Thursday, August 5, 2010

Grubb & Ellis Commercial Florida Relocates Orlando Headquarters to Larger Facilities

ORLANDO, Fla. --- Grubb & Ellis Commercial Florida is relocating its Central Florida headquarters to larger facilities at 20 N. Orange Ave. (middle left map)  in downtown Orlando.

Jeff Sweeney (top right photo), SIOR, president of Grubb & Ellis
Commercial Florida, said the new 7,000 square foot headquarters facility will allow room to grow.


“We are expanding, and will be hiring more commercial real estate professionals,” Sweeney said.

The firm was headquartered at a 5,600 square foot suite in the Landmark Center at 315 E. Robinson St. in downtown Orlando.

Contact:

Jeff Sweeney, SIOR 407-481-5387, 20 N. Orange Ave., Orlando, FL 32801, http://www.commercialfl.com/
Larry Vershel Communications, 407-644-4142

Mercantile Capital Corp. CEO Chris Hurn working hard to convince support of Obama administration’s HR 5297 small business bill


ALTAMONTE SPRINGS - Mercantile Capital Corporation Chief Executive Officer Christopher G. Hurn (top right photo) in Altamonte Springs is more at home on the Fox News set or the pages of Forbes magazine than his current soap box — stumping to drum up Republican support for HR 5297, the Obama (middle left photo)  administration’s efforts to provide capital for small businesses neglected by the major banks.

“This is a no-brainer for me,” said Hurn. “HR 5297 will benefit American small businesses. That’s the core of the American economy. That’s the primary job-creating sector of the economy,” he said.

“We’ve spent billions bailing out financial services and major manufacturers, making short term transfer payments and extending unemployment benefits, with little to show in stimulating the U.S. economy,” Hurn said.

“In the end, American small business will shoulder all those bills. We’ve got to fix the economy, and HR 5297 is the first big step in the right direction that I’ve seen so far,” he said.

Mercantile Capital Corporation ranks among the most active providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

For more information about this press release,  contact:
Chris Hurn, CEO/Cofounder, Mercantile Capital Corporation, 407-786-5040;
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040;
Larry Vershel, Larry Vershel Communications 407-644-4142

Grubb & Ellis Adds Industrial Capabilities to Phoenix Office with Addition of Erik Marsh as Vice President


PHOENIX, AZ (Aug. 5, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Erik Marsh (top right photo) has joined the company as vice president, Industrial Group, primarily specializing in sales.

“Erik demonstrates a high level of commitment to the industry and his clients. That’s why he has experienced remarkable success in his six-year career,” said Pete Bolton, (top left photo) executive vice president and managing director of Grubb & Ellis’ Phoenix office. “He is an excellent addition to our office and I am pleased to welcome him to the team.”

Marsh joins Grubb & Ellis after spending six years with Marcus & Millichap, where he began his career and ultimately rose to the position of vice president.

During his tenure at Marcus & Millichap, he received several local office recognitions, including the 2008 Sales Achievement Award, 2007 Gold Sales Recognition Award and 2006 Sales Recognition Award. He has completed transactions valued in excess of $140 million since 2004.

Marsh holds a bachelor’s degree from the United States Merchant Marine Academy. He is a member of NAIOP and the Urban Land Institute, where he serves on the Young Leaders Group Partnership Forum. He also serves as a Lieutenant in the U.S. Navy Reserve.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Home at Last 2010 House Design Completed

 OAKLAND, Fla., August 5, 2010 — Architect Jack Scott of Winter Park Design has completed the design of the 2010 Home at Last House (top left rendering) , a special project of West Orange Habitat for Humanity that builds mortgage-free homes for disabled combat wounded veterans of the Iraq and Afghanistan wars.

(Rendering Caption: Rendering donated by artist Jim Hansen depicts the 2010 Home at Last residence of Sergeant Major Patrick Corcoran and his family being built in Oakland, Florida.)

