Saturday, September 13, 2008

Sunnyvale, CA Apartment Complex Receives $9.2M Loan

SUNNYVALE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $9.2 million loan to refinance an 82-unit apartment complex located at 150 Acalanes Dr. in Sunnyvale.

Marshall De Wolfe, a director in the Palo Alto of Marcus & Millichap Capital Corporation, arranged the financing package for the Woodacre Apartment complex.

“In the past, much emphasis was placed on financing loans with fixed-rate debt. This deal was financed with a one-year adjustable rate,” states De Wolfe. “There has been a re-emergence of the floating-rate loan as a viable option to fund deals, versus long-term fixed debt.”

Financing for Woodacre Apartments was provided by a commercial bank at a fixed interest rate of 5.56 percent for the first year, then an adjustable rate of 2.25 percent during the 12-Month Treasury Average (MTA) index. Terms of the loan were for 30 years with a 30-year amortization schedule. The loan-to-value was 65 percent.

“Due to MMCC’s long-standing relationship with the lender, we were able to keep this deal at the top of its priority list,” according to De Wolfe. “The lender had a pre-payment penalty, which MMCC was able to have waived.

“In today’s lending market, it has become increasingly important to proactively manage deals through each phase of the financing process,” says De Wolfe. “As a result of our due diligence, MMCC was able to close the deal ahead of schedule, meeting all of our lender’s requirements while surpassing our client’s expectations.”

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

University Square Shopping Center in San Diego Gets $6M Loan

SAN DIEGO, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million fixed-rate loan for University Square Shopping Center (top left photo) , a 204,646-square foot neighborhood retail center located at 5900 University Ave. in San Diego.

Jake Roberts, a vice president capital markets, and Anita Paryani, a senior director, both in the West Los Angeles office of Marcus & Millichap Capital Corporation, arranged the financing package for the retail center.

“MMCC was able to acquire an aggressive preferred-equity lender that met our investor’s financing requirements,” says Roberts. “The investor provided MMCC with a significant cash-out preferred equity structure. The investor also wanted a recognition agreement with the senior lender, and in order to close in a timely manner, MMCC made the agreement a post-closing term item.”

Financing for University Square Shopping Center was provided by a private strategic capital lender at a 12 percent fixed rate with 87-months interest only. Loan-to-value was at 86 percent.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Landmark Esparanza Mansion in Finger Lakes, NY on Selling Block

MIAMI BEACH, FL--John Nicholas Rose completed the construction of Esperanza Mansion (top right photo) in 1838.

He was the son of Robert and Jane Rose who had journeyed to the Finger Lakes region from their plantation in Stafford County, Virginia in 1804.

Esperanza Mansion is a distinguished example of Greek Revival residential architecture, a style popular in the United States from 1820 to 1850.
Esperanza is a National Registered Historic Landmark. Over the years Esperanza has served as a vineyard, 1000-acre farm, distinguished home to several families, a link in the Underground Railroad, The Yates County Poorhouse, and Chateau Esperanza Winery.

Esperanza Mansion was purchased in 2002 by area developer David Wegman and his wife, Lisa. The Wegman family has worked to restore and renovate Esperanza to its 19th century splendor.

In addition to its original Greek Revival structure, a full service fine food restaurant, state-of-the-art banquet facility, 9 mansion guestrooms and the 21 rooms at the Inn at Esperanza have been incorporated to make Esperanza Mansion a full service destination resort.

Esperanza Mansion not only features a first rate culinary, lodging and event hosting experience, but perhaps the areas most spectacular long view of Keuka Lake, which many have likened to views of Lake Lucerne in Switzerland.

Property Options, LLC - 110 Washington Avenue, Ste 1808 - Miami Beach, FL 33139, USA Phone: (305) 861 5500 - Fax: (305) 861-3700 - EMail:

Short-Term Rating On Utah Housing Corp.'s Series 2006 B-E Bonds Placed On Watch Neg

SAN FRANCISCO, CA--Standard & Poor's Ratings Services has placed the short-term rating on Utah Housing Corporation (UHC) Class I variable-rate single-family mortgage bonds series 2006 B-E on CreditWatch with negative implications.

