Monday, August 31, 2009

Wood Hollow Apartments in Marietta, GA Offered at $21M

ATLANTA, GA, Aug. 31, 2009--Engler Financial Group, LLC is proud to present Wood Hollow (top right photo) , a 312 unit garden-style apartment community located off the west side of Powers Ferry Road, approximately one-quarter mile north of Windy Hill Road and one-quarter mile south of Terrell Mill Road, in Marietta, Cobb County, Georgia.

Wood Hollow is offered for sale for $21,000,000 and represents an excellent opportunity to purchase a well located class “B+" apartment community with significant “value-add renovation” potential.

Wood Hollow has undergone over $2.3 million in capital upgrades over the last five years.

In addition, further upside rent potential exists through continued renovation of the property's unit interiors.Wood Hollow is being offered debt free and represents an excellent investment opportunity with a projected cash-on-cash yield in the mid teens based on year 1 proforma.


Greg Engler, CEO/President, 678/992-2000, ext. 1,
Pat Jones, Senior Vice President, 678/992-2000, ext. 2,
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4,

Forest City Announces Loan Extension and Tenants for Ridge Hill

CLEVELAND, OH, Aug. 31 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) today announced that Forest City Ratner Companies, its New York-based subsidiary, has reach an agreement with a 13-member bank group on a two-year extension and modification of the $557 million construction financing for the retail/mixed-use Ridge Hill project, (bottom left photo) currently under construction in Westchester County, New York

The financing, which originally matured in August 2010, will now have an initial maturity of August 2012, with two 12-month extensions available.

"We're extremely pleased to announce this important step for our great Ridge Hill project, which is gaining momentum and attracting strong interest from top-tier retailers," said Charles A. Ratner, (top right photo) Forest City Enterprises president and chief executive officer.

"I want to congratulate our New York team on this achievement.

"We deeply appreciate the commitment demonstrated by all of our lenders, and in particular, the Agent banks, Bank of America, N.A., KeyBank Real Estate Capital, and ING Real Estate Finance.

"Their support reflects the great location and extraordinary quality of this project, as well as the deep relationships we have built over the years.

"It also highlights our continuing ability as a company to proactively manage our debt maturities in the current economic and financial-market conditions," Ratner added.

Ridge Hill will be a distinctive, upscale destination for Westchester County, offering elegant shopping, entertainment and gracious dining.

Signed tenants include Whole Foods, L.L.Bean, Cinema De Lux, a multiplex cinema by National Amusements, The Cheesecake Factory and Sephora, along with other local and national retailers and restaurants. In May, Forest City announced that it had received a non-binding letter of intent from Saks Fifth Avenue to become a major tenant.

Phase I of the project has been increased to more than 1.3 million square feet of retail, entertainment and office space, from the original 1.2 million square feet, primarily to accommodate street-level retail that was originally associated with a residential tower planned for a later phase of development.
Phase II of the project is expected to include future residential and hotel development. Grand opening of the center is expected in 2011.

Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060;
Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, both of Forest City

Arbor Closes 2 Fannie Mae DUS® Loans in California and Texas

Vintage Wood Apartments in Fresno, CA Receives $2.5M Loan

UNIONDALE, NY (Aug. 31, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,500,000 loan under the Fannie Mae DUS® Loan product line to refinance the 65-unit complex known as Vintage Wood Apartments (top right map) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor was please to refinance Vintage Wood Apartments - a solid, well-managed property in Fresno, CA, said Porterfield. “We look forward to working again with this experienced borrower.”

Bridgestone Apartments in Friendswood, TX Gets $1.95M Loan

In Friendswood, TX, Arbor brokered a $1,950,000 loan under the Fannie Mae DUS® Small Loan product line for the 76-unit complex known as Bridgestone Apartments.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent.

The loan was originated by Matt Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.
“Arbor utilized the Small Loan program to provide aid to this new client’s acquisition in the challenging Houston market,” said Norman. “Though there were obstacles, ultimately, the acquisition was completed within acceptable timeframes for both the buyer and seller.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,
Follow us on Twitter @ arbor1

Supertel Hospitality Announces Management Changes

Company Names New CFO, New COO

NORFOLK, NE, Aug. 31, 2009 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 117 hotels in 23 states, today announced the reorganization of its senior management team with the promotion of four executives to senior executive posts.

