Pangea Properties Completes First Phase of Renovations at Apartment Community in Chicago’s South Shore Neighborhood

6904 South Creiger Avenue,  a 26-unit apartment
building in Chicago’s South Shore neighborhood 

 

 CHICAGO, IL — Chicago-based Pangea Properties (Pangea) announced it completed the first round of renovations of 6904 S. Creiger Ave., a 26-unit apartment building in Chicago’s South Shore neighborhood and one of 13 properties Pangea acquired from the Better Housing Foundation (BHF) in July 2020.

Pangea is now leasing units with rents ranging from the mid-$900s to $1,075 per month.

 A real estate investment trust founded in 2008, Pangea acquires, rehabilitates and improves multifamily residential properties with the philosophy that developing and maintaining these buildings will have a direct impact on the neighborhoods they serve.

Over the past 12 years, the firm has invested almost $500 million to acquire and renovate almost 13,000 units in Chicago, Indianapolis and Baltimore.

 “Our business is transforming forgotten properties into clean, safe and affordable workforce housing, and 6904 S. Creiger is a great example of the quality we can deliver to our residents and the community,” said Bryan Cullers, regional manager at Pangea.

“I have to commend our team for making these units livable again in such a short time and I’m really excited about the bold plans we have for other properties in this portfolio.”

 When Pangea acquired the 281-unit BHF portfolio last summer, the buildings had 1,792 code violations and required extensive repairs.

In particular, 6904 S. Creiger had boarded-up ground-floor windows, broken downspouts, unsafe stairs, missing lighting and uninhabitable units, with only 10 of 26 units rentable.

CONTACTS: 

 Matt Baker, mbaker@taylorjohnson.com

 (312) 267-4512

Gretchen Muller, gmuller@taylorjohnson.com

 (312) 267-4511

 

Keyes/Illustrated Luxury Report: First Quarter Data Confirms South Florida High-End Market is Scorching

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL, April 14, 2021 – South Florida’s luxury residential market continued its blistering pace of sales activity and price gains during the first quarter of 2021, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

 

 Miami-Dade, Broward, Palm Beach and Martin counties recorded year-over-year increases of 116.2% in completed $1 million-and-up single-family sales and 131.5% in condominium transactions.

 

And the second quarter could see even more closed high-end transactions, as the Keyes Family of Companies had more than $1 billion in pending sales in March 2021 – the most in the 95-year history of the firm.

Miami skyline

South Florida’s total high-end single-family sales rose from 826 in the first quarter of 2020 to 1,786 in the first quarter of 2021. The average sales price increased 20.1% year-over-year, from $2.55 million to $3.06 million. Cash sales also soared, with a 126.7% gain from 460 to 1,043.

 

Miami-Dade, Broward and Palm Beach counties all had year-over-year increases in luxury single-family sales, average sales price and cash transactions.

 

On the condo side, South Florida’s total sales jumped from 425 in the first quarter of 2020 to 984 in the first quarter of 2021. The average sales price rose 8.1% year-over-year, from $2.23 million to $2.41 million. Cash sales surged 139.3%, from 303 to 725.

Broward County hot spots

“It has been the perfect storm for South Florida’s luxury market since late last year,” said Keyes and Illustrated President and CEO Mike Pappas.

 

“All the converging trends, including domestic migration from high-tax states, a brutal winter around the nation and historically low interest rates, are resulting in an unprecedented high-end market. Our firm’s record-setting March is an indication that the second quarter could be even stronger.”

 

Other notable findings from the quarterly luxury report include:

 

• Palm Beach County’s high-end single-family sales climbed by 94.8% year-over-year, from 347 to 676. Cash transactions rose by 109%, from 234 to 489

Palm Beach condos

• Broward County $1 million-and-up single-family sales jumped 97.6% year-over-year, from 207 to 409. Luxury condo transactions increased by 131.3%, from 67 to 155
• Miami-Dade County’s high-end market is seeing significant gains in total sales and pricing. The county’s closed single-family transactions surged by 159.6%, from 245 to 636, with the average sales price increasing by 46.1%, from $2.18 million to $3.18 million. Condo sales soared by 159.7%, from 206 to 535, with a 16.7% climb in average sales price, from $2.43 million to $2.73 million.