This action follows Standard & Poor's placement of Lehman Brothers Commercial Bank's rating on CreditWatch with negative implications.

Lehman Brothers Commercial Bank provides a standby bond purchase agreement on UHC's bonds. Only the short-term rating on UHC's bonds has been placed on CreditWatch with negative implications

Media Contact:

Christopher Mortell, New York (1)

Analyst Contacts: Karen Fitzgerald, San Francisco (1) 415-371-5023 Renee J Berson, New York (1) 212-438-7966

Detroit's New North Terminal Concession Program Prepares to Please

DETROIT, MI/PRNewswire-USNewswire/ -- Visitors who attended Detroit Metropolitan Airport's (DTW's) new North Terminal preview events this past weekend had the opportunity to catch a glimpse of the airport's newest concession program additions in the region's newest terminal facility, set to open next week on September 17th.

While visitors were excited by the colorful storefronts and new innovative concepts and brands, the events were simply a prelude to tease travelers' palates in preparation for the opening day shopping and culinary extravaganza, passengers will be treated to in Detroit's newest terminal.

"We are extremely excited to launch this new chapter in Detroit Metro Airport's award-winning concession program," said Wayne County Airport Authority CEO Lester Robinson.(top right photo)
"Our new North Terminal concession program will completely transform our passenger's restaurant, retail and service experience at the airport; it will generate more than 740 new jobs; is projected to increase concession revenue to the airport by more than $7 million annually; and will generate $24 million in new economic impact for the economy of Southeastern Michigan."

Detroit's North Terminal concession program will include more than 40,000 sq. ft of new, high quality, vibrant, customer-focused concession space, and when combined with the McNamara Terminal program, makes DTW one of the largest, newest, and most diverse airport concession programs in the country.


Brian Lassaline of Detroit Metropolitan Wayne County Airport,+1-734-247-7274

New Tenant at Park Plaza Professional Center, Pembroke Pines, FL

PEMBROKE PINES, FL /PRNewswire/ -- Park Plaza Professional Center (bottom left photo) announced the signing of a lease with Prescription Pad Pharmacy (top right photo, Chris Osborne, pharmacist-owner) for 2000 square feet at Park Plaza Professional Center.

The project, on 9.77 acres, is being developed by locally based Sky Development Inc., and will consist of two four-story, 80,000 SF buildings with retail on the first floor.

The project will include a four-story parking garage with 538 parking spaces to be accompanied by an additional 288 surface parking spaces.

The efficient floor plans will range from 1,500 to 20,000 SF and will offer attractive tenant improvement allowance. The project is also being "Green" designed for LEED certification.

Prescription Pad Pharmacy will occupy a portion of the first floor of the four-story building when it takes occupancy at the end of 2009.

This will be their second location in Broward County.

"This facility will be developed to meet the growing demand for high-quality medical/professional office space in the Pembroke Pines area & what makes this project unique is that it is adjacent to Memorial Hospital," commented Alex Tukh, Senior Vice President of Sky Development Inc. "We are very pleased to welcome this new tenant to this state-of-the-art building," he added.

Alex Tukh, Sky Development, Inc., +1-305-933-4646
Prescription Pad Pharmacy (

Cuhaci & Peterson Architects Awarded Contracts to Design Retail Centers in Seminole, Sumter Counties

Completes Designs of Publix Supermarket in Coral Springs

ORLANDO, Fla. — Cuhaci & Peterson Architects, Inc. based in Orlando’s Baldwin Park, was awarded a contract to design retail centers in Seminole and Sumter Counties.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the firm recently started design work to build the 10,000 square foot Orange Commons a retail center, Primerica Group I, Inc. of Tampa is developing on S.R. 46 and Orange Blvd. in Seminole County.

