Grubb & Ellis Commercial Florida's Jeff Sweeney Expects Rise in Commercial Foreclosures

TAMPA, Fla. --- The nationwide economic downturn will result in an increase in commercial real estate foreclosures this year, one of the region’s top commercial property executives will tell a Tampa real estate summit Friday Feb. 12 at the Double Tree Hotel.

Jeff Sweeney, (top right photo) SIOR, president of Grubb & Ellis Commercial Florida, with offices in Tampa, Orlando and Melbourne, will moderate a panel discussion at the Tampa Distressed Real Estate Summit.

The Tampa Distressed Real Estate Summit is being sponsored by the Real Estate Communications Group.

“Commercial property owners are facing some of the same sorts of financial challenges that home owners have been facing and the result is a substantial increase in the volume of distressed properties throughout Florida,” Sweeney will tell the group.

“Property owners who are losing tenants or granting concessions in order to keep their buildings filled are having difficulty making payments on their commercial property loans, and that adds tremendous pressure to banks,” according to Sweeney.

Sweeney’s panel will focus on adding value to distressed assets.

Ray Hayhurst, (bottom right photo) an associate at Grubb & Ellis Commercial Florida, and Don Lombardi, (middle left photo) who heads Commercial Florida Advisors, an affiliate of Grubb & Ellis Commercial Florida in Tampa, will also moderate panel discussions on evaluating commercial properties and partially completed construction projects.

Sweeney predicts that Grubb & Ellis Commercial Florida will see a 30 percent increase in 2010 distressed commercial property sales over 2009 levels, as a result of the economic downturn.

Contacts:

Jeff Sweeney, SIOR 407-481-5387, 315 E. Robinson St. Suite 555, Orlando, FL 32801http://www.commercialfl.com/
 Larry Vershel Communications, 407-644-4142,

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for Private Estate near Heathrow, FL

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a private luxury estate on a one-acre lakefront home site at gated Lake Markham Preserve near Heathrow in North Seminole County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Stirling associate Mary Ann Hartmann of the firm’s Lake Mary-Heathrow office negotiated the exclusive representation and serves as principal contact for the property.

The two-story water front estate home, on a ski lake, features European-style architectural elements enhanced with the latest in travertine flooring, custom wood cabinetry and millwork.

The 6,711 square foot home with a gourmet kitchen with nine-foot island, new outdoor summer kitchen, a heated lagoon-style swimming pool, a home theater, game room with kitchenette, four bedroom suites with private baths, and a separate suite for nanny/caregiver is priced at $2,199,000.

For more information,  contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

HFF arranges $14M financing for Pavilions Centre in suburban Seattle

PORTLAND, OR – The Portland and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $14 million financing for Pavilions Centre, a 200,000-square-foot grocery-anchored shopping center in Federal Way, Washington.

Working exclusively on behalf of Kimco Realty Corporation, HFF director Casey Davidson and managing director Robert Delitsky (top right photo) secured a non-recourse fixed-rate loan through one of HFF’s life company correspondent lenders.

Pavilions Centre (bottom left photo)  is located at 31217 Pacific Highway South close to the Commons at Federal Way regional mall approximately 25 miles south of downtown Seattle.

The property was completed in 1996 and is currently stabilized by the following anchor tenants: H-Mart, Barnes & Noble, Petco and Jo-Ann Fabrics.

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America’s largest portfolio of neighborhood and community shopping centers.

Contacts:

Casey Davidson, HFF Director, (503) mailto:cdavidson@hfflp.com
Robert Delitsky, HFF Managing Director, (212) mailto:5rdelitsky@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,  krmurphy@hfflp.com

The Kolter Group Acquires Seasons on Lake Lanier Near Atlanta, GA

WEST PALM BEACH, FL,  /PRNewswire/ -- The Kolter Group, LLC, a West Palm Beach private investment firm focused on real estate development, investment and construction, has acquired Seasons on Lake Lanier, (centered photo below) north of Atlanta in Gainesville, Georgia from Wachovia.

The acquisition of Seasons on Lake Lanier includes 14 fully furnished model homes, 45 complete or partially complete homes, 169 developed lots, 147 partially developed lots and 290 approved-but-raw lots. There are also 30 boat slips on Lake Lanier. Plans also include a large clubhouse amenity which is not yet built. The purchase price was not disclosed.

"We are pleased to have acquired such a premier active adult development as our entree into the Atlanta market. The residents have made extraordinary efforts maintaining the beauty of the community," said Rick Covell, Sr. (middle  right photo)  Vice President of The Kolter Group.

