HFF has announced that it has secured $6.5 million in financing for Discovery Point, a 183-unit, independent living community in Mesa, Arizona.
HFF worked on behalf of the borrower, Campbell-Hogue & Associates, Inc., to secure the seven-year, fixed-rate loan through a national lender that will securitize the loan.
Discovery Point is a full-service, seniors independent living facility located at 6210 East Arbor Avenue in Mesa, Arizona approximately 28 miles east of downtown Phoenix. Completed in 1995, the three-story property is 94.54 percent leased and includes 183 units averaging 600 square feet each. Services include meal preparation, home maintenance, personal and group transportation, resident wellness programs and housekeeping. Amenities consist of lounges on each floor, a library, heated swimming pool, activities and billiards room, outdoor gazebo and barbecue area. The property is managed by Guardian Management.
The HFF team was led by managing director Casey Davidson.
HFF announced today that it has arranged $14M in joint venture equity for the development of Envy, a 90-home, mid-rise condominium project in downtown Scottsdale’s Entertainment District.
HFF worked on behalf of the borrower, Deco Communities, to secure joint venture equity from an alternative investment manager.
Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads. Slated for completion in the second half of 2015, the 90 for-sale residences will feature a variety of one- and two-bedroom floorplans. The eight-story property will include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, negative-edge rooftop pool and spa, bicycle storage, electric car charging stations and concierge service.
The HFF team was led by associate director Bryan Clark.
HFF announced today that it has secured joint venture equity for the acquisition of 43rd Avenue Logistics Center, a new state-of-the-art, 394,775-square-foot industrial facility located in Phoenix.
HFF worked on behalf of the buyer, Cohen Asset Management, in arranging the joint venture equity in an off market transaction. Equity proceeds were used to purchase the property.
The 43rd Avenue Logistics Center is located in the southwest Phoenix industrial area, a warehouse district popular with large and smaller scale distribution and manufacturing companies. The property has rail access and is situated close to Interstates 10 and 17 as well as State Routes 143, 101, 202 and 303. Completed in 2013, the property is LEED certified and was developed jointly with a local prominent developer and a regional bank that had previously foreclosed on the site.
The HFF team representing Cohen Asset Management was led by senior managing director Paul Brindley senior managing director Wally Reid and associate director Jeff Sause.
Cohen Asset Management, Inc. is a private commercial and industrial real estate investment firm. Established in 1992 and strategically headquartered in Southern California with a regional office in northern New Jersey, Cohen Asset Management, Inc. is a proven, national real estate owner and operator with a primary focus on the industrial real estate sector. The firm’s relationships extend to high net worth individuals, institutional investors and domestic business entities. The private real estate investment firm is an active operator and investor of commercial and industrial real estate assets and has a well-established reputation as a value added investor focusing on commercial and industrial real estate opportunities that are inefficiently priced due to a variety of circumstances such as vacancies, rollover risk, sub-optimal management, inefficient current use, deferred maintenance, long-term undervalued leases or other unfavorable property and market conditions.