News


July 12, 2017

McKinley Institutional Commercial Real Estate Team is pleased to announce the disposition of Westwood Square in Lake Forest, Illinois.  McKinley was appointed Receiver for this shopping center on October 03, 2016.  This 29,150 square foot center is home to tenants such as Westwood Bistro, Shelley Patenaude Interiors, and Jade Foot Spa.  During its short time as Receiver, McKinley helped create value and stabilize the rent roll by filling two vacancies with new tenants and renewing two existing tenants.  The team also remedied multiple city and fire code violations and significant deferred maintenance including active roof leaks, exterior lighting repairs, exterior power washing, and painting of the interior common areas and underground garage.  McKinley further improved the asset by upgrading the inadequate lighting in the underground parking garage to energy efficient fixtures as well as crack filling, seal-coating, and striping the weathered surface parking lot.

 

"Upon accepting this assignment, McKinley was immediately able to remedy long standing issues and create value by stabilizing the property as well as bringing new tenants in to provide services to this quaint community," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team.

 

"This is another example of McKinley delivering a quality management experience for an important third party client.  We take our role of creating value for our partners seriously.  In this case, we quickly took over a distressed asset, certified a rent roll, completed a detail physical due diligence, cured immediate needs, and set this asset on a positive spiral of a turn around," offered Trey (Royal) Caswell, Senior Vice President & Managing Director - Institutional Real Estate.

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Tags:   ICRE

June 28, 2017

It is was great pride and excitement that McKinley share with you this wonderful news about the Neutral Zone (NZ). We have been a core supporter of this marvelous organization from the start, and we are so proud of this amazing accomplishment:

ANN ARBOR, MI. - The Neutral Zone, a diverse youth-driven teen center located in Ann Arbor, was selected by the Community Foundation for Southeast Michigan as the recipient of the 2017 Richard F. Huegli Award for Program Excellence. The award was presented at the Community Foundation’s Board of Trustees meeting on Tuesday, June 27.

 

The Award annually recognizes a nonprofit that reflects Mr. Huegli’s vision of high standards in human services programming and belief in human potential. Huegli served in the human services sector in southeast Michigan for nearly half a century before his death in 1988.  He helped to establish the Community Foundation and worked as acting director in its first year. Previous winners include the Arab Community Center for Economic and Social Services, HAVEN, the Rose Hill Center, and United Methodist Retirement Communities.

 

The Neutral Zone was founded by teens and adults in 1998 as a concert venue to provide a safe, supportive space for teens on Saturday nights. Today, the organization has grown exponentially to supporting weekend concerts and special events, as well as an after-school drop in space with over 20 programs in visual and media arts, music performance and technology, literary arts, community leadership, and education. During the school year, approximately 350 teens visit weekly, 200 participate in summer programming, and another 500 young people visit through school and community partnership projects during the school day.

 

Over the past decade, Neutral Zone has been recognized locally, regionally, and nationally as a high-quality youth development organization in delivering distinctly effective programming focused on engaging youth in meaningful decision-making, mentorship, and leadership.  Neutral Zone is  proud to have supported over 60 organizations, schools, and community health based centers to increase their youth-driven practices and are excited to continue efforts that engage young people to have student voice, build restorative communities and lead artistic and community based initiatives. 

 

“It is an absolute honor to be awarded the Richard F. Huegli Award for Program Excellence,” says Lori Roddy, Executive Director of Neutral Zone. “Being chosen for this award reaffirms our work in the community and the unique partnership between the Community Foundation and Neutral Zone.”

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Tags:   award

June 27, 2017

McKinley is proud to announce that it has received the prestigious 2017 National CIGNA Well Being Award.  This honor recognizes companies with a remarkable quality and excellence in health awareness.  McKinley was honored with this award Tuesday, June 27, 2017 at MidAmerica Club in Chicago, Illinois.

“It is an honor to receive this prestigious award and I feel so fortunate to be surrounded and supported by such an amazing team who all contribute to making McKinley Healthy Living the world class program that it is today,” stated Meredith Mitchell, Health and Wellness Director.  “The most important thing we do is connect with people and by connecting with them we have the opportunity to help them make healthy lifestyle changes they can adopt and maintain! I'm so thankful for the opportunity and to be a part of this world class team,” added Mitchell.

“It's an incredible achievement for our team to receive this honor from Cigna. Cigna is a wonderful partner for us in the employee benefits arena,” shared David Peabody, Senior Vice President & Managing Director - HR Services & Risk Management. “I'm very proud of the commitment to health and wellness from all of our McKinley team members that made this possible and continue to be amazed by the passion and innovation Meredith brings that consistently pushes everyone to excellence,” stated Peabody.

