Arbor Funds $137.9M in FHA Financing Volume Year-to-Date, 2017

 

John Caulfield

 UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, announces the recent funding of six loans totaling $137,935,328 under several FHA financing product lines:

·         Briar Club Apartments, Memphis, TN – This Class B/C, 272-unit multifamily property, consisting of 17 multifamily apartment buildings, received a total of $9,866,000 – including $1,277,689 for critical repairs, renovations and upgrades – is funded under the FHA 223(f) product line. 

The 35-year refinance loan amortizes on a 35-year schedule. Briar Club Apartments is located approximately 10 miles southeast of the Memphis central business district within close proximity to Highway 240. Ronen Abergel, Vice President of Arbor’s Uniondale, Long Island office originated the refinance loan.

 ·         Bridford Lake Apartments, Greensboro, NC – A $33,022,000 FHA 223(f) refinance of a 320-unit garden-style multifamily property received $33,022,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Bridford Lake Apartments is located in a primarily residential neighborhood, approximately 9 miles southwest of the Greensboro Central Business District and 11 miles northeast of the High Point Central Business District.

 

Briar Club Apartments, Memphis, TN

         College Towne West, Lansing, MI – This 532-unit multifamily property, now known as Towne Square Apartments and Townhomes, received $16,566,328 funded under an interest rate reduction program. The 29-year refinance loan amortizes on a 29-year schedule. 

The refinancing lowered interest costs yielding significant debt service savings. College Towne West, situated on over 31 acres within close proximity to Michigan State University, offers amenities such as a sauna, tanning bed and high speed wireless connection. Michael Jehle, Vice President of Arbor’s Oklahoma office, originated the refinance loan.

·         Champions Club, Glen Allen, VA – This 212-unit garden-style multifamily property received $20,017,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Champions Club Apartments offers amenities including a tiered swimming pool, lighted tennis court, sand volleyball court, racquetball court, clubhouse and fitness center.

  

College Towne West Apartments, Lansing, MI

·         Madison at Adams Farms, Greensboro, NC – This 500-unit multifamily property received $31,110,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule.

Madison at Adams Farms Apartments is located on 46.9 acres, approximately 9 miles southwest of the Central Business District of Greensboro and 9.5 miles northeast of the Central Business District of High Point.

·         Clearfield Station, Clearfield, UT – This Class A, 216-unit multifamily property received $27,354,000 funded under the FHA 221(d)(4) product line. The 24-month nonrecourse construction loan converts to a 40-year self-amortizing permanent loan. Clearfield Station is part of a larger 72-acre master-planned development adjacent to the Clearfield FrontRunner commuter rail station owned by the Utah Transit Authority (UTA). 

The developer has planned a mixed-use for the property including office and residential spaces, an industrial park, a school and a park, as well as parking to support the existing rail station. This project is in line with HUD’s mission of creating strong, sustainable communities through promoting transit-oriented developments. Garth Davis, Senior Vice President of Arbor’s San Francisco office, originated the new construction loan.

Clearfield Station Apartments, Clearfield, UT

“This recent volume of funding speaks to the capabilities of Arbor’s FHA Lending Group,” says John Caulfield, Chief Operation Officer. “It demonstrates that Arbor is persistent in its commitment to extending its expertise within the FHA multifamily lending market.”

As an approved FHA Multifamily Accelerated Processing ("MAP") Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis.

 Arbor also offers the unique “Bridge to HUD/FHA Exit” program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.

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

Arbor Realty Trust, Inc.                                                                   

Bonnie Habyan

333 Earle Ovington Blvd, Suite 900                                              

Tel: 516.506.4615

Uniondale, NY 11553                                                                       bhabyan@arbor.com

800.ARBOR.10

www.arbor.com

HFF arranges partial interest sale and financing for the redevelopment of ROW DTLA in Downtown Los Angeles

       

Doug Bond

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged for a 37.5 percent minority interest sale and the refinancing of the existing debt for ROW DTLA in Los Angeles, California. 

HFF worked on behalf of Atlas Capital Group and an institutional investment partnership managed by Square Mile Capital Management to admit the Healthcare of Ontario Pension Plan (“HOOPP”) into the partnership, as well as secure the $475 million, three-year floating-rate loan through Blackstone Real Estate Debt Strategies.

The newly formed equity partnership and debt commitment will further the repositioning and revitalization of this historic, mixed-use district encompassing 32 acres and more than 1.8 million square feet of office, retail, restaurant, entertainment and produce market space on the southern end of the Arts District of Downtown Los Angeles.

ROW DTLA, formerly known as the Los Angeles Terminal Market was built (1917-1923) alongside the Southern Pacific Railroad, and is the largest contiguous block of land in Downtown.  Physically, it comprises eight buildings, a 3,827-stall parking garage, 5.2 acres of developable land, a fully operating produce market and more than 30,000 square feet dedicated to the arts and public space.

Paul Brindley

When complete, ROW DTLA will be home to more than 1.4 million square feet of creative office space, 100 unique merchants, and 15 restaurants including the world-renowned James Beard nominee, Tartine Manufactory that will include two restaurants, a coffee lab, marketplace and bakery. 

The other exciting brands at ROW will include Smorgasburg, Paramount Coffee Project, Rappahannock, J Brand, mitú, Go Get Em Tiger, Café Dulce, Hayato, Pikunico, A+R, 13 Bonaparte, Lust Covet Desire (LCD), Scent Bar, Yolk, Vrai & 

Oro, AHLEM Eyewear, Flask & Field, Milla Chocolates, Shades of Grey by Mica Cohen, dRA Clothing, Banks Journal, Bridge & Burn, Hancock Design, Poketo, Gossamer, Bodega, 

The Wicked Boheme, Nova Arts Salon, Tokyobike, Shadowbox, MVMT Theory, Bender Yoga, The Cartorialist, Jeff Morrical Studio, Jordan Zobrist and jig+saw. www.rowdtla.com  

The HFF equity and debt placement team representing the ownership was led by senior managing directors Doug Bond and Paul Brindley and associate director Brad Greenway.

“With its rich history and wide variety of integrated uses onsite, ROW DTLA will be one of Los Angeles’ can’t miss destinations similar to places such as the Meatpacking District in New York,” said Bond.

“The extraordinary vision of the Atlas team and its partners has led to the creation of one of Los Angeles’ iconic assets that will be a destination for tenants, customers and tourists for years to come,” added Brindley.

  

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | hfflp.com

krmurphy@hfflp.com

HFF arranges $125 million refinancing for a high-quality retail center in El Segundo, CA

Plaza El Segundo, South Bay area, El Segundo, CA

Kevin MacKenzie

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot, high-quality retail center in the South Bay community of El Segundo, California.

HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance. 

Completed in 2007, Plaza El Segundo is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection, and The Edge.  The property features a strong tenant line-up that includes Whole Foods, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. 

Situated on 36.82 acres at 710-780 Sepulveda Boulevard, Plaza El Segundo is located at the dominant intersection of Rosecrans Avenue and Sepulveda Boulevard (Pacific Coast Highway), which connects the affluent beach communities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo, and has combined traffic counts in excess of 110,000 vehicles per day.  

More than 167,000 residents earning an average annual household income of $100,192 live within three miles of the center.

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and associate director Matthew Stewart.

Matthew Stewart

“Despite some recent headwinds in the retail market, this transaction is a great example of the availability of capital for premiere retail properties with best-in-class sponsorship,” MacKenzie said. 

“There was strong interest in the opportunity given the A-plus location and tenant line-up, and it was a true team effort from all parties to get the most efficient capital in place for the asset plan.”

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

Kristen Murphy

Director, Public Relations

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

tel 617-848-1572 | cell 617-543-4873 | hfflp.com

krmurphy@hfflp.com

www.FederalRealty.com.

Rhodes+Brito Architects on Design Team for Heroes’ Commons at Jefferson Park in Parramore–A collaboration of City, ORR Foundation to Help Veterans Own a Home

Maximiano Brito

ORLANDO, FL --- A team of architects at Rhodes+Brito designed three of the six homes for veterans and their families at Heroes’ Commons at Jefferson Park, a collaborative housing development project by the Orlando Regional Realtor Foundation’s Art in Architecture Program and the City of Orlando. 

Maximiano Brito, AIA, co-founder and partner at Rhodes+Brito Architects said he and other firm members on the project Carl Shea, AIA and Loi Van Loon-Flink  donated their services, valued at more than $146,640 for the three homes that range from 1,384 to 1,534 square feet of living area.

Heroes’ Commons at Jefferson Park, located in Parramore community west of downtown Orlando, is a project that was designed to maximize connectivity between the homes in the neighborhood and provide a supportive and inclusive environment.

The new homeowners, with a legacy of service, will continue to serve by working with their fellow veteran neighbors and community leaders as advocates for the Parramore neighborhood.  

Thanks to the City of Orlando and the Art in Architecture Program’s collaborative efforts, funding partners and professionals who donated services, deserving veterans are moving into brand new mortgage-free homes providing a step toward financial independence and security.  

“Helping both the Parramore community and veterans who served and sacrificed so much for our nation is really close to all our hearts and we were delighted to give back in such a meaningful way,” said Brito.

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

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

HFF arranges $19 million refinancing of Class A office building in Jacksonville, FL

One Deerwood Office  Building, Deerwood Park, Jacksonville, FL

Michael Weinberg

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $19 million refinancing of One Deerwood, a 161,167-square-foot, Class A office building in Jacksonville, Florida.

HFF worked on behalf of the borrower, Taurus Investment Holdings, LLC, to secure the three-year, floating-rate loan through Ares Management.  HFF was also involved in the sale of the asset to Taurus in 2007.

One Deerwood is located within Deerwood Park, the largest, full-service multi-purpose park in Jacksonville and within the prestigious Butler Corridor submarket. 

The six-story property has excellent visibility from more than 108,000 cars per day due to its location at the interchange of J Turner Butler Boulevard and Routes 202 and 115. 

Additionally, the property is highly-amenitized being located near many of the area’s lifestyle and retail demand drivers, including St. Johns Town Center.  One Deerwood is leased to tenants, including CIT Bank, JMB of North Florida and Amports, Inc. 

The HFF debt placement team representing the borrower was led by senior managing director Michael Weinberg and director Porter Terry

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

HFF closes $4 million sale of fully-leased retail center near Orlando, FL

Celebration Village, Kissimmee, FL      (Photo lby Troy Morgan)

Whitaker Leonhardt

ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $4 million sale of Celebration Village, a 20,750-square-foot retail center in the Orlando-area community of Kissimmee, Florida.

HFF arranged the sale on behalf of the seller, TriGate Capital.  A private investor purchased the asset free and clear of existing debt.

Celebration Village is fully leased to eight tenants, including Sherwin-Williams and Domino’s Pizza.  Situated on 2.35 acres at 5455 West Irlo Bronson Memorial Highway, the center is located along the primary commercial corridor in the trade area, which has traffic counts of approximately 36,500 vehicles per day. 

Celebration Village is about one mile east of downtown Celebration, the nation’s first Walt Disney World-built master-planned community.  More than 25,787 residents earning an average annual household income of $65,246 live within a three-mile radius of the center.

The HFF investment sales team was led by associate director Whitaker Leonhardt and senior managing director Brad Peterson.  Gregory Newman, principal with Keystone Commercial Real Estate, LLC, represented the buyer, who is a Michigan-based investor.

“There is tremendous demand for well-located retail strip centers, and we were successfully able to generate 10 offers within a very short marketing timeline,” Leonhardt said.  “This center has maintained a healthy historical occupancy and is ideally positioned in the submarket to benefit from all of the surrounding developments.”  

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

29th Street Capital Expands into Sacramento, CA with Multifamily Acquisition

 

Woodmore Manor Apartments, Citrus Heights, CA

Citrus Heights, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodmore Manor Apartments – its first property in the greater Sacramento region. The 110-unit multifamily community, located 15 miles northeast of downtown Sacramento, features one-, two- and three-bedroom units.

29SC has allocated approximately $1.3 million for capital improvements. Interior upgrades will include new granite countertops, stainless steel appliances, vinyl plank flooring, cabinetry and bathroom fixtures.

