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Springwoods Village: A Major New Partnership, Recruitment of a High…

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“Our goal is to offer something extraordinary for Houstonians seeking a different kind of lifestyle, while addressing the needs of our growing onsite workforce, anticipated to reach 25,000 to 30,000 people in the not-too-distant future.” – Warren W. Wilson, Executive Vice President of CDC Houston

At a press conference on June 29, CDC Houston, a subsidiary of Coventry Development Corporation, New York, along with its strategic partners, unveiled the expanding vision for north Houston’s Springwoods Village, home of the state-of-the-art ExxonMobil campus and recently selected as the global headquarters of Hewlett Packard Enterprise.

Residential Joint Venture with DMB Development

CDC Houston, the master developer of Springwoods Village, entered into a joint venture with Scottsdale, AZ-based DMB Development to bring thousands of residential units to this prime location at the confluence of Interstate 45, the Grand Parkway, and Hardy Toll Road. Groundbreaking for the new residential development is slated for next year, with model homes and an experiential sales center opening in 2023.

“We’ve made tremendous progress at Springwoods Village over the past decade, attracting major employers and a mix retail, hospitality, entertainment, luxury apartments, and other uses, all of which have set the stage for this major new residential opportunity,” said Warren W. Wilson, Executive Vice President of CDC Houston. “Our goal is to offer something extraordinary for Houstonians seeking a different kind of lifestyle, while addressing the needs of our growing onsite workforce, anticipated to reach 25,000 to 30,000 people in the not-too-distant future.”

This is the inaugural project in Texas for DMB, which has created some of the most acclaimed residential communities in the western United States over the past 30 years, encompassing some 67,000 homes in one-of-a-kind settings. DMB Development formed in 2017 to take DMB’s community development capabilities forward with the next generation of ownership and a new wave of major projects.

According to Brent Herrington, President and CEO of DMB Development and a native Houstonian, “Urban designers dream of creating true live-work-play environments on a grand scale, but most new master-planned communities are located at the edges of major metros and offer suburban housing for residents who commute into town for employment. With world-class employers and thousands of jobs already in place at Springwoods Village, and more coming, we have the chance to create a truly 21st century forward thinking community that will serve as a model for future development.”

For Herrington, who grew up in the Kingwood area and whose father worked for Exxon, this project has been something of a homecoming. According to Herrington, “Over the past 60 years, some of the greatest master-planned communities in America have been developed in the Houston area. I’m proud to be contributing to this legacy with our work at Springwoods Village. Here, DMB is part of a team that’s breaking the mold of conventional suburban residential communities. We’re creating a sophisticated, pedestrian-oriented environment where people really can walk, bicycle, or ride an e-bike or e-scooter to work and reclaim hours each week that might otherwise be wasted in freeway traffic.
Dining, shopping, entertainment, healthcare, and many other daily needs are equally convenient and accessible. It’s more of an ‘inside-the-loop’ vibe where life can be more fun, less stressful, and easier on the environment.”

Springwoods Village Evolves to City Place

Over the past year and a half, CDC Houston and DMB Development have worked in concert with top consultants from around the country to conceptualize the new residential offerings. As the vision for the community expanded, it became evident the Springwoods Village brand needed to evolve.

According to Robert Asselbergs, President of Coventry Development Corporation, “It became clear the Springwoods Village name was not ideally aligned with the energetic and forward-looking community we’re creating. We realized that ‘CityPlace’, the name we’d already adopted for our mixed-use core, was a far better fit and can be readily expanded to encompass the entire community.”

The existing CityPlace urban core is a 60-acre mixed-use district developed through a joint venture of CDC Houston, Patrinely Group and USAA Real Estate. Anchored by a vibrant central plaza and framed by a waterfront park, Class-A office buildings, luxury multifamily, a AAA Four Diamond hotel, and an expanding roster of specialty and first-to-market restaurants, retail, and entertainment uses, CityPlace is already well established as the centerpiece of the community. It’s not only a dynamic place for business and a popular gathering spot, it’s also a destination drawing visitors from around the region.

As of June 29th, the entirety of Springwoods Village took on the name City Place, accompanied by a refreshed brand, a new website, and modified social handles.

