Atlantic City, NJ Affordable Housing Community Emerges from Hurricane Sandy Destruction

Kelly Henderson

ATLANTIC CITY, N.J. – (Feb. 23, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete.

WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.

An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.

“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

Michael Gaber

“The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”

Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.

The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.

The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.

The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.

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

Waterton Acquires Parkside at Firewheel Apartments in Garland, TX

  

Matthew Masinter

CHICAGO, IL, Feb. 23, 2016 – Waterton, a U.S. real estate investor and operator, today announced it has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland, Texas.

Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space.

Parkside at Firewheel also offers convenient access to nearby employment centers, including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson.

“Ongoing job growth and rising home values in the Dallas-Fort Worth Metroplex have continued to fuel demand for rental housing, which is why we were eager to add Parkside at Firewheel to our growing portfolio of multifamily properties,” said Matt Masinter, senior vice president of acquisitions at Chicago-based Waterton.

“The community’s proximity to major employers like State Farm and Raytheon Co. – both of which have new campuses less than 10 minutes away at CityLine – makes it an attractive option for renters and will only enhance its value going forward as more high-profile companies move to the area.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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

HFF closes $36.25 million sale of and secures $24.995 million financing for Class A seniors housing community in Seattle’s Upper Queen Anne neighborhood

 

Chad Lavender

DALLAS, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of and secured acquisition financing for Queen Anne Manor, a historically significant, four-story, 93-unit, Class A seniors housing community in Seattle, Washington’s Upper Queen Anne neighborhood.

HFF marketed the property exclusively on behalf of the seller.  Capitol Seniors Housing acquired the asset for $36.25 million free and clear of existing debt. 

Additionally, HFF assisted the buyer in securing a $24.995 million, seven-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Milestone Retirement Communities, LLC will manage the property.

Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each.  Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. 

Community amenities include a rooftop garden; secure rooftop memory care sky bridge and deck with sweeping views of the Olympic Mountains and Space Needle; hair salon; planned activities and social services; various dining venues; scheduled transportation; and resident laundry facilities. 

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The property is 96 percent leased and is situated on 1.01 acres at 100 Crockett Street, approximately four miles north of downtown near the Lake Union waterfront.

The HFF team was led by senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich.

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

29th Street Capital Acquires League City, TX Apartment Portfolio

Harbor Walk Apartments, League City, TX

Javier Bustillo

League City, TX (Feb. 23, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City, Tex. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19.

* Crow’s Nest Apartments (176 units) has mostly one- and two-bedroom units and primarily caters to professionals. It was built in 1984.

* Harbor Walk Apartments (138 units), which appeals more to families, consists exclusively of two-bedroom and three-bedroom units.  It was built in 1987.

29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

“This acquisition will allow us to grow our presence in Houston and fits our overall business plan perfectly,” said Javier Bustillo, 29th Street Capital’s Senior Vice President of Acquisitions for Texas. 

“These are value-add assets in a great submarket with excellent schools, plentiful employment and very limited new supply. It checks all of the boxes for 29SC.”

Crow's Next Apartments, League City, TX

League City has experienced tremendous job growth fueled by the aerospace, petroleum refining, and health care industries as well as the Port of Houston, which continues to expand and will double its capacity by 2016 once the Panama Canal expansion is completed. 

Both properties are in the Clear Creek Independent School District, ranked as the best large school district in the Houston MSA. The “Houston Chronicle” has also named it one of Houston’s Top Work Places. 

The Clear Lake submarket of Houston, Tex. Is located directly on the I-45 corridor linking it to Galveston Island (32 miles southeast) and the Houston CBD (25 miles northwest).  Major employers include companies in the high tech aerospace, petrochemical, tourism, boating and recreation industries.  The area is home to the third largest concentration of pleasure boats in the United States.  

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

terri@territhornton.com

www.29thstreetcapital.com.

HFF secures $70.6 million financing for Class A mixed-use property in downtown Indianapolis, IN

 

                                                                              (Photo by Daniel Showalter)
Axis Apartments, 401 North Senate Avenue, Northwest  Quadrant, Central Business District
Indianapolis, IN

INDIANAPOLIS, IN – Feb. 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $70.6 million in financing for Axis, a 435,894-square-foot, Class A, mixed-use residential and retail property in downtown Indianapolis.

