JLL Capital Markets arranges $190 loan for the fully leased 633 Folsom Street office building in the SOMA submarket of San Francisco, CA

 Lillian Roos

 

SAN FRANCISCO, CA – JLL Capital Markets has arranged a $190 million refinancing for 633 Folsom St., a fully leased, 271,000-square-foot, Class A office building in the SOMA submarket of San Francisco, California.

 JLL worked on behalf of the borrower, The Swig Company, to secure the seven-year, fixed-rate loan through Bank of China.

Bruce Ganong

Originally developed in 1967, 633 Folsom St. underwent a significant renovation and expansion completed in 2021 that added five new floors, all new building systems, exterior façade and an outdoor plaza.

 The property is now the new home and corporate headquarters location for Asana, a cloud-based application for workplace management and team collaboration.

 633 Folsom St. is located in the heart of the SOMA submarket offering quick access to local public transportation and Interstates 80 and 280.

Additionally, the property is surrounded by many dining, entertainment and retail amenities throughout San Francisco’s financial district.

 The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Director Bruce Ganong, Associate Lillian Roos and Analyst Spencer Bergthold.

Spencer Bergthold

“It was a privilege to work with the Swig team again to help secure a long-term financing solution to refinance the construction loan that we helped arrange over three years ago,” said Ganong.

 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 sales and advisory, debt advisory, equity advisory or a recapitalization.

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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

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

 ^CONTACT:

 Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

www.swigco.com

 

Peachtree Hotel Group Appoints Randy Lee Vice President of Investments

  

Randy Lee

ATLANTA. GA, Oct. 5, 2021 – Peachtree Hotel Group ("Peachtree") announced that Randy Lee has joined the company as vice president of investments. 

 

Lee’s responsibilities will include managing the company’s dispositions and supporting real estate investment executions.

 

Lee most recently served as real estate principal at G6 Hospitality, where he notably managed the organization’s 510-hotel property portfolio, including its commercial mortgage-backed securities (CMBS) obligation.

 

Before that, he was vice president at Mumford Company, responsible for successfully closing the largest multi-year hotel portfolio disposition in the organization’s history.

 

He also served as vice president – real estate & development for Accor North America.

Brian Waldman

 

“With roughly 30 years of hotel real estate experience, we are excited to expand our strong team of real estate professionals with someone of Randy’s knowledge, expertise and industry contacts,” said Brian Waldman, Peachtree’s executive vice president, investments.

 

 “I am confident his breadth of experience with hotel real estate transactions, asset management and financing will meaningfully contribute to the company as we execute larger and more complex transactions.”

 

Lee earned his bachelor's degree in restaurant, hotel and institutional management from Texas Tech University.

 

For more information, please visit www.peachtreehotelgroup.com.

 

^CONTACTS:

 

Charles Talbert

678-823-7683

ctalbert@peachtreehotelgroup.com

 

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

Hold Thyssen Team Completes Lease Agreements with National Tenants at Two SW Orlando, FL Office Buildings

       Sand Lake Tech Center

                             2411-2415 West Sand Lake Road,

                                Southwest Orlando, FL

 

 ORLANDO, FL --- Hold Thyssen, Inc., a full service commercial property firm based in Winter Park , recently completed three lease agreements with national firms opening southwest Orlando offices.

 The Hold-Thyssen leasing team of Vik Mahadeo and Troy R. Stevens brokered two new lease transactions on behalf of Prive Sandlake LLC, the landlord at Sand Lake Tech Center , 2411-2415 W. Sand Lake Rd.   

Vik Mahadeo

 Cornerstone Apparel, Inc. d/b/a Papaya Clothing leased 1,333 square feet for a local business office.  The trendy fashions retailer with locations nationwide focuses on the junior and petite markets. 

PI Consulting Services, Inc., a construction engineering consulting firm working on Central Florida DOT projects, leased 904 square feet. 

 At 8325 SouthPark Circle , Stephens represented Sublessee Partners Personnel, a nationwide staffing company, in a sublease agreement for 2,436 square feet.

Troy R. Stevens

 

The University of Phoenix, Inc. is Sublessor and the Landlord of SouthPark Circle is Drake Pacer Southpark 700 Acquisition LLC.

