HFF closes $38.575 million sale of and secures $27 million in financing for Kendall Corners retail center in Miami

  

Kendall Corners, 12755 North Kendall Drive, Miami-Dade, FL   (photo by Troy Morgan)

 

Brad Peterson

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $38.575 million sale of and secured $27 million in acquisition financing for Kendall Corners, a 97,189-square-foot community retail center anchored by Ashley Furniture HomeStore in Miami, Florida.

 HFF arranged the sale on behalf of the seller, Orion Real Estate Group.  MMG Equity Partners purchased the asset free and clear of existing debt.  Additionally, HFF, working on behalf of the new owner, placed a fixed-rate loan with a correspondent life insurance company.

Completed in 1974, Kendall Corners was most recently renovated in 2001 and comprises two multi-tenant buildings in addition to one outparcel pad occupied by BankUnited. 

Anchored by Ashley Furniture HomeStore, the 92.8-percent-occupied center is home to a variety of national and regional tenants, including Baptist Health, Phenix Salon, IHOP and Mattress Firm.

 Situated on 8.3 acres at 12755 North Kendall Drive, Kendall Corners is positioned on the block between SW 127th and SW 132nd Avenues, exposing the center to a combined 98,500 vehicles per day. 

Whitaker Leonhardt

The center is on the “going home” side of Kendall Drive for residents commuting west from the Florida Turnpike, which is less than one mile from the property.  

Located in the Kendall submarket of Miami-Dade, more than 209,458 residents earning an average annual income of $72,296 live within a three-mile radius of Kendall Corners.

The HFF investment sales team was led by senior managing director Brad Peterson and associate directors Whitaker Leonhardt and Eric Williams.

The HFF debt placement team was led by senior managing director Chris Drew and director Scott Wadler.

“The Kendall submarket in Miami continues to be one of the strongest retail markets in southeast Florida, driven by the tremendous population density, nearby employment drivers, favorable household incomes and high traffic counts,” Peterson said.  “Kendall Corners is uniquely positioned as an asset with a strong and stable tenant base with ideal future upside.”

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

Olivia Hennessey

Public Relations Specialist

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

  

http://www.mmgequitypartners.com.

http://orionmiami.com

HFF secures $45.439 million financing for 540-unit apartment community in Tampa, FL Florida

Chip Sykes

ATLANTA, GA –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45.439 million in acquisition financing for St. Croix, a 540-unit, garden-style apartment community in Tampa, Florida.

Working exclusively on behalf of The RADCO Companies, HFF placed the seven-year, floating-rate acquisition loan with Freddie Mac’s Green Advantage Program.  

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  This is RADCO’s 68th acquisition since 2011, its sixth community in Florida and its fifth community in Tampa.

The 540-unit, Class B property has been renamed Radius Tampa Palms.  Built in two phases, the property is situated on 27 acres at 14501 Caribbean Breeze Drive just one mile north of the University of South Florida’s main Tampa campus, which is home to prestigious medical institutions such as the H. Lee Moffitt Cancer Center & Research Institute, Florida Hospital and the James A. Haley Veterans’ Hospital. 

Additionally, the property is near numerous business parks along the Interstate 75 corridor and entertainment and retail destinations, including Busch Gardens and University Mall. 

Radius Tampa Palms consists of 25 two- and three-story buildings with one- and two-bedroom units averaging 754 square feet.  Community amenities include a fitness center, two pools, three lighted tennis courts, sand volleyball court, clubhouse, business center and dog park.

The HFF debt placement team representing the borrower was led by director Chip Sykes along with associate Ware Shipman, who provided analytical and transaction management support.   

“We are extremely pleased to have had the opportunity to work with RADCO and Freddie Mac on this acquisition,” Sykes said.  “The strong rent growth trends and supply/demand fundamentals in the submarket are highly conducive for another successful value-add execution by our friends at RADCO.”

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

Olivia Hennessey

Public Relations Specialist

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges acquisition financing for Georgetown, TX multi-housing community on behalf of GVA, LLC and Decisive Ventures, LLC

Robert Wooten

AUSTIN, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged acquisition financing for Apple Creek, a 176-unit multi-housing community in Georgetown, Texas, on behalf of a joint venture between GVA, LLC and Decisive Ventures, LLC.

HFF placed the seven-year, 3.31 percent, floating-rate loan with Freddie Mac’s CME Program on behalf of the joint venture. 

The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.  Loan proceeds will be used for the purchase of the property and planned capital improvements to the asset.

Apple Creek is situated on 10.538 acres at 302 Apple Creek Drive just off Interstate 35, which serves as Central Texas’ main transportation artery and provides access into Austin approximately 30 miles to the south. 

The 10-building, two-story community is 98 percent leased and comprises a mix of efficiency, one- and two-bedroom units averaging 673 square feet each.  Community amenities include a pool, dog park, playground, grilling area and basketball court.

The HFF team representing the borrower was led by director Robert Wooten.

For more information on GVA, please contact Tony Garrant – 512-779-6744 or tonygarrant@gmail.com

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

Olivia Hennessey

Public Relations Specialist

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.gvapro.com

NAI Realvest Leases More than 50 Percent of South Park’s Phases 2 and 3 in Less Than Six Months

Tom R. Kelley II

ORLANDO, FL – While construction was still underway on Phases 2 and 3 of South Park Business Center, Tom R. Kelley, II, CCIM, principal at NAI Realvest, began signing up 21 new tenants on behalf of Miami-based landlord South Park, LLC at the commercial flex/office/warehouse development at 8600 Commodity Circle. 

Between August and October of last year Kelley negotiated seven new leases, in November and December eight new leases and seven more tenants were signed up before mid February of this year bringing 94,569± square feet of mostly finished units at the property to more than 50 percent leased in less than six months.

Units from 1,825± to 4,106± rentable square feet were leased to local, national and global businesses, professionals and service providers ranging from construction, education, event planning, floral design, marketing and manufacturing to non-profits, photographers, staffing, technology and wireless communications companies.

Kelley attributes this success to the flexibility of the units, the quality of construction and excellent location – off of Sand Lake Rd. and John Young Parkway near attractions, malls, upscale communities and downtown Orlando with access to existing or potential clients for tenants – plus the expedience in ensuring tenants met all eligibility requirements for their occupancy.

Tenants recently signed since the first of this year include Atlantic Home Technologies with 1,987 square feet, The Maker Effect, 3,443 square feet, FZ Sports, 2,938 square feet, Inflatable Ventures Holdings, 2,499 square feet and 1,830 square foot units were leased by both One Stop Mobility and Runway Events.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 

:

HFF closes $21.5 million sale of 44 Whippany Road in Morristown, NJ

44 Whippany Road Office Building, Morristown, NJ

Jose Cruz

FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.5 million sale of 44 Whippany Road, a 230,000-square-foot, Class A office building in Morristown, New Jersey.

HFF marketed the property exclusively on behalf of the seller, RXR Realty, and procured the buyer, an affiliate of Marcus Partners. 

44 Whippany Road is located just off Interstate 287 and about one mile from downtown Morristown, which offers many high-end restaurants and boutique shops.  Additionally, the Morristown and Convent Train Stations are located less than two miles from the property.

 The three-story property was recently renovated and features a café, fitness center, conference room, three-story atrium lobby and terraces for third floor tenants.  Key tenants at the 47-percent-leased building include AON, Cigna and Locke Lord LLP. 

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, directors Michael Oliver and Stephen Simonelli, associate director Marc Duval and support by executive managing director Michael Tepedino and senior managing director Andrew Scandalios.

“44 Whippany is well located within the suburban Morris county market,” stated Cruz.  “The property is a great option for tenants that need flexible leasing options in the Western New Jersey submarkets.  The new owner will be substantially repositioning this building.”

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

Kristen M. Murphy

Director, Public Relations

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.rxrrealty.com

www.marcuspartners.com.

HFF closes sale of southeast Houston office building

Deerwood Glen II, 4400 State Highway 225, Deerwood Glen Business Park, Deer Park, TX

HOUSTON, TX, March 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Deerwood Glen II, a 74,695-square-foot, fully-leased office building in Deer Park, Texas. 

HFF marketed the property on behalf of the seller, Clay Partners – 4440 Hwy. 225, L.P., an affiliate of Clay Development, and procured the buyer, Fairway Real Estate Management, LLC.

