Multifamily Investment in California Bay Area Remains Active: Levin Johnston Group Announces 17 Transactions in Q4 Totaling Over $238 Million

Adam Levin

BAY AREA, CA – Levin Johnston Group, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has wrapped up Q4 2017 with an additional 17 transactions in the multifamily sector of the Bay Area market totaling over 610 units and $238 million – bringing the group’s total for 2017 to 48 transactions, and more than $600 million.

“Levin Johnston Group specializes in services that are far beyond transactional. 

"We truly are wealth and investment advisors for our clients, and our track record attests to our results,” states Adam Levin, Senior Managing Director of Levin Johnston Group. 

“With an in-depth knowledge of the Bay Area market, we are able to help our clients identify secure investments that deliver strong returns for the long term.”

Levin notes that employment fundamentals, both in numbers and in average salaries, has played a prominent role in the active multifamily investment market in Silicon Valley.

“We are fortunate to specialize in a market so close to major companies such as Apple, Google and Amazon, as well as many other firms that share the same talent pool and employee lifestyle sensibilities,” notes Robert Johnston, Senior Vice President of Levin Johnston Group. “By tapping into the potential of this market and navigating local nuances, we are able to support our Clients in leveraging the strength of this market and achieving strong value creation in their investments.”

Robert Johnston

The 17 multifamily transactions Levin Johnston Group has directed include:

Arbordale Gardens Apartments

Levin Johnston represented the buyer and the seller, both private owners, in this $27,750,000 transaction. This multifamily property consists of 72 units and is located just 2.3 miles from the TESLA Headquarters with tremendous upside potential in rental income. Arbordale Gardens Apartments is located at 42010 Blacow Road in Fremont, California.

The Bungalows at Mathilda

Levin Johnston successfully directed the $26 million sale of this 68-unit multifamily property on behalf of both the buyer and the seller, both of which are private owners. This property is in close proximity to the Microsoft headquarters as well as other large tech companies. The Bungalows at Mathilda is located at 126 W. Ahwanee Avenue in Sunnyvale, California.

Colony Manor

The $18.6 million sale of this 40-unit multifamily asset was directed by Levin Johnston on behalf of the buyer and seller. This site is located at 1660 Hollenbeck Avenue in Sunnyvale, California.

Mosaic Apartments

Levin Johnston completed the $15.9 million sale of this 41-unit multifamily property on behalf of the buyer and the seller, both private owners. The Mosaic Apartments is located at 1660 Gordon Street in Redwood City, California.

pksl

Levin Johnston represented the seller in the $15.6 million disposition of this 37-unit multifamily property in the core of Silicon Valley. This site is located at 1090 Sunnyvale Saratoga Road in Sunnyvale, California.

Village Drive Apartments

The Village Drive Apartments consists of 30 units located near major highways and interstates as well as the Caltrain station. Levin Johnston represented the buyer, a private owner, in this $15.2 million acquisition. The property is located at 1100-1114 Village Drive in Belmont, California.

Bonanza Apartments

Levin Johnston represented both the buyer and seller in this $14 million deal. This 52-unit apartment community is located just one mile from the Alameda Ferry Terminal at 430-450 Buena Vista Avenue in Alameda, California.

Calaveras and Adams

This 32-unit portfolio was sold at $11,050,000. Levin Johnston represented a private owner as the seller. The site is located at 1559 E. Calaveras Boulevard in Milpitas, California – in close proximity to the new BART station.

2.75-acre Land Sale in Fremont

This $11 million transaction was directed by Levin Johnston Group on behalf of the buyer and the seller, both of which are private owners. This 2.75 acre land site is located at 3515 Walnut Avenue in Fremont, California.

Glen Eyrie Towers

This 30-unit multifamily property sits just one mile from two major highways and is in walking distance to various downtown amenities. The $10.6 million acquisition was directed by Levin Johnston on behalf of the buyer and is located at 101 Glen Eyrie in San Jose, California.

Sol @ Campbell

Levin Johnston Group successfully completed this $10 million transaction on behalf of the buyer and seller. This 26-unit property is located in the heart of Silicon Valley at 350 Dunster Drive in Campbell, California.

