News


June 26, 2019

FLORIDA & MICHIGAN - McKinley announced today that it has closed on $109,000,000 of long-term Fixed Rate Financing for Bella Casa and Coconut Palms Apartments located in Florida and Manchester West, The Villas, and Traver Crossing apartments located in Michigan. All five of these apartment communities are generational investments in McKinley’s core markets of Orlando, FL and Ann Arbor/Washtenaw County, MI. 

 

McKinley has actively owned and operated Multifamily communities in Ann Arbor/Washtenaw County since 1968 and Central Florida since 1982.  Today they are the largest Multifamily Owner-Operator in Ann Arbor/Washtenaw County as well as along the Interstate-4 Corridor between Orlando and Tampa.

 

“We are thrilled to continue our focus of locking up long-term fixed rate debt on all of our generational real estate holdings and we are very pleased with the outcome,” offered Jim Willett, Senior Vice President & Managing Director – Finance. KeyBank Real Estate Capital and Fannie Mae partnered to deliver the financings for these five properties, as they have on many similar transactions for McKinley. “We have closed over $175 million over the past six months with KeyBank and Fannie Mae, and they have been exceptional in every single way. They are a core part of our McKinley family, and we cherish our relationship with them,” further offered Willett.

 

“The financing of these properties is part of our long-term plan for our generational assets,” offered Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley. “We are setting sail for a long horizon to ensure our owned assets are locked in with great financing in a market with fluctuating interest rates.”

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Tags:   Financing

December 20, 2018

Ann Arbor, Mich.- Albert M. Berriz, CEO, Board Member, Managing Member and Co-Owner, announced today that McKinley had completed the first phase of its strategic disposition effort for its non-core Multifamily holdings. The total transaction size was 1,614 units and the properties sold were located in Illinois, Indiana and Georgia. McKinley retained the partnership of Berkadia and Consortium Capital to execute this complex multi-state disposition effort, which it completed in record time.

 

“We are very pleased with the overall effort to date and we look forward to completing the remaining phases of our plan in 2019,” offered Harry Collison, Senior Vice President and Managing Director – Acquisitions and Dispositions. “We continue to match the disposition effort with continued growth in our core markets of Orlando, Florida and Ann Arbor, Michigan (Washtenaw County), and our expanding portfolio of investment grade NNN real estate holdings,” further offered Collison. 

 

“This effort is an integral part of what has made McKinley a generational real estate enterprise with a fortress balance sheet, extraordinary real estate, and most importantly, amazing people that do the unbelievable every single day,” offered Berriz. “We are caring, hardworking, positive and diverse people; we work shoulder-to-shoulder in the field where EVERYTHING we do happens; we are passionate about serving (customers, colleagues, clients and partners) and being "extraordinary" is a cultural way of life!” added Berriz.

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Tags:   Financing

November 30, 2018

Ann Arbor, Mich.- McKinley announced today that it has closed on $68,182,000 of long-term Fixed Rate Financing for Harbor Beach Apartments located in Orlando, Florida and Manchester Flats Apartments located in Ann Arbor, Michigan. Both apartment communities are generational investments in McKinley’s core markets of Orlando and Ann Arbor. 

 

Harbor Beach is a 602-unit apartment community located in Orlando, Florida, offering charming one- and two-bedroom floorplans with private access to Lake Fredrica beach. Each apartment home includes a spacious open floor plan, soft plush carpeting and vinyl wood-like flooring.  It is conveniently located on 436 (Semoran Blvd) with easy access to 408/417 and minutes from Orlando International Airport and is directly on the LYNX busline 3 & 436S.

 

Manchester Flats is a 174-unit apartment community located in the Old West Side market of Ann Arbor, where McKinley is the dominant Multifamily owner operator.The community is the perfect combination of urban apartment living and old-world charm and offers delightful studio, one, two and three-bedroom apartment floorplans featuring hardwood floors. This desirable location allows convenient access to the University of Michigan campus and medical center, Ann Arbor Public Schools, as well as local Ann Arbor shopping and dining.

