Tuesday, April 1, 2008

Commercial Mortgage Advisors Closes $3.2M Land Loan for Flagler Marine in Flagler County, FL

ORLANDO, FL--David J. Patten (left photo) and Thomas A. Byers, (right photo) partners in Commercial Mortgage Advisors (CMA) are pleased to announce the closing of this land loan on an 84 acre planned unit development located along the intercoastal waterway in Flagler County, FL.

Commercial Mortgage Advisors originates loans with life insurance companies, conduit lenders, multifamily DUS lenders, commercial banks, SBA lenders, IDB, private equity and equity mezzanine lenders.

CMA places long-term, fixed-rate loans on income producing and owner occupied properties and credit tenant leased properties. CMA also represents several institutions and individuals seeking acquisition, equity or joint venture opportunities.


Commercial Mortgage Advisors
605 E. Robinson St., Suite 420
Orlando, FL 32801

David J. Patten, CMB, Partner
Phone: 407.420.9191
Cell: 407.808.7273
Fax: 407.420.9589
E-mail: david@cmacapital.com

Thomas A. Byers, Partner
Phone: 407.649-1993
Cell: 407.616.6841
Fax: 407.420.9589
E-mail: tbyers@cmacapital.com

Felipe Rael Appointed Director in Arbor’s Albuquerque, NM Office

UNIONDALE, NY (April 1, 2008) - Arbor Commercial Mortgage announces the appointment of Felipe Rael (photo at right) to Director in Arbor’s Albuquerque, NM office. Mr. Rael will be responsible for all of Arbor’s loan offerings including Fannie Mae, FHA, CMBS, Bridge, Mezzanine and Preferred Equity. He reports to Ken Fazio, Vice President, Sales Management.

Prior to joining Arbor, Mr. Rael served as a Regional Manager with LaSalle Bank’s Real Estate Capital Markets division through its transition to Bank of America. During his tenure at LaSalle, Mr. Rael specialized in apartment and mobile home park financing utilizing balance sheet, Fannie Mae and CMBS executions. Previously, he held positions with Bascom Group and Berkshire Mortgage.

Mr. Rael earned a MBA in Finance from the Drucker School at Claremont Graduate University and a Bachelor of Arts in Economics from Claremont McKenna College. He resides in Albuquerque.

Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC
333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553

TD Wood & Co. Arranges Financing for Charleston and Miami Properties

MIAMI, FL—Ben Jimenez, (photo at right) Assistant Vice President for Thomas D. Wood and Company, secured financing in the amount of $4,000,000 for the 163 Medical Office Building and Shorecrest Retail.

Jimenez arranged financing in the amount of $3,250,000 for the 163 Medical Office Building in Charleston, South Carolina. Jimenez financed the loan through a national banking institution at a permanent fixed rate of 5.54%. The loan term is 10 years with a 30-year amortization, and a loan-to-value of 75%.

The 13,851 square-foot office building was built in 2007, and is home to the University Medical Hospital Human Resources Department. The 163 Medical Office Building is located at 163 Rutledge Avenue, Charleston, South Carolina.

Jimenez arranged financing for the Shorecrest Retail Plaza through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent lenders. The loan was secured at a permanent fixed rate of 6.125% for a 20-year term and a 20-year amortization, in the amount of $750,000. The loan-to-value is 75%. The 3,567 square-foot retail plaza is home to Latour Design & Development, and is located at 1071-1075 NE 79th Street, Miami, Florida.

Ben Jimenez
(305) 447-7820

Jessica Gurtowski
(407) 937-0470

HFF Named to Market Sale of One and Two Century Centre in Schaumburg, IL

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale One and Two Century Centre, (One Century Centre photo above) two 11-story, Class A office towers comprised of 431,930 rentable square feet in Schaumburg, Illinois.

The HFF investment sales team is led by managing directors Jaime Fink and Jeffrey Bramson (photo at right below) and director Kenneth Glomb, who will market the property on behalf of the seller, Transwestern Investment Company. The property is listed without a formal asking price free and clear of debt.

Located at 1700-1750 East Golf Road, One and Two Century Centre are within the Schaumburg office market near the intersection of Interstate 90 and Interstate 290, immediately north of Woodfield Mall and in close proximity to the new Schaumburg Convention Center

“Century Centre, 95% leased to a diverse roster of tenants, has experienced over 375,000 rentable square feet of leasing activity since 2004, fueled by new tenant demand, internal tenant growth and existing lease renewals,” said Fink. “The property presents an opportunity to acquire a stable income stream with limited near-term lease rollover.”

“The superior location near Woodfield Mall, high visibility and design quality of One and Two Century Centre have lead to significant leasing activity and are a testament to the property’s prominence within the marketplace,” added Glomb.

Transwestern Investment Company, L.L.C. is a principal investment firm specializing in commercial real estate. Since its inception in 1996, Transwestern has acquired interests in over 440 office, retail, industrial and multifamily properties representing a gross investment of more than $10 billion.

Kenneth J. Glomb
HFF Director
312 528 3650

Jaime M. Fink
HFF Managing Director
312 528 3650

Laurie Fish McDowell
HFF Associate Director, Marketing
617 338 0990

HFF Arranges $5.65M Refinancing for 1211 Wisconsin Avenue in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $5.65 million refinancing for 1211 Wisconsin Avenue, (photo above) an 11-story, 11,349-square-foot retail and office building in Washington, D.C.

HFF managing director Kevin Smith (photo at right) worked exclusively on behalf of 1211 Wisconsin Avenue, LLC to secure the five-year, fixed-rate loan with Bank of Georgetown.

Built in 1900 and renovated in 2002, 1211 Wisconsin Avenue has 7,772 square feet of retail space that is fully leased to fashion retailer Bebe and 3,557 square feet of office space that is currently being marketed for lease. The property is located in the Georgetown submarket of Washington, D.C. close to The Shops at Georgetown Park and numerous hotels and restaurants.

Kevin Smith
HFF Managing Director
(202) 533-2500
Laurie Fish McDowell

HFF Associate Director, Marketing
617 338 0990

Secret Deal for Railroad Hub Lays Bare Shady Practices at DOT

(Former Florida Gov. Jeb Bush, left, and railroad executive Earl K. Durden)

(Doug Guetzloe, chairman, Ax the Tax, Orlando, FL, reprinted the following, with permission, from The Tampa Tribune, Tampa, FL, March 31, 2008)

TAMPA, FL--Just when you thought the state's secret deal with CSX Transportation could not smell worse, more pollution comes flowing from Tallahassee.

The state Department of Transportation said this week - in the name of public accountability, of course - that the price of purchasing 61 miles of track near Orlando and relocating a rail yard to Winter Haven has increased by a third. The cost to taxpayers could now top $649 million, up from $491 million in 2006. (Florida Sen. Dan Webster photo at right)

Central Florida lawmakers accepted the increase without batting an eye. No matter that DOT so badly misjudged the costs. No matter that DOT tried to hide the project by calling it something else. No matter that other states refuse to pay for-profit railroads to lay tracks through remote areas, a policy decision DOT made without consulting the Legislature, which is supposed to make policy. (Rep. Dean Cannon photo at left)

The price increase came to light after CSX said the deal wouldn't proceed unless the state made the railroad immune from liability in the event of a commuter train accident - an unreasonable demand that would make Florida taxpayers responsible even if CSX were at fault.

A House committee approved the provision last week, even as officials in Massachusetts, which ironically saw a CSX freight train ram a commuter train Tuesday night, declared the railroad's demand for immunity a "deal breaker."

Florida's secret deal with the for-profit railroad is bad public policy and has damaged the credibility of DOT, where officials work in secret with railroad friends and shift arguments depending on the day.

Let's Review The History

From the start, this deal has tipped toward the railroad.