    

Deerwood Glen II is located at 4440 State Highway 225 within the Deerwood Glen Business Park adjacent to the Sam Houston Tollway (Beltway 8) in southeast Houston.  Completed in 2015, the property features two floors of fully leased space occupied by a mix of industrial, engineering and construction firms that benefit from the property’s location close to the Houston Ship Channel and Port of Houston.

Trent Agnew

The HFF investment sales team representing the seller was led by director Trent Agnew. 

“The success of Deerwood Glen II is evident by the quick lease-up and credit quality of the rent roll that Clay was able to procure,” said Agnew.  “With the tremendous growth that continues to occur in the Port you continue to see significant tenant demand in both the office and industrial sectors. 

“There is a lack of quality office product to serve that demand and Fairway recognized the long-term growth prospects of the area and is poised to see consistent cash flow along with upside potential as rents continue to push up via this investment.” 

 Clay Development & Construction (Clay) is a developer and design/builder of industrial and office build-to-suit facilities for sale or lease since 1998.  The company is a turnkey developer of metal and tilt wall projects with a combined 175 years of experience in the real estate business.

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

Kristen M. Murphy

Director, Public Relations

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

Hanley Investment Group Completes Sale of Grocery-Anchored Shopping Center in Upland, CA for $17.2 Million

Upland Village, Upland, CA

Ed Hanley

UPLAND, CA – Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced the firm completed the sale of Upland Village, a 60,857-square-foot grocery-anchored shopping center in Upland, Calif. 

The sale price of $17.2 million represented a cap rate of 5.83 percent, a record low cap rate for a stabilized grocery-anchored shopping center in the Inland Empire. Grocery Outlet and Dollar Tree anchor the neighborhood retail center.

Hanley Investment Group President Ed Hanley and Executive Vice President Bill Asher, along with the seller’s exclusive advisor Joe Miller, a vice president at Voit Real Estate Services of Anaheim, Calif., represented the seller, Outpost Village, LLC, based in Orange County, Calif.

The buyer, a southern California-based private investor, was represented by Peter Loh of RE/MAX Realty 100 of Diamond Bar, Calif. and Paul Yang of RE/MAX Vantage of Eastvale, Calif.

Bill Asher

Built in 1972 on 3.92 acres, Upland Village is located at 110, 130, 140 and 180 Mountain Avenue, at the northeast corner of Mountain Avenue and West 8th Street in the city of Upland in San Bernardino County. 

The neighborhood shopping center was 100 percent occupied at the time of the sale. Grocery Outlet and Dollar Tree represent over 50 percent of the occupied square footage.

“We procured multiple competitive and qualified offers and were able to close at 99 percent of the list price despite rising interest rates during the escrow,” said Asher.

“Upland Village offered a 100 percent-occupied, grocery-anchored shopping center with a synergistic mix of national and regional tenants in a dense, infill Southern California location,” said Asher. 

“Approximately 71 percent of the current tenancy had occupied space at the shopping center since 2010 or before and 60 percent of the tenants had more than five years remaining on their current term.” 

Joe Miller

According to Asher, Grocery Outlet having a new long-term corporate guaranteed lease and Dollar Tree having occupied its space at the property for 10 years and recently exercising its five-year option, were key attributes to the asset that attracted a multitude of investors to the property.

“With interest rates increasing 50-75 basis points in the last three months, Upland Village could very well represent one of the last stabilized grocery-anchored shopping centers to sell for a sub-six percent cap in San Bernardino and Riverside counties,” commented Asher. 

“Interest rates are going to have a substantial impact on values moving ahead for anchored shopping centers priced at $10 million and above in the Inland Empire. 

"Unless there are compelling metrics such as reported high-volume store sales for anchor tenants within the shopping center, we anticipate values for the similar type of assets like Upland Village to transact at a six-percent cap and above moving ahead, if interest rates continue to stay at their current levels.”

Hanley adds, “Neighborhood shopping centers with successful grocers that satisfy the daily and weekly needs of consumers are a great hedge against an economic downturn. This type of well-located shopping center will continue to be in high demand across southern California and the U.S. for the foreseeable future.”

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

anne@monaghanpr.com

www.hanleyinvestment.com.

Continental Partners Arranges Office Acquisition and Renovation Financing in Downtown San Francisco, CA

.

