Friday, April 30, 2010

Avalonpark Texas LP Enters Agreement with David Weekley Homes to be Sole Home Builder at The Springs at Walnut Creek in North Austin, TX

AUSTIN, TX - David Weekley Homes has signed with Avalonpark Texas LP as exclusive home builder at The Springs at Walnut Creek, a new residential community under development near Interstate 35 and Yager Lane in North Austin, TX.

Richard Kunz, (top right photo)  who heads Avalonpark Texas LP, developers of The Springs at Walnut Creek, said David Weekley Homes will build 111 new homes priced from under $200,000 starting later this year.

Kunz said Avalonpark Texas LP is developing The Springs at Walnut Creek in three phases starting in June. Infrastructure improvements, two access roads and 55 single-family home sites are included in the first phase, which will be complete by September.

David Weekley Homes is expected to start construction of a model home and ready-to-move-in homes at The Springs at Walnut Creek that will open in October, Kunz said.

Development of a second phase with 56 single-family home sites should commence in the fall, Kunz said. A third phase with 40-60 town home sites should start next spring.

Kunz said single-family homes will be priced from $199,000 to $299,000. Town homes will be priced from the $150s.

Avalonpark Texas LP is a Texas joint venture of Avalon Park Group, which is headquartered in Orlando, Fla.

For more information, contact:
Richard Kunz Avalonpark Texas, L.P. 512-695 3356;
Beat Kahli, CEO Avalon Park Group / Avalonpark Texas, L.P. 407-658-6565;
Eric Marks, Vice President, Avalon Park Group 407-658-6565,;
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;
Larry Vershel, Larry Vershel Communications 407-644-4142,

Mattamy Homes division President Dennis Ginder Named top Male “40 Under 40” Executive in Jacksonville

JACKSONVILLE, FL-– Dennis Ginder (top right photo), division president of Mattamy Homes in the Jacksonville region, was named one of the top Male “40 under 40” Executives to watch in Northeast Florida by Jacksonville Business Journal, a leading Northeast Florida business news outlet.

Ginder was nominated by his peers and was one of forty selected out of 170 nominated for the honor. The award was based on his community service and achievements in the industry he serves.

Ginder joined Mattamy Homes in 2008, and his division posted a 38 percent increase in 2009 sales over the previous year. He is active in St. Johns Habitat for Humanity, Northeast Florida Builders Assn. and the St. Johns County Builders Council.

Mattamy Homes expanded into the U.S. in 2003 and has divisions in Jacksonville, Orlando, Charlotte, Phoenix and Minneapolis. The homebuilder is the largest and most active in Canada with annual revenues exceeding $1.3 billion. Visit

For more information,  contact:
Kerry Soltis, Marketing Manager, Mattamy Homes-Jacksonville, 904-279-9502
Dennis Ginder, Division President Mattamy Homes-Jacksonville, 904-279-9500
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Meritage Homes to Host Grand Opening May 5 to Showcase New Model Home with Eight Bedrooms at Forestbrooke in Ocoee, FL

ORLANDO - Meritage Homes will host a grand opening May 5 at Forestbrooke, located at 3131 Jamber Drive off Ocoee-Apopka Road in Ocoee.

Pam Whitmore, Marketing Manager at Meritage Homes in the Orlando region, said 42 home sites are available at Forestbrooke with three, four, five, six, seven and eight-bedroom homes priced from $169,990 to $249,990. All the homes in Forestbrooke are built to meet ENERGY STAR® criteria.

Whitmore said Meritage Homes will showcase a new Monticello model home at the grand opening that offers six bedrooms, four baths, media room, study and large game room. The 4,160 square foot single-family home with a three-car tandem garage is priced from $249,990.

For more information, contact:
Pam Whitmore, Marketing Manager / Meritage Homes-Orlando 407-712-8664;
 Brian Kittle, Director of Sales, Meritage Homes-Orlando, 407-712-8669;;
Larry Vershel, Larry Vershel Communications 407-644-4142

The Georgian Terrace Hotel Unveils Six New Penthouses and nine New Premier Suites

ATLANTA, GA) – Atlanta’s Modern Classic continues to improve after an $11 million renovation. Fremont Realty Capital recently unveiled six fully renovated penthouses and nine premier suites at The Georgian Terrace Hotel (top left photo) 

 These come on the heels of last year’s opening of Livingston Restaurant + Bar (bottom right photo)  and complete renovation the hotel lobby and Atlanta’s two best ballrooms plus the addition of a third ballroom and board room.

The renovation also included brand new beds and flat panel TVs in all of the rooms, new complimentary high speed Wi-Fi internet throughout the property and upgrades to the hotel’s conference center and common areas.

The six penthouses range in size from 1,500 to 2,500 square-feet, some with two bedrooms and two baths and some as large as three bedrooms and two and a half baths. The nine premier suites feature one, two and three bedrooms. All of the renovated rooms included new carpet, paint, wall coverings, furniture, fixtures, beds, baths and new kitchens.

Opened in 1911, The Georgian Terrace was designed in the Beaux Arts style as a Southern interpretation of a Parisian hotel. A 1991 renovation added the 19-story wing and 20-story rounded atrium tower.

