HFF arranges $123 million construction loan for iconic office development in South Austin, TX

River South Office Property Rendering, South Austin, TX

HOUSTON, TX –– HFF announced that it has arranged a $122.94 million construction loan for the development of River South, an iconic office development totaling 360,860 square feet in South Austin, Texas.

Colby Mueck

HFF worked on behalf of the borrower, Stream Realty Partners, to secure the construction loan through New York Life Real Estate Investors on behalf of New York Life Insurance Company.

Due for completion in 2021, River South will comprise 347,778 square feet of office and 13,082 square feet of ground floor retail within a 15-story glass structure. 

The state-of-the-art property will feature 37,000-square-foot average floorplates allowing increased flexibility for high density users, five levels of subterranean parking and a fitness studio. 

River South has a premier location at 401 South 1^st Street, which is at the confluence of South 1^stStreet, W. Riverside and Barton Springs Road just across Lady Bird Lake from Downtown Austin. 

Robert Wooten

This allows the property to benefit from Austin’s live, work, play lifestyle with immediate access to the world-renowned South Congress corridor, the Downtown employment hub and the iconic Austin neighborhoods of Zilker, Bouldin Creek and Travis Heights.

The HFF debt placement team representing the borrower included senior managing director Colby Mueck, managing director Robert Wooten, senior director Chris McColpin and analyst Jayme Nelson.

About New York Life Real Estate Investors

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website athttp://www.newyorklife.com/realestateinvestors for more information.

Chris McColpin

New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. 

With over $54.5 billion in assets under management as of December 31, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.

*Real Estate Investors AUM of $54.5B is gross and includes AUA ($1.6B), and debt ($0.6B) as of 12/31/18. Net AUM for Real Estate Investors is $53.9B as of 12/31/18.

CONTACTS:

COLBY MUECK

HFF Senior Managing Director

(713) 852-3500

cmueck@hfflp.com

ROBERT WOOTEN

HFF Managing Director

(512) 532-1900

rwooten@hfflp.com  

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

streamrealty.com.

HFF arranges acquisition financing for HP Plaza at Springwoods Village in North Houston, TX

HP Plaza at Springwoods Village, 11300 and 11400 Energy Drive
at City Place, North Houston, TX

HOUSTON, TX –– HFF announces that it has closed the financing of HP Plaza at Springwoods Village, two newly constructed Class AA office buildings totaling 378,402 square feet at CityPlace, a 60-acre, mixed-use urban district within Springwoods Village at the intersection of Interstate 45 and the Grand Parkway in North Houston.

Chris Hew

HFF worked on behalf of the borrower, Northridge Capital, LLC to secure the fixed-rate acquisition loan through Apollo Global Management, who provided the loan on behalf of Athene Holdings.  

HFF also represented the seller in the sale of the property to Northridge.

HP Plaza at Springwoods Village is located at 11300 and 11400 Energy Drive within the 2,000-acre Springwoods Village mixed-use community that is positioned at the intersection of Interstate 45 and the Grand Parkway North Houston. 

When fully complete Springwoods Village will include four million square feet of Class A office space, 400,000 square feet of integrated retail space, diverse housing options, civic facilities, outdoor recreation, shopping, dining and lodging in an urban walkable environment. 

Cary Abod

 Completed in 2018, the two LEED-certified buildings are fully leased to HP, Inc. and join corporate neighbors ExxonMobil, Southwestern Energy and American Bureau of Shopping in Springwoods Village. 

HFF’s debt placement team representing the borrower/buyer was led by senior director Chris Hew and managing director Cary Abod.  

The HFF investment advisory team representing the seller included managing director Trent Agnew and senior managing director Jeff Hollinden.

“HP Plaza checks the three boxes Northridge Capital looks for when pursuing single tenant opportunities: 1) strong credit quality and cash flows; 2) desirable underlying, functional real estate and 3) a dynamic suburban/urban location that will cater to the workforce of the future and serve as a recruiting tool for the tenant,” David Etemadi, Vice President of Acquisitions for Northridge Capital said. 

Trent Agnew

“We believe more and more Fortune 500 companies will choose to locate in these types of locations around the country in the ‘arms race’ for the best human capital.”

“HP Plaza is a world class asset that offers excellent yield in a growing submarket of Houston,” Hew said.  “We’re pleased to have helped Northridge secure financing for this property.”

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

About Northridge Capital, Inc.

Northridge Capital, LLC, based in Washington, D.C., is an independent real estate private equity firm that has invested in more than 50 assets on behalf of investors, with a combined acquisition value greater than $1 billion. 

Jeff Hollinden

 Since its founding in 1997, the Company has focused on generating superior risk-adjusted returns for international high net-worth individuals and institutions. 

The Company acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo.

Apollo had assets under management of approximately $280 billion as of December 31, 2018 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.

