Wednesday, December 21, 2016

HFF closes $170 million sale of Pacwest Center in Portland’s central business district


Pacwest Center, 1211 SW 5th Avenue, Central Business District, Portland, OR

Nick Kucha
PORTLAND, OR – Dec. 21, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $170 million sale of Pacwest Center, an iconic, 30-story, 545,000-square-foot office tower in Portland, Oregon.

HFF marketed the property on behalf of the seller, The Ashforth Company and an institutional investor, and procured the buyer, LPC Realty Advisors I, LP, on behalf of a pension fund client.  The $170 million sale represents the largest commercial office transaction in Portland in 2016. 

Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district.  The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway.

  With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property.  Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. 

The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities.  PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company. 

The HFF investment sales team representing the seller was led by senior managing directors Nick Kucha and Michael Leggett, co-head of HFF’s West Coast team.

For a complete copy of the company’s news release, please contact:
 
Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com


The Keyes Company’s Nash Group Selected to Market Bear’s Club Compound in Jupiter, FL with $10 Million List Price


Bear's Club Condominium, 191 Bears Club Drive, Jupiter, FL

JUPITER, FL, Dec. 21, 2016 – Billy Nash of The Keyes Company’s Nash Group has announced the marketing of a stately compound located in the exclusive Bear’s Club luxury residential and golf course community founded by the legend himself, golfer Jack Nicklaus, and his wife Barbara. The property will be offered at $10 million and globally marketed strategically.

The six-bedroom, seven-bathroom compound at 191 Bears Club Drive represents a rare opportunity to acquire a home within the private Bear’s Club, which includes a championship 18-hole golf course and Par 3 Nicklaus Signature course, as well as a 40,000-square-foot clubhouse.

Jack and Barbara NIcklaus

The community includes numerous celebrity homeowners who covet the exclusivity and amenities. Bear’s Club residents include Michael Jordan, tennis stars Serena and Venus Williams and PGA and LPGA touring pros Luke Donald, Ernie Els and Michelle Wie.

Custom built in 2005, the 191 Bears Club Drive compound has more than 17,000 square feet, with 13,000 square feet under air.

Venus and Serena Williams

The stunning home includes a 2,000-square-foot master bedroom, steam room/sauna and grand staircase that leads to a hallway specifically designed – with wall niches – to showcase fine art collections.

The more than one-acre property has expansive views of the third and fifth holes and is located just one mile away from the beautiful waters of Jupiter and 20 minutes from Worth Avenue in Palm Beach.

 “This compound is a spectacular masterpiece nestled in one of the most prestigious golf course communities in the world designed by ‘The Bear’ himself, Jack Nicklaus,” said Nash, who has spent nearly 25 years working with and advising ultra-high-net-worth individuals and their families. “It is an art collector’s dream to showcase your personal collection. Bring your Picassos and Rembrandts.”


Billy Nash

Keyes' Nash Group will leverage Nash’s exclusive relationships built over the last two decades. The Nash Group was also recently chosen to market a Key Biscayne compound with a $36 million list price.

“Ultra-luxury properties all have stories to be told, and to market them properly and identify the right buyer is an art form in itself,” said Nash.

The Bear’s Club and Key Biscayne listings and recent deals like the $25.8 million sale of a Gables Estates mansion, as well as the July 2016 merger with Illustrated Properties, reflect the strength of Keyes’ luxury position.


Michael Jordan

Following the merger, Keyes and Illustrated are, together, the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States. Keyes and Illustrated have doubled their $1 million-plus property sales throughout South Florida.

Independently-owned and operated since its founding in 1926, Keyes stays very active in luxury residential real estate alongside its Valore Group Real Estate and Platinum Properties divisions.


Michelle Wie

 Keyes annually sells $650 million in luxury homes priced at $1 million or more. The company expects to grow its annual sales velocity in that category to more than $1 billion.

Keyes is a founding member and shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries, and Luxury Portfolio International™.