67-Unit Portfolio in Santa Clara

Levin Johnston has also completed the transaction of a 67-unit portfolio in Santa Clara, California totaling $24.9 million. The portfolio consists of four separate multifamily properties near major employers including Apple, Microsoft, Intel and Amazon. Levin Johnston represented the buyer, a private investor, and the seller, a private owner in this deal. The properties are located at 1962 Bellomy Street, 1972 Bellomy Street, 1978 Bellomy Street and 470 California Street in Santa Clara, California.

Multifamily Acquisition on Elm Street

Levin Johnston successfully directed the acquisition of a 20-unit multifamily property near Downtown San Mateo. Located at 131 Elm Street, the property was acquired by a private owner for a total of $9.3 million. Levin Johnston represented the buyer in this transaction.

Villa Fairlane

Levin Johnston completed the transaction of a 35-unit multifamily property situated on 0.82 acres of land for $9,050,000. Levin Johnston represented both the buyer and the seller in this deal.  The property is located at 264 La Pala Drive in San Jose, California.

Delano Apartments

Located next door to Villa Fairlane, 35-unit Delano Apartments also sold for $9,050,000. Levin Johnston Group represented both the buyer and the seller in the transaction. The property is located at 272 LA Pala Drive in San Jose, California.

Mountain View Multifamily Disposition

Levin Johnston Group directed the sale of a 20-unit multifamily property for $8.2 million. Levin Johnston represented the seller, a private family partnership, in this transaction. The building is located at 500 Chiquita Avenue in Mountain View, California – in close proximity to major employers such as Google and LinkedIn.

Hayward Disposition

Levin Johnston successfully directed the $1.4 million disposition of an 8-unit multifamily property with tremendous value-add potential. Located at 22242 Western Boulevard in Hayward, the site is in walking distance to both Downtown Hayward and the local BART station.

For more information on this release, please contact:

Jordan Kruk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JKruk@browermillercole.com

29th Street Capital Acquires Third Las Vegas-Area Property

 

Promenade at Sahara Apartments, Las Vegas, NV

  

Las Vegas, NV (Jan. 19, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas, Nevada.

 29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package.

Dusty Eddy

“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”

Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip. The community is located near many daily conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and provides its tenants with easy access to I-515 and Boulder Highway.

The Las Vegas market has experienced significant economic improvement in recent years. Cushman & Wakefield reported that Las Vegas is the #2 real estate market for rent growth at 5.5%. In addition, employment growth in 2017 is at nearly 3%, which is roughly double the national average. 

“This property is in a growing workforce neighborhood with great accessibility to downtown, the strip, North Las Vegas and other destinations,” Eddy added. “With the combination of the great location and our capital improvement program, we will create exceptional value for our residents and investors.”

 The transaction closed January 19. The sale price was not disclosed.

29th Street Capital acquired 16 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.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers.

29SC’s multifamily portfolio consists of more than 6,300 units and it has acquired over 10,000 units across its 14 offices in the U.S.

Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.

For more information on this release, please contact:

Terri Thornton

Partner, Thornton Communications

Phone: 404-932-4347

Terri@TerriThornton.com

www.TerriThornton.com

www.29thstreetcapital.com.

Park Tower Renovations Underway;Tampa, FL Building Experiences Strong Leasing Momentum

Rendering of Park Tower, Downtown Tampa, FL

  TAMPA, FL – 2017 was a good year for Tampa’s Park Tower. A new ownership group consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners commenced a multi-million dollar renovation at Park Tower to be completed this summer.

Mike DiBlasi

Since acquiring Park Tower, eleven new tenants have leased space at the building. Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing expects 2018 to be even better.

“The renovation announcement really jump-started our leasing efforts in 2017,” said DiBlasi. The largest of those deals was a 10,500 square foot lease with CAPTRUST Advisors, LLC to relocate their headquarters to the building.

In 2017, DiBlasi and Leasing Representative Ceci Tricoli leased over 44,000 square feet of new space before renovations began, and have signed proposals in-hand for an additional 15,000 square feet.

The ownership group successfully converted an empty 14,685 square foot full floor to move-in ready spec suites ranging in size from 1,500 square feet to 3,500 square feet. The suites have been quickly absorbed by the market. 

“We hope to convert another floor to move-in ready suites this year -- unless of course, a full floor user sweeps in first.” said DiBlasi. “Once the renovations are completed this summer, including the addition of a swanky new Buddy Brew Coffee café in the lobby, Park Tower will be more than 90% leased for the first time in over a decade.”

Ceci Tricoli

DiBlasi expects the renovations and spectacular views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline to advance the quick lease-up of the building’s remaining office space.