David S. Etemadi

For more information about Apollo, please visit www.apollo.com.

CONTACTS:

CHRIS HEW

HFF Senior Director

(202) 533-2500

chew@hfflp.com 

TRENT AGNEW

TX Lic. #574897

HFF Managing Director

(713) 852-3500

Tagnew@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Cher - A Star in Show Biz and Real Estate! Her Former Home in Hawaii Listed for $11 Million

Cher      

William Long HOLLYWOOD, CA --Although she has been one of the world’s greatest stars as a singer, comedian and actress, Cher might have had an even more successful career as a real estate developer.  From Florida to California and Hawaii, Cher has had her hand in designing and decorating a number of homes.

Photo by  Hualālai Realty    Among her developments are one on the Big Island in Hawaii at the exclusive gated Hualālai Resort. There, she and her architect-partner, William Long, designed a stunning ocean-view, Bali-style house - a result best described as contemporary meets exotic. Bob Parsons   The current owner, billionaire businessman Bob Parsons, who founded GoDaddy in 1997 and the founder of PXG/Parsons Xtreme Golf has put the home on the market fully furnished for $10.955 million.                         CONTACT: Genelle C. Brown Content Manager, Media DivisionTopTenRealEstateDeals.com Phone:  434-480-4504 Twitter:  @toptenrealestat facebook.com/toptenrealestat

HFF closes $40.2 million sale of Trinity Place in Denver’s central business district

Trinity Place Office Tower, 1801 Broadway,
Central Business District, Denver, CO

DENVER, CO –– HFF announces that it has closed the sale of Trinity Place, a boutique office property totaling 195,753 square feet in Denver’s central business district (CBD).

HFF represented the seller, Velocis, and procured the buyer, Novel Coworking. 

Trinity Place is located at 1801 Broadway in the thriving Uptown submarket of Denver’s CBD. 

Mark Katz

The property has aWalk Score® of 98 and a Transit Score® of 93 being situated two blocks from light rail connectivity and the Free MetroRide or Free MallRide at Civic Center Station. 

Additionally, the boutique office property is close to the sought-after neighborhoods of Five Points, Capital Hill and Cheeseman Park, which have the greatest density of Millennial households in Denver and offer an unrivaled amenity base of hip cafes, chef-driven farm-to-table restaurants and famous concert venues, including the Fillmore and Ogden theatres. 

The 17-story building offers average floorplates of 12,200 square feet and is currently 65% leased.  

The HFF investment advisory team representing the seller included senior managing director Mark Katz and senior director Peter Merrion.

Peter Merrion

“Trinity Place was a very active marketing process with tremendous interest from real estate investors,” said Merrion. 

 “The property’s boutique, value-add profile and dynamic Uptown location had a wide appeal.  We are excited to see the new owner continue to drive value and create a new experience in the Denver market.”

“Denver is an incredibly attractive market right now in the investor community,” said Mike Lewis, partner, Velocis. “Following a successful repositioning of Trinity Place, we felt the timing was right to exit.”

About Velocis

Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.  

Mike Lewis

About Novel Coworking

Novel Coworking offers fully furnished, amenity-rich workspaces with direct fiber internet and WiFi in 30 locations in 22 cities throughout the United States.  For more information, please visit: www.novelcoworking.com.

CONTACTS:

MARK KATZ

CO Lic. #100074002

HFF Senior Managing Director

(303) 515-8000

mkatz@hfflp.com

PETER MERRION

HFF Senior Director

(303) 515-8000

pmerrion@hfflp.com

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

Daum Commercial Helps Developer Acquire 28.8-Acre Land Parcel and Also Sell 18.5 Acres in One Day in Phoenix, AZ

Land Sites Sold in Deer Valley Submarket of Phoenix, AZ

Kirk Jenkins

• PHOENIX, AZ – DAUM Commercial Real Estate Services has assisted in the completion of three land transactions encompassing a total volume of $20 million and 47 acres in the Deer Valley submarket of Phoenix, Arizona.

DAUM Executive Vice President and Phoenix office Co-Branch Manager Kirk Jenkins directed the acquisition of a 28.8-acre developable land parcel on behalf of Jeff Garrett and R.T. Starr of Garrett Development Corporation. Jim Keeley of Colliers International represented the seller, JVK-VL LLC, in the transaction. 

R.T. Starr

Jenkins, Keeley, and Bob Lundstedt, First Vice President at DAUM, simultaneously negotiated the sales of two portions of the same land parcel to two separate buyers. Both sales closed on the same day as the acquisition in a complex triple-escrow transaction, according to Lundstedt.

Jim Keeley

“Based on our extensive experience in the Deer Valley market and history with this specific land site, DAUM was able to secure more than 28 acres of developable land for acquisition at a highly competitive price, in the largest land transaction in Deer Valley since 2009 in both acreage and dollar volume,” explains Lundstedt.