The Georgian Terrace Hotel has a total of 326 guestrooms ranging in size from our petite standard rooms to our three-bedroom suites, complete with kitchens and washer/dryers, and six penthouses.

There is a penthouse gym and rooftop pool as well as 5,514 square feet of dedicated IACC meeting space and over 16,000 square feet of total meeting space. Situated in the heart of the Midtown’s arts and cultural district, it is within walking distance to great restaurants, museums and retail.

Information Contact:

Liz Lapidus/Callie DeVore, Liz Lapidus Public Relations, 404-688-1466,

Alexan Back Beach, Panama City Beach, FL - Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group, LLC is proud to present Alexan Back Beach, (top left photo) an upscale 360-unit apartment community located in Panama City Beach, Bay County, Florida. Built in 2007, Alexan Back Beach offers market-leading community amenities and an outstanding location near Simon's new Pier Park regional mall, major employers, and pristine Gulf of Mexico beaches.

Alexan Back Beach is being offered for sale on an unpriced basis and represents an excellent opportunity to purchase a Class “A+” apartment community in one of the Florida Panhandle's fastest growing markets. The operations at the property continue to excel. Alexan Back Beach is currently 99.4% leased and 93.3% occupied. Concessions continue to decline since stabilizing.

Alexan Back Beach benefits from its ideal location along Panama City Beach Parkway (U.S. Highway 98), the region's primary east-west thoroughfare. The Property has outstanding proximity to all major employers in the region, including Tyndall Air Force Base, Naval Support Activity, Bay Medical Center, and Sprint-Nextel.

Alexan Back Beach is located approximately five miles east of the Pier Park regional lifestyle center, an upscale retail shopping and entertainment venue recently developed by Simon Property Group along U.S. Highway 98. Pier Park is the premier retail environment serving Panama City Beach and the entire Florida Panhandle. Expected to draw millions of visitors a year from more than 100 miles away, Pier Park will be the only venue of its kind in the Panhandle and the only significant restaurant site along U.S. Highway 98.

The relocation of the Panama City International Airport (scheduled to open in May 2010) to a new $300 million facility is expected to have a major economic impact on Bay County. Located within the 1,400 acre West Bay development approximately ten miles north of Alexan Back Beach, the new Northwest Florida Beaches International Airport will greatly enhance accessibility and tourism to Panama City Beach.

A major recent announcement was the St. Joe Company's decision to relocate its corporate headquarters to the West Bay development in Bay County. The new St. Joe headquarters will be located within Phase 1 of the West Bay Sector Plan near the entrance of the new international airport. The Company will be consolidating offices from Jacksonville, Tallahassee, Port St. Joe, and South Walton County into the new location. Construction of the 50,000 square foot Class “A” multi-tenant office building is scheduled to begin summer 2010, with relocation of the Company's headquarters and personnel by summer 2011.

. If you have an interest in pursuing this outstanding investment opportunity, please execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Alexan Back Beach, please contact Greg Engler or Pat Jones. We look forward to working with you on this exciting opportunity.

Greg Engler, CEO/President, 678/992-2000, ext. 1,
 Pat Jones, Senior Vice President, 678/992-2000, ext. 2,
 Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4,

Thursday, April 29, 2010

Morrison Commercial Real Estate Completes 3 office Lease Transactions totaling 75,487 SF in Central Florida

ORLANDO, FL -- Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 75,487± square feet.

Morrison and Emily Zinaich of Morrison Commercial Real Estate represented the landlord in leasing a 57,319 square foot space to Digital Risk, LLC in the Maitland 200 building located at 2301 Maitland Center Parkway. Tom Green of Providence One Asset Management represented the tenant in this transaction.

Morrison and Zinaich also represented the landlord in leasing 6,563 square feet to Informa Software at the Maitland 100 located at 2300 Maitland Center Parkway in Maitland, FL. Lawson Dann of Bishop Beale represented the tenant in this transaction.

In Downtown Orlando, Greg Morrison and Damien Madsen (middle left photo) renewed a lease of 11,605 square feet for South Milhausen, P.A. at the Gateway Center. The tenant was represented by Todd Watson of Woodward Properties.

Morrison Commercial Real Estate Announces Morrison CLW Property Services New Management Assignment of University Corporate Center III

ORLANDO, FL-- Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced that Morrison CLW Property Services has been assigned the management of the University Corporate Center III (UCCIII) building,(bottom right photo)  totaling 104,154± square feet located at 11474 Corporate Blvd, Orlando, FL.

Cathy Veasey of Morrison CLW Property Services will oversee the day to day operations as Senior Property Manager for the property while  Morrison and Emily Zinaich of Morrison Commercial Real Estate will continue to handle the leasing.

University Corporate Center III is a full service building with high quality finishes throughout. The four 36,000± square foot floor plates were efficiently designed with the high-tech and corporate user in mind. UCCIII is close to the Greenway (417), University of Central Florida, Central Florida Research Park as well as several dining and retail establishments making its’ location convenient for its’ tenants.

Contact:  Buffy Gillette, Phone: 407.219.3500, Email:

HEI Hotels & Resorts Completes Acquisition of Le Méridien Hotel in Center City Philadelphia

NORWALK, CT—HEI Hotels & Resorts, a rapidly growing hotel ownership and operating company, today announced that it has acquired the 202-room Le Méridien hotel in Center City Philadelphia.

