Monday, March 15, 2010
ATLANTA, GA (Mar. 15, 2010) – The Bainbridge Companies, a fully-integrated group of multifamily real estate companies, are expanding into the Atlanta market with an agreement to manage Alexan MetroWest Apartments (top left photo).
Developed by Trammell Crow Residential (TCR), Alexan MetroWest is a newly-built 397-unit luxury community located in Atlanta's chic Midtown West Design District.
Bainbridge began managing the multifamily community on March 1. The transaction also strengthens the company’s relationship with TCR, as Bainbridge also manages the Atlanta-based firm’s Alexan Solmar (bottom left photo) in Ft. Lauderdale.
Alexan MetroWest, located at 1040 Huff Road in Atlanta, is a pet-friendly community with studio, one and two bedroom apartments.
The Bainbridge Companies now manage almost 10,000 apartments in Florida, Georgia, Maryland and Virginia.
Contact: Terri Thornton, Thornton Communications (404) 932-4347 Terri@TerriThornton.com
TAMPA, Fla, March 12, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Discount Mini Storage, (bottom left photo) a 52,896 square foot self-storage facility property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,425,000.
Michael A. Mele, (top right photo) vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Michael A. Mele.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
TAMPA, FL– Cushman & Wakefield has successfully negotiated the sale of Hampton Oaks Business Park, located in Tampa, Florida just north of the interchange of I-4 and U.S. 301, for $18.4 million.
Hampton Oaks is a 259,042 square foot master-planned light industrial and flex park that includes six Class “A” buildings. The Property was 93.7% occupied at the time of sale.
Mike Davis, Executive Director of C&W’s Southeast Capital Markets Group, said, “The sale of Hampton Oaks is indicative of the significant number of new non-traditional buyers entering the market.”
Davis and Rick Brugge, CCIM, Associate Director of C&W’s Southeast Capital Markets Group negotiated the sale on behalf of the seller, RREEF. The buyer is Foundation Realty Advisors.
Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com
The dividend will consist of approximately $2,997,000 in cash and 820,000 shares of common stock. The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend or approximately $2,997,000, and therefore, shareholders who elected to receive all cash will receive a combination of cash and stock.
For a complete copy of the company's news release and financials, please contact:
Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications
WASHINGTON, D.C., March 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold The New Amsterdam, (top left photo) a 75,375-square foot multifamily and retail asset in Washington, D.C. The sales price of $11,750,000 represents $156 per square foot, or $130,556 per unit.
Stacey Milam, (middle right photo) a first vice president investments and director of the firm’s National Multi Housing Group in Washington, D.C., represented the seller, a Pennsylvania-based partnership.
“The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.,” says Milam.
Located in the Columbia Heights neighborhood at 2701 14th St., The New Amsterdam is four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center. The mixed-use property’s 90 residential units are currently 99 percent occupied and its four ground-level retail spaces encompass 4,000 square feet.
The lobby was renovated and remodeled in 2008. The residential units will also be renovated as they become vacant.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
Interstate Stockholders Approve Merger with 50/50 Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels
As previously announced on December 18, 2009, under the terms of the merger agreement, the outstanding shares of Interstate common stock will be acquired by HAC for $2.25 per share in cash.
Interstate expects to close the merger no later than March 18, 2010, subject to the satisfaction of various closing conditions of the parties pursuant to the terms of the merger agreement.
Jerry Daly, Daly Gray, (703) 435-6293, firstname.lastname@example.org
Carol McCune Carrie McIntyre, Media SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320
UNIONDALE, NY (Mar. 15, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $20,004,400 loan under the Fannie Mae DUS® product line for the 320-unit complex known as Cobblestone Village Apartments in Summerville, SC.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.
The loan was originated by John Edwards,(top right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our ability to replace existing construction financing with long-term, fixed-rate financing for a repeat Arbor client,” said Edwards. “Additionally, we appreciate Carolina Mortgage Company’s efforts in arranging this financing.”
Contact: Ingrid Principe, email@example.com
HFF secures $2.5M construction/mini-permanent loan for student housing project at Indiana University
Working on behalf of 16th & Dunn LLC, HFF managing director Jon Everson (top right photo) placed the construction loan and 20-year permanent loan (rate resets every five years) with a bank lender. Loan proceeds will be used to finance construction of the project.
Due for completion prior to the start of the Fall 2010 semester, Cherry Hill will contain five duplex buildings (10 units with five beds per unit). The property is 100 percent pre-leased and is located at 1309 North Dunn Street close to the campus of Indiana University (IU), IU’s Memorial Stadium and Assembly Hall.
Jonathan P. Everson, HFF Managing Director, (317) 630-3191, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF Atlanta hires Doug Childers to focus on affordable housing transactions
He joins the Atlanta multi-housing team of Jason Nettles and Megan Thompson (bottom left photo). While Nettles and Thompson will continue to focus on conventional multi-housing dispositions, Nettles will assist Childers in his efforts on the affordable side of the business.
Jason Nettles, HFF Managing Director, (404) 832-8460, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
CHICAGO, IL--Hymie Barber (top right photo) has been named National Originations Manager for Chicago-based Cambridge Realty Capital Companies, with responsibility for generating new business and greater awareness of the company’s senior housing/healthcare funding products nationwide, Chairman Jeffrey A. Davis (bottom left photo) announced.
Barber is Managing Director of The Catalyst Resource Group Inc. and President of Catalyst/Cambridge Healthcare Finance in Los Angeles. He has been affiliated with Cambridge as the company’s West Coast correspondent since 1996 and will continue to serve the company in this role, Davis said.
Over the years, Catalyst/Cambridge has been the company’s most productive correspondent, with more than $500 million in senior housing/healthcare transactions underwritten and closed.
Barber will be discussing Cambridge programs with property owners, brokers and lenders who are seeking to establish a working relationship with a national FHA-approved HUD lender with expertise in the senior housing/healthcare business.
Barber is a graduate of Loyola University in Los Angeles with a BS degree in accounting and economics, and is a Certified Public Accountant (CPA) with extensive experience in real estate finance. For the past 16 years his firm has specialized exclusively in senior housing/healthcare finance.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: firstname.lastname@example.org,