HFF worked on behalf of the borrower, Flaherty & Collins Properties, to place the10-year, fixed-rate loan with Allianz Life Insurance Company of North America through Allianz Real Estate of America, LLC, a correspondent life company lender.  Loan proceeds were used to replace the existing construction financing and return capital to the owners.

Dave Keller

Axis is located at 401 N. Senate Avenue within the northwest quadrant of the Indianapolis central business district, three blocks north of Monument Circle.  

With a Walk Score® of 86, this location offers convenient access to the downtown employment market, the Indiana University – Purdue University Indianapolis campus, and numerous dining and entertainment options.

 Completed in 2015, the mid-rise property has 336 luxury units averaging 914 square feet each along with 47,117 square feet of retail space, which features a 42,000-square-foot Marsh Supermarket. 

 The apartments and retail improvements surround a 426-space, secured parking garage with speed ramp and floor-by-floor resident access. 

The resort-style community amenities include a stainless steel, saltwater swimming pool; aqua lounge with kitchenette; grilling station; pet wash/pet walk; Zen garden; Sky Bar with 360-degree views of the downtown skyline; and 24-hour club room with two-story fitness center, yoga/Pilates studio, catering kitchen, gaming lounge, bike room, study lounges, conference room and library.

The HFF debt placement team representing the seller was led by senior managing director Dave Keller.

 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

Quadrant Investment Properties, LLC purchases Saint Paul Place in Dallas, TX

Saint Paul Place Office Building, Ross Avenue and Saint Paul Street,
 Arts District, Dallas, TX

Celeste Fowden

DALLAS, TX, Feb. 22, 2016 -- Quadrant Investment Properties, LLC (“QIP”) is pleased to announce it has acquired Saint Paul Place, a 22-story, 273,217 square‐foot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District.

The building is currently 78% leased to a diverse roster of small to mid‐sized tenants including D‐Magazine, Crowe Horwath and Sendero Business Systems. This is the seventh acquisition for QIP.

“Saint Paul Place has always been one of our favorite buildings. We could not be more excited to have the opportunity to own it, especially at a time when the Arts District is experiencing so much momentum,” stated Chad Cook, Quadrant Investment Properties.

“The smaller floor plates and location one block from Klyde Warren Park differentiate the building from most of its competition and offers an experience unique for smaller tenants. It is hard to find buildings with this much character and such a strong, diverse

tenant base.

”QIP plans to implement several improvements including lobby amenity upgrades and a tenant conference center and lounge that will include a balcony overlooking the

Dallas Museum of Arts sculpture garden.

The new ownership will also upgrade numerous corridors and implement a building‐wide spec suite program.

“Saint Paul Place is a trophy office asset located in the middle of Dallas’ urban markets, the CBD and Uptown”, said Nick Cassavechia, Vice President of QIP.

 “The young talent moving to and living in this area is an important factor in current and prospective tenant’s site selection, and we feel Saint Paul Place is

positioned well for this demand.”

Cassavechia joined QIP in 2014 from HFF.

Nick Cassavecchia

Headquartered in Dallas, QIP is a commercial real estate investment company which targets value‐add office and industrial opportunities in Texas and the southwest United States. Before founding QIP, Chad Cook was vice president, Acquisitions for Hillwood.

Celeste Fowden, Seth Thatcher, and Ben Davis with CBRE will lease the project.

HFF represented the seller in the transaction. JLL procured the financing for the asset.

CONTACT INFO:

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

Chad Cook, Founder and Managing Member, ccook@quadrantcapital.com;

 214.855.2948

Nick Cassavechia, Vice President, Acquisitions, ncassavechia@quadrantcapital.com;

 214.855.2952

Quadrant Investment Properties, LLC.

