Wednesday, April 30, 2008

Arbor Commercial Mortgage Joins Local Hempstead Children and Seniors to 'Spread the Green' on Arbor Day

Company Partners with Police Athletic League and Children for Children for Annual Celebration

Top Right Group Photo: (from left) Ingrid Principe, Marketing Specialist, Arbor Commercial Mortgage; Katrina Paleski, Manager of Partnerships and Events, Children for Children; George Sandas, Superintendent, Town of Hempstead Parks & Recreation; Various Students of PAL’s spring break week and local Senior Citizen; Jackie Jones-Ford, Director/Detective, PAL-Hempstead Chapter.

UNIONDALE, NY--Uniondale-based Arbor Commercial Mortgage joined dozens of enthusiastic students and seniors on Arbor Day (April 25) at the Kennedy Memorial Park in Hempstead to express the importance of protecting the environment.

The group came together through the efforts of the Police Athletic League (PAL) Hempstead Chapter, the Town of Hempstead Parks and Recreation, and Children for Children™ (CFC), a nonprofit group that teaches the importance of volunteerism.

Hempstead Town of Parks & Recreation Superintendent George Sandas (fourth from left in top right photo) joined the intergenerational group in planting a tree and flowers.

Arbor presented each participant with their own mini tree, a Colorado Blue Spruce seedling from the National Arbor Day Foundation (pictured right).


Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC 333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553 '516-506-4298

Thomas D. Wood & Co. Secures Financing for Pompano Beach, FL Apartments

MIAMI, FL—April 30, 2008—Ivan Hagen,(top right photo) Assistant Vice President for Thomas D. Wood and Company, secured financing in the amount of $1,250,000 for Seven Palms Apartments (map at left below) in Pompano Beach, Florida.

Hagen financed the loan through Thomas D. Wood and Company’s relationship with a national banking institution at a permanent fixed rate of 6.275%.

The term is 30 years with a 30-year amortization, and a loan-to-value of 50%. The 40-unit apartment complex was built in 1975, and is located at 8800 West Sample Road, Pompano Beach, Florida.

For further information, please contact:
Ivan Hagen (305) 447-7820 or

Jessica Gurtowski
(407) 937-0470

Fitch REIT Credit Analysis: Brandywine’s Diverse Portfolio Remains a Credit Positive

(Above photo shows Brandywine's Class A, 42-story, 1.3-million-sf City Place office building at 2711 N. Haskell Ave., Dallas, TX. Photo at right below is the 464,470-sf Walnut Glen Tower at 8144 Walnut Hill Lane, Dallas.)

NEW YORK, NY-- Although its debt service coverage and leverage metrics have moderated since the closing of the Prentiss Properties acquisition, Brandywine Realty Trust (Brandywine) maintains a geographically diverse portfolio of well-leased assets to support its borrowings, according to the latest credit analysis update by Fitch Ratings.

Fitch affirmed Brandywine’s IDR at ‘BBB-’ on April 7, 2008 and revised the REIT’s Rating Outlook to Stable from Positive.

Fitch's latest credit analysis update on Brandywine, which provides more detail supporting Fitch’s ratings, is available on the Fitch Ratings web site at ''.

Fitch currently rates Brandywine as follows:
Brandywine Realty Trust
--IDR ‘BBB-’.
Brandywine Operating Partnership, L.P.
--IDR ‘BBB-’.

Primary credit strengths include the following:

--Increased scale and geographic diversity following the Prentiss acquisition;
--Solid leasing profile;
--Manageable lease expiration schedule; --Sizable unencumbered asset pool.

(Photo at left is the 176,803-sf 11400 Burnet Road office building, Austin, TX)

Primary credit concerns include the following:
--Declining debt service coverage ratios;
--Focus on suburban locations with relatively low barriers to entry;
--Weak risk-adjusted capitalization;
--Limited leasing activity to date in most recent development projects.