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Tags:   award

June 16, 2017

McKinley is pleased to announce that it has closed on a $6,500,000 long-term financing with Fannie Mae (FNMA) for Sun Pointe Lake Apartments, a 96-unit market rate Multifamily community located in Daytona Beach, Florida. This continues the on-going effort of locking in over $1.25 Billion in long term financings with maturities ranging from 10 to 35 years on McKinley's Multifamily platform located in Michigan, Indiana, Illinois, Georgia and Florida. Berkadia, Berkshire Hathaway and Leucadia National company, originated the financing on behalf of McKinley. Berkadia’s long-term relationship with McKinley spans several decades, and within the last 5 years it has executed on over $1 Billion of Multifamily long-term mortgages on behalf of McKinley via HUD, Fannie Mae and Freddie Mac.

 

"We continue our long-term refinancing efforts in this most favorable interest rate environment. We have now closed on almost all of our Multifamily debt at historically low interest rates, the majority of which is locked up for 35 years. As interest rates continue to rise, this very favorable debt platform will be highly accretive to our long term generational asset values," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "We have been and will continue to be very disciplined in this effort, and that financial discipline along with extraordinary asset performance, has combined to build a fortress balance sheet position for our enterprise now and into the future," added Berriz.

 

McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, its customers that provide us the opportunity to serve their housing needs, and its 500 amazing Central Florida based team members who make it happen every day. McKinley currently owns a portfolio of 57 multifamily communities in seven major Central Florida sub-markets including the Orlando Theme Park market, the Orlando Airport market, Winter Park, Daytona Beach, Gainesville, Pinellas County which includes Clearwater, South Pasadena, North Redington Beach and Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its luxury brands which include McKinley Beach on the Barrier Islands of Pinellas County and McKinley Hyde Park in Hyde Park/South Tampa.

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Tags:   Financing

June 1, 2017

McKinley is pleased to announce the promotion of David A. Peabody, Esq., to Senior Vice President & Managing Director - HR Services & Risk Management.  In his new role he will lead all Risk Management efforts in addition to his core HR and other risk management duties.

 

David has been with McKinley since 2005. He is an alumnus of the University of Michigan, Western Michigan University’s Thomas M. Cooley Law School, and the Harvard Business School. He is also an active member of the American Bar Association; the American Bar Association Section on Labor and Employment Law; the State Bar of Michigan sections on Labor and Employment Law and Workers’ Compensation Law; the University of Michigan Letterwinners M Club; the University of Michigan Alumni Association; the Harvard University Alumni Association; and the Harvard Business School Club of Michigan.

"David and I have been working side by side for a number of years.  He will be a tremendous success in this new role due to his intellect, passion for our core values, and the tremendous respect he has garnered both internally and with our clients," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. “As the 2017 Hurricane Season starts today through November 30th, we are confident in David’s ability to lead our team and keep our people as well as our communities safe.  We have an amazing team across the country that comes together each year to prepare and implement one of the most effective and sophisticated hurricane preparedness efforts in the real estate industry,” added Berriz.

“I’m excited for this opportunity to lead our risk management team and as we enter hurricane season, am currently focused on working with our operational leaders to maintain McKinley’s exceptional preparedness and awareness program for our communities in potentially affected areas,” shared Peabody.

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Tags:   promotion

May 18, 2017

McKinley is pleased to announce that it has closed on a $19,900,000 long term financing with Fannie Mae (FNMA) for a multi-property scattered site portfolio located in Hyde Park (Tampa), Florida. The portfolio represents a portion of McKinley's holdings in Hyde Park, and is the second major long-term refinancing event for the McKinley Hyde Park brand. Berkadia, Berkshire Hathaway and Leucadia National company, originated the financing on behalf of McKinley. Berkadia’s long-term relationship with McKinley spans several decades, and within the last 5 years it has executed on over $1 Billion of Multifamily long-term mortgages on behalf of McKinley via HUD, Fannie Mae and Freddie Mac.

 

"We continue our long-term refinancing efforts for our Hyde Park acquisitions in this most favorable rate environment. Thanks to the exceptional performance of our team that has made this possible through complex renovations, lease-up and stabilization of this portfolio in record time," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "The Hyde Park effort has also allowed us to diversify our Central Florida Multifamily holdings into yet another solid market that will have significant long-term appreciation based upon a foundation of concrete employment fundamentals in a highly sought after area with a terrific quality of life," added Berriz. "We expect to continue to grow in the Hyde Park/South Tampa geography adding to what has become the dominant Multifamily brand in that market," further added Berriz. 