     Downtown San Francisco office property. Financing arranged by Continental Partners.                                                                                                      
 (Photo Credit: Architectural renderings provided by sponsor).

Eugene Rutenberg

SAN FRANCISCO, CA  – Commercial real estate investment banking firm Continental Partners has successfully secured $5.3 million in bridge to mini-perm financing for a 7,500 square-foot value-add office building located in the financial district of downtown San Francisco, to be converted into multifamily micro-units.

The financing was arranged by Continental Partners Director Eugene Rutenberg.

“Downtown San Francisco’s tremendous job growth in the tech and financial services industries is driving demand for quality housing in this thriving market,” says Rutenberg.

 “Due to the high cost of new construction and rising rental rates, however, San Francisco’s affordability crisis continues to place enormous pressure on renters. As demand for more affordable housing options continues to outpace supply, there is a unique opportunity for investors to capitalize on this demand by converting existing office space into more affordable micro-units.”

Continental Partners secured the $5.3 million loan from a regional bank to finance the total project cost of approximately $7.54 million. The bridge loan was sized to 103 percent of the purchase price, with a loan-to-cost leverage ratio of 71 percent.

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

Lauren Burgos / Katie Kea

Brower, Miller & Cole

(949) 955-7940

lburgos@browermillercole.com

www.contipartners.com.

Newcastle Partners Now Under Construction on Two Inland Empire Industrial Facilities Totaling More than 570,000 Square Feet

Phil Lombardo

San Francisco, CA (March 10, 2016) -- Newcastle Partners, a San Francisco-based real estate development company, recently commenced construction of two industrial facilities totaling in excess of 570,000 square feet in the Inland Empire cities of Riverside and Chino.

The first facility, Meridian Distribution Center II, totals 503,500 square feet and is situated on a 26.93-acre land parcel at 22000 Opportunity Way in Riverside. Completion is anticipated for summer 2017 and its value upon build-out is estimated to be approximately $38 million.

The Class A industrial facility will include 88 dock high doors, two ground-level doors, 150 trailer parking stalls, and 217 car parking spaces. It offers immediate access to the 215 freeway and corporate neighbors include Sysco Corp., Kia Motors, UPS, and Kraft Foods.

 Phil Lombardo, Chuck Belden, and Andrew Starnes of Cushman & Wakefield’s Ontario office are responsible for marketing the asset for lease.

The second facility totals 71,000 square feet and is situated on approximately 3.6 acres of land at 5490 Schaefer Avenue in Chino. Completion is anticipated for fall 2017 and its value upon build-out is estimated to be approximately $10.3 million.

 The facility will consist of a state-of-the-art concrete tilt-up, high cube warehouse/distribution building and is convenient to the 71 and 60 freeways. Patrick Bogan and Steve Coulter of Lee and Associates are responsible for marketing the asset for lease.

Over the past two years, Newcastle has acquired, developed or sold in excess of four million square feet of industrial property in the region, and the firm plans to be even more aggressive in 2017.

Jackson Smith

“Newcastle Partners continues to see opportunity to help satisfy the strong demand by industrial users for quality facilities in the Inland Empire,” said Jackson Smith, partner with Newcastle Partners.

“The region is one of the top for job growth in the nation and much of that is fueled by manufacturing, logistics and warehouse/distribution activity. We see the industrial market continuing on its upward trajectory over the coming years, especially due to e-commerce.”

Newcastle has completed the acquisition and/or development of a diversified portfolio of over 50 projects totaling over 15 million square feet, representing a total investment of over $1.1 billion.

  

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Wyndham promotes Barry Goldstein to Chief Marketing Officer and appoints Scott Strickland as Chief Information Officer

Barry Goldstein

PARSIPPANY, NJ – Wyndham Hotel Group,  the hotel giant with an unmatched global presence of more than 8,000 hotels, announced two new appointments advancing its continued transformation: Barry Goldstein has been promoted to chief marketing officer and Scott Strickland has been appointed as chief information officer.

As chief marketing officer, Goldstein is responsible for all aspects of marketing and revenue generation for the company and its 18 global brands, leading the brand marketing, loyalty, digital marketing, global sales, communications, customer care, and revenue management functions for a portfolio of more than 8,000 hotels in 77 countries.