Cuhaci & Peterson Architects recently started design work to build Bushnell Commons, (map top left) a 10,000 square foot retail center at C.R. 48 and I-75 in Bushnell. Peterson said Bushnell Equity is developing the facility.

The Orlando-based architectural firm recently competed design of a new Publix Supermarket under construction in Coral Springs. Brandon Company of Orlando is developing the 45,000 square foot facility.

For more information, contact
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, 407-661-9100
Jed Downs, President Cuhaci & Peterson Architects, 407-661-9100
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Development site along Chicago’s Magnificent Mile Corridor listed for sale by HFF

(The Magnificent Mile of retail real estate, Downtown Chicago)

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale a 13,700-square-foot land site located in Chicago’s Magnificent Mile Corridor.

The HFF investment sales team is being led by managing directors Jeffrey Bramson (top left photo) and Jaime Fink (top right photo) as well as directors Daniel Kaufman and Kenneth Glomb who will market the site on behalf of the seller.

The property does not have a formal asking price and is being offered free and clear of debt.

The 0.31-acre site is currently improved with a 20,326-square-foot building. The rectangular land parcel is entitled for a variety of uses including hotel, residential and mixed-use.

Located at 237-241 East Ontario, (map bottom right) the property is adjacent to North Michigan Avenue, Northwestern Memorial Hospital’s campus and Lake Michigan in the Streeterville area of Chicago.

“Streeterville continues to offer investors the strongest retail, residential and hotel market fundamentals in downtown Chicago, making it the most liquid/supply constrained market for development sites in the city,” said Bramson.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.


Jeffrey M. Bramson, HFF Managing Director, 312 528 3650,
Kenneth J. Glomb, HFF Director, 312 528 3650,
Jaime M. Fink, HFF Managing Director, 312 528 3650,
Daniel A. Kaufman, HFF Director, 312 528 3650,
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

San Antonio, TX Retail Center Gets $10.6M Loan

SAN ANTONIO, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10.6 million loan for the refinance of Bandera Heights, (top right photo) a 159,528-square foot retail center located at 7102-7098 Bandera Rd. in San Antonio.

Sharone Sabar, an associate in the Encino office of Marcus & Millichap Capital Corporation, arranged the financing package for Bandera Heights.

“This was a challenging deal because the retail center had two anchor tenants that occupied about 45 percent of the center’s space. The tenant had leases that were rolling over soon,” says Sabar. “MMCC was able to find a lender that could close the deal within a tight time frame.

“The borrower wanted to refinance the seller’s note, but was unable to find another funding source,” adds Sabar. “MMCC found a lender that allowed the borrower to take advantage a low adjustable-interest rate with an option to fix the rate any time during the term of the loan.”

Financing for Bandera Heights was provided by a commercial bank at an adjustable interest rate of one-month LIBOR, plus 310 basis points. Terms of the loan were for five years with a 30-year amortization schedule. Loan-to-value was at 65 percent.

“This type of transaction is indicative of the market trend to price off of swaps instead of the U.S. Treasury,” shares Sabar.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Marcus & Millichap Capital Corp. Arranges $6.8M Loan for Class A Office Building in Northern California

GRASS VALLEY, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6.8 million loan for the construction of a Class A office building (rendering top right) located at 200 Litton Dr. in Grass Valley. The property is a 45,200-square foot build-to-suit for AJA Video.

Christopher Du Pont, an associate director in the Sacramento office of Marcus & Millichap Capital Corporation, arranged the construction financing for the Class A office building, a build-to-suit project for AJA Video.

“MMCC provided the client with very favorable terms, including origination at 50 to 75 basis points better than other offers they had received,” states Du Pont.

"As a result of MMCC’s value-add to the deal and our client, we created a long-term mutually beneficial relationship for future loan originations and financing.”

Financing for this property was provided by a commercial bank at one-month LIBOR, plus 250 basis points. Terms of the loan are for 15 months. Loan-to-value is 85 percent. (Downtown Grass Valley photo, bottom left)

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704