Kolter plans to initially focus on selling the existing inventory at the Lake Lanier property and then to continue to market the project as an active adult community, as originally planned.

"The Kolter Group looks forward to working with the existing residents and the City of Gainesville to complete the vision for this stunning lakeside community," Covell said.

The Kolter Group LLC (www.Kolter.com) is a private investment firm focused on real estate development, investment and construction. Since 1993, Kolter, as both sponsor and operator, has entered into over $9 billion of real estate transactions across multiple asset classes and geographies.

Kolter Homes, the home building company under The Kolter Group, LLC, currently offers adult living communities Victoria Gardens in Orlando, PGA Village Verano in Port St. Lucie; single-family homes at Canopy Creek in Palm City, Tres Belle and Lost River Plantation in Stuart, The Oaks in Hobe Sound and Paloma in Palm Beach Gardens.

Townhomes are available at Paloma and urban condos in downtown West Palm Beach are available at Two City Plaza. Homes are prices from the $200,000s to over $1 million.

Visit http://www.kolterhomes.com/  for a complete listing of communities and homes available.

Contacts:
Rick Covell, Sr. Vice President, The Kolter Group, +1-561-682-9500, rcovell@kolter.com,
Mary Kay Willson, MK Marketing Group, +1-561-758-6930, mk@mkmarketinggroup.com
Web Site: http://www.kolter.com/

Arbor Closes $38M in 4 Fannie Mae Loans in North and South Carolina, Texas and Connecticut

  $15,742,500 Fannie Mae DUS® Loan Closed for Stone Ridge Apartments in Fayetteville, NC

UNIONDALE,  NY (Feb.  9, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $15,742,500 loan under the Fannie Mae DUS® product line for the 216-unit complex known as Stone Ridge Apartments in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.74 percent.

The loan was originated by John Edwards, (top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office.

“The loan represented a great opportunity for Arbor to provide financing for a newly constructed stabilized property,” said Edwards. “We provided our client with their requested objective of an attractive 10-year interest rate with loan proceeds exceeding $15.7 million.

" In addition, we greatly appreciate the efforts of Jackson Howard of Carolina Mortgage Company in securing this financing.”

$14,500,000 Fannie Mae DUS® Loan Closed for Overlook at Golden Hills Apartments in Lexington, SC

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $14,500,000 loan under the Fannie Mae DUS® product line for the 204-unit complex known as Overlook at Golden Hills Apartments in Lexington, SC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.82 percent.

The loan was originated by Ronen Abergel, (middle  left photo) Director, in Arbor’s full-service New York, NY lending office.

“Despite the current lending environment, we encountered significant competition for this transaction,” said Abergel. “We won the deal by providing the most attractive rate, term and structure for the borrower.”

$6,846,790 Fannie Mae DUS® Loan Closed for Carlisle on the Creek in Dallas, TX

 Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,846,790 loan under the Fannie Mae DUS® product line for the 176-unit complex known as Carlisle on the Creek in Dallas, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 5.55 percent.

The loan was originated by Anthony Tarter, (middle right photo) Director, in Arbor’s full-service Dallas, TX lending office. “Arbor was pleased to provide acquisition financing, including additional funds for capital improvements, for a great borrower and property in the Dallas Uptown market,” said Tarter.


$1,260,000 Fannie Mae DUS® Small Loan Closed for Carriage Hills Apartments in New Haven, CT

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,260,000 loan under the Fannie Mae DUS® Small Loan product line for the 22-unit complex known as Carriage Hills Apartments in New Haven, CT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.02 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office.

 “We were pleased with the opportunity to provide a repeat client new financing for a solid performing asset,” said Edwards. “The closing of this transaction highlights our commitment to maintaining long-term business relationships.

Additionally, Fred Vogell of Mortgage Resources acted as the loan correspondent.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

$10.9M HUD Loan Funds Purchase of Manor Court of Peoria in Illinois

Cambridge Realty Capital Companies has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, (top left photo) a 118-bed combination skilled nursing and assisted living property located in Peoria, IL.

Cambridge Chairman Jeffrey A. Davis (bottom right photo) said the property offers residents 50 skilled care and 68 assisted living beds. The fully-amortized, 35-year term loan was arranged for the property’s owner, an Illinois not-for-profit corporation, using HUD‘s Section 232 pursuant to Section 223(f) -Lean funding program.

The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting FHA-insured HUD loans.

