January 6, 2016
Multi-Housing News features McKinley in an article about its expanding presence in South Tampa. CLICK HERE to read the article
January 5, 2016
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Lincoln Square Shopping Center in Mahtomedi, Minnesota. McKinley was appointed Receiver on February 24, 2014 and then engaged to continue as Manager post-foreclosure. During its time as Manager, McKinley completed a comprehensive roof assessment, directed a complete parking lot resurfacing and secured a critical replacement tenant while navigating the asset through contract negotiation and a successful disposition.
"We are pleased to be selected by our client to manage and dispose of Lincoln Square on its behalf," stated Matthew Mason, Managing Director and Partner. "Our team, once again, demonstrated its ability to drive significant results in a very short time frame and meet the objectives of our valued institutional client."
“Matt and his executive team delivered exceptional service, and created the maximum amount of value as quickly as possible,” said Kenneth P. Polsinelli, Chief Real Estate Officer. “The current retail environment is quite challenging, and McKinley leveraged its expertise and its view as an Owner to produce a great outcome for all stakeholders,” added Polsinelli.
January 4, 2016
McKinley is pleased to announce that in the month of December it has successfully closed $157,915,800 in long-term permanent financing with Berkadia Commercial Mortgage utilizing HUD 223(f) mortgages. The debt has a thirty-five year term and an average interest rate of 3.27%. These new loans support six communities in Ann Arbor and Orlando. This strategic financing provides favorable fixed-rate debt which will enable McKinley to continue making significant investments in these communities providing residents with world-class service and homes.
“We are pleased to partner again with Berkadia, and with HUD, to provide exceptional financing for our multifamily communities,” stated Kenneth P. Polsinelli, McKinley’s Chief Real Estate Officer. “Long-term, fixed rate debt aligns well with our generational assets and our multi-decade commitment to our communities. Our experienced teams worked hand in hand, and we are proud that we were able to complete all of these closings in less than 10 days,” added Polsinelli.
“McKinley is an established, best-in-class owner and operator of apartment communities who we are privileged to work with,” said Justin Wheeler, CEO of Berkadia. “We are committed to providing the best financing options available for all of our clients and have successfully closed 48 loans exceeding $757,000,000 in HUD financing over the last few years with McKinley, which has proven to be an extraordinary relationship for us.”
"Our team is proud of our ability to execute, and we are excited to partner with Berkadia on these critical transactions. We receive tremendous support from the Detroit office; they do an exceptional job on our behalf, “offered Albert M. Berriz, McKinley’s CEO. “Importantly for us, Ann Arbor and Orlando are two of McKinley’s core markets and comprise a multi-billion dollar portfolio. It is critical to our efforts that we have been in these markets three and four decades, we have seasoned executives living in these markets and we enjoy significant market presence in each case,” added Berriz.
December 23, 2015
McKinley Hyde Park announces the acquisition of Carlyle Flats located in the core of Hyde Park. Carlyle Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. This thirty-two apartment home community is located at the intersection of Armenia Avenue and Platt Street, and features a mix of one and two bedroom apartments within a private pool and courtyard setting.
"Carlyle Flats offers an exceptional location with easy access to all of the award-winning restaurants and amenities of Hyde Park. We will also continue the significant investments we are making at all of our communities. Carlyle Flats will feature three expansive outdoor courtyards including one outdoor kitchen, a resort-style pool, fire pit with Adirondack chairs, and bike shelters," stated Kenneth P.Polsinelli, Chief Real Estate Officer. “Our purchase of Carlyle Flats expands the McKinley Hyde Park brand to 17 communities. The acquisition and renovation financing is provided by The Private Bank, and I am pleased that the entire team was able to move from contract to closing in less than three weeks,” added Polsinelli.
"We are very proud that McKinley Hyde Park today is the dominant brand in the Hyde Park/South Tampa market, and Carlyle Flats provides our customers with another great choice," offered Albert M. Berriz, CEO. "We are working very hard to reposition assets, with extensive renovations now complete at Hyde Park Flats and Piccadilly Flats, and nearing completion at Parkland Flats and Brooklyn Flats. We are excited with our progress, and we anticipate sharing further important updates about our expansion efforts in Hyde Park in the very near future," Berriz added.
December 17, 2015
McKinley is pleased to announce the opening of the BJ's Wholesale Club gas service at JANAF Shopping Yard located in Norfolk, Virginia. This expansion will greatly enhance the already dominant position BJ's Wholesale Club enjoys in the Tidewater market, and provide an additional amenity for its customers. An adjacent parcel on Virginia Beach Boulevard was added to the main BJ's Wholesale Club facility, and a new market window orientation to JANAF was created. The grand opening celebration was recently held on December 10, 2015 as the gas service component opened for business for the very first time.
This expansion coincides with the long-term lease renewal of BJ's Wholesale Club, which is a core anchor for JANAF Shopping Yard. JANAF Shopping Yard is a one million square foot regional shopping destination located at the intersection of Military Highway and Virginia Beach Boulevard in the very heart of the Tidewater MSA. Super Wal-Mart is a parking plate partner and shadow anchor, and JANAF Shopping Yard is the home to over 150 stores, restaurants and services.
“We are pleased that we were able to assist a valuable long-term tenant by expanding its business,” stated Matthew D. Mason, Managing Director & Partner. “We were also able to create an improved market window on Virginia Beach Blvd. which improves the experience for our customers and also helps the other retailers,” he further added.