Hold Thyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  

The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

^CONTACTS:

           

Anthony Fisher, Vice President, Hold Thyssen Inc., 

407-691-0505, afisher@holdthyssen.com

 

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

407-691-0505, bhold@holdthyssen.com

 

Beth Payan, Larry Vershel Communications,

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

 

 

Central Florida Business Leader Featured Speaker at Annual FSU Real Estate Trends Conference in Tallahassee, FL

John Crossman (center) flanked by a group of FAMU Real Estate Club students he recently lectured in preparation for their attendance at the FSU Trends Conference. 

 From left: Chandrahasa Srinivasa Jr.;  Mya Wright; Rachel Edouard; Andrew Lewis;  Alexia Panier; Lawarren Meadows; Andrew Lewis IV.  (Photo courtesy of FAMU School of Business)

 

 

ORLANDO, FL and TALLAHASSEE, FL - John Crossman, a well-known Central Florida real estate executive and businessman will kick off Florida State University ’s College of Business 27^th Annual Real Estate Trends Conference Oct. 21-22 at the university’s Turnbull Conference Center , 555 W. Pensacola St. in Tallahassee .

 

Crossman, an FSU alumnus and founder of Crossman Career Builders, will open the event for real estate students by moderating two pre-conference sessions, “Networking Keys” and a roundtable session for students and other business leader participants titled, “If I Were 21,” according to Mandy Chapman, program and events manager at the university’s College of Business.

Mandy Chapman

Chapman said the mentoring sessions are designed to “help students understand the wide range of opportunities available to them and to answer questions regarding career strategies.”

 

Author of Career Killers / Career Builders, Crossman frequently speaks to and mentors real estate club and real estate society students at FSU, UF, UCF, USF, Bethune-Cookman (B-CU) and Florida A&M University (FAMU) about real estate careers. 

“The goal of all of my lectures is to prepare students for their important roles as business leaders and their service to their communities,” Crossman said. “We need students who want a career in real estate to know the vast array of potential jobs.”

 

For details, please go to: Schedule - 2021 FSU Real Estate TRENDS Conference (cvent.com)  or call 850-523-4200.

 

 

^CONTACTS:

John Crossman, CEO Crossman Career Builders,

407-341-3895 or jcrossman@crossmancb.com

 

Beth Payan, Larry Vershel Communications,

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

 

JLL Capital Markets closes $67 million sale and arranges $45 million acquisition loan for Evergreen Plaza in Evergreen Park, IL

Amy Sands

 

 CHICAGO, IL – JLL Capital Markets has closed the $67.25 million sale of and arranged $45.39 million in acquisition financing for Evergreen Plaza, a recently redeveloped, 255,249-square-foot neighborhood shopping center anchored by Whole Foods Market in the Chicago-area community of Evergreen Park, Illinois.

 

JLL advised the seller, a partnership between funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) and Lormax Stern. LBX Investments acquired the asset and engaged JLL to place the 10-year fixed-rate acquisition loan with Angel Oak Commercial Lending, LLC.

Clinton Mitchell 

Anchored by the only Whole Foods Market within a six-mile radius. Evergreen Plaza has a category-leading anchor tenancy that also includes T.J.Maxx, Burlington, Five Below, Ulta Beauty, DSW and Planet Fitness.

 

The 94-percent-leased center is also home to a variety of regional and national service, fitness and restaurant users such as Starbucks, Skechers, Potbelly, Mod Pizza and Visionworks.

Michael Nieder

Evergreen Plaza is at 9500 S Western Ave. in Evergreen Park about 15 miles from downtown Chicago.

 

 The center is at a high-traffic location visible to more than 48,500 vehicles per day. This area also has high population density with approximately 222,000 residents within a three-mile radius, and Evergreen Plaza serves as the main shopping destination for this population.

Christopher Knight

The JLL Retail Capital Markets team representing the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Director Michael Nieder. 

 

“Evergreen Plaza represents the largest single-asset retail sale transaction in Chicago year to date and is indicative of capital trends from new investors seeking scalable, market dominant open-air retail,” Sands said.

 

“This is LBX’s first acquisition in the Midwest, demonstrating the strength and potential they see for the asset and the region.”

Gregg Shapiro

 

“Evergreen Plaza has demonstrated strong tenant and operational resiliency and is poised to provide attractive future stability,” Mitchell added.

 

“Evergreen is positioned to continue attracting category leading national tenancy and outperform its competitive set given the lack of new supply in a high barrier-to-entry submarket.”