HUD’s new Lean program has introduced sweeping changes in the way HUD loans are processed and approved. Responsibility for processing HUD loans has been shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which provides a single source for program and policy development and a more consistent and user-friendly platform for borrowers and lenders.

HUD’s goal is to process loans on a timetable that more closely resembles the timing for conventional loans, Davis said.

The firm also has embraced social media and networking via Twitter at http://twitter.com/cambridgecap , via Facebook at http://www.facebook.com/pages/Chicago-IL/Cambridge-Realty-Capital-Companies/19132944489, and via Linkedin at http://www.linkedin.com/companies/454232 , where information on the firm and its employees can be found.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611

Cousins Properties Reports Results for Quarter and Year Ended Dec. 31, 2009

 ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three months and year ended December 31, 2009.

 All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) for the fourth quarter of 2009 was $11.5 million, or $0.11 per share, before separation and non-cash impairment and valuation charges discussed below, compared with FFO of $10.2 million, or $0.20 per share, for the fourth quarter of 2008.

FFO was $50.1 million, or $0.77 per share, before such charges for the year ended December 31, 2009, compared with $61.0 million, or $1.18 per share, for the same period in 2008.

Net Income (Loss) Available to Common Stockholders (“Net Income (Loss) Available”) was $(3.6) million, or $(0.04) per share, before such separation and non-cash impairment and valuation charges for the fourth quarter of 2009 compared with $(4.1) million, or $(0.08) per share, for the fourth quarter of 2008.

Net Income Available was $156.4 million, or $2.39 per share, before such charges for the year ended December 31, 2009, compared with $7.6 million, or $0.15 per share, for the same period in 2008.

The Company recorded $137.9 million of separation and non-cash impairment and valuation charges during the second and third quarters of 2009 and $4.2 million of such charges during the fourth quarter of 2009.

Including the separation and non-cash impairment and valuation charges, FFO was $7.3 million, or $0.07 per share, for the fourth quarter of 2009 and a loss of $(92.0) million, or $(1.40) per share, for the year ended December 31, 2009.

Net Loss Available, after such separation and non-cash charges, was $(7.8) million, or $(0.08) per share, for the fourth quarter of 2009 and Net Income Available was $14.4 million, or $0.22 per share, for the year ended December 31, 2009.

For a complete copy of the company's news release and financials, please contact:
 
Cousins Properties Incorporated, James A. Fleming, (top right photo) Executive Vice President and Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com, or
 
Cameron Golden, Director of Investor Relations and Corporate Communications, 404-407-1984
camerongolden@cousinsproperties.com, Web site address: http://www.cousinsproperties.com/

North Fulton CID Selects Contractor for Landscaping “Gateway” in the Ga. 400 Interchange at Haynes Bridge Road

 ATLANTA, GA, Feb. 8, 2010 – The entrance to North Fulton at Georgia 400 and Haynes Bridge Road will change drastically for the better this year.

The North Fulton Community Improvement District (CID) is spending an estimated $400,000 to landscape the interchange, creating a “gateway” to North Fulton and the CID. The CID is made up of commercial properties along Ga. 400, from Mansell Road north to McGinnis Ferry Road.

Piedmont Landscape Contractors, LLC was awarded the estimated $400,000 project, following a competitive bid process that began in late December 2009.

“After reviewing all the bid documents, we were fortunate to have several good choices to complete this project under budget,” said Brandon Beach, (top right photo) Executive Director of the North Fulton CID. “Piedmont was selected because they demonstrated exceptional value and vast experience with projects of this scale and magnitude.”

Over a dozen varieties of trees and shrubs will be planted in the interchange, along with 30,000 square yards of sod. The landscape plan is modeled after the CID’s successful Mansell Road interchange landscaping.

“Our goal is to create gateway entrances to North Fulton,” Beach continued. “These beautification projects help brand our District, making it more attractive for business and for the people who live, work and play in North Fulton.” All CID contractors are required to choose materials from a pre-approved list that meets the sustainability and branding requirements outlined in Blueprint North Fulton, the CID’s master plan.

The CID worked closely with both the City of Alpharetta and the Georgia Department of Transportation on permitting, allowing them to fast-track the project.

With planting season ending on March 15, timing is critical. Landscape installation will begin in February and will be completed this fall.