Exterior renovations will focus on balcony and patio improvements, new siding, fresh paint and energy-efficient windows. The property’s amenity package – clubhouse, fitness center and swimming pool – will be refreshed and enhanced as well. 29SC will also implement energy-efficient upgrades through the Freddie Mac Value-Add and Green financing program.

Casey Davis

“The Sacramento market is currently exhibiting very attractive market fundamentals and we are pleased to be expanding out footprint in the region,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions in Northern California.

The Citrus Heights submarket has experienced tremendous rental rate growth in recent years and surpassed 8% in both 2015 and 2016. Concurrently, vacancy has remained below 4%. 

The neighborhood is well-developed primarily by residential and retail and is conveniently located near Sunrise Mall, which is slated for major redevelopment in the coming years.

“Citrus Heights continues to be an ever-improving market,” Davis added. “Woodmore Manor is in a great location and near many daily conveniences. We believe this property is a perfect opportunity to demonstrate our value-add capabilities and provide value to current and future residents.”

The acquisition closed June 16, 2017. The sale price was not disclosed.

29th Street Capital has acquired 17 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.

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

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Email: Terri@TerriThornton.com

Website: www.TerriThornton.com

http://www.29thstreetcapital.com.

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton 

Continental Partners Secures $20.5 Million in Financing for Sheraton Grove Hotel Near Disneyland

  

Sheraton Garden Grove-Anaheim South Hotel, Garden Grove, CA

Mitch Paskover

GARDEN GROVE, Calif. (June 19, 2017) – Commercial real estate investment banking firm Continental Partners has secured $20.5 million in fixed-rate, non-recourse refinancing for the Sheraton Garden Grove-Anaheim South Hotel, a 285-room hotel near the Disneyland theme park. 

The financing was arranged by Continental Partners President Mitch Paskover.

“The Orange County hotel sector is experiencing remarkable growth and outperforming other U.S. markets,” notes Paskover. “Driven by a thriving tourism industry, the region’s hotel market continues to demonstrate annual RevPAR growth and occupancy rates that are above national averages. 

"Based on these fundamentals, there is strong investment activity and sustained lender appetite for quality hotels with high average daily rates throughout Orange County.”

According to a report by CBRE, average daily rates in the Orange County market are projected to increase 3.5 percent in 2017. Market occupancies average 77 percent, far outpacing the national average of 65.4 percent.

Fairfield Inn & Suites Harrisburg Goes Airborne at Groundbreaking in Pennsylvania

Tim Edwards

Harrisburg, PA, June 19, 2017— Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the groundbreaking of the 120-room Fairfield Inn & Suites Harrisburg.

 Located at the Harrisburg International Airport (HIA) Airport, the four-story hotel is owned by Shaner Hotels on land leased from the Susquehanna Area Regional Airport Authority (SARAA), a joint-municipal authority that operates four regional airports.

 The property will be managed by Shaner and was financed by Kish Bank based in State College, Pa.

                “The Fairfield Inn & Suites Harrisburg provides an important component for HIA’s continued growth as the first hotel to be located adjacent to the airport,” said Timothy Edwards, HIA executive director.

 “Currently, the closest hotel is approximately seven miles away, which can prove inconvenient for arriving and departing travelers.  We did considerable research regarding demand for a hotel, the proper segment and an operator with knowledge of the market and an excellent reputation.  We believe this property will enhance the airport’s capabilities and stimulate further growth in the area.”

Lance Shaner

“With our headquarters in State College, this hotel really is part of our extended hometown, an area in which we have operated for more than two decades,” added Lance Shaner, chairman and CEO. 

 “In addition to being literally connected to the airport terminals via walkway, the hotel will be the first Marriott-branded hotel near the airport, which we expect to stimulate additional demand.  

"This marks our fourth property in Central Pa., with an additional project slated to commence in Mechanicsburg in the near future.  We look forward to being good neighbors and active members of the community for years to come.”

                Located adjacent to the Harrisburg International Airport (HIA), the site is just steps from the Middletown business community and Penn State Harrisburg Campus. 

