Friday, June 20, 2008

Brethren Hillcrest Homes, CA's Debt Rating Lowered To 'BB' On Weakened Operating Performance

SAN FRANCISCO, CA-- Standard & Poor's Ratings Services lowered its rating to 'BB' from 'BBB-' on the City of La Verne, Calif.'s $46.3 million of debt, issued for Brethren Hillcrest Homes (Hillcrest). (top left photo)The outlook is negative.

"The rating action is based on an operating profile that has been affected by construction delays, significant cost overruns, and related vacancy issues, all of which have led to very poor liquidity," said Standard & Poor's credit analyst Keith Dickinson.

"While legal disputes arising from the construction project appear to be heading toward a positive resolution, construction delays and affiliation considerations have affected Hillcrest's plans to refinance debt and obtain cash for reimbursement of certain capital expenditures totaling approximately $4.5 million."

Media Contact:

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

Analyst Contacts:

Keith I Dickinson, San Francisco (1) 415-371-5036
Jessica Goldman, New York 212-438-6484

Cambridge Provides $10.2M FHA-Insured Loan to Refinance Chicago Nursing Facility


CHICAGO, IL--Cambridge Realty Capital Companies has arranged a $10.5 million FHA-insured HUD loan to refinance and provide funding for construction and substantial rehabilitation at Alden Wentworth, (top right photo) a 300-bed skilled nursing home located in Chicago.

Chairman Jeffrey A. Davis (middle left photo) said the 40-year term loan was funded using HUD’s Section 232 program. The loan was underwritten for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an authorized FHA/MAP-approved lender. The interest rate was not disclosed.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

Contact:
Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611
For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Lane Strategic Investment Buys 710 Peachtree Apartments in Atlanta


ATLANTA, GA (June 20, 2008) – Lane Strategic Investment, a subsidiary of leading multifamily real estate firm Lane Company, has acquired an 18-story mixed-use highrise (photo above) on Atlanta's signature thoroughfare, Peachtree St., right next to the historic Fox Theater in Midtown.

The mixed-use community includes the 710 Peachtree Apartments as well as 34,000 square feet of commercial space, which houses three restaurants and a small retail store.

"This is a valuable addition to our portfolio," said Lane Strategic Investment President Phil Pitney (top right photo). "The fact that it combines residential and retail components in a landmark location makes it a strong move for us."

The rental community, which will receive a new name, includes 533 residences ranging from studios to two-bedroom apartments, as well as three-bedroom penthouses.
Amenities include concierge service, a terrace-level deck with grill (middle right photo) overlooking Peachtree St., scenic views of Midtown, a luxury clubhouse (middle left photo) with coffee bar, a fitness facility, business center, clothes care center, controlled access and covered parking.

A planned $8 million renovation of the 1952 building will include a new street-level fa├žade. Lane Co. will also upgrade the commercial space to help the existing businesses attract more pedestrian traffic.

Apartment upgrades will include new appliances, cabinets, countertops and fixtures plus improvements to the amenities and mechanical infrastructure. "This fits well into our plan to buy and improve value-add properties in prime locations," said Lane Company CEO Bill Donges (top left photo).

"Apartments continue to be a bright spot in today's real estate economy, and these are in a great location – one block from the North Avenue MARTA rail station, a few blocks from I-75/85 and Downtown, and minutes from Buckhead."

The deal closed May 23 for an undisclosed amount. This was Lane Strategic Investment's second acquisition within just a few weeks.

Last month it announced it had acquired the Savannah Apartments in Austin, Texas, which is renamed Acacia Cliffs Apartment Homes. Also last month, Lane Southeast began construction on No. 10 Park, a $60 million upscale rental community in Atlanta's rapidly-growing Central Perimeter area.

Lane Southeast is constructing a mixed-use community in Atlanta's fashionable Buckhead neighborhood, and Lane Northeast is building The Quarter, another large mixed-use community, in Towson, Maryland.

Other recent projects include several award-winning apartment and condominium communities in Atlantic Station, the popular live/work/play community in Midtown Atlanta.

Many more projects are under construction and in the pipeline.About Lane Company Lane Company (http://www.lanecompany.com/) is a vertically=integrated, full=service multifamily real estate company.

Its expertise extends to all areas of real estate including apartment and condominium development, investment, property management, construction, asset management and marketing.

With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry. Its goal is to make big things happen by connecting people and communities one home at a time.

Media Contact:
Terri Thornton, Thornton Communications, 4049324347 territhornton@mindspring.com -- Terri Thornton, 404-687-8760; 404-932-4347 (Cell) http://www.territhornton.com/

HFF to Market Sale of Schaumburg, IL Multifamily Community on Behalf of Cornerstone Real Estate Advisers LLC


CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by Cornerstone Real Estate Advisers LLC to market for sale The Lakes of Schaumburg, (above photo) a 428-unit multifamily community in Schaumburg, Illinois.

The HFF investment sales team will be led by senior managing director Matthew Lawton, (top right photo) managing director Marty O’Connell (middle left photo) and director Sean Fogarty (middle right photo). The property is listed without a formal asking price and is free and clear of existing debt.

Located at 801 Belinder Lane, The Lakes of Schaumburg is convenient to Interstates 90 and 290, two Metra commuter rail lines, O’Hare International Airport and local Schaumburg area employers.

The property has been recently renovated and includes one- and two-bedroom apartment homes averaging 801 square feet each. Residents have access to two clubhouses with a fitness center, business center, Wi-Fi lounges, two outdoor heated swimming pools, playgrounds and a jogging/bike trail.

