Fast-Growing Proper Title Insurance Agency Expands Outside Illinois with Schererville, IN Office

 

Kathy Kwak

 CHICAGO, IL, Jan. 7, 2022 – Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industry, has announced the opening of a new office in Schererville, Ind., that will serve real estate agents throughout Northwest Indiana. 

 Following parent company @properties to Indiana, this new location marks Proper Title’s first office outside of Illinois, its sixth new office in the past two years and the agency’s 13th closing location.

Brent Fielder

“The opening of this office is a great way to continue the momentum we have coming off a record-setting 2021 where our residential closings were up 41% over 2020 and our commercial closings were up 121%,” said Kathy Kwak, chief operating officer of Proper Title.

 

“I’m so proud of our teams that have serviced customers through not just the pandemic, but also an extremely hot housing market. I know we’re all very excited about bringing this same level of premier closing service to a new market.”

 

Located along Schererville’s major thoroughfare at 322 Indianapolis Blvd., Suite #200, the new office offers three closing rooms as well as curbside capability to accommodate Proper Title’s steady stream of residential and commercial closings. 

The main contact for the office is Karen Craig, escrow officer for Proper Title.

New Proper Title Insurance Co. office,
 322 Indianapolis Boulevard,
 Suite #200, Schererville, IN

 Proper Title recently hired Brent Fielder as executive vice president to spearhead expansion into Northwest Indiana and beyond. 

He joined the title insurance agency after 13 years at Meridian Title Corp. where he developed multi-state title company operations and led sales teams to exceed annual sales goals.

 

CONTACTS: 

 

 Paula Widholm, pwidholm@taylorjohnson.com, 

(312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, 

(312) 267-4527

Jeff Diener Joins BakerHostetler’s San Francisco Office as National Hospitality Co-Leader

Jeff Diener

 SAN FRANCISCO, CA —BakerHostetler announces that Jeff Diener has joined the firm as a partner in its Business Practice Group.

Based in San Francisco, Diener will be a member of the Real Estate team and will co-lead the national Hospitality Industry team.

Diener brings experience representing clients in the acquisition, finance, sale, development, management, restructuring and bankruptcy of hospitality, life science, technology and other real estate assets and businesses throughout the world.

John Allotta

“We are thrilled to have Jeff join our Business Practice Group and our Real Estate team," said John Allotta, chair of the Business Practice Group.

 "His institutional knowledge, particularly in the hospitality industry, will help us continue strengthening the firm’s footprint in that sector. 

“Jeff’s vast experience will be invaluable to not only the Business Practice Group, but the entire firm.”

Adds Robb Adkins, managing partner of BakerHostetler’s San Francisco office, “I speak for everyone in the San Francisco office in welcoming Jeff to our office and to the firm.” 

Robb Adkins

Diener earned a J.D. and an MBA from the University of California, Los Angeles in 2001 and a B.A. from Cornell University in 1995.

For more information on BakerHostetler’s Business Practice Group, please visit https://www.bakerlaw.com/BusinessCorporate.

Connect with us on Twitter at @BakerHostetler or on LinkedIn @BakerHostetler, @JohnAllotta, @RobbAdkins and @JeffDiener.

 

 

 CONTACT:    

John Garge  917-572-4820

Courtney B. Smith

+1-202-861-1514

cbsmith@bakerlaw.com

 

Diego Catala

+1-202-861-1515

dcatala@bakerlaw.com

 

JLL Capital Markets finds financing for two luxury mid-rise properties in Rahway, NJ

Reva Rahway, 219 apartment units
and Metro Rahway, 116 units, 
 Rahway, NJ

 

 MORRISTOWN, NJ, Jan. 7, 2021 – JLL Capital Markets has arranged financing for two luxury, mid-rise multi-housing properties totaling 335 units in the northern New Jersey community of Rahway.

 JLL worked on behalf of the borrower, Sterling Properties Group, LLC and AST Development, to place two separate 10-year, fixed-rate loans with New York Life Real Estate Investors.

 

Jon Mikula

The newly constructed REVA Rahway totals 219 units in a mix of studio, one- and two-bedroom units averaging 937 square feet.

Apartments feature wood-style vinyl floors, stainless steel GE appliances, in-unit washers and dryers and quartz counters.

The community offers residents a fitness center, resident lounge, co-working business center and outdoor courtyard with grills.

 Metro Rahway was built in 2014 and totals 116 units comprising studio, one- and two-bedroom units that average 1,081 square feet.

Units feature nine-foot ceilings, stainless steel appliances, vinyl flooring and quartz counters. Residents have access to a fitness center, billiards room and resident lounge.

