Wednesday, August 20, 2008

United Financial of America Brokers $11.625M Loan for Homewood Suites in Denver

ORLANDO, FL--Michael J. Daspin, President of United Financial of America, Inc. secured financing in the amount of $11,625,000 for the Homewood Suites situated at 4210 Airport Way, Denver, Colorado 80239.
The loan was financed through a national lending institution at a floating rate of 342 basis points over 90-day LIBOR adjusted monthly. The loan term is 5 years with a 25 year amortization and a loan to value of 75%.

The Homewood Suites is a 117 guest suite facility with an indoor pool and spa, fitness center, and business center. It opened in August 2008. The Homewood Suites is located in the Gateway Park at the Denver International Airport.

United Financial of America, Inc. is an independently owned leading commercial mortgage brokerage firm located in Orlando, Florida.

Since 1976, United Financial of America, Inc. has been providing financial services to industry corporations and real estate developers.

United Financial’s activities are national in scope, and include acquisition, development, construction, and permanent financing for such diverse projects as shopping centers, apartments, office buildings, hotels/motels, office/warehouse complexes and various types of medical facilities.

CONTACT: Michael J. Daspin, United Financial of America, Inc., Suite 1230, 200 East Robinson St., Orlando, FL 32801. 407.423.5901. 407.422.6932 ( fax)

HFF closes sale and arranges financing for Conifer Crossing in Norcross, GA

ATLANTA, GA – The Atlanta and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of and arranged acquisition financing for Conifer Crossing, (top left photo) a 420-unit multifamily community in Norcross, Georgia.

Managing director Jason Nettles (middle left photo) and associate director Megan Thompson (top right photo) led the Atlanta-based investment sales team on behalf of the seller, Simpson Housing, LLLP.

San Francisco-based Fowler Property Acquisitions purchased the property for $31.75 million free and clear of existing debt. Managing director Tucker Knight (middleright photo) of HFF Houston arranged the $28.7 million, fixed-rate loan through Freddie Mac on behalf of Fowler Property Acquisitions.

Situated on nearly 54 acres, Conifer Crossing is located at 3383 Holcomb Bridge Road, close to Interstate 85, Peachtree Industrial Boulevard and Interstate 285 in Peachtree Corners, approximately 17 miles northeast of Atlanta’s central business district. Conifer Crossing is immediately proximate to more than 10 million square feet of office space including Technology Park, which is less than two miles from the property and is Atlanta’s response to Silicon Valley.

The 98% occupied property has one-, two- and three-bedroom units averaging 1,233 square feet each. Community amenities include a clubhouse, pool, fitness center, playground, laundry facility, sand volleyball court, racquetball court and three lighted tennis courts.

Fowler Property Acquisitions is planning $6.3 million ($15,000 per unit) in aesthetic upgrades to the recreation area, building exteriors, building interiors (new flooring, appliances, cabinets, countertops) to improve the overall marketability of the property.

“Fowler did a great job in closing this transaction at the original contract price,” said Nettles.

Headquartered in Denver, Colorado, Simpson Housing LLLP (SHLP) is a fully integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multifamily property management and development.

Fowler Property Acquisitions, LLC (FPA), is a privately capitalized real estate investment firm, actively focused on the acquisition of multifamily, industrial, office, retail and land properties in select markets throughout the Western and Southeastern U.S. FPA has recently opened an Atlanta office and has offices in California, Texas, Colorado, Hawaii and Oregon.


Jason Nettles, HFF Managing Director, 404 832 8460,
Tucker Knight, HFF Managing Director, 713 852 3500,
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

Tenants and Investors Target Downtown Portland, OR Office Buildings

PORTLAND, OR— The effects of the housing slump and the credit crisis have begun to hit the Portland economy, resulting in job losses and a modest weakening of office fundamentals, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Still, employment expansion in the professional and business services segment is bolstering demand for office space. (The 384,000-sf 200 Market Building, top right photo)

“Employers have targeted Class A space in the bustling city core, though the small amount of available product has prompted developers to turn to revitalization efforts in order to meet the demand,” says Tony Cassie, regional manager of the Portland office of Marcus & Millichap.

(The 125,437-SF 224 Corporate Center, middle left photo)

Following are some of the most significant aspects of the Portland Office Research Report:

· Developers are forecast to bring 335,000 square feet of office space online in 2008, up from 135,000 square feet last year.
· Vacancy is projected to end the year at 11.8 percent.
· Asking rents are projected to rise 1.8 percent to $22.05 per square foot.
· Effective rents will edge up 1.5 percent to $18.23 per square foot.
· The median price has appreciated 12 percent year over year to $163 per square foot, due to a mix of more expensive, higher-quality properties changing hands.

(The 329,127-SF Congress Center, bottom right photo)

For a copy of the complete Portland Office Research Report, as well as reports on other markets nationwide, visit our website at

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

Post Properties Sells Post Oglethorpe® in Atlanta for $38.5M

Refinances Mortgage Debt Securing Properties Held in Joint Ventures; Moody’s and S&P Affirm Ratings and Change Outlook

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) has announced the sale of its Post Oglethorpe® apartment community (top right photo) located in Atlanta, GA for a gross sales price of approximately $38.5 million.

Post Oglethorpe® is a garden-style apartment community located in the Brookhaven area of Atlanta and consists of 250 units with an average unit size of approximately 1,150 square feet. The community was completed in 1994. The buyer was not disclosed.

Post expects to report a gain of approximately $23 million relating to this sale.