The new web address is http://www.CityPlaceNow.com. On Facebook and Instagram, CityPlaceNow (formerly SpringwoodsVillage) will showcase City Place happenings and amenities and will soon become an information source for new residential opportunities and insider perks. Also on Facebook and Instagram, CityPlacePlaza (formerly CityPlaceSpringwoods) will be focused on events, programming, lifestyle, and news related to the City Place urban core.

“City Place was conceived as a dynamic, 18-hour community,” said Robert Fields, President and CEO of Patrinely Group. “The addition of this residential program adds to the character of what we’ve set out to create. Going forward, City Place will be among the best, most vibrant places to live and work in our region.”

Key Leadership Appointment

According to Warren Wilson, “City Place is a breakthrough project for the region, and as such we have put a great deal of effort into selecting our partners and leaders. Brent Herrington of DMB Development is recognized nationally as a thought leader in the community development industry. To help implement the City Place vision and lead the residential venture at City Place, DMB has recruited renowned local developer Alex Sutton, former president of The Woodlands.”

Sutton, who retired in late 2020 from a high-profile role as Co-President of The Woodlands Development Company, now serves as General Manager of the CDC Houston/DMB Development residential joint venture. Coming full circle, he began his career in a succession of professional and technical positions with Exxon. He spent a total of 27 years at The Woodlands. Sutton placed any thoughts of retirement on hold after feeling inspired by the vision he saw emerging at City Place.

“I’ve been fortunate to see many innovative approaches to residential development over my career,” said Sutton. What we’re undertaking at City Place is truly transformative. I’m excited to be part of the team bringing it to fruition.”

Sutton and DMB Development have opened a new office at City Place, located just off the Plaza at 1700 City Plaza Drive, adjacent to CDC Houston’s new office.

New Connections: Grand Parkway Interchange and Spring Creek Greenway

To enhance access to the growing City Place community, two major road extension projects are underway. Springwoods Village Parkway is being extended to connect to its interchange with the Grand Parkway. Opening in 2022, this new interchange is envisioned as the “front door” to the forthcoming residential development. Additionally, Energy Drive is being extended south to a new connection at Interstate 45, with completion planned for late this year.

In addition to new road connections, officials from Harris County Precinct 4 and CDC Houston celebrated the completion of a much-anticipated three-mile Spring Creek Greenway trail section that connects Rothwood Park to City Place on June 26th. From the new trailhead at the City Place nature preserve, visitors, employees and residents now have dedicated access to the largest forested urban greenway in the United States – a mecca for ecotourism, education and outdoor recreation, including hiking, biking, kayaking and horseback riding.

About CityPlace

City Place – formerly Springwoods Village – is a sustainable, forward-thinking and dynamic hub for business, leisure and living located at the axis of the Grand Parkway, Hardy Toll Road and Interstate 45. Spanning 2,000 acres, protected forests and natural ecosystems coexist beautifully within an architecturally significant, built environment that has attracted major employers such as Hewlett Packard Enterprise, ExxonMobil, HP Inc., Southwestern Energy, St. Luke’s Health and the American Bureau of Shipping, along with a daytime workforce approaching 20,000. Complementing two existing residential enclaves – Audubon Grove and Harper Woods – in addition to several luxury apartment communities, a new development initiative will soon add a multitude of single and multifamily housing options. Miles of trails connect an array of amenities including three Marriott hotels, more than 30,000 square feet of indoor meeting and event space, 4.75 million square feet of office space, a 150-acre nature preserve, 10-screen Star Cinema Grill dine-in theater, 38,000-square-foot 24-Hour Fitness super sport club, The Market – Houston’s first LEED Certified multi-tenant retail development – and a 60-acre, mixed-use urban core that frames a programmed, waterfront plaza and park. For more information, please visit http://www.CityPlaceNow.com.

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Source: https://www.prweb.com/releases/springwoods_village_a_major_new_partnership_recruitment_of_a_high_profile_executive_and_ambitious_growth_plans_announced_for_the_fast_growing_houston_area_community/prweb18062510.htm

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UK’s Prime Property Finance Platform CapitalRise Provides Mezzanine Facility for £4M Luxury Penthouse in Hyde Park

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Dedicated prime property lender CapitalRise has reportedly provided a mezzanine facility for a £4 million luxury penthouse located in Hyde Park.