  CONTACT:

 Eric Kalis,

 BoardroomPR

ekalis@boardroompr.com

954-370-8999

Arbor Funds $143 Million in Bridge Loans Across GA, NC and TX

Ivan Kaufman

 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently closed several bridge transactions totaling $143M. The loans, spanning across GA, NC and TX, consist of refinance, acquisition and new construction executions.

 Gianni Ottaviano

 Over the last year, Arbor Bridge Loans have become an attractive financing option for borrowers looking for short-term debt until they are ready to transition to a permanent loan.

Brian Scharf 

 “There are a variety of financing options today for multifamily investors, with institutions like Fannie Mae, Freddie Mac and FHA providing what many believe are the best available products,” said Ivan Kaufman, Chairman and CEO of Arbor Realty Trust.

“With the resilience of the multifamily sector of the commercial real estate market, alternative financing options have emerged, serving more specialized needs, including critical interim financing. For those needs, quite often, the right product is a bridge loan.”

Gianni Ottaviano, Managing Director of Structured Finance Production adds, “Whether you are looking to acquire a newly built asset that requires time to stabilize, to execute a significant repositioning, or refinance a construction loan giving the borrower time to lease up, our interest-only, prepayable bridge loans are designed to provide flexibility and a seamless transition to one of Arbor’s various permanent financing options.”

Stephen York

Here are some highlights of the recently closed bridge transactions:

 Grace Park in Morrisville, NC – Arbor provided a $25.5M bridge loan to refinance this mixed-use community was constructed in 2007. The property offers modern apartments located above retail shops. Restaurants, pharmacies, grocery stores, nightlife, gyms and other services are all within walking distance or on-site. Brian Scharf of Arbor’s Uniondale office originated the loan. 

 Vintage at College Station in College Station, TX – Arbor provided $10M in acquisition financing. The 200-unit, newly remodeled property features stainless steel appliances, granite countertops, wood flooring and spacious walk-in closets. The pet-friendly complex includes cat and dog parks, a picnic area and cabana. Stephen York of Arbor’s New York City office originated the loan.

 Grace Park in Morrisville, NC 

 The Meadows at Bloomingdale in Bloomingdale, GA – Arbor provided a $23M acquisition loan for this 200-unit multifamily property comprising two-bedroom, two-bathroom apartment homes with hardwood floors. Other amenities include a resort-style pool and fitness center. Public transportation is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

Alexander
Kaushansky

PARC at 505 in Houston, TX – Arbor provided $30M in acquisition financing. The 486-unit multifamily property offers one-, two-, and three-bedroom apartment homes, lofts, flats and townhomes. The complex features wood burning fireplaces, French doors with private patios, spacious kitchens, private balconies and outside storage. Alexander Kaushansky of Arbor’s New York City office originated the loan.

 The Eddy at River Landing in Smyrna, GA – Arbor provided $54.5M in acquisition financing for a newly build multifamily property. Built in 2019, the 310-unit property is nestled along the Chattahoochee River and includes one-, two- and three-bedroom floorplans with granite countertops, stainless steel appliances and eat-in kitchens. Retail shopping is nearby. Alexander Kaushansky of Arbor’s New York City office originated the loan.

The Eddy at River Landing
in Smyrna, GA

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

800.ARBOR.10

arbor.com

CHMWarnick Names Marc W. Ellin Managing Director

 

Marc W. Ellin

BOSTON, MA,  April 13, 2021—Officials of CHMWarnick, the leading hotel asset management and owner advisory services company, today announced that Marc W. Ellin has joined the firm as  managing director.

“A three-decade-plus hospitality industry veteran, Marc brings with him exceptional luxury/lifestyle hotel operational expertise, including the increasingly important wellness segment,” said Chad Crandell, managing director & CEO, CHMWarnick. 

 

Chad Crandell

 “As the industry continues to rebound from the negative financial impact of the pandemic, we believe experiential travel segments will be increasingly important to investors looking to reposition and/or rebrand assets as they make strategic decisions regarding the future of their hotels.

 "More than half of CHMWarnick’s development advisory and asset management engagements over the past 24 months has been within the luxury/lifestyle segment.

 "Marc is the ideal candidate to join our team as we continue to advise our clients and develop strategies for optimizing value of this unique class of assets.”