8333 Douglas Avenue, Suite 1350

Dallas, Texas 75225

www.quadrantinvestmentproperties.com

HFF closes $17.5 million sale of shopping center in Kansas City, MO

Stateline Station Shopping Center, Highway 150 and West 135th Street,
South KC Submarket, Kansas City, MO

Amy Sands

CHICAGO, IL – Feb. 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $17.5 million sale of Stateline Station, a 142,600-square-foot, 85-percent-leased shopping center in Kansas City, Missouri.   

Barry Brown

HFF worked on behalf of the seller, Retail Properties of America, Inc.  Schottenstein Property Group, Inc. purchased the asset free and clear of debt. 

The property was completed in 2004 and is anchored by Marshalls, Cost Plus World Market and a separately-owned Super Target.  Other national retailers include Petco, Tuesday Morning, Mattress Firm, Pier 1 Imports and Dollar Tree. 

Located at the intersection of Highway 150 and West 135th Street in the South KC submarket, Stateline Station is in an affluent area of Kansas City where the average household income in a three-mile radius of the center is $130,141, which is 76 percent higher than the national average.

The HFF investment sales team representing the seller was led by directors Amy Sands and Clinton Mitchell and senior managing director Barry Brown.

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

Kristen M. Murphy

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.spgroup.com.

www.rpai.com.

Buena Vista, Miami, FL Mixed-Use Development Opportunity Hits Market for $4.95 Million

Rendering of Planned Bel-Air Lofts, 4920-4940 NE 2nd Avenue, Buena Vista, Miami, FL

 

Scott C. Sandelin

MIAMI, FL,  Feb. 22, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has obtained the exclusive right to market Bel-Air lofts in Buena Vista located at 4920-4940 NE 2nd Avenue , a mixed-use development opportunity of four vacant land parcels located in Miami’s Buena Vista/Design District neighborhood.

            “This is a unique opportunity for a developer to acquire one of the last and largest development sites available in the Buena Vista submarket,” says Scott C. Sandelin, a vice president investments in Marcus & Millichap’s Miami office.

“The current ownership successfully obtained waivers for three years allowing ingress and egress to the commercial and residential buildings through Northeast 50th Street.”

            Sandelin and Jonathan De La Rosa, an associate also in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from Miami.

            “Due to the high rental rates in the Design District, many retailers are considering moving operations just north to Buena Vista where rents are significantly lower,” says De La Rosa. “There are four new projects proposed or being developed along Northeast 2nd Ave.”

The four vacant land parcels on the northwest corner of 50th Street and Northeast 2nd Ave. total 25,437 square feet of which 18,537 square feet are zoned T4-L and 6,900 square feet are zoned T4-R. Architectural plans call for 12,800 square of retail in a two story mixed-use structure along Northeast 2nd Ave. and a three-story residential building with nine luxury townhomes and 74 underground parking spaces.

  

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

Kirk Felici

First Vice President, Miami

(786) 522-7000

              

Multi Housing Advisors Brokers $9.85 Million Sale of Apartment Community in Griffin, GA

Ashford Place Apartments, Griffin, GA

  

 ATLANTA, GA (Feb. 22, 2016) — Multi Housing Advisors (MHA) has arranged the $9.85 million sale of Ashford Place and Ashford Villas. The two properties, comprised of 189 units, are located in Griffin, Georgia.

Robert Stickel, who leads MHA’s central to coastal Georgia deal team, represented the seller, The RADCO Companies. Engineering Partners, LLC purchased the property.

Ashford Villas, Griffin, GA

“Ashford Place and Ashford Villas offered the buyer the opportunity to acquire two assets with exceptional in-place returns as well as the potential to further enhance resident experience and investment returns,” Stickel said.

 “Close proximity to Hartsfield-Jackson Airport and Georgia’s film industry tax incentives, in addition to its reputation as a regional medical hub, have made Griffin a prime destination for many new jobs.”

Ashford Place and Ashford Villas are located near Griffin’s main thoroughfares, offering residents convenient access to the Downtown area and major employers, such as Spalding Regional Hospital. Many of the properties’ unit interiors have been upgraded and are generating rent premiums. As such, new ownership will be able to build upon this positive momentum in the future while further enhancing the communities.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Arbor Appoints Collin Downey as Vice President in Irvine, CA, Office

Collin Downey

UNIONDALE, NY (Feb. 22, 2016) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, today announced the appointment of loan originator Collin Downey as Vice President, Sales in the company’s Irvine, CA, office. Mr. Downey reports to Ken Fazio, Senior Vice President, National Production Manager.

