$308.4 million in financing secured by HFF for multi-state retail joint venture

 

Connecticut Post Mall, Milford, CT

Claudia Steeb

PITTSBURGH, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $308.4 million in financing for three shopping malls totaling 2.3 million square feet in Connecticut, Illinois and Washington.

HFF worked on behalf of a newly-formed joint venture partnership between Centennial Real Estate Company (Centennial), Montgomery Street Partners/Blum Capital (MSP), USAA Real Estate Company (USAA RealCo) and Westfield America to place three separate five-year loans totaling $308.4 million with a lender group led by J.P. Morgan Chase Bank, N.A. and participant lenders Aareal Capital Corporation and CIT Bank, NA.

  The three shopping centers involved in the financing are Connecticut Post Mall in Milford, Connecticut; Hawthorn Mall in Vernon Hills, Illinois; and Vancouver Mall in Vancouver, Washington.

HFF also assisted Centennial, MSP and USAA RealCo in connection with transfers under the existing debt financing on two additional malls owned by the joint venture:  Fox Valley Mall in Aurora, Illinois, and MainPlace Mall in Santa Ana, California.

The five properties are all considered super regional malls located in or near large U.S. cities, and the malls have an average population of 618,474 residents living within a five-mile radius. 

The 96.9 percent-leased portfolio has diverse anchor tenants including JCPenney, Nordstrom, Macy’s, Sears, Carson Pirie Scott, Dick’s Sporting Goods, Target, Rave Cinemas and AMC Theater.

HFF’s debt placement team was led by managing director Claudia Steeb, director Jim Curtin and senior managing director Barry Brown.

“HFF is pleased to have worked with such tremendous people and firms in putting the debt together for this complex and unusual transaction,” Steeb said.  “This financing was completed in conjunction with the larger transaction.”

Jim Curtin

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.usrealco.com.

www.montgomerystreetpartners.com.

 www.blumcapital.com.

 www.centennialrec.com

Multi Housing Advisors Brokers $10.3 Million Sale of Apartment Community in Birmingham, AL

Mountainside Apartments, Birmingham, AL

 

Jimmy Adams

BIRMINGHAM, AL — Multi Housing Advisors (MHA) has arranged the sale of Mountainside, a 196-unit apartment community located in Birmingham, Alabama.

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented the seller in the transaction. Residential Ventures purchased the property for $10.3 million.

“Residential Ventures was able to acquire one of the largest multifamily assets in Birmingham’s Southside, just south of Downtown and The University of Alabama at Birmingham,” Adams said.

“The market is currently experiencing a major economic revival, and the buyer plans to inject significant capital into the project to continue the value add campaign currently in place.”  

Mountainside was built in 1970 and consists of 196 units, 90 of which were fully renovated in 2015. The property offers some of the best views of the city from Birmingham’s Red Mountain.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

University of Central Florida Business Incubation Program Celebrates Five Years of Business Startups in Kissimmee, Osceola County, FL

Tom O'Neal

Kissimmee, FL --- Five years ago the nation was still feeling the effects of a global recession and local economies throughout Florida were struggling.

The University of Central Florida, the City of Kissimmee, Osceola County and The Corridor decided not to wait for new businesses to move into the area.   The partnership opened the UCF Business Incubator at the City Center, 111 Monument Drive in downtown Kissimmee to jump-start their economy.

Now five years on, the Incubator has helped 47 new client companies get their start in the Osceola region. Eight of them were “Soft Landing” clients---companies that wanted to establish a presence in the U.S. or in Central Florida and needed a support base to open an office.

Thirty-nine companies that were accepted into the program received help from UCF Business Incubation Program coaches, and counselors like the SBDC (Small Business Development Center) and the HBIF (Hispanic Business Imitative Fund).  The Incubator focuses on assisting companies that are industrial, commercial and institutional in nature; that tend to be higher wage jobs.

The result?  Over 60 new local jobs have been created by Incubator client companies while they were located in the incubator. More than 200 local jobs sustained. Eleven companies that got their start at the Incubator have graduated and moved out on their own, according to Jim Bowie, site manager for the UCF Business Incubator - Kissimmee.  The facility has 20 offices with meeting and conference rooms for companies to grow.

