AuctionWorks to Host Real Estate Auction June 23-25

Diana M. Peterson

CHICAGO, IL  – AuctionWorks has announced the firm will host an auction online June 23-25 that will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land.

The auction includes two luxury homes in Chicago’s Lincoln Park and Peterson Park neighborhoods. 

Also, six of the 27 properties currently offered are bank-owned and will be sold absolute to the highest bidder, regardless of price. 

Buyers can bid online or submit pre-auction offers.

 “Auctions have become a popular choice for sellers of luxury properties who are seeking more control over the sale process in a time when traditional sale contracts often fall apart due to financing and other contingencies,” said Diana M. Peterson, president of Chicago-based AuctionWorks.

“These sellers are often sophisticated and wealthy ̶ not in distress, foreclosure or bankrupt ̶ and are attracted to the auction process for myriad reasons.” 

Interested parties in the June 23-25 online auction should visit www.svnauctionworks.com to bid and join the mailing list to receive upcoming auction notices. Many of the properties are expected to sell pre-auction, and pre-auction bids are highly encouraged.

  

Commercial properties and vacant land will also be offered in the June auction, with several being bank-owned, including four vacant land parcels and an industrial property, all of which will be sold absolute to the highest bidder, regardless of price.

  

 For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

                        

Marcus & Millichap Arranges $4 Million Sale of Two Waterfront Fort Lauderdale, FL Apartment Buildings

Joseph P. Thomas

  FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Villa Venezia and Riva Apartments, two adjacent apartment buildings totaling 16 units, located in Fort Lauderdale, FL.

The assets sold for $4,000,000 representing $250,000 per unit and $320 per square foot.

Villa Venezia and Riva Apartments are located at 132 and 136 Isle of Venice in Fort Lauderdale, FL.

Joseph P. Thomas, a vice president investments, and Adam Duncan, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Weirsdale, FL. 

“Villa Venezia and Riva Apartments have been beautifully maintained primarily as seasonal rental properties, with only a few long term tenants on annual leases. The properties offer the buyer the flexibility to takeover and continue to manage as seasonal rentals or to convert to monthly rental apartments with conventional leases,” says Thomas.

Adam Duncan

“Isle of Venice Drive and Hendricks Isle to the west are currently undergoing a transformation with a handful of new condominium and townhouse projects currently in permitting or development.

 Many older rental and vacation properties have been demolished as a result, creating an even greater demand for all rental units in the area and rising rental rates,” adds Duncan.

The Villa Venezia and Riva Apartments are adjacent waterfront properties located on Isle of Venice Drive in Fort Lauderdale. The properties are located just north of Las Olas Boulevard, a short drive from Fort Lauderdale Beach and downtown. 

They total 16 units and consist of luxuriously furnished one and two bedroom apartments. They also include 12 rental boat slips.

For a complete copy of the company’s news release, please contact:

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

HSA Commercial Lands DSW Designer Shoe Warehouse at The Mayfair Collection

CHICAGO, IL (June 2, 2014) — Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, today announced that DSW Designer Shoe Warehouse will be opening at The Mayfair Collection this fall. DSW recently executed a lease for an 18,072-square-foot space at Suite 190, two doors north of Old Navy, where the company will start building out its store within the coming weeks.

 “We are very excited to have DSW as part of The Mayfair Collection,” said Blum. “We believe that DSW has the exact type of branding, merchandising, and service that will complement the line-up of stores that are now open.”

“We are thrilled to open our new store at The Mayfair Collection. DSW will bring national brands and incredible values—from 20% to 70% off savings—every day in an easy-to-shop environment,” said Mike MacDonald, president and CEO of DSW Inc.

Mike MacDonald

 DSW will join Nordstrom Rack, Dick’s Sporting Goods, Saks Fifth Avenue OFF 5TH, Ulta Beauty, and the other stores in The Mayfair Collection’s Phase 1 which opened to huge crowds of customers on April 3rd.

The project’s construction consisted of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments that have been enjoyed by thousands of shoppers from across the metro Milwaukee area since the shopping center’s grand opening.

 DSW will relocate from its existing location at the southwest corner of North Avenue and Mayfair Road later this year once the store at The Mayfair Collection opens for shoppers.