Goldstein was previously chief digital and distribution officer for Wyndham Hotel Group supporting the company’s digital marketing strategies. Prior to joining Wyndham, Goldstein was chief revenue officer for Dolce Hotels and Resorts (later acquired by Wyndham Hotel Group) and vice president, global sales strategy, technology and operations, at Starwood Hotels & Resorts Worldwide.

“Our mission to democratize travel starts with our powerhouse brands, and Barry’s expertise marketing world-class brands inspires new momentum in our continued transformation on the quality, technology and marketing fronts,” said Geoff Ballotti, Wyndham Hotel Group President and CEO.

Scott Strickland

 “Technology is critically important for enabling our owners to deliver on each unique brand promise and Scott’s experience with major global brands and Fortune 500 organizations makes him the ideal champion to revolutionize technology for economy and midscale hoteliers.”

Strickland will spearhead the ongoing effort to enhance and implement Wyndham’s overall technology strategy and the continued migration of the company’s 18 brands to the Sabre SynXis property management and central reservation system. 

Wyndham Hotel Group was the first global hospitality company of its scale to roll out the system helping economy and midscale hoteliers grow their business by more efficiently managing pricing and inventory.

With 25 years of experience in the field of information technology, Strickland joins Wyndham from D+M Group where he led the company’s information technology function as chief information officer. 

Prior to this position, Strickland held the role of executive director, information technology with Nissan North America. Previously, he held technology roles at Stanley Black & Decker, IBM and Mars, Inc.

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

Maire Griffin

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

maire.griffin@wyn.com

ATTOM Data Solutions Reports U.S. Home Flipping Increases 3 Percent in 2016 to a 10-Year High

 

Daren Blomquist

 IRVINE, CA — ATTOM Data Solutions, curator of the nation’s largest fused property database, released its 2016 Year-End U.S. Home Flipping Report, which shows that 193,009 single family homes and condos were flipped — sold in an arms-length transfer for the second time within a 12-month period — in 2016, up 3.1 percent from 2015 to the highest level since 2006, when 276,067 single family homes and condos were flipped.

“Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital — both foreign and domestic — searching for the returns and stability available with U.S. real estate,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“The combination of more home flips and a greater share of financing for flip purchases resulted in a 19 percent jump in the estimated dollar volume of financing for home flip purchases, up to $12.2 billion for the flips completed in 2016 — a nine-year high.”

“Investors in search of flipping returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount,” Blomquist continued.

“Given that many of these markets are more affordable, we are also seeing a higher share of the flipped homes sold to FHA buyers, with that share reaching a four-year high of 19.6 percent in 2016.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@attomdata.com

The Melrose Corp. Secures Contract for Solara Resort Near Walt Disney World

Jack Hanson

ORLANDO, FL --  Central Florida’s The Melrose Corporation recently secured the contract to manage Mattamy Homes’ Solara Resort community that includes more than 900 homesites in a mix of single-family and townhomes, all designed for the short term vacation home market. 

Solara Resort will feature a fully staffed clubhouse and a comprehensive resort-style amenities package. 

The Melrose Management Partnership, the association management arm of The Melrose Corporation, will oversee the HOA operations and community management for Solara. 

“We are delighted to partner with Mattamy on this exciting venture,” Jack Hanson, president of The Melrose Management Partnership, said.  “We are immensely proud to provide management services as well as interactive and entertaining lifestyle programs and events for Solara Resort.”

Melrose Lifestyle Services, the lifestyle and amenity management arm of The Melrose Corporation, will supervise the 11,000 square foot clubhouse and associated amenities and run the community lifestyle programs.  

Bill Fife

“Solara Resort is a great addition to Central Florida’s unique short-term housing rental market,” Bill Fife, director of Melrose Lifestyle Services, said.  “Solara’s state-of-the-art facilities combined with our comprehensive programming experience give us an exciting opportunity to work with Mattamy Homes to provide a fully customized plan for the community’s owners, renters and prospective buyers.”

Located near the Four Corners and Walt Disney World area, Solara will cater to the growing vacation home rental sector in an already robust real estate market.  The vacation home rental market is expected to be valued at $169.7 billion globally by 2019.

 “We are extremely excited about the growth potential of the Orlando market, as we believe that people will continue to look to Central Florida as a place to live and raise a family, own a second home or retire to,” Alex Martin, Mattamy’s Orlando division president, said.