 

The McKinley Hyde Park brand is a boutique collection of 28 multifamily communities of historic and unique significance located in Hyde Park, Downtown Tampa. These communities span from the Hillsborough River in the Downtown to MacDill Air Force Base in South Tampa. The brand offers a variety of price points and product offerings to meet the needs of a very discerning customer base. The portfolio enjoys walkable access to high end retail shops and the best restaurants in the region, as well as wellness and outdoor opportunities available throughout the area. This boutique collection also features condominium grade interiors and exquisite exterior renovations as well as community amenities that generate the best available product in the marketplace. McKinley today is the largest owner-operator of multifamily communities in the Hyde Park/South Tampa market.

 

McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, its customers that provide us the opportunity to serve their housing needs, and its 500 amazing Central Florida based team members who make it happen every day. McKinley currently owns a portfolio of 57 multifamily communities in seven major Central Florida sub-markets including the Orlando Theme Park market, the Orlando Airport market, Winter Park, Daytona Beach, Gainesville, Pinellas County which includes Clearwater, South Pasadena, North Redington Beach and Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its luxury brands which include McKinley Beach on the Barrier Islands of Pinellas County and McKinley Hyde Park in Hyde Park/South Tampa.

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Tags:   Financing

May 5, 2017

McKinley's Institutional Commercial Real Estate Team (ICRE) announced today the takeover of Georgetown Plaza, a 111,600 square center in Indianapolis, Indiana.  This center is home to tenants such as Family Dollar and Value World and is 65% occupied. This takeover marks the 13th takeover in the state of Indiana for McKinley.

 

Spearheading the takeover efforts is the new leader of McKinley’s ICRE team, Royal (Trey) E. Caswell III, Senior Vice President & Managing Director, Institutional Real Estate.  Royal has significant expertise in assisting institutional clients in the workout of distressed shopping centers, office buildings and industrial buildings throughout the United States.  Including the management of his team, his duties include Asset and Commercial portfolio management and redevelopment, lease negotiation, risk management and acquisition and disposition of new assets.

 

“This is a distressed shopping center assignment for a bankruptcy trustee.  The McKinley team looks forward to a quick physical repositioning of this neglected asset,” offered Royal “Trey” Caswell, McKinley’s Senior Vice President.  “This asset serves a need in the sub-market and we will have an immediate impact for both customers and tenants,” said Caswell.

 

"Trey is obviously a very experienced commercial real estate executive and McKinley leader having founded and started this group initially in 2001. He also led our Owned Commercial Team (OCRE) as well for over a decade" offered Berriz. "I am thrilled that Trey is back in the driver’s seat leading this team, he makes things happen and he can generate real results for our institutional clients," added Berriz. "Trey started with me in 2000 and he has personally handled some of the most complex multifamily and commercial workouts, bankruptcies and receiverships we have ever dealt with working on behalf of our institutional clients, he is in the field, he is a true detailed oriented guy, and this is great news for our entire ICRE team," further added Berriz.

 

 

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Tags:   Residential

April 28, 2017

McKinley is pleased to announce that it has closed on a $20,450,000 long term financing with Fannie Mae (FNMA) for a multi-property scattered site portfolio located in Hyde Park (Tampa) Florida. The portfolio represents a portion of McKinley's holdings in Hyde Park, and is the first major long term refinancing event for The McKinley Hyde Park brand. Berkadia, a Berkshire Hathaway and Leucadia National company, originated the financing on behalf of McKinley. Berkadia and McKinley have had a long term relationship spanning several decades, and most recently over the past 5 years, Berkadia has executed on over $1 Billion of Multifamily long term mortgages on behalf of McKinley via HUD, Fannie Mae and Freddie Mac.

 

"We have a high degree of confidence with Justin Wheeler, Ernie Katai and the entire Berkadia team," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "They always deliver and they always do the right thing for us," added Berriz. McKinley and Berkadia will be closing on a second tranche of McKinley Hyde Park financing with Fannie Mae later in May as well. "These financing events have proven our thesis and have positioned the various properties in the first tranche for our classic long term generational ownership with substantial sustainable cash flow," further added Berriz.

 

The McKinley Hyde Park brand is a boutique collection of 28 multifamily communities of historic and unique significance located in Hyde Park, Downtown Tampa. These communities span from the Hillsborough River in the Downtown to MacDill Air Force Base in South Tampa. The brand offers a variety of price points and product offerings to meet the needs of a very discerning customer base. The portfolio enjoys walkable access to high end retail shops and the best restaurants in the region, as well as wellness and outdoor opportunities available throughout the area. This boutique collection also features condominium grade interiors and exquisite exterior renovations as well as community amenities that generate the best available product in the marketplace. McKinley today is the largest owner-operator of multifamily communities in the Hyde Park/South Tampa market.