 

The JLL Capital Markets Debt Advisory team representing the buyer was led by Senior Director Christopher Knight and Managing Director Gregg Shapiro.

 

“LBX has been growing steadily throughout the Southeast in recent years, and we are thrilled to help them acquire another asset as well as establish a presence in the Chicago metro,” Shapiro said.

Evergreen Plaza, 9500 South Western Avenue,
 Evergreen Park, Illinois

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 sales and advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 ^CONTACT:

 Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

 

 

EagleBridge Capital Arranges $8.6 Million Mortgage Financing for Medical Office Building in Chelmsford, MA

 Chelmsford Medical and Surgical Center. 
321 Billerica Road, Chelmsford, MA

 Boston, MA -- EagleBridge Capital has arranged mortgage financing in the amount of $8.612,000 for the Chelmsford Medical and Surgical Center. The facility is located at 321 Billerica Road in Chelmsford, Massachusetts.

The mortgage financing was arranged by EagleBridge principal Ted Sidel who stated that the loan was provided by a leading financial institution.

Ted Sidel 

 The Chelmsford Medical and Surgical Center is a two-story medical office building containing 72,050 square feet situated on 4.93 acres with parking for 245 vehicles.   

 The building features a large glass atrium entry opening onto a two-story lobby. 

Tenants include AMD Global Telemedicine, the West Suburban Eye Surgery Center, Columbia Care, and OfficeLink.

The property is conveniently located on Billerica Road (Route 129) just off Route 3, a major north-south highway, which connects to Route I-495 and the Lowell Connector about 1 mile to the north. 

 It is situated in the heart of the Route 129 Office Park and Industrial Corridor. The immediate neighborhood is home to office parks, corporate facilities, and technology, software, and medical device related businesses.

Billerica Road (Route 129) just off Route 3,
a major north-south highway, which connects
 to Route I-495 and the Lowell Connector
 about 1 mile to the north 

 EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, industrial, office, and r & d buildings, shopping centers, hotels, condominiums and mixed-use properties as well as special purpose buildings

 EagleBridge Capital is a member of Commercial Real Estate Capital Advisors (CRECA), a national association of independent commercial mortgage banking firms.

 ^CONTACT:

Stanley J. Sidel

Senior Advisor

EagleBridge Capital

One Boston Place,  Suite 2600

Boston, MA 02108

Tel: 617-292-7177  Ext.12

Fax: 617-292-7575

ssidel@eaglebridgecapital.com

Ten-year Treasuries remain bargain buys in current fearful capital markets, notes Real Estate Capital Institute®

 

John Oharenko

Chicago, IL – The Fed steadily maintains rates at near-zero levels since the pandemic's beginning.  

However, the Fed recently announced plans to initiate hike rates by 2023, when inflation rises enough to justify such actions.  The markets responded with benchmark rates increasing by about 20 basis points during the past month.

Various fears keep real estate capital markets on edge. The Delta variant of COVID plays into property-type worries, particularly in the retail and hospitality sectors, which have recently seen some slowdowns.

"Favorable financing terms with ample debt reaches nearly all sectors of the realty capital markets," observes The Real Estate Capital Institute's research director John Oharenko.

"Borrowers seeking short and long-term debt have a plethora of options, like never seen before."

  Furthermore, economic concerns send more investors into the real estate sector, exacerbated by tight supplies of desirable properties. 

Lastly, property owners fear rising expenses fueled by increasing labor and material costs, combined with higher energy prices.  Yet such fears create new opportunities, including the following: 

Attractive Yields:  Regardless of rising rates, 10-year treasuries remain bargain buys.  Lower-grade corporate junk bonds hover in the four-percent range.  As a result, yields five percent or more gain investor attention.

Short-term Funds:  Lenders eagerly scour both short and long-term debt deals.  Given the tight supply problem, the current lender demand for products shifts more emphasis on new construction and rehabs. In particular, bridge lenders' abundance allows borrowers to hunt for competitively priced loans of five years or less.

Favorable Payment Format:  In addition to meager rates, borrowers enjoy interest-only payment formats allowing for more pre-tax cash flow as lenders compete to gain loans.  In comparison to amortized loans, such debt typically captures deals at 65% or less LTV ratios.

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

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

director@reci.com / www.reci.com