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.
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.
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.