“The Lakes of Schaumburg has been impeccably maintained and managed to the highest institutional standards. Schaumburg is an extreme infill location as evidenced by the fact that the last apartment community built in Schaumburg was in 1990,” said Lawton.

Cornerstone Real Estate Advisers LLC is a registered investment advisor that helps pension plans, endowments, foundations, insurance companies and other institutions meet their investment objectives in investment in public and private real estate equity.
CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

RealtyTrac and Bid4Homes Team Up to Provide Extensive Online Auction Marketplace


IRVINE, CA – RealtyTrac® (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, has announced a new partnership with Bid4Homes (http://www.bid4homes.com/), an online auction site specializing in distressed property from banks, government agencies and private parties.

(House at left on auction in Youngstown, OH)

The partnership enables RealtyTrac users to research and bid on a wide selection of online real estate auctions nationwide. The Bid4Homes proprietary Web-based applications and patented deposit system make it easy for real estate brokers, agents, REO asset managers and private sellers to list homes for auction on RealtyTrac.

In addition to bank-owned properties and properties from private sellers, Bid4Homes offers forfeited properties from the U.S. Marshals Service, seized properties from the U.S. Department of the Treasury and tax-foreclosed properties from more than 50 counties nationwide. (House on right on auction in Dallas, TX)

RealtyTrac’s foreclosure property listings will also now be accessible through the Bid4Homes website, providing users with more choices and the ability to compare properties with others up for auction on the Internet.

“We’re excited to team up with Bid4Homes and its sister site Bid4Assets, which have experienced enormous success in the online real estate auction space, with more than 50,000 property sales in 50 states,” said Rick Sharga,(top right photo) vice president of marketing at RealtyTrac.

(House on left on auction in Atlanta, GA)

“This partnership affords our users more choices of properties and another convenient way to buy real estate. Our users will now be able place online bids on properties being auctioned by Bid4Homes while never leaving the RealtyTrac website.

"And these online auction properties will be paired with the extensive research tools available on RealtyTrac — including comparable sales, loan and sales history, extensive neighborhood information, and nearby MLS listings for comparison — helping users to evaluate a property before they begin bidding.”

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.



Bid4Homes (http://www.bid4homes.com/) is the real estate-only Web site from Bid4Assets, Inc., the nation’s online auction expert in selling distressed assets since 1999 for government agencies, financial institutions, private sellers, bankruptcy attorneys, trustees, for sale by owners, real estate agents, brokerage firms and non-profits. Bid4Assets has had a legally binding real estate auction platform since 1999.

CONTACT:

Tammy Chan, Atomic PR, 415-402-0230, tammy@atomicpr.com

Marcus & Millichap Arranges Sale of 91-Unit Apartment Community in Oceanside, CA for $10.2M

OCEANSIDE, CA -– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Country Club Apartments, (top right photo) a 91-unit multi-family community in Oceanside. The sales price of $10.2 million represents $112,088 per unit.

John L. Nguyen and Jonathan Mitchell, both vice president investments and directors of Marcus & Millichap’s National Multi Housing Group in Newport Beach, represented the seller, a private entity, as well as the buyer.

“Country Club Apartments presented an excellent value-added opportunity for the buyer, who has major renovations planned for the property and intends to convert it to affordable housing,” says Nguyen.

Located at 201 Country Club Lane, the 76,638-square foot apartment community consists of one two-story building situated on an 112,385-square foot lot, within close proximity to schools, shopping, public transportation and the beaches of Oceanside.

Country Club Apartments boasts a strong mix of one-, two- and three-bedroom units. Each unit has their own balcony and/or patio. The kitchens are equipped with electric ranges and ovens. Amenities include a beautiful courtyard, laundry room and tuck-under parking.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Cannon Design Selected to Design Medical Center Expansion for the University of California at San Diego

Cannon Design Beats Out 20 Firms for Prestigious Major Project

LOS ANGELES, (June 18, 2008) – Cannon Design, a nationally ranked architectural, engineering and planning firm, announced that they have been selected by the University of California, San Diego for a major expansion of the University’s Medical Center in La Jolla. (middle left photo)

“We are very excited for our team to have been selected for this important project,” said Scott Reed, (top right photo) AIA, principal, West Coast and Pacific Northwest regional market and practice leader.

Cannon Design was chosen over 20 major health care design firms in a highly competitive selection process. The project is in a new inpatient bed tower that doubles the capacity of the 119-bed John M. and Sally B. Thornton Hospital. The university also operates the UC San Diego Medical Center in Hillcrest, Calif. The highly competitive selection process concluded with an on site interview in Los Angeles by the UCSD selection committee.

The interview team from Cannon Design consisted of Mehrdad Yazdani, Lee Brennan, Frank Sica, Mike Pukszta and Scott Reed. Pending final approval by the University Of California Board Of Regents, the project is expected to break ground in early 2012 with a completion date of mid 2015. Cannon Design is recognized as one of the design industry leaders in Academic Medical Centers with a particular emphasis on Cancer Care.

Cannon Design’s Los Angeles office, located at 1901 Avenue of the Starts, Suite 175, was founded in 1994, and now has 70 employees with plans to expand to 100.

About Cannon Design
Cannon Design is ranked among the leading North American firms in planning and design for healthcare, science & technology, education, government, sports & recreation and civic/justice projects.

At present, the firm employs a staff of over 750, delivering services in 14 offices throughout North America, as well as abroad in Shanghai, China. For more information, please call 310.229.2800 or visit http://www.cannondesign.com/

CONTACTS:

Chase Communications, Darcy Brown, 415 433 0100, dbrown@chasepr.com
Canon Design, Alisa Greene, 415 373 5812