WNC Closes $135 Million Institutional LIHTC Fund

Christine Cormier

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced it has closed WNC Institutional Tax Credit Fund 44, L.P. (WNC Corp. 44), a $135 million institutional low-income housing tax credit (LIHTC) fund.

WNC Corp. 44 includes 2,098 units of urban, suburban, and rural affordable housing for families and seniors scheduled for new construction and rehabilitation.

The properties are located in 18 states: Alaska, Arkansas, Arizona, California, Connecticut, Iowa, Illinois, Kansas, Louisiana, Minnesota, Mississippi, North Dakota, New Mexico, Rhode Island, Tennessee, Texas, Utah and Wisconsin.

“We are particularly excited about the closing of this fund due to several of its projects containing units built for individuals with special needs,” said WNC Senior Vice President of Investor Relations Christine Cormier.

“Additionally, WNC Corp. 44 will bring the first-ever affordable housing development to Kodiak, Alaska, expanding the program’s reach and delivering much needed, low cost housing options to families in need.

"WNC Corp. 44 also has a very high percentage of repeat development partners at 94 percent, speaking volumes of the fund’s quality of projects and the lasting partnership between WNC and each developer.”

For more information, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com.

HFF announces $5.4M sale and $3.78M financing of Orlando-area retail center

Michael Weinberg

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.4 million sale and the $3.78 million acquisition financing of the Shoppes of Lake Mary, a 38,495-square-foot shopping center in the Orlando-area community of Lake Mary, Florida.

The HFF team marketed the property on behalf of the seller, Cliff Stein and Reid Berman of Tower Realty Partners, Inc.  Galium Capital purchased the asset free and clear of existing debt.  Additionally, the HFF team worked on behalf of the new owner to place the five-year, floating-rate loan with Florida Community Bank, N. A. 

Shoppes of Lake Mary is home to 16 tenants, including Altamonte Pediatrics, Painting with a Twist, French Quarter Exchange, Dalli’s Pizzeria, Lighthouse Seafood and Lake Mary Dry Cleaners. 

Rebecca Van Reken

Situated on 4.67 acres at 101 North Country Club Road, the shopping center is in Lake Mary, a high-growth area in the northern part of the Orlando MSA, across the street from the new 200-unit Station House multi-housing community. 

Brad Peterson

Additionally, Lake Mary is home to 7.5 million square feet of office space, and 67,798 residents earning an average annual household income of $79,954 live within three miles of the center. 

The HFF investment advisory and debt teams representing the seller included senior managing director Brad Peterson, director Whitaker Leonhardt and associate Michael Brewster. 

The HFF debt placement team representing the borrower consisted of senior managing director Michael Weinberg and managing director Rebecca VanReken.  Andy Johnson, senior vice president at Florida Community Bank, N. A., represented the lender.

“Lake Mary is one of the most desirable submarkets in the Orlando MSA not only for retail but also for apartments and office investments as well,” Leonhardt said.  “Investors were thrilled with the opportunity to reposition Shoppes of Lake Mary given its location in downtown right next to City Hall and adjacent to the SunRail station.”

Whitaker Leonhardt

“We were pleased to source acquisition financing for a quality investor like Galium Capital,” VanReken added.  “The Galium team’s thoughtful approach and attention to detail will serve them well as the new owners of this charming neighborhood center.”

Tower Realty Partners, Inc. (Tower) is a privately held, commercial real estate investment and management company based in Orlando, Florida.  The company is a recognized leader in the value-add office investment community with an established 30-year track record of delivering exceptional risk adjusted returns for investors. 

 Founded in 1987 by principals Cliff Stein and Reid Berman, Tower has been involved for the acquisition, leasing and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions. 

Iser Rabinovitz

 In addition to real estate investments and property management, Tower offers a full spectrum of supplementary services including asset management, development, facilities management, construction management and brokerage services. 

For more information, visit towerrealtypartners.com.

Galium Capital is a real estate investment and development company based in Miami, Florida, with $250 million in assets under management.  Led by Jacques Bessoudo and Iser Rabinovitz, Galium is an active value-add investor in the residential and retail sectors.  Learn more atgaliumcapital.com.

 For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

RECI Finds Many Attractive Funding Choices From Pool of Lenders

John Oharenko

Chicago, IL - Last month's Fed rate hike was a result
of a stable and strong economy characterized by tight labor markets. As
short-term rates climb, long-term rates stay stubbornly low. Today's prime
rate, 4.75%, is often more costly than typical ten-year mortgages. As a
result, borrowers are rewarded with better pricing for securing long debt
instead of riding with floating rates. After adjusting for compressed
mortgage spreads and treasury rate hikes, mortgage rates are about the sameas January of last year. Given these "inverted term" mortgage marketconditions, the following observations are noted:

Volatility: Even as the Fed is expected to raise rates again throughout the year, global events dominate pricing beyond monetary policy control.
March's five and ten-year treasury movements in excess of 15 basis points
prove that less predictable rate behavior is now "normal." Also, the same
two treasury notes are only 18 basis points apart, historically out of
balance. 

