Dealmaker: HFF Secures $70M for Hotel, Office Assets
HFF, Houston, arranged $70 million for three Los Angeles and Seattle hotel and office properties.
The firm secured $35 million in construction financing to develop a dual-branded hotel comprising a 129-room Courtyard Marriott and a 96-room TownePlace Suites in Agoura Hills, Calif. HFF Senior Managing Director Timothy Wright and Real Estate Analyst Aaron Lapping placed the 60-month loan with Umpqua Bank, Portland, Ore.
Huntington Hotel Group, Irving, Texas, is developing the property on 5.5 acres in the eastern Conejo Valley between the Simi Hills and the Santa Monica Mountains. Nearby leisure and corporate demand generators include IBM, Pepperdine University and Santa Monica Mountains National Recreation Area.
Once constructed, all 225 guest rooms will occupy a three-story wood-framed building with three separate lounge areas and four meeting rooms.
In downtown Seattle, HFF Managing Director Casey Davidson and Senior Managing Director Peter Smyslowski arranged $35.5 million for the Vance and Sterling buildings, two office properties totaling 130,800 square feet. Jonathan Rose Cos. New York, sold the assets to a joint venture between Brickman Fund VII L.P. and GreenOak for $43.3 million in a deal brokered by HFF.
Located at 1402 3rd Avenue in Seattle’s central business district along the Link and King County Metro transit lines, the buildings are one block from the highly trafficked Pike-Pine retail corridor and five blocks from the waterfront development project. The 14-story Vance building was built in 1929; the three-story Sterling building dates to 1910.
The investment advisory team representing Jonathan Rose Cos. included HFF Directors Dave Otis and Logan Greer and Senior Managing Directors Michael Leggett and Gerry Rohm.
