Tuesday, May 12, 2009

HFF arranges $5M refinancing for Houston area multifamily property

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $5.0 million refinancing for Deerbrook Garden, (top right photo) a 162-unit multifamily community in Humble, Texas.

HFF managing director Jeff Knowles (bottom left photo) worked exclusively on behalf of the borrower, Deerbrook Garden Apartments Ltd, to secure the 5.83% fixed-rate Fannie Mae loan with Wachovia Multifamily Capital, Inc.

The financing replaces an existing CMBS loan that was used to purchase the property in 2004.

Deerbrook Garden is located at 1230 FM 1960 East, in close proximity to Deerbrook Mall and Bush Intercontinental Airport approximately 18 miles northeast of Houston’s central business district.

Completed in 1983, the property includes one- and two-bedroom units with five different floor plans that feature a washer/dryer in every unit, wood-burning fireplaces and valet trash service. The property is managed by Houston-based Asset Plus Companies and is 100% occupied


B. Jeffrey Knowles, HFF Managing Director, (713) 852-3500 knowles@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500 j krmurphy@hfflp.com

HFF arranges $13.6M refinancing for San Francisco Bay-area shopping center

SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) announced today the recent closing of a $13.6 million refinancing for Novato Fair Shopping Center, (top left photo) a 133,860-square-foot retail center in Novato, California.

HFF managing director Bruce Ganong and associate director Zane Sweet worked on behalf of Kimco Realty Corporation to secure the three-year, adjustable-rate loan through Wells Fargo Bank.

Loan proceeds retired an existing loan that matured in April 2009.

Novato Fair Shopping Center is occupied by anchor tenants including Safeway, Rite Aid, Big Lots, and Pet Food Express. Situated on an 11.2-acre site, the property is located at the convergence of three main thoroughfares in Novato: Redwood Boulevard, Novato Boulevard and Diablo Avenue, approximately 30 miles north of San Francisco.

“The closing of this transaction is evidence that best-in-class properties with institutional quality ownership can still be financed at attractive terms,” said Ganong.

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates the nation's largest portfolio of neighborhood and community shopping centers.

As of December 31, 2008, the company owned interests in 1,950 properties comprising 182 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico, and South America.

Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at http://www.kimcorealty.com/.


Bruce Ganong, HFF Senior Managing Director, 415 276 6300, bganong@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Industrial Team at Southern Commercial Completes New 96,000-SF Lease

ORLANDO, FL (May 12, 2009) Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 96,000 square foot new lease at 7469 Kingspointe Parkway, Orlando, Florida.

McFadden and Bradford negotiated the two year new lease, representing the Landlord, TR Crownpointe Corp. The tenant, LG Electronics, USA was represented by Susan Ruby with Jones Lang LaSalle.

Contact: Celeste MacKenzie, 407 281 8503, cmackenzie@southerncommercialre.com