Thursday, July 22, 2010
The asset commanded a sales price of $475,000.
“This sale was more difficult than normal, as it was only 33 percent occupied and was a short-sale which required lender approval” commented Babb.
“After successfully navigating through the complex process, the seller was released from personal guarantees and the buyer was able to purchase the property at a steep discount to replacement cost with upside potential.”
Wildwood Villas is located at 600 Wildwood Way in the heart of Pinellas County, just south of downtown Clearwater.
This 18-unit apartment community, built in 1972, consists of ten one-bedroom/one-bath units and eight two-bedroom/one-bath units, housed in two, two-story buildings.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
CHICAGO, IL--Cambridge Realty Capital Companies reports closing six transactions totaling $40.4 million during the first half of 2010 and notes that activity totals should be even more robust in the third quarter of this year.
“Given the economic challenges, we’re very pleased with the way the year is shaping up. Based on loans currently being processed, it now appears that third quarter closings alone could exceed totals for the first six months of the year,” said Chairman Jeffrey A. Davis (top right photo).
“With interest rates at current low levels, borrowers are reconsidering the economics of their current situation and giving more serious thought to the refinance option,” he noted.
Cambridge is one of the nation’s leading senior housing/healthcare debt and equity capital providers and consistently ranks among the top FHA-approved HUD 232 Lean lenders. The firm has closed more than 300 senior housing/healthcare loans totaling more than $3 billion since the early 1990s.
In the first half of 2010, the average loan size closed by the company was $6.76 million.
The largest transaction was over $10 million and the smallest was a $1.4 million HUD loan to refinance McGill Terrace Apartments in Chicago. Davis said Cambridge originally provided HUD funding for the 48-unit apartment community in December, 1996.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: firstname.lastname@example.org, Twitter: http://twitter.com/CambridgeCap
PARSIPPANY, NJ– Wyndham Hotels and Resorts, LLC, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN), announced its continued expansion in Louisiana with the opening of the 170-room Wyndham Garden® Hotel Baronne Plaza New Orleans.(top left photo)
Located at 201 Baronne Street in the city’s National Historic Lower Central Business District, the new Wyndham® hotel, built in 1931, was completely renovated in 2009 and still features the building’s original Art Deco stone and granite façade.
The hotel is just 12 miles from Louis Armstrong New Orleans International Airport, within minutes of Ernest N. Morial Convention Center and only one block from the famous French Quarter, home to countless jazz clubs, restaurants and entertainment venues.
“We are proud to welcome the newest Wyndham offering in one of America’s most beloved travel destinations -- with its great location, personalized services and classic New Orleans style, the Wyndham Garden Hotel Baronne Plaza is a wonderful addition to the growing Wyndham family and in serving visitors to this unique and vibrant city.”
Contact: Kathryn Zambito, +1 (973) 753-6590, email@example.com
Uniondale, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,500,000 loan under the Fannie Mae DUS® Small Loan product line for the 48-unit complex known as Villa Serena Apartments in Pittsburg, CA.
The 10-year loan amortizes on a 20-year schedule and carries a note rate of 5.56 percent.
“The low-leverage request on Villa Serena was easy to execute,” said Scharf. “Current occupancy levels required a waiver from Fannie Mae; however, given the long-term ownership and low-leverage level, the deal was approved and closed in five weeks.”
Arbor Closes $1M Fannie Mae DUS® MAH Coop Loan for Birch Run Cooperative in Romulus, MI
The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.41 percent.
The loan was originated by Michael Jehle (lower right photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.
“In addition to paying off HUD, our loan will provide funds for capital improvements to the property. All the members of the cooperative will enjoy the benefits from these improvements,” said Jehle.
Arbor Closes $6M Fannie Mae DUS® Coop Loan for Three Fountains West Cooperative in Indianapolis, IN
Uniondale, NY (July 22, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,000,000 loan under the Fannie Mae DUS® Coop product line for the 300-unit complex known as Three Fountains West Cooperative in Indianapolis, IN.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.31 percent.
The loan was originated by Michael Jehle, Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.
“All proceeds from this loan will be put back into the property for kitchen and bathroom upgrades, new flooring and new windows,” said Jehle. “The members of the cooperative are thrilled to receive these improvements to their units.”