Contact: 
Patrick Hill, Jackson Spalding, (404) 724-2506

Lawrence Gellerstedt, Jackson Spalding, (404) 214-3556

Strategic Management Partners Joins with GFI to Rescue Underperforming and Distressed Multifamily Assets Nationwide

ATLANTA, GA--(Feb.  8, 2010) – Strategic Management Partners (SMP) is partnering with GFI Capital Resources Group, a full-service provider of real estate and insurance services for over 26 years, to offer multifamily property management services to owners of underperforming and distressed apartment communities across the country.

The affiliation essentially gives GFI the capability to offer third-party management services separately from its own portfolio. Potential clients may include equity owners as well as special servicers such as banks and other financial institutions.

SMP is an Atlanta-based, third-party management firm providing innovative, cost-effective solutions to increase occupancy, net operating income (NOI) and property values for clients nationwide. It offers property management and turnaround services including third party partnerships, receiverships, foreclosures, lease-up, asset repositioning, renovation and due diligence services.

Cynthia Batey (top right photo)  and Angela Smith, (top left photo)  SMP’s senior executives, have 30 years of combined executive leadership experience with two leading fee management companies, where they managed more than 50,000 rental units in 20 states.

“According to recent statistics, there are over $17 billion in distressed assets in the multifamily sector,” said Cynthia Batey.

“We launched SMP to utilize our vast industry experience and best practices to customize a unique strategy for each asset to achieve our clients’ goals and objectives.”

Angela Smith added, "It is critical for lenders and special servicers to have a knowledgeable, seasoned team they can depend on to manage the distressed assets in their portfolio – stabilizing the asset, recommending improvements for repositioning these assets, and improving NOI. Cindy and I have a breadth of experience in maximizing distressed assets, most notably in the two recent challenging years."

GFI has a national portfolio of 100 multifamily properties consisting of approximately 21,000 units. The new partnership gives SMP a wealth of support and infrastructure, allowing it to greatly leverage GFI’s buying power and access a multitude of specialized resources and professionals. SMP will, however, operate independently of GFI’s portfolio, offering its services exclusively to third-party clients.

GFI has six divisions including insurance services, commercial real estate sales/finance, mortgage banking, development, hotels, and retail leasing in which SMP clients will be offered priority pricing and service.

“We are excited for this new venture,” said Allen Gross, Founder and President of GFI Capital Resources Group, Inc. “As a full-service real estate firm, we have always prided ourselves on providing clients with the most timely real estate services that the market demands.

"Today’s economic challenges certainly necessitate a superior third party management company to help recover the countless distressed assets in the marketplace. I am confident that SMP’s services will deliver tremendous value to property owners nationwide and look forward to this vision becoming a reality.”

Media Contact: Terri Thornton, Thornton Communications 404-932-4347 Terri@TerriThornton.com

Wyndham Brand Expands in Mexico with Monterrey Hotel

 PARSIPPANY, N.J. (Feb. 8, 2010) – Continuing its expansion in Mexico, Wyndham Hotels and Resorts today announced the opening of the 198-room Wyndham® Casa Grande Monterrey. (centered photo below)

Owned and operated by Operadora Casa Grande and located at Av. Lazaro Cardenas 2305 in San Pedro Garza Garcia, the former Radisson hotel is minutes from fine dining and shopping in downtown Monterrey. Nearby attractions include the Museum of Mexican History, Alfa Planetarium, Contemporary Art Museum, Monterrey Arena and area convention centers such as CONVEX and CINTERMEX.

“The opening of the Wyndham Casa Grande Monterrey underscores our commitment to expanding the Wyndham portfolio in key markets throughout Mexico,” said Jeff Wagoner, (bottom right photo)  president of Wyndham Hotels and Resorts. “Its close proximity to key corporate complexes as well as numerous tourist attractions makes this a prime destination for business and leisure travelers alike.”

 Four other upscale all-inclusive resorts recently joined the Wyndham brand in Mexico: Beach Palace®, Wyndham Grande Resort in Cancun; Isla Mujeres Palace®, Wyndham Grand Resort in Isla Mujeres; Playacar Palace®, Wyndham Grand Resort in Riviera Maya and Xpu-Ha Palace®, Wyndham Resort, also in Riviera Maya.

According to General Director Gerardo Murray of Grupo Hotelero Casa Grande, the hotel’s management company, the “already elegant hotel underwent a half-million dollar renovation to further enhance the guest experience and meet brand standards before joining the upscale Wyndham system.”

Additional information and reservations for all Wyndham hotels are available by calling (800) WYNDHAM— (800) 996-3426—or visiting http://www.wyndham.com/.

Contact:  Evy Apostolatos, Director, Media Relations, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590, evy.apostolatos@wyndhamworldwide.com