UCF College of Business Administration

“Business startups tend to fail at alarming rates and tend to grow in measurable and predictable patterns,” said Dr. Tom O’Neal, founder and executive director of the UCF Business Incubation Program.

“By studying the startup process, we can assist a startup business define its scope, identify its market potential and organize its operation to reduce the potential for failure and enhance and accelerate its rate of growth,” O’Neal explained.

“Technical assistance plays a big role, and so does networking. We’ve created an environment where new ideas can take hold and grow, and we’re improving that environment and accelerating that growth every day,” said O’Neal.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest negotiates acquisition of Westside Business Center in Jacksonville, FL for $1.1 Million+

  

Paul Partyka

Jacksonville, FL – The Partyka Group at NAI Realvest recently negotiated the acquisition of Westside Business Center at 10142 103rd St. in Jacksonville.

Partyka P. Partyka and Juan Jimenez, who head the negotiating team, represented the buyer Winter Springs-based Sandbagger Properties, LLC, a non-residential building operator who paid $1,115,000 for the 18,000 square foot office/warehouse facility on a five-acre site. 

The property, which was 100 percent occupied at the time of the sale, consists of 12 units with office and warehouse space.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NAI Realvest Completes Four New Office Leases for 6,000 square feet in Maitland, Winter Park and Orlando Downtown Business District

Patty Nolff

ORLANDO, FL--- NAI Realvest recently negotiated four new leases for a total of 6,074 rentable square feet of office space in Winter Park, Maitland and the downtown business district.

  

Jeff Bloom, senior director at NAI Realvest, represented Landlord Pan Coastal LTD, Partnership of Orlando in a lease agreement with Allen and Newman PLLC for 2,244 square feet at 1850 Lee Rd. in the Lee World Center.  Tom Heer of Landqwest represented the tenant. 

Associate Patty Nolff and Michael Heidrich principal brokered a lease for 1,500 square feet at 1245 W Fairbanks Ave. in Winter Park.   Jim Veigle Properties, LLC is the landlord and K. Hovnanian Cambridge Homes LLC is the new tenant. 

Mary Frances West, senior broker associate, represented the landlord IMMO Maitland LLC in a lease agreement with Ponall Law, P.A. for 1,382 square feet in the SunTurst Building at 253 N. Orlando Ave. in Maitland.

Paul P. Partyka, partner, and associate Juan Jimenez represented the landlord at 14 E. Washington St. in the downtown business district for a new office lease to Auctus Creative, a digital marketing agency specializing in “building massive online awareness for companies.”

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Sangamon Terrace Apartments, A New-Construction Affordable Senior Housing Community, Opens Amid Englewood Revitalization in Chicago, IL

                                          

Sangamon Terrace Apartments, Englewood Neighborhood,
Chicago, IL

CHICAGO, IL –  Evergreen Real Estate Services has announced the recent completion of Sangamon Terrace Apartments, a new four-story building providing 24 units of affordable senior housing near 63rd and Halsted streets in Chicago’s Englewood neighborhood.

Sangamon Terrace marks a significant investment in new senior housing construction for the neighborhood and is the nation’s last new-construction housing mixed-finance HUD 202 project.

Located at 6145 S. Sangamon Terrace, the $8.8 million Sangamon Terrace development received $4.3 million through the Department of Housing and Urban Development’s (HUD) Section 202 program, which was created in 1959 to finance the development and preservation of supportive housing for low-income seniors.

Although Section 202 still provides rental assistance to residents of existing communities, funding for new construction has not been available since 2012.

The Sangamon Terrace project team included Chicago-based firms Harley Ellis Devereaux as project architect, The Richman Group Affordable Housing Corp. as tax credit syndicator, Citi Community Capital as construction lender and Joseph J. Duffy Co. as general contractor.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

www.evergreenres.com.