“This was a very complex transaction that required the cooperation and hard work of numerous stakeholders,” offered Ken Polsinelli, McKinley's Chief Real Estate Officer. “Our team did an exceptional job, and we are pleased that we will be closing on a long-term CMBS loan with KeyBank in January.”
December 7, 2015
McKinley Institutional Commercial Real Estate (ICRE) is pleased to announce the successful disposition of Tops Plaza in Depew, New York. McKinley was selected as property manager on December 21, 2012 for this 148,245 square foot grocery anchored retail center. During its tenure, McKinley remediated all deferred maintenance issues, successfully managed and supervised the installation of a large backflow preventer system, and executed six leases which were essential to stabilize the rent roll. Most notably, McKinley renewed the largest tenant, Tops Market, with a long term lease which maximized the current value and which positioned the property for sale.
"McKinley is proud to have had the opportunity to leverage its property management and leasing expertise to stabilize another asset in New York and to create substantial value on behalf of our client,” stated Matthew D. Mason, Managing Director & Partner. “Our view as an owner and operator of commercial real estate enables us to focus on creating value quickly” added Mason.
"Matt and his executive team have an extraordinary track record of managing complex real estate, and of extracting maximum value in the shortest possible time,” said Albert M. Berriz, Chief Executive Officer. “This is another successful result for an important institutional client and further demonstrates McKinley’s expertise in a challenging environment for retail,“ Berriz further added.
December 3, 2015
Invest Florida talks with Albert M. Berriz about McKinley’s special interest in Florida. READ MORE
December 1, 2015
McKinley's Institutional Residential Real Estate Division is pleased to announce that it has acquired Fairmount Oaks Apartments on behalf of Avanath Affordable Housing II, LLC. Fairmount Oaks is a 172 unit apartment community located in Gainesville, Florida.
Fairmount Oaks offers immediate access to I-75 and is conveniently located adjacent to dining, entertainment and shopping at The Oaks Mall and Butler Plaza. Shands Medical Center and the North Florida Regional Medical Center are minutes away from the community, which offers quality workforce housing for these essential workers. The community features expansive grounds with mature oaks, and ample walking trails. It also offers very spacious floor plans including full-size patios with floor to ceiling glass, and in-home laundry.
"We are excited to add Fairmount Oaks to the high quality portfolio of communities that Avanath has acquired in Central Florida," stated Royal E. Caswell III, McKinley’s Managing Director, Institutional Residential Real Estate. “This addition builds upon our long-standing experience in the Gainesville market and allows us to offer an incredible value to meet the need for workforce housing” Caswell added.
“Fairmount Oaks Apartments is a perfect addition to our portfolio of affordable housing communities that provide homes for the growing workforce at Shands Medical Center, the University of Florida and in Gainesville. With our partners at McKinley, we will make enhancements to Fairmount Oaks that will enrich the quality of life for our residents,” stated Daryl Carter, Chief Executive Officer.
McKinley-Avanath is actively involved in the management of workforce housing communities located in Gainesville, Orlando, Cary, Chicago, Ann Arbor, Kissimmee and Naples for its own investment platform as well as for select institutional clients.
November 17, 2015
McKinley City Beautiful acquires its newest community, Highland Flats, located in Downtown Orlando. "We are excited about the progress we are making to expand our McKinley City Beautiful brand in Downtown Orlando, and we hope to make several announcements shortly that will further our presence in the downtown," offered Ken Polsinelli, McKinley's Chief Real Estate Officer.
Highland Flats will undergo extensive interior and exterior renovations, with acquisition and renovation financing provided by the PrivateBank of Michigan. "This is a terrific walkable location near jobs, shopping and great dining in the downtown," stated Polsinelli.
"Our vision of providing unique choices, price points and customer experiences in both Downtown Orlando and Downtown Tampa is an important part of our overall Interstate-4 brand strategy," offered Albert M. Berriz, McKinley's CEO "With this acquisition, we now have 55 communities along the Interstate-4 Corridor spanning from Daytona Beach to St. Petersburg Beach with our core locations of Orlando and Tampa," added Berriz.
November 17, 2015
McKinley Hyde Park acquires its newest community, Westshore Flats, with a prestigious Westshore Boulevard address. Westshore Flats is the most recent addition to McKinley Hyde Park, a boutique collection of historic and restored apartment homes in the Hyde Park and South Tampa neighborhoods. "As we do in all of our core markets, we have worked very hard to provide our customers with various choices, price points and experiences in the Hyde Park/South Tampa market from the Downtown at the Hillsborough River out to MacDill Air Force Base, and from Bayshore Boulevard out to Westshore Boulevard," offered Ken Polsinelli, McKinley's Chief Real Estate Officer who is based in Winter Park, Florida.
"Westshore Flats is a unique community with a highly sought after Westshore Boulevard address. We will complete extensive renovations in the near future including condo grade interiors, all apartment homes will have their own washer-dryer units, and exterior amenities will include a pool, an outdoor kitchen, fire pit with Adirondack chairs, bike shelters, walking paths and outdoor seating areas throughout," added Polsinelli.
The recent purchase of Westshore Flats brings the total number of Hyde Park communities to fifteen, and acquisition/renovation financing was provided by Key Bank, N.A. "We are working hard to reposition assets, complete renovations and bring the McKinley Hyde Park brand to life," offered Albert M. Berriz, McKinley's CEO. "We are excited with our progress, and we anticipate sharing more important updates about our expansion efforts in Hyde Park in the very near future," Berriz added.