The proposed property will feature such amenities as on-site laundry, fitness room, business center and 1,600 square feet of meeting space.  As with all Fairfield Inn & Suites, guests will enjoy a daily, complimentary breakfast, as well as a lobby lounge and full-service bar that offers a wide array of drinks and small bites food menu. 

              

 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

chris@dalygray.com

www.dalygray.com

www.shanercorp.com

Renovations at Renaissance Square in Downtown Phoenix, AZ Attract Cantor Law Group

                            Renaissance Square, Downtown Phoenix, AZ

John Pierson

PHOENIX, AZ– Bolstered by new ownership and a $50 million renovation plan for Renaissance Square, the Phoenix office of JLL has completed a 24,233-square-foot lease that will relocate Cantor Law Group from its current offices at CityScape to new space at the “Two Ren” building, located at 40 N. Central Ave., within the two-building Renaissance Square in the heart of downtown Phoenix.

JLL Managing Director John Pierson, Vice President Trevor Pratt and Associate Jenna Borcherding represented Cantor Law Group in its site selection and lease negotiations.

Bill Blake of Lee & Associates represented the property owner, a venture between Cypress Office Properties LLC and funds managed by Oaktree Capital Management LP.

Renaissance Square totals nearly 970,000 square feet in two, Class A office towers bounded by West Adams Street, West Washington Street, Central Avenue and First Avenue.

“Plans to modernize and renovate Renaissance Square were critical in Cantor’s decision to relocate,” said Pierson. “The law firm’s new space will be designed in a way that improves efficiency and functionality, and allows for the future growth of the firm – without giving up the amenities of downtown Phoenix that help to attract and retain top talent.”

JLL’s Project Development and Services (PDS) Group will manage all tenant improvement consulting and construction management for Cantor Law Group.

“We are very excited to relocate to Two Ren,” said Cantor Law Group Owner, David Michael Cantor. “Our lawyers emphasize criminal law, family law and personal injury as our primary practice areas. Most of our attorneys are in court on a daily basis, and Two Ren is within walking distance of 140 courtrooms located in downtown Phoenix. It is a perfect location.”

Trevor Pratt

“Securing Cantor Law Group demonstrates the rebirth of Renaissance Square and our commitment to creating a leading-edge business environment in the downtown Phoenix office market,” said Cypress principal Ron Lack.

“The renovations now underway, together with the addition of several on-site project amenities, should be well received by the tenant community as we work to modernize and stabilize this classic property.”

In April, Cypress and Oaktree initiated a $10 million, Phase I renovation at Renaissance Square that will include upgrades to building lobbies, elevators and restrooms, as well as the construction of a new 7,000-square-foot multi-purpose conference facility and Class A, move-in-ready office suites.

 The Phase I improvements are part of a $50 million renovation to the LEED Gold Certified buildings that will differentiate “One Ren” and “Two Ren” with amenities that appeal to high-tech and contemporary, Class A office users.

 This includes updates to the 21,000-square-foot on-site, full-service gym and the addition of new retail amenities. It also includes converting two existing tennis courts located on the site into a 15,000-square-foot outdoor tenant amenity that will include meeting and collaboration areas, zen gardens, games, amphitheatre, and food/bar catering facilities.

Jenna Borcherding

Current tenants at Renaissance Square include Quarles & Brady, Jones, Skelton & Hochuli, Bryan Cave, Gammage & Burnham, Ernst & Young, Gabriel Partners and the U.S. Attorney General. Last month, San Francisco-based financial tech firm Upgrade Inc. also committed to a 38,000-square-foot lease spanning two full floors at the “One Ren” building.

Cantor Law Group will relocate to Renaissance Square in May 2018.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Avanath Capital Management Increases Stake in Sacramento; Acquires Three Affordable Housing Communities for $56.5 Million

Geneva Pointe Apartments, Elk Grove, CA

SACRAMENTO, CA– Avanath Capital Management, LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired an affordable housing portfolio of three apartment communities totaling 468 units in Sacramento for $56.5 million.

This acquisition nearly doubles Avanath’s footprint in this market, bringing its total concentration of units to 1,034 apartment homes in the Sacramento region.

