Värde Provides $105 Million Loan for Newly Developed Multifamily Property in Belmont, CA

REFINANCED: The Artisan Crossing 
apartment complex in Belmont, CA. 

 

Tom Gilliland

MINNEAPOLIS, MN – Värde Partners, a leading global alternative investment firm specializing in credit and credit-related assets, today announced that it has provided Windy Hill Property Ventures, a firm specializing in real estate development in the Greater Bay Area, with $105 million in construction takeout refinancing for the Artisan Crossing apartment complex in Belmont, California. 

 

The bridge financing supports the lease-up of the newly developed 250-unit multifamily community, which is positioned to capture demand for premium rental options around the Silicon Valley area. 

The floating rate loan, which has a three-year initial term with two one-year extension options, was arranged by JLL led by Chris Gandy and Tom Gilliland. 

Artisan Crossing is conveniently located near the Belmont Caltrain and features generous amenities, such as a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking. 

Jon Miller

“We are delighted to partner with Windy Hill Property Ventures on Artisan Crossing, a rare institutionally scaled Mid-Peninsula multifamily community in the high-demand Silicon Valley housing market,” said Jon Miller, Managing Director at Värde.

 “Värde takes pride in being a trusted capital solutions partner for strong commercial real estate sponsors.” 

Värde has 30 years of experience investing in real estate and has originated more than $7 billion in commercial real estate loans since 2017. 

Through its CRE lending program, Värde is a non-recourse, balance sheet lender financing all major asset classes.

 Värde focuses on providing flexible capital and certainty of execution to meet the needs of experienced real estate investors.

 

Chris Gandy

About Värde Partners

 

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. 

Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum in both public and private markets. 

Värde currently manages over $13 billion in assets with teams in North America, Europe and Asia Pacific focused on Corporate & Traded Credit, Real Estate and Financial Services & Diversified Private Credit. 

 ONTACT: 

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets 1980 Festival Plaza Drive Suite 250 Las Vegas,  NV  89135 T  +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877

us.jll.com/capitalmarkets

www.varde.com.

 jll.com.

JLL Capital Markets strengthens Denver presence with Industry experts Peter Merrion and Robert Key

  

Peter Merrion

 DENVER, July 29, 2024 –  JLL Capital Markets announced today a new Denver industrial Investment Sales and Advisory team, led by Senior Managing Director Peter Merrion and Director Robert Key. 

Robert Key. 

This dedicated team will exclusively focus on industrial investment sales and equity placement, aiming to deliver institutional-caliber service to clients in the Denver market.Top of Form.

 

“This strategic move comes as a response to a noticeable gap in client service we have seen in the Denver market for the industrial asset class,” said Merrion.

 

“Unlike other major firms that have sales professionals splitting their time as leasing brokers, we recognized an opportunity to provide enhanced client service with a purely capital markets focused team. "We are excited to usher in this new era and deliver exceptional results for our clients."

Leon McBroom

An industry veteran with 20 years of experience in the business, Merrion will continue to co-head the Denver Capital Markets office alongside Leon McBroom.

 

In this new role, he will team up with Robert Key, who joined JLL in 2020 and has been covering Denver industrial sales with the valuable assistance of several national teammates.

 

“The new Denver Industrial Investment Sales & Advisory team at JLL is poised to create a significant impact in the industrial sector within the Denver market,” said John Huguenard, Industrial Group Co-leader and Senior Managing Director.

John Huguenard

“This team represents a tremendous opportunity for JLL to meet the growing client demand for these services and further solidify our position as a trusted partner in the industry."

 

In addition to the newly formed industrial Investment Sales and Advisory team, JLL remains committed to serving client needs in the office sector.

 

Mark Katz and Hilary Barnett will continue to lead the Institutional Office Investment Sales and Advisory team, and Larry Thiel and Sean Whitney will lead Private Capital client needs.

 

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

Hilary Barnett

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.

Mark Katz 

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

 

For more news, videos and research resources, please visit JLL’s newsroom. 

 

CONTACT: 

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

617-543-4873

 

 

 

Lee & Associates South Florida Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year

Greg Milopoulos 

MIAMI, FL, July 29, 2024 – South Florida’s industrial market experienced a sharp year-over-year increase in vacancies, according to Lee & Associates South Florida’s Q2 2024 market report.

 

The local retail, office and multifamily sectors largely held steady during the second quarter of 2024, however, as the region continues to outperform national averages.

 

The tri-county area of South Florida closed the second quarter of 2024 with a 4.1% industrial vacancy rate, up from 2.4% a year earlier. The average asking rent climbed year-over-year from $16.18 per square foot triple-net (NNN) to $17.29 per square foot.

 

“Our team continues to see an uptick in acquisitions of industrial assets and their valuations even while leasing momentum appears to be slowing down,” Lee & Associates South Florida Principal Greg Milopoulos said. “With debt and rent costs coming down, purchasing power remains positive as cap rates won’t regress enough to change asset values.”

 

Stephen DeMeo 

Retail vacancies inched up year-over-year from 2.9% to 3.1% in the second quarter. Average asking rents also increased year-over-year, from $36.26 per square foot NNN to $36.92.

 

“Tenant demand has driven the availability rate to historic lows of 3.1%, well below the five-year average of 4.3%,” Lee & Associates South Florida Principal Stephen DeMeo said. “Miami still has the highest retail rents in Florida at $48 per square foot NNN, followed by Palm Beach at $38 per square foot NNN and Fort Lauderdale at $36 per square foot NNN.

 

"Space availability is unlikely to improve significantly, and near-term forecast expectations are for historically tight vacancy rates around 3-4%.”

