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.
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.