Saturday, October 18, 2008

Cambridge Provides $6.5M FHA-Insured Loan to Refinance DeKalb, IL Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies has provided a $6.5 million FHA-insured first mortgage loan to refinance and fund a 5,075-square-foot addition at Pine Acres Care Center, (top right photo) a 119-bed skilled nursing home facility in DeKalb, Ill.

Cambridge Chairman Jeffrey A. Davis (bottom left photo) said the fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans.
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

CB Richard Ellis Brokers $16.7M Sale of Magnolia Grove Apartments in Metro Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the $16.7 million sale of Magnolia Grove, (top right photo) a 352-unit apartment complex in the Maitland/Fern Park area of Orlando.

Completed in 1972, this garden-style community consists of one- and two-bedroom units that average 619 SF. Shelton Granade (bottom left photo) of CBRE’s Orlando office represented the seller in the transaction.

CBRE’s Central Florida Multi-Housing Group has sold more than 1,900 units in greater Orlando for over $163 million in 2008 thus far. Luke Wickham (bottom right photo) is Granade's partner on CBRE's Central Florida Multi-Housing Group.

The assets sold range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years. CBRE has also sold several “fractured” deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.

CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.


Shelton Granade Luke Wickham
First Vice President Director of Operations
Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001

Luke Wickham,
Director of Operations,
Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001

Licensed Real Estate Broker
189 S. Orange Avenue
Suite 1900
Orlando, FL 32801

Benjamin West Opens Hong Kong Office, Expands International Operations

Asian Outsourcing, Bi-cultural Expert Bill Cheung to Manage New Office and Provide Expertise in Helping Brands, Designers and Master Franchisees Develop Hotels

BOULDER, CO—Officials of Benjamin West, one of the hotel industry’s largest purchasing firms for furniture, fixtures and equipment (FF&E) and operating services and equipment (OS&E), has opened an office in Hong Kong.
It is the third new office the company has opened outside the Continental United States in the past 24 months, bringing the total of Benjamin West offices to six.

The new office will be located at The Millennium City 1, 388 Kwun Tong Road, in Kwun Tong, Kowloon. Bill Cheung, (bottom left photo) a seasoned executive with broad procurement, supply chain management and Asian business experience, will head the new operation.

“This new office will give us true global reach and expertise,” said Alan Benjamin, (top right photo) Benjamin West president. “We now have offices on mainland U.S., the Middle East, Asia and Europe. Each brings special expertise and benefits to our clients.

Contacts: Jerry Daly, Chris Daly or Patrick Daly, Daly Gray Public Relations, (703) 435-6293

Crescent Resources Negotiates Lease of 11,577 SF at Primera in Lake Mary, FL

LAKE MARY, FL – Crescent Resources, which is developing Primera at I-4 and Lake Mary Blvd., (bottom left aerial) has negotiated a new lease agreement for 11,577 square feet of class A office at 1000 Primera Blvd.

Ida I. Wozniak, (top right photo) CCIM vice president of leasing for Crescent Resources, LLC in Florida, negotiated the lease agreement on behalf of the landlord and owner of the building, Lake Mary-based CFE Federal Credit Union.

The new tenant is Avatar International, a firm currently based in Sanford providing quality improvement services to the healthcare industry. Bill Miller of ReMAX Central Realty represented Avatar in the transaction.

About Crescent Resources LLC

Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund.

Crescent’s formation in 1969 to its position today as a real estate force in the Southeast and Southwest remains a dominant development and land management company comprised of dedicated people with uncompromising integrity.

More information about Crescent Resources is available on the Internet at

Ida I. Wozniak, CCIM, Vice President of Leasing-Florida, Crescent Resources, LLC, 407-804-1200,;

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142

Marcus and Millichap Sells 10-Unit Multi-Family Property in Gulfport, FL

GULFPORT, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Clinton Arms, (bottom left photo) according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $650,000. Francesco Carriera (top right photo) an investment specialist in Marcus & Millichap’s Tampa office represented the respective parties in this transaction.

Clinton Arms is a 10-unit multi-family property, built in 1972 and located at 3060 Clinton Street South in Gulfport, Florida.

“This transaction was a challenge to get to the closing table for a variety of reasons. The most significant of which was that the buying entity was a foreign national; in fact he was from Russia.

"The lender originally advised the buyer that they would offer him a 75 percent loan-to-value loan. However, after much turmoil in the capital markets the lender finally lowered the loan-to-value to 57 percent because of foreign borrower risk.

"The buyer agreed to provide the additional down payment because we were able to show him future fundamentals of real estate in Pinellas County and in fact, the United States was positive,” says Carriera.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa
(813) 387-4700

Marcus and Millichap's Carrieros Team Brokers Sale of 24,490-SF Assisted Living Facility in Port Charlotte, FL

PORT CHARLOTTE, FL-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Courtyards of Horizon, a 24,490 square foot assisted living facility located in Port Charlotte, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,900,000. Kenneth Carriero, Vice President Investments/Director National Seniors Housing Group and Damien Carriero, Investment Specialist (top right photo) had the exclusive listing to market the property on behalf of the seller, a Limited Liability Co. (LLC). The property was purchased by a local doctor.

The Courtyards of Horizon first opened in 1989 by its previous owner and was renovated in 2005 after Hurricane Charlie.

The property was then sold through Carriero in 2006 to the current seller.

The Courtyards of Horizon is licensed for 50 beds and consists of 42 units. The property is located at 26455 Rampart Boulevard.
Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa,
(813) 387-4700

Goodman Adds New Tenants to Landstown Commons in Virginia Beach, VA

VIRGINIA BEACH, A. --- The Goodman Company’s upscale retail development Landstown Commons (top left photo) in Virginia Beach gets more tenants everyday.

Recently added to the final phase of the 509,192 square foot center at Princess Anne and Dam Neck Roads, according to Susan Ross, senior leasing manager, include: CitiFinancial with 1,600 square feet; Portrait Innovations, 2,827 square feet; Smoked from Above BBQ & Ribs, 2,000 square feet; Memory Lane Sports, 1,940 square feet and Carter’s, 4,000 square feet.

Ross said three additional retailers will open soon at Landstown Commons including Ulta, with 9,900 square feet; Walgreen’s, 14,500 square feet, and Zoots Dry Cleaner, 1,600 square feet.

Recently signed leases include The Sauce Shoppe, with 1,600 square feet, and Zen Hot Yoga with 2,400 square feet.

Retailers at Landstown Commons include Kohl's, Bed, Bath & Beyond, Best Buy, Office Max, Ross Dress for Less, PetSmart, A.C. Moore, Books A Million, Shoe Carnival, Lane Bryant, Justice, Deb Shops, Starbucks and many more.

For more information, contact:

Susan Ross, Senior Leasing Manager, The Goodman Company 561-833-3777;

Robert Saffran, Senior VP of Leasing, The Goodman Company, 561-833-3777;
John Dowd, Senior VP of Development, The Goodman Company, 561-833-3777

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142