 

South Florida’s office vacancies declined slightly year-over-year in the second quarter, from 8.3% to 8.1%. The average asking rent jumped from $35.96 per square foot NNN to $37.52 in the same span.

 

“While older suburban offices face challenges, the influx of high-end space has created a rising tide effect,” Lee & Associates South Florida Principal C. Todd Everett said. “Demand in key areas remains robust, driven by tech and finance sector interest and continued in-migration trends.”

 

Todd Cohen

South Florida’s multifamily sector recorded a year-over-year rise in vacancies in the second quarter of 2024, from 5.5% to 5.9%. Asking rents increased year-over-year from $2,141/month to $2,173/month.

 

The sector “continues to outperform most other asset classes and geographical markets despite signs of slowing as we enter Q3 2024,” Lee & Associates Principal Todd Cohen said. “Rental rates and growth remain strong; sales numbers are still setting records and demand for renting stays high as home costs remain untenable for most buyers.”

 

To view the full sector-by-sector breakdowns, click here: https://www.dropbox.com/scl/fo/89ofzupzim1r62e0gktqa/AL8supw-Cn9y0efhdSFHAl4?rlkey=bjna6cjd1ohhygwafd50ofh78&st=1q14ftw3&dl=0

 

For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.

 

CONTACT: 

 

Eric Kalis

Senior Vice President

ekalis@boardroompr.com

C 305-794-5123

O 954-370-8999

Web | Facebook | Instagram | LinkedIn

 

 

 

  

Kimley-Horn to Open New Phoenix Location at Lincoln’s Class A Union Office Development in Mesa, AZ

Union Building One  is part of the 28.2-acre,
 1.35 million-square-foot Union
master plan in Mesa, AZ

 MESA, AZ – Full-service commercial real estate firm Lincoln Property Company (Lincoln) has signed Kimley-Horn, one of the nation’s premier planning and design consultants, to a 34,771-square-foot, long-term lease at Union Building One.

Building One is the first building completed within the 1.35 million-square-foot, Class A Union office project being developed by Lincoln and Harvard Investments in the Arizona Riverview District in Mesa, Arizona.

 Nick Nudo

The lease establishes Kimley-Horn’s fifth Arizona office location, including locations on Camelback Road in Phoenix, Southern Avenue in Mesa, West Godwin Street in Prescott and East Sunrise Drive in Tucson. 

A FORTUNE “100 Best Companies to Work For,” Kimley-Horn operates more than 135 offices nationwide, employing nearly 9,000 team members.

Fronting the Loop 202 freeway at 2046 W. Riverview Auto Dr. in Mesa, the 238,343-square-foot Building One offers large floorplates, high ceilings, outdoor balconies and 10-foot vision glass to maximize surrounding city and mountain views.

It is part of the 28.2-acre, 1.35 million-square-foot Union master plan, which spans four Class A office buildings, indoor-outdoor areas, water features, adjacency to the Riverview Park and Lake, and a direct link to the Rio Salado Pathway.

“Kimley-Horn will add tremendous energy to Union Building One – one of the Valley’s premiere new office deliveries that only continues to improve,” said Lincoln Director of Real Estate Nick Nudo.

“Their lease underscores the draw of this project and will serve as its cornerstone, truly making Union a place where tenants and employees can fully embrace and enjoy the workday.”

Charles Daggett 

Last month, Harvard and Lincoln kicked off a significant amenities upgrade plan for Building One. 

Underway now, the program will add a main lounge, state-of-the-art conference center, golf simulator and bar and kitchen areas via “The Clubhouse,” as well as two move-in-ready speculative office suites.

Kimley-Horn is scheduled to move into Union Building One during Q1 2025, occupying approximately half of the building’s top floor.

Charles Daggett of Savills represented Kimley-Horn in its lease negotiations. Lincoln was self-represented.

Contacts:

 

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

David Krumwiede or

John Orsak

 (602) 912-8888.

 

The Easton Group secures $20 million refinancing of Doral, FL office building

 REFINANCED:an eight-story office building

 at 8600 NW 36^th Street in Doral, FL 

 

 Doral, FL — The Easton Group secured a $20 million loan to refinance an 8-story office building at 8600 NW 36^th Street in Doral.  

 The permanent financing provided by City National Bank paid off a bridge loan that Easton used to acquire the Offices at Doral Square for $28.5 million in December 2023.

Andrew Easton

 “Since buying this asset, leasing activity has been better than expected giving us an opportunity to secure long-term debt with more favorable terms.” said Andrew Easton, vice president of The Easton Group’s office division. 

 

In May, the real estate firm announced three new leases at the 141,246-square-foot building, equating to about 10% of the total rental space. Grupo Eulen, a global company that offers facility management and airline services, leased 6,026 square feet;

 

Vanderweil Engineers, one of the U.S.'s largest independently owned engineering firms, took 5,160 square feet; and mortgage firm Trust Lending leased 3,015 square feet. 

 

The Offices at Doral, located in the heart of the city, was built in 1984 and underwent a $10 million facelift by the previous owner.

 

Edward W. Easton

 

 About The Easton Group:

The Easton Group is a family-owned commercial real estate firm with three generations of Eastons working in the business.. Chairman Edward W. Easton founded the company 50 years ago, and today it controls a portfolio of approximately five-million square feet in Miami-Dade County.

Contact:

 

Todd Templin

Executive Vice President

BoardroomPR

O 954-370-8999

C 954-290-0810

ttemplin@boardroompr.com

 

www.theeastongroup.com.