress communities of approximately 1,000 units.

Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.

Contact:

Zane Sweet

JLL Senior Director

CA Lic.: #01786030

Phone: +1 949 885 2986

Email: Zane.Sweet@am.jll.com

Olivia Hennessey

JLL Senior Associate

Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.

JLL arranges $17.5 million loan for New Jersey apartment development

Rendering of planned The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, NJ

MORRISTOWN, NJ – JLL Capital Markets announced it has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, New Jersey.

Jon Mikula

JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank.

The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces.

The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room.

Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.

The property is ideally positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station.

In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands.

Michael Klein

The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”

“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.