 “We have had tremendous success leasing up our past projects after completing our renovations - current occupancy is over 97%. Park Tower should be similarly successful. This is a great opportunity for tenants of all sizes to move into the heart of downtown,” said DiBlasi.

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities LLC and Tower Realty Partners acquired Park Tower.

New leases signed include the headquarters relocation of CAPTRUST Advisors, LLC, Buddy Brew Coffee and Continuity Logic, LLC. The building is anchored by BB&T, United States Department of Justice – US Attorney’s Office, Level 3 Communications, and Lykes Insurance.

The most significant change underway at Park Tower is the modernization and brightening of the 475,000 square foot office building’s façade by painting the exterior white and upgrading the main entrance.

The building’s amenities are also being upgraded with a modern, new lobby and the addition of Buddy Brew Coffee café.  The office tower’s design was created by internationally-renowned architect Gensler.

In the works are new tenant amenities, including:

·         High-end, Buddy Brew Coffee, lobby café with seating

·         6th floor “Chill Zone” tenant lounge

·         All new fitness center and yoga room with spin bikes

·         Shared tenant conference room

·         New lobby concierge desk

·         Renovated parking garage with new LED lighting

 Park Tower is located in the heart of downtown Tampa directly across from The Tampa Riverwalk & Hillsborough River; Curtis Hixon and Gaslight Parks; and the Glazer Children’s Museum and the Tampa Museum of Art.

Park Tower Renovations Underway;Tampa, FL Building Experiences Strong Leasing Momentumnvention Center, University of Tampa, and the David A. Straz Jr. Center for the Performing Arts. The tower is LEED EB Gold Certified and EPA Energy Star certified.

 The tower’s current amenities include FedEx Office, U.S. Post Office, BB&T Bank, Grow Financial Credit Union, Pearl Salon, Nature’s Table Café, and a fitness center and conference room (currently undergoing renovation).

For more information on this release, please contact:

Tammy Youngman

tyoungman@assetmarketingonline.com

Calum Weaver

MIAMI, FL -- Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire NoMia Land: a ±1.88-acre site located at the intersection of one of North Miami’s most traveled thoroughfares at NE 135th Street (47,000 vpd) and NE 6th Avenue (26,000 vpd).

The site is within the newly established Neighborhood Redevelopment Overlay district (NRO) that allows up to 100 units per acre and a building height of up to 110 feet, allowing for 188-units with a minimum average of 750 square feet. The site zoning allows for a variety of uses including residential, commercial, hotel, mixed use and assisted living.

The site serves as a “Main and Main” location within the City of North Miami. The site is approximately 1.5 miles from I-95 and Biscayne Boulevard, allowing easy access to the areas major thoroughfares.

Moreover, the site is walking distance to Arch Creek Elementary and North Miami Middle and High Schools as well as the North Miami Downtown District located on NE 125 Street.

For more information on this release, please contact:

Calum Weaver

calum.weaver@cushwake.com

Daum Commercial Assists International Apparel Co. in Identifying State-0f-The-Art Industrial Facility in Tight Orange County, CA Market

Industrial Property, Fullerton, CA

FULLERTON, CA – DAUM Commercial Real Estate Services has completed the $32.59 million acquisition of a 181,069 square-foot industrial property in Fullerton, California, on behalf of the buyer, Independent Trading Company, an international apparel distribution company.

Casey Mungo

The buyer is relocating to North Orange County from the nearby Los Angeles County city of Whittier, according to Casey Mungo, an Executive Vice President and Principal at DAUM’s South Bay office.

“Using our connections and deep knowledge of the industrial sector throughout Southern California, we were able to identify an ideal Class A, state-of-the-art, modern distribution facility for our Client,” says Mungo, who represented the buyer in this transaction.

 “This asset is new construction and strongly-suited to the buyer’s needs. By relocating to this best-in-class facility, our Client is investing in improved operational efficiencies, and providing a fresh environment for its team.”

The asset was sold by the developer, Western Realco, and the buyer will be the first occupant.

The property’s location off of the State Route 91 and State Route 57 freeways provides ease of access throughout the region and to the Ports of Los Angeles and Long Beach, further driving the appeal of the property, notes Mungo.

The building features in-demand amenities including 6,984 square-feet of office space, 32’ clear height, dock-high loading, a large truck court, and ESFR sprinkler system.