The property was developed as an adapative reuse project by Development Services Group, Inc. of Memphis, TN, utilizing the historic YMCA building that had been closed for several years. HEI also will operate the hotel upon its upcoming opening in May.

“This marks our third Le Méridien and third hotel in downtown Philadelphia, a perfect complement to our portfolio of upper upscale hotels in markets with high barriers to new entry,” said Steve Mendell, (middle right photo) HEI’s president – acquisitions and development.

“The beautifully constructed adaptive reuse will be a significant addition to the Philadelphia marketplace and a tremendous addition to our growing portfolio.”

Located at 1421 Arch Street, the hotel originally was built as a YMCA in 1912 and designed by famed architect Horace Trumbauer.

The 10-story Georgian revival style building underwent an extensive renovation to create an ideal setting for business and leisure travelers. The classic, red-brick building is located on the north side of Arch Street, just west of Broad Street and within a block of the under-way expansion of the Pennsylvania Convention Center, in the heart of Philadelphia’s Central Business District.

The Le Méridien hotel lobby is located on the ground level, with guest rooms on floors five through 10 of the 10-story building. The hotel will feature 5,330 square feet of meeting space, including a 2,900-square-foot ballroom that can accommodate groups of up to 250.

 The full-service, boutique-style hotel also houses a cocktail/wine bar and gourmet restaurant, named Amuse, concierge service and a state-of-the-art fitness center.

“Center City is in the midst of a revival, and the Le Méridien is well positioned to benefit from the on-going development in the area, including the expanding convention center,” said Roger Clark, (lower left photo) senior vice president, acquisitions and development. “We fully expect the hotel to become the premier destination for travelers seeking the brand’s unique amenities and appealing décor.”

Media Contacts:
 Jess Petitt, HEI Hotels & Resorts, 203-849-2228,
Chris Daly, Senior Vice President, Daly Gray Public Relations, ph: 703-435-6293,
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Marcus & Millichap Sells $14.3M Apartment Portfolio in Southern California

GARDEN GROVE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Grove Park Apartments portfolio (top left photo) , a 13-building, 104-unit, 74,000-square foot multifamily community in Garden Grove.

 The sales price of $14.3 million represents $137,500 per unit and $191 per square foot.

John L. Nguyen, a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, represented the seller and the buyer.

“The portfolio was sold as an affordable housing development and all 13 properties closed escrow together,” says Nguyen. “The property is located in the Buena-Clinton area, which historically has been one of the most challenging areas within Garden Grove/Santa Ana.”

Five of the properties are located on Keel Avenue and eight are on Morningside Avenue in Garden Grove.

The Grove Park Apartments unit mix consists of 72 one-bedroom/one-bath units, 16 two-bedroom/one-bath apartments and 16 three-bedroom/two-bath units.

Garden Grove is located in northern Orange County, just south of Los Angeles. Garden Grove is known for its annual Memorial Day weekend Strawberry Festival, one of the largest community festivals in the western United States.

Marcus & Millichap Opens New Office in North Carolina

RALEIGH, NC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Raleigh, according to Gary R. Lucas, (middle left phto)  regional manager.

 The office is located at 101 J Morris Commons Lane, Ste. 130, Morrisville, N.C. 27560. The phone number is (919) 388-1278 and the fax number is (919) 388-1542.

“During the next several years, there will be opportunity for growth throughout the Carolinas,” says Lucas. “By acting as long-term advisers to real estate investors and throughout the region, Marcus & Millichap will assist them in acquiring both local and out-of-state investment properties.”

Retail Center in Cerritos, CA Sold for $9.8M

CERRITOS, Calif., April 27, 2010– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the 58,126-square foot Del Amo Plaza neighborhood retail center (middle right photo)  in Cerritos.

The sales price of $9,839,600 represents $169 per square foot.

Chris Maling, a first vice president investments and a senior director of the firm’s National Retail Group (NRG) in Los Angeles, and David Maling, a vice president investments and a director of the NRG, also in Los Angeles, represented the seller.

“Currently operating at 91 percent occupancy, the center is anchored by national tenants Starbucks, Bally Total Fitness and Quiznos,” says Maling. “This stable investment gives the investor an opportunity for steady cash flow in an up-and-coming market.”

Located on the signalized southeast corner of the intersection of Pioneer Boulevard and Del Amo Boulevard at 11853 Del Amo Blvd. in Cerritos, the property is near Interstate 605 and California State Route 91. Area traffic counts total approximately 25,000 cars per day.

Newly renovated, Del Amo Plaza was constructed in 1963 on 4.69 acres.

Cerritos is located midway between downtown Los Angeles and the business centers of Irvine, Santa Ana and Anaheim in the heart of Southern California.

Marcus & Millichap Capital Corp. Refinances Multifamily Asset for $10.6M

LONG BEACH, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $10,625,000 loan to refinance a garden-style apartment building in Long Beach.

Richard Judge, a senior director/vice president capital markets in the firm’s Newport Beach office arranged the loan for the property.

“The driving force behind this origination was my ability to negotiate relief of a $200,000 prepayment penalty with the existing lender and to procure $2 million in cash-out proceeds from the new loan for my client,” says Judge.