Jim Cadranell 

REVA Rahway is located at 1245 Main St. and Metro Rahway is situated at 1420 Campbell St., offering quick access U.S. Routes 1, 9, 27 and 35.

Additionally, residents of both communities can access the Rahway Train Station offering a 36-minute ride for commuters to NYC Penn Station.

The properties are within 15 minutes of over three million square feet of retail, dining and entertainment options including Aviation Plaza, Clark Commons, Menlo Park Mall and Woodbridge Center.

 Residents also benefit from proximity to Rahway’s downtown area offering museums, breweries, local markets, retailers and dining.

Carlos Silva

The Capital Markets debt advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and Analyst Carlos Silva.

 “It was our pleasure to represent both Sterling Properties and AST Development in the refinancing of their two exceptional properties,” said Cadranell. “New York Life provided very attractive long-term financing for our clients.”

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

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

 

 CONTACT:    

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 

JLL Capital Markets arranges $110 million in financing for Essex County industrial building in Newark, NJ

Estimated 850,000 square-foot warehouse
 and distribution facility leased
 to a credit tenant in Newark, NJ

  

MORRISTOWN, NJ, Jan. 7, 2022 – JLL Capital Markets has arranged $110 million in permanent financing for an estimated 850,000 square-foot warehouse and distribution facility leased to a credit tenant in Newark, New Jersey.

 JLL worked on behalf of the borrower to place the 15-year, fixed-rate, non-recourse loan with a correspondent life insurance company.

Thomas E Didio, Jr. 

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas R. Didio, Director Thomas E Didio, Jr. and Associate Ryan Carroll.

 “Debt capital sources have never been hungrier for institutional-quality, infill warehousing and distribution facilities,” Didio, Jr. said.

“JLL is pleased to have worked alongside the borrower to deliver aggressively priced 15-year debt through our correspondent life company network.”

 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.

Thomas R. Didio Sr.

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.

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 Ryan Carroll

JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. 

 

 

 CONTACT:    

Kimberly Steele

 JLL Manager

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com

More favorable realty capital market conditions predicted by the Real Estate Capital Institute

 

John Oharenko

Chicago, IL – The year ended with an accelerated domestic inflation rate of nearly seven percent, the most significant increase since the summer of 1982.

Even so, the new year shows a continued promise of more favorable realty capital market conditions predicts the Chicago-based Real Estate Capital Institute.

According to John Oharenko, the Real Estate Capital Institute director, "2022 looks to be a bullish year, but investment discipline must be maintained as most opportunities show efficient pricing.

  "Furthermore, inflation fears drive more capital into this sector, so expect values to increase for strongly performing assets."

COVID variants wreak havoc on ownership strategies. Yet, wise investors see fresh opportunities created by such disruptions spanning the past two years.

New revenue streams surface, including work-at-home, new shopping/recreational habits, and creative housing development options.

Based on an abundant supply of relatively affordable capital, funding sources embrace exploring such opportunities.

Even as the Fed promises future rate hikes beginning in March, mortgage pricing remains at historically favorable levels. In particular, rate spreads for various risk profiles stay extremely tight, based on the following parameters:

Floating Rates:  Mostly used for short-term fundings, floating-rate loans fall within the mid-to-higher-two-percent range.

 Lenders continue transitioning from LIBOR to other indices, including the Secured Overnight Finance Rate ("SOFR."), translating to spreads starting at 200 basis points.

 

Fixed Rates:  Permanent debt markets revolve around fixed-rate debt, with longer-term rates of five years or more barely priced higher than floating-rate deals.

Most funding opportunities start in the lower-three-percent range.   That said, five-year pricing rose closer to ten-year loans during the past few months, as inflation fears mount.

 

Debt Yields:  As prices for prime properties rise, CMBS lenders stick to debt yields as low as seven percent for multifamily and ten percent for more challenging assets.

 

 As a result, loan amounts stay in the 65% LTV range. To help borrowers reduce debt service costs, such lenders also offer interest-only payments.

 

Ten-to-Twenty-Basis-Point Rule:  Given tight pricing across the board, 10 to 20 basis point pricing premiums buy higher debt leverage (e.g.,  70-80% LTV), longer-term, tertiary market deals, and other generally more aggressive underwriting parameters than in the past.

 Lenders look for more yield, often competing within such narrow profit margins.

 

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

 john.oharenko@reci.com

 Executive Director

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, Illinois USA 60622

JLL facilitates sale of medical office adjacent to The Villages on behalf of Stage Equity Partners in Lady Lake, FL

Mindy Berman 

 
ORLANDO, FL – JLL Capital has facilitated the sale of TLC Medical Arts Building, a 28,712-square-foot, Class A medical office building and ambulatory surgery center in Lady Lake, Florida.