Luke Donald

Independently-owned and operated since 1926, The Keyes Company is a leader in the real estate industry. Keyes completed a merger with Illustrated Properties in July 2016.

Following the merger, Keyes has 58 offices, more than 3,000 Associates and nearly $6 billion in annual real estate sales and services. Keyes’ offices are distributed throughout six counties – Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, and Volusia. Keyes expands our Associates’ reach globally as a Founding Member and Shareholder of Leading Real Estate Companies of the World®.

Ernie Els
 In addition to our Associates’ expertise, The Keyes Company offers a suite of resources to cover whatever needs arise while buying or selling your home. Your mortgage, title, insurance, and property management needs can all be managed in-house, allowing us to close your deal with speed and efficiency while giving you the opportunity to talk to a real person whenever you have a question.

 For a complete copy of the company’s news release, please contact:
 
Eric Kalis
Account Director, BoardroomPR
ekalis@boardroompr.com
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
Web | Facebook | LinkedIn | Twitter | Instagram


               


The Academy apartments sells above list price in the Hyde park submarket of south tampa, FL


Shawn Rupp
TAMPA, FL, Dec. 21, 2016 – 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 The Academy, an 18-unit apartment building located in the Class A, Hyde Park submarket of Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. 

The asset sold for $2,205,000, which was 111 percent of the list price.

“This was a truly one-of-a-kind asset in the historic Hyde Park submarket of South Tampa,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. 

“Our marketing efforts generated 22 tours and multiple offers over list price. This property had a tremendous amount of future potential, which we were able to help the market visualize with detailed interior and exterior photo renderings and a solid business plan.”

Rupp, along with Luis Baez, CCIM and senior associate, and Casey Babb, CCIM and vice president investments, both in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  They also procured and represented the buyer.

The Academy is an 18-unit apartment building located at 404 South Newport Avenue in the Hyde Park submarket of South Tampa, arguably one of the strongest rental submarkets in the Tampa Bay area. 

It is just south of Platt Street and a short walk to Hyde Park Village, South Howard Avenue and Bayshore Boulevard. Built in 1924, this building features the charm and character typical for buildings from this historically rich construction era. 

The two-story building consists of four studio apartments, 11 one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom ranging in size from 570 to 1,050 rentable square feet.

For a complete copy of the company’s news release, please contact:
                 
Ari Ravi
Regional Manager, Tampa

(813) 387-4700

Atlantic | Pacific Companies Acquires its 9th Apartment Community in Texas

  
Greg Ward
MIAMI, FL – Florida-based Atlantic | Pacific Companies (A|P Companies) with their co-sponsored fund, Blue Atlantic Partners, completed its 5th acquisition this year – and 9th in the state of Texas – with the acquisition of Vintage Park Apartments located in Houston, TX.

The recently closed transactions increase A|P’s holdings in Texas to over 3,000 units and expands A|P’s regional reach to 35 market-rate multifamily communities. Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities for both properties.

The property is located near Vintage Park Shopping, and boasts a full suite of luxury amenities including a swimming pool with splash pad, fire pit, HDTV’s, picnic areas with barbeque grills, business center, 18-seat media room, state-of-the-art fitness center, lush landscaping, a children’s playground, covered parking, and an outdoor seating area with a fireplace.
                  
Vintage Park Apartments, consisting of 324 units, offers residents a range of one and two-bedroom floor plans featuring ceramic tile flooring, modern Whirlpool appliances, marble tile with mosaic accents in bathrooms, garden tubs and full-size stackable washer and dryer. Select units in the community offer island kitchens, walk-in showers and fossilized stone fireplaces.

Vintage Park Apartments, Houston, TX
Greg Ward, Chief Investment Officer, remarked, “Houston is one of the fastest growing metropolitan areas in the country.  

Acquiring a value-added property like Vintage Park Apartments makes this investment compelling.   We are proud to add the community to our portfolio.”

