Thursday, May 28, 2009

Marcus & Millichap Sells Six-Unit Apartment Complex in Clearwater, FL

CLEARWATER, FL, May 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lotus Path Apartments, (top right photo) a six-unit, 3,807-square foot apartment complex located in Clearwater, Fla, according to Bryn Merrey, (bottom left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $140,000.

Francesco Carriera, an Investment Specialist in Marcus & Millichap’s Tampa office, Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of the Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller.

“Multiple offers were made on this investment; however we were able to uncover the highest bidder who made an all-cash, hard day-one offer. The property closed quickly, within 48 hours of a fully executed purchase agreement,” states Carriera.

Lotus Path Apartments is located at 811 Lotus Path in Clearwater, Fla.

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

Cambridge Says Company's First Closing Under HUD's New Lean Program is Skilled Nursing Home in Beaver Dam, KY

CHICAGO, IL--Cambridge Realty Capital Companies says the 83-bed Beaver Dam Nursing & Rehab Center (top right photo) in Beaver Dam, Ky., is the first nursing home facility to be refinanced by the company using HUD’s new Lean funding process.

Cambridge Chairman Jeffrey A. Davis said a $4.2 million FHA-insured loan was arranged for the owner, a Kentucky limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD loans for nursing home facilities.

Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $2.75 billion since the mid-1990s.

The company has consistently ranked among the top FHA-approved HUD lenders in the country.

Davis said the Beaver Dam nursing facility has 58 skilled and 25 personal care beds. The fully-amortized 26-year first mortgage loan was underwritten utilizing HUD’s Section 232 pursuant to 223(f) program, which is used to refinance existing HUD loans.

“We‘re especially pleased to be able to announce this historic first for Cambridge. We fully anticipate that it will be the first of many transactions underwritten by our company in an exciting new era for HUD and healthcare borrowers,” Davis said.

He points out that sweeping changes have radically altered the way HUD applications and loans are being processed and approved.
By organizationally restructuring and adopting the highly touted “Lean” management concept pioneered by Toyota Motor Corp., HUD made a bold commitment to process loans on a timetable that more closely resembles the timing for conventional loans, he noted.

In a significant change, responsibility for processing HUD Section 232 loans has shifted from HUD field offices to the FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which also has jurisdiction over the HUD Section 242 hospital mortgage insurance program.
“The idea behind this move was to create a unified, single-source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders,” Davis said.

With the Lean management process, loan applications are filed electronically, feature fewer exhibits, and require “conventional” market-basket appraisals instead of HUD-specific reports. Eventually, the goal is to review an application, issue a commitment and get to closing within 40 days, he added.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:

Cambridge Realty Capital Provides $90.6M in HUD-Insured Loans to Refinance Portfolio of Nursing Homes in Illinois

CHICAGO, IL--Cambridge Realty Capital Companies reports the closing of $90.6 million of HUD-insured Section 232 loans to refinance a portfolio of 10 Intermediate and Skilled Care nursing facilities.

The 10 HUD-insured loans were closed and funded simultaneously to accommodate the payoff of a single credit facility.

Loans for individual properties in the portfolio ranged in size between $3.1 million and $14.8 million.

The 10-loan portfolio includes Southview Manor and Community Care Center in Chicago, and the West Chicago Terrace, Frankfort Terrace, Crestwood Terrace, Kankakee Terrace, Bourbonnais Terrace, Joliet Terrace, The Terrace of Waukegan, and Sycamore Terrace of Quincy.
Combined, the properties include 1,488 intermediate-care and 65 skilled-care beds. Terms for the fully-amortizing loans ranged between 27 and 35 years.

Cambridge Chairman Jeffrey A. Davis (middle left photo) said the first-mortgage loans were arranged for the owner, an Illinois limited liability company, utilizing HUD’s Section 232/223(f) program.

The loans were underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD-insured loans for healthcare facilities.

“The ability to obtain HUD financing to close complex transactions of this kind sends an important message to multi-facility operators,” he said. “The transaction is indicative of the role HUD 232 financing can play for multi-facility owners in the current capital-constrained environment,” Davis believes.

Cambridge worked closely with Catalyst/Cambridge Healthcare Finance's National Originations Manager, Hymie Barber. Catalyst/Cambridge’s longstanding and successful relationship with Cambridge enabled Catalyst/Cambridge to facilitate the transaction from start to closing with aid and assistance from Cambridge at key and critical points in the transaction.

Moving forward, the Cambridge chairman anticipates that HUD will become an increasingly more attractive option for smaller and larger multi-facility owners alike as capital availability strains in the capital markets persist.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:

RJS Realty Arranges Enterprise Bank Building Sale in North Palm Beach, FL

DELRAY BEACH, FL– RJS Realty Group, Inc. announced the sale of the Enterprise Bank Building, (top right photo) a 20,992 square foot, office/retail building located at the Northwest corner of Kathy Lane and U.S. Highway One in North Palm Beach , Florida.

Anchor tenants include the Melting Pot Restaurant (4,449 s.f.) and Enterprise Bank (3,965 s.f.) along with Signature Cabinetry and Kathryn Beamer, P.A.