With more than 10 years of real estate finance expertise on a multitude of products and the full range of assets types, Mr. Downey will be responsible for originating loans under all of Arbor’s diverse multifamily and commercial product lines, including Fannie Mae, Freddie Mac, FHA, Bridge, CMBS and Mezzanine financing. 

Prior to joining Arbor, Mr. Downey served as a Senior Loan Officer at Fidelity Commercial Funding where he originated more than $485 million in multifamily and commercial property loans nationwide. 

Mr. Downey earned a Bachelor of Arts degree in Political Science from the University of California at Berkeley.

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

Christopher Ostrowski

costrowski@arbor.com

Crossman & Co. Brokers Sale of South Carolina Publix Anchored Shopping Center

Publix Shopping Center, Seven Farms Drive,  Daniel Island, SC

John Zielinski

Charleston, SC -- Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently brokered the sale of the Publix anchored shopping center located on Seven Farms Drive on Daniel Island. 

The 68,688 square foot Daniel Island Town Center was 98 percent occupied at the time of the sale.

“We are thrilled to be involved in facilitating the sale of this strategically located center,” stated John Zielinski, chief operating officer for Crossman & Company.

The seller was an institutional group located in the Northeast and the buyer was Publix Super Markets, Inc.

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

Beth Payan, Larry Vershel Communications, 407-644 4142 or 407-461 3781 lvershelco@aol.com

$225 million construction loan arranged by HFF for trophy office project in Seattle’s central business district

Madison Centre, 505 Madison Street, Central Business District, Seattle, WA

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $225 million construction loan for Madison Centre, a 37-story, 753,869-square-foot, trophy office project with ground floor retail space in Seattle’s central business district (CBD).

Jennifer Keller

HFF worked on behalf of Schnitzer West, LLC, a leading West Coast real estate investment and development company, and Cornerstone Real Estate Advisers, one of the largest global real estate investment managers, acting on behalf of an institutional client, to secure the loan through Blackstone Real Estate Debt Strategies.  This is the third construction financing HFF has secured on behalf of Schnitzer for Seattle-area development projects in the last year. 

Madison Centre broke ground in September 2014 at 505 Madison Street at the corner of 5th Avenue and Madison Street in Seattle’s CBD.  The property is adjacent to the Seattle Public Library and the Madison Renaissance Hotel and is within one mile of more than 1,000 retail stores, 13,916 hotel rooms and 250 restaurants.

Pam Hirsch

 Given the property’s proximity to numerous amenities as well as transit options including Interstate 5, the Ferry Terminal and more than 40 inbound, outbound and crosstown bus routes and light rail lines, the property has achieved a walk score of 98, one of the highest scores provided by Walkscore.com. 

Upon completion in 2017, the Class A office development will feature 746,041 square feet of office space, 7,828 square feet of retail space and seven levels of subterranean parking in a modern glass tower emphasizing exceptional amenities and collaborative space.

Geoff Goldstein

Madison Centre was designed to achieve LEED Gold certification and will maximize efficiency and visibility.  This starts with Schnitzer’s signature “Great Room” concept, a communal collaborative workspace with a variety of meeting rooms and “third-workplace” spaces built into the common areas.

 Madison Centre will also feature a state-of-the-art conference and training center with an adjoining catering kitchen for groups of 12 to 120 people; the Madison Rotunda, a  three-story gathering place overlooking the Nakamura Courthouse and the Seattle Public Library; the Madison Boardroom, a board room with an exterior deck; 

Also, the 5th Avenue Study; The Living Wall, a three story “living” wall and work of art designed to improve air quality, reduce noise and ease stress; a fireside lounge; personal concierge service; and a 5,200-square-foot fitness center with showers and locker rooms. 

“Madison Centre is a leading-edge office work and collaboration environment designed to enhance productivity and redefine tenant and employee expectations in the Seattle CBD,” said Pam Hirsch, managing partner, investment and development, at Schnitzer West.

