Thursday, February 25, 2010

HUD's New Lean Funding Program Comes at Auspicious Time, Says Cambridge Chairman

CHICAGO, IL--Timing for the introduction of HUD’s new Lean funding programs immediately following Labor Day in September 2008 could not have been more auspicious, finance expert Jeffrey A. Davis (top right photo) suggests.

“Although no one planned it that way, the timing was essentially simultaneous with the global financial meltdown and changes in worldwide capital markets. Fortuitously, HUD Lean came into existence at an extremely critical and vital time when the industry needed it most,” he observes.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading FHA-approved HUD 232 healthcare lenders. Counting both conventional and FHA-insured transactions, the company has closed senior housing/healthcare loans totaling more $3 billion since the early 1990s.

In developing its new program, Davis says that HUD’s goals in adopting the Lean concept and strategies have focused on the development of a standardized product and a more effective, fair and reliable way of delivering it.

In a significant shift, responsibility for processing HUD loans moved from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C. Effectively, the agency now provides a single source for program and policy development and a more consistent and user-friendly platform for borrowers and lenders.

“It’s a much more efficient system than in the past when HUD lenders had proprietary relationships with different HUD field offices in different areas of the country. Such arrangements made it extremely difficult for national lenders to operate either competitively or effectively in all markets.

“With the changes made, HUD has effectively leveled the playing field by creating a single set of rules for all players,” Davis said.

Contact:, Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:,,

$12.5M Development Site Hits the Market in Nevada

LAUGHLIN, NV– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 960,000-square foot, 20.81-acre marina-front development site and 8.77 acres of Laughlin Bay Marina, the only full-service private marina in Nevada and on the Colorado River. The properties are being offered as a portfolio but may be purchased separately.

Frank Pour, a senior associate in the firm’s Encino office, is representing the seller.

John Vorsheck,  (middle right photo) regional manager of Marcus & Millichap’s Las Vegas office, is also providing representation.

“The Laughlin Bay Marina development project was approved through the efforts of U.S. Senator Harry Reid from Nevada,” says Pour. “This project complements other casino, hospitality and marina operations in the area.”

“The Laughlin Bay Marina is a true oasis in our desert,” said Reid. “This development marks resurgence in growth and the economy, while respectfully protecting the surrounding environment.”

The offering is located at 4000-4040 Marina Lagoon Drive in Laughlin, on the state-protected Laughlin Bay lagoon.

The Laughlin Bay Marina development site is comprised of entitled, graded residential land for 521-marina-front town homes and a recently completed 5,409-square foot clubhouse with fitness center, pool and spa.

There is also a lit boardwalk area with gazebos, sandy beaches and recreational areas. The site is listed for $5 million.

The Laughlin Bay Marina features 110 boat slips, 48 jet-ski slips, a five-story 20,133- square foot climate-controlled boat storage facility, a three-lane launch ramp with operator’s apartment, a 7,280-square foot banquet room with manager’s office and apartment, a restaurant with full commercial kitchen and a lounge/bar.

The property is zoned H1 – hospitality with gambling overlay – Nevada’s highest designation for commercial land developments. The listing price for the marina and other completed structures and facilities is $7.5 million.

The city of Laughlin, Nevada, is located 90 miles south of Las Vegas on the Colorado River. More than 21 million people live within six hours of Laughlin. Los Angeles is approximately five hours away.

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

Marcus & Millichap Capital Corp. Arranges $1.9M Financing for Apartment Building in Valley Village, CA

VALLEY VILLAGE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1.9 million refinancing loan for a multifamily property in Valley Village.

Adam Petriella, (top right photo) a vice president capital markets in the firm’s West Los Angeles office, arranged the loan for the property.

“The borrower’s circumstances required MMCC’s hands-on involvement with his advisors,” says Petriella. “The borrower took cash out and we were able to close the loan in fewer than 60 days.”

The loan has a loan-to-value of 60 percent and a 6.25 percent interest rate, fixed with no prepay.

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

C&W negotiates 2 new leases for Berry Town Plaza in Davenport, FL

ORLANDO, FL – Cushman & Wakefield Associate Director Mindy Boehm (top right photo)  announced two new leases for Berry Town Plaza in Davenport. Both transactions closed on February 2.

