Property Type

Walker & Dunlop Arranges $11M Redevelopment Loan for Fort Myers Seniors Community

by John Nelson May 7, 2015

FORT MYERS, FLA. — Walker & Dunlop Inc. has arranged an $11 million acquisition bridge loan for The MacFarlane Group, which will use the loan to convert the currently Ambassador Hotel in Fort Myers into a 323-unit independent living facility. The development plan for the property is fully approved. Daniel Lisser, New York-based senior vice president, led the Walker & Dunlop team that structured the one-year bridge loan, which includes full-term interest only payments. ACRES Capital, a bridge lender that started its business just a few months ago, provided the financing after the original lender dropped out of the deal.

May 7, 2015

Hospitality Market Reports Michigan Midwest Midwest Market Reports

Rising Popularity of Boutique Hotels Fuels Downtown Detroit’s Lodging Growth

by Danielle Everson May 7, 2015

One of the biggest stories in the hotel industry today is the growth of the boutique segment. Independent groups such as Ace Hotels, 21C, Grupo Habita and citizenM registered record growth in the last few years. Meanwhile, all the major brands have incorporated a boutique component. That trend was reinforced last December when IHG purchased Kimpton Hotels & Restaurants. For its part, Hyatt launched Andaz several years ago, and Marriott has rolled out the Autograph Collection, Moxy, EDITION and AC Hotels in the past few years. Even Best Western has unveiled its new urban boutique concept — Vib. I get the following question a lot: “Why should we invest in boutique hotels?” The conventional wisdom among investment funds tasked with finding hotel assets is to look for branded assets in the top five markets that are deemed less risky by pundits. However, some hotel investors don’t realize the substantial RevPAR (revenue per available room) premiums you can get with boutique properties over standard branded hotels. Among boutique properties, we’re seeing RevPAR premiums of 10 to 20 percent — sometimes 50 percent — over traditional hotels (see chart). Boutique hotels have less rigorous brand standards, if any at all, and offer …

May 7, 2015

Georgia Hospitality Loans Southeast

Meridian Capital Arranges $18.2M Acquisition Loan for Holiday Inn in Savannah

by John Nelson May 7, 2015

SAVANNAH, GA. — Meridian Capital Group has arranged an $18.2 million acquisition loan for Holiday Inn Savannah Historic District in Savannah. The five-story, 127-room hotel is located at 15 Martin Luther King Jr. Blvd. in Savannah’s Historic District. The hotel opened in 2007 as a Four Points by Sheraton and was renovated and rebranded in 2014. Noam Kaminetzky of Meridian’s Boca Raton, Fla., office arranged the two-year, interest-only loan through a balance sheet lender with an exit to CMBS execution. The floating-rate loan features a one-year extension option. The unnamed borrower is a large international hotel operator, according to Meridian Capital Group.

May 7, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $50M Sale of Ridge Street Portfolio on NYC’s Lower East Side

by Amy Works May 7, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale the Ridge Street portfolio, three contiguous mixed-use buildings located on the Lower East Side. A partnership between Admiral Capital Group and Four Winds Realty purchased the properties for $50 million from Judah Klausner and Richard Freedman. Located at 198-200 Rivington St., 110-114 Ridge St. and 118 Ridge St., the portfolio includes 64,000 square feet featuring 61 residential units, three retail stores and one 6,250-square-foot community facility space. Deborah Gutoff of Eastern Consolidated procured the buyer, while Gutoff and Ronda Rogovin, also of Eastern Consolidated, represented the sellers in the transaction.

May 7, 2015

Loans Northeast Pennsylvania Retail

HFF Secures $38.3M in Refinancing for Paoli Shopping Center in Suburban Philadelphia

by Amy Works May 7, 2015

PAOLI, PA. — HFF has arranged $38.3 million in financing for Paoli Shopping Center, a grocery-anchored retail center in Paoli. HFF worked on behalf of Berwyn, Pa.-based Brandolini Cos. to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing debts. Situated on 18.8 acres, the 165,617-square-foot center is 96.8 percent occupied by a variety of tenants, including Acme Markets, Pier 1 Imports, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers. Ryan Ade led the HFF team that represented the borrower in the financing.

May 7, 2015

Multifamily New York Northeast

Crest Realties Acquires Washington Heights Multifamily Building for $9M

by Amy Works May 7, 2015

NEW YORK CITY — Crest Realties has acquired a multifamily building in Manhattan’s Washington Heights neighborhood for $9 million. Located at 140 Wadsworth Ave., the six-story building features 31 apartments and four professional offices. The property is adjacent to 4240 Broadway and near 4300 Broadway, two multifamily properties that Crest Realties purchased in November 2013 for $23.7 million. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and the seller, 140 Wadsworth (a local family estate), in the transaction.

May 7, 2015

Massachusetts Northeast Office

Vantage Builders Completes Headquarters Renovations for Casa Systems

by Amy Works May 7, 2015

ANDOVER, MASS. — Vantage Builders Inc. has completed a 23,000-square-foot renovation for Casa Systems Inc.’s headquarters at 100 Old River Road in Andover. The renovation project include the redevelopment of the second and third floors of the building to allow Casa to expand its footprint from the first floor. Designed by McGuinness Group, the new space features 22 offices, room for 97 workstations, four conference rooms, a 16-person boardroom and a 60-person presentation room that doubles as a lunchroom. The building now features an open area, high-end millwork, translucent partitions and a glass staircase connecting the second and third floors. Union Office Interiors furnished the finished space.

May 7, 2015

Connecticut Loans Mixed-Use Multifamily New York Northeast Retail

Avant Capital Partners Originates $6.3M in Bridge Loans for Two Properties

by Amy Works May 7, 2015

NEW YORK CITY AND GREENWICH, CONN. — Avant Capital Partners has originated $6.3 million in bridge loans for two properties in Manhattan and Greenwich. The project located in Manhattan’s Midtown West neighborhood comprises three contiguous mixed-use properties offering 20 apartments and three ground-floor retail units in a total of 16,916 square feet. In Greenwich, the asset consists of four under-construction condominium units. Each unit will feature three bedrooms, 3.5 bathrooms and high-end interior finishes, including hardwood floors and high ceilings. The average unit size for the condos is 3,650 square feet.

May 7, 2015

California Industrial Western

Escondido Industrial/Flex Property Sells for $8.3M

by Nellie Day May 7, 2015

SAN DIEGO – A 76,495-square-foot industrial/flex building in the San Diego submarket of Escondido has sold to SR Commercial for $8.3 million. The building is located at 298-304 Enterprise Street within the Escondido Business Park. The space, known as Enterprise Heights Industrial Centre, is fully leased. Tucker Hohenstein, Mike Erwin and Conor Boyle of Colliers International represented both the buyer and seller, Enterprise Heights Industrial Centre Associates, in this transaction.

May 7, 2015

Arizona Industrial Western

ViaWest Buys Land in Deer Valley for $3.2M

by Nellie Day May 7, 2015

DEER VALLEY, ARIZ. – ViaWest has acquired nine acres of land in Deer Valley for $3.2 million. The land is located at 50 and 100 E. Pinnacle Peak Road in the Phoenix submarket. It is currently leased to Cemex, a global building materials company that provides high-quality products and services. ViaWest Group was represented by John Pompay and Gary Anderson of DTZ. The seller, Luke Land 80 LLC, was represented by Luke Lewis of Luke Land Realty.

May 7, 2015

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