 For more information about A|P Companies and its array of real estate services including development, property management, affordable housing, and construction, visit www.apcompanies.com/management or call (800) 918–1145. Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

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

Jessica Wade Pfeffer | JWIPR
jessica@jwipr.com | 305.804.8424
Margie Sernik | JWIPR
margie@jwipr.com | 786.200.2516


Rhodes+Brito Names New Project Architect



Chad Jones
ORLANDO, FL  – Rhodes+Brito Architects recently named Chad Jones, AIA as a project architect for the firm. 

 Ruffin Rhodes, AIA, co-founder of the architectural firm, said Jones graduated from Washington University in St. Louis with a Bachelor of Science in Architecture and holds a Master of Architecture from the University of Miami.

Jones has more than 10 years of project experience in urban design and project management involving libraries, colleges, civic centers and public schools.  

In his new role at Rhodes+Brito, Jones will be responsible for overseeing architectural aspects of design development, production of construction documents and coordinating needs of the client with staff and consultants. 

 His special focus will be on the higher education and K12 education market sectors of Rhodes+Brito. 

Rhodes+Brito, an Orlando firm founded in 1996, currently employs a staff of 21, including eight registered architects. The firm has exceptional experience providing architectural services to a wide variety of agencies throughout the state of Florida, including municipal government agencies, federal, education, aviation and senior living facilities. Rhodes+Brito Architects is the current Orlando AIA 2016 Firm of the Year.

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.

   

Hunter's Ridge in Ormond Beach, FL gearing up to proceed on DRI with Unanimous County Commission Vote


Marisol Santiago Soderstrom
Ormond Beach, FL --- The Flagler County Commission recently voted unanimously to lift the hold imposed five years ago on the Hunter’s Ridge DRI, now positioning the mixed-use project for immediate development on SR 40 three miles west of Interstate 95 on the Flagler-Volusia border.

John Kurtz and Marisol Santiago Soderstrom of Premier Sotheby’s International Realty in Lake Mary, brokers of record for the project, said the DRI was held up in 2011 until impact issues and other concerns were ironed out.  

The real estate market had then softened so developers decided to coast awhile to do more research and planning.

At the Dec. 5 county commission meeting the project was in full compliance.   All four commissioners voted for Hunter’s Ridge to proceed with the 5,000-acre updated DRI (development of regional impact) that includes 1,900 acres designated as a recreational park to be deeded over to Flagler County early next year, an important aspect of the DRI sanction, Kurtz said.

“The commissioners expressed delight that this development will be moving forward and that it would be a community they’ll be proud of,” said Allan Feker, principal of U.S. Capital Alliance, developer.   Feker has been developing and investing in real estate projects in Florida, including Golden Ocala, for some 30 years.

Kim Booker, Attorney for U.S. Capital Alliance, said her team has been working closely with the County staff and council for most of the year to get the lingering issues ironed out. “We are very happy and thankful for the hard work of everyone at Flagler County, and look forward to their continued support,” said Booker.

“We are excited about the resurgence of Hunter’s Ridge and believe that the development’s connection to a large regional park and preserve will create a unique and desirable community within which to live, work and play,” said Craig Coffey, Flagler County Administrator.

Kim Booker
The remaining 3,100 acres at Hunter’s Ridge provides entitlements for approximately 1,900 residential units and 600,000 square feet of commercial space, according to Kurtz.

International Commercial Investment Specialists Soderstrom and Kurtz are heading a campaign to market the property globally. “Hunter’s Ridge is going to be an economic engine for the Flagler-Volusia area,” Kurtz said. “Area demographics are strong.”

Hunter’s Ridge is located minutes from the Florida Memorial Hospital, along with major medical complexes, retail and dining. The Daytona Beach International Airport and Speedway are also nearby.

“With all of these factors along with the uptick in the real estate market, we are confident Hunter’s Ridge will be a great success,” Soderstrom said.

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.
  