For a complete copy of the company’s news release, please contact:

Mark Thomton, mthomton@taylorjohnson.com, 312-267-2523

Marcus & Millichap Arranges Sale of Midas-Leased Auto Center in Clearwater, FL for $600,000

James Medefind

CLEARWATER, FL, June 2, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a Midas leased automotive center, which is currently being subleased to Charlie's Car Care, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $600,000.

James Medefind, an associate in Marcus & Millichap’s Tampa office, Kirk D. Olson and Drew A. Kristol, vice presidents investments in the firm’s Miami office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company. 

Armando Rodriguez, associate in the firm’s Tampa office procured the buyer of the property, a private investor from California.

Midas-Clearwater was built in approximately 1960 and is located at 1519 Gulf to Bay Boulevard in Clearwater, Fla. The property is located off busy State Road 60 and is one block east of the five-point intersection where Highland Avenue, Gulf to Bay Boulevard and Court Street meet.

Kirk D. Olson

 This favorable location acts as the main route to Tampa and the local beaches, with a traffic count of over 48,000 per day.

“This sale is a classic example of Marcus & Millichap’s ability to access capital from across the country in order to maximize the net profit for its clients,” says Medefind.  “In this case, a California investor was looking for more attractive returns than he could receive in his home state.”

“Florida was an attractive alternative as an income tax-free state with a high population growth.  After realizing the high quality location on State Road 60 and limited downside, the buyer aggressively pursued this asset.  It was truly a ‘win-win’ for everyone involved,” concludes Medefind.

  

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

WNC Closes $48.5 Million California Fund

                                                                              

Will Cooper Jr.

IRVINE, CA June 2, 2014 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund X California Series 12, LP (WNC Cal 12), a $48.5 million institutional low-income housing tax credit (LIHTC) fund.

The fund, which includes 11 investors, will acquire nine properties located in four counties in California.  

 Comprised of seven family and two senior housing properties, WNC Cal 12 includes 714 units of affordable housing in Los Angeles, San Diego, San Bernardino and Kern counties.

 WNC Cal 12 is the company’s second California fund to close in the past 12 months, representing equity raise of $94.5 million in the last year.

WNC has a long tradition of raising equity for affordable housing in the Golden State and has closed a total of 28 California funds that have acquired 185 properties in 45 counties. 

WNC is the only syndicator that has successfully offered and closed a California fund in each of the last 12 years.   

 “While other syndicators have come and gone in the California LIHTC market, we are very pleased to complete yet another successful offering with our development and investment partners,” said WNC President and Chief Executive Officer Will Cooper, Jr.

“California has one of the largest gaps in income equality, as well as some of the nation’s most expensive housing. With the California Series 12 fund, WNC seeks to protect existing affordable housing projects through renovation and expand the stock of units available to the state’s working families and low-income seniors.”

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives.

 WNC has acquired more than $6.2 billion of assets totaling in excess of 1,200 properties in 45 states, Washington D.C. and the U.S. Virgin Islands.

 Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects.

 WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.

For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Leasing Momentum Continues at Morgan Stanley Tower in Downtown St. Petersburg, FL

Morgan Stanley Tower
St. Petersburg, FL

 ST PETERSBURG, FL – Leasing momentum continues at the newly renamed Morgan Stanley Tower in downtown St. Pete. 

 RE/MAX Metro has leased 9,218 square feet and will move their corporate headquarters into the Tower in September.   The deal was brokered by RE/MAX Metro’s Commercial Division. 

 The Class A office building formerly known as Wells Fargo Plaza/150 2nd Avenue North was renamed Morgan Stanley Tower after the financial services giant signed a long-term lease earlier this year. 

“It was very important for us to continue to maintain a prime downtown location with street level entrance for our consumers,” stated RE/MAX Metro President and Owner, Rick Brown.

“The location in the Morgan Stanley Building, across from Sundial, in what will be the most prestigious financial center in downtown St. Petersburg was the perfect fit for our 75 agents and Luxelist (luxury) Division.” 

