Thursday, July 29, 2010
He also represented Parker Properties in the sale of a 247,000-square-foot parcel of land to Pacific Life Insurance Company, which he later assisted in developing a nine-story office property on for use as Pacific Life’s headquarters.
Ron Price Joins Grubb & Ellis Company as Senior Vice President, Director of Management Services
“Ron’s background in asset management, property management and project management is deep, and his experience at every level of a management services organization makes him an excellent candidate to lead our Southern California property management operations,” said Eric Forshee, executive managing director, Grubb & Ellis Management Services, Inc. “Ron was at the top of our list of prospects because of his reputation and demonstrated success in the marketplace.”
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com
Dr. Phillips Center for the Performing Arts is critical link in Downtown Orlando resurgence, John Crossman says
ORLANDO, FL --- The Dr. Phillips Center for the Performing Arts (top left rendering) is one of Orlando’s “Big Three” projects to redevelop the downtown district.
The new Amway Center (top right rendering) is set to open in October and work to renovate the Citrus Bowl (bottom left photo) is scheduled.
The open parking lot across from City Hall where the Center for Performing Arts will be located is now fenced off with construction to commence shortly, said John Crossman, CCIM, president of Crossman & Company, the Orlando firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast.
Speakers included Davon Barbour, assistant director of the Downtown Development Board/Community Redevelopment Agency, Alexis Jackson, vice president of communications for the Dr. Phillips Center and Walter O’Shea, vice president of development for Hines.
“But long-term, the educational, community and cultural growth that will emanate from the Dr. Phillips Center for the Performing Arts will result in more cultural and educational enrichment and greater long-term benefits,” Crossman said.
For more information, please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
Working exclusively on behalf of Trammell Crow Residential, HFF executive managing director Jody Thornton (top right photo) and associate director John Ahmed placed the 10-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).
Proceeds will be used to retire the existing construction loan and recapitalize the asset with assumable, non-recourse financing. HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.
Headquartered in Dallas, Trammell Crow Residential is a national multi-family real estate firm that owns multi-family rental and condominium communities in most major markets under such prestigious brand names as Alexan and Wynhaven.
John Ahmed, HFF Associate Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
HFF arranges refinancing for San Antonio and Houston multi-housing communities
HFF director Cortney Cole worked exclusively on behalf of Venterra Realty to secure the five-year, fixed-rate on-book loans through Wells Fargo Commercial Mortgage Originations.
Salado Springs is located at 12727 Vista del Norte centrally situated between Interstate 10, US 281, Loop 410 and Loop 1604 approximately eight miles north of San Antonio’s central business district.
Community amenities include a clubhouse, resort-style swimming pool, fitness center, movie theatre, jogging trails and covered parking.
Located at 4201 Fairmont Parkway, Sandstone Apartments is situated immediately inside Beltway 8 and close to the Houston Ship Channel, NASA and Interstate 45 approximately 13 miles southeast of downtown Houston in Pasadena.
The 90% leased property has 54 two-story buildings with one-, two- and three-bedroom units averaging 761 square feet each. Residents have access to six pools, tennis courts, a community center, fitness center and laundry facility.
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets totaling over $600 million in value that generates gross annual income in excess of $80 million.
The organization has completed in excess of $1 billion of real estate transactions. Venterra has offices in both Houston and Toronto and employs over 350 people.
Cortney R. Cole, HFF Director, (713) 852-3500, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
MBA: Second Quarter 2010 Commercial/Multifamily Mortgage Originations Increase Over First Quarter, But Remain Flat Over Last Year
Washington, DC - - Second quarter 2010 commercial and multifamily mortgage loan originations were one percent higher than during the same period last year and 35 percent higher than during the first quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
"Borrowing remains light as few commercial property owners are selling or refinancing their properties unless they have to," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.
Faris Lee Investments' Creative Deal-Making Completes 2 Los Angeles County Retail Property Sales Totaling Nearly $13M
IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory team, has successfully closed two Los Angeles-area property transactions totaling nearly $13 million.
The 100 percent-leased assets include a property occupied by CVS/pharmacy and Starbucks Coffee Drive-Thru in Paramount that sold for $7.95 million, and Burger King Plaza (top left photo) located in Los Angeles that sold for $4.95 million with tenants including Burger King, ACE Cash Express and neighborhood shops.
“Critical to the current market, Faris Lee managed the complex task of transferring assumable CMBS loans to the new buyers while at the same time obtaining sale prices exceeding the sellers’ expectations,” said Richard Walter, (top right photo) president, Faris Lee Investments.
“In these transactions, the buyers were not only able to obtain below-market financing, they were able to capture favorable non-recourse provisions, meaning that their financial liability is limited.”
Though the assumption process can be complex, CMBS loans offer substantial benefits to the buyer that conventional bank loans do not.
Loan assumption is an especially attractive option in high interest rate environments and tight credit environments. Unlike conventional bank financing, the CMBS loan offers non-recourse provisions to the buyer.
“The CMBS loan assumption process is long and complicated due to the numerous parties involved and the long list of requirements that must be met,” said Nick Coo, managing director for Faris Lee Investments.
On the first transaction, Coo represented the seller, Los Angeles-based Topaz Paramount, LLC, as well as the buyer, Texas and Southern California-based NASA Paramount Centre Enterprises, LLC.
The property provided the buyer with a more favorable CMBS loan with a superior 5.76 percent fixed interest rate, significantly below current market interest rates. The 15,722-square-foot property located at 8859 Alondra Blvd. was built in 2008 and is situated at the intersection of Lakewood and Alondra Blvd.
For Burger King Plaza in Los Angeles, Coo represented the seller Los Angeles-based 7201 South Figueroa, LLC. Coldwell Banker represented the 1031 exchange buyer UHL, LLC, from Southern California.
It is situated at the major intersection of Figueroa St. at Florence Ave. The assumed CMBS loan featured a fixed interest rate of 6.2 percent for seven years and is amortized over a 30-year schedule. Considering the difficulty in obtaining retail loans in today’s environment, the assumed loan provided unmatched financing for the buyer.
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments