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 tammy@atomicpr.com)

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 http://www.tremoncapital.com/.

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