Among the promotions announced were two key appointments: Connie Scarpello was named chief financial officer and Steve Gilbert was appointed chief operating officer.

In addition, Paul Heybrock was promoted to vice-president, controller, and Pat Morland was promoted to assistant vice-president of human resources.

Concurrently, the company announced that Don Heimes will step down as chief financial officer, effective August 31. Heimes, 65, has served in that capacity since 2004.

“Don played a key leadership role during his five years at Supertel, which included what was arguably the most challenging operating environment in the history of our industry,” said Kelly A. Walters, Supertel’s president and chief executive officer.


Kelly Walters, 402.371.2520,

Jerry Daly, 703.435.6293,

Carol McCune, (703) 435-6293 ofc, (703) 435-6297 fax.

Morris, Manning & Martin, LLP Announces New Managing Partner: Louise M. Wells

ATLANTA, GA, Aug. 31, 2009-- Morris, Manning & Martin, LLP, one of Atlanta’s leading law firms and an AmLaw 200 firm, is pleased to announce the election of its new Managing Partner, Louise M. Wells. Wells,(top right photo) who has been with the firm for over 30 years, will be the first female to hold the position since the firm was founded in 1976.

The firm’s succession plan is being implemented to ensure that the firm is positioned to capitalize on ever-evolving market conditions for the continued success of its clients and the firm.

As a critical component of the plan, the firm created an Executive Committee that will work closely with Wells.

The Executive Committee members include litigation partner John P. MacNaughton, (bottom left photo) corporate partner David M. Calhoun (bottom right photo) and real estate partner Thomas S. Gryboski (middle left photo).

“I am honored to accept this responsibility,” Wells offered. “As a result of the firm’s unique culture and entrepreneurial spirit, we have been responsive to the challenging market conditions.

"We have made smart strategic decisions that build upon the firm’s solid platform, better positioning us to succeed and drive forward in the coming months and years,” she added.

Robert E. Saudek, (top left photo) the firm’s current Managing Partner, is one of the firm’s original founding partners and has been Managing Partner for 16 years.

He has been instrumental in helping the firm achieve eight-fold revenue growth in the past two decades, enabling it to become one of Atlanta’s and the nation’s leading law firms.

He will remain in the managing partner position with the executive committee in place until the transition is completed Dec. 31. After that time, he will remain active with the firm.

“I have been honored to serve as Managing Partner for such a long time period and to help the firm grow from its original eight lawyers into a national AmLaw 200 law firm,” Saudek stated. “We are very excited about turning over the reins of the firm to the next generation. I believe that Louise will be an exceptionally capable and energetic leader. “

“Bob [Saudek] has been an excellent leader for this firm for nearly 20 years,” said founding partner John “Sonny” Morris.(middle right photo) “He led us during a period of unprecedented growth and success.

"Now, the next generation can successfully guide us through the next 20 years. With the combined leadership of Louise and our Executive Committee, and the commitment of every member of the firm, from top to bottom, we are positioned to truly excel.”

Media contact: Terri Thornton, Thornton Communications (404) 932-4347,,

Saturday, August 29, 2009

CB Richard Ellis Arranges $10.5M Sale of Tyrone Corners Shopping Center in St. Petersburg, FL

ST. PETERSBURG, FL– CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to have arranged the sale of the Tyrone Corners Shopping Center (top left photo) located at 2500 66th Street North in St. Petersburg, Fla.

The property was acquired by a California-based private investment group, Makabe & Makabe, LLC, for $10,500,000, or $130 per sq. ft.

Richard Tarquinio, (bottom left photo) senior vice president, with the Investment Properties Group located in Boca Raton, Fla., Christina Monacelli, associate, with the Investment Properties Group located in Boca Raton, Fla. and Mark Shellabarger,(bottom right photo) senior vice president, with the Private Client Group in Tampa, Fla., exclusively represented the seller in the transaction.

Anchored by JoAnn Fabrics, HomeGoods, Panera Bread, AT&T Wireless, Keva Juice, and Chick-Fil-A, the 80,703-sq.-ft. shopping center is located directly across the street from Tyrone Square Mall in St. Petersburg, Fla.

"Tyrone Corners is a Class A retail center in the epicenter of the Tyrone shopping area. The buyer was attracted to Tyrone Corner's premier location and excellent mix of national tenants," said Tarquinio.

Contact: Rachel Andreozzi, 954.745.7464,

CB Richard Ellis Group, Inc. Revises Amount of Loan Maturity and Amortization Extensions to $985M

LOS ANGELES, CA--(BUSINESS WIRE)--CB Richard Ellis Group Inc (NYSE:CBG) today announced that it has revised the amount of its credit agreement debt that has been modified to $985 million.

In a press release issued by the Company on August 25, 2009, the amount of its credit agreement debt subject to modification had been reported incorrectly as $994 million.
The incorrect total impacted certain other amounts cited in the August 25, 2009 press release.
The following are the correct figures:
the required debt amortization payments due in 2010 will be $182 million (rather than $180 million as reported);

the required debt amortization payments due in 2011 will be $238 million (rather than $234 million);

the outstanding term debt extended by 18 months to June 2013 is approximately $248 million (rather than $257 million).

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue).

The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide.

CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

CB Richard Ellis has been named a BusinessWeek 50 “best in class” company and Fortune 100 fastest growing company two years in a row. Please visit our Web site at


Robert Sulentic, Group President & Chief Financial Officer, 310-405-8905 or

Nick Kormeluk, Investor Relations, 949-809-4308 or

Steve Iaco, Corporate Communications, 212-984-6535

Thursday, August 27, 2009

Grubb & Ellis Participates in 3 Leasing Deals in Virginia, Illinois and Michigan

Federal Agency Expands Lease to Occupy 258,248 SF in Falls Church, VA Building

WASHINGTON, D.C. (Aug. 27, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that it represented Carr Properties in a lease expansion with the U.S. Government (General Services Administration) totaling more than 113,000 square feet of office space at the Suffolk Building in Falls Church, Va.

The U.S. Government now occupies the entire building, which totals 258,248 square feet.

Kurt Stout, senior vice president, Charles Dilks, vice president, and Keith Lavey, vice president, all of Grubb & Ellis’ Government Services Group, facilitated the transaction.

The seven-story office building, located at 5611 Columbia Pike in Falls Church, Va., was fully renovated in 2001-2002, with additional security upgrades made in 2005 and 2008.

Financial Management Systems Signs 2 Leases Totaling 51,800 SF in Metro Chicago

Grubb & Ellis represented Financial Management Systems in two leases totaling 51,800 square feet of office space, expanding the company’s presence in the Chicago-area market.

The first lease, which totals approximately 24,000 square feet at 1000 E. Woodfield Road in Schaumburg, Ill., is a renewal and expansion of the company’s headquarters location.

The second lease, comprising 27,000 square feet at 4021 Morsay Drive in Rockford, Ill., represents a new location for FMS and was secured to support the company’s escalating role as a federal contractor. FMS seeks to fill approximately 50 positions at the location immediately and will create as many as 300 additional employment opportunities by 2011.

Grubb & Ellis’ Craig Cassell, vice president, Office Group, facilitated the transactions on behalf of FMS.

General Motors Leases 166,144 SF in Southfield, MI

Grubb & Ellis represented Ashley Capital in the lease of 166,144 square feet at Brownstown Business Center to General Motors Corp.

Dan Labes, senior vice president, Global Logistics, and Jim McClowry, senior vice president, Industrial Group, facilitated the transaction.

According to General Motors, the company plans to open a $43 million lithium-ion battery assembly plant for the Chevy Volt extended-range electric vehicle in the industrial park, creating more than 600 employment opportunities.

Contact: Erin Mays, Phone: 312.698.6735. Email:

Walgreens in Garden City, GA Gets $4.2M Loan

SARASOTA, FL, Aug. 27, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $4,292,000 for a Walgreens Pharmacy in Garden City, Georgia.

