Friday, October 3, 2008

Cambridge Provides $3.1M Insured Loan to Refinance Hannibal, MO Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies reports it has provided a $3.1 million FHA-insured permanent first mortgage loan to refinance Willow Care Center, (top right photo) a 111-bed skilled nursing home facility in Hannibal, Mo.

The loan was arranged for the property’s owner, a Missouri limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD Section 232 healthcare loans. Interest rate for the fully-amortized, 30-year term loan was not disclosed.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611

12-Property NAPA Auto Parts Portfolio Sale in 11 States Brokered by Marcus & Millichap

SAN FRANCISCO, CA, Oct. 3, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 12 freestanding Napa Auto Parts stores net leased to Genuine Parts Co.

The assets are located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington.

Although the sales price was not disclosed, the portfolio was listed at $18.65 million.

John Glass,(top left photo) a senior vice president investments in the San Francisco office of Marcus & Millichap, represented the seller. Rob Fox, a senior associate in the firm’s Atlanta office, represented the buyer.

Glass and Fox closed the portfolio sale in conjunction with John Leonard, (bottom right photo) Marcus & Millichap’s broker of record in Alabama, Steve Ekovich, (bottom left photo) Marcus & Millichap’s broker of record in Florida; Tim Rios, broker of record in Illinois; Brent Yurtkuran, (middle right photo) broker of record in Mississippi; Edward Jordan, broker of record in New York State; James Allen Smith, broker of record in North Carolina; Tim speck, (middle left photo) broker of record in Texas; Ramon Kochavi, broker of record in Virginia; and Gregory Wendelken, the firm’s broker of record in Washington State.

The portfolio includes locations in Bessemer, Ala.; Fontana, Calif.; Florida City, Fla.; St. Augustine, Fla.; Lake City, Ga.; Champaign, Ill.; Depew, N.Y.; Charlotte, N.C.; Stafford, Texas; Midlothian, Va.; Vancouver, Wash.; and Jackson, Miss.

“The new owner has acquired a national portfolio of 12 stable properties with a corporate guarantee by Genuine Parks Co, a firm boasting a net worth of $2.7 billion,” says Fox.

Each lease has six 5-year renewal options at fair-market value. Stores range in size from 5,000 square feet to 11,000 square feet and were constructed between 1986 and 2007.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Regency Centers Contributes Four Properties to Co-Investment Partnerships

JACKSONVILLE, FL--(BUSINESS WIRE)--Regency Centers Corp. (NYSE:REG) announced today that it has contributed four Regency-developed properties into its co-investment partnerships.

Three were contributed to Regency's partnership with the Oregon Public Employees Retirement Fund (OPERF) in a transaction valued at $83.4 million representing a weighted average cap rate of 7.14%.

The fourth was contributed to Regency's open-end fund, Regency Retail Partners ("the Fund"), at a price of $74.5 million, representing a cap rate of 6.83%.

The three Regency-completed developments contributed to OPERF were: John's Creek Center, a Publix-anchored center in Jacksonville, Florida; Signal Hill Shopping Center, Shoppers Food Warehouse-anchored center in Manassas, VA (top right photo) ; and, Hollymead Town Center, Harris Teeter and Target-anchored center in Charlottesville, VA.

Silver Spring Square (bottom left photo) in Harrisburg, PA, a Wegmans and Target-anchored center, was contributed to the Fund. This represents the tenth contribution since the inception of the fund in December 2006.


Post Properties Announces Closing of $185M Secured Portfolio Financing

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of six, cross-collateralized mortgage loans with Wachovia Multifamily Capital, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program.

The loans were secured by mortgages on the following six Post® communities: Post Parkside™(bottom left photo) and Post Spring™ located in Atlanta, GA, Post Legacy and Post Worthington™ (top right photo) located in Dallas, TX, and Post Ballantyne and Post Gateway Place™ located in Charlotte, NC.

The mortgage loans have an aggregate principal amount of approximately $184.7 million, require fixed interest-only payments at 6.09% and mature in six years on November 1, 2014.

The mortgage loans are also pre-payable without penalty beginning after October 2012.

Post expects to use $100 million of the net proceeds from these secured financings to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes

CONTACT: Post Properties Inc., Christopher Papa, 404-846-5028

Forest City Military Communities Opens First New Privatized Homes for Navy Families

MILLINGTON, TN, Oct. 3 /PRNewswire/ -- Together with the United States Navy, Forest City Military Communities, LLC, today welcomed local officials and community leaders to celebrate the completion of the first new privatized homes (top right photo) for navy families at Mid-South.

"These new homes create much needed places for our nation's sailors to live," said Forest City Military Communities' Michael Defferding.

"Our partnership with the United States Navy has enabled us to bring the best of private sector business practices to our military and greatly improve the quality of life for some of the most deserving families in America.

"Their contribution to our nation during these times of difficulty is a true inspiration to us all."

Made possible by the Military Housing Privatization Initiative - the 50-year partnership agreement between the U.S. Navy and Forest City - provides families with the high-quality, affordable housing options that have been lacking in recent years.

A public/private venture (PPV) with the U.S. Navy, the housing redevelopment project will include a combination of demolition, renovation and new construction, resulting in a total of 318 military family homes.