“This transaction is indicative of owners who are looking to place long-term fixed debt on assets earmarked as long-term holds in their portfolios and to utilize existing equity to acquire new assets. The deal closed in 30 days.”

The loan has a loan-to-value of 75 percent and a 5.82 percent interest rate, fixed for 10 years with a 30-year amortization.

The 108-unit property was built in 1969. The average unit size is approximately 850 square feet.

Lender-Owned Multifamily Asset in Arlington, TX Sold

ARLINGTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Lodge at Legacy Park (bottom left photo) , a 256,800-square foot 476-unit lender-owned multifamily asset in Arlington.

Will Jarnagin and Michael Ware, multifamily investment specialists in the firm’s Dallas office, represented the seller, a regional bank. Marcus & Millichap also represented the buyer, a New York-based private equity investor.

“The Lodge at Legacy Park is representative of a highly sought-after asset type in the commercial real estate investment market– a well-built distressed asset in a solid location,” says Jarnagin. “Marcus & Millichap’s nationwide platform and in-depth knowledge of the Dallas/Fort Worth market assisted the lender in finding an extremely well-capitalized out-of-state buyer quickly. We were able to close the transaction in 11 days,” he adds.

The property is located at 2601 Furrs St. in Arlington, within the Dallas/Fort Worth Metroplex, approximately 12 miles south of Dallas/Fort Worth International Airport, 15 miles east of Fort Worth and 20 miles west of downtown Dallas.

The Lodge at Legacy Park was built in 1978 and has 384 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 68 two-bedroom/two-bath apartments. Amenities include a business center, two swimming pools, a hot tub, a picnic area and sand volleyball.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Las Vegas Leads Nation Again in Foreclosure Volume

IRVINE, CA--They are rolling the dice in Las Vegas these days –- on the casino craps tables as well as on foreclosure charts, betting how many more homes will go under.

A first-quarter analysis of the housing market released today by Irvine, CA-based RealtyTrac®’ shows Las Vegas continues to post the nation’s highest metro foreclosure rate with one in 28 housing units receiving a foreclosure filing (3.51 percent) — 4.9 times the national average,

.A total of 28,480 Las Vegas housing units received a foreclosure filing during the quarter, an increase of nearly 13 percent from the previous quarter but a decrease of 19 percent from the first quarter of 2009.

Vegas, however, is not alone on the high-volume foreclosure list. Cities in California, Florida, Nevada and Arizona once again accounted for all top 20 foreclosure rates among metropolitan areas with a population of at least 200,000 -- even while the majority of those top metros reported decreasing foreclosure activity from the first quarter of 2009.

California accounted for 10 out of the top 20 metro foreclosure rates, followed by Florida with seven, Nevada with two and Arizona with one.

Foreclosure activity declined on a year-over-year basis in 14 of the cities in the top 20 and in eight of the cities in the top 10.

 In contrast, foreclosure activity in the first quarter increased on an annual basis in 159 of the 206 metro areas tracked in the report, and foreclosure activity nationwide increased 16 percent from the first quarter of 2009.

“The decreasing foreclosure activity in some of the nation’s top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures,” said James J. Saccacio, (top left photo)  chief executive officer of RealtyTrac.

“For example, the federal government’s new program designed to encourage short sales, which was launched April 5, may have caused some lenders to delay initiating foreclosure against distressed properties — particularly in hard-hit housing markets where a short sale costs less than a foreclosure.

Top 10 metro foreclosure rates

Modesto, Calif., foreclosure activity decreased 13 percent from the first quarter of 2009, but the metro area still documented the nation’s second highest metro foreclosure rate, with one in every 34 housing units receiving a foreclosure filing (2.93 percent).

Other California cities in the top 10 were Riverside-San Bernardino at No. 4 (2.82 percent), Stockton (skyline photo middle left)  at No. 5 (2.77 percent), Merced at No. 6 (2.76 percent), Vallejo-Fairfield at No. 8 (2.41 percent) and Bakersfield at No. 9 (2.33 percent).

With one in every 35 housing units receiving a foreclosure filing (2.82 percent) the Cape Coral-Fort Myers metro area in Florida documented the third highest metro foreclosure rate despite foreclosure activity decreasing nearly 6 percent from the previous quarter and decreasing nearly 26 percent from the first quarter of 2009. The other Florida metro area in the top 10 was Orlando-Kissimmee at No. 10 (2.30 percent).

The Phoenix-Mesa-Scottsdale metro area in Arizona documented the nation’s seventh highest metro foreclosure rate in the first quarter, with one in every 38 housing units receiving a foreclosure filing (2.63 percent). First quarter foreclosure activity in Phoenix was up 23 percent from the previous quarter and up 9 percent from the first quarter of 2009.

Cities outside Sun Belt post big increases

Several cities in the top 100 but not in the top 20 posted substantial year-over-year increases, continuing the trend of foreclosure activity spreading to areas previously protected from the brunt of the real estate slump.

Foreclosure activity increased nearly 171 percent from the first quarter of 2009 in Columbia, S.C., and the city’s foreclosure rate ranked No. 99, with one in every 202 housing units receiving a foreclosure filing.

Baltimore’s first quarter foreclosure rate was also below the national average, with one in every 170 housing units receiving a foreclosure filing, but the city’s foreclosure activity increased nearly 141 percent from the first quarter of 2009.

