Evergreen Real Estate Group Expands National Affordable Housing Portfolio

Steve Rappin

CHICAGO, IL (May 12, 2020) — Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin.

The assignments include a mix of affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to 8,500 units throughout the U.S.  

“The need and demand for affordable housing continues to grow, and Evergreen has the cross-market experience needed to deliver comprehensive property management services that help preserve, enhance and expand housing options for low-income households,” said Steve Rappin, president of Evergreen Real Estate Group.

“Our firm utilizes an integrated approach, which means our construction, development, acquisition and management teams work hand-in-hand to provide expertise across multiple disciplines.

Oso Apartments, a 48-unit affordable
housing community in Chicago’s
Albany Park neighborhood. 

"The efficiencies created by our model benefit not only residents, but also third-party owners, housing agencies and other partners.

“We are excited to announce these new properties under management, which are a mix of newly renovated apartments along with new construction, including affordable senior residences co-located with public library branches developed through a creative partnership with the Chicago Housing Authority and Chicago Public Library.”

For a complete list of the properties, please contact:

Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com,

(312) 267-4514 

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.evergreenreg.com.

Chatham Lodging Trust Announces First Quarter 2020 Results

  

Jeffrey H. Fisher

WEST PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 134 hotels wholly or through joint ventures, announced results for the first quarter ended March 31, 2020.

First Quarter 2020 Operating Results

Portfolio Revenue per Available Room (RevPAR) – Declined 21.8 percent to $96, compared to the 2019 first quarter. Average daily rate (ADR) decreased 5.2 percent to $153, and occupancy dropped 17.5 percent to 63 percent.

Net income (loss) – Declined $29.7 million to a loss of $(28.1) million for the 2020 first quarter compared to the 2019 first quarter, due primarily to a $15.3 million impairment on its investment in the Inland joint venture. Net loss per diluted share was $0.59 versus net income per diluted share of $0.03 last year.

Adjusted EBITDA – Decreased $10.5 million to $16.5 million.

Adjusted FFO – Declined $9.9 million to $6.3 million. Adjusted FFO per diluted share was $0.13, compared to $0.34 in the 2019 first quarter.

Operating Margins – Comparable hotel gross operating profit margins weakened 590 basis points to 38.0 percent. Comparable Hotel EBITDA margins were down 800 basis points to 27.6 percent.

“

"Our teams at Chatham and Island Hospitality are working vigorously to maximize revenue, and we have aggressively cut operating costs and deferred all non-essential capital expenditures to minimize the adverse effects on cash flow,” commented Jeffrey H. Fisher, Chatham’s president and chief executive officer.

  “We have the experience to persevere through difficult situations having lived through numerous cycles and shocks to the industry.  We are thankful to have this platform that enables us to move effectively, aggressively and quickly.”

Chatham and Island Hospitality have taken dramatic actions at its hotels.

 Dennis Craven

“We have taken meaningful short-term measures to protect long-term value for our shareholders and employees, preserving as much cash flow as possible and making additional liquidity available should the need arise if the recovery is slower than expected,” stated Dennis Craven, Chatham’s chief operating officer. 

“We appreciate the commitment of our employees and support of our lenders, banks and vendors during these unprecedented times. We are hopeful that people will have the confidence to resume travel, though we expect demand will recover slowly. Our actions provide us the stability to withstand a slow recovery.”

For complete details of first-quarter results, please contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

 patrick@dalygray.com | www.dalygray.com

Dennis Craven (Company)                                               Chris Daly (Media)

Chief Operating Officer                                              Daly Gray, Inc.

(561) 227-1386                                                           (703) 435-6293

Ware Malcomb Promotes Dennis Phan to Controller

Dennis Phan

IRVINE, CA (May 12, 2020) – Ware Malcomb, an award-winning international design firm, today announced Dennis Phan has been promoted to Controller in the firm’s Irvine, Calif.-based headquarters office.

In this role, Phan manages the financial operations of the firm under the direction of CFO and Executive Vice President Tobin Sloane.

Phan brings over 14 years of experience to his new position as Controller. He joined Ware Malcomb in 2015 as a Senior Staff Accountant and was promoted to Assistant Controller in 2018. During this time, he has added tremendous value in the leadership and management of the firm’s financials.  

Tobin Sloane

“The talent and dedication that Dennis has demonstrated, combined with the incredible team he has developed, have been instrumental in effectively managing the financial complexities of the firm,” said Sloane.

“We look forward to his continued leadership and will rely on him and his team to serve as the backbone of Ware Malcomb’s financials as the firm continues to grow and diversify.”

Phan earned a Bachelor of Science degree in Biological Sciences from the University of California at Irvine, and a Master of Science degree in Accountancy from California State University at Fullerton. 