In addition, Post announced today that it has closed two 5-year mortgage loans with Fannie Mae to refinance existing debt secured by mortgages on its Post Biltmore™ community in Atlanta, GA (middle left photo) and its Post Massachusetts Avenue™ community in Washington, D.C. (bottom right photo)

Each of these communities is held in an unconsolidated joint venture, in which Post holds a 35% interest. The Post Biltmore™ mortgage loan has a principal amount of approximately $29.3 million, requires fixed interest-only payments at 5.83% and matures on September 1, 2013.

The Post Massachusetts Avenue™ mortgage loan has a principal amount of approximately $50.5 million, requires fixed interest-only payments at 5.82% and matures on September 1, 2013.

Both of these loans are pre-payable without penalty beginning after August 2011.

The Company also announced that Moody’s Investors Service and Standard & Poor’s last week affirmed Post's senior unsecured credit ratings of Baa3 and BBB, respectively.

Moody’s also revised the rating outlook to stable from developing for Post Properties, Inc. and Post Apartment Homes, L.P., and S&P removed the Company from Credit Watch while changing its outlook to negative. These rating affirmations and outlook changes follow Post’s announcement that it had concluded its formal process to pursue a potential sale or other business combination.

CONTACTS: Post Properties, Inc., Christopher Papa, 404-846-5028 or pbutler at

Grubb & Ellis Realty Investors Acquires One Live Oak in Atlanta

SANTA ANA, CA/PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC has acquired One Live Oak, (top right photo) an approximately 199,000-square-foot Class A office building in the Buckhead - Lenox submarket of Atlanta, on behalf of tenant-in-common investors.

Grubb & Ellis Realty Investors purchased One Live Oak from Crescent Real Estate Equities, which was represented by W. Hayes Swann & Matt Tritschler of DTZ Rockwood LLC.

Built in 1981 on more than two acres, the 10-story property is within walking distance of the five-star Ritz Carlton Hotel and world class shopping at Lenox Square Mall. (Ceiling shot atd bottom right)

One Live Oak's main lobby is finished with granite floors, cherry and walnut walls, and is home to The Bucket Shop restaurant and bar. The property offers ample parking with a seven-level, 625-space parking structure that provides 3.1 spaces per 1,000 square feet.

One Live Oak is currently 92 percent leased to a number of tenants, including the Securities and Exchange Commission, University of Georgia Real Estate Foundation Inc., and Corporate Offices Georgia LLA.

"This is a high quality office building located in a market where we believe we can maintain a high occupancy rate," said Jeff Hanson, (top left photo) President and Chief Investment Officer of Grubb
& Ellis Realty Investors.

.Overall average asking rents in the Buckhead submarket are $26.27 per square foot/year plus expenses, which represents a 3.8 percent rental rate growth from the previous year.
The submarket had a positive net absorption of 646,000 square feet in 2007, with 221,000 square feet absorbed in the 4th quarter 2007.

CONTACT: Julia McCartney of Grubb & Ellis Realty Investors, LLC,+1-714-667-8252, ext. 230,

CalPERS Sets Infrastructure Allocation

NEW YORK, NY, Aug. 20, 2008--The largest public pension fund in the United States aims to invest 3 percent of its portfolio, or roughly $8.3 billion, in infrastructure over the next two years, according to alternative investment news service PrivateEquityOnline.

The impact of institutional allocations on the market will be a major theme at the upcoming Infrastructure Investor: New York conference, to be held Oct. 22-23 at the New York Marriott Downtown Hotel.

This is the premier gathering for institutional investors in the growing infrastructure asset class.
Learn more about why LPs are initiating and increasing allocations to this relatively inflation-proof asset class. See how private equity firms are responding to this growing institutional demand by setting up funds to invest specifically in this sector.

The event’s confirmed keynote speakers are among the top names in the industry:

George Bilicic,(top left photo) Managing Director & Head of Infrastructure, Kohlberg Kravis Roberts & Co.

Peter F. Hofbauer,(bottom right photo) Global Head of Infrastructure, Babcock & Brown

Adebayo Ogunlesi, (middle right photo) Chairman & Managing Partner, Global Infrastructure Partners.

Michael Queen, (bottom left photo) Managing Partner - Infrastructure, 3i

To see the full speaker list and conference agenda, visit:

Four easy ways to register:

1) Download the registration form and fax to +1 212 633 2904

3) Call our registrations team on +1 212 633 2905

4) E-mail Nicole Lelchuk at


Arleen BuckleyVP - Conferences PEI Media - The alternative asset information group, T: (212) 633-1452, F: (212) 633-2904

3 East 28th Street, 7th floor, New York, NY 10016

rue21 Lifts Spirits at Florida ICSC

WASHINGTON, DC--Retail leasing pros weren’t optimistic coming into this year’s ICSC Florida Conference in Orlando, notes Kurt Ivey, (top right photo) Senior Vice President, Marketing at MadisonMarquette.

" The economy is slumping and many retailers aren’t expanding this year. Expectations sank even lower Monday morning when tropical storm “Fay” forced many to cancel or alter their travel plans," Ivey says in his Places Magazine Blog published by MadisonMarquette.

"But like a breath of fresh air, affordable teen fashion retailer rue21 lifted everyone’s spirits by announcing that they were looking to add 100 new stores this year — including a significant expansion in Florida.

" The announcement came during the “Hot Retailers” session and really seemed to energize everyone.

"Other bright spots included the continued rapid expansion of the Five Guys burger franchise in Florida and around the country. I’m also sensing continued bullishness towards Orlando and the entire Southeast Florida region — even despite the housing market."

CONTACT: Kurt Ivey, Senior Vice President, Marketing, MadisonMarquette,