Brad Cox, (top right photo) Company Vice President, financed the Walgreens acquisition through Thomas D. Wood and Company’s relationship with a financial services company.

The fully-amortizing loan has a term of 24 years and an interest rate of 7.15%. The loan-to-value is 91%. The 14,490 square-foot single-tenant pharmacy was built in 2008, and is located at the intersection of Georgia Highway and Minus Street in Garden City, Georgia.

For further information, please contact:
Brad Cox, (941) 552-9731,

Jessica Gurtowski , (407) 937-0470,

HHOA Revises Annual Convention Concept to Regional Events in Response to Economy

First Meeting to Be Held September 21 in Phoenix, Prior to Lodging Conference

PHOENIX, AZ, Aug. 27, 2009—Officials of the Hispanic Hotel Owners Association (HHOA), a rapidly growing non-profit organization that seeks to increase Latino ownership of hotels, today announced they it has re-concepted its annual convention into a series of regional events that will be more cost-effective and reach more interested Latino investors during the current recession.

The first regional meeting will be held in Phoenix on Monday, September 21, 2009, between 6 p.m. and 9 p.m. Mountain Time at the Arizona Biltmore hotel, (top left photo) the evening before the 2009 Lodging Conference.

Cost to register is $25 for members and $30 for non-members; on-line registration is available at

“Our members and savvy investors told us that interest in hotel investments remains high, but restrained due to the economy and a general desire to cut expenses,” said Angela Gonzalez-Rowe, (middle right photo) founder and president of the Hispanic Hotel Owners Association.

“We have adapted our format accordingly and, where possible, will schedule our regional events to coincide with major hotel conventions, like the Lodging Conference. The regional meetings will give attendees an opportunity to network with the major brands, lenders, developers, management companies and other key players, as well as obtain important insights into the hotel economy and investing.”

Speakers at this event will include: Anthony Falor, COO, Focused Services Division, Hodges Ward & Elliott; Patrick Feltes, SVP – Hospitality Division, GE Capital Solutions; Carlos Rodriguez, President, DVI Cardel and Rod Blu Investment Funds; and Cathleen M. Lease, Lender Relations Specialist - U.S. Small Business Administration, among others.

To learn more about the Hotel Investment Series, contact Angela Gonzalez-Rowe at 202-587-5707, or

Media contact: Jerry Daly and Chris Daly, Daly Gray Public Relations, (703) 435-6293

Wells Fargo/Wachovia Bank Tops U.S. Commercial/Multifamily Servicers in MBA Mid-Year Rankings Report

WASHINGTON, , DC (Aug. 27, 2009 - The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2009.

On top of the list of firms is Wells Fargo/Wachovia Bank with $476.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $308.5 billion, Capmark Finance Inc. with $248.7 billion, KeyBank Real Estate Capital with $133.1 billion, Bank of America with $132.2 billion, and GEMSA Loan Services LP with $104.8 billion.

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities.

A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wells Fargo/Wachovia Bank, PNC/Midland, Capmark, and Bank of America are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, Prudential Asset Resources, PNC/Midland, and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, and Capmark are the largest Fannie Mae/Freddie Mac servicers.

JP Morgan Chase Bank ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo/Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. The leading named special servicers were LNR Partners, Inc., CWCapital LLC & CWCapital Asset Management, Centerline Servicing Inc., and PNC Real Estate.

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank and Capmark.

To view the full report, click here.

Contact: Carolyn Kemp, (202) 557-2727,

Wednesday, August 26, 2009

Cousins Announces Departure of Tad Leithead

ATLANTA, GA– Cousins Properties Incorporated (NYSE: CUZ) announced that Tad Leithead, (top right photo) Senior Vice President of Development, will be leaving the Company effective September 1.

Leithead, who joined the Company in 2002, will continue to represent Cousins through his new business, a community and government relations consulting firm.

"Tad is a valuable part of the Cousins team and the entire Atlanta community," said Larry Gellerstedt, (bottom left photo) President and CEO of Cousins. "We wish him the best with his new venture and are pleased that he’ll continue to represent the Company."

