Old Three Hundred Capital secures $61.4 million in financing for the acquisition of the Muir Lake Apartments near Austin, TX

Muir Lake Apartments, located at 12600
Avery Ranch Boulevard, Cedar Park, TX

 

 AUSTIN, TX – JLL Capital Markets announced it arranged a total of $61.4 million in acquisition financing for Muir Lake Apartments, a multi-housing property located in Cedar Park, near Austin, Texas.

Nicholas Yarnall

 JLL worked on behalf of the borrower, Old Three Hundred Capital (“OTH”), to secure the $61.4 million acquisition financing through Walton Street.

JLL also secured an undisclosed amount of equity through Arrowmark Commercial Real Estate Partners.

"We could not be more excited to acquire what we believe is Austin's most unique multi-housing property,” said OTH Co-Managing Partner Nicholas Yarnall.

William Gottfried

 

“The lakefront location, incomparable amenity set, and unique Spanish Coastal Architecture position this asset to stand out from the crowd once we complete our interior value-add program.

"We see significant opportunity to capture appreciation, given the amenity set and proximity to major economic drivers in the city, with the Domain, new major employment campuses and more, just minutes away."

 Built in 2014, Muir Lake Apartments totals 332 one- and two-bedroom units. The property sits on 46.1 acres and is 96% leased.

Marko Kazanjian

The highly-amenitized complex features exclusive Muir Lake canoeing, kayaking and boating access, a swimming pool with sundeck, grills and a fireplace lounge, fitness center, yoga room, indoor spa, steam room, sauna, fully fenced dog park, and business center.

Located at 12600 Avery Ranch Blvd., the apartments are situated along a 30-acre lake with over 2,000 feet of greenery and lakeside frontage.

Cedar Park has experienced a 45% population increase since 2010 due to its proximity to downtown Austin and other major economic and social drivers.

Chris McColpin 

 The property is also within a five-minute drive from over 3 million square feet of shopping and is positioned just 10 minutes from The Domain, Austin’s “Second Downtown.”

 "This acquisition reinforces our belief in the future of North Austin and the surrounding suburbs,” adds OTH Co-Managing Partner William Gottfried. 

“Muir Lake presented a rare opportunity to acquire a Class A value-add asset in the fastest growing area of one of the fastest growing cities in the country.

"This deal marks our fourth acquisition in the last nine months here in our home market of Central Texas, adding more than 1100 units and $175M in assets under management during that time.

Andrew Cohen

"Marko and Chris at JLL have done a phenomenal job helping us grow our business and we look forward to many future transactions together."

 The JLL Capital Markets team representing the borrower was led by Senior Directors Marko Kazanjian and Chris McColpin and Analyst Andrew Cohen.

 “Given the excitement of the Austin multi-housing market, we procured over a dozen competitive debt quotes and appreciate Walton Street’s efforts to stand out as a partner with OTH and Arrowmark,” says Kazanjian.

“This marks our second time transacting with Arrowmark in the last nine months and we value their collaboration as we look to continue OTH’s growth.”

  For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

 Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

Daum Directs Acquisition of R&D Facility in Irvine, CA

Mesa Church's Planned R&D Facility
at 17660 Cowan  in Irvine, CA

 

IRVINE, CA – DAUM Commercial Real Estate Services recently directed the acquisition of a 16,554 square-foot R&D/Corporate Headquarters property in the Orange County submarket of Irvine, California on behalf of the Buyer, Mesa Church.

Mesa Church purchased the shell building from a private investor and plans to convert the property into a modern worship center in the coming months, according to Charlie Winn, Vice President at DAUM based out of the firm’s Orange County office.

          “When seeking well-located space in tight markets like Orange County, users and brokers alike must be increasingly nimble and creative,” explains Winn.

Charlie Winn

 “Representing a church is more complex because it involves obtaining a conditional use permit which focuses heavily on parking expectations for normal church operations and retrofitting the building for high occupancy gatherings.

"Based on our experience and connections in the region, we were able to identify a geographically favorable warehouse that provided the necessary parking by securing a creative shared-parking agreement with the sister building next door.

"The buyer was thankful to have had a cooperative seller (John Saunders, John Parker, and Martin Morgenstern) who allowed us the time to obtain the necessary permits.”   

A full conversion of the facility to a concert-worthy worship center is in the planning stages now, Winn notes. 

Martin Morgenstern

“Mesa Church was established more than 70 years ago in Costa Mesa and was, until recently, headquartered on the campus of Vanguard University.

"Geography was a key component to the decision to acquire this property,” says Winn. “The property is ideally located just off of MacArthur Boulevard near several major freeways, with frontage on Red Hill Avenue.

"This positions the worship center within an easy commute of Mesa Church’s members and guests, typically coming from throughout central Orange County.”

The new worship center, located at 17660 Cowan in Irvine is planned to be full open for services Easter, 2022.  