   CONTACT:

 CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

Ellin

(602) 955-9393

 mellin@chmwarnick.com

 

 www.CHMWarnick.com. 978.522.7002

 CHMWarnick on Twitter @CHMWarnick and LinkedIn.

 

Trez Capital Adds Real Estate Finance Veteran Caperton Putt to Lead Firm’s Atlanta Office

 

Caperton Putt

ATLANTA, GA – Trez Capital, a private real estate lender doing business throughout North America, is making a significant push in the Atlanta market.

The firm hired longtime real estate finance professional Caperton Putt as Managing Director of its Atlanta office.

 Putt brings more than three decades of industry experience to Trez Capital. He most recently served as Senior Vice President-Southeast Market Manager at Citizens Bank, NA.

Brett Forman

 “Caperton is the ideal person to carry out our expansion plans for our core lending platform and a high-performing team in Atlanta and the broader Georgia market,” said Brett Forman, Trez Capital Executive Managing Director, Eastern U.S.

“The market is benefitting greatly from domestic migration and new corporate relocation to join major employers with large regional offices there, including Google and Microsoft. As we look to build a better future in these markets, we are also looking to enable sustainable growth.”

The Atlanta office is located at 3414 Peachtree Road NE, Suite 270 in the Buckhead district. To reach Putt, call (470) 206-7001 ext. 7005 or email cputt@trezcapital.com.

 

CONTACT:

 

 Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

 

www.trezcapital.com.

Stan Johnson Co. Arranges $11 Million Sale of Burlington-Anchored Shopping Center Near Richmond, VA

 

Hancock Village Phase II, a 61,500-square-foot
shopping center located at
14601 Hancock Village Street
in Chesterfield, VA

CHESTERFIELD, VA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Hancock Village Phase II, a 61,500-square-foot shopping center located at 14601 Hancock Village Street in Chesterfield, Virginia. 

Margaret Caldwell

The multi-tenant retail center, anchored by Burlington, was fully leased at the time of sale. Stan Johnson Company’s Margaret Caldwell and Patrick Kelley represented the seller, a Virginia-based developer. 

Patrick Kelley 

Private investors represented by Jason Taylor of Equity Management Group, Inc. based in Lexington, Kentucky, purchased the asset to complete a 1031 exchange. The property traded for $11.1 million, although the cap rate was not disclosed.

Jason Taylor

“Hancock Village Phase II is part of a market-dominant community center located in a high-growth suburb of Richmond, Virginia,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.

“This is an attractive long-term investment opportunity that will provide a great return due to the surrounding residential growth.”

The property was constructed in 2018 and is situated on 4.93 acres just 20 miles from downtown Richmond, Virginia. 

Additional tenants include Tuesday Morning, America’s Best Contacts & Eyeglasses and Grand Nail Spa. The property is shadow-anchored by Walmart Supercenter, Hobby Lobby, Dick’s Sporting Goods and Five Below.

CONTACT:

 

David Ebeling

Ebeling Communications

(949) 278-7851

david@ebelingcomm.com

 www.stanjohnsonco.com.

Erik Powell Promoted to Vice President of Stevens-Leinweber Construction

 

Erik Powell

PHOENIX, AZ – Following several years of exponential growth, Phoenix-based Stevens-Leinweber Construction (SLC) has promoted Erik Powell to Vice President, establishing him as part of the company’s executive leadership team, with continued responsibility for SLC’s rapidly expanding ground-up construction division.

 

SLC hired Powell in 2017 as Director of Construction to establish and launch its ground-up construction arm.

 

 Since that time, the company has completed or is now under construction on more than 5.5 million square feet of ground-up speculative and build-to-suit office and industrial space, as well as industrial tenant improvement projects.

Jamie Godwin

“Our ground-up success is a direct result of Erik’s skill as a contractor, team leader and project executive who clients trust to deliver the best product, every time,” said SLC President and CEO Jamie Godwin.

 

“We’re grateful to have Erik on our team at a time when the Valley is booming with economic and development potential. We know he will help us to make the most of these opportunities and continue to strengthen our 40-year reputation as a trusted market leader.”

 

Across his 22-year career, Powell has completed more than $700 million of new construction, accounting for more than 10 million square feet of award-winning commercial space in Arizona.

 

CONTACT:

 

Stacey Hershauer

stacey@focusaz.com

480.600.0195