CONTACT:

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette

 Associate Principal

Marketing, 

949.660.9128

mbissonnette@waremalcomb.com

JLL closes sale-leaseback of industrial facility in Harrisburg, NC

Val Derrick 

CHARLOTTE, NC, May 11, 2020 – JLL Capital Markets announced today that it has closed the sale-leaseback of a 126,363-square-foot, single-tenant, fully leased manufacturing facility in the Charlotte-area community of Harrisburg, North Carolina.

Pete Pittroff

 JLL marketed the property on behalf of the seller, Wilbert Plastic Services (WPS). AIC Ventures purchased the asset and executed a long-term, absolute net lease with the seller.

 The building will continue to be a mission-critical location for Wilbert Plastic Services, a premier thermoforming and injection molding company.

Situated on 15.64 acres at 7301 Caldwell Rd., the building is along the I-85 corridor, which is one of the premier distribution locations within the Charlotte market, and half an hour from the WPS headquarters and thermoforming facility in Belmont.

 Patrick Nally

This location is two miles from Interstate 485, five miles from Interstate 85 and provides exception regional access

The JLL Industrial Capital Markets team representing the seller was led by Managing Director Pete Pittroff, Senior Director Patrick Nally, Associate Val Derrick and Analyst Dave Andrews.

“Industrial demand remains strong in the Carolina’s markets particularly for quality assets with quality tenants,” Pittroff said. 

“This transaction led to a positive outcome for our client, and we would like to thank AIC Ventures for their efficient approach.”

 For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Dave Andrews

 About Wilbert Plastic Services

Wilbert Plastic Services is a premier injection molding and thermoforming plastic solution provider in the U.S. 

With more than 50 years of plastic manufacturing experience, Wilbert serves as a supplier for many of the world’s largest OEMs that operate in twelve industrial markets.

About AIC Ventures

AIC Ventures is an investment fund manager providing alternative capital solutions to middle-market companies throughout the U.S.A. The company acquires existing property and creates new leases, acquires property that is already leased or performs build-to-suit capital for new property.

 
 Contact:                                        

Kimberly Steele       

 JLL Senior Associate,             

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com               

jll.com.

wilbertplastics.com.

aicventures.com 

JLL arranges $26.7 million loan for Boulder, CO shopping center

Jennifer Swanson

DENVER, CO, May 11, 2020 – JLL Capital Markets announced today that it has arranged a $26.7 million refinancing for Alcove on Arapahoe, a 159,050-square-foot community shopping center anchored by Safeway in Boulder, Colorado. 

 JLL worked on behalf of the borrower, an existing co-investment partnership managed by Regency Centers Corporation (NASDAQ: REG), to place the 10-year, fixed-rate loan with Nationwide.

Tarik Bateh 

 Alcove on Arapahoe is a Class A grocery-anchored community shopping center featuring premier retailers including Safeway, HomeGoods, Verizon Wireless and Flower Child.

The property was built in 1957 and most recently renovated in 2019. The center is in the heart of Boulder’s primary retail node at the corner of Arapahoe Avenue and the Denver-Boulder Turnpike, which draws a combined traffic count of 84,000 vehicles per day.

 Located at 2798 Arapahoe Ave., Alcove on Arapahoe is one block from the University of Colorado at Boulder’s 35,000 students.

A dense, affluent, educated population of more than 96,000 residents who earn an average annual household income of $104,000 live within three miles of the center.

 The JLL Capital Markets debt placement team was led by Senior Directors Tarik Bateh and Kristian Lichtenfels and Associate Jennifer Swanson.

 Kristian Lichtenfels

“Despite current market volatility due to COVID-19, the capital markets remain open for business and Alcove on Arapahoe garnered significant lender interest,” Bateh said.

“Regency’s best-in-class operating team and long-term commitment to the property created conviction around the asset’s durability. 

Nationwide distinguished themselves via their own long track record of retail lending and provided a seamless execution during otherwise turbulent times.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

Alcove on Arapahoe, a 159,050-square-foot community shopping center anchored by Safeway in Boulder, CO

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

 Contact:

Kimberly Steele       

 JLL Senior Associate,             

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.

 RegencyCenters.com.

Regency Centers Prices $600 Million of Senior Unsecured Notes

JACKSONVILLE, FL, May 11, 2020 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (NASDAQ:REG) announced today that its operating partnership, Regency Centers, L.P., priced a public offering of $600 million 3.70% notes due 2030 (the “Notes”).

The Notes are due June 15, 2030 and were priced at 99.805%. Interest on the Notes is payable semiannually on June 15 and December 15 of each year, with the first payment on December 15, 2020.

The Company intends to use the net proceeds of the offering to increase liquidity, reduce the outstanding balance on its line of credit, and for general corporate purposes, which may include the future repayment of a portion of its outstanding debt.

Settlement of the offering is subject to the satisfaction of customary closing conditions and is expected to occur on May 13, 2020.

Laura Clark

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, SunTrust Robinson Humphrey, Inc., and U.S. Bancorp Investments, Inc. are acting as the joint book-running managers.