“Sacramento is one of the hottest real estate markets in the nation right now and is experiencing explosive growth,” asserts John Williams, President and Chief Investment Officer of Avanath.

John R. Williams

“The market has made a tremendous comeback since the Recession and leads the nation in highest annual effective rent growth, with rental increases exceeding 10.5 percent last year. This surge in market-rate rents is placing enormous pressure on renters and driving demand for affordable housing throughout the region.”

Williams notes that a regional migration is underway as the high cost of living in the Bay Area drives renters to the surrounding Sacramento suburbs in search of affordability.

“While still an affordable alternative to the Bay Area, Sacramento is now seeing rapid rent appreciation and not enough supply of quality affordable housing to meet current demand,” continues Williams. 

“This acquisition will allow us to preserve affordability in one of the fastest rent-growing markets in the country, while also amassing economies of scale by bringing our total Sacramento portfolio to over 1,000 affordable units.”

Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at acquisition and of relatively new vintage, providing strong in-place cash flow and an opportunity to add value through minimal capital improvements, according to Williams.

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

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@BrowerMillerCole.com

 www.avanath.com.

Raintree Partners Announces More Than $500 Million in Mixed-Use Development Projects in California

Jason Check

            LAGUNA NIGUEL, CA – Raintree Partners, an Orange County-based private commercial real estate investment company, is under construction on three mixed-use projects in California totaling more than $500 million in value.

            The projects include a 465-unit apartment and co-working property in Sunnyvale, California; a 109-unit multifamily and retail project in Dana Point, California; and a 92-unit multifamily, co-working, and kayak rental property on the waterfront in San Francisco, California.

            “Mixed-use projects including authentic retail and food options as well as dedicated workspaces for residents have always been a part of great cities,” says Jason Check, Managing Director of Raintree Partners. 

“That said, there has been a rise in demand for these projects over the past five years, as communities seek to increase opportunities for engagement and connection among people and businesses, driving economic growth and delivering higher quality of life for community members.”

            Check attributes the recent increase in mixed-use developments to a shift towards a more urban, walkable way of life that is in demand across the nation.

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

Elisabeth Manville

Junior Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

emanville@browermillercole.com

www.encasaliving.com.

PMB Selected to Develop New San Antonio Regional Hospital Medical Office Building in Upland, CA

Rendering of Planned Ambulatory Care Medical Office Building,
San Antonio Regional Hospital Campus, Upland, CA

Upland, CA – Development is underway for a 56,000-square-foot, two-story ambulatory care medical office building on the San Antonio Regional Hospital campus in Upland, Calif. that will include a City of Hope community cancer center.

Construction is scheduled to begin the second quarter of 2017, and the building is projected to open in Fall 2018.

 PMB is providing program management, development and design management services for the project on behalf of San Antonio Regional Hospital.

Jim Rohan

The new building is part of a larger, campus-wide project that involves construction of a new four-story patient tower, which opened in January 2017. 

The new Vineyard Tower has 92 private rooms, including a 12-bed critical care unit, as well as a new, 8,000-square-foot emergency department with 52 beds and three major treatment rooms.

“We are delighted to be working with San Antonio Regional Hospital and to be a part of the revitalization of the hospital campus,” says Jim Rohan, SVP Development, PMB.  “It’s rewarding for us to help sustain and grow a private community hospital with a 110-year history of serving the residents in the western region of the Inland Empire.”

The new medical office building will be situated on a three-acre site located on San Bernardino Road across from the hospital’s main entrance. It will replace an existing, functionally obsolete medical office building which is predominately comprised of hospital administrative services.  The building will be demolished and the staff will be relocated to other campus buildings.

City of Hope, a world class leader in cancer treatment and research, will lease approximately 25,000 square feet in the new MOB for a community cancer center. City of Hope services include radiation therapy, infusion services, hematology and medical oncology, general surgical oncology, related surgical subspecialties and clinical trials. The new building will also house San Antonio Regional Hospital’s Women’s Breast and Imaging Center, a community resource center and medical offices.

San Antonio Regional Hospital Campus, Upland, CA

The design of the new medical office building will complement the hospital’s new Vineyard Tower and the local surroundings with the use of a glass curtain wall, metal wall panels, and native landscaping. 