Salt Lake City and Charlotte, N.C. also posted year-over-year increases in foreclosure activity of more than 100 percent.

Contact:  Tammy Chan, Atomic PR, Direct: 212-699-3646, Mobile: 408-802-8682,

Wednesday, April 28, 2010

Grubb & Ellis Expands Walnut Creek, CA Office Team

WALNUT CREEK, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the industry veteran Scott Ellis has rejoined the firm as senior vice president, Office Group. He is joined by Trigger Reital and Brent Johnson, both vice presidents, Office Group.

“This is a group of professionals who together have a deep understanding of the East Bay commercial real estate market and are essential in helping to expand Grubb & Ellis’ presence in the local market as we continue to grow the company,” said Ed Del Beccaro, managing director, Walnut Creek.

With more than 30 years of experience, Ellis returns to the company after serving as senior vice president of Colliers International for the past 11 years. .

Reital also joins Grubb & Ellis from Colliers International and will specialize in the leasing and sales of office buildings in the Interstate 680 Corridor and tenant representation in the Highway 24 corridor.

Johnson returns to Grubb & Ellis from Kennedy Wilson, where he served as a managing director for two years.

Ken Shishido Joins Grubb & Ellis as Senior Vice President, Retail Group

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Ken Shishido has joined the company as senior vice president, Retail Group.

“With more than 27 years of experience, Ken brings many excellent relationships in the industry and will be a perfect fit for our local retail division as we continue to grow and expand the company,” said Greg May, co-managing director of Grubb & Ellis’ Orange County operations.

Shishido joins Grubb & Ellis from Lee & Associates, where he served as a principal for 15 years in Los Angeles County.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

Chester F. Allen of Grubb & Ellis|Thomas Linderman Awarded CCIM Designation

RALEIGH, NC– Grubb & Ellis|Thomas Linderman Graham, a leading Triangle real estate services firm, announced that Chester F. Allen, real estate advisor, has been awarded the Certified Commercial Investment Member designation by the CCIM Institute®.

Allen joined Grubb & Ellis|Thomas Linderman Graham in 2006. As a member of the company’s land team, he handles all aspects of buyer and seller representation and site selection services. He also specializes in industrial sales and leasing throughout North Carolina.

Contact: Elizabeth Raiford, Phone: 919.420.1563. Email:

Tuesday, April 27, 2010

Mortgage Bankers' Commercial/Multifamily Originations Down 46 Percent in 2009

WASHINGTON, DC--- Commercial and multifamily mortgage origination volumes decreased 46 percent in 2009 among repeat reporters, with mortgage bankers reporting $82.3 billion of closed commercial and multifamily loans, according to the Mortgage Bankers Association's 2009 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation.

Commercial banks and savings institutions were the largest single investor group for commercial and multifamily mortgages - responsible for $19.8 billion, or 24 percent, of the closed loan volume. Multifamily properties were the dominant property type - representing $36.5 billion, or 44 percent of the lending total.

"Relatively few commercial mortgages were made in 2009, as the recession curtailed both the supply of and demand for new mortgage debt," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research. "As the recession has receded, origination volumes have picked up slightly, but the absolute levels remain low."

Among the key findings are:

· Decreases were seen across most property types and investor groups, and were led by declines in loans intended for:

Credit companies; REITS, mortgage REITs and investment funds; and Commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits;
· $15.9 billion of multifamily loans were closed for Fannie Mae, a 32 percent decline from 2008.
· $15.2 billion of multifamily loans were closed for Freddie Mac, a 24 percent decline from 2008.
· $5.8 billion of loans were closed for FHA/Ginnie Mae, a 168 percent increase from 2008.

Loans for Fannie Mae and Freddie Mac accounted for 85 percent of the total reported multifamily volume in 2009.

· Lending for office properties had the largest percentage decrease in originations by property type, followed closely by retail properties and hotels/motels.

Year-over-year changes are based on the changes in volume among "repeat reporters" that participated in both the 2008 and 2009 surveys.

CONTACT: Carolyn Kemp, (202) 557-2727,

Interstate Hotels & Resorts Forms Strategic Alliance with International Hotel Investments Ltd (IHI Ltd)

ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company,  has formed a strategic alliance with IHI Ltd, an affiliate of Harte Holdings, to operate and selectively invest in hotels in Europe. Interstate already manages six hotels for affiliates of Harte Holdings in the U.S. and Europe, four of which are owned by a joint venture between the two organizations.

The new alliance will expand Interstate’s third-party hotel management platform throughout the EU.

“We have been a pioneer in third-party hotel management in Europe, and with 12 hotels under contract there, we have the size and scale to support additional expansion,” said Thomas F. Hewitt (top left  photo), chairman and chief executive officer.

“In the near future, we intend to open a European office to oversee our growing European portfolio, which will be similar in scope and responsibility to our international offices in Moscow, Mexico, and most recently, India.”

Hewitt noted that the strength of Interstate’s international management platform comes from its reliance on local partners with strong ties to the region.

“IHI Ltd is a highly regarded European company, with considerable experience in the industry. With their strong local relationships, cultural expertise and depth of industry knowledge, they will identify suitable assets, source capital, structure transactions and asset manage.