Included in the total are 73 new homes and 58 renovated homes."This is the biggest change in our base infrastructure since BRAC '95.

But instead of widespread demolition, this project will revitalize the most important part of our Sailors' lives: A high-quality home for their families," said Capt. William McMasters, (top left photo) commanding officer, Naval Support Activity Mid-South.

Chamberlain-McCreery of Cordova, Tennessee is the project's general contractor. They are responsible for building the new homes.
Renovation work to homes is being completed by Atherton Construction, based in Las Vegas, Nevada. Rose Integrated Services of Covington, Tennessee is performing site work. Forest City has also retained MACTEC Engineering and Consulting to handle civil engineering and land design.

Forest City Military Communities, LLC, a wholly-owned subsidiary of Forest City Enterprises, Inc. focuses on developing, managing and maintaining high-quality communities for military members and their families.Forest City Enterprises, Inc. is a $10.9 billion NYSE-listed national real estate company.

The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.

Susan Moore, Forest City Military Communities, office:+1-202-496-6629, cell: +1-301-512-8639; or
David Crenshaw, Public AffairsOfficer, Naval Facilities Engineering Command, +1-901-974-7978

Marcus & Millichap Sells Two Apartment Communities in Middletown, CT for $75M

MIDDLETOWN, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two Class A multi-family complexes – Chestnut Hill Apartments (bottom left photo) and Northwoods Apartments (top right photo) – in Middletown.
The sales price of the portfolio is $75 million, which represents $115,385 per unit.

Steve Witten and Victor Nolletti, both vice presidents investments and senior directors of Marcus & Millichap’s National Multi Housing Group in New Haven, represented the seller, a local limited partnership. Witten and Nolletti also represented the buyer, a limited liability company.

“This centrally located portfolio, which provides the new ownership with efficiency of management, consists of two luxury garden-style multi-family communities in supply constrained markets with significant barriers to entry,” says Witten.

Located at 5 Town Colony Drive, the 314-unit Chestnut Hill Apartments includes seven 3-story buildings situated on 29.44 acres. The multi-family community includes 140 one-bedroom units, 26 two-bedroom units, 104 two-bedroom/two-bath units and 44 three-bedroom/two-bath units with fireplaces.

Located at 1 Dove Lane, the 336-unit Northwoods Apartments consists of five three-story buildings situated on 17.37 acres.
The complex includes 186 one-bedroom units, 48 two-bedroom units and 102 two-bedroom/two-bath units
Both properties feature such community amenities as a clubhouse, business center, billiards room, library, tennis and racquetball courts, indoor Jacuzzi and large swimming pool, state-of-the-art fitness center and pet-friendly community

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

Marcus & Millichap Sells $10.7M Office Building in Lisle, IL

LISLE, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Corporate Lakes I (top right photo), a 79,211-square foot three-story office building in Lisle.
The sales price is $10.7 million.

David Tarnoff, a vice president investments in the Chicago office of Marcus & Millichap, and Howard Wiese, (top left photo) a vice president investments and a senior director of the firm’s National Office and Industrial Properties Group, represented the seller. The team also represented the buyer.

“Corporate Lakes I is a well-maintained, fully leased office building and 70 percent of the property is occupied by national or credit tenants in a high-growth corridor,” says Wiese.

Located at 2525 Cabot Drive, the office building is situated on 6.63 acres, along Warrenville Road with convenient access to both Interstates 88 and 355, as well as many retail businesses, including more than 20 restaurants and numerous full-service and limited-service hotels.

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

Hodges Ward Elliott Completes $55M Financing for Denver Ritz-Carlton

DENVER, CO/PRNewswire/ -- Hodges Ward Elliott (HWE), the nation's premier hotel brokerage and investment banking firm, has completed a $55 million mortgage loan for the Ritz-Carlton Denver (top right photo) , a 202- room luxury hotel.

HWE represented the owner, CJS Hotel, LLC, in the transaction.

"Despite the recent turmoil in the market, financing for upscale and luxury hotels remains available," said Mark Elliott, (top left photo) principal of Hodges Ward Elliott.

"Current economic concerns dictate that new financing will require more expertise and creativity to bring these loans to completion. We have more than two decades of financing experience and expect to continue to be a major player in this segment in the coming months, especially when the current logjam in transactions begins to resolve itself."

Located at 1881 Curtis Street in downtown Denver, the Ritz-Carlton boasts the largest number of guest rooms in the city.

The hotel's signature restaurant, (bottom left photo) Elway's, named for Denver Bronco quarterback and NFL Hall of Fame inductee John Elway,(middle right photo) offers an exceptional food and wine experience and is popular with both locals and hotel guests. In addition, the hotel has 13,000 square feet of flexible meeting space.

Founded in 1975, HWE is the world's leading hotel brokerage and investment firm, completing more than $20 billion in hospitality real estate and investment banking transactions over the past 11 years.

The company provides brokerage and investment banking services through four divisions: the HWE Full-Service/Luxury Hotel and Resort Division, which concentrates on assets valued at greater than $10 million; the International Division, which provides hospitality real estate services through its London office, the Focused- Service Division, which concentrates on hospitality transactions up to $10 million and the Golf Division.

Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293.