(The 40-story, 1.02-million-sf Burnett Plaza, 801 Cherry St., Fort Worth, TX, is at right below)


Sandro Scenga
Director, Corporate Communications
Fitch Ratings

Janice Svec
+1-212-908-0304 or
Steven Marks
New York

Marcus & Millichap Capital Corp. Names Glenn Gioseffi Director in Seattle Office

SEATTLE, WA– Marcus & Millichap Capital Corporation (MMMC) has named Glenn Gioseffi (top right photo) a director in the firm’s Seattle office, according to William E. Hughes,(top left photo) senior vice president and managing director of MMCC.
Gioseffi is responsible for overseeing loan originations in the company’s Seattle office.

Prior to joining MMCC, Gioseffi was with BMC Capital.
Gioseffi is a graduate of the University of Rhode Island and holds a bachelor’s degree in zoology with a minor in math and chemistry. He is also a licensed real estate broker in the state of California. Gioseffi is an active member of the Commercial Realtors Association, Mortgage Bankers Association and the Rental Housing Association of Seattle.

Press Contact:
Kathy Molitor
Marcus & Millichap Capital Corporation
(925) 953-1704

Fitch REIT Credit Analysis: Healthcare Realty Trust’s Medical Office and Outpatient Focus a Plus

(Healthcare Realty Trust's Baptist Women's Physician Office Building, Memphis, TN, shown above)

NEW YORK, NY--With fundamentals in the medical office andoutpatient space considered to be quite favorable, Healthcare Realty Trust Incorporated’s (HR) geographically diversified portfolio of assets, predominately focused on medical office and outpatient facilities, is a credit positive for the REIT, according to Fitch Ratings.

Fitch affirmed HR’s IDR at 'BBB' with a Stable Outlook on April 14. Fitch's latest credit analysis update on HR, which provides more detail supporting Fitch's ratings, is available on the Fitch Ratings web site at''. (Photo of Healthcare Realty's Baylor Pavilion I is at top right. Left middle photo shows Baylor Medical Office Building in Irving, TX)

Primary credit strengths include the following:

--Positive fundamentals for medical office/outpatient facilities;
--Large pool of unencumbered assets;
--Limited near term debt maturities.

Primary credit concerns include the following:
--Upcoming lease expiration schedule;
--Additional funding needs for development pipeline.

(Photo at bottom right shows Baptist Medical Plaza I and II in Nashville, TN)


Jane Cotroneo
+1-212-908-0716 or
Janice Svec
+1-212 908-0304

Media Relations:

Sandro Scenga
Director, Corporate Communications
Fitch Ratings
New York
Tel: +1 212-908-0278

BRE Properties Appoints Henry L. Hirvela as Chief Financial Officer

SAN FRANCISCO, CA /PRNewswire-FirstCall/ -- BRE Properties, Inc. (NYSE:BRE) has appointed Henry L. Hirvela (top left photo) executive vice president and chief financial officer, effective May 1, 2008.

Hirvela succeeds Edward F. Lange, Jr., (photo at left below) who was promoted to chief operating officer in 2007. Hirvela, 56, will be responsible for all corporate-related accounting, treasury and finance activities; investor relations; capital formation; internal audit and Sarbanes-Oxley compliance; and information technology services.

"We are pleased to welcome Henry Hirvela to BRE's executive team. Henry's experience and skill set are well-matched with our corporate objectives, specifically our ongoing efforts to create an enterprise-wide shared-services model," said BRE President and Chief Executive Officer Constance B. Moore (top right photo).

"In his past CFO positions, Henry successfully managed complex financial environments, leading integration efforts to centralize, automate and outsource core business processes. His abilities will complement the executive team and support our efforts to enhance company-wide efficiencies and productivity, and help scale the organization."

Hirvela has more than 30 years of experience in corporate finance and operations in the health care, waste management, energy and banking industries. Prior to BRE, he served as vice president, chief financial officer of VistaCare, Inc., a publicly owned health care services company.

He spent seven years as vice president, treasurer of Browning-Ferris Industries, Inc., which was acquired by Allied Waste Industries, Inc., for which he served as vice president, chief financial officer for four years.

He holds a bachelor's degree from the United States International University in San Diego, and earned an M.B.A. from the Johnson Graduate School of Management at Cornell University.

About BRE Properties

BRE Properties -- a real estate investment trust -- develops, acquires and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 77 apartment communities totaling 21,808 units in California, Arizona and Washington. The company currently has 10 other properties in various stages of development and construction, totaling 3,125 units, and joint venture interests in 13 additional apartment communities, totaling 4,080 units. (Property data as of 12/31/07.)


Edward F. Lange, Jr.,
+1-415-445-6559, or

Thomas E. Mierzwinski,
+1-415-445-6525, both of BRE Properties, Inc.

Colliers Arnold Tampa Bay First Quarter Industrial & Flex Market Report Shows Overall Vacancy Rate of 6.2%

TAMPA, FL--Colliers Arnold Tampa Bay has issued its first quarter 2008 industrial and flex market report.

For a detailed copy of the four-page report, please contact Russ Sampson, Executive Vice President and Director of Brokerage Services (top right photo) or Karen Temmen, Research Director, at the phone, e-mail and address at the bottom of this release).

A quick re-cap summary shows the following information for the Tampa Bay Industrial & Flex Market:

Q1 2008 Overall Vacancy Rate: 6.2%
Q1 2008 Direct Vacancy Rate: 5.8%
Warehouse Average Direct Asking Rate: $5.82 p.s.f. NNN
Flex bldg. Average Direct Asking Rate: $10.10 p.s.f. NNN
Q1 2008 Indus. & Flex Under Construction: 1,824,106 s.f.
Q1 2008 Indus & Flex New Completions: 1,219,627 s.f.
Total Inventory of Indust & Flex space: 94,271,643 s.f.


Karen Temmen
Research Director
Colliers Arnold - Commercial Real Estate Services
311 Park Place Blvd., Suite 600
Clearwater, FL 33759
Phone: 727/442-7184

Fax: 727/449-2428

Marcus & Millichap Names Leslie Charapp Associate Director of Washington, D.C. Office

WASHINGTON, D.C.-– Marcus & Millichap Capital Corporation (MMMC) has named Leslie Charapp (top right photo) an associate director of the firm’s Washington, D.C. office, according to William E. Hughes,(top left photo) senior vice president and managing director of MMCC.

Charapp has more than 18 years of experience in the commercial real estate finance industry. Prior to joining MMCC, Charapp was a vice president of Countrywide Commercial Real Estate Finance in Washington, D.C. Before that, Charapp was a senior commercial term lending consultant with Washington Mutual in Washington, D.C.

During his tenure, he marketed and sold commercial property in the Washington Metro area, as well as originated loans for multi-family properties. Charapp holds a real estate license in the state of Maryland.


Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Tuesday, April 29, 2008

Foreclosure Activity Increases 23% in First Quarter, According to RealtyTrac U.S. Foreclosure Market Report

(Photo shows downtown Philadelphia skyline)

Foreclosure Activity Up 112 Percent From Q1 2007; California and Florida Cities Account for 13 of Top 20 Metro Areas

IRVINE, CA – April 29, 2008 – RealtyTrac®, the leading online marketplace for foreclosure properties, today released its Q1 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 649,917 properties during the first quarter, a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007.

(For a detailed copy of the report, showing state-by-state comparisons, please contact Tammy at

The report also shows that one in every 194 U.S. households received a foreclosure filing during the quarter.

“Foreclosure activity in the first quarter increased on a year-over-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas, demonstrating that most regions of the country are seeing more foreclosures,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“In some areas there are also some unusual, non-market factors impacting the foreclosure numbers. For example, the city of Philadelphia in late March issued a temporary moratorium on all foreclosure auctions for April, and the city has since adopted a program that will delay foreclosure proceedings on owner-occupied properties until the owners have met face-to-face with lenders to attempt a loan workout plan that would prevent foreclosure.

“While we’re hopeful that programs like those in Philadelphia will have a positive long-term impact, they could be simply deferring another flood of foreclosures,” Saccacio continued. “And that could extend the length of time it takes the market to recover from this downward cycle, in which we’ve already seen seven consecutive quarters of increasing foreclosure activity.”