" Our emphasis will be on third-party management opportunities, and, when appropriate, we may co-invest with owners and developers. We already are working on several possible development projects sourced by IHI Ltd that Interstate will manage.”

In December 2009, the Argyll Hotel Group, an affiliate of Harte Holdings, selected Interstate to manage two upscale boutique hotels in downtown London, increasing the number of its Interstate-managed properties to six.

“Our relationship with Interstate has proven mutually rewarding over the years, and we know them to be a strong and capable operator,” said Donal Kelleher, director of IHI Ltd. “This alliance underscores our confidence in their ability to continue to successfully adapt their proven management practices to international markets.”

“We believe this alliance significantly enhances our ability to source additional new contracts and/or development and acquisition opportunities throughout Europe,” said Leslie Ng, Interstate’s chief investment officer.

 “In addition to our self-generated pipeline, we see significant management opportunities arising as top-quality brands like Marriott, Starwood, Hilton and IHG, with whom we have had long and positive relationships, continue to announce plans to step up the pace of their international expansion.”


Jerry Daly, Carol McCune, MediaDaly Gray, (703) 435-6293,
Carrie McIntyre SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320,

Chatham Lodging Trust Announces Exercise of Underwriters’ Overallotment Option to Purchase Additional Shares

PALM BEACH, FL—Chatham Lodging Trust (the Company) announced the full exercise of the underwriters’ overallotment option to purchase an additional 1,125,000 of the Company’s common shares of beneficial interest at the initial public offering (IPO) price of $20.00 per share, less the underwriting discount.

The overallotment option was exercised in connection with the Company’s IPO of 7,500,000 common shares, which priced on April 15, 2010.

Total proceeds from the IPO, including the overallotment option, are $160.4 million after deducting the full amount of the underwriting discount, including that portion of the underwriting discount that the underwriters have agreed to defer until the Company has used a specified portion of the offering proceeds to acquire hotel properties. The purchase of the shares pursuant to the IPO, including the shares purchased pursuant to the exercise of the overallotment option, is expected to close on April 21, 2010.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use $73.5 million of the net proceeds to purchase six Homewood Suites by Hilton® hotels. The Company’s operating partnership will use the remaining net proceeds to invest in hotel properties in accordance with the Company’s investment strategy and for general business purposes.

Barclays Capital and FBR Capital Markets are acting as the joint book-running managers for the offering. Morgan Keegan & Company, Inc. and Stifel Nicolaus are acting as senior co-managers and Credit Agricole CIB and JMP Securities are acting as co-managers.

A copy of the prospectus can be obtained by contacting Barclays Capital, c/o Broadridge, Integrated Distribution Services, 1155 Long Island Ave., Edgewood, N.Y. 11717, telephone (888) 603-5847 or by e-mail at, or FBR Capital Markets, Prospectus Department, 1001 18th Street, North, Arlington, Va. 22209 or by e-mail at

The prospectus may also be obtained by contacting any of the other underwriters listed above.

Contact:  (Media) Jerry Daly, Carol McCune, Daly Gray Public Relations, (703) 435-6293

Chatham Lodging Trust Acquires Six Hotels from RLJ Development for $73.5 Million

PALM BEACH, Fla., April 26, 2010—Chatham Lodging Trust (NYSE: CLDT ) today announced that it has acquired in an all-cash transaction six Homewood Suites by Hilton® hotels from RLJ Development, LLC for $73.5 million, or approximately $90,406 per suite.

The six hotels are the first properties to be acquired by Chatham since it completed its initial public offering on April 21, 2010. The hotels will continue to be managed by Hilton Worldwide.

“These hotels are typical of the type of properties we seek to acquire—upscale extended-stay hotels and premium-branded select-service properties that are located in major markets with high barriers to entry near strong demand generators for both business and leisure guests,” said Jeffrey H. Fisher, Chatham chief executive officer.

“We intend to invest approximately $11 million over the next two years at these hotels to upgrade guest rooms and common areas to enhance the guest experience and to meet brand requirements.”

The six hotels are:
· Homewood Suites by Hilton® Boston – (bottom right photo) Billerica/Bedford/Burlington; Billerica, Mass.; 147 suites.
· Homewood Suites by Hilton® Hartford – Farmington; Farmington, Conn.; 121 suites. (bottom left photo)
· Homewood Suites by Hilton® Minneapolis – Mall of America; Bloomington, Minn., 144 suites.
 Homewood Suites by Hilton® Dallas – Market Center; Dallas, Texas; 137 suites.
· Homewood Suites by Hilton® Orlando – Maitland; Maitland, Fla.; 143 suites.
· Homewood Suites by Hilton®Nashville – Brentwood; Brentwood, Tenn.; 121 suites.

 (Media), Jerry Daly, Carol McCune, Daly Gray Public Relations,, (703) 435-6293
Peter Willis,  (Acquisitions), Chief Investment Officer,, (561) 227-1387

Javier Socorro Promoted to Assistant Vice President at TD Wood & Co.

MIAMI, FL— Javier Socorro was promoted to Assistant Vice President of Thomas D. Wood and Company on April 19, 2010. As Assistant Vice President, Javier is responsible for the underwriting and origination of commercial real estate loans using a variety of lending sources including Life Insurance Companies, Banks, Credit Unions, private money and large institutional sources.

