HFF arranges $3.6 million refinancing for 300 Post Road West in Westport, CT

 NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.6 million refinancing for a 20,000-square-foot office building in Westport, Connecticut that is completely leased to the Wealth Management Group of UBS.

HFF senior managing director Al Epstein (top right photo) worked exclusively on behalf of the borrower, 300PRW LLC, to secure the seven-year, fixed-rate loan with Amalgamated Bank. 

“The lender saw this loan as an investment in a very attractive, Class A suburban office property with a good leasing history located within an established and desirable market,” said Epstein.

  “In today’s economic scene, lenders seek out good sponsors, stable rent flows, and the ability to provide reasonable, not excessive loan underwriting.  This property had it all.”

The property is located at 300 Post Road West, across from Birchwood Country Club (middle left photo) with easy access to both Interstate 95 and the Merritt Parkway. 

300 Post Road West has been fully leased since its completion in 2000 for the wealth management business, which originally operated here under the Paine Webber banner.   The two-story property includes an underground parking garage. 

Contacts:                     

Alvin J. Epstein, HFF Senior Managing Director. (212) 245-2425, aepstein@hfflp.com

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes $42 million sale of North Lauderdale, FL multi-housing community

 MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Parrot’s Landing (top left photo), a 560-unit multi-housing community in North Lauderdale, Florida.

HFF managing director George Vail (middle right photo) and director Jaret Turkell (middle left photo) led the investment sales team exclusively on behalf of the seller, Principal Global Investors.

  Grand Peaks Property Management through a joint venture with Behringer Harvard purchased the property for $42 million utilizing a loan from Fannie Mae.

Parrot’s Landing Apartments is located at 7900 Hampton Boulevard across from the Hampton Pines Park and about two miles west of the Florida Turnpike in North Lauderdale.

 The property’s 24 residential buildings are situated on more than 25 acres and were built in two phases.  Phase I has 17 buildings with 408 units, which were renovated from 2007 to 2010 and average 912 square feet each.

 Phase II was completed in 1997 and features seven buildings with 152 units averaging 968 square feet each.  Community amenities include a fitness center, car care center, lighted tennis court, two clubhouses and three pools. 

“This was an outstanding opportunity for a buyer to come in and purchase an institutional quality-owned product at a significant discount to the current owner’s cost basis and replacement cost,” said Vail.

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $215.4 billion in assets primarily for retirement plans and other institutional clients as of December 31, 2009.

Strategically headquartered in Denver, Colorado, Grand Peaks Property Management is a fully integrated apartment management company.  They specialize in all aspects of multifamily management from luxury to tax credit communities.

 Grand Peaks Property Management excels in the management, marketing and lease up of apartment communities; with acquisition, disposition and redevelopment consulting expertise.

Contacts:

George Vail, HFF Managing Director, (305) 448-1333, gvail@hfflp.com

Jaret Turkell, HFF Director, (305) 448-1333, jturkell@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing. (713) 852-3500, krmurphy@hfflp.com

                                                                           

HFF arranges $80 million first mortgage financing for historic Puck Building in New York’s SoHo neighborhood

NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged an $80 million first mortgage financing for the Puck Building (top left photo), a 265,000-square-foot, historic office and retail building in New York’s SoHo neighborhood.

Working on behalf of the borrower, Kushner Companies, HFF senior managing directors Mike Tepedino (middle right photo) and Jose Cruz (middle left photo) and director Steven Klein (lower right photo) placed the adjustable-rate loan on the property.

Originally constructed in 1885, the Puck Building is listed on the National Register of Historic Places and is a New York City historic landmark.

The property was the historic headquarters of Puck Magazine, America’s first political satire magazine, and today its tenants include New York University, REI (ground-floor retail) and Swanke Hayden Connell Architects.

  The property is situated at 293-309 Lafayette Street at the corner of Houston Street across from several subway lines in SoHo.

“The Puck Building is one of the most recognizable buildings in all of Manhattan and has a great location in SoHo, one of the most high-profile retail locations in New York City,” said Tepedino.

Kushner Companies is a family-owned developer, owner and asset management real estate firm involved in the ownership and management of a commercial and residential portfolio consisting of nearly eight million square feet of office, industrial and retail space and more than 5,000 apartments.

Contacts:

Michael Tepedino, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com

 Jose Cruz, HFF Senior Managing Director, (973) 549-2000,  jcruz@hfflp.com

 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

                 

NAI Realvest negotiates Expansion Lease for Clinical Pathology Laboratory Southeast at Lee Vista Business Center in Southeast Orlando

MAITLAND, FL --- NAI Realvest recently negotiated a new expansion lease of 4,533 square feet of office space at Lee Vista Business Center (lower left photo), 6490 Hazeltine Drive in southeast Orlando.

 Senior Associate Mary Frances West (top right photo), CCIM negotiated the transaction representing the tenant Clinical Pathology Laboratories Southeast, Inc. which is part of Sonic Healthcare USA headquartered in Austin, Texas.

 CPLSE, which now employs more than 300, was originally represented by West in the lease of its current 15,869 square feet at Lee Vista Business Center.

 The expansion will bring the total square footage to 20,402 RSF (rentable square feet). Buildout of the tenant’s added space is slated for completion before the end of the year.

 The landlord, Lee Vista Flex LLC of Apopka, was represented by Chuck McNulty of McNulty Group. 

 For more information contact

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989 mwest@realvest.com

Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989 pmahoney@realvest.com

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

Arbor Closes $1.8 Million Fannie Mae DUS® Small Loan for 12 Willard Street Apartments in Hartford, CT

 Uniondale, NY (Oct. 8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,800,000 loan under the Fannie Mae DUS® Small Loan product line for the 61-unit complex known as 12 Willard Street Apartments (top left photo) in Hartford, CT.

The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Stephen York (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “After completing a gut renovation and leasing up this property, our client was looking to place long-term debt on the property at an attractive interest rate,” York said.

 “We were pleased to deliver on our initial terms and, additionally, lock in an interest rate nearly half a percent lower than where we started at application. We look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com