 Designed to meet the needs of this year’s recipient, Sergeant Major Patrick Corcoran a paraplegic wounded by an improvised explosive device in Afghanistan in August 2009 and his family, the one-level home is entirely handicapped accessible.

The painted stucco fa├žade and shingle roof of the modern-style ranch features outlets, switches and thermostats that accommodate a person in a seated position. Hallways are four-feet wide and doors are 36-inches wide for easy wheelchair access throughout the residence. Level changes are ramped including ingress and egress points.

The master bath has a roll-in shower, and the floor plan includes an exercise/rehabilitation room to allow SGM Corcoran to continue rehabilitation. Accessible elements in the kitchen and laundry room accommodate both disabled and able-bodied family members.

Pro bono design and general contracting services are provided by Winter Park Design, Winter Park Construction, Hensel Phelps Construction Company and A.D. Owens Construction Corp. Subcontractor labor and materials are currently being sought to meet the goal of providing this $300,000 home to the Corcoran family without a mortgage.

A groundbreaking will be held in late August to kick-off construction. The home is planned for completion in early 2011.

SGM Corcoran of the 10th Mountain Division 2/87 Infantry Battalion was wounded on August 13, 2009 when a 500 pound improvised explosive device exploded along a paved road in the Wardak province, Afghanistan.

He sustained brain and neck injuries, two broken legs and a broken ankle, a broken pelvis, torn knee ligaments, broken scapula, torn rotator cuff, and a piece of shrapnel tore through his back causing a vertebrae burst fracture with 90% spinal cord compromise that left him paralyzed from the waist down.

The 23-year veteran is the recipient of the Bronze Star, Purple Heart, Meritorious Service Medal, Army Commendation Medal, Combat Infantryman Badge, Senior Parachutist Badge and more. SGM Corcoran’s family includes his wife Becky and two sons.

Home at Last was founded as a special project of the West Orange Habitat for Humanity organization in late 2007. The non-profit is committed to building at least one home each year mortgage-free for a combat wounded, disabled veteran of the Iraq and Afghanistan wars. The organization built a home in 2008 and 2009.

The 2010 home is underway. All homes are built entirely on donations and in-kind contributions of construction labor and materials. Home at Last’s founder, Bill Criswell, was recently honored by Major League Baseball and PEOPLE magazine as one of only 30 winners nationwide as an All-Star Among Us for his work with Home at Last. Please visit www.habitathomeatlast.org to donate or for more information about Home at Last.

West Orange Habitat for Humanity, a recognized affiliate of Habitat for Humanity International, was founded in 1990 at Oakland Presbyterian Church. The goal of Habitat for Humanity is to bring families and communities in need together with volunteers and resources to build simple decent and affordable homes.

PR contact: Elaine Ingra, PR WORKS, 407 348-1344, elainei@pr-works.com

Southern Commercial Completes 22,508-SF New Lease in Orlando


ORLANDO, FL.(August 5, 2010) Principal Moses Salcido (top right photo), SIOR of Southern Commercial Real Estate Advisors completed a 22,508 square foot new lease at 1401 Ocoee Apopka Road, Apopka, Florida (Northwest Distribution Center).

Salcido represented the Landlord, Oakmont Apopka Road, LLC. The Tenant is Container Centralen Inc.

Media Contact: Celeste MacKenzie,  Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801
cmackenzie@southerncommercialre.com

MBA Applauds Senate Passage of Bills to Help Stabilize FHA Multifamily and Single Family Programs

WASHINGTON, D.C. (August 5, 2010) - The Mortgage Bankers Association (MBA) today lauded Senate passage of H.R. 5872, a bill to increase the Federal Housing Administration's (FHA) multifamily commitment authority, and H.R. 5981, which would allow FHA to increase its annual premiums for its single family program.

 Both bills passed the Senate last night and will now go to the President for his signature.

H.R. 5872, which passed the House of Representatives last week, increases FHA's commitment authority for its multifamily insurance programs by $5 billion for the remainder of the fiscal year.