The asset is located at 4150 N. Palm Street in Fullerton, California. Ben Seybold and Sean Ward of CBRE represented Western Realco as the seller in this transaction.

For more information on this release, please contact:

Elisabeth Manville / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

emanville@browermillercole.com

HFF announces sale of office tower in Portland’s Old Town/Chinatown district

220 NW Second Avenue Office Tower, North End of Central Business District
in Portland, OR

Logan Greer

PORTLAND, OR – Jan. 18, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of 220 NW Second Avenue, a 238,751-square-foot, value-add, transit-oriented office tower in the north end of Portland’s CBD.

The HFF team marketed the property on behalf of the seller, Menlo Equities. An institutional investor, advised by local development partner Specht Development, Inc., purchased the asset.

Michael Leggett

220 NW Second offers unmatched connectivity to public transit and sweeping views of the Portland skyline across large contiguous floor plates. The building has served as NW Natural’s headquarters since construction.

 With NW Natural’s relocation to 250 Taylor, the new ownership will have the opportunity to reposition 220 NW Second by modernizing the lobby, adding first-floor shared tenant amenities and activating existing retail spaces. 

The HFF investment advisory team included director Logan Greer, senior managing director and co-head of HFF’s national office investment advisory platform Michael Leggett, senior managing director Gerry Rohm, senior director Ben Bullock, director Dave Otis and analysts Jeff Hodson and Kevin Freels.

 “We continue to see value-add opportunities price aggressively across the Pacific Northwest,” Greer said. “Within the close-end fund space, an immense amount of value-add capital has accumulated and, with few opportunities in the market, we do not expect the pent-up demand for value-add product to decline anytime soon.”

 Founded in 1994 by Henry Bullock and Rick Holmstrom and headquartered in Menlo Park, California, Menlo Equities is a vertically integrated commercial real estate company engaged in the acquisition, development and operation of properties in select technology markets.

Gerry Rohm

 Since its founding, Menlo Equities has acquired or developed more than 110 properties with a total value of approximately $5.6 billion, and they have developed and built more than 4.1 million square feet of high-profile office, R&D and engineering commercial real estate.  Learn more at http://www.menloequities.com/.

Specht Development, Inc. was formed in 1992 as the development services arm for all related Specht entities and is located in Lincoln Tower in Portland, Oregon.

Specht Development, Inc. has been involved in all sides of real estate transactions; as advisor, buyer, seller, partner and developer. This perspective enhances its ability to achieve market and client goals and to offer cost effective and creative solutions to real estate opportunities.

Since its founding, Specht (and its affiliated entities) has been responsible for developing or providing project and construction management on over 9.5 million square feet of commercial and industrial real estate with a cost basis of over $822 million.

For more information on this release, please contact:

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com

Blackton, Inc. to Provide Roofing and Flooring Products worth More than $2 million for Sedona Community in Kissimmee, FL

Orlando, Fla. --- Blackton Inc., the Orlando firm that ranks as one of Central Florida’s largest distributors of materials to homebuilders has been selected as the supplier of roofing and flooring at Sedona, a Maronda Homes community in Kissimmee. 

Michael “Micky” Blackton, chief executive officer, said his firm will provide more than $2 million worth of roofing and flooring materials in the construction of some 240 single-family homes at Sedona, Maronda’s newest community in Kissimmee located on Ham Brown Rd. just south of Orange Blossom Trail. 

   

“Maronda Homes has been a loyal client for decades as they’ve been building and serving new homebuyers throughout a six county region of Central Florida,” said Blackton.

Blackton, Inc., a family owned business headquartered on Alden St. near Ivanhoe Row north of downtown Orlando, has been supplying the home building industry from Jacksonville to Tampa for over 60 years.

For more information on this release, please contact:

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

Marcus & Millichap Arranges $9.5 Million Sale of Villa San Michele, a 272-Unit Apartment Building in Tallahassee, FL

Villa San Michele, 1694 Baldwin Park Drive, Tallahassee, FL

TALLAHASSEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of Villa San Michele, a 272-unit apartment property located in Tallahassee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,515,000.

John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution. The buyer, a partnership, was secured and represented by Brigel.

John E. Brigel

      “The seller, after an unsuccessful attempt to sell the property a year ago, engaged Marcus & Millichap to get it sold. We told a compelling story creating a market for the asset that attracted qualified and motivated buyers nationwide willing to acquire the property at our client’s price.