The facility — “agreed at 73% LTV on a 12-month term” — has been paired up with a development exit loan offered by a second lender in order to refinance the borrower’s existing funding and “to allow more time for the sale of the property.”

Arc & Co had introduced the deal to CapitalRise and “advised the client on structuring the mezzanine loan,” according to a blog post.

The new-build apartment, “complete with outdoor space, has been constructed above two recently restored white stucco buildings on a garden square,” the update from CapitalRise revealed.

Katy Katani, Associate Director at CapitalRise, stated:

“This exceptional property benefits from an internationally renowned address, and we’re excited to be working with an entrepreneurial prime central London developer with a proven track record in the local area. This loan is another example of the flexible and agile approach we take to property finance and confirms our appetite for providing mezzanine for prime property assets.”

This Hyde Park Estate project is notably the latest Prime Central London development the CapitalRise team has helped with funding. It has been announced after a £9.2m senior loan for a prime residential development located in Bloomsbury and also a £6.4m bridging loan “for a luxury residential property project in Wilton Place, Belgravia.”

As covered in April 2021, UK’s prime property finance platform CapitalRise had advanced a £2.5 million loan to fund a new development based in southwest London.

The company – which has revealed that it had lent over £100 million to luxury property developers since being established by Finchatton’s Alex Michelin and Andrew Dunn with ex- Wonga chief Uma Rajah (in 2016) – stated that the loan will be used to fund the acquisition and development of two new-build semi-detached luxury houses located in West Wimbledon.

The developer, Fulham-based Bluecrest, has a track record in offering “boutique” resi schemes on the outskirts of the capital, in areas such as Putney, Epsom, West Drayton, and Bracknell. A statement noted that the end products will have “exceptional south-facing views, and a high-quality finish,” and will also appeal to local and international buyers who are interested in gaining easy or convenient access to green space.

The overall demand from prime property developers continues to grow steadily, according to CapitalRise, after reporting an “outstanding” 2020 with 10 multi-million-pound loans finalized, funding assets valued at nearly £120 million (GDV). Initiatives supported or backed to date included PCL schemes on Grosvenor Square, Eaton Square and Knightsbridge, and others including Beaconsfield, Radlett, and Oxford.

CapitalRise CEO and Co-Founder, Uma Rajah, remarked (in April 2021):

“Having recently hit the milestone of £100 million of loans originated since inception, we are delighted to continue originating loans in some of the most exciting areas of Prime London, this time in West Wimbledon. We are proud to be maintaining our support to prime developments with the exceptional quality of service and thorough due diligence processes that we value highly. This is another example of a fantastic development we are excited to be funding.”

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Source: https://www.crowdfundinsider.com/2021/09/180537-uks-prime-property-finance-platform-capitalrise-provides-mezzanine-facility-for-4m-luxury-penthouse-in-hyde-park/

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Brenda Wild Joins The Haute Residence Exclusive Real Estate Network

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Brenda Wild

Life in the Rocky Mountains seemed to be in Brenda’s destiny long before she even knew it.

Life in the Rocky Mountains seemed to be in Brenda’s destiny long before she even knew it. As a young girl, the words of John Denver resonated through her soul with each of his songs. Twenty-four years living here Brenda’s soul is still stirred through the lifestyle and relationships she has had the pleasure of creating. That passion is what has driven her through her real estate career. Connecting with clients’ needs and utilizing the best strategies to obtain their goals in real estate is what drives her daily.

Over 24 years in the valley and over 22 years in real estate brings in-depth knowledge of the lifestyle, neighborhoods, and culture of this valley.

She has served as President of the Aspen Board of Realtors, MLS President, received the Realtor of the Year award, served as the Mt. District Chair for Colorado Association of Realtors, and serve on various committees on the state level.

Uplifting the community is a gift she can share through her brokerage business. Supporting non-profits, volunteering time, and sitting on various boards is all part of giving back.

Visit Brenda Wild’s Haute Residence Profile: https://www.hauteresidence.com/member/brenda-wild/

ABOUT HAUTE RESIDENCE

Designed as a partnership-driven luxury real estate portal, Haute Residence connects its affluent readers with top real estate professionals, while offering the latest in real estate news, showcasing the world’s most extraordinary residences on the market and sharing expert advice from its knowledgeable and experienced real estate partners. The invitation-only luxury real estate network, which partners with just one agent in every market, unites a distinguished collective of leading real estate agents and brokers and highlights the most extravagant properties in leading markets around the globe for affluent buyers, sellers, and real estate enthusiasts. HauteResidence.com has grown to be the number one news source for million-dollar listings, high-end residential developments, celebrity real estate, and more.