Jeanne Peck

Tight spreads: Even as conduit pricing widened over recent weeks (nearly 20
basis points during the past quarter), relentless competition from other
sources and lack of product keep loan spreads from widening too much.
Mortgages still provide attractive pricing as compared to equivalent
corporate bond yields.

Creativity: Above and beyond pricing, lenders now generously offer
interest-only payments as part of the underwriting. Expect to see even more
"freebies" [or at substantially reduced costs] such as appraisals and
third-party fees incorporated into the loan closings. Bridge lending
programs prove to be popular forms of creative financing for value-add
properties with about a hundred funding sources targeting such
opportunities.

Variety: A multitude of lenders target different components of the capital
stack, offering many attractive funding choices. Banks stay on the short
end of the term curve; Life companies and conduits battle for longer-term
debt; Agencies target all types of multifamily opportunities and debt funds
provide higher proceeds. With so many sources, pricing consistency varies
as lenders continuously adjust offerings. Advertised pricing and terms will
often improve - at times dramatically-due to intense competition.

The Real Estate Capital Institute's(r) John Oharenko, recommends, "Loan
underwriting is evolving quickly as lenders juggle with finding winning
funding formulas. Commercial real estate is still a darling sector for
investment managers."


For more information, please contact: Jeanne Peck, Executive Director

director@reci.com 
www.reci.com

Rhodes+Brito Architectural Firm Names Marie F. Sarich Marketing Manager

Marie F. Sarich

ORLANDO, FL--- Rhodes+Brito, Inc., recently named Marie F. Sarich marketing manager at the award winning architectural firm in downtown Orlando.   

Ruffin Rhodes, co-founder, said Sarich is an accomplished creative and marketing professional with more than 20 years of experience at leading national and international companies across a range of industries and markets. 

Sarich has served the marketing design division at Walt Disney Company covering nearly two decades in various roles that more recently involved creative, art direction, graphic design and artistry.

At Rhodes+Brito, Sarich will be responsible for multiple disciplines in the realm of marketing, including art and creative direction, business proposals and presentations, and graphic design.

Ruffin Rhodes

“Marie brings a great deal of strength, focus and vision to our team,” said Rhodes “She is an experienced and knowledgeable marketing and creative expert and we are excited to have her on board.” 

Rhodes+Brito opened for business in downtown Orlando in 1996 and currently employs a staff of 22 including eight registered architects.   

For more information, contact:

Larry Vershel or Beth Payan Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com

IREM® Earns 2018 ENERGY STAR® Partner of the Year Award

Angela Aeschliman CHICAGO, IL – IREM® (the Institute of Real Estate Management) is proud to announce that it received the 2018 ENERGY STAR Partner of the Year Award for its outstanding efforts in the Energy Efficiency Program Delivery category. IREM received the award for the following programs and activities: Live and online training on energy management, including a new course on benchmarking multifamily properties in the ENERGY STAR Portfolio Manager benchmarking tool.   Integration of ENERGY STAR tools and resources with the IREM Certified Sustainable Property certification, an affordable, achievable, and meaningful recognition for existing office, multifamily, and retail properties.    Industry research on energy efficiency practices and perceptions among real estate managers, including benchmarking and use of ENERGY STAR tools and resources, as well as a forthcoming study on the impact of property certifications such as ENERGY STAR on the financial performance of multifamily communities.    Participation in ENERGY STAR-related events and U.S. Environmental Protection Agency (EPA) participation in IREM events to provide ENERGY STAR information and updates to members and the industry.  This is the second consecutive year IREM has been named an ENERGY STAR Partner of the Year. IREM's accomplishments will be recognized by the EPA and the U.S. Department of Energy at a ceremony in Washington, D.C. on April 20, 2018.  "IREM supports sustainable, efficient management and operations as a way to enhance the environmental and financial performance of the assets we manage," notes 2018 IREM Sustainability Advisory Board Chair Angela Aeschliman, CPM, CCIM, LEED AP ND, Des Plaines, IL. Donald B. Wilkerson  "ENERGY STAR tools and resources are vital to this effort, and we are honored to be among the leaders in helping the industry take full advantage of what ENERGY STAR offers." 2018 IREM President Donald B. Wilkerson, CPM, Reno, NV added, "IREM is dedicated to providing the tools that real estate managers need to succeed, and IREM's partnership with ENERGY STAR helps us in that mission. "We are thrilled to be recognized as an ENERGY STAR Partner of the Year, and we look forward to a continued relationship with them in the years ahead." In 2016 alone, ENERGY STAR certified products, homes, buildings, and plants helped Americans save over $30 billion in energy costs and approximately 400 billion kilowatt hours of electricity and while achieving broad emissions reductions.  For a complete list of 2018 winner and more information about ENERGY STAR's awards program, visit www.energystar.gov/awardwinners.

Hold-Thyssen and Counsel Square I Awarded Bid for 8-Year Lease to State of Florida Dept of Corrections

 

Carol L. Kinnard

New Port Richey, FL --- Hold-Thyssen, LLC, a full service commercial real estate firm with offices in Clearwater and Winter Park, recently closed on an eight-year lease agreement with the State of Florida Department of Corrections at Counsel Square I, 7619 Little Road in New Port Richey.   