Passco Companies Acquires $52 Million Luxury Apartment Community in thriving Scottsdale, AZ Market

Luxe Scottsdale Apartments,  8444 East Indian School Road, Downtown Scottsdale, AZ

Gary Goodman

 SCOTTSDALE, AZ – Passco Companies, LLC has acquired a premier core 218-unit multifamily community for $52.525 million in Scottsdale, Arizona, which it is naming “Luxe Scottsdale.”

 The community, built with an urban design, condominium finishes, and state-of-the art community amenities, was recently developed by the seller, Atlanta-based Wood Partners, according to Gary Goodman, Senior Vice President, Acquisitions for Passco Companies. 

“Luxe Scottsdale’s location at 8444 E. Indian School Road in the coveted Downtown Scottsdale submarket, provides a long-term competitive advantage, high barriers to entry for future multifamily product, and immediate access to Downtown Scottsdale’s upscale retail, vibrant restaurants, nightlife and an expanding hub of dynamic employment,” explains Goodman.

Wood Partners developed the asset as its first of four developments in Arizona. 

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

Jenn Quader

Managing Director

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940 / c: (949) 554-3932

jquader@browermillercole.com

www.cbre.com

www.WoodPartners.com

www.passco.com.

American Realty Advisors Acquires High Street Retail/Mixed-Use Asset in Santa Monica, CA

  

Criterion on the Promenade, Santa Monica, CA

LOS ANGELES, CA – American Realty Advisors announced the acquisition of the Criterion on the Promenade, a high-street retail/mixed-use asset located in Santa Monica, CA. 

The seller, Criterion Santa Monica, LLC, a joint venture between Metropolitan Pacific Capital and an opportunistic commingled fund managed by Clarion Partners, was represented by Christopher Hoffman and Rikki Keating of Eastdil Secured.

Add caption

Criterion, which is located on the southeast corner of Arizona Avenue and Third Street Promenade in the heart of Downtown Santa Monica’s upscale retail and entertainment district, has 150 feet of frontage on the Third Street Promenade and 150 feet of frontage on Arizona Avenue, just three blocks from Santa Monica beach.  

American’s acquisition includes 30,046 sf of retail, 22,935 sf of office, and 32 studio and one-bedroom residential units.  Major tenants include Victoria’s Secret, Brookstone, and WeWork, a leading provider of co-working office space.

Originally consisting of a movie theater built in the 1920s, Criterion was gut-renovated in the 1980s for construction of a multiplex theater, and the historic façade was kept intact while the structure was extended to the east. The property was completely renovated again in 2015. 

The Third Street Promenade is currently one of the top retail streets in the country, averaging 40,000 pedestrians per day. 

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

 www.americanreal.com.

RealtyTrac Reports Median Home Prices 15 Percent Higher in Zips with Low Risk Than Zips with High Risk

Daren Blomquist

IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its second annual Manmade Environmental Hazards Housing Risk Report, which shows 25 million U.S. homes are in zip codes at high risk or very high risk for manmade environmental hazards — representing 38 percent of the 64 million homes in all zip codes analyzed.

The combined estimated market value of the 25 million homes in high risk or very high risk zip codes was $6.9 trillion as of November.

 “Buying a home in an area with low risk of manmade environmental hazards may not just be a good idea for health and safety reasons; it may also be good for financial reasons,” said Daren Blomquist, vice president at RealtyTrac.

“Across the country, home prices in high risk zip codes were lower on average, and appreciation over the last 10 years slower when compared to home prices and 10-year appreciation in low risk zip codes.”

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

Jennifer von Pohlmann

Sr. Data PR Manager

Office: 949.502.8300 ext 139

jennifer.vonpohlmann@realtytrac.com

New Haven Mixed-Use Property Sells for $1.7 Million-- Northeast Private Client Group Represents Buyer and Seller

Bradley Balletto

SHELTON, CT -– Investment sales broker Northeast Private Client Group has announced the sale of 804 Chapel Street, a 7,500-square-foot mixed-use property located on the corner of Chapel and Orange Streets in downtown New Haven, CT. 

