Thursday, July 8, 2010
MIAMI, FL - Holly Sime Realty, one of South Florida’s leading commercial real estate brokerage, investment and property management firms, has been appointed exclusive leasing agent for the Grand Bay Plaza (top left photo). The building is owned by Grand Bay Grove, LLC.
Holly will offer full floors up to 13,000 square feet to tenants for lease. The building has a total of 164,000 square feet and 52,000 square feet available for lease.
The company is known for its leadership in green building initiatives having developed Miami’s first ground-up LEED Certified green high-rise office building – Miami Green.
Holly Sime Realty handles all brokerage, leasing and investment sales while Holly Adler Property Management is a joint venture between Holly Real Estate and The Adler Group, offering full service commercial property management services throughout South Florida.
Cambridge Arranges $8.46M HUD Construction and Permanent Mortgage Loan for Alden Estates of Skokie, IL
CHICAGO, IL--Cambridge Realty Capital Companies has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for Alden Estates of Skokie (top left photo), a 56-bed skilled nursing home facility in Skokie, Ill.
Cambridge Chairman Jeffrey A. Davis (lower right photo) said the $8.46 million HUD Section 232 loan will refinance and fund substantial rehabilitation work at the property.
The interest rate was not disclosed.
Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.
Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: firstname.lastname@example.org
Uniondale, NY (July 8, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,150,000 loan under the Fannie Mae DUS® product line for the 120-unit complex known as Pine Trails Townhouses in Clinton, MS.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.90 percent.
The loan was originated by Edward Petti (top right photo), Director, in Arbor’s full-service New York, NY lending office.
“This experienced sponsor was looking to refinance an existing CMBS mortgage,” said Petti. “Other lenders were not able to be as competitive and Arbor’s experience came through, ultimately closing the deal.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1
Working on behalf of W. P. Carey & Co. LLC’s non-traded REIT affiliate, CPA®:17 – Global, HFF senior managing director Paul Stasaitis (top right photo) placed the seven-year, fixed-rate acquisition loan with Prudential Mortgage Capital Company.
HFF managing director Hermen Rodriguez, (top left photo) executive managing director Manny de Zarraga and director Ike Ojala (middle right photo) were the brokers in the sale of the property from Brookfield Asset Management to the W. P. Carey affiliate.
This location is adjacent to Tampa International Airport and close to Interstate 275, State Route 60 and Veterans Expressway.
The four-story properties are fully leased to JP Morgan Chase on a long-term basis. Fountain Square I is a 135,666-square-foot building with a 708-space garage and a retail bank branch. Fountain Square III, completed in 2000, has 176,150 square feet plus a 912-space garage, a cafeteria, training rooms and a daycare facility.
Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852 3500,
HFF arranges $10.3M financing for three Charlotte, NC office buildings
HFF senior managing director Susan Hill (middle left photo) worked exclusively on behalf of the borrower, BRI 1828 Arrowpoint LLC, to secure the fixed-rate loan through Unum Life Insurance Company of America.
Loan proceeds were used to acquire the properties. BRI 1828 Arrowpoint LLC is a Florida-based investment management company.
Arrowpoint I, II and III are located at 9140 Arrowpoint Boulevard close to the Interstate 77 and 485 interchange southwest of downtown in the Arrowpoint Center Office Park.
Susan L. Hill, HFF Senior Managing Director, (713) 852-3500, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF closes sale of and arranges financing for Atrium at Park Ten in Houston’s Energy Corridor
The HFF investment sales team was led by senior managing director Dan Miller (middle right photo) and associate director Martin Hogan (middle left photo), who marketed the property on behalf of the seller, KBS Realty Advisors. Beacon Investment purchased Atrium at Park Ten for an undisclosed amount.
Atrium at Park Ten is situated on six acres at 16340 Park Ten Place within the Park Ten office center in Houston’s Energy Corridor, west of downtown.
The property has undergone nearly $2 million in capital improvements in the past eight years and is 88% leased to tenants including RSC Equipment Rental, Dockwise USA and Trendmaker Homes.
Atrium at Park Ten provides a perfect alternative to tenants seeking a high-quality, well-maintained office environment at an attractive price relative to Class A rental rates,” said Miller.
KBS Realty Advisors, an SEC-registered investment advisor, and its affiliate, KBS Capital Advisors, are one of the nation's largest buyers of commercial real estate and structured debt investments, having consummated more than $16.5 billion in transactional volume.
Beacon Investment LLC is a privately-owned real estate investment management firm based in Miami.
H. Dan Miller, CCIM, SIOR,HFF Senior Managing Director (713) firstname.lastname@example.org
Susan L. Hill,HFF Senior Managing Director (713) 852-3500 email@example.com
Kristen M. Murphy,HFF Associate Director, Marketing (713) 852-3500 firstname.lastname@example.org
HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of and arranged financing for Broadstone Walker Commons, a Class A, REO multi-housing community in League City, Texas.