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

Arbor Appoints Peter Reisert to Senior Vice President, Capital Markets

UNIONDALE, NY (April 29, 2008) - Arbor Commercial Mortgage, LLC (“Arbor”) announces the appointment of Peter Reisert (top right photo) to Senior Vice President, Capital Markets. He reports to John Caulfield,(top left photo) Executive Vice President, Director of Operations.

In this newly created position, Mr. Reisert will oversee the day-to-day operations of the Capital Markets department and its role in supporting Arbor’s Fannie Mae, FHA and CMBS production unit. He will also be responsible for identifying new lending partners and developing new lending programs to complement Arbor’s existing product offerings.

Mr. Reisert has more than 15 years of experience in real estate finance, with a strong focus on Capital Markets. Prior to joining Arbor, Mr. Reisert served as Director of Capital Markets with Centerline Capital Group. Previously, he held posts with CharterMac Mortgage Capital, PW Funding Inc., and BankAmerica Mortgage.

Mr. Reisert earned a Master of Business Administration in Finance from Hofstra University and received a Bachelor of Arts from Providence College. He has previously served as a member of the Commercial Mortgage Securities Association and is a graduate of the Mortgage Bankers Association’s Future Leaders program. He resides in Wantagh, NY.


Arbor Commercial Mortgage LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
Ingrid Principe
Tel: (516) 506-4298

Realty Asset Advisors Facilitates the Sale of The Marquis Apartments in Tampa, FL

TAMPA, FL – Realty Asset Advisors has announced the sale of the Marquis Apartments (photos above and at right) in Tampa, Florida for $7,850,000. The sales price represents $56,071.43 per unit and $64.60 per square foot.

Realty Asset Advisors’ principal and investment advisor Tim Johnson represented the Seller in the transaction. Mr. Johnson and RAA cooperated with Frank Leto of Great American Realty to secure the Buyer through RAA’s competitive marketing process. The Seller was Marquis Apartments, LLC, based in Largo, Florida. The Buyer was Sabina Properties, LLC, a South Florida based corporation.

“The Marquis Apartment community is well located in the Central Tampa submarket - near both major transportation routes and area shopping,” states Johnson, a Principal and Investment Advisor for Realty Asset Advisors. “The Marquis Apartments traded competitively at 95% of the Marketed Price and will offer the new owner immediate upside through both rent growth and operational expense reductions.”

“In spite of overall economic uncertainty at both local, and national levels, the Marquis Apartments transaction illustrates the inherent and underlying demand for quality Florida investment real estate, comments Mr. Johnson.”

Built in 1969 and renovated in 2000, The Marquis Apartments consist of 140 units situated on well landscaped grounds. The community has a total of fourteen 2-story buildings with solid block construction and pitched roofing. The property features a central courtyard, pool area, laundry facility, and plenty of parking.

Realty Asset Advisors, located in Tampa, is a real estate investment brokerage services company with a primary focus on the multifamily and retail markets of Tampa Bay and Central Florida. The firm provides a range of advisory services including Seller representation, marketing, transactional support, research services and property performance evaluations.

Timothy Johnson
Managing Partner
Realty Asset Advisors, LLC
1311 N. Westshore Blvd.
Suite 201
PH: (813) 574-2200
FX: (813) 333-9710
Tampa, Florida 33607

Marcus & Millichap Facilitates SAle of Warehouse Portfolio in Hollywood, FL

HOLLYWOOD, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of a Hollywood warehouse portfolio, according to Gene A. Berman, (top right photo) Managing Director of the firm’s Fort Lauderdale office.

The portfolio, consisting of seven Hollywood small-bay warehouse properties and one Miramar warehouse/retail center, commanded a sales price of $6,431,000.
Investment specialist Ryan Nee of the Fort Lauderdale office represented the seller, W&W Properties, LLC. Associate Greg Zeifman of the Miami office secured the buyer of the property, Hollywood Warehouse Capital Partners, LLC.

“The unit mix consists of 85 small-bay warehouses and six retail bays. These assets are currently renting at rates well below market and provide an investor the opportunity to realize substantial returns simply by filling the vacancies and raising the current rents to market,” says Nee.