"I’ve always wanted to pursue a career in politics and community relations," added Leithead. "I’m proud to have worked for Cousins and am excited and honored that the relationship will continue."

CONTACT: Cameron Golden, (404) 407-1984,

EastGroup Properties Announces 119th Consecutive Quarterly Cash Dividend

JACKSON, MS– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly cash dividend of $.52 per share payable on September 30, 2009 to shareholders of record of Common Stock on September 18, 2009.

This dividend is the 119th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27.7 million square feet.

Contact: David H. Hoster II, (bottom left photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer, (601) 354-3555

Arbor Closes $905,500 Fannie Mae DUS® MAH Loan for Mansfield Apartments in Hartford, CT

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $905,500 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 60-unit complex known as Mansfield Apartments in Hartford, CT.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.95 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased to provide a low leverage loan to a repeat Arbor client,” said Edwards.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,
Follow us on Twitter @ arbor1

Best Western International Drive, Orlando Gets $3.8M Loan

ORLANDO, FL--Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 21, 2009, in the amount of $3,837,750 for the International Drive Best Western (top right photo) in Orlando, Florida.

John Worrell, Company Assistant Vice President, and Doug Rozzell, Company Principal, financed the acquisition and repositioning of the International Drive Best Western under a SBA 504 85% Loan-to-Cost loan structure through Thomas D. Wood and Company’s relationship with a Regional Bank.

The bank provided a 50% first mortgage, and a bridge lender which provided the remaining 35% second mortgage based upon the SBA approval which will be funded by a local CDC upon Certificate of Occupancy.

The first mortgage has an interest rate of 10%, and the bridge debenture has an interest rate of 8.5%, based on a 10-year term and 20-year amortization. The loan-to-value is 72% and the loan-to-cost is 85%. The 120-room hotel was built in 1985, and is located at 8222 Jamaican Court, Orlando, Florida.

For further information, please contact:
John Worrell, (407) 937-0470,
Doug Rozzell, (407) 937-0470,
Jessica Gurtowski, (407) 937-0470,

NAI Realvest's George Livingston Sees Mixed Signals on Economy

ORLANDO, FL- Veteran commercial real estate and investments analyst George Livingston, (top right photo) chairman emeritus of NAI Realvest in Maitland, said the Federal Bank of Atlanta’s recent economic update reports mixed signals on the U.S. economy but good news for the U.S. housing market.

While consumer gauges---the U.S. Consumer Confidence Index and the University of Michigan’s Consumer Sentiment Index---showed declines, capital goods orders increased modestly in June for the first time in more than a year.

Two major housing indices may signal a bottoming of the housing slump and the path toward recovery. The widely respected Case-Shiller Home Price Index was up, Livingston said, and new and existing single-family home sales were up in June for the third month in a row---and higher than industry expectations.

“It appears the housing market may be recovering and the rest of the economy is lagging,” said Livingston.

For more information, contact:
George Livingston, Chairman Emeritus, NAI Realvest, 407-875-9989,
Patrick Mahoney, President, NAI Realvest, 407-875-9989,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Wyndham Hotel Group Appoints Global Sales Executive

PARSIPPANY, NJ – Wyndham Hotel Group, the world’s largest hotel company with more than 7,000 hotels and 11 brands, has promoted long-time Wyndham® brand employee Carla Dunn (top left photo) to vice president of Global Sales for transient and specialty markets, including corporate travel planners and travel agents.

Dunn will direct the global management of relationships with key industry clients and segments, including travel management companies, consortia, business travel, government travel, member benefits, tour, wholesale, transportation and sports and leisure.

A sales and marketing professional with expertise in competitive market assessment, strategy and sales team development, she joined Wyndham Hotel Group in early 2008 as area director of sales for the Wyndham brand, responsible for leading sales efforts for the brand’s portfolio of franchised hotels.

“Carla has a strong track record of ensuring growth for major company accounts,” said Ross Hosking, (bottom right photo) Wyndham Hotel Group executive vice president of Global Sales.

“Her first-hand knowledge of the lodging industry and expertise in the area of sales will serve Wyndham Hotel Group well as we look to expand our hold on key transient and specialty market accounts.”