Javier joined our team in June 2006 as a mortgage analyst, where he assisted in the underwriting, market research and financial analysis process. Prior to joining Thomas D. Wood and Company, he served as an assistant to the Project Manager at Terra Group in Miami, Florida.

Javier is a graduate of Duke University, where he earned his Bachelor’s degree in Economics and History, and was a four-year starter on the baseball team.

Javier’s experience in loan underwriting and origination make him well suited for his new role as Assistant Vice President of Thomas D. Wood and Company—Miami, possessing the depth and expertise to provide seamless transactions.

For further information, please contact:
Javier Socorro (305) 447-4855
Jessica Kinnee (407) 937-0470

Monday, April 26, 2010

$11.3M refinancing arranged by HFF for Hackettstown Commerce Center in northern New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $11.3 million refinancing for Hackettstown Commerce Center, a three-building, 200,860-square-foot industrial/flex facility in Hackettstown, New Jersey.

Working exclusively on behalf of the The Hampshire Companies, HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (top left photo)  placed the five-year, fixed-rate loan through M&T Bank. Loan proceeds are taking out mortgages on two of the properties and covering closing costs.

Hackettstown Commerce Park consists of three buildings plus one to-be-developed 5.13-acre parcel. Buildings 1, 2 and 3 are 79% occupied overall to eight tenants including Andrex Inc., Yamazaki Tableware, Inc., Ideal Industries and Computer Warehouse, Inc. The property is located at 101 Bilby Road between Interstate 80 and Route 46 in the Warren County industrial market in northern New Jersey.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.


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

HFF retained by Wells Fargo to market for sale Two Addison Circle in Addison, TX
DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has been retained by Wells Fargo & Company to market for sale Two Addison Circle, (middle right photo) a 198,000-square-foot Class A office building in Addison, Texas.

Two Addison Circle is located on the Dallas North Tollway at 15725 Dallas Parkway in the Far North Dallas submarket. The six-story property was completed in 2009 by Opus and is currently vacant.

According to HFF, “The property represents one of the highest-quality, large contiguous vacancies in the submarket and thus should be highly sought after by both users and investors looking to acquire a trophy office property at pricing levels well below replacement cost.”

Andrew S. Levy, HFF Senior Managing Director, (214) 265-08880,
Todd W. Savage, HFF Managing Director, (214) 265-0880,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $5.18M financing for historic office building in San Francisco’s north waterfront area

SAN FRANCISCO, CA – The San Francisco and Los Angeles offices of HFF (Holliday Fenoglio Fowler, L.P.)  have secured $5.18 million in financing for 1000 Sansome Street, a 61,680-square-foot historic office building in San Francisco, CA.

HFF managing director Peter Smyslowski (bottom left photo) (San Francisco) and senior managing director Paul Brindley (bottom right photo)  (Los Angeles) worked exclusively on behalf of ATC Partners, LLC, in arranging the five-year, fixed-rate loan through Wells Fargo Real Estate Group, Inc. The loan proceeds were used to retire a maturing CMBS loan.

1000 Sansome Street is located at the base of Coit Tower near Pier 39 in San Francisco’s north waterfront district.

Originally built in 1910, the four-story property was renovated in the early 1990’s however original features such as maple floors, exposed ceilings and brick walls were preserved. 1000 Sansome Street is 92% leased to a mix of engineering, technology and other professional service tenants.

ATC Partners has aggressively pursued multi-tenant office buildings throughout California and the Northwest, focusing on high-quality assets that cater to small businesses. ATC has purchased and renovated more than $600 million in industrial and office buildings over the past 10 years.


Peter Smyslowski, HFF Managing Director, (415) 276-6300,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $5.4M  financing for Grande Pointe Apartments in Jacksonville, FL

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured $5.4 million in financing for Grande Pointe Apartments, a 244-unit multi-housing community in Jacksonville, Florida.

Working on behalf of Dawn Properties, Inc., HFF associate director Travis Anderson placed the two-year, adjustable-rate loan with Mutual of Omaha Bank.

Grande Pointe Apartments is located at 5800 University Boulevard West close to Interstate 95 and less than five miles from Jacksonville’s central business district. Originally built in 1972, the property was renovated in 2009 and is currently undergoing lease-up. The property has 23 buildings with one-, two- and three-bedroom layouts averaging 887 square feet each.

Dawn Properties, Inc. is involved in the acquisition, development, management, renovation and disposition of multi-housing properties. Since their inception in 1986, the company has bought and developed more than one billion dollars worth of property in 40 different markets in 13 different states.


Travis Anderson, HFF Associate Director, (214) 265-0880,
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

 HFF arranges a joint venture and sale of beachfront hotel and residential redevelopment site in Ft. Lauderdale, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed a joint venture and sale of the former Ireland’s Inn beachfront redevelopment site in Ft. Lauderdale, Florida.

The HFF Miami team was led by executive managing director Manny de Zarraga (middle left photo)  and director Ike Ojala, (middle  right photo)  who marketed the redevelopment site on behalf of the original developer, a partnership between Fortune International, the Ireland family/Fairwinds Group pursuant to an agreement with the existing lender.