PNC Capital Markets LLC and Regions Securities LLC are acting as senior co-managers.  BMO Capital Markets Corp., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Comerica Securities, Inc., Scotia Capital (USA) Inc., and Roberts & Ryan Investments, Inc. are acting as co-managers.

CONTACT:

Laura Clark
904 598 7831
LauraClark@RegencyCenters.com

Peterson Companies prepares for re-opening with Welcome-Back Plan as it Fights Coronavirus

Paul Weinschenk

FAIRFAX, VA,  May 11, 2020—As various states begin to open back up, Peterson Companies, known throughout the Washington, D.C. region as one of the largest shopping/lifestyle center owners and managers, has developed a plan to safely welcome back its tenants and their customers, once permitted to do so.

Elements of this plan will be implemented at several of its signature properties throughout the DMV including National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes.

Fairfax Corner, Virginia

 To better understand changing consumer preferences, the company recently surveyed its customers and received more than 5000 responses which helped inform key elements of the plan.

Customers are anxious to dine out again at restaurants although some are still hesitant about venturing out. Being able to go to places with outdoor spaces where social distancing and other safety measures are in place will help customers feel more comfortable.

 “Peterson Cos. lifestyle centers are known for their unique outdoor spaces—plazas, seating areas, stages, fire pits, walking trails, carousels, gathering spaces and more,”  said Paul Weinschenk, president of retail for Peterson Cos. 

Rio Shopping Center, Gaithersburg, MD

 “As a result, we are well suited to accommodate consumers’ desire for open spaces and social distancing.” 

Given the open-air nature of the retail centers, many of the restaurants have been able to continue to operate with curbside pick-up and carry-out. 

Many more merchants will join them as the stay at home restrictions are lifted.  Operating hours and policies will vary by merchant and center.

“The health and safety of our guests continues to be our primary concern and we’ll continue to follow CDC guidelines and recommendations from local and state officials,” added Weinschenk.  “When our merchants and guests are ready to return, our center’s will be ready for them.”

  Contact:

 Vicki Bendure

202-374-9259 cell

 Vicki@bendurepr.com

 www.petersoncos.com.

Ware Malcomb Announces Construction Completed on New Professional Beauty Association Offices in Scottsdale, AZ

Kevin Evernham

PHOENIX, AZ (May 11, 2020) – Ware Malcomb, an award-winning international design firm, today announced construction is complete on the new offices of the Professional Beauty Association located at 7755 East Gray Road in Scottsdale, Arizona.

Ware Malcomb provided interior architecture and design services for the project.

“It is always exciting to have the opportunity to completely demo and reimagine a space through the lens of our client,” said Kevin Evernham, Principal of Ware Malcomb’s Phoenix office.

“In addition to providing more space to accommodate current and future growth, the new offices of the Professional Beauty Association are a perfect reflection of the organization’s energy, brand and culture.”

The Professional Beauty Association made the move to their new office location to accommodate the organization’s growth.

 The 17,000 square foot tenant improvement project included the creation of private offices, huddle rooms, conference rooms, a gym and a break room.

The design incorporated a feature staircase to an existing mezzanine area that was previously inaccessible, providing a striking focal point to the space as well as increasing its functionality. Prior to demolition, the space had been used as a restaurant.

CONTACTS:

Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

Rachel@kcomm.com 

Maureen Bissonnette,

Associate Principal, Marketing

 949.660.9128,

 mbissonnette@waremalcomb.com

Marcus & Millichap Brokers $2.62 Million Sale of Miramar, FL Office Property

Jim Shiebler

MIRAMAR, FL, May 11, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Wells Fargo, a 3,796-square foot net-leased property located in Miramar, Fla., according to Chris Travis, regional manager of the firm’s Tampa office.

The asset sold for $2,620,000.

Jim Shiebler, James Garner and James Medefind, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

James Garner

The buyer, a private investor, was secured and represented by Aaron O'Connor, an investment specialist in Marcus & Millichap’s Fort Lauderdale office.

“This sale was truly unique. By creating a highly competitive environment with multiple buyers vying for the asset, we yielded truly incredible results for the seller as the property sold for $20,000 ABOVE list price to a 1031 exchange buyer!” states Mr. Shiebler.

“Driven by their belief in the stability of Investment Grade tenants in South Florida and the prime location and quality of this asset, the Buyer was motivated to close, even during the height of uncertainty surrounding COVID-19,” adds Mr. O’Connor.

James Medefind

Contact:

 Chris Travis

Regional Manager

 Tampa

(813) 387-4700

Wells Fargo is located at 18499 Miramar Parkway in Miramar, Fla. 

The city of Miramar, Fla is known for its large master-planned communities, making it the ideal suburb of Broward county for young, growing families. 

It is a principal city in the Miami metropolitan area boasting a population of 122,041.

Aaron O'Connor