HFF senior managing directors Craig LaFollette, Todd Stewart and Todd Marix, director Tre Banks and associate director Chris Curry led the investment sales team on behalf of the seller, a bank participation with Bank of America as the agent bank.
The loan will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.
Situated on nearly 20 acres, Broadstone Walker Commons is located at 1751 West Walker Street close to Interstate 45 (Gulf Freeway), southeast of downtown Houston in League City.
The 91% leased property was completed in 2008 and has 352 units averaging 928 square feet each. Community amenities include a resort-style pool and clubhouse with business and fitness center.
Based in Vancouver, British Columbia, Sunstone Realty Advisors invests in opportunistic properties in Canada and the United States.
G. Craig LaFollette, HFF Senior Managing Director, (713) 852-3500, email@example.com
John S. Brownlee, HFF Senior Managing Director, (214) 265-0880, firstname.lastname@example.org
Kristen M. Murphy,HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF closes sale of 12-property student housing portfolio in Tallahassee, FL
HFF director Brian Kelly (lower right photo) marketed the portfolio on behalf of the special servicer and receiver, LNR Partners, Inc.
The properties were purchased by four buyers: Shady Lane Holdings, The Cottages of Tallahassee, LLC, AMCO Properties and Mesco, Ltd.
Individual property breakouts are listed below:
Buyer Properties # of Units/# of Beds
Shady Lane Holdings Jennings Place Cottages 6 Units/18 Beds
Cottages of Magnolia 38 Units/152 Beds
University Gardens II 20 Units/80 Beds
Cottages of Harrison 4 Units/16 Beds
The Cottages of Tallahassee, LLC Cumberland Forest 28 Units/112 Beds
Cottages of Rumba 14 Units/24 Beds
Cottages of Glenda 12 Units/20 Beds
AMCO Properties, LLC 1111 On High 136 Units/344 Beds
Villa Casa Cortez 138 Units/254 Beds
Mesco, Ltd. Osceola Village Hall 114 Units/334 Beds
Osceola Village Suites 46 Units/184 Beds
Sweet Bay Club 41 Units/164 Beds
“This portfolio represented a tremendous opportunity for income and NOI growth as all the properties were performing below market in terms of rent and occupancy rates,” said Kelly.
LNR Property Corporation is a diversified real estate, investment, finance and management company.
Brian J. Kelly, HFF Director, (317) 630-3191, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured post-closing acquisition financing of $8.6 million for an 82,957-square-foot Kohl’s at the South Bay Galleria (middle left photo) in Redondo Beach, California.
Working exclusively on behalf of an institutional client, HFF senior managing director Paul Brindley (top right photo) and director John Crump placed the five-year, fixed-rate loan with Nationwide Life Insurance Company.
The two-story property, located at 1799 Hawthorne Boulevard is part of the 950,000-square-foot South Bay Galleria regional mall in Redondo Beach.
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
CHICAGO, IL, July 8 /PRNewswire/ -- Michael McKiernan, (bottom right photo) Avison Young Principal and Managing Director of the company's Chicago office, announced today that two leading commercial real estate brokers have joined Avison Young's brokerage operation.
Effective immediately, Jason Kleiman (top right photo) becomes a Principal of Avison Young and a member of the office tenant representation group in Chicago.
Kleiman was formerly Managing Principal at Lakefront Advisory Services, a corporate real estate advisory practice that focuses on the representation of users of office space.
Avison Young is Canada's largest independently-owned commercial real estate services company. The firm opened its first U.S. office in Chicago, IL in 2009, followed by U.S. offices in Washington, DC, Atlanta, GA and Houston, TX over the past half year.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals
LAKELAND, FL, July 8, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Highlands Storage (top left photo), a 59,102-square foot self-storage facility located in Lakeland, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $1,250,000.
Michael A. Mele (bottom right photo), vice president investments and senior director of the National Self Storage Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the REO Department of a National Bank, as well as the buyer, a private investor based out of Florida.
The property includes one multi-story, climate controlled building with a manager’s office. This REO asset was priced well below replacement cost.
“This was the second bank deal we have closed this year,” says Mele. “We have several more in the pipeline. I think you will see the banks and special servicers being very active in selling their self-storage assets in the next twelve months.”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
ENCINO, CA – The Community Living Assistance Services and Supports (CLASS) Act, part of the federal government’s sweeping healthcare reform legislation, will have a significant impact on the seniors housing market, according to a new report issued by Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm.
“New healthcare reform may cause some pricing instability for seniors housing facilities but assisted living facilities will likely experience the most long-term benefits from the legislation,” says Gary R. Lucas (top right photo), managing director and senior vice president of the firm’s National Seniors Housing Group (NSHG).
The CLASS portion of the healthcare reform bill will set up government-sponsored, long-term care insurance, which could revalue skilled nursing facilities nationwide, explains Lucas.
