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$114.4 million construction loan arranged by HFF for The Tower Residences at the Ritz-Carlton in DallasDALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $114.4 million, non-recourse construction loan for The Tower Residences at the Ritz-Carlton, which is Phase II of The Ritz-Carlton luxury hotel and condominium development in Dallas, Texas.
HFF executive managing director Scott Galloway, senior managing director Trey Morsbach and associate director John Ahmed worked exclusively on behalf of Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale.
Upon completion in 2009, this second phase of The Tower Residences at the Ritz-Carlton will consist of a 23-floor tower with 96 units and four exclusive townhomes set apart from the tower by a central courtyard. The tower will be connected to The Residences at the Ritz-Carlton via a climate-controlled skybridge and will have its own underground parking garage and amenity package, including a pool, wine storage and tasting room, fitness center, meeting space and hotel service amenities. The Tower Residences at the Ritz-Carlton is located at 2121 McKinney Avenue, close to the central business district, the Arts District, Victory Park and the Uptown area of Dallas.
Crescent Real Estate Equities LLC is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 54 premier office buildings totaling 23 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Denver, Miami and Las Vegas. Crescent also holds investments in resort residential developments in locations such as Scottsdale, Arizona; Vail Valley, Colorado; and Lake Tahoe, California and in the wellness lifestyle leader, Canyon Ranch®.
HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
Contact: Laurie Fish McDowell
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.338.0990 | fax 617.338.2150 | www.hfflp.com
lmcdowell@hfflp.com
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Post Properties Begins New Suburban Washington, D.C. Community ATLANTA--Post Properties, Inc. (NYSE: PPS) has started construction of Post Park(R), a new luxury residential community in the Washington, D.C. suburb of
Hyattsville, Prince George's County, Md. Post Park(R) is the company's first new development in Maryland. Post Park(R) will be situated on a 6.8-acre site, offering 396 residential homes.
Located on East-West Highway, minutes from the University of
Maryland and the Hyattsville Arts District, the community will feature
326 luxury rental units and 70 condominium units, consisting of
studios and one- and two- bedroom homes. Condominium pre-sales are
being handled by Urban Pace, LLC.
The property is directly adjacent to the area's largest regional
shopping center - The Mall at Prince George's - and is proximate to
several other destination retail outlets, as well as the Prince
George's Plaza metro stop. It is 20 minutes from downtown Washington,
D.C. and is located near several large private and public-sector
employment facilities. The architecture will be an urban contemporary
style.
"Post Park fits our strategy of focusing on submarkets with good
growth potential," said David P. Stockert, president and chief
executive officer of Post. "This community will offer a unique living
experience for an underserved market in the D.C. metropolitan area,
and build on our concentration of communities in the area."
As part of the project, Post Properties will remediate and restore
an eroded stream channel that runs through the site into the Northwest
Branch of the Anacostia River and eventually into the Chesapeake Bay.
The environmental benefits are expected to include elimination of
sediment transport downstream and the promotion of aquatic wildlife
throughout the stream and the Anacostia Watershed.
"We are pleased to be able to bring a high quality residential
offering to Hyattsville, while being able to improve the watershed and
to solve an environmental challenge," said Martin Howle, Executive
Vice President and Regional Investment Director for Post Properties.
Individual one and two-bedroom homes will be furnished with
stainless steel appliances, hardwood floors, granite countertops, and
ceramic tile baths. Community amenities will include a pool, four
landscaped courtyards, fitness and business centers, a clubroom (with
a kids area), and structured, secure parking. The condominiums will
have their own lobby and will share other amenities with the apartment
community.
Post Park(R) will feature 1,700 square feet of ground-floor retail
space. The company expects first apartment units to be available in
the second quarter of 2009, and that the build-out cost of the entire
community will be approximately $86.5 million. The first condominium
units are expected to be available in fall of 2009.
About Post Properties
Post Properties (www.postproperties.com), founded more than 35
years ago, is one of the largest developers and operators of upscale
multifamily communities in the United States. The Company's mission is
delivering superior satisfaction and value to its residents,
associates, and investors, with a vision of being the first choice in
quality multifamily living. Operating as a real estate investment
trust ("REIT"), the Company focuses on developing and managing Post(R)
branded resort-style garden and high density urban apartments. In
addition, the Company develops high-quality condominiums and converts
existing apartments to for-sale multifamily communities. Post
Properties is headquartered in Atlanta, Georgia, and has operations in
ten markets across the country.