RJS Realty Group, Inc. arranged the acquisition on behalf of the purchaser 11811 Highway One Realty, LLC, an affiliate of Urban Realty Partners, LLC., a local private real estate group managed by Robert J. Sullivan. (middle left photo)

The exclusive agents for the seller were Scott O’Donnell and Dominic Montazemi of CB Richard Ellis.

Sullivan noted, “the Enterprise Bank Building is an exceptionally located building with an excellent group of tenants. It can accommodate a mix of retail, office and medical tenants and the property enjoys excellent exposure to U.S. Highway One.

"It is strategically situated in an affluent trade area. After sustaining hurricane damage in 2004, the property was renovated and sold during the re-leasing phase in March 2005 for $3,850,000."

The current sale was for a price of $4,000,000, or $190 per square foot. The purchase was financed by City National Bank.

Formed in 1986, RJS Realty Group is a real estate investment brokerage and advisory company
specializing in the sale of investment grade properties throughout the State of Florida.

For more information, please call Bob Sullivan at (561) 659-9771 ext. 1.

Media Contact:

Karen M. Smyack
Senior Marketing Director
70 S.E. 4th Avenue / Delray Beach, Florida 33483
Office - 561.659.9771 ext. 8 / Fax - 561.659.9773 / Cell - 561.236.2028
Email - /

HFF secures $5.3M financing for West Palm Beach, FL multifamily community

SAN DIEGO, CA – The San Diego and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Florida.

Working exclusively on behalf of a California-based client, directors Aldon Cole (top right photo) of HFF San Diego and Elliott Throne (top left photo) of HFF Miami placed the 6.11% fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).

The loan has a 10-year term that is interest-only and is open at PAR after year five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.

Located at 1441 Brandywine Road overlooking the Bear Lakes Country Club in West Palm Beach, Windward at the Villages has easy access to the Florida Turnpike, Interstate 95 as well as the central business and airport districts.

The 95% leased property has 12 buildings with one- and two-bedroom units averaging 938 square feet each. Community amenities include a swimming pool, tennis court, volleyball court, car wash area and fitness center.

“This was a timely acquisition for our client, who was able to take advantage of favorable debt in conjunction with purchasing an institutional-quality asset significantly below replacement cost,” said Cole.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing.

ALDON L. COLE, HFF Director, (858) 552-7690,

ELLIOTT P. THRONE, HFF Director, (305) 448-1333,

KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500,

Marcus & Millichap Promotes Three Regional Managers to Vice President

ENCINO, Calif., May 27, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael Fasano (top right photo, Kirk Felici (middle right photo) and Matthew Fitzgerald (top left photo) to vice president, according to Harvey E. Green,(bottom left photo) president and chief executive officer of Marcus & Millichap.

Fasano serves as the regional manager of the firm’s New Jersey office, Felici is the regional manager in the Miami office and Fitzgerald serves as regional manager of nine mid-market offices.

“The leadership and drive of these three regional managers has brought great success and respect to our New Jersey, Miami and mid-market offices,” comments Green.

“Their excellent management skills and superior knowledge of their respective markets make them tremendous assets to our clients and investment specialists across the United States.”

Fasano joined Marcus & Millichap in 2002 as an agent in the firm’s New Jersey office, specializing in the multi-family investment market. He was promoted to associate and earned a sales recognition award in 2004.

He became sales manager for the New Jersey office in 2004 and was named regional manager in 2005. Fasano is a graduate of Seton Hall University with a bachelor’s degree in business administration.

Felici was named regional manager of the firm’s Miami office in 2005. Prior to assuming that position, he served as sales manager of the Fort Lauderdale office.
Felici has been a top 10 member of the firm’s National Office and Industrial Properties Group and earned a reputation as the predominate broker of office buildings in South Florida.

He graduated from Duquesne University with a bachelor’s degree in business marketing and management.

Fitzgerald joined Marcus & Millichap in January 1995 as an agent assistant in the firm’s Chicago office. He became an agent after 18 months and earned sales recognition awards in both of his years as an agent.

He became the sales manager of the Chicago office in 1999 and in May 2000, relocated to Dallas to become sales manager there. Fitzgerald was promoted to regional manager of the Dallas office in 2000.

He earned a sales recognition award in 2003 and Marcus & Millichap’s National Achievement Award in 2004. Fitzgerald has served as regional manager of the firm’s mid-market offices since January 2006. He graduated from the University of Wisconsin with a bachelor’s degree in economics.

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

Grubb & Ellis Files 2008 10-K

SANTA ANA, CA (May 28, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has filed its 2008 Annual Report on Form 10-K with the Securities and Exchange Commission.

The filing follows the company’s March 18, 2009 announcement that its 2008 10-K would be delayed to provide time to restate certain previously issued financial statements.

The company also filed with the SEC amended Form 10-Qs for the first three quarters of 2008 to reflect the restatement.

The restatement was necessary to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors and its subsidiaries prior to the company’s merger with NNN Realty Advisors in December 2007.

The 2008 10-K includes the restatement of Grubb & Ellis’ previously issued financial statements for the years ended December 31, 2007 and 2006.

The company reported 2008 fourth quarter revenue of $156.0 million, and 2008 revenue of $611.8 million. The company reported a net loss of $262.9 million, or $4.15 per share, for the fourth quarter, and a net loss of $330.9 million, or $5.21 per share, for 2008.
For a complete copy of the company's news release, please contact:

Janice McDill, 312.698.6707,