 

CONTACTS:

Arleeny Escarcega / Elisabeth Manville  
Brower Group  
(949) 438-6262 
aescarcega@brower-group.com 

www.daumcommercial.com.

Textiles Are Unlikely Source of COVID-19 Transmission, Finds First-Ever Study of Virus Surrogate on Contract-Grade Fabrics

 

Melissa Hart

GRAND RAPIDS, MI – Steelcase announced the results of the first-ever test of how the SARS-CoV-2 virus behaves on contract surface materials commonly found in offices.

 

 In tests conducted by ResInnova Laboratories using the OC43 surrogate, the company found that:

 

• No active virus was recovered from the polyurethane-coated fabric at the 2-hour mark.
• No active virus was recovered from the 100% polyester fabric at the 12-hour mark.
• Recovered active virus was reduced by 93.6% on the 100% wool fabric at the 24-hour mark.

 

Steelcase commissioned the tests in partnership with Designtex because, while many researchers have studied the virus’ durability on various materials, the only fabric that had been studied thus far was cotton, which is not common in workplaces.

Dr. Sharon Tracy

“For the thousands of companies that have products with these materials in their offices, this test provides an added level of reassurance,” added Melissa Hart, director, Steelcase Surface Materials.

“We already know that porous materials like fabrics tend to be low risk for virus transmission.

 

"Now, as millions of employees return to the office after more than a year of working from home, they can feel confident that the materials used in their office furniture play an effective role in creating safer workplaces.”

 

Recent Steelcase research shows workers returning to the office expect a greater emphasis on safety — citing air quality and adherence to safety protocols as top needs.

Dr. Matthew Hardwick

 

 This test, and surface material performance, serves as one part of the multi-faceted approach to workplace health and safety recommended by Steelcase, which also includes human behavior, air management, application and product design, and cleaning and disinfecting practices. 

 

“While routine cleaning and disinfection protocols are still important, office users concerned with pathogen transmission can now consider a wider array of contract fabrics, beyond those that are bleach-treatable,” said Dr. Sharon Tracy, materials innovation scientist at Steelcase.

 

Steelcase is the first organization to test untreated contract fabrics using ISO 18184 and an ASTM-recommended surrogate for SARS CoV-2.

 

The results, which reinforce the low risk of surface-to-surface transmission of COVID-19 from porous materials, were surprising enough to draw comment from ResInnova Laboratories’ leadership.

Carol Derby

“These are impressive results from materials that have not been treated with an anti-viral additive,” said Dr. Matthew Hardwick, president and CEO of ResInnova Laboratories.

 

Steelcase’s material experts are still studying the “whys” behind the results, including what other material characteristics besides porosity may be contributing to the virus’ behavior, and whether these results are also true of other polyurethane, polyester and wool materials from Steelcase and Designtex.

 

Other enveloped viruses such as influenza A have displayed similar differential survival times on porous versus non-porous materials, further supporting the contention that textiles are likely not a predominant source of contact transmission during annual flu outbreaks, similar to SARS-CoV-2.

 

“We now have scientific evidence that porous materials like textiles have a place in maintaining the health and safety of interiors,” said Carol Derby, vice president of Research and Development at Designtex, which partnered with Steelcase on this project.

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 www.designtex.com.

  www.steelcase.com.

       

Dream Finders Homes Offers New Floorplans for 40-Foot Sites in Exclusive Bella Collina Community, Lake County, FL

Anna Maria with Bonus model, Bella Collina community,
Lake County, FL

 MONTVERDE – After entering the Tuscan-inspired, master-planned community of Bella Collina the end of last year and opening a luxurious model the end of May, Dream Finders Homes has added three new floorplans to its design menu.

 “Along with the premiere of our new model, we have released three new plans to be built on our 40-foot lots,” said Gerry Boeneman, Division President, Dream Finders Homes.

Gerry Boeneman

“We’re now offering the five-bedroom Verona , and the four-bedroom Capri and Milan models which start at $515,990 and range in size from 2,529 to more than 3,000 square feet.”

Boeneman said the company plans to build 149 new homes ranging from 2,500 to 3,412 square feet of living area in Bella Collina, a luxury Lake County community on nearly 2,000 acres just west of Orlando .

  “We’ve already sold several of our lots which offer rolling hill and golf course views,”

The beautifully-appointed two-story Anna Maria with Bonus model – one of seven floorplans Dream Finders Homes is building in the upscale, gated community – has 3,076 square feet of living space comprised of five bedrooms, three-and-a-half baths, a bonus room, plus a two-car garage.

Nick Faldo-designed championship golf course,
Bella Collina, Lake County, FL

In addition to the Nick Faldo-designed championship golf course, oversized resort-style pool, Har-Tru tennis courts and stunning conservation views, Bella Collina boasts a 75,000 square foot clubhouse that includes six buildings, a 500-person ballroom, three dining facilities, a wine cellar, and a full-service spa and fitness center.

For details about Dream Finder Homes’ new designs at Bella Collina, please call 888-214-1164.