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

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

Florida’s First TRYP by Wyndham Hotel Arrives in St. Augustine

Kate Ashton

PARSIPPANY, N.J. (March  8, 2017) – TRYP by Wyndham, Wyndham Hotel Group’s urban lifestyle brand, has planted roots in Florida with the opening of a newly constructed 95-room hotel on the Northeast coast in St. Augustine, known as the oldest city in the United States. It marks the brand’s first location in the state and third in the country.

“The TRYP by Wyndham brand’s urban flair, local expertise and inimitable style makes it a perfect fit for cities big and small – the kinds of places where travelers seek out rich culture and authentic moments,” said Kate Ashton, brand senior vice president, TRYP by Wyndham.

“Joining the St. Augustine community gives us the opportunity to deliver an unmatched hotel stay to the more than six million visitors who flock to this area each year, helping them discover and uncover new gems and experiences throughout this charming city.”

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

Kathryn Zambito

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

kathryn.zambito@wyn.com

www.wyndhamworldwide.com.

www.tryphotels.com

www.wyndhamrewards.com

The Preiss Company Enters Charleston, SC Market by Managing Newly Converted, 101-Bedroom, 61 Vandy Student Housing Development

Donna Preiss

 CHARLESTON, SC and RALEIGH, NC, March 8, 2017—Officials of The Preiss Company (TPCO), ranked the nation’s fifth largest, privately-held, student housing owner-operator, today announced that it has been retained to manage 61 Vandy, a 101-bedroom complex serving the College of Charleston. 

The property is in the final stages of conversion from conventional apartments to student-focused housing.

“Third-party management is an integral part of our growth plan, and this upscale property in the heart of downtown Charleston is an outstanding addition to our portfolio,” said Donna Preiss, founder and CEO, The Preiss Company.

61 Vandy Student Housing, Bedroom,
 61 Vanderhorst Street Charleston, SC

  “This is our first time working with this private investment group, and we look forward to building on our relationship and launching this exceptional project together.  

The property is completing a total makeover/conversion to a student housing-focused facility and will be one of only five purpose-built projects serving the Charleston college community.

“It also marks our entry into the important Charleston market, which is our sixth new market in the past three months,” she added.  ‘We have in-depth operating experience in the region and already are actively leasing for the 2017 school year.” 

The 61 Vandy complex is located at 61 Vanderhorst Street, two blocks from the College of Charleston, within walking distance of the Medical University of South Carolina and a short drive to The Citadel.  The five-story property consists of 33 units offering a mix of studio, two-bedroom/two bathroom, three-bedroom/two bathroom and four-bedroom/two bathroom floor plans.

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

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com

www.dalygray.com

www.tpco.com.

EagleBridge Capital Arranges $16 Million Mortgage for 26-30 West Street, Boston, MA

  

 

25-30 West Street, Ladder District, Downtown Boston, MA

Ted M. Sidel

Boston, MA --  EagleBridge Capital has arranged acquisition/permanent mortgage financing in the amount of $16,000,000 for 26-30 West Street, a 53,000 square foot office and retail building located in the heart of the Ladder District in downtown Boston, Massachusetts.

The non-recourse mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan with a regional financial institution on behalf of its client and features a very attractive rate, and a ten year term with a thirty year amortization period commencing upon completion of  a generous I/O period..

The six-story, 53,000 square foot building was constructed in 1910 and renovated in 2006. The building has undergone significant modernization and upgrading including core, cooling and heating system, electrical system, and elevators.

26-30 West Street is leased to the Service Employees International Union (SEIU) Local 32BJ which occupies 35,500 square feet of office space and Empire Beauty School which occupies 17,500 square feet of retail-school space.

Brian D. Sheehan

SEIU represents 18,000 property service workers in Massachusetts, Rhode Island, and New Hampshire.  Empire Beauty School is a member of the Empire Education Group, the leading group of cosmetology schools in the United States with 89 schools in 29 states.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for mixed use properties, shopping centers, apartments, office, industrial, R & D, and medical buildings, hotels and condominiums as well as special purpose buildings.

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

Stanley J. Sidel

Senior Advisor

EagleBridge Capital

33 Broad Street

Boston, MA 02109

Tel: 617-292-7177 Ext. 300

www.eaglebridgecapital.com