”The marketing efforts developed strong, high-quality offers thus teeing up buyers for similar properties,” says Mr. Brigel.

            Constructed in 2008 the subject property is 99 percent leased as of September 6, 2017, with 91.5 percent of the leases having a guarantor. The community is a gated student housing townhome community and serves Florida's largest tier-one student housing market.

Villa San Michele is located at 1694 Baldwin Park Drive in Tallahassee, Florida.  

For more information on this transaction, please contact:

Rachel.JeanPierre@marcusmillichap.com or

Ari Ravi

Regional Manager, Tampa

(813) 387-4700

American Realty Advisors Adds to Sale And Investor Relations Team

Scott Beltz

LOS ANGELES, CA  – American Realty Advisors (“ARA”) is pleased to announce that Scott Beltz has joined the firm as Senior Vice-President/Client Portfolio Manager.

  In this role, Mr. Beltz will be responsible for developing and maintaining new and existing institutional business relationships for the firm’s full-range of commercial real estate investment products. 

 He will be covering the Western U.S. region and will join an existing team of professionals located nationwide.

Mr. Beltz brings to ARA nearly 20 years of experience working with traditional and alternative investment products on a global scale.  Most recently, he was a Managing Director at Pacific Alliance Group where he led their marketing and client servicing efforts in the U.S. and Australia. 

 Prior to that, he spent fourteen years at Oaktree Capital Management, most recently as head of their Asia Pacific marketing and client servicing business. Prior to Oaktree, Mr. Beltz was a member of the marketing department at Pacific Investment Management Company (PIMCO).  Mr. Beltz holds a B.A. degree from the University of California, Berkeley and is a CFA charterholder.

Jay Butterfield, ARA’s Executive Managing Director and Head of Business Development, commented, “We are pleased to have Scott join our investor relations team and add his unique skills and extensive experience to growing our business.  His global exposure and deep market knowledge will be a strong addition to the team.  We are looking forward to Scott building relationships at ARA and moving our vision for future growth forward.” 

              

For more information on this release, please contact:

Miki Akil / Lexi Astfalk for American Realty Advisors

Brower, Miller & Cole

(949) 955-7940, makil@browermillercole.com

www.aracapital.com.

HFF closes sale and arranges joint venture for development of 104,500 SF Mission Viejo Medical Center in Southern California

                         Mission Viejo Medical Center, Mission Viejo, CA

SAN DIEGO, CA – Jan. 17, 2018 – HFF announces that it has closed the partial interest forward sale and arranged the full capital stack of joint venture equity and financing for the construction of the ground up development of Mission Viejo Medical Center, a fully-approved, 104,500-square-foot, Class A medical office building situated on the southeast parking field of the Shops at Mission Viejo, a Simon-owned super regional mall, and just steps from the main entrance of Providence St. Joseph’s 523-bed Mission Hospital in Mission Viejo, California. 

Aldon Cole

The HFF team served as an advisor to the seller, NCA Real Estate, a Newport Beach, California-based developer, in order to explore strategic options including construction financing, joint venture equity partnerships and a forward sale. 

Ultimately, Welltower, Inc. (NYSE: HCN) agreed to purchase the developer’s interest and also provide equity and debt capital to the new partnership.

“The HFF team has been a valuable advisor to NCA as the project has evolved over the past several years, and the insights and advice they provided were critical in the successful capitalization of the project,” said David Zak, managing partner of NCA.

Mission Viejo Medical Center (“MVMC”) was conceptualized by NCA more than eight years ago when it commenced negotiations to acquire the mall site.  NCA recognized the synergies between retail and medical office projects and focused on an underutilized part of the mall. 

Olga Walsh

It is anticipated that the new project will bring substantial economic benefit to the mall from the patients and employees that will be brought to the mall each day and the mall will serve as a strong amenity to the project. 

NCA’s development team, led by Dana Whitmer, overcame numerous obstacles to close on the site and gain the necessary entitlements to construct the project, and the finished product will be well worth the effort.

Evan Kovac

MVMC will be the first on-campus medical office building constructed in South Orange County in over 10 years.  Upon completion in 2019, MVMC will be completely occupied by Mission Hospital and will include a comprehensive cancer center, medical imaging suite, endoscopy center and other significant outpatient services. 