CONTACTS:

Gerry Boeneman

 Division President, Dream Finders Homes,

888-214-1164 or 

Gerry.Boeneman@dreamfindershomes.com

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com

 

Two New Multi-Year Leases by Hold-Thyssen at Phillips Place in Southwest Orlando, FL Keeps Occupancy Rate up to Near 100 Percent

 

Darby Hold

ORLANDO, FL  --- Hold-Thyssen, Inc. a full service commercial real estate services firm headquartered in Winter Park , who handles the leasing and management of Phillips Place in Southwest Orlando , recently completed two multi-year lease agreements at the upscale office/retail center. 

 

Darby Hold, Senior Director for Hold-Thyssen, Inc. represented the landlord, Financial Way Realty, Inc. based in Cincinnati , Ohio , in each transaction.    

 Law Office of Pamela G. Martini, PLLC, leased 1,125 square feet for five years. The firm which specializes in elder law, estate planning, probate and guardianship, was represented by Bill Martini of Berkshire Hathaway HomeServices Florida Realty.   

 

Hold also brokered a new three-year lease agreement and a five year lease renewal agreement at Phillips Place .

 Bill Martini 

 

The Mayer Gallery, LLC specializing in art acquisitions, curating collections and commissioning artworks for private individuals and businesses leased 1,156 square feet for three years.

First American Title Insurance Company, which facilitates and streamlines real estate transactions and provides comprehensive title insurance protection renewed a lease of 961 square feet for another five years. 

 

The 56,000 square foot Phillips Place office building at 7575 Dr. Phillips Blvd is 94 percent occupied.

 

        CONTACTS:

      

Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 407-691-0505, afisher@HoldThyssen.com

 

Robert P. Hold, Principal, Hold-Thyssen, Inc.

 407-691-0505, bhold@HoldThyssen.com

 

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com.

 

Real Estate Capital Markets Riding Boom of Revitalized Domestic U.S. Economy, Says RECI

 John Oharenko

 

Chicago, IL --  The domestic economy momentum continues an upward trajectory since bottoming out from the pandemic last spring, according to Chicago-based Real Estate Capital Institute (RECI).

 The unemployment rate is now about half as low, the stock market and other financial indicators hit record levels. 

The Real Estate Capital Institute’s® Director, John Oharenko, suggests, “Less economic [and cash flow] uncertainty translates to better pricing in what continues to be a seller’s market.”

The real estate capital markets are riding the boom as well, as illustrated by the capitalization and mortgage rates: 

Cap Rates:  Overall capitalization rates for CRE assets range from 3.5% to 8%, with a wide variance based on property type, grade, and cash flow quality.  

Capitalization rates for prime multifamily assets dip down to the mid-3%-range, Industrial properties price slightly higher, with net-lease commercial properties not far behind, hovering in the 4%-5% range. 

 Retail and office projects indicate higher risk, falling within the 6%-plus-range.  And lodging properties show more recovery hovering in the 7%-or-more range as travel and meeting business returns. 

 Non-prime properties in various asset categories typically offer widened pricing by 50 to 100 basis points.

 Mortgage Rates:  Despite inflation fears, interest rates remain tame.  Cheap debt drives low caps.  Even as benchmark rates rose over more than fifty basis points since the beginning of the year, mortgage rates stay low.

  Lenders absorb tighter spreads due to more comfort with improving realty market fundamentals.  Short-term debt for prime assets dips below 3%, while longer-term perm loans hover in the 3% to 3.75% range.

 The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

   CONTACT:

John Oharenko

 Executive Director

john.oharenko@reci.com

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

 

Vestar Hires Gabrielle Lardiere as Vice President of Client Services

 

Gabrielle Lardiere

LONG BEACH, CA, June 10, 2021 – Vestar, one of the leading privately held shopping center owners and managers in the western United States, announced today that it has hired Gabrielle Lardiere as Vice President of Client Services.

                Based in Vestar’s Long Beach, CA office, Lardiere is responsible for optimizing and growing the company’s third-party services division as well as enhancing existing client relationships. 

She leads and coordinates the marketing efforts for a variety of company services including property management, leasing and accounting oversight, construction and development management.

R. Patrick McGinley

Vestar currently manages over 16 million SF of space for third-party clients.

“Our third-party portfolio is a huge priority for us,” said Patrick McGinley, President of Management Services for Vestar. 

“Although we do not delineate between projects we own vs projects we manage, it is important to market our ‘best-in-class’ services to new institutional clients and continue to develop the valuable relationships we have with our current clients.”

                Lardiere brings nearly 10 years of commercial real estate experience to Vestar.  Most recently, she served as Director of Business Development for the William Warren Group | StorQuest Self Storage.  

Previously she worked in CBRE’s Advisory and Transaction Services’ group, specializing in retail properties.  Lardiere was graduated from the University of Michigan.

  CONTACT:

 David Ebeling

 Ebeling Communications

 (949) 278-7851

 david@ebelingcomm.com

vestar.com.