 

JLL marketed the property on behalf of the seller, Stage Equity Partners, a leading private owner of medical office buildings headquartered in Chicago.

Evan Kovac 

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Evan Kovac and Mindy Berman and Managing Director Timothy Joyce, with support from Vice President Trent Jemmett.

 

“Medical office buildings anchored by surgery centers continue to demand a premium in the marketplace,” said Kovac.

 

 “Our client, Stage Equity, did a phenomenal job executing their business plan leading to a successful outcome.

 

"TLC Medical Arts Building checked a lot of boxes, most notable its location adjacent to The Villages, a world-renowned retirement community boasting the nation’s fastest-growing population.”

Timothy Joyce

Remedy Medical Properties acquired the property via a competitive process that yielded extremely strong interest from a range of high-quality investors.

 

The property is a multi-tenant medical office building significantly anchored by TLC Outpatient Surgery & Laser Center, a joint venture partnership between physician members and United Surgical Partners International (“USPI”).

 

The ambulatory surgery center features three operating rooms and two procedure rooms offering a range of specialties including, ENT, spine, urology, plastic surgery and podiatry.

 

USPI, which is part of Tenet Healthcare, operates over 400 ambulatory facilities across 28 states. The balance of the tenancy comprises strong regional practices.

Trent Jemmett

Located at 201 West Guava St., TLC Medical Arts Building is situated less than an hour from Orlando and adjacent to the world-renowned The Villages, the largest retirement community in the country.

 

 Drafting off the extreme growth happening in and around The Villages was an integral and ultimately successful part of Stage’s investment strategy. 

 About Stage Equity Partners

Stage Equity Partners is one of the nation’s leading owners of healthcare real estate properties, including medical office buildings and surgery centers. Stage acquires, develops and manages top medical office buildings across the country, with a focus on the Midwest and Southeast, including Texas.

TLC Medical Arts Building,
 a 28,712-SF, Class A medical office
building and ambulatory surgery
 center in Lady Lake, FL

About Remedy Medical Properties

Remedy Medical Properties is an independent, full-service healthcare real estate company providing acquisition, development, leasing, management and strategy consulting services across the United States.

 As the largest private owner of healthcare facilities in the country, with 22.7 million square feet spanning 41 states, the company creates customized real estate solutions for some of the most discerning healthcare providers in the country.

 

 

CONTACT:      

     

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com 

PRP Sells 350 Rhode Island Street Office Building in San Francisco, CA for $182.5 Million

350 Rhode Island Street, 
a 127,100 square foot office building
leased to the City and County of San Francisco

 

WASHINGTON, DC -– PRP has sold 350 Rhode Island Street, a 127,100 square foot office building leased to the City and County of San Francisco (S&P: AAA).

Miyeon Lee

The property was originally acquired for $134.25 million in November of 2019.

PRP was represented in the leasehold sale by the San Francisco office of JLL, while PRP worked directly with Safehold.

Adam Lasoff

JLL’s Capital Markets team was led by Adam Lasoff, Rob Hielscher, Michael Leggett, Miyeon Lee and Erik Hanson.

As part of the exit, PRP bifurcated the land and the improvements, selling the Fee Simple position to Safehold Inc. (NYSE: SAFE) for $64.5MM while selling the Leasehold to a venture of Lincoln Property Company and Korea Asset Investment Management (“KAIM”) for $118MM, for a total consideration of $182.5MM or $1,436/SF. Both sales occurred simultaneously.

Rob Hielscher

 “By structuring and executing a highly complex deal involving two separate negotiations and sales that were required to occur concurrently by December 31st of 2021, PRP was able to maximize the value of the asset through the bifurcation process at disposition," stated Paul Dougherty, President of PR.

  "We are not aware of another owner that has successfully undertaken such a complicated effort at the sale of an asset.

 “JLL did a great job of holding this sale together though a very tough process.”

 

Paul C. Dougherty

Originally built in 2002, the property was redeveloped in 2018 for the City’s tenancy.

 The San Francisco District Attorney’s Office is headquartered in the building.

 The City of San Francisco leases 350 Rhode Island Street through 2033.

 Located in the premier SoMa submarket with close proximity to world-renowned technology firms including Uber, Airbnb, Dropbox, PayPal and Zynga, the property is walking distance to public transit options including BART, CalTrain, and Muni Metro.

 

CONTACTS:      

     

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 jll.com

 

Kacey Converse

PRP, LLC

 202-741-8400

 kconverse@prprei.com

 

Colleen Ramsey

PRP, LLC

202-741-8400

 

WWW.PRPREI.COM

 

PRP, LLC | 1909KSTREET NW, SUITE 820| WASHINGTON,DC 20006 | P: 202.741.8400 F: 202.741.8401