Carol L. Kinnard, transaction specialist at Hold-Thyssen, said the State of Florida Department of Corrections sent area landlords an invitation to negotiate.  Kinnard responded on behalf of the owners of Counsel Square who were awarded the bid for an eight-year lease of 9,487 square feet. 

In addition, Psychological Management Group, PA, a tenant at Counsel Square since 1999 providing mental health services to individuals and families in the Tampa Bay area, renewed their lease of Suite 325C with 1,000 square feet.     

Hold-Thyssen provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

For more information, please contact:

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

HFF announces sale and financing of Loop Central office complex in Houston, TX

Loop Central Office Complex, Houston, TX

Jeff Hollinden

HOUSTON, TX, April 4, 2018 – HFF announces the sale and acquisition financing of Loop Central, a three-building, Class A office complex totaling 574,944 square feet in Houston, Texas.

The HFF team represented the seller, TIER REIT, and procured the buyer, Griffin Partners.  Additionally, the HFF team worked on behalf of Griffin to secure the five-year, floating-rate acquisition loan through Global Atlantic Financial Group and source their equity partner, Wheelock Street Capital.

Loop Central is located at 4848 Loop Central Drive at the intersection of two of Houston’s major thoroughfares, Loop 610 and U.S Highway 59. 

 Its location within the Bellaire/Medical Center submarket places it within close proximity to the Galleria, Greenway Plaza and some of Houston’s most affluent residential neighborhoods, including River Oaks, West University, Tanglewood and The Villages. 

Wally Reid

 It also has frontage along the Westpark Tollway, providing both visibility and express vehicular access to Houston’s western suburbs.  The property comprises Loop Central 1, 2 and 3, which are 86.9 percent leased to 24 tenants, and three parking garages that offer 2,327 parking spaces.

  Griffin Partners and Wheelock will execute a proactive capital improvement plan to update the assets visibility, as well as add various new amenities, which will maximize the tenant experience.  A few additions include a new conference and fitness facility, new food options and capitalizing on the existing park-like setting with new outdoor area seating and amenities for tenants to enjoy.

Andrew Montgomery

HFF’s investment advisory and debt and equity placement teams included senior managing directors Jeff Hollinden and Wally Reid and senior director Cameron Cureton.

“This is the latest example of an informed investor recognizing the inherent value represented by Houston office market,” said Hollinden.  “Sales activity in the office sector has picked up dramatically over the past twelve months, signaling a return to healthy liquidity in the Houston market.”

“We think Loop Central is a unique and timely investment considering Houston’s office and capital market environment,” said Andrew Montgomery of Griffin Partners. “Houston’s overall resiliency and recent bounce highlighted by the latest job performance numbers is a lead indicator and an early preview for continued momentum in the Houston office market.” 

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

For more information, please contact:

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

hfflp.comor

 follow HFF on Twitter @HFF

tierreit.com or call 972.483.2400.

www.wheelockst.com

George Smith Partners Secures $18 Million in Acquisition Financing for Orange County, CA Office Portfolio

Alina Mardesich

ORANGE COUNTY, CA (April 4, 2018) – George Smith Partners, one of the nation’s leading commercial real estate capital markets advisors, has successfully arranged $18,032,000 in non-recourse acquisition/bridge financing for a portfolio of multi-tenant office properties in Orange County, California on behalf of the Sponsor, a full-service commercial real estate investment and operating company based in Orange County, CA.

The financing was arranged by George Smith Partners’ Senior Vice President Alina Mardesich and Assistant Vice President Joseph P. Cannizzaro II.

“This portfolio represents a rare value-add opportunity in the tightening Orange County office market,” says Mardesich. “With office occupancy rates steadily rising and asset prices reaching new highs, many investors are looking toward both mid-rise and cost effective low-rise properties. The opportunity to acquire and improve a portfolio of under-performing assets is well-timed by the Sponsor.”

The overall portfolio is currently 85-percent occupied, and located in the cities of Santa Ana, Anaheim and Lake Forest.

Joseph P. Cannizarro II

“By capitalizing on the strength of the market, the value-add potential in the portfolio, and the Sponsor’s solid expertise, we were able to successfully secure competitive financing that met the needs of the borrower and the lender,” explains Mardesich.

The portfolio includes four newly-acquired office properties along with a fifth office building already owned by the Sponsor. Loan proceeds will be used to strategically renovate and reposition the assets and maximize the value of the portfolio, driving yields for the Sponsor and its investors.

George Smith Partners secured the loan at a rate of 3.75% + one-month LIBOR for a term of three years with two one-year extension options. The non-recourse loan is interest-only during the initial term and then moves to an extended 30-year amortization schedule.

The loan was priced at 66-percent of cost and 53-percent of the asset’s stabilized value with favorable release pricing that allows for not only maximum refinance/exit opportunities but also returns.

For more information, please contact:

Jordan Kruk /Lexi Astfalk

Brower Group

(949) 955-7940

JKruk@brower-group.com

 www.GSPartners.com.