Access all of this information and more by visiting http://www.hauteresidence.com

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Source: https://www.prweb.com/releases/brenda_wild_joins_the_haute_residence_exclusive_real_estate_network/prweb18202330.htm

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Real Estate

Real Estate Auctions Going Strong for Gryphon

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In an auction, everyone knows the terms, everyone is using the same contract and bidding is out in the open. The only factor is who will pay the most money on auction day.

Real estate auctions, typically used by lenders, hedge funds, corporations, law firms and the Courts for decades are becoming more mainstream as traditional real estate listings are seeing multiple offer scenarios across the United States. Auctioneers have found that, in a strong market where multiple offers are the norm, auction sales are producing premium prices.    

Gryphon USA President, Richard Kruse, outlines that how auction format puts everyone on the same playing field and provides transparency to the traditional sale process which is normally shrouded in “offer secrecy”. “In an auction, everyone knows the terms, everyone is using the same contract and bidding is out in the open. The only factor is who will pay the most money on auction day”, said Kruse.

In the past eight months, Gryphon has sold over 300 homes at auction and is conducting sales around the country. Recently sales concluded in West Virginia and Florida with others coming up in Mississippi and Alabama.

While many sales are in the lower price points, Gryphon has sold property in the last 3 years up to $3,500,000 and is in the process of offering one asset that is expected to hammer down at close to $1,000,000.

“Premium properties do incredibly well at auction as it is difficult to put a price tag on someone’s custom home, unique building or farm. 8002 Cook-Jones Road, Waynesville, OH 45068 is a perfect example.” The 3500 SF custom home is only 80 constructed and still needs finishes. It sits on over 17 acres and comes with a 6,000 SF pole barn/office/man cave. Kruse says the auction will establish the true market value.    

For more information on the Cook-Jones home, or any of the assets offered by Gryphon, visit http://www.gryphonusa.com.

Reach Richard Kruse at rfk@gryphonusa.com or 614-774-4118

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Source: https://www.prweb.com/releases/real_estate_auctions_going_strong_for_gryphon/prweb18201191.htm

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DJ Acquisitions Closes 82 Million Dollar, 1240 Unit Sale in Memphis,…

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DJ Acquisitions, LLC is a growing, innovative, and driven real estate investment and property management company based in Miami, Florida. Since its inception in 2010, DJ Acquisitions has managed over $350 million in apartment communities and over 4,500 units in 4 states. By means of its excellent management, a focus on company culture, and a boots on the ground hands on approach, DJ Acquisitions has strategically stabilized deals in a shortened period of time. “This is a true testament to the amazing work of our construction and asset management teams,” said CEO and Founding Partner, Jonathan Fridlender. “We were pleasantly surprised with how quickly we were able to reposition the community given the various market factors we had to deal with.”

This sale ranks amongst the highest in price per door for workforce housing in the Memphis area, with the disposition price of $66,129 per door more than doubles the acquisition price of under $32,900 just a year and a half ago.

Selling this portfolio was the first of many moves the company plans to make in Q4. “It was a very strategic move in our vision to continue to grow independently and aggressively over the next 18 months”, said Fridlender. We are looking to complete 4-5 transactions totaling 1,500-2,000 units to add to our current robust portfolio of 1,800 in multiple states.

DJ Acquisitions typically focuses on “C” and low to mid “B” Class properties for its multifamily acquisitions, preferably in suburban locations with good access to employment centers, population growth, and strong demographics. Individual transaction size is $5 million – $75 million, with asset sizes of 150-700 units. We acquire underperforming multifamily real estate assets that are in select submarkets. These are properties where we can add value through capital improvement programs, rehabilitation, professional property management, and repositioning. Please address all inquiries to: acquisitions@djacq.com

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Source: https://www.prweb.com/releases/dj_acquisitions_closes_82_million_dollar_1240_unit_sale_in_memphis_tennessee/prweb18199097.htm

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