 

McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, its customers that provide us the opportunity to serve their housing needs, and its 500 amazing Central Florida based team members who make it happen every day. McKinley currently owns a portfolio of 57 multifamily communities in seven major Central Florida sub-markets including the Orlando Theme Park market, the Orlando Airport market, Winter Park, Daytona Beach, Gainesville, Pinellas County which includes Clearwater, South Pasadena, North Redington Beach, Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its luxury brands which include McKinley Beach on the Barrier Islands of Pinellas County and McKinley Hyde Park in Hyde Park/South Tampa. 

 

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Tags:   Hyde Park

April 18, 2017

The McKinley Companies announced today that it has completed the successful acquisition of Palio Apartment Homes formally known as Middlebrook Farms Apartments, a 320-unit luxury apartment community located in the Universal Orlando submarket of Orlando, Florida. Palio Apartment Homes is McKinley's twelfth owned workforce housing community specifically located in the Orlando Theme Park corridor between Universal Orlando and Walt Disney World, and its 57th Owned community located throughout Central Florida including Orlando, Winter Park, Daytona Beach, Gainesville, Clearwater, South Pasadena, North Reddington Beach, Gulfport, and Tampa/Hyde Park/South Tampa. McKinley operates in the Central Florida Region under its flagship McKinley workforce housing brand, as well as its McKinley Beach and McKinley Hyde Park luxury brands. 

 

Palio was built in 2001, and contains a mix of large one, two and three bedroom apartments and townhomes with extensive amenities, garages and on-site storage facilities. The large size apartments, which all have in-home washers and dryers and private patios, in conjunction with the Orange County Public Schools, provide excellent housing opportunities for the workforce along the Orlando Theme Park corridor. Palio Apartment Homes is just minutes from major employers including Universal Orlando, Orange County Convention Center, Sea World and Walt Disney World. "We are passionate about being the workforce housing provider of choice throughout the Orlando Tourist Commercial corridor. In addition to our many apartment styles and sizes that we have available, our communities are in very close proximity to jobs, which allows our residents to walk or take a short ride to work each day," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member. "As drive times and traffic becomes a much more complex issue throughout Central Florida, we believe that having apartment communities immediately adjacent to the largest employers in the region will be a major strategic advantage now and into the future," added Berriz.

 

McKinley was able to move quickly and close on this transaction in record time with its own capital supported by Key Bank, a long term commercial banking relationship of over 25 years. "We have never missed on a closing, and as we did with Palio Apartment Homes, we can move very quickly given our vast financial resources and our amazing team and relationships on the ground in Central Florida which is a key differentiator for us in the marketplace," offered Jim Willett, McKinley's Senior Vice President & Managing Director. "We had our good friends and long term commercial banking partners from Key Bank supporting us on this transaction. In their classic style our banks are always with us, and work along-side us, as we very quickly close large and complex transactions like Palio Apartment Homes," added Willett.

 

McKinley is proud to be a major employer and owner of Multifamily and Retail real estate throughout Central Florida, having actively invested in the region since 1982. As one of the largest owners of Multifamily real estate throughout Central Florida, McKinley is committed to the future and well-being of the region, our customers that provide us the opportunity to serve their housing needs, and our over 500 amazing Central Florida based team members who make it happen every day.

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Tags:   Hyde Park

April 11, 2017

McKinley Institutional Commercial Real Estate Team is pleased to announce the takeover of Cortez Common, a 72,160 square center in Brooksville, Florida, a suburb of Tampa. This center is home to tenants such as Dick’s Sporting Goods and Five Below and is 100% occupied. This takeover, on behalf of a major institutional client, is McKinley’s 42nd Institutional Commercial Real Estate takeover in the state of Florida.

 

"Our team was able to react quickly and immediately step in to achieve our client’s objectives in this complex workout transaction," offered Jessica Furlong, Director of Operations for McKinley's Institutional Commercial Real Estate Team. "Our capabilities on the ground and our vast experience and resources in the Central Florida region further allowed us to move quickly and execute the takeover in record time," added Furlong.

 

McKinley has been actively investing and operating Multifamily, Office and Retail assets in the Central Florida Region since 1982. McKinley is a major employer in the region as an owner/operator of real estate throughout Tampa Bay, Hyde Park, South Tampa, South Pasadena, Gulfport, North Redington, Clearwater, Inverness, Brooksville, Orlando, Winter Springs, Winter Park, Daytona Beach and Gainesville. McKinley is committed to the well-being and future of the region and is proud of its over 450 Central Florida Team Members who execute amazingly every single day.  

 

 

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Tags:   Commercial

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