 Designed from the ground up to be a best-in-class facility, MVMC is at the front door of the region’s pre-eminent hospital and ideally situated to serve a rapidly growing population. 

The building’s functional design was guided by HGA Architects and Engineers and emphasizes flexibility and efficiency.  The project is being constructed by Snyder Langston who has been an invaluable resource to NCA throughout the design and engineering process.

The HFF medical office investment advisory team representing the seller consisted of managing director Evan Kovac, director Andrew Milne and senior associate Trent Jemmett. 

The HFF debt placement team included senior director Zach Koucos, senior associate Olga Walsh and senior managing director Aldon Cole. 

“NCA and Welltower worked diligently throughout the complicated process, often under compressed timeframes, to see this deal come to fruition.  Once completed, MVMC will be one of the pre-eminent on-campus MOBs in the United States,” Kovac said.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

For more information on this transaction, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

HFF announces $26.715 million construction loan for adaptive re-use project in Nashville, TN

Daniel Kaufman

CHICAGO, IL – Jan. 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces a $26.715 million construction loan for the adaptive re-use of the former May Hosiery textile mill in Nashville, Tennessee.

The HFF team worked on behalf of the borrower, Chicago-based AJ Capital Partners, to secure the two-year, floating-rate loan through LoanCore Capital.  Loan proceeds will be used for the renovation and the remaining lease-up of the property.

Originally built in 1909, the 120,000-square-foot facility was home to May Hosiery, which made socks for most of the twentieth century.  The property was mostly vacant for the last three decades and is now being redeveloped into a vibrant mixed-use property featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. 

 The project also includes a private rooftop terrace and central outdoor spaces.  At the time of closing, May Hosiery was 47 percent pre-leased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken and Fish, and Blockhouse Barbers. 

Christopher Knight

The development is located at 425-431 Chestnut Street and 510 Houston Street in the dynamic Wedgewood Houston neighborhood, which has become one of Nashville’s fastest growing mixed-use communities.   

The HFF debt placement team representing the borrower included managing director Danny Kaufman and director Christopher Knight. 

“It was an absolute pleasure to work with the team at AJ Capital and LoanCore on this financing,” said Kaufman.  “AJ consistently creates successful and totally authentic real estate projects that capture the spirit of their locations.  It is very special to be part of their creative process.”

“The May Hosiery project is well conceived and will satisfy growing demand for innovative office and dynamic retail / entertainment space in Nashville’s Wedgewood Houston neighborhood,” added Knight.

AJ Capital Partners is a dynamic private equity investment and development organization with a portfolio of lifestyle hotel, luxury resort, and mixed-use assets across North America.

 Founded in 2008 by Ben Weprin, the company’s core competency is the creation of distinctive, locally-inspired properties set in high growth and high culture environments with diverse demand generators.  

Ben Weprin

Its experienced team leverages their hospitality-centric approach to design, programming, and place-making to drive long-term value creation in timeless real estate. 

The company has specific expertise in the execution of major adaptive re-use projects with historical significance, repositioning of existing assets, and ground-up development in U.S cities and university towns.

This body of work includes The Chicago Athletic Association, Calistoga Ranch, Soho House Chicago, Thompson Nashville, and Graduate Hotels.

For more information on this release, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Embassey Suites by Hilton New York – Midtown Manhattan Celebrates Grand Opening

Embassy Suites by Hilton New York -- Midtown Manhattan

MANHATTAN, NY,  Jan. 17, 2017--The Buccini/Pollin Group, Hidrock Properties and Hilton Hotels & Resorts today announced the opening of the 310-suite Embassy Suites by Hilton New York - Midtown Manhattan in New York. 

BPGS Construction oversaw entitlement and construction of the project, and PM Hotel Group performed technical services during programming, design and construction and manages the newly opened hotel. 

CAMPION PLATT Interiors was selected to design the hotel’s public areas, while HVS Design was responsible for the guest suite and corridor designs, and PPA provided the architectural plans.

Dave Pollin

BPG was intrigued by the opportunity to build New York City’s only Embassy Suites by Hilton hotel in an irreplaceable location.  

While New York City has witnessed an explosion of new select-service hotels on the fringes of the city’s business and residential districts, the Embassy Suites’ core location, unique and differentiated brand, all-suites configuration, multiple F&B options and 39-story design set this project apart.

 Located between 5th Avenue and 6th Avenue on 37th Street, the hotel has great access to uptown, downtown, the city’s most important transportation hubs, and crucially, Midtown South’s busy office submarket. 

