Wednesday, February 24, 2010

Arbor Closes $1.25M Fannie Mae DUS® Small Loan for Willow Brook Avenue in Los Angeles, CA

UNIONDALE, , NY (Feb.  24, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,250,000 loan under the Fannie Mae DUS® Small Loan product line to for the18-unit property known as Willow Brook Avenue in Los Angeles, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.43 percent.

The loan was originated by Stephen York, (top right photo)  Director, in Arbor’s full-service New York, NY lending office.

 “The sponsors were able to purchase this property at a steep discount, enabling us to refinance their existing debt and provide them with cash out within five months of their purchase,” said York. “This deal highlights Arbor’s unique ability to offer aggressive financing terms in an overall difficult lending environment, which definitely pleased our client.”

Contact: Kelly Maxey, Arbor Commercial Mortgage, 333 Earle Ovington Blvd, Ste. 900, Uniondale, NY 11553, PH 516.506.4602, kmaxey@arbor.com

HFF closes $31.25M sale of Gables Rothbury in suburban Washington, D.C.


WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Gables Rothbury (top left photo) , a 204-unit, Class A multi-housing community in Montgomery Village, Maryland.

HFF managing director Dave Nachison (middle right photo)  and director Alan Davis (bottom left photo)  led the marketing efforts on behalf of the seller, Gables Residential.

Avalon Bay Communities, Inc. purchased the property for $31.25 million, all cash.

Gables Rothbury is located at 20120 Rothbury Lane approximately 21 miles northwest of Washington, D.C. via Interstate 270 in Montgomery Village, Maryland.

Completed in 2005, the property has one-, two- and three-bedroom units averaging 1,111 square feet each. Community amenities at the 96% occupied complex include a fitness center, swimming pool, business center, conference room, resident library, community room with billiard table, picnic area with grills, children’s playground, storage units and 48 attached garages.

“Gables Rothbury is the highest quality multi-housing property in the Gaithersburg/Germantown submarket. It is uniquely positioned to benefit from favorable fundamentals such as strong demand from consistent population and job growth. Future supply constraints due to the current economic climate will ensure superior operating performance,” said Nachison.

Gables Residential is a privately owned REIT, which owns, develops and manages multi-housing communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California and metropolitan Washington, D.C.

Additionally it has third-party management operations in the Chicago, New York, Phoenix, central and North Florida and Washington state markets. Currently, the company manages more than 35,000 apartment homes, owns 63 communities with nearly 17,000 units and has an additional 20 communities in lease-up or under development.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500,  dnachison@hfflp.com
Alan M. Davis, HFF Director (202) 533-2500,  adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500krmurphy@hfflp.com

HFF arranges $7.6M refinancing for Indianapolis multi-housing complex


INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $7.6 million refinancing for Auburn Hill Apartments, (top left photo) a 160-unit multi-housing complex on the west side of Indianapolis, Indiana.

HFF managing director Jon Everson  (bottom right photo) worked on behalf of Auburn Oaks LLC to secure non-recourse permanent financing through a HUD 223(f) loan.

The borrower obtained a fixed rate of 4.95% (plus mortgage insurance), 35-year term and 35-year amortization.

Auburn Hill Apartments is located at 840 Auburn Hills Drive just east of the full interchange between Interstate 465 and 10th Street, approximately six miles west of downtown Indianapolis. The property was completed in 1997.

Contacts:

Jonathan P. Everson, HFF Managing Director, (317) 630-3191, jeverson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

$18M financing for DC’s 1100 G Street, NW arranged by HFF


WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $18 million in financing for 1100 G Street, NW, (top left photo)  an 11-story, 109,959-square-foot office building in Washington, D.C.

HFF director Dan McIntyre (middle right photo)  worked exclusively on behalf of the borrower, a venture composed of a value-added fund advised by UBS Global Asset Management and entities controlled by the J Street Companies, in arranging the three-year revolving line of credit with TD Bank.

1100 G Street, NW is located at the corner of 11th and G Streets, three blocks west of the Verizon Center (bottom right photo)  and across the street from Metro Center in the heart of the East End submarket of Washington, D.C.

 The free-standing property is 85% leased and features a three-level underground parking garage and 10,000-square-foot floor plates, which are “ideal for the District’s significant base of medium-sized tenants”.

A major renovation to the property is well underway including upgrades and restorations to the exterior fa├žade and entry, main lobby, common area corridors and restrooms.

With more than 32 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has approximately $12.9 billion under management on behalf of over 300 clients.

In addition to its US real estate business, UBS Global Asset Management, Global Real Estate also manages investments in Europe, Asia and Australia, totaling more than $54 billion in real estate and real estate securities worldwide.

In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors.

Contacts:
Daniel J. McIntyre, HFF Director, (202) 533-2500, dmcintyre@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, krmurphy@hfflp.com

HFF closes sale of Class A office building in Houston's Westway Park


HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Cameron International Building,(bottom left photo)  a 210,000-square-foot, Class A office building within Westway Park in Houston, Texas.

The HFF investment sales team was led by senior managing directors Robert Williamson (top right photo)  and Jeff Hollinden (top left photo)  and associate director Barbara Guffey (bottom right photo) , who marketed the property on behalf of the seller, Beltway Assets LLC.

 A 1031 exchange entity controlled by Potamkin Automotive purchased the building for an undisclosed amount and assumed the 15-year remaining term mortgage.

Cameron International Building is located at 4646 West Sam Houston Parkway between Interstate 10 and U.S. Highway 290 in the 150-acre master-planned Westway Park campus in west Houston.

Completed in 2001, the nine-story, single-tenant property serves as the division headquarters for Cameron International’s Drilling and Production Systems group. The property also includes a 570-space parking garage.