Bradley Balletto, the firm’s regional manager, and David Almeida, CCIM, senior associate in the firm’s Connecticut office, represented the seller and sourced the buyer in the $1,675,000 transaction, which closed on December 9.

“We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties,” said Balletto.  “With deep relationships in the region, we were able to source the most competitive and qualified buyer for this asset.”

The property at 804 Chapel Street comprises street-level retail and five luxury apartments on two upper floors.  The apartments feature granite counters, hardwood floors, marble baths, floor-to-ceiling windows, washer/dryers and central air conditioning. 

David Almeida

The building features an elevator, fitness room and rooftop deck.  The seller is a Fairfield, CT-based private investor.   

The buyer, New York-based Newcastle Realty Services LLC, purchased the property for a price that equates to approximately $223 per square foot and a capitalization rate of 5.25% on the current net operating income. 

“High occupancy and growing rents in downtown New Haven are driving strong demand for commercial and mixed-use properties,” said Almeida.  “Our multistate platform helped create strong competition and sourced the successful out-of-state buyer.”

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

Randy Savicky

Founder/CEO

Strategy+Communications

Concierge Public Relations Services

www.strategypluscommunications.com

646-741-0790

New 64-Unit Affordable Housing Community Completed in Upstate New York; WNC provided $7.1 million in LIHTC equity to fund Homesteads on Ampersand

Michael Gaber

PLATTSBURGH, New York –– WNC, a national investor in real estate and community development initiatives, announced the completion of Homesteads on Ampersand, a newly constructed 64-unit affordable housing community in the northeastern town of Plattsburgh, New York.

WNC provided approximately $7.1 million in low-income housing tax credit (LIHTC) equity to fund the new development.

“WNC is delighted to announce the completion of Homesteads on Ampersand, a high quality affordable housing community with modern amenities,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. 

“Demand for affordable housing continued to outpace supply throughout the nation, and we couldn’t be happier to help deliver this new community to the residents of Upstate New York.”

Located at 292 Rugar St., Homesteads on Ampersand is an eco-friendly community that includes four two-story buildings comprised of 24 one-bedroom, 20 two-bedroom, and 20 three-bedroom units, as well as a community building. The project was developed by Regan Development Corporation over the course of approximately one year.

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

 www.wncinc.com.

HFF arranges $65 million financing for Class A mixed-use community in Arlington, VA

Sue Carras

WASHINGTON, D.C.  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $65 million in financing for Tellus, a 254-unit, 16-story, Class A mixed-use community in Arlington, Virginia’s Courthouse neighborhood.

HFF worked exclusively on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Company, to secure the 15-year, fixed-rate loan through TIAA-CREF. 

 Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.

Tellus is located at 2009 14th Street North two blocks from the Courthouse Metro (Orange and Silver lines) in the heart of Arlington’s Rosslyn-Ballston Corridor. 

Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C. and has studio, one- and two-bedroom units averaging 789 square feet each.

 The LEED Gold property features a rooftop swimming pool, indoor yoga studio, state-of-the-art fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space.  At closing, the residential portion of the property was 93 percent leased.

The HFF team was led by Sue Carras, Walter Coker and Brian Crivella.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $19.75 million sale of and arranges $15.472 million financing for Regency Apartments in Bensalem, PA

Regency Apartments, 2049 Brown Avenue, Bensalem, PA

 

Mark Thomson

PHILADELPHIA, PA  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged acquisition financing for Regency Apartments, a 253-unit, garden-style multi-housing community in Bensalem, Pennsylvania.

HFF marketed the property on behalf of SAS Regency, L.P.  Wessex First Avenue Associates, LLC purchased the offering for $19.75 million free and clear of existing debt.  

In addition, HFF worked on behalf of the new owner to secure a $15.472 million, seven-year, 75 percent, fixed-rate loan through a regional bank.

Regency Apartments is located 2049 Brown Avenue less than one half of a mile from the intersection of Street Road (Route 132) and Hulmeville Road (Route 513) and is less than two miles from Interstate 95, providing access into Philadelphia and New Jersey.  

