Sunday, January 10, 2010

J.J. Sherman Speaks About Commercial Real Estate Workouts at Integra's 8th Annual Real Estate Conference in Kansas City, MO

LOS ANGELES, CA (PRWEB) -- Commercial real estate attorney J.J. Sherman of Law Offices of J.J. Sherman, P.C. (, will speak about commercial real estate workouts as part of the Troubled Assets (Workout) panel at the Integra 8th Annual Real Estate Conference organized by Integra Realty Resources – Kansas City on Tuesday, January 12, 2010 at the Kansas City Convention Center – Grand Ballroom, Kansas City, Missouri. (top right photo)

J.J. Sherman will be joined by a distinguished panel of Kansas City legal practitioners. The attorney panelists will provide the audience with insights as to how workouts of troubled commercial real estate loans are handled from both the borrower perspective and the lender perspective.

Prior to founding Law Offices of J.J. Sherman, P.C., J.J. was an attorney at Sullivan & Cromwell LLP in New York City in the firm’s Commercial Real Estate Group and Commodities, Futures and Derivates Group (2000-2007), and an attorney at Latham & Watkins LLP in Los Angeles in the firm’s Finance Department (2007-2009).

The annual Integra Real Estate Conference is one of the leading forums in Greater Kansas City for the exchange of ideas and information about real estate.

Contact Information: PR(at), 213 223 1806

Principal Amount of Certain of First Industrial, L.P.'s Outstanding NotesFirst Industrial Realty Trust Announces Tender Offer by First Industrial, L.P. for up to $125M Aggregate

 CHICAGO, IL /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading provider of industrial real estate supply chain solutions,  announced the commencement of a cash tender offer by its operating partnership, First Industrial, L.P., for up to $125 million aggregate principal amount (the "Tender Cap") of First Industrial, L.P.'s outstanding 7.375% Notes due 2011, 6.875% Senior Notes due 2012, and 6.42% Senior Notes due 2014 (collectively, the "Notes").

The tender offer will expire on February 5, 2010 at 11:59 PM, New York City time, unless extended or earlier terminated (the "Expiration Time").

The terms and conditions of the tender offer are set forth in an Offer to Purchase dated January 8, 2010 (the "Offer to Purchase") and related Letter of Transmittal, which together constitute the tender offer (the "Offer").

For complete details, please contact

Kim Soule of Corcoran Real Estate in NY Earns Membership in Stanford Who's Who

BROOKLYN, NY-- Kim Soule (top right photo) has earned the distinction of membership in Stanford Who's Who due to her sensational work in the Real Estate Industry. As Vice President of Corcoran Real Estate, she has consistently exhibited the dedication and determination to be a great success in business.

The Corcoran Group was founded in 1973 at the time when New York City was in the midst of a massive transition from a market dominated by rentals to one of individual ownership.

Realizing the implications of this change, Corcoran Group set their sights on specific neighborhoods with a concentration on higher-end properties. Today they are the largest residential real estate firm in New York City.

Kim specializes in residential real estate in Brooklyn Heights and the surrounding areas. She deals mostly with Townhouses, Co-ops and Condos. She is actively involved in sales and marketing as well as new condo development.

Prior to beginning her career in real estate, Soule spent over 15 years as an award winning film and TV commercial producer. This portion of her professional career included several years at Ogilvy and Mather Advertising, where she honed her creative marketing and sales skills.

Stanford Who's Who empowers executives, professionals and entrepreneurs around the world. Our mission is to recognize successful individuals in multiple industries by providing a forum for networking, consulting, exposure and credibility to broadening one's future success.

Contact:  Stanford Who's Who, 410 Park Avenue, 15th Floor , New York, NY 10022, Phone: (877) 650-2140, Fax: (212) 202-4730

Roosevelt Lofts in Los Angeles Hoping Buyers Fall in Love with Valentines Day Auction

LOS ANGELES, CA--Nine months after entering bankruptcy, Roosevelt Lofts (top right photo) today got a judge's permission to proceed with the sale of units, according to Los Angeles-based  BlogDowntown.

Eric Richardson of BlogDowntown reports Downtown Los Angeles is preparing  for another round of auction fever.

Judge Geraldine Mund approved the Roosevelt Lofts' petition to become the latest Downtown condo property to turn to a one-day sale in an attempt to move a large chunk of units. The auction, to be conducted by Kennedy Wilson, is proposed to include 65 units and likely to take place on February 14, 2010.

Unit pricing has not been released, but project's reorganization plan assumes an average sales price of $425,000.

Only units on floor eight and below will be available, as the building's upper floors still need to be completed.

According to today's order, floors nine and ten must be completed by March 31, with floors 11 and 12 to follow by June 30.

Today's ruling is good news for a project that has been stuck in limbo. When the Roosevelt Lofts filed for Chapter 11 reorganization on April 13, developer Milbank Real Estate Services put out a statement saying that sales would continue "without interruption."

Nine months later, no units in the building have been sold and the project has turned to short-term leasing as a way to generate some cash flow.

The motion to sell units was opposed by Bank of America, which has the construction loan on the property and has filed to end the bankruptcy case, which would allow it to start foreclosure proceedings.

 That motion is still set to be heard on February 2, but today's order seems to make clear that Judge Mund views the project's plan for reorganization as valid.

The Valentines Day auction is timed to get the units sold before other nearby projects enter the market. There are currently 350 units on the market in Downtown, according to a declaration filed by Richard Winchell, (middle left photo) President of Kennedy Wilson.

He expects that number to nearly double in the upcoming months as an additional 305 units hit the market at 705 W. 9th -- another building currently navigating bankruptcy -- 655 Hope and Santee Lofts.

Kennedy Wilson recently operated an auction for nearby Market Lofts, (bottom right photo)  which sold its last 55 units in a one-day event on November 14.

The 222-unit Roosevelt Lofts is located at the corner of 7th and Flower, in the Financial District. It was developed by Milbank Real Estate Services.