RE/MAX Metro corporate headquarters has been located across the street from Morgan Stanley Tower for nearly 13 years.   The company which handles all types of real estate services, including residential, luxury, bank-owned, property management and commercial properties has additional offices in Treasure Island, Tierra Verde and Gulfport.  

  

Rick Brown

 The 17-story, 187,000 square foot office building was purchased in August of last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners.

 “We purchased the building soon after Wells Fargo Bank vacated 22,000 square feet,” said co-owner Larry Feldman, CEO of Feldman Equities who spearheads leasing for the building. 

 “In less than a year we have leased 42,282 square feet. This acquisition gave us the opportunity to do what we do best - renovating and upgrading office buildings in order to maximize their value.”  

A multi-million dollar renovation will begin later this year. Morgan Stanley Tower is one of downtown St. Petersburg’s best-located, premier Class A office buildings with water views of Tampa Bay and a premium downtown location across from the new Sundial Shops (formerly BayWalk).  The group also owns the nearby, 242,000 square foot City Center office building.

Larry Feldman

Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings. 

Most recently the joint venture has partnered on City Center in downtown St Petersburg, Wells Fargo Center in downtown Tampa and Fountain Square II in Tampa’s Westshore Business District.

For a complete copy of the company’s news release, please contact:

Feldman Equities - Larry Feldman, 727-822-3395 lfeldman@feldmanequities.com

RE/MAX Metro – Rick Brown, 727-896-1800 rick@metroagents.net

Banner Property Management Wins 2013 Satisfacts National Resident Satisfaction Awards

  

Doug Miller

NORTHBROOK, IL -- SatisFacts (www.SatisFacts.com) is excited to announce that Banner Property Management is a 2013 national resident satisfaction award winner.

 Even more exciting is that Banner received the highest score of any client with 5,000 - 9,999 units using our Insite® product!  The company earned a dramatic 4.54 on a five point rating scale, and seventeen communities won a national award.

 The significance of this is that SatisFacts works with over 200 management companies and well over a million apartment homes nationally – so winning the highest award is quite an accomplishment.   

Doug Miller, founder and president of SatisFacts, adds, “Everyone wins when there is a passion for delivering world-class service – and resident feedback shows Banner has this passion!  Residents reward with their renewals.  Reduced turnover grows NOI. 

And dramatic marketing advantages can be realized leveraging scores and awards to boost a property and company’s online reputation.  When resident expectations are being met and exceeded, then SatisFacts helps clients leverage this by using award logos in advertising and marketing programs.”

For a complete copy of the company’s news release, please contact:

Steve Matre

BANNER APARTMENTS / Banner Property Management, LLC

500 Skokie Boulevard, Suite 600

Northbrook, IL 60062

(847) 656-5101 Direct

(847) 480-5760 Fax

www.BannerApartments.com

www.BannerUpdates.com - Corporate Blog

First Move-ins Underway at 73 East Lake Luxury Rental in Chicago’s Loop

73 East Lake Apartments, Loop District
Chicago, IL

CHICAGO, IL – Chicago-based RMK Management Corp. has welcomed the first residents at 73 East Lake, a 42-story apartment building in Chicago’s Loop. This makes the luxury tower, which has leased more than 20 percent of its 332 units, the first new-construction apartment tower to open in 2014.

 It is also the first luxury rental development in Chicago by developer M & R Development since it opened Parc Huron in the River North neighborhood in 2010.

 “Welcoming the first residents to a building is always one of the most exciting milestones at any development, but it’s especially so in this case as these are also the first move-ins for all of the new-construction luxury towers opening this year,” said Anthony Rossi, Sr., president of Chicago based M & R Development and RMK Management Corp.

 “There has been – and continues to be – a lot of interest in 73 E Lake, and we’re proud to show it off.”

 Designed by architect Solomon Cordwell Buenz (SCB), 73 East Lake includes 183 indoor parking spaces and 332 units ranging in size from 682 to 1,246 square feet. Plans include convertible/studio-style layouts, one-bedroom/one-bath layouts, and two-bedroom/two-bath layouts.

 The apartments offer a high level of interior finishes including GE stainless steel appliances and Venatino Quartz countertops in the kitchen, 9-foot ceilings, hardwood flooring, floor-to-ceiling windows, and a full-sized in-unit washer and dryer.