Dunn has previously served in corporate and property level sales positions for multiple national and international hotel companies, including Remington Hotels in Dallas, the Procaccianti Group in Cranston, R.I. and the former Wyndham International in Dallas.

Rob Myers, Communications Coordinator, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054. PH 973-753-6590,

Monday, August 24, 2009

HFF secures $23.73M financing for Sydney, Australia multifamily facility

Triad Group of Boston brokers the transaction

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it secured $23.73 million in financing on behalf of TJAC International for a multifamily housing facility in Sydney, Australia. (skyline photo centered below)

HFF director Anthony Cutone (bottom right photo) worked exclusively on behalf of the borrower, TJAC International, to arrange the construction/permanent loan through CTL Capital, LLC. Andrew Mann, a partner at The Triad Group, represented the buyer, TJAC International, in the sale.

The property will be located at 15 Regent Street in Sydney, Australia. When completed, the property will consist of a seven-story structure with two levels of underground parking.

The building will include 44 residential apartment units and approximately 2,500 square feet of street-level retail.

The Triad Group, who exclusively represented TJAC International, was initially started by the late Richard Sternberg in 1985 and grew into one of the nation’s most respected retail real estate firms.

Now in 2009 under the leadership of Michael Sternberg and Andy Mann, The Triad Group has re-emerged and is poised to take its place among industry leaders; now with a global reach.

A full-service real estate firm with experience worldwide, The Triad Group offers clients a complete scope of services from landlord and tenant representation to construction and the long-term management of assets.

Recent transactions range from Boston-based retail and office leases to international buyer representation with projects throughout Europe, the United Kingdom and Australia. The Triad Group differentiates itself from competition by offering a truly one stop shop for all real estate needs


Anthony Cuton, HFF Director, (617) 338-0990,
Andrew Mann, The Triad Group Partner, (617) 739-0009,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Sunday, August 23, 2009

Florida's Existing Home, Condo Sales Up in July

ORLANDO, FL/PRNewswire/ -- Florida's existing home sales rose in July - the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors (FAR).

Statewide existing home sales in July also rose over the previous month's sales level.Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR.

Statewide existing home sales in July increased 0.2 percent over June's statewide activity.

Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.Eighteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales.

A majority of the state's MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida's real estate industry, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.

According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

"I think we're on the road to recovery and even though most markets report they've seen the bottom, it's going to be a long climb," said Timothy Becker (top left photo) , the center's director.

He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.

Florida's median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease.

According to housing industry analysts with the National Association of Realtors (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR.

(The 41-story, $355M, 200-unit Trump Hollywood condominium, Hollywood, FL, bottom left photo)

In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.Several positive market factors are influencing the housing sector, notes NAR's latest industry outlook.

"Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who've been on the sidelines," said NAR Chief Economist Lawrence Yun. (middle right photo)

"Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions."In Florida's year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase.

The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease.

The national median existing condo price was $183,300 in June 2009, according to NAR.Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac.

FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.Among the state's smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase.

The market's existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.

For a complete copy of the FAR release and full statistics, please contact Marla Martin, Communications Manager, or Jeff Zipper, VicePresident of Communications, both of Florida Association of Realtors,+1-407-438-1400, ext. 2326 or 2314

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Marcus & Millichap Sells 6,245-SF Single-Tenant Net Leased Building in Fort Myers, FL

FORT MYERS, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Wachovia - Wells Fargo - Ground Lease, (bottom left photo) a 6,245 square foot single-tenant net-leased property located in Fort Myers, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,750,000.

Ron Schultz, (top right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a national developer. The buyer, a private investor in a 1031 exchange, was also secured by Mr. Schultz.

Schultz utilized the firm’s national marketing platform to procure multiple offers for this asset.

“Buyers are scrambling to safer deals like the Wachovia-Wells Fargo ground lease in Ft. Myers and they are willing to compete”.

“The seller achieved a very aggressive cap rate and a quick close, despite the economy. Buyers are active and deals are still getting done” states Schultz.

Wachovia-Wells Fargo Ground Lease is located at 11801 Palm Beach Boulevard.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700