Tuesday, January 20, 2009

IHG to open three Indigos in London

LONDON, Jan. 20, 2009--IHG (InterContinental Hotels Group) opened the doors of Hotel Indigo London Paddington (top right photo) today - the first Hotel Indigo outside North America - and announced a deal to open three more Hotel Indigo properties in the city.

Hotel Indigo is IHG's boutique hotel brand. With 21 hotels open in North America, and 56 hotels in the global development pipeline, the opening of the Hotel Indigo London Paddington marks the start of the global brand roll-out.

The 64-room Hotel Indigo London Paddington, owned by London Town Hotels, is a row of nine converted Georgian townhouses in London Street just minutes from the station with views over Norfolk Gardens.
Speaking at the opening Andy Cosslett, (top left photo) chief executive, IHG, said: "Hotel Indigo combines the feel of a boutique hotel with the benefits of a large hotel group, including our reservation systems and loyalty programme. The brand has been a success in the Americas and we are confident we can grow it around the world."

He continued: "Hotel Indigo suits converting existing buildings as each hotel is designed to be different. Conversions generally require less financing and can be up and running more quickly than new build hotels, which is an attractive option for owners given the current economic conditions."

Koolesh Shah, (bottom left photo) managing director, London Town Hotels, said: "Over the last few years new businesses have put down roots in Paddington and we've seen a surge in the number of people looking for a place to stay. Our hotel will attract a new type of guest who is looking for something a little bit different."

IHG also announced that it has signed a contract with City Site Estates to open three more Hotel Indigo properties in London by 2012:

Cannon Street - A 38 room, five storey townhouse with a 70 square metre roof garden, a gym and a restaurant. Philpot Lane - A 43 room, five floor conversion with a street front restaurant, bar and gym.

Kensington Church Street - A 51 room, four storey conversion with a restaurant and gym.

Jim McCain, (middle right photo) group property director, City Site Estates, said: "There's a gap in the market for a boutique hotel for business and leisure travellers who want to stay in the heart of the City. We plan to have all three Hotel Indigo hotels open and ready for business by 2012."

Hotel Indigo appeals to both business and leisure travellers who want to stay in a contemporary, unpretentious boutique hotel. Hotel Indigo properties are best suited to capital cities and cultural centres, they tend to be small and have a strong focus on delivering personalised customer service.

In November 2008, IHG announced plans to open Hotel Indigo Shanghai on the Bund in Shanghai, China. The 180-room hotel will open in time for the Shanghai Expo in 2010.

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,100 hotels and more than 600,000 guest rooms in nearly 100 countries and territories around the world.

The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world’s largest hotel loyalty programme, Priority Club® Rewards with 40 million members worldwide.


Suzanne Seyghal, 01895 512 247 / 07808 098 878, suzanne.seyghal@ihg.com
Eleanor Conroy, 01895 512 053 / 07736 746 466, eleanor.conroy@ihg.com

Grandbridge Funds Lexington, KY Multifamily Community

NASHVILLE, TN — The Nashville office of Grandbridge Real Estate Capital LLC is pleased to announce the recent loan closing of the Summit (top right photo), a 240-unit, class “A” garden-style apartment community in Lexington, Kentucky.

The $17,662,000 refinance, funded by Grandbridge, was sold to Freddie Mac under its Early Rate Lock loan program.

Constructed in 2007, the property is located on approximately 15 acres near the prestigious Brighton Place Shoppes,(middle left photo) and is considered one of Lexington’s premier apartment communities.

The development is comprised of one-, two- and three-bedroom units, each of which features nine-foot ceilings, fireplaces, deep Roman tubs, gourmet kitchens, private balconies and patios and access to a state of the art communication hub.

Other property amenities include an outdoor swimming pool, conference room, computer/business center, 24-hour fitness center and a clubhouse with gathering areas, kitchen and a large stone fireplace.

"This was our first venture into the Lexington apartment market, and another fine example of how BB&T works to service the client's needs," stated Grandbridge Vice President Carl Bedwell, CCIM, (top left photo) who originated the transaction.

"We are certainly pleased that Grandbridge Real Estate Capital had the opportunity to establish itself through such a high quality borrower and development as we found in the Summit.

"Also, considering today's volatile market environment, Freddie Mac did a phenomenal job delivering as promised, and the borrower has secured an attractive loan as a result.

"We enjoyed working with all parties involved, and look forward to closing many more Lexington transactions in the years to come,”

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services.
Grandbridge has a servicing portfolio of more than $22.5 billion representing 96 capital providers.