 

“We are thrilled to continue our focus of locking up long-term fixed rate debt on all of our generational real estate holdings, this is an important year end closing for us, and we are very pleased with the outcome,” offered Jim Willett, Senior Vice President & Managing Director – Finance. KeyBank Real Estate Capital and Fannie Mae partnered to deliver the financings for Harbor Beach and Manchester Flats, as they have on many similar transactions for McKinley. “We have closed over $300 million this year with KeyBank and Fannie Mae, and they have been exceptional in every single way. They are a core part of our McKinley family, and we cherish our relationship with them,” further offered Willett.

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Tags:   Financing

January 24, 2018

Hyde Park, Tampa, Florida - The McKinley Companies announced today the closing of a long-term financing facility with Comerica Bank, N.A. for Addison Flats, Estancia Flats, Miramar Flats & Village Flats. These four communities are part of the McKinley Hyde Park boutique collection of unique and historic apartment communities located in Hyde Park, Downtown Tampa, Florida. 

 

Addison Flats offers the perfect balance of thoughtfully restored historic architecture with sophisticated and spacious ultra-luxury finishes situated on Azeele Street, a quaint brick road neighborhood with well-established homes blocks away from Bayshore Blvd, Tampa General Hospital and Downtown Tampa.

 

Estancia Flats redesigned in the spirit of historic art deco elegance offers residents stylish living on San Pedro Street nestled in the highly sought-after Palma Ceia neighborhood within walking distance to local eateries and direct access to Bay to Bay Blvd and the Selmon Expressway.

 

Miramar Flats offers eclectic bohemian-style bungalows with a secluded and calm ambience with contemporary interiors on San Juan St.  This gem is tucked away in the highly sought-after Palma Ceia neighborhood moments away from Bayshore Blvd. 

 

Village Flats with a view of Bayshore Blvd and located on the iconic Rome Avenue bolsters one of the most coveted corners in all of Hyde Park.  With restored interiors and charming historic architecture, Village Flats residents enjoy extravagant living in a premier setting at the doorstep of Hyde Park Village and classy restaurants such as Bern’s Steakhouse.

 

McKinley today is the largest owner-operator of multifamily apartments in the Hyde Park market, spanning a total of 26 communities located throughout Hyde Park, South Tampa and the Westshore Marina District. Comerica Bank has a long-term relationship with McKinley, and has supported McKinley throughout its growth in Hyde Park and continues to do so with the closing of this most important long-term financing. “Comerica comes through once again on this long-term facility for these very special communities we own in Hyde Park,” offered Jim Willett, Senior Vice President & Managing Director – Finance.  “They understand our needs and they work very hard to make things happen for us, we are thrilled with this outcome,” added Willett. 

 

McKinley has owned and operated multifamily apartment communities in Central Florida since 1982, and today is largest Multifamily owner-operator along the highly populated Interstate-4 Corridor between Orlando and Tampa.  McKinley currently owns apartment communities in Orlando, Winter Park, Daytona Beach, Gainesville, North Reddington Beach, South Pasadena, Clearwater, Gulfport, Hyde Park, South Tampa and Tampa.

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Tags:   Financing

June 16, 2017

McKinley is pleased to announce that it has closed on a $6,500,000 long-term financing with Fannie Mae (FNMA) for Sun Pointe Lake Apartments, a 96-unit market rate Multifamily community located in Daytona Beach, Florida. This continues the on-going effort of locking in over $1.25 Billion in long term financings with maturities ranging from 10 to 35 years on McKinley's Multifamily platform located in Michigan, Indiana, Illinois, Georgia and Florida. 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 in this most favorable interest rate environment. We have now closed on almost all of our Multifamily debt at historically low interest rates, the majority of which is locked up for 35 years. As interest rates continue to rise, this very favorable debt platform will be highly accretive to our long term generational asset values," offered Albert M. Berriz, McKinley's CEO, Managing Member and Co-Owner. "We have been and will continue to be very disciplined in this effort, and that financial discipline along with extraordinary asset performance, has combined to build a fortress balance sheet position for our enterprise now and into the future," added Berriz.