Boehm represented the landlord in a 3-year lease for Edy’s Ice Cream Shop and discounted attraction tickets sales office.

Boehm also represented the landlord in a 2-year lease for Number 1 Broker, a real estate office performing brokerage, funding and property management services.

Contact: Brook Hines. Tel: 407-541-4401,,

Ramada Strikes Again! Signs Fourth Management Agreement in Bangkok

PARSIPPANY, N.J. (Feb. 25, 2009) – Following an announcement last September about its first management agreements in Thailand, Wyndham Hotel Group, the world’s largest hotel company with more than 7,100 hotels under 11 brands, today announced the signing of the company’s fourth management agreement in Bangkok.

The Ramada® Plaza Sukhumvit, (top left rendering)  currently being developed by Kijsompong Co. Ltd., will be located on Soi 15 Sukhumvit Road. The 300-room hotel will feature one restaurant, a lobby lounge, rooftop bar, meeting facilities, a swimming pool and fitness facilities. The hotel is expected to open in late 2013.

“Bangkok is an important business and leisure destination in the Asia Pacific region and we are excited to be extending our management platform there,” said Tom Monahan, (bottom right photo)  Wyndham Hotel Group executive vice president of international development. “This hotel will further the brand’s reach and clearly position Ramada as a strong, vibrant and leading brand in the country.”

Wyndham Hotel Group has a managed portfolio of nearly 30 properties around the globe, including the 162-room Wyndham Grand London Chelsea Harbour in London; the 600-room Wyndham Rio Mar Beach Resort and Spa in Rio Grande, Puerto Rico; and the recently opened 588-room Wyndham Xiamen in Xiamen, China.

Contact: Christine Da Silva, +1 (973) 753-6590,

NAIOP Central Florida Names Ron Rogg Investment Property Broker of the Year

ORLANDO, FL--Ronald J. Rogg,  (top left photo) CCIM was awarded the title "Investment Property Broker of the Year - 2009" at the "Best of the Best awards Gala presented by the Central Florida Chapter of NAIOP. This is the fifth consecutive year this title has been bestowed on Mr. Rogg.

Ron was also recognized for completing the largest Central Florida transaction of the year with the investment sale of the 315,000 square foot Quorum Center project.

RealtyTrac Partners with RealtyJoin to Launch New Online Social Networking Forum for Real Estate Investors

IRVINE, CA – February 25, 2010 – RealtyTrac® (, the leading online marketplace for foreclosure properties, today announced a strategic agreement with RealtyJoin™ (, a new and exciting social networking site that allows real estate investors to connect with the people who can help them profitably invest in real estate: agents, brokers and other real estate professions — all 100 percent free.

"RealtyJoin brings key components of social networking to play for real estate investors, home buyers and sellers and real estate professionals," said Rick Sharga, (top right photo) senior vice president of RealtyTrac.

"We believe that our current members will benefit from these interactions, and that by participating in RealtyJoin we will expose the benefits of RealtyTrac's products and services to a broad audience of prospective new members as well."

“RealtyJoin is on a fast growth trajectory, and aims to be one of the most popular real estate social networking sites by the end of 2010,” said Andy Heller (bottom left photo) , co-founder of RealtyJoin. “If you want to succeed in the real estate field, you can’t be a well-kept secret.

"Others need to know who you are and what you are looking to do. You need an easy way of reaching out into your community and finding the customers and vendors that will help your business thrive. RealtyJoin is the first social networking site for the entire real estate industry."

To view questions and answers or to post a question, visit

Arbor Closes $4M Fannie Mae DUS® MAH Coop Loan for Fox Ridge Townhouses in Topeka, KS

UNIONDALE,  NY (Feb.  25, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,000,000 loan under the Fannie Mae DUS® MAH Coop Loan product line for the 200-unit complex known as Fox Ridge Townhouses in Topeka, KS.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.49 percent.

The loan was originated by Michael Jehle, (top right photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “The 200 members of Fox Ridge Cooperative have major renovation plans with the proceeds from our loan,” said Jehle. “They are thrilled to have refinanced at such an attractive interest rate fixed for 30 years.”

Ingrid Principe,
Kelly Maxey,