Look at the history:

•Gov. Jeb Bush (photo at top) announced the plan with great fanfare in August 2006, though only a few people, mostly DOT officials and industry insiders, were part of the negotiations. Communities that will face a steady flow of mile-long trains were kept in the dark.

•DOT tried to hide the funding requests, seeking money for rail through different line items in the 2005 growth management bill. Never did the line items mention CSX.

•To prove the project's value, DOT hired a consultant who was already working hard to make the numbers work for commuter rail.

•DOT employees signed confidentiality agreements promising not to talk about the details. Gov. Charlie Crist, (photo at left) who has been a champion for open government, has yet to address this abuse.

The public does not trust this deal. Neither does the federal government, which has yet to come through with matching funding. The feds said in a November 2007 report that Florida had failed to make the case for commuter rail in Orlando.

Curiously, proponents say Florida's credibility - and its chances for federal funding - will suffer if the state attempts to renegotiate the CSX contract. Yet it's the federal government saying this deal doesn't pass the smell test. At least someone in government is looking out for taxpayers.

Look, Tampa supports Orlando's efforts to get commuter rail and move traffic off congested highways, but Florida should not plan major transportation projects that negatively affect neighboring regions without those communities at the table.

Neither DOT nor CSX has been persuasive in saying that the planned Winter Haven hub will be good for Lakeland, Bartow, Mulberry, Lake Wales, Plant City, Wildwood or Ocala.

And despite the promise of attracting well-paying jobs to the region, the railroad expects to create only 110 jobs. Its spokesman says the promised 8,000 new jobs will come from related businesses - such as dry cleaners and convenience stores - that grow to serve hub workers.
In other words, in anticipating the creation of new jobs, DOT relied on a wing and a prayer.

Hitching Up To Industry Insiders

The secrecy at DOT is benefiting industry insiders.

Tribune reporter Lindsay Peterson reported that during the CSX negotiations, former DOT Secretary Denver Stutler (photo at left ) asked rail executive Earl Durden (photo at top) for advice. Durden chaired the Florida Transportation Commission when it approved a DOT plan that set aside money for CSX - a plan that also contained more than $6 million for a railroad Durden owned.

State law prohibits transportation commissioners from getting involved in DOT operations, including the awarding of contracts. The law also bans commissioners from having a financial interest in a DOT contract or benefiting from state contracts made during their terms.

But Durden had an interest in pushing the CSX deal - a $6 million interest.

Shifting In The Wind

When asked about the process, DOT officials shift their stories.

Last week they said the price increase had to do with rising construction costs for overpasses. In August 2006, the cost of improvements to a CSX freight line included five highway overpasses the state said would cost $59 million.
The projected cost is now $203 million, though DOT insists the overpasses were planned not to meet the demands of increased freight traffic, but to meet the needs of drivers on congested roads.

So why did the department add the price increases into the CSX deal? And why should taxpayers trust these numbers?

It's time for Crist to pull this contract and renegotiate it on behalf of all Floridians.
Crist's silence is unbecoming for a governor who says he believes in transparency.

Find this article at: http://www2.tbo.com/content/2008/mar/31/na-secret-deal-for-railroad-hub-lays-bare-shady-pr

Guetzloe urges concerned citizens to contact Senator Dan Webster and Rep. Dean Cannon and tell them to: "Pull the plug on the commuter rail boondogle; ax the commuter rail tax; and say no to the CSX sovereign immunity taxpayer scheme."

Senator Dan Webster
Room 330Senate Office Building
404 South Monroe Street
Tallahassee, FL 32399-1100
PHONE (850) 487-5047
FAX (407) 297-2064

Representative Dean Cannon
422 The Capitol
402 South Monroe Street
Tallahassee, FL 32399-1300
Phone: (850) 488-2742


Doug Guetzloe
Ax the Tax
P. O. Box 531101
Orlando, FL 32853
(407) 388-1776 - office
(407) 895-8331 - telefax