October 2, 2017
The McKinley Companies announced today that Royal E. (Trey) Caswell, Senior Vice President & Managing Director - Institutional Real Estate, was awarded the prestigious Counselors of Real Estate (CRE) designation. Those designated a “Counselor of Real Estate” are prominent real estate practitioners recognized for their expertise, experience, and ethics in providing advice that influences real estate decisions.
The CRE designation is awarded to those individuals who are invited by their peers into the membership of The Counselors of Real Estate, and who accept membership by fulfilling the rigorous entry requirements of the organization, including peer, employer and client review.
“We are very proud of Trey and this honor is something that speaks volumes to the countless things he has accomplished in his professional career, and the many things he will do in the future,” offered Albert M. Berriz, Managing Member, Chief Executive Officer, Board Member and Co-Owner.
“While honored to receive this designation, I am excited for the future interaction with my fellow professionals in the advancement of the real estate industry,” Trey noted. Adding “At McKinley, we pride ourselves on our ability to tackle real estate challenges and provide successful solutions. In my role leading our Institutional Real Estate and Development efforts, these professional connections are vital.”
CRE member Harry Collison sponsored Trey for membership based on his many years of working with Trey to solve complex real estate issues. Harry stated, "Trey will be a tremendous asset to the CRE organization and its members."
September 28, 2017
The McKinley Companies announced today the acquisition of Westshore Flats - Phase 2. This community is located contiguous to the Westshore Marina District in South Tampa, Florida and within walking distance of Westshore Flats - Phase 1, a very successful redevelopment previously acquired by McKinley. The 68-unit community will undergo extensive renovations and becomes part of the McKinley Hyde Park brand, the dominant Multifamily brand located in the Hyde Park and South Tampa districts of Tampa which consists of unique and historic luxurious apartment homes.
"We are excited to add Westshore Flats Phase 2 to the Hyde Park Brand," offered Jason Schaller, Vice President and Managing Director - McKinley Hyde Park for McKinley Companies. "We have had enormous success along Westshore Boulevard and throughout South Tampa, and we are thrilled to add this community to the many choices we offer our customers every day," further added Schaller.
The McKinley Companies secured acquisition and renovation financing from Key Bank, and it plans to secure long term financing via Key Bank as well once the renovations are complete. "Key Bank once again has done an extraordinary job with acquisition and renovation financing for us on Westshore Flats - Phase 2, and they have also done an exceptional job for us all year long in 2017 with all of our long term Multifamily needs that will exceed $185 million by year-end," offered Jim Willett, SVP & Managing Director – Finance.
The McKinley Companies currently is the dominant Owner-Operator of Multifamily communities located along the Interstate-4 Corridor of Central Florida. Central Florida is the jobs and growth engine for Florida today, and McKinley has developed a market dominant position along the corridor. The platform extends from Daytona Beach to the east, to Winter Park, Orlando, and Gainesville, and then out west to Tampa, Hyde Park, South Tampa, Clearwater, Gulfport, South Pasadena and North Redington Beach.
August 22, 2017
Orlando, Florida - The McKinley Companies announced today the closing of $42 million in long-term financings with Fannie Mae originated by Key Bank on two Multifamily communities located in Orlando and Winter Park, Florida. Amalfi Universal Orlando, a 252-unit community, and Serena Winter Park, a 120-unit community, are two recent Multifamily investments McKinley acquired in 2016.
"We are thrilled to lock up long term debt on both of these assets in this continued favorable interest rate environment. We secured 15-year fixed rate term financing very early in the life of these investments given the excellent lease-up success," offered Jim Willett, McKinley's Senior Vice President and Managing Director Finance. "We have a very large pipeline of over $150 million in 15 year fixed rate debt in process with Fannie Mae and Key Bank as part of our effort to lock up all of our remaining acquisition debt, all of which will be closed by early Q4 of this year," added Willett.
McKinley and Key Bank have had an extraordinary long term relationship now spanning over 20 years. Key Bank has provided acquisition and renovation financing, bridge and gap financing, lines of credit, and long term capital markets access including CTL, CMBS, HUD, and Fannie Mae financings in support of McKinley’s efforts over the years. "We are excited to execute this next leg of locking up long term debt for our generational Multifamily platform. Over 90% of our debt is now locked up with 35-year fixed rate financing closed at historical low rates over the past 5 years, and this next tranche of 15-year fixed rate financing will be equally accretive to our balance sheet and long term asset value as well. Our very good friends at Key Bank have done a superb job with this effort, and we are thrilled with the outcome," added Willett.