Post Properties owns 22,249 apartment homes in 62 communities,
including 1,747 apartment units in five communities held in
unconsolidated entities and 2,142 apartment units in seven communities
(and the expansion of one community) currently under construction
and/or in lease-up. The Company owns and is developing 437 for-sale
condominium homes in four communities (including 137 units in one
community held in an unconsolidated entity) and is converting
apartment units in two communities initially consisting of 349 units
into for-sale condominium homes through a taxable REIT subsidiary.
CONTACT: Post Properties, Janie Maddox, 404-846-5056
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Post Properties Sells Two Atlanta Apartment Communities;
Contributes Third Atlanta Apartment Community to an Existing Joint Venture ATLANTA--Post Properties, Inc. (NYSE: PPS), an
Atlanta-based real estate investment trust, has closed the sale of its Post Ashford(R) and Post Vinings(R)apartment communities located in Atlanta, Georgia. Post sold the communities as part of a Section 1031 transaction through an exchange
intermediary. Financial terms and the buyer were not disclosed. Post
Ashford(R) and Post Vinings(R) are garden-style communities with a
total of 625 apartment units. The properties were completed from 1987
to 1991.
Separately, Post also announced that it has added a 396-unit
garden-style apartment community, located in Atlanta, to its existing
joint venture with Crow Holdings Realty Partners IV, L.P., an
affiliate of Crow Holdings of Dallas, Texas. Post has a 25% ownership
interest in the venture. Post Apartment Homes will continue to manage
the apartment community under the Post(R) brand name. Financial terms
of the venture were not disclosed.
Net proceeds from the above transactions are expected to be used
to repay existing mortgage debt and borrowings under Post's unsecured
lines of credit.
With the contribution of this community, Post has contributed
three stabilized apartment communities, located in Atlanta, to this
joint venture during 2007. Post's joint venture strategy is intended
to enable the Company to access private capital to fund development,
improve returns on equity, leverage the Post(R) operating platform and
brand, and maintain a strong balance sheet with adequate liquidity.
About Crow Holdings
Crow Holdings (www.crowholdings.com) is a privately owned business
based in Dallas, Texas, that makes investments on behalf of the
Trammell Crow family and its investment partners. Today, Crow Holdings
has a substantial stake in the ownership of various businesses, both
real estate and non-real estate related, with a level of involvement
in the management of these companies that ranges from active to
passive. Their holdings also include significant, diversified
positions in financial investments.
Since 1998, Crow Holdings has sponsored four real estate private
equity funds. Total equity commitments from these funds total
approximately $2.1 billion, $450 million of which was committed by
Crow Holdings. To date, Crow Holdings Realty Partners IV, L.P. is the
largest fund sponsored by Crow Holdings, with equity commitments
totaling approximately $850 million. Investors include endowments,
foundations, pension funds, financial institutions and high net worth
individuals. Crow Holdings is the largest investor in Crow Holdings
Realty Partners IV, L.P., with a $150 million commitment.
Crow Holdings actively acquires existing properties and
development parcels of all types of real estate both independently and
with operating partners. Crow Holdings currently oversees a portfolio
of over 7 million square feet of retail, office and industrial
properties, approximately 5,000 multi-family units, more than 700
hotel rooms, and approximately 5,000 acres of lot development through
its real estate private equity funds.
CONTACT: Post Properties, Inc.
Janie Maddox
404-846-5056
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Thomas D. Wood Arranges $14M Financing for Three PropertiesMiami-—Alan Cohen, Vice President for Thomas D. Wood and Company, arranged financing in the amount of $14,271,000 for Czarnowski Distribution Center, Sleep Inn Palm Coast and Suburban Extended Stay Lakeland.
Cohen arranged financing in the amount of $6,375,000 for the Czarnowski Distribution Center in Atlanta, Georgia, through a national banking institution at a permanent fixed rate of 6.50%. The loan term is 10-years with a 30-year amortization, and a loan-to-value of 75%. The 284,000 square-foot industrial center was built in 1963 and renovated in 2002. Czarnowski Distribution Center is located at 1200 White Street, Atlanta, Georgia.