The buyer strategically chose to immediately dispose of approximately 18.5 acres of the land in order to decrease the amount of capital investment needed upfront, as well as facilitate a smoother process as they prepare to break ground on a modern, ‘live-work-play’ mixed-use development.”

Robert Lundstedt

In the first sale, Lundstedt and Keeley represented Garrett as the seller in the disposition of 1.38 acres of the newly acquired 28.8-acre parcel to the buyer, Cobblestone Carwash, who was represented by Chris Stamets and Brian Gausden of Western Realty Advisors.

The second sale involved Lundstedt and Keeley representing both Garrett as the seller and the buyer, ELUX Deer Valley LP (Snowdon Residential-Harvard joint venture) in the sale of 17.15 acres of the 28.8-acre parcel for future multifamily development, which is planned to include 212 Casita Style units and a Club House, notes Lundstedt.

Chris Stamets

“The Garrett property will benefit from being across the street from the USAA campus with 4,700 employees, as well as the new Union Park at Norterra, which includes 1,100 single-family homes, 1,100 multifamily units, a school site, and specialty retail corridor,” says Lundstedt.

Jenkins notes that this highly complex transaction would not have been possible without cooperation of all parties, including the seller of the 28.8 acres, who allowed for a long escrow to facilitate the negotiations.

Brian Gausden

According to Lundstedt, DAUM has sold six land sites in Deer Valley within the last 12 months, totaling $33 million and currently controls 75 percent of the deliverable land parcels in the Deer Valley market. This was Lundstedt’s 144th land transaction in the I-17/Deer Valley market since 1997.

The land parcel involved in the three transactions is located on the Southeast corner of the intersection of Happy Valley Road and 19th Avenue in Phoenix, Arizona.

CONTACTS:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com 

www.daumcommercial.com.

HFF announces sale of site in Jersey City, NJ

626-acre site sold at 175 Sip Avenue in the Journal Square neighborhood of Jersey City, NJ

Jose Cruz

MORRISTOWN, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of the .626-acre site at 175 Sip Avenue in the Journal Square neighborhood of Jersey City, New Jersey.

175 Sip Avenue is in the heart of Journal Square, a rapidly gentrifying Jersey City neighborhood, and within walking distance to restaurants, new retail and the Journal Square Path Station, which takes passengers into Manhattan in less than 15 minutes.

The HFF team included senior managing director Jose Cruz and director Marc Duval. 

“There is strong demand for redevelopment sites in Jersey City and this location is well suited given it immediate access to a major roadway,” Cruz said.

Marc Duval

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  

HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:

JOSE CRUZ

NJ Lic. #8743725

HFF Senior Managing Director

(973) 549-2000

jcruz@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Arbor Funds $4 Million Fannie Mae DUS® Loan in Houston, TX

              

Matt Norman

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Houston, TX.

Ashford Court Apartments, a 442-unit multifamily property, received $4.M in supplemental funding through the program. The loan features a seven-year term with four-year yield maintenance and a 30-year amortization schedule.

Matt Norman of Arbor’s Bloomington, Indiana, office originated the loan. 

Ashford Court Apartments, Houston, TX

“This loan was a prime example of how Fannie Mae’s supplemental program rewards a borrower’s efforts to improve a property’s condition and maximize net operating income by releasing trapped equity on a longer term hold,” Norman said. “In the end, the client received a 75% LTV, co-term debt product without being subjected to any prepayment penalties.”

Built in 1983, Ashford Court Apartments offer spacious one- and two-bedroom units equipped with breakfast bars, granite countertops and wood-burning fireplaces, as well as private patio and balcony options. 

Community amenities include a swimming pool, 24-hour fitness center, clubhouse with full kitchen and business center, as well as tennis and volleyball courts. 

  

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

Arbor Funds $10.8 Million Fannie Mae DUS® Loan in Houston, TX

Brian Scharf

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® deal in Houston, TX. Capewood Apartments, a 176-unit multifamily property, received $10.8M in refinance funding through the program. The loan includes a seven-year fixed rate term.

 Brian Scharf of Arbor’s Uniondale, NY office originated the loan.

 “On this property, we worked with a repeat sponsor who has a significant presence in the Houston market,” Scharf said. “By offering prepayment flexibility and a fixed rate conversion option, we were able to accommodate key financing needs.

"This deal demonstrates our commitment to customer service and building enduring partnerships with our clients.”

Capewood Apartments, Houston, TX

  Built in 1976, Capewood Apartments offer garden style residences with newly renovated interiors. The property features a number of community amenities including a swimming pool, playground, laundry facility, automatic access gates and on-site maintenance. Capewood is pet friendly and in walking distance to public transportation.

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com