The property is flanked by Bensalem Plaza Shopping Center and Bensalem Township Country Club and is a short distance from Philadelphia Mills and Parx Casino and Race Course.  The community has seven, three-story residential buildings housing a mix of studio, one- and two-bedroom units averaging 774 square feet each centered around a courtyard with swimming pool.

Carl Fiebig

The HFF investment sales team was led by Mark Thomson and Carl Fiebig.  HFF’s debt placement team was led by James Conley.

“Regency Apartments provided the opportunity to purchase and renovate a sizeable multi-housing property in a dense, Buck’s County location. 

"Our team was able to procure more than 40 property tours and 21 offers, providing flexibility for our client.  The activity alludes to the demand for well-located, value-add product in the Philadelphia suburbs,” said Thomson.

Fiebig added, “The buyer pool was extremely diverse and we have had success importing capital from outside Philadelphia into the region.  

"Investors continue to target Philadelphia based on strong fundamentals and the ‘flight-to-yield’ theory in comparison to the New York, New Jersey and Washington D.C markets.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing for Class A multi-housing community in Houston’s Inner Loop

  

Scott Galloway

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A multi-housing community in Houston’s Inner Loop.

Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan with LStar Capital Finance, Inc.  Loan proceeds were used to replace existing construction financing.

Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park.  

Situated on 1.52 acres, the asset provides convenient access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Ave. and Highland Village. 

The four-story, podium-style building has units averaging 745 square feet each and is built above a two-story, 268-space parking garage. 

Cameron Cureton

Community amenities include a resort-style swimming pool with tanning ledge and spa, barbecue grills, state-of-the-art fitness center with yoga/training room, lounge with billiards, catering kitchen, business center, bike storage/repair station and access to miles of nearby biking/jogging trails at Memorial Park.

The HFF debt placement team representing the borrower was led by director Cameron Cureton and executive managing director Scott Galloway.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $114.4 million sale and secures $79 million financing for 6-building office park in Charlotte, NC

  

Six-Building Torringdon Office Park, Charlotte, NC

 

Ryan Clutter

CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and arranged financing for Toringdon Office Park, a six-building, 519,698-square-foot, Class A office park in Charlotte, North Carolina. 

HFF represented the seller, Stockbridge Capital Group/Trinity Capital Advisors, in the transaction.  An undisclosed buyer purchased the portfolio for $114.4 million free and clear of existing debt.  

Additionally, HFF assisted the new ownership entity in securing the $79 million acquisition loan through CIBC Capital Markets.

Toringdon Office Park consists of six properties located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way directly off Johnston Road in the Ballantyne submarket of Charlotte. 

This location, about 10 miles south of Charlotte’s central business district, provides direct access to Interstates 485 and 77 and the Interstate 85 corridor.  The buildings were constructed between 2001 and 2008, and the park is 87 percent leased overall. 

Travis Anderson

The park’s largest tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF.  Within walking distance are a number of retail and dining options, truly creating an urban/suburban feel to the asset.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter.

HFF’s debt placement team representing the borrower was led by senior managing director Travis Anderson and associate director Cory Fowler.

“Toringdon is a special asset located in one of the most dynamic and rapidly growing areas in the entire Southeast,” Clutter said.  “This transaction represents the first core office asset to be marketed and sold in the Ballantyne area of Charlotte since its inception more than 18 years ago. 

“Institutional capital was drawn to the compelling growth of the area, the considerable rise in rents, and the strong leasing activity currently taking place in the park.  This trade represents a true ‘win-win’ for both the buyer and seller and further illustrates the strong investment variables present in the Charlotte office market.”

Cory Fowler

“The Toringdon transaction is a compelling sale for the Charlotte market as larger, non-CBD office trades have been less frequent in most U.S. office markets since the downturn in the economy” Clutter added. 

“The best-in-class nature of this asset, its location in a strong ‘urban node’ and the continued growth and strength of the Charlotte market were very compelling features of this asset that appealed well to institutional capital.  This is a landmark trade for Charlotte and a clear indication of the strength and positive direction of the market.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.stockbridgerealestate.com.

www.trinitycapitaladvisors.com.