Saturday, March 1, 2008

Marcus & Millichap Sells Edgewater Manor Facility for $1.825M

TAMPA, FL – March 1, 2008--The sale of Edgewater Manor Assisted Living Facility (photo top right) was announced today by Steven M. Ekovich, First Vice President and Regional Manager for the Tampa, Florida office of Marcus & Millichap Real Estate Investment Services.

The property sold for $1,825,000 to Smith Health Care, an investor based out of Aurora, Illinois. The seller, Mr. Jon Roth has owned the property since 2003. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa office represented both parties in the transaction.

The facility closed at a 13% cap and represented $76,000 per unit. The 40 year old 9,000 square foot facility was originally built by a prominent local physician as both his home and office. The facility has one of the most gorgeous views, looking out over St. Joseph Sound and across to the Gulf of Mexico.

The property was converted to an assisted living facility in the early nineties and purchased by Mr. Roth in 2003. Smith Health Care plans to bring its expertise of operating smaller facilities, paying particular attention to providing a family-type environment of a loving, caring home for the elderly.

Edgewater Manor Assisted Living Facility is a licensed 29 bed assisted living facility, located on St. Joseph Sound, in Clearwater, Florida.
Steven M. Ekovich
Marcus & Millichap
(813) 387-4700

Eversheds Announces New Real Estate Partner

LONDON--International law firm Eversheds has appointed Andrew Li, as partner, to the firm’s real estate practice group. Andrew joins from Kimbells LLP, where he was the head of their property, construction and projects department. Andrew will be based in the Cambridge office and will have a secondary base in London, (London office photo top right) where he will work closely with Stephen Sorrell, Development & Regeneration Product Group Head.

Andrew has vast experience in regeneration and development projects as well as ten years experience working generally within the commercial property industry. Most recently Andrew led on a number of major transactions including a £750 million regeneration scheme in the West Midlands, the largest scheme in the region for decades.

Andrew’s previous experience also includes advising Derbyshire County Council on its largest ever regeneration project, which attracted around £150m of private investment. Andrew previously worked at DLA, having completed his initial training as a solicitor in 1998 at Eversheds.
For more details, please contact Eversheds at

Connecticut Housing Finance Authority Housing Bonds Affirmed At 'AAA/A-1'

NEW YORK --Standard & Poor's Ratings Services affirmed its 'AAA/A-1ratings on Connecticut Housing Finance Authority's housing mortgage finance bonds 2004 Series A Subseries A-4, 2004 Series B Subseries B-4, 2004 Series D Subseries D-4, 2005 Series A Subseries A-4, 2005 Series B Subseries B-2, 2005 Series D Subseries D-4, D-5 and D-6, 2005 Series E Subseries E-4 and E-5, 2006 Series A Subseries A-2, 2006 Series B Subseries B-1 and B-2, 2006 Series F Subseries F-2 and 2007 Series A Subseries A-4.

The outlook is stable.

The ratings have been affirmed in conjunction with amendments to the standby bond purchase agreements provided by Depfa Bank PLC (A+/A-1). The amendments change the automatic termination events from being based on the bond insurance provider, AMBAC, to being based on the issuer's failure to pay and the long-term rating of the resolution.

For complete details, please contact:

Christopher Mortell ,
New York,
(1) 212-438-3446

Analyst Contacts:
Moraa Andima,
New York
(1) 212-438-2734

Jeffrey Previdi,
New York
(1) 212-438-1796