Without this increase, FHA would have exhausted its current authority sometime in mid-August and would have been forced to stop issuing any commitments to insure the loans in their current pipeline of applications until the next fiscal year, which begins October 1st.

"FHA's multifamily programs have been a critical source of funding to build and renovate multifamily and rental housing during the recent credit crunch," said Robert E. Story, Jr., (top right photo)  CMB, Chairman of MBA.

 "MBA has been working tirelessly with officials at FHA and on Capitol Hill to help keep the program up and running and we are gratified that Congress acted before a shutdown became reality."

The other bill, HR 5891, will permit FHA to increase its annual premiums, raising the statutory cap from 0.55 percent to 1.55 percent. The legislation is nearly identical to one of the key provisions of the broader FHA Reform Act, which passed the House in June but has yet to be considered by the Senate. The House had passed HR 5891 last Friday, July 30.

"While premium increases are never ideal, this bill was necessary to help improve the strength and stability of FHA's single family programs," commented Story.

 "We are encouraged that FHA Commissioner David H. Stevens (middle left photo) has indicated he may not need to raise premiums to the maximum, and we believe that that a small increase in the annual premium, coupled with a decrease in FHA's upfront premium, will help stabilize FHA while lowering closing costs for many borrowers."

In October, MBA established an executive-level task force, including both single family and multifamily lenders, to help shape policy recommendations to ensure FHA can continue to fulfill its crucial mission in an evolving mortgage marketplace.

MBA's Council on the Future of FHA has spent the last six months looking at the critical issues facing FHA and Ginnie Mae, and will be releasing its recommendations in the near future.

Contact: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org

Cambridge Arranges $14M Conventional Loan for 3 Assisted Living Properties in Glendale and Valley Village, CA


CHICAGO, IL--Cambridge Realty Capital Companies has closed on a $14 million, three-year conventional mortgage loan for a portfolio of three assisted living properties located in Glendale and Valley Village, Calif., Chairman Jeffrey A. Davis announced.

Davis said Cambridge originally provided HUD financing for two of the properties, the Glen Park East Retirement Community and Glen Park West Retirement Community in Glendale, Calif., 12 years ago in 1998.

 The third property included in the transaction is the Laurel Canyon Retirement Community in Valley Village, Calif.

According to Davis, the loan package provided cash-out for the borrowers and estate planning assistance and allowed them to continue in their ownership for three separate limited liability companies administered by owner Tillman Pink III.

Davis says the company’s long-term relationship with the borrowers dates back more than 15 years. The new three-year conventional loan, amortized over a period of 25 years, was coordinated in house by Cambridge.

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.


MORE OPPORTUNISTIC FINANCING STRATEGY MIGHT SERVE SENIOR HOUSING/HEALTHCARE BORROWERS BETTER, FUNDING EXPERT BELIEVES


CHICAGO, IL--If economists at the Federal Reserve Board have it right, a return to economic normalcy is not in the cards anytime soon.

In the Dickensian picture painted by the Fed, unemployment remains high but the odds of inflation ramping out of control are low.

Both household and business spending have been increasing, but “international spillover” from the European debt crisis is causing further contraction in the U.S. capital market.


“From the perspective of senior housing/healthcare owners and investors, it is the best of times because interest rates are near historic lows and drifting lower. But tight credit markets remain problematic,” funding expert Jeffrey A. Davis (middle right photo)  observes.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing healthcare lenders. The firm also is involved in property acquisitions and joint venture investments through its Cambridge Investment & Finance Co. subsidiary.

“The Fed is suggesting that it could take another five to seven years for the economy to work its way back to what passed for normalcy not long ago.

" In the meantime, senior housing/healthcare owners may be well advised to consider a long-term financial strategy that is both patient and opportunistic,” he suggests.

For example, for borrowers who can take advantage, interest rates on HUD 232 Lean loans are near rock bottom after drifting steadily lower in recent weeks.

HUD rates tend to move up and down based on developments in the U.S. government bond market. And rates on 10-year Treasury notes have been moving steadily lower, from 3.76 percent in April to 3.03 percent by mid-July, as investors forsook volatility in the stock market, Davis points out.