Contact: Ingrid Principe, Marketing Manager, 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
ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announces that John Kerin (top right photo) has been named the president and chief executive officer of the firm effective July 1, according to founder and chairman George M. Marcus (top left photo).
Kerin is a senior vice president and managing director of the firm, overseeing 18 offices nationwide.
“The depth of John’s experience and having supervised numerous operations throughout the country for the past several years gives him the knowledge and understanding essential to strengthening our value proposition,” he adds.
Since joining the firm in 1981, Kerin ranked among the top 10 agents nationwide in 1985 and 1986 and was promoted to senior investment associate.
In 1987, he was promoted to regional manager of the Los Angeles office where he succeeded in making it one of the top-producing offices. He was elected first vice president in 1994 and managing director in 1996.
“The recent market dislocation reinvigorated the importance of value-added brokerage, which has always been Marcus & Millichap’s driving force,” says Kerin.
“We have demonstrated our unique ability to help investors strategize and have executed more transactions than any other source in one of the most difficult markets.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of an 18,000-square-foot medical office building fully leased to US Oncology Holdings in Lewisville, Texas.
HFF director Coler Yoakam (top right photo) and managing director Mark West (top left photo) led the investment sales team on behalf of the seller, CC Lewisville MOB, L.P. A health care REIT purchased the property free and clear of debt.
Completed in 2000, the property is leased to Physician Reliance, LP (US Oncology Holdings) on a NNN basis. US Oncology Holdings is a national oncology services company and cancer treatment and research network.
Coler Yoakam, HFF Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF arranges $2.65M financing for Village at Timarron in Southlake, TX
Working exclusively on behalf of Timarron Venture, Ltd., a Dallas-based limited partnership assembled by Cencor Realty Services, HFF associate director Travis Anderson placed the seven-year, fixed-rate loan with First National Bank & Trust Co. of McAlester.
Loan proceeds were used to place first lien debt on the property, which was acquired in April by Timarron Venture, Ltd.
Village at Timarron is leased to tenants including Frost Bank, Spa D’Aroma, Studio A, Nelson’s, Adventure Kids, Salon DeMello, Hexter Fair Title Company, Duncan Cleaners and K&C Tailor.
Cencor Realty Services offers property management, asset management and development services. Cencor is one of the largest property management firms in Texas and one of the 25 largest such firms in the United States.
Cencor currently represents approximately 21 million square feet of space throughout Texas' major market areas of Austin, Dallas, Fort Worth, Houston and San Antonio.
HFF arranges sale of promissory note secured by a senior mortgage encumbering a mixed-use condominium in Coral Gables, FL
MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged the sale of a promissory note secured by a senior mortgage encumbering The Ponce De Leon Condominium (lower right photo), a mixed-use condominium building in Coral Gables, Florida.
HFF managing director George Vail director Jaret Turkell and executive managing director Manny de Zárraga (bottom left photo) led the investment sales team on behalf of Wells Fargo Bank, N.A. W Capital Group purchased the note.
Completed in 2008, The Ponce De Leon Condominium has 50 one-, two- and three-bedroom units plus 20 retail and office condominiums.
The note was secured by the 32 unsold residential condominium units totaling approximately 36,395 square feet as well as eight commercial condominium units totaling approximately 6,836 square feet.
George Vail, HFF Managing Director, (305) 448-1333, firstname.lastname@example.org
Jaret Turkell, HFF Director, (305) 448-1333, email@example.com,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
“Larry is a fantastic addition to our team,” said Grace Huebscher (top right photo), president and chief executive officer of Beech Street Capital. “With almost 20 years of DUS experience and over $4 billion in multifamily origination, Larry will be integral to the growth of Beech Street’s origination platform.”
Prior to joining Beech Street Capital, Sneathern was with PNC ARCS for 15 years and most recently was regional senior vice president. Six of his 15 years at PNS ARCS, Sneathern was the compnay’s top loan producer.
“I am very excited to become a member of the Beech Street Capital team,” said Sneathern. “I believe Beech Street is returning to the entrepreneurial lender model of the late-90’s; the firm is not encumbered by a legacy book or bureaucracy so we can be more responsive to the borrower’s needs.”
Sneathern will be working out of the Company’s Dallas office.
Contact: Sharee Lawler (240-507-1923), EMAIL: email@example.com