June 26, 2013
ORLANDO, FL - McKinley has major renovations underway throughout its entire Owned Residential portfolio with a plan to exceed $20 million in upgrades in 2013. A most recent example of this work is the renovation of Conway Forest located minutes from Downtown Orlando and the Orlando Regional Medical Center. Renovations include complete exterior upgrades, upgrades of all amenities and common areas in addition to unit upgrades.
"With this undertaking, we are thrilled to deliver a superior product to our customers. We carefully listened to them and designed our renovation strategies to maximize customer engagement in the effort. Once completed, our portfolio will be extraordinary, achieving our goal to WOW our customers at every interaction," offered Albert L. Berriz, Managing Director, Owned Residential Real Estate.
"These are generational assets that are extraordinarily well located, and this investment will be transformational for the portfolio, totally enhancing the value proposition we deliver to our customers," added Albert M. Berriz, CEO and Managing Member of McKinley.
McKinley anticipates continuing the effort into 2014 at which time its communities will be substantially upgraded as part of this comprehensive strategic plan for the Owned Residential portfolio. The communities involved in the renovation effort are located in Florida, Michigan, Indiana, Illinois, and Georgia.
June 25, 2013
Ann Arbor, MI - Today McKinley announces it has successfully completed the disposition of the MEIP C Portfolio located in Lansing, Michigan. McKinley Commercial Client Services was appointed receiver of the portfolio of properties in August of 2011. The portfolio is comprised of 373,036 square feet of Office and Retail including 29 different buildings. Under McKinleys management, the occupancy was increased and the rent roll stabilized. Additionally, McKinley successfully appealed the property taxes, significantly reducing the tax burden.
We are pleased to have the opportunity to successfully reposition this asset for sale, shared Matthew D. Mason, Managing Director, Real Estate, McKinley. Our expertise and track record is longstanding in Michigan, as we have successfully owned and operated real estate since our founding here in 1968, shared Mason.
June 19, 2013
ANN ARBOR, MI McKinley, and the Detroit office of Berkadia Commercial Mortgage led by Ernie Katai, Senior Vice President and Regional Manager, closed two major HUD financings including a $15,200,000 223(f) HUD financing with an all-in rate of 3.50% for Park Place Apartments, a 312 unit community located in Ann Arbor, Michigan, and a $18,000,000 223(f) HUD financing with an all-in rate of 3.57% for Meadowbrook Village Apartments, a 217 unit community also located in Ann Arbor, Michigan.
McKinley and Berkadia have recently originated and together closed over $230 million in HUD financings for various McKinley communities located in numerous states including Illinois, Indiana, Florida and Michigan.
"We continue to have great success with our pipeline effort shared Kenneth P. Polsinelli, Chief Real Estate Officer, McKinley. McKinley's designated HUD team within Berkadia is allowing us to move quickly and take advantage of this very favorable interest rate and financing environment," said Polsinelli. He added, "The results speak for themselves and it is clear that Berkadia is uniquely qualified to originate a very large volume of HUD financings for us with superior execution."
"We hope to refinance most of our long term holdings with 35 year debt at rates in the 2.5% to 3.5% range once completed. These are generational assets and the very favorable debt will be enormously accretive to long term asset value," added Albert M. Berriz, McKinley's CEO.
June 18, 2013
Read all about McKinley's HUD financing on Globest.com
June 16, 2013
Read all about McKinley's $29 million HUD financing in Annarbor.com.
June 9, 2013
ANN ARBOR, MI McKinley, and the Detroit office of Berkadia Commercial Mortgage led by Ernie Katai, Senior Vice President and Regional Manager, closed two major HUD financings including a $18,080,000 223(f) HUD financing with an all-in rate of 3.5% for Evergreen Pointe Apartments, a 477 unit community located in Pittsfield Township, Michigan, and a $11,200,000 223(f) HUD financing with an all-in rate of 3.5% for Woods of Roundtree Apartments, a 228 unit community located in Ypsilanti Township, Michigan.
McKinley and Berkadiahave recently originated and together closed over $200 million in HUD financings for various McKinley communities located in numerous states including Illinois, Indiana, Florida and Michigan.
"Both Ernie Katai and Colin M. Callaghan have been extraordinary
partners for us, shared Kenneth P. Polsinelli, Chief Real Estate Officer,
McKinley. They have built an internal
HUD team within Berkadia for McKinley allowing us to move quickly and take
advantage of this very favorable interest rate and financing environment,"
said Polsinelli. He added, "Berkadia is uniquely qualified to originate a
very large volume of HUD financings for us with superior execution."
June 6, 2013
Read this great article about how McKinley was able to secure a $6 million loan to make their Taylor property environmentally friendly on Multifamilyexecutive.com
June 5, 2013
NORFOLK, VIRGINIA - McKinley and KeyBank closed a $60 million CMBS first mortgage financing for JANAF Shopping Yard, a one million square foot regional power center anchored by BJ's and Wal-Mart Supercenter. JANAF is located in the heart of Norfolk Virginia at the main intersection of Military Highway and Virginia Beach Boulevard. JANAF is one mile from the airport and eight miles from the Norfolk Central Business District.
McKinley has owned JANAF for over 20 years, originally acquiring the property as a 600,000 square foot distressed asset from the RTC. Today its a fully redeveloped vibrant center that is 97% occupied with a solid list of tenants that serve the needs of the US Navy and United States Coast Guard community in the region. Tenants include TJ Maxx, Panera Bread, Hooters, Navy Federal Credit Union,Sports Authority, OfficeMax, CitiTrends and Petco.
"KeyBank did a marvelous job for us with this financing, they understand us and the asset very well, and we could not have asked for better execution" offered Ken Polsinelli McKinley's Chief Real Estate Officer. "This is a very large transaction in today's CMBS environment and they didn't miss a beat throughout the entire process from concept to close," added Polsinelli.
June 2, 2013
Check out this great article on REJournals.com featuring McKinley-Avanath's expansion into Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
June 2, 2013
ANN ARBOR, MI & IRVINE, CA Albert M. Berriz and Daryl J. Carter, Co-CEO's of McKinley-Avanath announced today that they have expanded their affordable housing management platform in Michigan, Texas and Tennessee with six LIHTC communities in Detroit, Houston, Dallas and Memphis.
"We have operated in Michigan, Texas and Tennessee for many years and therefore are thrilled to expand McKinley-Avanath in these markets all while continuing our efforts to bring the very best in affordable housing alternatives in all of the markets we operate, stated Berriz.
Daryl and I are passionate about our work in affordable housing, as an immigrant Cuban-American and an African American respectively, we identify, understand and know how important it is for our residents to have a positive quality housing alternative close to jobs so their families can grow and prosper," commented Berriz.
"Having an opportunity to do our work in the city of Detroit is very personal and exciting to me, shared Daryl J. Carter. I grew up in Detroit, I am a proud graduate of Cass Tech and spent much of my formative years in the downtown which was a wonderful place to be. We are honored to have an opportunity to participate in all the good work going on in Detroit and we look forward to making a difference!" added Carter.
McKinley-Avanath announced today a portfolio of six communities that has been added to its affordable housing portfolio including: Genesis Villas, Detroit; Chaparral Apartments, Dallas; Cullen Park, Houston; Eagles Landing, Memphis; April Woods, Memphis; and Harmony Woods, Memphis.
McKinley-Avanath is actively involved managing affordable communities located in Dallas, Houston, Memphis, Orlando, Indianapolis, Chicago, Pontiac, Detroit, Battle Creek and Flint/Burton for its own investment platform and for select institutional clients.