With $137 billion in assets, BB&T Corporation is the nation’s 14th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com. 5205 Maryland Way, Suite 201 ● Brentwood, Tennessee 37027 ● 615-377-8989 ● www.gbrecap.com

Patricia Muse, Vice President Director of Marketing, Grandbridge Real Estate Capital LLC, 3000 Riverchase Galleria Suite 1020, Birmingham, Alabama 35244. 205.978.1139 phone. 205.218.3411 mobile. 866.311.1592 e-fax

HFF Atlanta closes multifamily transactions totaling more than $100M in December 2008

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) closed more than $100 million in six multifamily transactions in December 2008 despite a sluggish investment and lending market.

Of the closed transactions, five were investment sales including two assets in Raleigh, North Carolina, two assets in Gastonia (Charlotte, NC suburb), and one asset in Atlanta, Georgia. The sixth transaction was the capitalization of a to-be-built apartment project in Atlanta.

HFF managing director Jason Nettles (top right photo) and associate director Megan Thompson (top left photo) led the investment sales team in closing the five sales on behalf of three separate owners to three distinct buyers.

The two Raleigh properties, The Lakes and The Lofts, have a total of 784 units and were sold by a national REIT to a private group of northeast-based investors. The two Gastonia properties, Quail Woods and Carriage House, have a total of 290 units and were sold by a private regional owner to a local private buyer.

The Atlanta property, Woodland Hills, has a total of 228 units, and was sold by a national REIT to a national investment group.

“HFF provides an outstanding capital markets-based platform which enables us to evaluate the strength of the buyers and make quality recommendations to our clients for selecting buyers that are capable of closing,” said Nettles. “In all but one case, these transactions were closed with the first buyer that went under contract – a rarity in this market environment.”

Director Michael Cale (bottom right photo) represented local developer Capital 33 in the capitalization of a to-be-built, luxury, in-fill apartment community on the east side of Atlanta. The construction loan was procured through a regional bank and a national advisor provided the equity investment.

“The infill nature of the site, combined with Capital 33’s strong development experience were all compelling factors in securing capital in such a difficult environment,” added Cale.


Jason Nettles, HFF Managing Director, 404 832 8460, jnettles@hfflp.com
Michael A. Cale, HFF Director, 404 832 8460, mcale@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, krmurphy@hfflp.com

HFF arranges $12.8M construction loan for suburban Indianapolis office development
INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12.8 million construction loan for Concourse at Crosspoint One, a to-be-built, Class A office building in suburban Indianapolis, Indiana.

Working on behalf of Edgeworth Laskey Properties, HFF director Jon Everson (bottom right photo) and associate director David Ross placed the 36-month, adjustable-rate construction loan with Busey Bank.
Edgeworth Laskey Properties LLC is a locally-owned and operated real estate development company that specializes in institutional-quality, Class-A commercial office space.

Due for completion in November 2009, Concourse at Crosspoint One will have 110,000 square feet of office space that is 27% pre-leased to USA Funds.

The four-story property is located at 9998 Crosspoint Boulevard within Concourse at Crosspoint office park, (bottom left photo) approximately 13 miles northeast of downtown Indianapolis via Binford Boulevard/Interstate 69.


Jonathan P. Everson, HFF Director, 317 630 3191, jeverson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, krmurphy@hfflp.com

Mercantile Commercial Capital Reports Closing on 43 Commercial Loans in 2008 Valued at More than $75M

ALTAMONTE SPRINGS, FL. --- Mercantile Commercial Capital, LLC, the Orlando area firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed on 43 commercial loans in 2008 valued at more than $75 million.

Christopher G. Hurn, (top right photo) co-founder and president of Mercantile Commercial Capital, said overall loan volume was down just slightly from 2007 levels but strong growth toward the end of the year bodes well for 2009 prospects.

“We processed commercial property loans in 17 states, including 17 loans in Florida during 2008,” Hurn said.

The firm’s largest single loan for the year---for $6.1 million---financed the acquisition and redevelopment of a Fort Lauderdale manufacturing plant.

“The SBA 504 loan program might rank as the most effective business stimulus program offered by any U.S. government agency,” Hurn said.

“Each loan is tied to job creation, and the overall effect of the program is to provide below-market interest rates that substantially increase capital availability for small business growth,” he said.
For more information, contact

Chris Hurn, CEO Mercantile Commercial Capital, LLC 407-786-5040

Geof Longstaff, Chairman Mercantile Commercial Capital, LLC 407-786-5040

Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040

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