A new venture including Jorge Perez of The Related Group and a foreign investor purchased the site from the original partnership for $27.1 million. Fortune International, the Ireland family/Fairwinds Group retained a partnership interest in the new venture and will be involved in the eventual development of the site.

 Located at 2220 North Atlantic Boulevard, the 4.6-acre redevelopment site has direct beachfront access and is approximately four miles northeast of downtown Ft. Lauderdale. The site is entitled for the development of up to 622,178 square feet of buildable area with residential, hotel and/or retail uses.

“The combination of Jorge Perez, ( middle left photo)  the Ireland family and Fortune International brings together an exceptional development team with the vision, experience and commitment to bring a world-class project to Fort Lauderdale,” said de Zarraga.


Manuel A. de Zarraga, HFF Executive Managing Director, (305) 448-1333
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF arranges $11.25M in debt and equity for the acquisition and redevelopment of the former Saint Barnabas Union Hospital in Union, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity financing totaling $11.25 million for the acquisition, redevelopment and repositioning of the former Saint Barnabas Union Hospital in Union, New Jersey that closed in 2007.

HFF managing director Tony Cuccia (bottom right photo)  and associate director Michael Lachs worked exclusively on behalf of Andrew J. Piscatelli of Hillcrest Development and Management Corporation to secure the adjustable-rate, first mortgage loan through Columbia Bank, and the private joint venture equity.

An affiliate of Mainardi Management Company was the investor providing the joint venture equity. Loan proceeds will be used to reposition the property into Union Medical Park, which will feature emergency medical services, general medical office and specialty medical space, including a private surgery center.

The medical facility was originally developed in 1962 as a small hospital, but over the years the property was upgraded and expanded. When the hospital was closed in 2007, it encompassed 141,526 square feet of rental space including a surgical unit, radiology unit, emergency room, patient rooms and general medical office.

Hillcrest Development and Management Company is a New Jersey-based developer and operator of commercial properties, specializing in the healthcare industry. In 2001, the company shifted its focus to the redevelopment and repositioning of shuttered hospital facilities and since that time they have acquired, repositioned and stabilized a portfolio of four former hospitals in New Jersey.


Anthony M. Cuccia, HFF Managing Director, (973) 549-2000,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Arbor Closes 5 Fannie Mae Loans Totaling $78M

June Beene Garden in Conway, AR Receives $5.5M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,500,000 loan under the Fannie Mae DUS® product line for the 166-unit complex known as June Beene Garden (bottom left photo)  in Conway, AR.

The 10-year loan amortizes on a 26-year schedule and carries a note rate of 5.77 percent.

The loan was originated by John Edwards (top right photo), Vice President, in Arbor’s full-service Boston, MA lending office.

“We were pleased with the opportunity to provide the client with their objective of a low interest rate and shorter amortization,” said Edwards. “Additionally, we are grateful for the efforts of Magna Bank in arranging this financing.”

Cedar Brook Apartments in Portland, OR Obtains $688,000

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $688,000 loan under the Fannie Mae DUS® Small Loan product line for the 17-unit complex known as Cedar Brook Apartments in Portland, OR.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated Brian Scharf, Director, (middle right photo) in Arbor’s full-service Uniondale, NY lending office. “As we continue to grow our presence in the Northwest, this particular transaction, a quality asset in a strong market, showcases our commitment to providing capital solutions in the small loan space,” said Scharf.

Villa Bella Apartments in Euless, TX Gets $2,740,800

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,740,800 loan under the Fannie Mae DUS® product line for the 150-unit complex known as Villa Bella Apartments in Euless, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.91 percent.

The loan was originated by Anthony Tarter, (middle left photo) Director, in Arbor’s full-service Dallas, TX lending office.

Tangi Lake Townhomes in Hammond, LA Receives $6.3M

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,300,000 loan under the Fannie Mae DUS® product line for the 102-unit complex known as Tangi Lake Townhomes (bottom left photo) in Hammond, LA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

The loan was originated by Scott Waddington, (middle right photo) Vice President, in Arbor’s full-service Tampa Bay, FL lending office.

“Tangi Lakes Townhomes presented Arbor with a unique opportunity to refinance an assemblage of contiguous fourplex multifamily dwelling units featuring individual mortgages into a $6.3 million Fannie Mae DUS® debt execution,” said Waddington.

 “Arbor was able to mitigate the prevalent student tenant concentration at the subject property from nearby Southeastern Louisiana State University by employing Fannie Mae’s special risk underwriter parameters as a means to achieve the borrower’s requested loan objective.

"Additionally, we are greatly appreciative to Eustis Mortgage for presenting the finance opportunity and their continued support and confidence in Arbor’s ability to service their clients’ needs.”

Arbor Closes $27M Fannie Mae DUS® (Military Concentration) Loan for Westlake at Morganton Apartments in  Fayetteville, NC

 Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $27,000,000 loan under the Fannie Mae DUS® (Military Concentration) product line for the 327-unit complex known as Westlake at Morganton Apartments (bottom right photo) in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our commitment to long-term owner operators that understand the specific market dynamics, and we look forward to continuing our relationship with this client,” said Edwards. “Additionally, we appreciate the efforts of Carolina Mortgage Company in arranging this financing.”

 Contact: Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553, 516.506.4602,