Anthony Rossi

“When designing apartments for urban living, making the most of the space is essential. So we incorporated a number of flexible design elements into 73 East Lake’s residences, like a built-in desk, a moveable kitchen island, and an opaque glass sliding partition in the convertibles for privacy,” said Rossi.

 Rossi also noted the building offers a number of high-tech features including built-in flat panel television support with cable management, raised power outlets, and pre-wired high speed internet in all rooms featuring Category 6 Ethernet cable.

 Both AT&T and Comcast services are available offering the residents the flexibility to choose providers. Wifi is also available throughout the building,

 73 East Lake also offers three floors of luxury amenities, including the 9th and 10th floors with an indoor pool; oversized spa with waterfall; sauna and steam rooms; a state-of-the-art fitness gym with separate fitness room featuring a Fitness on Request class kiosk, and a Core Fitness studio ideal for personal training sessions.

For a complete copy of the company’s news release, please contact:

Vanessa Irving, virving@taylorjohnson.com, 312-267-4525

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

Lincoln Brokers Leases Totaling 23,536 Square Feet at SunTech Commerce Park in Metro Orlando

SunTech Commerce Park, Lake Mary, FL

ORLANDO, FL – Lincoln Property Company Southeast (Lincoln) has brokered leases totaling 23,536 square feet at SunTech Commerce Park, a campus-style office park in Lake Mary, Florida, in recent months. Sean DuPree and Austin Stahley of Lincoln represented the landlord in the transactions.

 The details of the deals signed in May are below:

• Extreme Youth Sports signed a new lease for 4,861 square feet.

• Lasertainment Productions Inc. signed a new lease for 3,337 square feet.

 No other brokers were involved in the transactions.

Sean DuPree

 Earlier this spring, DuPree and Stahley represented the SunTech landlord when Applied Concepts signed a lease renewal and expansion totaling 12,638 square feet and RFID Hotel signed a new lease for 2,700 square feet. Nick Poole of Jones Lang LaSalle represented Applied Concepts in its transaction.

 The 223,828-square-foot SunTech Commerce Park features five office/flex buildings and one, three-story office building. It is located near Interstate 4, is 100 percent sprinklered and offers tenants 24-hour access.

 In March, DuPree represented Nitzan Shif, owner of Choice Plumbing, in his $290,000 purchase of 3550 Old Winter Garden Rd., a 9,000-square-foot warehouse property in Orlando.

For a complete copy of the company’s news release, please contact:

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

PCCP, LLC Provides $98 Million Loan to Northland Investment Corp. to Finance Construction of a 269-Unit Multifamily/Retail Property in Waltham, MA

John Randall

New York, NY – PCCP, LLC announced it has provided a $98 million loan to finance the construction of a 269-unit Class A multifamily property that also includes 27,595 square feet of ground floor retail space.

The project is located at a prime intersection at Moody Street and Main Street in the heart of Waltham, Massachusetts, a thriving city nine miles west of Boston. The owner/developer is Northland Investment Corporation.

 The property will include three, five-story buildings with 242 market rate multifamily units and 27 affordable units, as well as 392 below and at-grade parking spaces.

With demolition work currently underway, the project will undergo a two and a half year construction process, with final completion in mid-2016. The first phase of apartments will be ready for occupancy in the summer of 2015.

 “This loan provides PCCP with the opportunity to finance an extremely well-located and well-conceived product in an infill Boston suburb,” said John Randall, senior vice president with PCCP. “Additionally, we have full confidence in Northland, a highly experienced developer with an impressive track record of delivering, stabilizing, and managing projects of a similar nature.”

Steven P. Rosenthal

 “This is a very exciting development for us and for the City of Waltham. Moody & Main is a true transit-oriented development that will create a new and vibrant neighborhood in the center of downtown,” said Steven P. Rosenthal, President and CEO of Northland.

 “We are very pleased to have completed the financing for this landmark project with PCCP.  PCCP structured a financing that met our needs and the transaction process was seamless.”

 The high-quality project will feature washers and dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry, and solid stone countertops in all of its residential units.

