Monday, July 20, 2009

HFF Closes Loans in Boston and New York

Downtown Boston office building Receives $25M Financing

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $25 million in financing for 101 Merrimac Street, (top right photo) a 10-story, 159,173-square-foot Class A office building in Boston’s Bulfinch Triangle neighborhood.

Working exclusively on behalf of H.N. Gorin, Inc., HFF senior managing director Bob Herron (top left photo) and director Greg LaBine (middle right photo) placed the loan with Unum Group. Loan proceeds will refinance an existing first mortgage on the building.
HFF will also service the loan.
Completed in 1990, 101 Merrimac Street features an on-site restaurant, courtyard and 55-space parking garage and is 95% leased to tenants including Partners Healthcare System, Inc.
The property is located in Boston’s Bulfinch Triangle neighborhood close to North Station, Massachusetts General Hospital, Faneuil Hall, the Financial District and Boston’s Waterfront.

“Unum was able to provide a 15-year, fixed-rate financing at a competitive rate, which fit both the building profile and HN Gorin’s strategy for the asset,” said LaBine.
H.N. Gorin, Inc. is a Boston-based real estate investment and development company involved in the acquisition, development, management and ownership of commercial, multifamily residential, industrial and retail real estate.

Unum is a leading provider of employee benefits including disability, long-term care, life and voluntary insurance.

Robert M. Herron, Senior Managing Director,
Gregory F. Labine, HFF Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 - -

Industrial/flex properties on Long Island Obtain $3.25M Loan

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $3.25 million in financing for two industrial and flex properties totaling 52,500 square feet in Islip, Long Island, New York.
HFF senior managing director Jon Mikula (bottom left photo) worked exclusively on behalf of The Hampshire Companies to secure the five-year fixed-rate loan through Oritani Bank. Loan proceeds were used for a sale leaseback of the two properties to Siemens Energy & Automations, Inc., a subsidiary of Siemens AG
The properties are located at 155 Plant Avenue and 75 Oser Avenue within the Hauppauge Business Park close to the Long Island Expressway and the Northern State Parkway in Islip, Long Island. 155 Plant Avenue is a recently renovated 20,000-square-foot office building.
75 Oser Avenue has 24,375 square feet of warehouse and 8,125 square feet of office space. Both properties are fully leased to Siemens Energy & Automations, Inc.

The Hampshire Companies, a full-service, private real estate investment manager with equity in assets valued at over $2 billion, targets the development or purchase, and operation of investment-grade neighborhood supermarket-anchored centers, single-tenant retail facilities, warehouse/distribution facilities, office buildings, and self storage facilities located in the Mid-Atlantic and Northeast regions of the United States.
The company currently operates a diversified national portfolio of properties totaling more than 20 million square feet with $1 billion of equity under management.

Jon Mikula, HFF Senior Managing Director, (973) 549-2000,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

CB Richard Ellis Secures 8,400-SF Tenant for Landstar Development Group in Orlando

Orlando, Florida – July 20, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, CCIM, Senior Associate in Retail Properties, represented Landstar Development Group, the landlord, in negotiating an 8,400SF deal for the tenant, Mision La Cosecha, a non-profit organization.

The 8,400-sq.-ft. space is located in the Lake Trail Center (top left photo) at 14522 Landstar Boulevard in Orlando, Florida. This deal brings the Lake Trail Center to 90 percent leased.

Contact: Angelique Greven, 407.839.3158,

Arbor Closes $1.6M Fannie Mae DUS® Small Loan for Pioneer Villas in Bakersfield, CA

Uniondale, NY (July 20, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,600,000 loan under the Fannie Mae DUS® Small Loan product line for the 16-unit property known as Pioneer Villas in Bakersfield, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loan was originated by Peter Margolin, (top right photo) Director, in Arbor’s full-service Northbrook, IL lending office.

“The borrower was looking to take out his construction financing as the loan was maturing, and Arbor was able to provide a loan that met the borrower’s long term hold expectations,” said Margolin.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,

Interstate Hotels & Resorts Signs Contract to Manage Holiday Inn Laredo Civic Center in Texas

ARLINGTON, Va., July 20, 2009—Interstate Hotels & Resorts (OTC: IHRI), a leading hotel real estate investor and the nation’s largest independent management company, today announced that the company has signed an agreement to manage the Holiday Inn Laredo Civic Center (top left photo) in Texas.

The 203-room property is owned by BIA Acquisitions, a Texas-based limited partnership.

“This is a well-known landmark property located in one of the fastest growing cities in the U.S.,” said Thomas F. Hewitt, (bottom right photo) chairman and chief executive officer.

“This is our first contract with this owner, and we look forward to helping this unique property further expand its appeal to business and leisure travelers. We remain focused on our core management business and continue to see a steady pace of opportunities for new management contracts.”
Located at 800 Garden Street in downtown Laredo, the Holiday Inn Laredo Civic Center is centrally located and houses one of the finest restaurants in Laredo, the Terraza Verde Restaurant.

The 14-story, high-rise, full-service property is equipped with a business center and offers free wireless Internet access throughout the hotel. Other hotel amenities include a fitness facility and a cocktail lounge bar with live entertainment.

The Holiday Inn Laredo Civic Center features six meeting rooms, three of which convert into a grand ballroom, and can accommodate groups of up to 300 people.

Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320