Tuesday, December 20, 2016

Kimpton Hotels & Restaurants Releases Annual Trend Forecast for 2017


Matti Anttila
ATLANTA, GA -- Kimpton Hotels & Restaurants have released their annual trend forecast for 2017. This year's Avocado Toast and Zoodles nonsense will be far behind us before we can say "Happy New Year" with the onset of new trends that pack a seriously flavorful punch.

As you take a culinary tour through each one, there is one staple that should be kept on hand. From the nose to tail movement, and barbecue methods like charring, blistering and smoking, to kitchen-inspired cocktails, fat washing techniques, tiki beverages and ginger beer: Dixie Vodka is the award winning vodka brand and quintessential complement that you'll stock time and time again.

Matti Anttila, whose family lineage dates back to Colonial Charleston, was inspired to create Dixie Vodka while on a hunting trip with friends, recognizing the need for a craft vodka with an authentic Southern pedigree.

Dixie Vodka was the recipient of a Platinum Medal as voted by consumers at the Sip Awards and also awarded a Gold Medal, 93 points and labeled a “Best Buy” by the Beverage Testing Institute.

So - while you're making your way through the best smoked, pickled, cured, rich and spicy offerings that 2017 has to offer, remember there is no end to what you can do with deliciously versatile Dixie Vodka.

Smoked eel
Dixie's Suggested 2017 Food and Beverage Pairings

  • Venison tartare​
  • Radishes, especially pickled
  • Smoked fish of all kinds - smoked salmon, smoked mackerel and especially smoked eel
  • Ham, pork tenderloin and sausage
  • Sex On The Beach - the return of a classic poolside cocktail
  • Peanut butter fat washed vodka with framboise and cranberry juice


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

Sawyer Armstrong
Account Executive
Green Olive Media
(404) 664-1716

Atlanta
361 17th Street NW, Suite 1
Atlanta, GA 30363
(404) 815-9327 office

Birmingham
2100 SouthBridge Parkway Suite 650
Birmingham, AL 35209

(205) 414-7523 office

Robert Rearden Joins Morris, Manning & Martin as Real Estate Partner


Robert Rearden
Atlanta, GA  – Morris, Manning & Martin, LLP is adding depth to its national commercial real estate practice. Robert Rearden joins the firm as a Real Estate partner. He was previously with the boutique law firm Sheley, Hall & Williams, PC and prior to that King & Spalding, LLP.

Rearden’s practice focuses on the representation of owners and developers in connection with the acquisition, sale and financing of real estate assets, the representation of investors in structuring real estate equity investments, joint ventures and fund formation.

 In addition, Rearden has significant public finance experience and has represented companies, underwriters and other financial institutions in connection with municipal bond transactions for the development of both public and private projects.

“We are always looking for top-tier partners who fit well with our personality. Robert is well-respected and liked by all,” suggested Louise M. Wells, Managing Partner. “We would be hard-pressed to find a better fit. Robert already represents some clients with whom we shared strong relationships. He brings us new clients and solid skill-set. We are very pleased he has joined us.”

Louise M. Wells
Beyond real estate, Rearden is very involved with a few excellent charitable organizations – Youth Villages, a national organization serving emotionally and troubled children, and the Leukemia and Lymphoma Society of Georgia. Both organizations fit well with MMM’s award winning community involvement program known as MMMPact.

“Timing is everything in life. I was approached by MMM to join the firm. The firm has a great reputation and a great capacity to handle diverse deals across the U.S.,” offered Rearden. “Joining MMM will benefit my clients and allow me to broaden my practice.”

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

Terri Thornton, (404) 932-4347, Terri@TerriThornton.com

Monday, December 19, 2016

Hotel Indigo Denver to Open in Denver’s Union Station Neighborhood Early 2017




DENVER, CO –– Officials of the Hotel Indigo Denver, the Mile High City’s newest boutique-style hotel, announced the property will open its doors in mid-January of 2017.

Located at 1801 Wewatta St., in downtown Denver’s thriving Union Station neighborhood, the hotel will offer 180 guestrooms and 1,188 sq. ft. of meeting and event space, as well as easy access to the best the city has to offer.