Finding a site that could accommodate the Embassy Suites brand, regardless of location, was also paramount.  The 37th Street site is block-through, providing for access to both 36th and 37th Streets, and the requisite width and depth to accommodate an all-suite configuration. 

The Embassy Suites brand is known as a category killer, meaning that it dominates its segment – the all-suite format.  Each suite comes with much more space than traditional hotels, especially the newer, economy projects being built on the fringes of the city.

 The Embassy Suites brand is also highly differentiated through its value proposition – a complimentary, cooked to order breakfast and hosted evening reception – in addition to providing a selection of a la carte dining and bar options.  Finally, BPG was motived by the potential to build a 39 story building when much of the surrounding neighborhood is approximately 20 stories tall, providing stunning views of Manhattan.

With three bespoke food and beverage concepts, including one of Manhattan’s most coveted outdoor bar and function spaces, the Embassy Suites New York - Midtown Manhattan invites the community and hotel guests to enjoy a drink from its seasonal cocktail program developed by local mixologist and distiller, Allen Katz. 

Allen Katz

“BPG believes that if we hired a typical commercial hotel designer, we would get a typical commercial hotel design,” said Dave Pollin, BPG co-founder.  “Many travelers today can’t tell the difference between a hotel located in Cleveland or one in Canberra due to ‘generic hotel aesthetic blur.’ 

We hired Campion Platt to set the tone and lead the design team due to his NY experience and sensibilities; they were apparent at our very first meeting.  Campion grasps the city at its DNA level, including a deep historical understanding of the Garment District. 

“We sensed that Campion also shared our belief that the people who work and live in the neighborhood, especially the generations that preceded us, create what make it special today.  Campion also is brilliant at adding memorable, irreverent and witty design flourishes to commercial spaces that need to function efficiently and be resilient for decades.”

Located at the crossroads of New York City - Herald Square and the bright lights of Broadway - the 39-story Embassy Suites by Hilton New York - Midtown Manhattan hotel is the place to see and be seen.   With a glass façade offering supreme views of the iconic New York City skyline, the hotel is surrounded by Ernst & Young, IPG and Morgan Stanley and only a quick walk to Times Square, the Empire State Building and 5th Avenue shopping.  Penn Station and Grand Central Terminal are both steps away, easily connecting the hotel to LaGuardia, JFK and Newark airports and Amtrak’s NE Corridor.

Campion Platt

The hotel's 310 studio suites are elegant spaces consisting of sophisticated, custom finishes.  Many feature semi-private living areas with an oversized sofa seating area, some contain balconies, and all provide sweeping city views. 

 Suites provide complimentary WIFI, two 42-inch HDTVs, spacious work area, mini-fridge, microwave and coffeemaker. Luxury bath amenities and spa-like showers make the bathroom experience unique in New York.

The Embassy Suites resides in New York’s famed Garment District, the nexus of American Fashion. The Garment District serves as the creative hub of the apparel industry and is a destination for wholesale buyers, designers, stylists, retailers, students, shoppers and fashionistas around the world.

SkyLawn, the hotel’s innovative outdoor venue, can host events for up to 300 people.  The Heist Bar & Lounge intrigues guests by celebrating the greatest jewel heists in history through inventive cocktails while paying homage to New York’s famed Diamond District. The eclectic fare ranges from deviled eggs three ways to “The Heist” burger, served “with all the crown jewels.”  

The Farm Café on the third floor features a relaxing, sun-filled room for all day dining set against lacquered barn wood and tiered landscaped terraces. All hotel guests enjoy complimentary, cooked-to-order breakfast and evening cocktail reception daily at the Embassy Lounge.

BPG, Hidrock and the Embassy Suites development team engaged Campion Platt, one of NY’s most renowned interior designers, to envision and create an authentic New York design that captures the energy and innovation of the Garment District.   

Garment District, New York City, NY

From the loading dock’s glass wall, movie-projection system, to the soaring three-story lobby “water column,” to the hotel’s lobby “jewel box,” a playful homage to New York’s famed diamond dealers, the interiors feature multiple surprising features inspired by the fashion industry.  

The cool metallic and colored glass interiors are balanced with richly textured textiles and set against a quirky blend of commissioned art in partnership with Voltz Clarke.

For more information on this 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.bpgroup.net

www.pmhotelgroup.com