Winter Park and the Southwest Orlando Theme Park market, are core investment markets for McKinley. McKinley has actively invested in Central Florida since 1982, and it is the largest Multifamily Owner/Operator along the Interstate-4 Corridor with communities located in Daytona Beach, Winter Park, Orlando, Gainesville, Hyde Park/Downtown Tampa, Clearwater, and the barrier islands of Hillsborough County including Gulfport, South Pasadena and North Redington Beach. "Our people and our leaders in Central Florida make the entire difference in everything we are doing," offered Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member, "It’s really that simple, we have extraordinary leadership that "live and work" on the ground in Central Florida with Erin Foley, Brent Boyette, Jason Schaller and Mary Williams. They have allowed us to grow and expand our efforts in this most promising market, and they are creating endless opportunities for themselves and our people. We have a very bright future along the Interstate-4 Corridor, it is without question our fastest growing market, and we have our people and our leadership to thank for that because they are absolutely extraordinary!" added Berriz.
August 17, 2017
Spark @nn Arbor USA writes an interesting post about the need for workforce housing in Ann Arbor. Click Here
August 14, 2017
Plymouth-based real estate company Hillside Investments LLC has paid $50 million for a pair of key downtown Ann Arbor buildings. To read more Click Here
August 11, 2017
The McKinley Companies is proud to announce the sale of two of its trophy assets, McKinley Towne Centre and Liberty Square located in the prestigious Tech Corridor in Downtown Ann Arbor. McKinley acquired McKinley Towne Centre in 2005 after the move-out of a major bank impacted the State Street area leaving the building essentially vacant. Shortly after in 2007, McKinley acquired the also vacant Liberty Square, after which it set forth on a major mixed use redevelopment of the existing buildings and sale of the vacant parcel located across the street. This parcel became the purpose built student housing development known as Sterling 411 Lofts, the first of many luxury student apartment developments in the area. What followed was a revitalization of the area now known as the Ann Arbor Tech Corridor which houses many of the most exciting companies in Downtown Ann Arbor today.
"Our team is very proud of its efforts over the past 12 years. We achieved our specified goals of making McKinley Towne Centre the connection of "town and gown", the hub of cultural activities in the downtown, igniting the tech corridor, and activating from a pedestrian vantage point the connection along Liberty between Main and State streets. We are also confident that the Hillside Investments team will carry on our efforts and take what we have done to a new level for the community" said Albert M. Berriz, McKinley's CEO, Co-Owner and Managing Member.
McKinley embarked on a major initiative to dispose of its retail and office assets several years ago, and this sale transaction is a part of that effort. McKinley, it's ownership, it's Board, along with itsmanagement team, developed a comprehensive plan that will eventually migrate McKinley's owned asset platform to become essentially an all Multifamily enterprise. McKinley will continue ownership of select commercial assets including its corporate campus in the Kerrytown District in Downtown Ann Arbor, it's retail holdings in Pittsfield Township, Michigan where it is the largest Multifamily owner/operator, and its trophy office holdings in Akron, Ohio. McKinley will also continue its ownership of a very high quality Triple Net portfolio located throughout Central Florida. Finally, McKinley continues its Institutional Commercial Client Services effort which manages over 5 million square feet of office and retail assets for select institutional clients including complex receiverships, workouts and long term management.
"Our team has done a superb job migrating our owned asset platform to essentially an all Multifamily enterprise. At our current growth rate, our owned portfolio will approach 20,000 units by 2020 in Florida, Michigan, Illinois, Indiana and Georgia, along with another 5,000 units we operate for a select blue chip list of long term oriented institutional partners we have done business with for many years. We have decided to focus our talent and capital on what we do best, operating Multifamily assets on an extraordinary basis, and with a high degree of customer satisfaction" added Berriz.
August 11, 2017
McKinley Companies has announced the sale of two of its properties in Ann Arbor for $50 million to a Michigan investment company. To Read More CLICK HERE
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.
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.”
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.