“Our neighborhood defines us, but our people make us who we are. When you surround yourself with creative, quirky, nerdy, outgoing, artsy and fun smarty pants – and drop them into a neighborhood with a rich history and bright future –amazing things happen,” said Amy Healy, Hotel Indigo general manager.


Amy Healy

“The Hotel Indigo Denver is a perfect complement to our growing portfolio of third-party managed hotels in top urban markets with high barriers to new entry,” said Robert S. Cole, founder, president and CEO of HVMG.

“We are very familiar with the Indigo brand, having operated the Hotel Indigo Atlanta since its opening in December 2015. Upon opening, we are confident the hotel will ramp up quickly on its way to becoming the market and segment leader.”



Robert Cole 
“The hotel will reinvigorate the street through transparency, connectedness and public space development in a responsive and sustainable project for the city of Denver,” said Gordon Beckman, design director.

“The hotel was designed with a Millennial mindset to appeal to business and leisure travelers of all demographics who seek the charm of a boutique property combined with the branded excellence to be found in all IHG hotels.”

An InterContinental Hotels Group (IHG) hotel, the property was co-developed by Portman Holdings, a commercial real estate company concentrating on urban, well-designed development and redevelopment projects, and Hensel Phelps, one of the largest general contractors and construction managers in the United States, and will be managed by Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company.

 Hotel Indigo Denver will deliver a vibrant, engaging and genuine lifestyle experience that gives guests the confidence to step out and discover their perfect Denver day. Located in the heart of LoDo in close proximity to many of Denver’s top attractions, including Union Station, the Denver Performing Arts Complex, Larimer Square, Coors Field, the Colorado Convention Center and the RiNo Arts District, the hotel will embrace its locale in both design and service.

The LEED-Certified building, designed by internationally recognized architectural and engineering firm John Portman & Associates, features a multi-faceted façade of stacked elements, including inviting transparent glass on the ground floor, perforated metal screening and floor-to-ceiling glazing. Artwork evokes memories of the Colorado gold rush, which put Denver on the map on its way to prosperity.


Gordon Beckman
Hotel Indigo Denver’s interior will deliver a fresh, unique and locally inspired design without compromising comfort. The distinctly appointed guestrooms will feature hardwood floors; polished concrete ceilings; interior sliding barn doors; oversized beds with throw pillows and a plush duvet; spa-inspired showers with complimentary Aveda products; oversized desk space; and murals depicting Denver, the Rocky Mountains and Colorado’s Front Range. A complimentary, 24-hour fitness studio will feature Lifestyle cardiovascular equipment, free weights, televisions, showers and locker rooms.

The hotel’s 1,188 sq. ft. of meeting and event space includes three rooms, accommodating up to 200 guests in a variety of layouts. These include the Hickenlooper Boardroom, as well as the Green Room and the Russell Room, which can be combined into a larger Green Russell room. All are equipped with the latest amenities, including high-speed wireless Internet access and digital projectors.

 Hotel Indigo Denver will operate as a proud pet-friendly hotel, offering a range of amenities for guests’ furry friends, including treats, canine cocktail hours and dog-walking services.


 Additionally, Hotel Indigo’s family members are Denver experts who live, work and play in the Mile High City and are available to share a variety of itineraries for varying interests. Guests are encouraged to interact with such local experts as the hotel’s “RiNo Guru,” the “Theatre Smarty Pants,” the “Bowling Master” and other associate experts. Foodies, sports fanatics, outdoorsmen, art connoisseurs and craft beer lovers alike will discover something to enjoy in Denver, from its lively culinary offerings, seven professional sports teams, innovative brewing and distilling scene, and more than 300 days of sunshine a year. 

No matter their interests, Hotel Indigo’s resident “smarty pants” will be available to help guests find that perfect little Denver something, somewhere off the beaten path.
  