 Additionally, the residents will have access to a roof top deck, outdoor patio/courtyard area, onsite management, a fitness center, library, game room, and richly appointed clubroom. The interior court will be landscaped and linked to Moody Street via a wide breezeway at the ground level.

 The well-located property is within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop, as well as the scenic Charles River.  It is proximate to both Brandeis University and Bentley College.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Avison Young completes $5.57-million lease renewal with Catalina Bar & Grill in Hollywood, CA

  

Cataline Bar & Grill, Hollywood, CA

 Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed a 15-year lease with Catalina Bar & Grill, a dining and entertainment venue in the heart of Hollywood featuring some of the area’s most talented Jazz musicians.

Valued at $5.57 million, the lease totaled just under 9,000 square feet (sf). 

 Avison Young Principals John Tronson and Christopher Bonbright based in the company’s North Los Angeles office, represented the landlord, Crown Sunset Associates, LLC. Catalina Bar & Grill was represented by Bruce Stratton from Entertainment Real Estate Services.

John Tronson

 “We underwent an exhaustive market-value analysis for similar entertainment venues in the area,” comments Tronson. “Our team’s unique market knowledge of non-traditional transactions proved invaluable to that process in order to fully understand pricing for this irreplaceable location.”

 Located at 6725 Sunset Boulevard, Cantina Bar & Grill is situated on the ground floor of an approximately 73,000-sf creative office building. This building houses several cutting-edge music industry tenants, including Native Instruments and A.M. Only.

 Tronson adds: “Hollywood has enjoyed more than $3 billion of private investment over the last decade. This investment has transformed the landscape and created one of the most ascendant urban markets in the country.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Taylor & Mathis Completes Largest 2014 Deal in Coral Gables, FL; Renews UBS for 43,500 SF Lease at 550 Biltmore

  

550 Biltmore, Coral Gables, FL

CORAL GABLES, FL --   In the largest Coral Gables lease this year, Taylor & Mathis has finalized the 43,500-square-foot renewal of UBS at 550 Biltmore, the iconic pyramid-shaped landmark in Coral Gables. 

The 12 year, multi-million lease was brokered by Taylor & Mathis Director of Leasing, Ryan Holtzman and UBS broker, Tony Jones of Cushman & Wakefield.

“We are ecstatic that UBS decided to keep their domestic and international operations at 550 Biltmore. AEW (owner) spent millions of dollars over the past 3 years to upgrade the iconic building, including the lobby, elevators and common areas.

Ryan Holtzman

“This gave us our best chance to renew UBS, which paid off”, stated Holtzman. The financial services firm has been the anchor tenant in the building, since 1999. 

“The renovations earned the building the Renovated Building of the Year award from the Building Owners and Managers Association (BOMA) in 2013.”

 UBS conducted an extensive office space search within Coral Gables before deciding to renew at 550 Biltmore.  The market, with a higher vacancy rate than neighboring sub-markets, had numerous office space options for the financial services firm. 

 550 Biltmore, a 14-story pyramidal landmark office building in downtown Coral Gables, underwent a major renovation to the lobby, incorporating clean, modern lines in the design and furnishings as wells as upgrades to the mechanical and HVAC systems.  

Tony Jones

The 162,293 square foot office building features a pyramid configuration, enabling most suites to feature a private balcony with conference-size terraces for larger offices.  

The facade is comprised of imported Italian travertine marble and black granite.  A circular driveway and fountain demarks the building's main entrance, which is flanked by two impressive bronze-cast lions.

For a complete copy of the company’s news release, please contact:

Ryan Holtzman, rholtzman@taylormathis.com  305.476.8880

Sale and financing of City Park in Houston Heights closed by HFF

Todd Marix

HOUSTON, TX – HFF announced it has closed the sale of and arranged financing for City Park (formerly The Retreat at City Park), a 308-unit, Class A multi-housing community in Houston, Texas.

               HFF represented the seller, Fulton Property Group, LLC (based in San Antonio, TX), in the sale of the property to Alliance Residential Company.  HFF also arranged acquisition financing for the buyer through a life insurance company. 

