Saturday, March 28, 2009

Marcus & Millichap Capital Corp. Arranges $2.93M Loan for Dallas Apartment Complex

DALLAS, TX – Marcus & Millichap Capital Corporation (MMCC) has arranged a $2.93 million adjustable-rate loan for the acquisition and renovation of Regal Brook Apartments (top right photo) a 146,142-square foot multi-family apartment building located at 8303 Skillman St. in Dallas.

Alex Inman, (bottom left photo) an associate in the firm’s Dallas office, arranged the financing package for the 160-unit apartment building.

“The property presented many obstacles that MMCC was able to overcome when arranging financing for this transaction,” states Inman.

“The property had been foreclosed upon and only had six months of operating history. The lender/owner did not want to spend money on the asset and the management company wasn’t motivated in collecting rents from the current tenants.

“By utilizing MMCC’s national platform, we were able to identify lenders in the marketplace that understood the property’s financial obstacles and could work quickly,” adds Inman.

“We effectively communicated the sponsor’s plans, from start to finish, and were able to partner with a lender who understood the sponsor’s vision and could provide a quick turnaround time to close this deal.”

Financing for this transaction was provided by a regional bank at the rate of 6.5 percent, interest only.

“What sets this transaction apart is that MMCC was able to provide the client with the most current capital markets information and source a lender that would finance an underperforming, foreclosed asset.”

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Two Specialists in Marcus & Millichap's Seattle Office Ranked Among Company's Top 30 Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2008.

Two agents of the Tax Credit Group of Marcus & Millichap in the firm’s Seattle office ranked in the Top 30 out of more than 1,300 investment specialists nationwide.

The agents are Robert Sheppard (2) (top right photo) and Armand Tiberio (23). (top left photo)

Robert Sheppard is also the firm’s No. 1 multi-family investment specialist nationwide.

“We are proud to recognize Robert Sheppard and Armand Tiberio as top-ranking investment specialists,” says Harvey E. Green, (bottom right photo) president and chief executive officer of Marcus & Millichap. “Their accomplishments and track record reflect their superior transaction expertise and commitment to client service.”

Sheppard is a senior vice president of investments specializing in low-income housing tax-credit multi-family sales. He joined Marcus & Millichap in December 1993 and was promoted to senior vice president investments in January 2008.
Sheppard also serves as a senior director of the firm’s National Multi Housing Group. In 2001, he formed the Tax Credit Group of Marcus & Millichap, which is the leading specialty group dedicated exclusively to the disposition of Section 42 Low-Income Housing Tax Credit (LIHTC) apartments throughout the United States.

Tiberio, a vice president investments, has been a member of the Tax Credit Group since its inception and is a senior director of Marcus & Millichap’s National Multi Housing Group. Tiberio joined Marcus & Millichap in July of 2000 and was promoted to vice president investments in July 2008.

The Tax Credit Group of Marcus & Millichap consists of 19 professionals lead by three principal agents, Sheppard, Tiberio and Spencer Hurst. In 2008, the group closed transactions valued in excess of $272.83 million. The transactions included a $24.2 million multi-family community in Birch Pointe, Ore., a $20.1 million multi-family community in Orlando, Fla., and a $15.5 million LIHTC community in Olympia, Wash.

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

Marcus & Millichap Lists Single-Tenant Industrial Property in Houston, TX for $13.84M

HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Aker Solutions, (top left photo) a 94,800-square foot industrial facility in Houston.

The listing price of $13.84 million represents $146 per square foot.

Daniel Danielak, a senior associate in the firm’s Detroit office is representing the seller.

“The facility includes operational support for the company’s three main activities on the property: drilling intervention, technology and subsea systems,” says Danielak.

“Aker Solutions ASA, an $8.3 billion company, is committed to being the industry leader in oil field operations and has chosen Houston and this facility to invest in their company’s operations.”
Located at 2201 North Sam Houston Parkway West, the site features two built-in water pits for engineering and laboratory testing and four overhead crane systems. The seller controls adjacent land that gives the tenant the availability to expand the existing facility.

The built-to-suit asset was constructed in 2007. The current triple-net lease has eight years remaining, one five-year renewal option and 2.75 percent rent increase every two years.

“Low-rate financing through Mark One Capital, Inc. is available that would give a solid first-year return on a single-tenant asset such as Aker Solutions,” adds Danielak.

“The Aker Solutions guarantee, the long-term triple-net lease, and the superior quality of this facility makes this industrial investment opportunity a best-of-class trophy asset acquisition opportunity.”

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

Post Properties Completes the Refinancing of its 2009 Scheduled Debt Maturities

ATLANTA, GA, Mar. 28, 2009--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced the closing of a mortgage loan with PNC ARCS, LLC, pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program, secured by a mortgage on its Post Luminaria™ community (top right photo) located in New York City.

Post Luminaria™ is held in a joint venture entity in which the Company holds a 68% interest.

The mortgage loan has a principal amount of $34.8 million, requires fixed interest-only payments for the first two years and then principal and interest payments for the remaining term of the loan based on a 30-year amortization schedule.

The loan bears interest at a fixed rate of 5.61% and matures in ten years on April 1, 2019. Proceeds from the financing were used to repay in full an existing loan secured by a mortgage on the same property.

Earlier in March, the Company also redeemed in full its approximately $92.3 million of weekly remarketed variable rate taxable mortgage bonds and settled a related interest rate swap agreement, using available cash equivalents and proceeds drawn on its lines of credit.

Said Christopher Papa, (bottom left photo) Post’s EVP and CFO, “Through the transactions announced today, we have completed the refinancing of all our scheduled 2009 debt maturities, taking advantage of attractively priced agency debt capital.”

Post Properties, founded more than 37 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States.

Post Properties owns 21,189 apartment homes in 58 communities, including 1,747 apartment units in five communities held in unconsolidated entities and 1,736 apartment units in five communities currently under construction and/or in lease-up.

The Company is also developing and selling 361 for-sale condominium homes in three communities (including 129 units in one community held in an unconsolidated entity) and is converting apartment units in two communities initially consisting of 349 units into for-sale condominium homes through a taxable REIT subsidiary.

Contacts: Post Properties, Inc., Christopher Papa, 404-846-5000