Consequently, premiums will fall short of benefits paid out after the five-year vesting period, leading to further stress on Medicaid and reduced payouts under the current system.
Since most of the value in skilled nursing facilities relates to the profitability of the business and not its physical site, any decrease in Medicaid payouts will lower the value of the business.
For a copy of the Seniors Housing Research Report from Marcus & Millichap, please visit http://www.marcusmillichap.com/.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
CHICAGO, IL, July 8, 2010 - As stock markets slide downwards, treasury rates follow suit with five and ten-year yields rounding down about 30 basis points lower from June -- below 2% and 3%, respectively, reports The Real Estate Capital Institute's July Scoreboard.
Combined with dropping spreads, borrowers are now enjoying fixed rates in the 4% to 5% range for lower leveraged loans. Floating-rate loans stay attractive, sometimes below 4%, as fears of inflation dissipate for the time-being.
Oversupply of funds being mismatched against a much sought-after supply of
higher-quality funding opportunities is the theme for much of 2010. However, this issue is evermore pronounced as lenders are under more pressure to fund such assets.
Unlike the past two years, the real estate capital markets are more stable as fresh transactions established new value benchmarks helping to remove valuation uncertainty from the underwriting process.
Look to a flurry of aggressive lending at the end of the summer, when most capital
sources realize production levels are inadequate.
While still trying to maintain underwriting discipline, lenders seek creative funding solutions. For the most part, lenders continue to impose floors to dampen yield erosion.
The yield dams, however, will break as more monies flood the market. Expect longer amortization schedules (returning to 30 years), leverage approaching 75% or greater and funding flexibility such as partial fundings and forward-delivery loans. However, debt service coverage will remain at about 125%, since rates are relatively low.
The Real Estate Capital Institute's director, Jeanne Peck (top right photo) expects
"Qualified borrowers are fast gaining the upper hand in negotiating debt. Low rates combined with more attractive leverage translate to fantastic cash flow opportunities."
Adding, "However, the equity markets see such competitive financing as reasons to maintain solid pricing, as refinancing remains a very real option vs. liquidation."
Contact: Jeanne Peck, Executive Director, Toll Free 800-994-RECI (7324)
PLEASANT HILL, CA, July 8, 2010 /PRNewswire/ -- Property Sciences, a national real estate appraisal and consulting firm, has formed a strategic alliance with Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm.
During the initial launch, Property Sciences will work with a strategic network of Marcus & Millichap's offices to provide lenders with a broad range of portfolio valuation services.
"Marcus & Millichap has steadily increased its menu of services for banks, appraisers and borrowers," explains Stephen Stein (lower left photo) , regional manager of the firm's Los Angeles office. "In 2006, the firm expanded its Special Assets Services division, and began offering more tools for lending institutions and investors facing loan delinquencies, REOs and other distressed situations."
For more information on Marcus & Millichap visit http://www.marcusmillichap.com/
Founded in 1984 by Paul Chandler (top right photo), MAI, Property Sciences is a nationwide full-service appraisal and consulting firm providing residential and commercial appraisals, reviews, portfolio valuation services, and HVCC-compliant appraisal management platform technology solutions for residential mortgage lenders and investors.
For more information, please visit http://www.propsci.com/.
Media Contact: Tonya HayesStrategic, Communications925.email@example.com
Corporate Contact: Andy Mekjavich, VP Property Sciences925.246.7326
RealtyBid.com and Marcus & Millichap Special Assets Group Establish Commercial Real Estate Bidding Website
RAINBOW CITY, AL /PRNewswire/ -- Online Real Estate Bidding Leader RealtyBid.com has partnered with the Special Assets Group of national commercial real estate broker, Marcus & Millichap, to develop CommercialBid.com, a bidding site for commercial real estate assets.
The new website officially launched July 1, 2010, with the online unveiling of a special bidding event offering commercial property and commercial loans valued at more than $60 million from the Marcus & Millichap Special Assets Group (MMSAG). Online bidding for this more than $60 million of assets will take place August 3-5 on CommercialBid.com.
RealtyBid.com CEO/President Tony Isbell said now is the ideal time for potential buyers to turn their eyes toward the commercial market.
"RealtyBid has been watching the commercial market for the past two years and evaluating the timing of rolling out a commercial auction strategy," Isbell said. "Our new relationship with MMSAG provided the perfect entree into this market at a time when we can be most beneficial to buyers and sellers."
Jacob Steele, (middle right photo) director of Marcus & Millichap's Special Asset Group, agreed. "MMSAG's partnership with RealtyBid.com and the creation of CommercialBid.com generate an extremely powerful accelerated marketing process for lenders and private sellers to maximize commercial property and loan values," he said.
Contact: : Daphne Shannon, Marketing Director of RealtyBid.com, +1-256-549-4463, Daphne.Shannon@RealtyBid.com
Web Site: http://www.realtybid.com/