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CDK REALTY ADVISORS JOINS SILVERADO INTERESTS IN AUTUMN LEAVES DEVELOPMENT [more]
CDK Realty Advisors announces its newest joint-venture with Silverado Interests, on behalf of one of its institutional clients for the development of an Autumn Leaves in the Houston suburb of Clear Lake. CDK and Silverado have provided equity to The LaSalle Group for development of this latest facility.
LaSalle has been recognized by The Dallas Morning News, The Fort Worth Star Telegram and The Chicago Tribune as having the best care for the memory impaired and the best designed and constructed facility for this type of care. The Dallas Business Journal has identified The LaSalle Group as the largest provider of memory care assisted living in the Dallas-Fort Worth area.
CDK and Silverado have previously teamed up on development of Autumn Leaves including facilities in Denton in the DFW market and The Woodlands, Sugarland and Pearland in the Houston market.
CDK Realty Advisors provides full service commercial real estate investment management and advisory services to institutional and private clients. Established in 2001 by three founding partners (Kenneth Cooley, Jon Donahue and Brent Kroener) the firm is based on the philosophy of Strategic Partnering. By utilizing established relationships with development partners, CDK has created value for its clients by acquiring and investing in real estate and real estate related assets that are not exposed to the broader market. CDK Realty Advisors is a SEC registered investment advisor currently managing one-half billion dollars of invested equity on behalf of its clients. CDK’s product offering is comprehensive including core, value enhanced, and high yield property investments in every major asset class.
Silverado Interests was co-founded by father-and-son team Rick and Dan Slaven, who collectively possess more than 46 years of real estate investment experience. With 46 years of experience in the real estate arena, Silverado’s principals are able to identify experienced development and operating partners in commercial real estate who are niche-focused and highly successful in their specific product types. The principals look for individuals and/or companies that not only have built and developed a substantial number of assets within their particular fields, but who have done so with a constant level of quality, while providing consistent returns to the equity capital.
CDK REALTY ADVISORS ANNOUNCES NEW VENTURE WITH RED DEVELOPMENT —
Forms Real Estate Holding Company [more]
CDK Realty Advisors announces its newest venture with RED Development. CDK, on behalf of one of its institutional clients, and RED have formed RED Consolidated Holdings, LLC, a real estate holding company that owns twenty-two retail and mixed-use properties totaling more than nine million square feet in twelve states. This new venture consolidates properties owned by CDK’s client with the operating companies and retail projects of RED.
Since the relationship with RED began in 1999, CDK has invested $280 million, on behalf of its client, in select RED development projects, including CityScape in downtown Phoenix. CDK and RED continue to develop projects under their previous joint venture.
“This has been a very successful venture for more than twelve years and this new agreement will allow our client to further benefit from RED’s relationships and track record in the real estate industry” said Jon Donahue, principal with CDK. “This new company allows us to shift the portfolio from an Opportunistic to a Core Strategy.”
“We have enjoyed our relationship with CDK over the years and trust that this deeper relationship will allow us to focus on executing our strategic business plan to acquire and reposition additional properties as well as maximize the potential of existing assets. The new holding company structure will allow us greater access to debt and equity capital markets,” said Steve Maun, President of RED Development. “Importantly, this new level of partnership demonstrates continued confidence in both our projects and our business model.”
The newly-formed, RED Consolidated Holdings LLC, will continue to operate as a private company with a new emphasis on its stabilized retail and mixed-use projects and acquisition where value can be created using RED’s extensive expertise in repositioning properties. The new venture has acquired three new assets since forming: Woodbury Lakes, Beach Village and Aspen Place as part of this new strategy.
CDK acquires interest in historic Electric Building in downtown Fort Worth [more]
On behalf of one of its pension fund clients, CDK acquires interest in historic Electric Building in downtown Fort Worth. The 18-story building was redeveloped in 1984 from office use into 106 apartments with retail space on the ground floor. Ownership will spend about $1 million to upgrade the heating and cooling systems, increase energy efficiency, and make cosmetic improvements such as new flooring and paint.
The building is currently 87% leased with about half of the units leased to low and moderate income housing because the project received $3.26 million in federal tax credits when the building was redeveloped. The program will continue under the new ownership.
CDK Realty Advisors gains new client and new project. [more]
A local pension fund for firemen has provided a new equity source for real estate opportunities managed my CDK Realty. The initial investment placed on behalf of the fund was a partnership interest in an Alzheimer’s/memory care facility in Denton, TX. The project is a to-be-built Autumn Leaves facility that is a designed and staffed by The LaSalle Group, a development company specializing in assisted living building and management.
Plans call for 46 beds with construction completion anticipated by December 2010. Projected IRR is a 28% return in three years.
CDK Realty Advisors Partners with Southern Cross Project Group [more]
On behalf of an institutional client, CDK Realty Advisors has entered into a private equity venture with Southern Cross Project Group, an established and respected Australian construction company, to expand its operations into the US.
Southern Cross was established in 1986 and has become one of the leading construction groups in New South Whales. The strong track record of success in New South Whales led to the company’s expansion into the Queensland and Western Australian markets in 2007. Southern Cross provides an integrated range of building services, and has a proven track record across all building disciplines including commercial, industrial, residential, retail, refurbishments, entertainment facilities and sporting venues.
The introduction of sustainable building regulations around Australia and the rapidly growing demand for green buildings by government and private entities has meant a more intense focus on sustainable building design for both commercial and residential developments. Increasingly, the Southern Cross Project Group is working on sustainable building projects and applying innovative construction practices that positively impact costs and the environment.
CDK Realty Advisors Forms New Partnership with RED Development [more]
CDK Realty Advisors announces that a global capital relationship with long term partner, RED Development, has been established. Under the relationship, a fund managed by CDK will provide $200 million for investment in RED development projects. Certain existing projects have been identified and CDK will be given the first opportunity to partner with RED on its future projects.
The in the 50/50 joint venture, CDK will provide the equity necessary to obtain construction financing for the projects allowing for liquidity and recapitalization opportunities during 2008, 2009, and 2010. This allows RED to move forward with projects while other means of financing are drying up, leaving other developers to curtail or slow developments. CDK’s commitment to provide equity will pave the way for future construction financing and ease the transition into permanent financing.
CDK Realty Advisors Enters New Venture with Schussler Creative [more]
Representing an institutional client, CDK Realty Advisors has entered into a private equity venture with Schussler Creative and RED Development to create new theatrical restaurant concepts for destination dining venues.
This partnership is the first where a developer has teamed with the creator of dining/entertainment attractions to rollout new ventures nationwide. These new concepts will be located in RED’s retail development projects and elsewhere. By joining forces, additional credibility and financial backing is added to the latest restaurant and retail attractions created by Schussler allowing a faster implementation of new concepts.
The strategic partnership also provides the developer with a unique business model that provides for destination attractions that draw from a significantly expanded trade area.
Some of the exciting concepts include Hot Dog Hall of Fame, Betty & Joes Baker and Coffee Maker, Backfire BBQ, Pizza Market, Zi Imperial Kitchen, Aeroblue, Winter Wonderland, and Musical Garden.