Tuesday, December 22, 2009

Clear Capital Appoints Mike Ousley to Lead Appraisal Team

TRUCKEE, CA– Dec. 22, 2009 – Clear Capital (www.clearcapital.com), a premium provider of data and solutions for real estate asset valuation, investment and risk assessment, today announced the appointment of Mike Ousley (top right photo)  as the company’s Executive Vice President, Appraisal Group, reporting to Duane Andrews,  (bottom left photo) Clear Capital CEO, and Kevin Marshall, Clear Capital President.

Working from company headquarters in Truckee, Calif., Ousley will oversee the direction and continued growth of Clear Capital’s Appraisal team responsible for providing reliable Appraisal-based and Value Reconciliation products nationwide to mortgage and lending industry customers.

 The Appraisal Group includes an internal team of 28 staff appraisers, quality assurance and customer service professionals; and an independent network of 10,000 licensed contract appraisers.

“Mike’s reputation throughout the industry fits who he really is: honest, innovative, hard working and most impressively, he puts the interests of others first,” said Andrews. “We're excited Mike has joined Clear Capital. He has built a successful career by finding ways to integrate technology to achieve efficiencies that benefit everyone in the loan transaction process.”

Ousley’s professional background spans more than 30 years of real estate collateral assessment and mortgage banking. Prior to joining Clear Capital, he founded Foster Ousley Conley in 1989 and Appraisal Enhancement Services (AES) in 1994.

In 2003, AES was acquired by a Fortune 500 company. He left Foster Ousley Conley after helping grow the company from two to more than 400 employees. Prior to Foster Ousley Conley, he served as Vice President at California Federal Savings Bank.

Contact: Heather Pond, 415.402.0230, http://www.atomicpr.com/

NAI Realvest Negotiates $920,000 Sale of the former Whistle Junction Restaurant in South Daytona

SOUTH DAYTONA -- NAI Realvest recently negotiated a $920,000 sale price for the 10,500 square foot former Whistle Junction restaurant building at 1854 S. Ridgewood Rd. in South Daytona.

Paul P. Partyka, (top left  photo)  principal and managing partner at NAI Realvest with partners, Matt Cichocki (bottom right photo)  and Kevin O’Connor (bottom left  photo) , based in Maitland, negotiated the transaction representing the seller Sovereign Investment Company of Palo Alto, Calif.

The property was purchased by Titusville-based SBI Leasing, Inc.

Partyka said this is the fifth former Whistle Junction restaurant sale handled by NAI Realvest this year, including locations in Melbourne, Jacksonville, St. Cloud and Titusville.

For more information, please contact:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com
 Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

CB Richard Ellis Announces Grand Opening of Metro 24/7 Fitness in Oak Groves Shoppes Center, Altamonte Springs, FL

ORLANDO, FL – Dec. 22, 2009 – The Orlando office of CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, is pleased to have Jorge Rodriguez, CCIM, Senior Associate in Retail Properties, announce the opening of Metro 24/7 Fitness on December 17, 2009.

 The 17,249 SF fitness center is located at 995 West State Road 434 in Altamonte Springs, Florida.

The new facility includes a smoothie bar, tanning salon, sauna, and massage services. Classes have already begun. Jorge Rodriguez with CB Richard Ellis represented the landlord, Kitson & Partners. Jeff Tanner and Kim Brackett Manson with Coldwell Banker Commercial NRT represented the tenant.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Arbor Closes $13,987,000 Fannie Mae DUS ® Loan for Angelo’s Grove Apartments in Marion, AR

Uniondale, NY (Dec.  22, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $13,987,000 loan under the Fannie Mae DUS® Loan product line for the 256-unit complex known as Angelo’s Grove Apartments (top left photo)  in Marion, AR.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

The loan was originated by John Edwards, (bottom right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “In collaboration with Financial Federal of Memphis, TN, we were pleased with the opportunity to provide our client a refinance opportunity in this low-interest-rate environment,” said Edwards.

Press Contact:  Stacey Corso, Marcus & Millichap, (925) 953-1716

Marcus & Millichap Sells 160-Unit Apartment Complex in Philadelphia

PHILADELPHIA, Dec. 21, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Beechwood Gardens, (top left photo)  a 160-unit, 140,000-square foot apartment complex in Philadelphia.

The sales price of approximately $10.5 million represents approximately $65,000 per unit and $75 per square foot.

Ridge MacLaren, (top right photo) a vice president investments and senior director of the firm’s National Multi Housing Group, along with multifamily investment specialists Clarke Talone (middle left photo) and Andrew Townsend, (bottom right photo)  in Marcus & Millichap’s Philadelphia office, represented the seller, Home Properties. The buyer was a New York-based LLC.

“In this supply constrained, far northeast Philadelphia location, rental demand will remain strong for years to come,” states MacLaren. “Home Properties managed the property well, which makes this a turn-key investment for the buyer. Combined with the attractive financing terms available, this is an excellent acquisition.”

The property is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to Center City.

Built in 1967 on 5.7 acres, Beechwood Gardens contains 80 one-bedroom and 80 two-bedroom apartments. More than two-thirds of the units have been renovated by the seller. Marcus & Millichap’s marketing efforts produced nearly 30 property tours and 20 written offers.

“This transaction indicates that buyers are anxious to take advantage of the excellent agency debt available,” adds MacLaren. “Well-priced real estate in solid infill locations will continue to generate significant buyer interest in this market.”

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