Hotel Indigo Denver is now accepting reservations for 2017, and more details regarding the Grand Opening are forthcoming. For more information, visit www.IndigoDenver.com.

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

Chris Daly
President
Daly Gray Public Relations Inc.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553




Marcus & Millichap Arranges $9.6 Million Senior Housing Property Sale in Mobile, AL


Eddie Greenhalgh
MOBILE, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brookside Retirement Community, a 32,200-square foot seniors housing property located in Mobile, AL. The asset sold for $9,650,000.

Brookside Retirement Community is located 2260 Pesnell Court in Mobile, Alabama. The campus has been one of the premier locations for independent, assisted living and memory care for area residents since its construction in 1998.

 The facility includes 84 independent living residences, including 22 single family homes, a 32 bed assisted living facility, and a 16 unit memory care facility. The 27 acre campus also features an onsite Chapel, Club House, and walking trails.

Marcus & Millichap’s Brooks Minford, associate in Miami, Rob Reis, vice president investments in San Francisco, and Douglas A. Danny, first vice president in San Diego, represented the seller and procured the buyer. Eddie Greenhalgh, Broker, assisted in closing this transaction.


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

Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

Continental Partners Secures $21.4 Million in Financing For Two California Retail Assets Totaling 302,339 SF


J.M. Grimaldi
SACRAMENTO, CA -– Commercial real estate mortgage banking firm Continental Partners, formerly known as Continental Funding Group, has successfully secured $21.4 million in refinancing for a 152,719 square-foot shopping center in Sacramento and a 149,620 square-foot, retail property in Los Banos. 

The financing was arranged by Continental Partners Executive Vice President J.M. Grimaldi.

            “Lenders across the board are being more conservative when it comes to financing commercial deals, especially distressed assets in secondary and tertiary markets,” says Grimaldi.

 “With the Dodd-Frank regulations taking effect this month and an anticipated increase in interest rates on the horizon, lenders are lowering their loan proceeds and are pricing in interest rate hikes in their underwriting. Given the anticipated rise in interest rates, many borrowers are looking to refinance and are pursuing long-term loans to lock in lower rates.”

           The sponsor, a private real estate investor that specializes in acquiring and repositioning underperforming assets, had requested the most competitive terms available to refinance two value-add retail properties located in a secondary and tertiary market, according to Grimaldi.

            “In the first transaction, the borrower needed a fixed-rate loan to refinance the Sacramento retail asset and cash out the proceeds to invest in new acquisitions,” continues Grimaldi. “The challenge, however, was that most lenders were underwriting the loan with an unfavorable appraisal based on comps in the area.”

            Continental Partners approached a number of lenders that would originate a loan based on the retail property’s new leasing activity and stabilized value. In 2013, the asset was highly distressed and only 57 percent occupied. At the time of refinancing, it was 93 percent occupied, with a new lease signed with CircusTrix, an operator of indoor trampoline parks.

            “By demonstrating the potential value of this asset and emphasizing the sponsor’s long-term investment strategy, we were able to increase the loan covenant from 65 percent to 70 percent,” explains Grimaldi.

“Further, we structured a competitive fixed-rate SWAP product that would allow the sponsor to generate additional yield should the prime index increase, which is likely given the anticipated interest rate hike. In doing so, we were able to achieve a debt coverage ratio of 1.40 and meet the borrower’s objectives in cashing out as much as possible for future investments.”

Continental Partners secured the $11.9 million loan from an international bank. The seven-year loan was structured with a loan-to-value of 70 percent with an amortization of 30 years. The property is located at 5400 Date Avenue in Sacramento, California.

In the second transaction, the sponsor requested a competitive fixed-rate product to refinance a JC-Penney-anchored retail center in Los Banos, California.

“The property’s location in a tertiary market, coupled with its current tenant mix, presented an initial challenge,” notes Grimaldi.

 “The anchor tenant, JC-Penney, is in its first option period of the lease with no sign of renewing. Based on these factors, we utilized a unique loan structure to obtain the best rates available on behalf of the sponsor.”