  

The HFF debt placement team was led by Michael Tepedino, Geoff Goldstein, Tom Wilson and Jennifer Keller.

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

Kristen M. Murphy

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.cornerstoneadvisers.com.

  www.schnitzerwest.com.

HFF closes sale of Philadelphia, PA self storage property

 

Glenolden Self Storage, 407 South Chester Pike (Route 13), Glenolden, PA

Barbara Guffey

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Glenolden Self Storage, a 383-unit self storage facility located in the Philadelphia suburb of Glenolden, Pennsylvania.  

HFF marketed the property on behalf of the seller, Morris Realty and Investment LLC.  Sovran Self Storage, Inc. (Sovran) purchased the asset free and clear of existing debt in an all-cash transaction.

Glenolden Self Storage, a former lumberyard, was renovated and converted into a self storage facility by the seller in 2008.  The 37,700-rentable-square-foot storage center features a mix of climate controlled and non-climate controlled units along with covered surface parking spaces. 

Richard Schontz

The property is located at 407 South Chester Pike (Route 13), a heavily-trafficked thoroughfare in Glenolden.  Sovran, a publicly traded REIT, will rebrand the facility as Uncle Bob's Self Storage®.

The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.

“The density in the market, along with the solid rental rates, made this deal attractive despite the size of the property being less than 40,000 square feet,” Schontz said. 

“This was a highly-contested deal with several bidders using both private and institutional equity.  In the end, Sovran stepped up to the plate with an attractive offer and terms, as this property fits in well with Sovran’s existing holdings in the region.”

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

Kristen M. Murphy

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

2015 Momentum Positions Wyndham Hotel Group for Continued Growth in Latin America and the Caribbean

Paulo Pena

PARSIPPANY, NJ – Wyndham Hotel Group unveiled outstanding 2015 growth with the opening of 38 hotels and the addition of 5,089 rooms in Latin America and the Caribbean, a 90% increase versus the year before. The company’s system size in the region expanded to more than 18,917 rooms across 157 properties.

“2015 was a record breaking year for Wyndham Hotel Group in Latin America and the Caribbean, we opened more hotel rooms, introduced more new brands and experienced the largest growth in Wyndham Rewards membership than ever before,” said Paulo Pena, president and managing director for Wyndham Hotel Group in Latin America and the Caribbean.

“The strength of our portfolio in the region resonates among our partners, global travelers and sets a solid foundation for our continued growth.”

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-7927

paula.carreiro@wyn.com

HFF secures $12.5 million permanent financing for newly-built mixed-use project in San Diego, CA

Mr. Robinson residential-retail development, Hillcrest Neighborhood, San Diego, CA

 

Aldon Cole

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $12.5 million in permanent financing for Mr. Robinson, a newly-constructed, 42,923-square-foot, mixed-use residential and retail project in San Diego’s Hillcrest neighborhood.

HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 15-year, 4.52 percent, fixed-rate loan with five years interest only through one of HFF’s correspondent life company lenders, Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.  Additionally, HFF will service the loan.

  

Mr. Robinson was designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal. 

Completed in 2016, it features 36 luxury apartment units, two ground floor retail units with large outdoor patio spaces, one of which is leased to TRUST Restaurant, and a parking garage.

 The property received certificate of occupancy in 2015.  The residential units, averaging 1,080 square feet each, range from lofts to two- and three-bedroom units to penthouses and feature custom fabricated steel stairs with glass handrails and high-end flooring and finishes. 

Mr. Robinson’s location at the corner of Park Boulevard and Robinson Avenue in Hillcrest provides residents with access to Balboa Park, award-winning restaurants, shopping and a 3,000-square-foot community center.  The property is two blocks north of downtown San Diego and has access to the Cabrillo Freeway via Robinson Avenue.

Jonathan Segal

HFF’s debt placement team representing the borrower was led by senior managing director Aldon Cole.

“We were uniquely able to lock the interest rate and proceeds last year while the property was still under construction, which enabled the borrower to take interest rate risk and market volatility off the table, as well as allowing them to plan for other investment strategies,” Cole said.

 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