Cohen secured financing for the Sleep Inn Palm Coast in the amount of $3,850,000, and Suburban Extended Stay Lakeland in the amount of $4,046,000; both properties were financed through a regional banking institution at a permanent fixed-rate of 7.0%. The loan term for both properties is five years with a 30-year amortization, and a loan-to-value of 70%. The 78-room Sleep Inn was built in 1996, and is located at 10 Kingswood Drive, Palm Coast, Florida. The 138-room Suburban Extended Stay was built in 2000, and is located at 4335 Williamstown Boulevard, Lakeland, Florida.
Thomas D. Wood and Company is an independently owned, leading commercial mortgage banking firm in the southeast. Thomas D. Wood and Company has correspondent relationships with fourteen major life insurance companies, in addition to Wall Street. Thomas D. Wood and Company’s servicing portfolio is now approaching one billion dollars. This servicing portfolio consists of long-term mortgages on a variety of commercial properties located throughout the state of Florida. These properties include: Retail, Industrial, Office, Senior Housing Communities, Self-storage, Apartments, Warehouses, Hotels and Mobile Home Parks. Thomas D. Wood and Company’s corporate office is located at 95 Merrick Way, Suite 360, Coral Gables, Florida 33134, with branch offices located at 1700 South MacDill Avenue, Suite 240 A, Tampa, Florida 33629, and 1215 Louisiana Avenue, Suite 100, Winter Park, Florida 32789. The website may be accessed through www.tdwood.com.
For further information, please contact: Alan Cohen, (305) 447-7820, acohen@tdwood.com; Jessica Gurtowski,(407) 937-0470, jgurtowski@tdwood.com
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HFF closes sale of 1001 and 2425 West Loop South in HoustonHOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of 1001 and 2425 West Loop South, two Galleria area office buildings in Houston, Texas.
The HFF investment sales team was led by senior managing director Dan Miller and associate director Marty Hogan who marketed the properties exclusively on behalf of the seller, Fuller West Loop, LLC. Steve Darnall, a Principal of Fuller Realty Advisors handled the disposition on behalf of the selling entity, Fuller West Loop, LLC. Companies affiliated with The Ellman Companies of Phoenix purchased 1001 and 2425 West Loop South for an undisclosed price free and clear of existing debt.
“Fuller has been a very successful player in the Houston real estate market for many years,” said Miller.
1001 West Loop South, a 221,913-square-foot building, is 89% leased to tenants including Xerox and AT&T. 2425 West Loop South, which is adjacent to Hotel Derek, contains 281,590 square feet and is currently 75.4% leased to BlueCross BlueShield among other tenants. Both properties are situated in the Galleria/Uptown area of Houston on the east side of Loop 610.
“Both of these West Loop properties have significant upside potential through the lease-up of available space, as well as the potential to raise below market in-place rents,” added Hogan. “These acquisitions by Ellman Companies bring the total office space they’ve acquired in Houston during 2007 to over one million square feet.”
HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
Contact: Laurie Fish McDowell
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.338.0990 | fax 617.338.2150 | www.hfflp.com
lmcdowell@hfflp.com
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TOWER REALTY PARTNERS SELLS OFFICE FLEX PROPERTY IN JACKSONVILLEJACKSONVILLE, FL--Reid Berman and Cliff Stein of Orlando-based Tower Realty Partners, in partnership with DRA Realty Advisors of New York, are pleased to announce the sale of Exchange South located at 9143 Phillips Highway, Jacksonville, Florida for $24,000,000 or $123.45 per square foot to Triple Net Properties. Exchange South is a 194,400 square foot office-flex property constructed in phases in 1990 and 1996.
The Tower/DRA Joint Venture originally purchased Exchange South in August 2006. At that time, the property was 65% leased. Tower implemented an aggressive leasing program leasing over 70,000 square feet of new tenants and 30,000 square feet of renewing tenants in fifteen months. This activity brought the property to 97.5% leased at the time of the sale. Some of the new tenants include Shaw Facilities, Fresenius Medical, Columbia Analytical Services, and Shindler Elevator.
Michael Harrell of CB Richard Ellis represented the Tower/DRA JV in the transaction.
Tower Realty Partners, Inc. is a commercial real estate firm located in Orlando, Florida. For additional information, please contact Reid Berman at 407-659-0120, ext. 113.
Lanea Sagert
Tower Realty Partners, Inc.
2701 Maitland Center Parkway
Suite 225
Maitland, FL 32751
407-659-0120, ext. 107
407-937-2820 Fax
lsagert@towerrealtypartners.com
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