“Cameron’s long-term lease matched with equivalent term in-place financing made the Cameron International Building a perfect candidate for a 1031 like-kind exchange,” said Williamson.

Contacts:

Robert E. Williamson, HFFSenior Managing Director, (713) 852-3500, rwilliamson@hflp.com
Jeffrey A. Hollinden, HFF Senior Managing Director, (713) 852-3500, jhollinden@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

MachineWorks Announces Lease to GSA, Indian Health Services in Portland, OR

PORTAND, OR– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented MachineWorks LLC in the lease of 19,431 square feet at MachineWorks Building (centered photo below) to the U.S. General Services Administration, Indian Health Services. Indian Health Services has executed a 15-year lease and will occupy the entire 8th floor of the building, bringing the building to 90 percent leased.


In October 2009, McCormick & Schmick’s Seafood Restaurants leased the entire 7th floor totaling 19,250 square feet for its new Portland headquarters and in December 2009, The Portland Dermatology Clinic signed a 10-year lease for the entire 6th floor totaling 19,482 square feet.

"MachineWorks was delivered in the worst economic market in memory and we are thrilled to be hitting the 90-percent leased milestone after just 12 months. We are pleased that these three organizations chose to make MachineWorks their new home and know that their employees will fully enjoy the building's sustainable features," said Al Solheim,  (bottom left photo) MachineWorks’ managing partner.

Keith Lavey, vice president, Government Services Group, and David Squire, executive vice president and managing director, Eric Haskins, vice president and Brandon Frank, senior associate, with Grubb & Ellis’ Portland office represented MachineWorks LLC . Hans Kemp, Conan Lee and Julie Stoner of Jones Lang Lasalle represented the General Services Administration in the transaction.

Located at 1414 NW Northrup St., MachineWorks is a 209,000-square-foot mixed-use project, incorporating four levels of Class A office space totaling 70,844 square feet, a state-of-the-art LA Fitness Facility and three levels of parking. The project boasts a Pearl District location, pursuing LEED® Gold-certified sustainable design, great proximity to the freeway and the Central City Streetcar and superior views to the West Hills, Willamette River and beyond.

Contacts:
 Patricia Raicht, 503.972.5456, Email: patricia.raicht@grubb-ellis.com
Al Solheim, Phone:  503.294.0600, solheim@awsrealestate.com

Alexander Biagoli Appointed Director in Arbor’s New York, NY Office


Uniondale, NY (February 23, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today the appointment of Alexander Biagoli (top right photo) to Director in Arbor’s New York, NY office.

Mr. Biagoli is responsible for originating loans nationwide using Arbor’s complete product portfolio, with a specialty in Fannie Mae DUS® and FHA transactions. He reports to Ken Fazio, (bottom left photo)  Vice President, National Sales Manager.

Prior to joining Arbor, Mr. Biagioli held the position of Senior Vice President of Commercial Real Estate Finance at Countrywide Securities, where he helped establish and manage a New York City office of over 30 professionals engaged in the origination and closing of commercial mortgage loans.

Mr. Biagioli also held the position of Vice President of Structured Finance at Citigroup-Salomon Smith Barney where he originated, underwrote and closed interim bridge and mezzanine loans.

Mr. Biagioli received a Master of Business Administration in Finance from the New York University’s Leonard N. Stern School of Business and a Bachelor of Architecture from Carnegie-Mellon University. He is a Registered Architect and member of the Mortgage Bankers Association. He resides Allendale, NJ.

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Marcus & Millichap Sells $8.8M Assisted-Living Facility in Charlotte, NC


CHARLOTTE, NC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Sunrise of Eastover, (top left photo) an 86-unit, 91-bed assisted-living facility in Charlotte.

The sales price of $8,850,000 represents $102,907 per unit and $148 per square foot.

Michael Pardoll and Mark Myers,(bottom right photo)  both senior vice presidents and senior directors of the firm’s National Seniors Housing Group in the firm’s Charlotte and Chicago offices, respectively, represented the seller, Sunrise Senior Living.

“As a result of this transaction, the seller will enhance its liquidity and the investor acquires a high-quality asset that should be accretive and offer appreciation in the long run,” says Myers.

The property is located just south of downtown Charlotte at 3610 Randolph Road.

Built in 1999 on 3.54 acres, Sunrise of Eastover is a 59,687-square foot three-story structure licensed for 104 beds, 26 of which are memory care.

Sunrise of Eastover’s amenities include a reading lounge, sunroom, bistro, ice cream parlor, living room, dining room, kitchen, library and wellness center. There is also a secured courtyard and each floor is accessed by two elevators.

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

Marcus & Millichap Capital Corp. Arranges $3.4M Portfolio of Loans in Southern California


LONG BEACH, CA– Michael Derk (top right photo)  of Marcus & Millichap Capital Corporation (MMCC) has arranged acquisition financing totaling $3,480,000 for three multifamily properties in Southern California.

Derk is a senior director/vice president capital markets in the Long Beach office of Marcus & Millichap Capital Corp.

“Timeliness was crucial on these deals due to the fact that there were many competitive buyers at the table and we needed to keep our clients in the transaction.

"We had to operate quickly on one transaction because the seller faced an estate tax consequence if the transaction did not close by the year’s end. These deals demanded a high level of communication, organization and precise execution,” said Derk.

“Our strong lender relationship set the foundation in meeting crucial time frames required by the transaction,” he adds.

The loans are:

· $1,397,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization
· $1,267,500, 63 percent LTV at 6.35 percent fixed with a 30-year amortization
· $815,000, 58 percent LTV at 6.35 percent fixed with a 30-year amortization

All three properties are mid-rise apartment buildings and all had a significant amount of tuck under parking. Two are located in Lomita and one is in Torrance.

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