Continental Partners sourced a state chartered credit union that understood the sponsor’s value-add investment strategy and the potential value of the asset upon stabilization. 

The firm arranged the loan commitment based on the total stabilized value and incorporated an earn-out structure, enabling the borrower to draw the remaining funds over the next 12 months.

“By incorporating a good news money structure, which would release additional loan proceeds upon stabilization of the asset, we were able to obtain a fixed-rate product with a flexible pre-pay option,” confirms Grimaldi. “In doing so, we eliminated the interest rate risk over the next year and secured an optimal financing solution on behalf of our client.”

Continental Partners arranged the $9.5 million loan, with $6.5 million available in initial funding based on the acquisition cost covenant. 

Mitch Paskover
The 15-year loan was structured with a loan-to-cost rate of 70 percent with an amortization of 30 years. The property is located at 911-963 West Pacheco Boulevard in Los Banos, California.

            Both of these financing transactions come on the heels of the firm’s rebrand launch. Formerly known as Continental Funding Group, the Los Angeles-based commercial mortgage banking firm has recently rebranded as Continental Partners.

            “As the commercial real estate industry continues to evolve, we recognized the need to evolve with it,” explains Mitch Paskover, President of Continental Partners. “The real estate sector has shifted toward greater transparency and collaboration, both of which are key to thriving in this competitive market.

“Our name change reflects our deep commitment to fostering collaboration among our team members, and will position us for growth in the year ahead.”

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

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940




HFF secures $24.88 million financing for 280-unit multi-housing community in Round Lake, IL

  
Jason Bond
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $24.88 million in financing for Coventry Glen at Valley Lakes, a 280-unit, Class A, garden-style multi-housing community in Round Lake, Illinois.

Working on behalf of the borrower, Eagle Management RE, LLC, HFF placed the 10-year, fixed-rate loan with M&T Realty Capital Corporation.  Loan proceeds were used to acquire the asset.

Coventry Glen at Valley Lakes is located at 1399 Coventry Glen Drive, minutes from Interstate 94 and Route 59/US-12 and the Long Lake and Round Lake Metra commuter rail stations providing direct access into downtown Chicago.  The property’s location within Lake County positions it in proximity to numerous employers, including 11 Fortune 500 company headquarters. 

The 22.17-acre community offers several one- and two-bedroom floor plans averaging 907 square feet each.  The 97.8-percent-leased property features a resort-style swimming pool and sundeck, cyber café and business center, fitness center, community kitchen with coffee bar, outdoor playground, volleyball court, extensive green spaces and access to nature trails and recreational activities within Long Lake Park.

The HFF debt placement team representing the borrower was led by director Jason Bond.

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 | hfflp.com


HFF represents East West Partners in sale of boutique apartment community in Chapel Hill, NC


Allan Lynch
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented the ownership group in the sale of Environs at East 54, a 58-unit, trophy-quality boutique multi-housing community in Chapel Hill, North Carolina.

Completed in 2015, Environs at East 54 offers top-tier, condo-quality finishes, including 10- to 12-foot ceilings, island kitchens with granite countertops and stainless appliances, built-in wine racks, walk-in glass showers with tile surrounds, spacious linen and walk-in closets, oversized windows, hardwood-style plank flooring, in-unit washers and dryers and cantilevered patios/balconies. 

The LEED-certified community features a variety of one- and two-bedroom open floor plans averaging 892 square feet.  Common area amenities include a rooftop swimming pool, state-of-the-art fitness facility, interior storage, structured parking and controlled access. 

The property’s location at 5000 Environ Way positions it near multiple walkable amenities within the East 54 development, as well as The Fresh Market, Finley Golf Course, onsite greenway/walking trail access and direct bus connectivity to the nearby University of North Carolina at Chapel Hill campus, which is home to more than 51,000 students, faculty and medical professionals.

