January 12, 2014
Champaign, IL McKinley is pleased to announce that it has acquired Nantucket Cove, a 240 unit former distressed purpose built student housing asset with a plan to extensively renovate and convert it to a luxury apartment home community. The distressed asset, with a fundamentally flawed original concept, was selected as an opportunity for acquisition, repositioning and value creation utilizing McKinleys expertise with a comprehensive renovation and conversion plan. Formerly known as University Village, McKinley is pleased to have the opportunity to reposition this asset to a traditional apartment community which will best serve the needs of local employers, the University of Illinois faculty and staff as well as students. These large two, three, and four bedroom apartment homes following the completed renovation will offer unique floor plans providing excellent options for families that previously did not exist in this location. Nantucket Cove, as a luxury community is ideally located in the heart of great shopping and just a few short minutes from all that downtown Champaign has to offer.
McKinley has owned and operated apartments in Champaign since 1986 and we are pleased to be able to expand our presence in the market as well as offer quality living in this location as we endeavor to reposition this asset to best serve the community, stated Kenneth P. Polsinelli, McKinleys Chief Real Estate Officer. This acquisition continues our long track record of creating value and enriching the quality of life in our communities.
The PrivateBank is providing the acquisition and renovation financing for this transaction and Berkadia Commercial Mortgage is providing HUD long-term financing. "This acquisition was closed quickly and efficiently by the PrivateBank adding to our track record of execution speed and certainty, states Albert M. Berriz, Chief Executive Officer, we are fortunate to work side by side with both The PrivateBank and Berkadia on Nantucket Cove.
With the addition of Nantucket Cove to its portfolio, McKinley now owns and operates four apartment communities in Champaign consisting of 654 apartment homes.
January 8, 2014
Los Angeles, CA Mckinley\Avanath is pleased to share McKinley Institutional Residential Real Estate has assumed the role of Property Manager on Woodcreek Terrace, a recent Avanath Capital Management acquisition located in Roseville, California. The 104 unit community, which includes one and two bedroom apartment homes, located in Roseville, the largest city in Placer County in the metropolitan region of Sacramento, CA. Major employers include Kaiser Permanente, Hewlett Packard and the Sutter Roseville Medical Center.
McKinley is a nationally respected owner-operator of affordable housing with nineteen communities currently under management generating superior results for its own portfolio and for select institutional clients across its 34 state national platform. This growth trend is projected to continue at a steady pace in 2014 with another dozen affordable deals in the pipeline expected to be added in the coming months.
"We are excited to apply our extensive experience as we continue to expand our footprint into the western United States, including California, commented Kenneth P. Polsinelli, McKinleys Chief Real Estate Officer. We have a stellar team of experienced multi-family real estate executives positioned in California to take on our growth in the West and are extremely proud of our 45 year track record which is fueling our ever expanding platform, stated Polsinelli.
January 7, 2014Virginia Beach, VA - McKinley Institutional Residential Real Estate is pleased to announce it has been appointed as Receiver for Marina Shores Apartments in November 2013 by the Circuit Court for Virginia Beach, VA. The community of Marina Shores includes 392 apartment homes, comprised of one, two and three bedrooms. The community enjoys amenities including a children's playground, a swimming pool, clubhouse, fitness center, tennis courts and is walking distance from the beach.
"McKinley has owned and managed commercial real estate in Virginia for more than two decades and is pleased to be appointed to this most recent assignment by the Circuit Court of Virginia," stated Garrett Hain, McKinley's Managing Director, Institutional Residential Real Estate.
December 22, 2013
Ann Arbor, MI McKinley is pleased to announce that the Commercial Institutional Commercial Real Estate group has completed another successful workout of a distressed asset for our valued Institutional Client. The property, the Portec Building, located in Minneapolis, MN is a 120,000 square foot industrial building for which McKinley was appointed the receiver on March 31, 2010, and subsequently retained as property manager. During the period of McKinleys management, the asset was repositioned for sale by stabilizing the buildings rent roll as well as operations. As Property Manager, over 115,000 square feet of leases were executed with a value creation in excess of $1,500,000.
We were thrilled to once again create value on behalf of our valued institutional client, stated Matthew D. Mason, Managing Director, ICRE. "Our team deployed its expertise and the results speak for themselves, shared Mason.