Sustainable design and building practices will be implemented throughout the new facility.  The building will feature custom-designed medical office suites and convenient parking located next to the building.

Maintaining hospital campus operations, parking availability, and minimizing construction debris is at the forefront of PMB’s planning of the project. 

In addition to PMB serving as program manager, HMC Architects, specialists in healthcare design, is providing architectural services for the MOB. Millie and Severson, one of Southern California’s largest and most respected builders, will serve as the project’s general contractor.

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

Jessica Thompson 949-233-8575 / Jessica@spauldingthompson.com

Laura Mickelson 949-295-4452 / LauraMickelson@cox.net

The Keyes Company Gains Traction with Chinese Investors Hungry for South Florida Real Estate

.  

Indra and Haimnath Ragbir

 Miami, FL – The Keyes Company has made substantial inroads with many of the wealthy Chinese investors looking for real estate investments in South Florida and the Caribbean.

During the last three years, the firm has dedicated significant resources focused on China’s exclusive Luxury Property Show – including the LPS Beijing 15th Edition event running June 16-18 and again in Shanghai December 8-10.

 

Recent reports show China is projected to be responsible for nearly $220 billion in direct investment in U.S. commercial and residential real estate from 2016 to 2020. Keyes has positioned itself to take advantage of this trend. The firm began traveling to China for the Luxury Property Show in May 2014 and plans to continue making multiple trips each year for the next decade.

Mike Pappas

Indra and Haimnath Ragbir of Keyes spearhead the China trips. The Ragbir team specializes in luxury residential properties, the EB-5-USA Visa Immigration Program, commercial properties and international buyers.

“Each opportunity to present at the Luxury Property Show gives us access to ultra-luxury real estate investors from all over the world,” said Haimnath Ragbir.  “We’re excited that several South Florida and Caribbean developers have placed the confidence in our team to help market their projects to well-healed international buyers from China, Russia, Middle East, India and Europe.”

In addition to Keyes and Illustrated Properties luxury listings, other properties will also be featured at LPS Beijing including Brickell City Centre (in conjunction with One Sotheby’s), Palazzo Del Sol -Fisher Island, Buena Vista-Key Biscayne, Metropica, Paramount, The Gale, RIVA Residences-Fort Lauderdale, The Grove Resort-Orlando, City Center West Orange, The Reserve at Edgewood, and a The Island Ranches at the South of Abaco.

The Ragbirs will be spending nine days in Beijing with seven Keyes associates building on the relationships they developed at prior LPS events and striking up new ones.

“We are fully committed to the luxury market segment; capitalizing on the inbound offshore business fits perfectly with our strategy,” said Keyes CEO Mike Pappas. 

“The high level of activity generated from each China trip shows us that many Asian and Eastern European investors are seeking U.S. residency and the excellent investment opportunities in our growing South Florida real estate market.”

In 2016, Keyes listed more than one billion dollars in homes valued at more than a million dollars under its Keyes, Illustrated Properties and Platinum Properties brands.  

“The Ragbirs have done a great job building lasting relationships with offshore investors,” added Pappas.  We are excited about the prospects for the upcoming LPS Beijing 15th Edition event.”

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

Jasmin Curtiss

PR Coordinator, BoardroomPR

jcurtiss@boardroompr.com

O 954-370-8999

Marcus & Millichap Arranges $700,000 Sale of Sherwin Williams Fall River Site in Fall River, MA

Jaclyn Blair

FALL RIVER, MA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sherwin Williams Fall River, a 4,852-square foot net-leased property located in Fall River, Massachusetts, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $700,000.

Tim Thompson

Jaclyn Blair, an investment specialist in Marcus & Millichap’s Tampa office represented the buyer, which purchased the property to complete the “up-leg” of a 1031 tax deferred exchange.

  Jaclyn also sold the buyer’s relinquished property as part of the same exchange.  Tim Thompson, Regional Manager of the firm’s Boston office, is the broker of record in Massachusetts.

Sherwin Williams Fall River is located at 555 Pleasant Street in Fall River, Massachusetts. 

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

Ari Ravi

Regional Manager, Tampa

(813) 387-4700