 

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.

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Tags:   Financing

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.

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Tags:   Financing

October 27, 2016

McKinley announced today that it has secured long term financing from Fannie Mae and Berkadia for State Street Village, a newly built market rate apartment community adjacent to the grounds of the University of Michigan athletic campus in Ann Arbor, Michigan. The newly built 78-unit apartment community was leased up in record time, and is part of several communities McKinley has built in Ann Arbor and Fenton over the past several years, all of which have been financed with Fannie Mae and Berkadia.

 

"We continue our core strategy to secure very favorable long-term fixed rate financing for our generational Multifamily holdings," offered Jim Willett, Senior Vice President and Managing Director - Finance. "We have essentially completed our efforts to secure very favorable long term debt in this low interest rate environment for our existing Multifamily portfolio, and now our focus has turned to securing similar favorable long-term financing for our acquisition pipeline," added Willett.

 

Additionally, McKinley also announced today that it had secured long-term financing for Bayside Villas and Bayside Villas East, both located in South Pasadena, Florida. The communities which total 70 units are recent acquisitions and were redeveloped to become part of the McKinley Beach brand, a luxury collection of bayfront and beachfront apartment communities located on the barrier islands of Pinellas County, Florida. Financing was provided by The PrivateBank. The properties were leased up in record time and the successful lease ups allowed McKinley to move quickly and secure favorable long-term financing ahead of schedule. 

 

"Jim and his team have done a superb job engineering an outstanding mix of debt sources including HUD, Fannie Mae, and commercial bank financing, which collectively have delivered a fortress position allowing us to achieve our long-term goals for our Multifamily portfolio. We have an extraordinary collection of Multifamily assets located in Florida, Michigan, Indiana, Illinois and Georgia, and the work Jim has done has allowed us to position that portfolio for the long-term on a base of strong recurring cash flow and liquidity," added Albert M. Berriz, CEO, Managing Member and Co-Owner of McKinley.

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Tags:   Financing

July 7, 2015

McKinley announced today the successful closing of a $32,958,000 Credit Tenant Lease financing with KeyBank Real Estate Capital for FirstEnergy Plaza located in downtown Akron, Ohio. After recently executing a long term lease with FirstEnergy Corp., McKinley has secured very favorable financing that will allow it to execute major improvements at the tower, providing a world class facility for its tenant, FirstEnergy Corp.

"We have a long term partnership with FirstEnergy, and we are both very committed to downtown Akron. We are excited to execute major improvements to their corporate facility, and further enhance the quality of living in Downtown Akron for FirstEnergy, it's team members, its customers and all stakeholders in the community," announced Albert M. Berriz, McKinley's President and Chief Executive Officer. "We are also pleased that KeyBank Real Estate Capital partnered with us on this transaction, KeyBank is equally committed to the State of Ohio, and they took great pride assisting McKinley in the complex financing of FirstEnergy Plaza," added Berriz.

"We are passionate about Akron and our long term investment in the community which now spans over 25 years. Akron's continued growth is driven by research, development, and the service sector. Offering one of the nation's best distribution and transportation networks, a favorable tax structure and a trained labor force of varied skills, Akron is a community positioned for growth and we are committed to its growth as well," further added Berriz.

Strategically located in the center of downtown Akron, the FirstEnergy Tower is a 335,000 square foot 19-story Class A office building. The building is equipped with 8 elevators, unparalleled views of the downtown and the Cuyahoga Valley, it has a number of restaurants and service oriented retailers on the first floor. Convenient, walkable, vibrant, and with adjacent parking for 1,300 vehicles in an attached six-level, above-ground recently renovated parking structure. FirstEnergy Tower is part of a larger twin tower development owned by McKinley which includes Akron Center Plaza. Akron Centre is a 195,000 sf 12-story Class A office building. The entire development totals 530,000 square feet, and it is the premier office location in the Akron/Cleveland region.

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Tags:   Financing

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