December 22, 2013
Ann Arbor, MI - McKinley Institutional Commercial Real Estate is pleased to announce it has been engaged as Property Manager for Commerce Place on behalf of its valued client. This 67,999 square foot office building, located in Middleburg Heights, Ohio is currently 71% occupied. With this latest assignment the total square footage of managed assets with thisimportant client relationship grows to 153,908, and the total square footage of managed assets in the state of Ohio increases to 2,445,525.
We are pleased to announce this latest assignment in Ohio on behalf of our client, shared Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. We continue to expand our Commercial footprint in the Midwest and look forward to the opportunity to create value for the stakeholders, added Mason.
December 19, 2013Ann Arbor, MI McKinley is pleased to announce that the Institutional Commercial Real Estate group has completed another successful workout for our valued client. The Property, Southgate USA, is a 788,130 square foot shopping center in Maple Heights, Ohio. McKinley was appointed as Receiver on April 9, 2009 and later retained as property manager.
During McKinleys time managing the Property, over $18 million in new leasing, renewals and expansions were executed, numerous capital improvements throughout the Property were completed, operating costs were reduced, occupancy was increased and the appearance of the Property was improved.
This was a terrific opportunity for my team to demonstrate our value creation expertise, stated Matthew D. Mason, Managing Director, Institutional Commercial Real Estate. We were thrilled to have the opportunity to work out this asset on behalf of our important client, and are very pleased to announce this successful disposition on their behalf, shared Mason.
December 17, 2013
TAMPA BAY, FL - Please enjoy the Breaking News link below from Tampa Bay Business Journal acknowledging McKinley's award for Excellence.
December 9, 2013
TAMPA BAY, FL - Please enjoy the Breaking News link below from Tampa Bay Newswire acknowledging Albert M. Berriz's recent award for Excellence in Corporate Leadership.
December 8, 2013
December 8, 2013
Mr. Albert M. Berriz
McKinley & Associates
320 N. Main, LP
Ann Arbor, MI 48104
Dear Mr. Berriz:
Earlier this year the Huron Rowing Association (HRA) completed its 2013 Farmer's Market Parking Lot Fundraiser at 320 N. Main. As in past years, this is one of the teams most important fundraisers and we were able to raise $12,700 for Huron High School Crew.
As you know, through our agreement you have generously allowed the team to use the parking lot for our fundraiser on Saturdays. We charge Farmer's Market patrons $3.00 and vendors $5.00 to park in the lot. For Art Fair Patrons on Art Fair Saturday in July, and for U-M football patrons on game Saturdays, the fee is $10.00 per car.
Crew is the only sport offered in both the fall and spring seasons at Huron High School. It is open to both men and women. This past season the team won every event in which it competed. The team also sent three boats to the prestigious Head of the Charles Regatta in Boston in October. At the end of the previous season Huron Crew qualified four boats to the Scholastic Nationals Championship in Camden, NJ in May 2013 at which two of our boats earned bronze medals.
We are very proud to continue the tradition that all student athletes have the opportunity to row and race. The team also has one of the highest number of scholar-athletes (students earning a 3.2 or higher grade point average) of any sports at Huron. Crew now has the largest number of students participating in team sports at Huron (recently surpassing football) yet receives less than 15% of its budget from the Huron Athletic Department. The Association works to provide the majority of the operating budget (including a limited number of need-based scholarships) through fundraising and dues.
Huron Crew continues to grow, with over 90 rowers last fall - which represents over a 15% increase from the previous year. In today's challenging school budget climate it is difficult to find ways to keep athletics affordable for our students and we are pleased to have been able to keep our dues at the same rate in 2013 as we have for the past two years. The revenue generated this year at the parking lot was a critical part of our budget and has allowed many of our rowers an opportunity they may not otherwise have to participate in a high school varsity sport.
At the appropriate time following construction we would greatly appreciate your support to allow HRA to return to using the parking lot in 2014 for continued fundraising. Our sincerest thanks for your support. Please find along with the letter several pictures of the team in action this past year.
With best regards,
December 3, 2013Please enjoy the Breaking News link below from MHN Online about McKinley acquiring two Orlando Communities in 30 days.