               City Park is located at 1640 East TC Jester Boulevard between Downtown Houston and the Galleria within Houston’s inner loop. 

  The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights.  Completed in 2003, City Park has an average unit size of 836 square feet and is fully leased. 

Todd Stewart

                The HFF investment sales team representing the seller was led by senior managing directors Todd Marix and Todd Stewart and directors Chris Curry and Tre Banks.

               HFF’s debt placement team representing the buyer was led by director Colby Mueck.

               “City Park is one of the last ‘Inner Loop’, garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Marix.

               Fulton Property Group is a multifamily company creating value through the acquisition, development and management of exceptionally located apartment communities throughout Texas and Colorado. 

With a veteran management team and in-house equity, Fulton Property Group sets itself apart in the creation of extraordinary apartments that thrive as communities.

Chris Curry

Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. 

The firm has invested in more than $3 billion of real estate and manages a $9 billion portfolio with a focus toward superior local leadership and a comprehensive national support infrastructure.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $8 million financing for Village Knoll Apartments in suburban Harrisburg, PA

Michael KLein

FLORHAM PARK, NJ – HFF announced it has arranged an $8 million financing for Village Knoll Apartments, a 204-unit multi-housing community in suburban Harrisburg, Pennsylvania.

HFF worked exclusively on behalf of the borrower, LCL Management L.L.C., to secure the 10-year, fixed-rate loan through Sun National Bank.  Loan proceeds will be used to retire existing debt, and fund unit upgrades and other capital improvements to the community.

Village Knoll Apartments is situated on a 16.96-acre site at 100 Joya Circle, four miles west of downtown Harrisburg in Lower Paxton Township. 

Owned by the borrower since 1989, the property consists of 24, two-story buildings that include a mix of one-bedroom plus den and two-bedroom units averaging 856 square feet each.  Community amenities include a dog run, tennis courts, basketball court and picnic area.  The property is 92 percent leased.

The HFF team representing the borrower was led by director Michael Klein and associate director Samuel Seiden. 

Village Knoll Apartments, 100 Joya Circle
 Harrisburg, PA

“The borrower’s goal was to obtain attractively priced 10-year money with as much prepayment flexibility as possible,” said Klein.  “Sun National Bank was able to meet the borrower’s needs and executed the transaction flawlessly.”

LCL Management L.L.C. is a Parsippany, New Jersey-based operator of multifamily and retail properties.  LCL’s current portfolio consists of approximately 2,800 multifamily units in New Jersey, Pennsylvania, Ohio and New Mexico, as well as five shopping centers.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.sunnationalbank.com

.

HFF secures $9 million loan increase for industrial loft property in Boston’s Seaport District

Drydock Center, 27 Drydock Avenue
Boston, MA

BOSTON, MA – HFF announced it has secured a $9 million loan increase for Drydock Center at 27 Drydock Avenue, a industry leading “Innovation Facility ” located in Boston’s Innovation District.

Working on behalf of North Star Management, HFF achieved the loan increase with Aetna Life Insurance Company.  This is the third loan increase of this loan that HFF has secured since 2002. 

Originally built in 1919, Drydock Center is an eight-story, 283,000-square-foot industrial loft building that is 94 percent leased.  Major tenants at the property include John Hancock and Dana-Farber Cancer Institute. 

Drydock Labs, an innovative shared laboratory concept, is also located in the building.  Situated on a 1.71-acre site along Drydock Avenue, the property is across from the Design Center and the Massport-Black Falcon Cruise Terminal on the southern edge of Boston’s Seaport District.

The HFF team representing the borrower was led by managing director Greg LaBine.

Founded in 1986, North Star Management is a Boston-based commercial property management firm focused on mid-size properties in downtown Boston.

Greg LaBine

“North Star Management has done a tremendous job over the past decade in making this asset a shining example of the Innovation District that the Seaport has become today. 

“North Star has converted a significant portion of this property from warehouse/storage use to incubator lab and technology uses.  Aetna has been their lending partner through this conversion process, having provided North Star with additional capital to improve the property three times during the course of the loan.

“ Aetna has clearly exhibited the benefits of working with a life company portfolio lender that holds their loans on book and can be flexible during the term,” said LaBine.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com