Today's Deals: JV Lines Up Funds for Bethesda Mixed-Use Development
- Dec 06, 2011
Bethesda, Md.—StonebridgeCarras and PN Hoffman are partnering up with Northwestern Mutual in a joint venture arranged by Holliday Fenoglio Fowler for a $200 million mixed-use development in Bethesda, Md. The development, which has already received approvals, will transform two Montgomery County owned parking lots into 250 residential units and 40,000 square feet of street retail.
StonebridgeCarras and PN Hoffman have been working on the project since 2005. Northwestern Mutual’s financial strength has helped the team move ahead on a ground breaking expected for January 2012.
“Northwestern Mutual actively invests in high quality mixed-use developments,” says Matthew Ascher, director with Northwestern Mutual Real Estate Investments. “The development of Lot 31 at the epicenter of downtown Bethesda, adjacent to the walk-able Bethesda Row community, represents high quality urban redevelopment and strong long-term value for our policy owners.”
The development has two residential components: The Darcy, an 88-unit luxury condominium, and The Flats, a 162-unit apartment building. Buverno Investments is also investing with StonebridgeCarras and PN Hoffman in the project. The HFF team representing StonebridgeCarras and PN Hoffman was led by executive managing director Stephen Conley, and senior managing directors Dave Nachison, Alan Davis, Mark Remington and Dan McIntyre.
Praedium and Hamilton Zanze sell Colorado asset for $25M
Colorado Springs, Co.—The Praedium Group and Hamilton Zanze & Company have announced the sale of The Preserve at Hidden Creek, a 240-unit community in Colorado Springs, Co. Griffis/Blessing Inc. picked up the property for $25.1 million.
Praedium and Zanze bought the garden-style complex out of receivership in 2007 in an off-market transaction. The Preserve at Hidden Creek was 93 percent occupied at the time of sale.
“This was an attractive investment for us,” says David Dowell, vice president of The Praedium Group. “We continue to own nearly 1,500 units in the Denver area and given our outlook on the market we are actively seeking to grow our holdings in the Denver market.”
Dan Woodward and Jordan Robbins of CBRE’s Denver office represented The Praedium Group and Hamilton Zanze in the transaction.
HFF closes REO sale of Veranda Park in Orlando
Orlando, Fla.–HFF announced that it has closed the sale of a portion of Orlando’s Veranda Park mixed-use development comprised of building 4000, ground floor commercial space in buildings 7000 and 8000 and undeveloped land.
Geosam Capital Inc., a private investment group based out of Toronto, Canada, purchased the property.
Veranda Park is a mixed-use town center property located in Orlando’s metrowest submarket at 2121 South Hiawassee Road, about nine miles west of downtown Orlando. The offering was comprised of the remaining 118 unsold residential condominiums in building 4000; +/-66,000 square feet of retail space in buildings 7000 and 8000, the majority of which remains unleased; and an 11.7-acre development site zoned for multi-housing, retail, office or hotel development.
The HFF investment sales team representing the seller was led by Executive Managing Director Manny de Zárraga, Managing Director George Vail, Director Jaret Turkell and Real Estate Analyst Scott Wadler.