“Although opportunities for funding new construction are limited, refinancing an existing loan using the new HUD Lean product should make sense to a growing number senior housing/healthcare owners,” he believes.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

Sceptre Hospitality Resources Names Scott Dahl to Lead Business Development

DENVER, CO., Aug/ 5, 2010—Sceptre Hospitality Resources, a leading revenue generation and eCommerce firm specializing in the hospitality industry, today announced that it has appointed Scott Dahl to lead business development.

 In his new role as vice president of business development, he will be responsible for growing the company’s existing revenue streams, as well as identifying and developing new products and services that help hotels capture more top-line revenues through an aray of sales, marketing, reservations and revenue management services.

“With more than 25 years of hospitality and sales experience, Scott is an ideal choice to help us expand our business as the economy continues to rebound,” said Bill Linehan (top right photo), Sceptre’s chief marketing officer.

“Recently named one of the ‘25 Outstanding Minds in Hotel Sales and Marketing,’ we fully expect Scott to bring new and exciting growth opportunities to the table as we pursue our goal to be the leading provider of eCommerce solutions to the hospitality industry.”

Contact: Jerry Daly or Chris Daly, (703) 435-6293

Aloft Charlotte Uptown Receives National and Regional Acclaim


CHARLOTTE, NC, Aug. 5, 2010 – The secret is out! The Aloft Charlotte Uptown (top left photo) is the place to stay when visiting “North Carolina’s Queen City” for business or for pleasure.

The buzz continues throughout the Charlotte area as the hotel was recognized by Elevate Lifestyle Awards “The Best of the City 2010” and by Charlotte Magazine as being home to the “Best Hotel Bar.”

The hotel’s national reputation is growing substantially as the Aloft Charlotte Uptown was recently named by US AIRWAYS Magazine as one of their “Cool Hotels for Doing Business.”

“The recognition that Aloft Charlotte Uptown is getting from these prestigious third parties is a true testament that the hotel’s talent is embracing the vision for the Aloft brand,” said Brian McGuinness, (lower right photo)  Senior Vice President of Specialty Select Brands for Starwood.

Aloft Charlotte Uptown is part of the EpiCentre which features premier shopping, entertainment and fine dining. The EpiCentre serves as a central link of Overstreet Mall and provides a pedestrian bridge connecting the headquarter buildings for Bank of America and Wachovia.

Media Contact: Bonnie Herring, Noble Investment Group, 404.262.9660, bonnie.herring@nobleinvestment.com

Marcus & Millichap Names Brandon J. Rex to Vice President Investments in Fort Lauderdale, FL

FORT LAUDERDALE, Fla., Aug. 4, 2010 – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brandon J. Rex (top right photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gregory Matus (top left photo), regional manager of the firm’s Fort Lauderdale office.

Most recently, Rex held the position of senior investment associate.

Rex began his career with Marcus & Millichap in 1999, specializing in multifamily investment sales.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Regency Centers Reports Second Quarter Results


JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced  financial and operating results for the quarter ended June 30, 2010.

Earnings and Operations

Regency reported Recurring Funds From Operations (FFO) for the second quarter of $49.1 million, or $0.59 per diluted share, compared to $48.0 million and $0.62 per diluted share for the same period in 2009.

 For the six months ended June 30, 2010, Recurring FFO was $101.4 million and $1.22 per diluted share, compared to $101.2 million and $1.36 per diluted share for the same period last year.

Regency reported FFO for the second quarter of $48.5 million, or $0.58 per diluted share. FFO for the same period in 2009 was $19.2 million and $0.24 per diluted share.

For the six months ended June 30, 2010, FFO was $97.2 million and $1.17 per diluted share, compared to $74.2 million and $1.00 per diluted share for the same period last year.

For a complete copy of the company's news release and financials, please contact Regency Centers Corp., Lisa Palmer, 904-598-7636, www.RegencyCenters.com