The purchaser was a private investor.  New ownership plans to rebrand the project Environs Lofts and will continue to operate the fully-stabilized project as a best-in-class luxury boutique multi-housing property in the Research Triangle’s most high-barrier-to-entry market.

The HFF investment sales team advising East West Partners was led by Allan Lynch, Justin Good and Jeff Glenn.


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 | hfflp.com


HFF secures $5.8 million financing for manufactured home community in San Diego County, CA


Oak Tree Ranch, Ramona, CA

Zach Koucos
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $5.8 million in financing for Oak Tree Ranch, a 126-home site, all-age manufactured home community in the San Diego County community of Ramona, California.

HFF worked on behalf of the borrower, Hometown America, to secure the five-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.

Oak Tree Ranch is located on a 93-acre site in Ramona, approximately 35 miles northeast of downtown San Diego.  The property is less than one mile from California State Routes 67 and 78, providing easy access to neighboring cities in San Diego County, including Escondido, Poway, Rancho Bernardo, downtown San Diego and the California coast. 

Originally developed with 79 home sites, an additional 47 sites were added by the previous ownership, with entitlements for up to 250 home sites total.  Hometown America plans to bring in new, high-quality multi-section manufactured homes for sale to continue the expansion of the community. 

Amenities at Oak Tree Ranch include a historic home used as the leasing office, a clubhouse, swimming pool, spa, laundry, RV/boat storage, community garden and outdoor entertainment grounds with event pavilion.

Doug Minahan
The HFF debt placement team representing the borrower was led by director Zach Koucos.

“Oak Tree Ranch is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America.

 “We were very pleased with the competitive quotes received through HFF’s efforts.  This is a clear indication that lenders are bullish on premium manufactured housing communities located in desirable 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 | hfflp.com





Café Rio Expands with Five New Phoenix-Area Restaurant Locations


Cafe Rio, 5150 South Rural Road (at Baseline Road), Phoenix, AZ

Tyson Switzenberg
PHOENIX, AZ  – The Phoenix office of JLL has completed five new leases for Café Rio, expanding the fast casual Southwestern-style restaurant into multiple new locations across the metro Phoenix market. The new restaurants have opening dates ranging from October 2016 to summer 2017.

JLL Senior Vice President Tyson Switzenberg represented Café Rio in the lease negotiations, which include:

• 4095 S. Gilbert Rd. (at Ocotillo Rd.) – 2,670 square feet, opened Oct. 20.
• 4747 E. Cactus Rd. (at Tatum Blvd.) – 2,501 square feet, opened Nov. 10.
• 5150 S. Rural Rd. (at Baseline Rd.) – 2,785 square feet, scheduled to open this month.
• 7439 W. Bell Rd. (at 75th Ave.) – 2,000 square feet, scheduled to open Summer 2017
• 2748 S. Signal Butte Rd. (at Guadalupe Rd.) – 2,880 square feet, scheduled to open Summer 2017

“Phoenix ranks among the nation’s hottest markets for quick serve restaurants,” said Switzenberg. “Café Rio has been rapidly expanding in Phoenix due to the success of their existing stores in the marketplace – all of these are end-cap spaces within strong regional or neighborhood trade areas, and include strong traffic patterns, a strong surrounding retailer base and great visibility.

“These properties have helped Café Rio realize its 2016 Phoenix-area expansion plans, which it expects to continue in 2017 and beyond.”

According to JLL, metro Phoenix boasts 93 quick serve restaurants per 100,000 residents, placing it fourth on the company’s list of “Top 10 Best Large Markets for Quick-Service Restaurant (QSR) Expansion,” with a density of QSR uses that ranks just behind Nashville, Houston and Washington D.C.

Based in Salt Lake City, Café Rio is a fast casual Mexican restaurant with made-from-scratch recipes inspired by the traditional cooking and high quality ingredients found in the Rio Grande Region of Northern Mexico, Southern Texas and New Mexico. The company operates more than 100 U.S. locations across 10 states, including 13 locations in metro Phoenix.

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