Pineapple Cove in Florida Acquired

Possessing an integrated nationwide investment team, PCCP provides debt and equity financing for middle-market projects across the United States. With a focus on investing in transitional real estate assets, the firm reviews more than $15 billion in transactions on a yearly basis. Within the context of its closed-end PCCP Equity VII, LP fund (“Equity VII”), PCCP engages in select new development opportunities with a focus on seeking out distressed situations. 

A recent instance of an opportunity involved PCCP’s joint venture acquisition of Pineapple Cove, a multifamily community property located in Port St. Lucie, Florida. Built in 2005, the Jensen Beach property comprised of 260 units. 

Offering close proximity to stores and schools, this property was located in a high-barrier-to-entry market with no new construction on the horizon, a low vacancy rate, and attractive demographics. Moreover, the purchase price represented a significant discount when taking into account the replacement cost and recent local real estate transactions. 

The business plan for the property entailed undertaking a series of interior and exterior renovations over the course of three years to bring rent to market levels. The joint venture specifically planned to focus on renovating the fitness center and clubhouse, as well as each of the units. Other priorities included deferred maintenance and new landscaping. 

To learn more about PCCP and its real estate investment activities, visit pccpllc.com.

NHMC Supports Shelters to Shutters Once Again

With a focus on middle-market projects throughout the country, PCCP is an integrated real estate investment management firm with offices in New York, Los Angeles, and San Francisco. In addition to its day-to-day focus on managing debt and equity investment vehicles, PCCP is active in the real estate sector through membership in various professional organizations, including the National Multifamily Housing Council (NMHC). 

In November 2017, the NMHC announced its plan to support the efforts of Shelters to Shutters, a charitable organization that helps individuals and families without homes by providing housing and entry-level work at apartment complexes. This marks the second year in a row that Shelters to Shutters has been designated as the organization’s beneficiary. In his comments, NMHC president and CEO Doug Bibby praised the work the charity has done and recognized its valuable contributions to the apartment industry’s workforce. The charity works with apartment complexes nationwide to help provide jobs to those in need while also providing shelter at their workplace. 

Over the past six years, NMHC has pledged more than $1.3 million in support of various worthwhile charities.

Senior Loan Refinances DoubleTree Suites Philadelphia West

From offices in California and New York, PCCP, LLC pursues middle-market investment opportunities across the country. PCCP’s 2016 investments include a $30.8 million senior loan to Arden Group for the refinancing of DoubleTree Suites Philadelphia West in Pennsylvania. 

Constructed in 1987, the DoubleTree Suites property features 195 king suites, 53 double-double suites, and five conference suites. In addition to the main lobby and entrance, the grand floor contains 8,100 square feet of meeting space across five meeting rooms and two eatery locations. Guest amenities also include a fitness center and indoor swimming pool. Refinancing for the hotel enabled Arden Group to approve an assortment of renovations, such as cosmetic updates and upgrades to the restaurant, bar, lobby, and guest suites. 

A vertically integrated real estate fund platform, Arden Group operates under a team of tenured executives with diverse experience in the real estate sector. Within an 18-month period, Arden Group received a series of loans from PCCP for properties including two other hotels in Florida. 

To learn more about PCCP, visit www.pccpllc.com.