Saturday, May 10, 2008

Commercial/Multifamily Originations Volume Hit Record in 2007 Despite Mid-year Slowdown

WASHINGTON, DC -- The commercial/multifamily originations market grew 19 percent in 2007, with mortgage bankers closing $507.7 billion in commercial/multifamily loans according the Mortgage Bankers Association's 2007 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.

Increases were seen across most property types and most investor groups, and were led by increases in loans for office buildings and loans intended for commercial mortgage-backed security (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. Intermediated loan volume grew 15 percent between 2006 and 2007. (Federal Reserve Bank, Washington, DC photo at left below)

"Even with the credit crunch hitting mid-year, 2007 still set a record for commercial/multifamily mortgage originations," said Jamie Woodwell, (top right photo) MBA's Senior Director of Commercial/Multifamily Research. "The 2007 numbers show both the importance of the commercial mortgage-backed securities (CMBS) market to commercial real estate finance and the depth of other funding sources, such as banks and thrifts, life companies, Fannie Mae, Freddie Mac and others."

Conduits were the largest single investor group for these mortgages - responsible for $225.2 billion, or 44 percent of the closed loan volume. Office buildings were the dominant property type - representing $140.7 billion, or 28 percent of the lending total.

Among major investor groups, Freddie Mac saw the greatest percentage increase in volume between 2006 and 2007, followed by Fannie Mae; CMBS, CDO and other ABS conduits; real estate investment trusts (REITs); and life insurance companies.

Lending for office properties once again was the leader in property type originations for 2007, followed closely by multifamily. Lending for office properties grew by 36 percent between 2006 and 2007. Lending for multifamily, health care, and hotel/motel saw increases, while retail and industrial saw slight declines over the year.

In a separate report, MBA's quarterly index of commercial/multifamily mortgage bankers' originations showed that through the first half of 2007, originations were running 38 percent ahead of 2006 levels. During the second half of 2007, commercial/multifamily originations fell 11 percent from their 2006 levels.

To learn more about the report or to obtain a copy, click here or contact Jason Vasquez, Mortgage Bankers Association, 202 557 2950,

The Cake Emporium Signs Lease at South Kendall Square Shopping Center

KENDALL, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that The Cake Emporium has signed a lease for 1,050 square feet at its 100,000-square-foot South Kendall Square shopping center (store site photo top right) located at the prime corner of SW 120th Street and SW 127th Avenue in Kendall, FL.
“The center,” said Konover South Leasing Specialist Vivian Ricardo, “is strategically located in a high traffic area one-half mile west of the Florida Turnpike/SW 120th Street interchange, and is directly across from a Publix-anchored center.”

The center includes ABC Fine Wines & Spirits, Bank of America, Bonefish Grill, Coldstone Creamery, KFC/Long John Silver’s, Starbucks, Walgreens, Washington Mutual and numerous others. In addition, there is a 2-story, 26,500-square-foot office building. Ricardo said that Konover South developed, leases and manages the center.

Konover South, LLC, a fully integrated acquisition, development and management company operating throughout the southeastern U.S., is based in Deerfield Beach, FL. Visit the company’s website at


Kenneth H. Cristol, President,
Cristol Marketing Company
237 Hunt Club Blvd., Suite 102,
Longwood, FL 32779 USA
PH 407-774-2515
FX 407-774-6647
Strategic Marketing, Brand Management,
Publicity and Advertising,
and Corporate Communications

HEI Hotels & Resorts Appoints Pradeep Bobba General Manager of Sheraton Crystal City

Arlington, VA -– HEI Hotels & Resorts has appointed Pradeep Bobba as the new General Manager of the Sheraton Crystal City Hotel. (photo at left below)

Bobba joins the hotel from the Embassy Suites Orlando Downtown in Orlando, Florida, where he served as director of operations since January 2008.

“We are dedicated to promoting growth from within at HEI, and from day one we highlighted Pradeep as a candidate for our fast track development program,” said Michael Miner, (top right photo) HEI’s regional senior vice president of operations. “This was a well-deserved promotion and we are confident that Pradeep will bring fresh energy and vision to the Sheraton.”

Known for its comfortable environment and outstanding service, the Sheraton Crystal City is a central location for Washington, D.C. and Northern Virginia travelers. Bobba will be responsible for maintaining a culture of friendly service and a warm atmosphere, in line with Sheraton’s distinct brand positioning.

“I came to HEI to get the final tools I needed to become a general manager,” Bobba said. “The hotel has a great culture of service and with the recent completion of $3.5 million dollars in guest room renovations, the Sheraton Crystal City is positioned as premier destination in Arlington”

Chris Daly
Vice President
Daly Gray Public Relations
ph: 703-435-6293
Jess Petitt
HEI Hotels & Resorts
203 849 2228

NAI Realvest Negotiates $902,500 Sale Price for 7,980-SF Industrial Building in Sanford, FL

ORLANDO, FL --- NAI Realvest has negotiated the sale of a 7,980 square foot industrial building at 120 Keyes Court in Sanford, FL for $902,500.00.

NAI Realvest Principal Michael Heidrich (top right photo) negotiated the transaction representing the seller, RNB Holdings, LLC of Sanford. The buyer of the six-year-old building is Premelters, Inc. of Winter Springs.
Heidrich recently negotiated another sale for RNB Holdings – a 7,800 square foot 10-year-old industrial building at 30 Keyes Court to Emver, LLC of Orlando for $910,000.

For more information, please contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 or
Janice Paiano, Marketing Director, NAI Realvest, 407-875-9989 or
Beth Payan or Larry Vershel, LV Communications, Inc. 407-644-4142