“The buyers, who had an existing presence in the immediate market, saw value in the fact that the investment was split into seven different folios, thus providing flexibility for different exit strategies. As the individual properties are stabilized to market rental rates, the buyers plan to sell off the folios to user/owners or small investors,” says Zeifman.

Ashley Steele
Marketing Coordinator
Marcus & Millichap
5900 N. Andrews Avenue, Suite 100
Fort Lauderdale, FL 33309
Direct Tel: (954) 245-3516
Cell: (215) 828-9585
Fax: (954) 245-3410

Tremont Structures $3.4M Financing for Texas Multifamily

BOSTON, MA--The Hartford office of Tremont Realty Capital arranged financing for the refinance of Summit Apartments, (photo at left below) a 149-unit apartment complex located in Wichita Falls, TX.

Stephen Henderson, (top right photo) a Senior Director with Tremont, arranged the $3,400,000 bridge loan, which was funded through a regional bank.

The 2-year loan had a prime based interest rate. The property was 99% occupied at the time of closing.

According to Henderson, “The loan provided the sponsor with a short term answer to fit their needs. The proceeds enabled the sponsor to buy out a partner and provided funds for renovating a neighboring property. Even in a challenging lending environment, the sponsor and lender were able to work together and get the deal closed.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services.

Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital. The Hartford office of Tremont Realty Capital is located at 15 Benton Drive, East Longmeadow, MA 01028.

The phone number is 860.548.9289 and the fax number is 413.525.9294. You can visit Tremont on the Internet at

For additional information on this transaction, please contact: Stephen Henderson at 860.548.9289


Aimee Munsey
Senior Associate, Marketing & Communications
Tremont Realty Capital
The Prudential Tower
800 Boylston Street, 45th Floor
Boston, MA 02199
p: 617.867.0700 x784
f: 617.867.0077

Marcus & Millichap Closes $8.3M in 1031 Exchange Deals Nationwide

ELMWOOD PARK, N.J.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four properties nationwide, including a five-story mixed use property with 37 multi-family units in North Bergen, N.J.

(Photo at left shows the property at 7120-7126 Bergenline Ave., North Bergen, NJ)

The North Bergen sale was part of a 1031 exchange, which allowed the buyer to acquire three subsequent properties, including a Citgo Gas Station in Richmond, Ga.; a Hardee’s Restaurant in Opp, Ala.; and a Marsh Foods grocery store in Kokomo, Ind.
The cap rates for these assets range from 8.13 percent to 8.95 percent.
Kevin McCrann, an investment specialist in the New Jersey office of Marcus & Millichap, represented the buyer, Y.P. Realty Inc., in the sale of the mixed-use asset with 37 apartment units in North Bergen.

In conjunction with other Marcus & Millichap investment specialists across the nation, McCrann also arranged the sale of the three absolute net-leased investments: Citgo, Hardee’s and Marsh Foods.

Y.P. Realty Inc. purchased two of the net-leased properties in an all-cash transaction, and assumed a mortgage with favorable terms on the grocery store. All three properties were exclusively listed by Marcus & Millichap, with zero management responsibilities.

In conjunction with Joshua Caruana, sales manager in the Indianapolis office of Marcus & Millichap; John Glass, a senior director of the firm’s National Retail Group in the San Francisco office; and Joseph Blatner, a vice president of investments in the Portland office, represented Dallas, Texas-based Cardinal Capital, the seller of the Indiana property.

Andrew Clark, an investment specialist based in the firm’s Birmingham office, Glass and Blatner, also represented Cardinal Capital, which was the seller of the Hardee’s property in Alabama. Don McMinn, an investment specialist in the firm’s Atlanta office, represented the seller of the Georgia property.

“Many owners have capitalized on the appreciation of their holdings and moved into other markets across the country to leverage their returns and fulfill the requirements of the 1031 exchange,” says Michael Fasano, regional manager of Marcus & Millichap’s New Jersey office.

“Using Marcus & Millichap’s unique national marketing platform and its position as the leading investment services firm nationwide, Kevin was able to provide Y.P. Realty with access to properties in other markets across the country.”


Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710