Friday, July 31, 2009
The sales price represents $66,319 per unit and $84.22 per square foot.
Franklin Street broker Robert Goldfinger represented the buyer in the transaction.
John Burpee from NAI Real Estate represented the seller.
The seller was Merecorp, Inc. The buyer was a private investor group.
The buyer paid a premium for the property due to its outstanding location and condition and due to the lack of quality apartment communities available to acquire today,” comments Goldfinger, a Partner with Franklin Street Real Estate Services.
Built in 1972, Costa Del Sol Apartments is located at 7700 Ridge Road in Seminole, FL. The property was constructed of concrete block and offers 113,400 rentable square feet.
The apartment community consists of 72 one-bedroom units and 72 two-bedroom units ranging in size from 675 square feet to 900 square feet.
Common amenities include a swimming pool, lush landscaping, clubhouse and a playground. Units are equipped with washer and dyers, balconies or patios and central air-conditioning.
Costa Del Sol is conveniently located near major highways, beaches and the Gulf of Mexico.
Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/
NEW YORK, N.Y., July 30, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.53 million loan for the acquisition of an 8,700-square foot mixed-use multi-family and retail building located at 229 Lenox Ave. in New York City.
Brian Ursino, an associate director for the firm’s Manhattan office, arranged the financing package for the mixed-use building.
“The property presented many unique challenges in creating a comprehensive financing package for our client,” states Ursino.
“Our client, a successful art gallery owner, wanted to open a gallery on the first floor and also reside in the building. This required MMCC to source lenders who would finance a combination of loans to include a small business loan, a construction loan for renovations and an equity line of credit.”
“By utilizing MMCC’s platform, we were able to create a knowledgeable advisory team consisting of a lender whose underwriters were familiar with our client’s business, and New York State agencies that subsidized a portion of his interest payments for the first few years of his loan,” continues Ursino.
“The loan program we created gave our client interest on $500,000 at a specified rate for a period of time which paid some of his interest expense.”
Marcus & Millichap Capital Corporation arranged a total of $4.53 million of financing on a $1.8 million purchase.
Financing was provided by a SBA loan of $1.44 million, a construction loan of $2.34 million and a $750,000 equity line. Interest rate was at 5.3 percent fixed rate with a 30-year amortization schedule.
Loan-to-value was 80 percent plus 20 percent in a working capital equity line for a total of 100 percent financing.
“MMCC was able to arrange a creative financing transaction for our client that is becoming increasingly rare, if not extinct, given the current state of the capital markets,” adds Ursino.
Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704
Thursday, July 30, 2009
Uniondale, NY (July 30, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,675,900 under the Fannie Mae DUS® product line. These loans include:
· Woodfield Gardens, Charlotte, NC - 132-unit complex in the amount of $2,680,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.
· Milton Road Apartments, Charlotte, NC – 231-unit complex in the amount of $3,995,900 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.
The loans were originated by Alex Kaushansky, (top left photo) Director, in Arbor’s full-service New York City lending office. “Arbor executed both loans simultaneously allowing the borrower to meet his goal of a speedy closing,” said Kaushansky. “We were pleased to deliver in this tight timeframe.”
The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.17 percent.
The loan was originated by John Kelly, (bottom right photo) Vice President, in Arbor’s full-service Boston, MA lending office.
“This is a 100 percent Project Based Section 8 project that had some additional subsidy layering as well,” said Kelly. “The owner had bought this asset less than a year ago and we were able to restructure his debt to lower his cost of capital and debt service. We were pleased to demonstrate the flexibility of our financing platform for this intricate transaction.”
Contact: Ingrid Principe, firstname.lastname@example.org
Despite the growth in specially serviced loans, Fitch does not expect the same rate of growth on CMBS delinquency rates.
Wednesday, July 29, 2009
Doug Rozzell, (407) 937-0470, email@example.com
This is the third property Interstate has opened this summer, with 13 under-development properties remaining in the company’s management pipeline, most of which are scheduled to open in 2010.
“This is our first contract with this ownership group,” said Leslie Ng, Interstate’s chief investment officer. “Our vast experience and deep relationship with the brand are two factors which made us the manager of choice for this property."
The Crowne Plaza Milwaukee Airport is located at 6401 South 13th St., two-and-a-half miles from General Mitchell International Airport.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.
The loan was originated by John Kelly, Vice President, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to work with this long-term owner who was looking to refinance their existing debt and make a few capital improvements,” said Kelly.
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555
“Throughout the leasing process, our property management and development team achieved success by adapting to the constantly changing rental market,” said Scott Morrison, CPM, Senior Vice President for Legacy Partners Residential, Inc. “You will never again see a multifamily development featuring the amenities and finishes found at this community.”
FORT LAUDERDALE, FL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Zimmerman (top right photo) to the position of vice president investments.
The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.
MIAMI, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Demosthenes “Deme” Mekras,(middle left photo) Mark Wohl (middle right photo) and Alex Zylberglait (bottom left photo) to the position of vice president investments.
VICE PRESIDENT INVESTMENTS IN CHARLOTTE UPTOWN OFFICE
CHARLOTTE, NC – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named James “Allen” Smith (middle right under Mark Wohl photo) to the position of vice president investments.
CINCINNATI, OH– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Joel Dumes (middle left photo under Alex Z. photo) and Stan Falk (middle right photo under James Allen Smith photo) to the position of vice president investments.
CLEVELAND, OH– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Barron (bottom left photo) and Dan Burkons (bottom right photo) to the position of vice president investments.
Michael Barron began his career with Marcus & Millichap in 2003 specializing in the sale of multi-housing properties. Dan Burkons also began his career with Marcus & Millichap in 2003. He specializes in multi-family and self-storage properties.
Unit interiors feature large kitchens with gas ranges, ovens, dishwashers and disposals. All units feature central air conditioning and electricity-generated forced air heating. Each unit is individually metered for electricity.
Tuesday, July 28, 2009
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.92 percent.
The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided financing for the acquisition of this property,” said Porterfield. “This was the second loan that Arbor has funded for this sponsor and we look forward to continuing to grow our financial partnership.”
“The hotel industry has been through five recessions since 1973,” said Bob Hunter, (middle left photo) the firm’s founder and CEO. “We have advised banks, lenders, special servicers and hotel owners in each of these difficult economic climates.
“Financing for these six hotels was varied and ranged from all-cash to community banks and SBA loans,” Teague Hunter added. “A prior, strong relationship with the bank was necessary to complete the transactions.”
Teague Hunter noted that the firm increasingly is providing guidance on distressed hotels to lenders and special servicers. “We have conducted more Broker Opinions of Value in the past six months than we have in the past two years.”
"While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation." Blitzer added."
Monday, July 27, 2009
The NYSE has now determined that Interstate’s stock will resume trading on Wednesday, July 29 under its previous symbol IHR.
Interstate’s stock has been trading on the OTC market since March 12, during which time the company’s share price increased 185 percent and the company successfully extended its senior credit facility maturity.
The market capitalization is now well in excess of the $15 million minimum capitalization required for NYSE listing.
“We appreciate the NYSE’s consideration of the unprecedented market conditions and our rapid return to compliance with the minimum market cap requirement,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “We look forward to continuing our long-standing relationship with the NYSE.”Contacts:
Vacancy was lowest in Los Angeles County at 3.1 percent, although the availability rate of 8.3 percent indicates that the vacancy rate will rise as leases expire. Vacancy was highest at 19.7 percent in Kalamazoo, Mich., a region that is working hard to shore up its industrial base.
Net absorption was mired deep in the red for a second consecutive quarter, registering negative 43 million square feet on top of the 40 million square feet vacated in the first quarter.
Users in Northern and Central New Jersey gave back nearly 9 million square feet of space, far ahead of second-place Atlanta where just shy of 6 million square feet was returned. Twelve of the 58 markets tracked by Grubb & Ellis did manage to stay in the black, led by Denver with 813,000 square feet of positive absorption.
The industrial market is not living up to its reputation for relatively moderate swings in leasing market cycles. The 120 basis-point increase in the vacancy rate during the second quarter was the fastest pace of softening among the four core property types.
Built in 1994, Hunter's Creek Middle School is located on 25-acres in south Orange County, Fla. The nine-building campus totals 158,711-square-foot of space for administration, cafeteria/auditorium, information/media center and classrooms.
A.D. Owens Construction Corp.
A.D. Owens Construction Corp. was founded by construction industry executive Andrew Owens in 2007.
Since, 1960, Orlando-based Crane Rental has provided services to contractors for heavy civil construction, commercial, chemical, and industrial projects throughout Florida, the southeast, New England, western states and the Caribbean. Headquartered in Orlando, Fla., the Company has an office in Davenport, Fla.
Andy Garrett, general manager at Concordia, said the brand new condominiums are being sold at one-third the original prices through Concordia’s business platform – the homebuyer purchases directly from the bank. “Every homebuyer is guaranteed the low prices,” said Garrett.
Only 50 one, two and three-bedroom condominiums remain for sale in the first phase of the community. Development of a second phase with 170 condominiums is substantially complete and is planned to be released for sale sometime in August with planned price increases.
New condominiums at Concordia range in size from 1,182 square feet of living space to 1,642 square feet, Garrett said.
Concordia will ultimately include 340 tropically landscaped condominiums with garages, surrounding a five acre lake, with a Mediterranean-styled community clubhouse that features a tropical club room furnished for group and individual gatherings, state-of-the-art fitness center, and a large swimming pool and spa overlooking the lake.
For more information, contact:
Andy Garrett, General Manager, Concordia Cape Coral, 239-214-2323 Agarrett@concordiasales.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, firstname.lastname@example.org