Tuesday, August 10, 2010
PALM BEACH, FL, Aug. 10, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced that it has signed a commitment letter with a group of lenders for an $85 million senior secured credit facility.
Barclays Capital and Regions Capital Markets are the joint lead arrangers for the revolving credit facility, with Barclays Bank PLC serving as the administrative agent and Regions Bank acting as the syndication agent.
Other banks providing commitments for the credit facility include Credit Agricole Corporate and Investment Bank, UBS Investment Bank and US Bank National Association.
The revolving credit facility matures in three years and includes an accordion feature that would allow the company to increase the size of the facility to $110 million.
Borrowings will bear interest at a rate determined by a leverage-based pricing grid and will initially be set at LIBOR plus 325 basis points, subject to a LIBOR floor of 1.25%.
The company currently owns eight hotels with an aggregate of 1,057 rooms/suites in seven states and has an additional four hotels under contract to purchase. Additional information about Chatham may be found at www.chathamlodgingtrust.com.
Jeff Fisher (Company) Chief Executive Officer (top right photo), (561) 227-1309
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293
WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $43.5 million refinancing for Rosslyn Metro Center, a 407,364-square-foot, mixed-use building in Arlington, Virginia.
Rosslyn Metro Center has 22 stories of retail and office space that is 89% leased, including about 176,000 square feet (43%) leased to the GSA.
William S. Asbill, HFF Senior Managing Director, (202) 533-2500, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, firstname.lastname@example.org
Mercantile Capital Corporation Finances U.S. Small Business Development Projects Totaling More Than $500M
ALTMONTE SPRINGS - As U.S. Senators debate a House bill that would provide up to $30 billion in loan guarantees to American small businesses, a Florida-based lender that specializes in funding small business expansion and development projects is toasting a major benchmark: More than a half-billion dollars in loans closed on projects underway or completed in 36 states and Puerto Rico.
Mercantile Capital Corporation, headquartered in Altamonte Springs, specializes in U.S. Small Business Administration 504 loans that help small business owners acquire or develop their own facilities.
Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said the goal is job creation.
“America’s small businesses provide more than half of all American jobs, yet this sector of the economy has been burdened the most by the economic downturn,” Hurn said.
More information, Contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;
Robin Lashley, Mercantile Capital Corporation, 407-786-5040;
Larry Vershel, Larry Vershel Communications 407-644-4142
ORLANDO, FL, aug. 10, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $13,970,000 for Golden Eagle Village Publix, Walgreens Pharmacy, and Coral Commons and Carmel Center.
Doug Rozzell, (top right photo) Company Principal, secured $9,197,000 in financing for the Golden Eagle Village Publix on July 26, 2010, through Thomas D. Wood and Company’s relationship with a national bank.
The construction/mini-perm loan has an interest rate of 30-day LIBOR plus 300 basis points, with a floor of 4%. The loan is interest-only during the 24 month construction period, followed by a 36 month mini permanent mortgage with principal and interest payments calculated using a 25 year amortization.
The loan-to-value is 58%, and loan-to-cost is 72%. The grocery-anchored retail center will contain 63,950 square feet, with three outparcels. The Golden Eagle Village Publix will be built on Highway 27 in Clermont, Florida.
The fixed-rate loan has a term of 10 years, with a rate reset for 10 years, based on a 25-year amortization and an interest rate of 6.75%. The loan-to-value is 65%. The 14,820 free-standing pharmacy was built in 2008, and is located at 1541 S. Ridgewood Avenue, Daytona Beach, Florida.
Jeff Schnupp, (middle right photo) Company Vice President, secured $2,500,000 in financing for Coral Commons and Carmel Center on July 23, 2010, through Thomas D. Wood and Company’s relationship with The Standard Life Insurance Company.
Carmel Center is a 8,400 square-foot retail/office, built in 1979, and located at 457 NE Jensen Beach Boulevard, Jensen Beach, Florida.
For further information, please contact:
Doug Rozzell (407) 937-0470 email@example.com
Steve Wood (305) 447-7836 firstname.lastname@example.org
Jeff Schnupp (407) 937-0470 email@example.com
Jessica Kinnee (407) 937-0470 firstname.lastname@example.org
More than 95 percent of the 5,100 new condos created in Downtown Fort Lauderdale and the Beach since 2003 have been sold as of June 2010, generating sales of nearly $2.3 billion, according to a new Condo Vultures® White Paper™.
Unsold new condo inventory in Downtown Fort Lauderdale and the Beach decreased to just five percent in the first half of 2010 as buyers purchased 36 new condo units at an average price of $267 per square foot.
"Downtown Fort Lauderdale and the Beach is in one of the most enviable positions of any major South Florida submarket as less than 300 new condo units remain unsold from the boom years," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
Contact: Peter Zalewski of Condo Vultures®, 800-750-0517 or by email at email@example.com.
Cambridge Realty Capital Provides $4.08M Lean Mortgage Loan to Refinance Arroyo Grande, CA Assisted Living Property
CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $4.08 million FHA-insured HUD Lean loan to refinance Wyndham Residence, a 58-unit assisted living property in Arroyo Grande, Calif.
Cambridge Chairman Jeffrey A. Davis (middle right photo) said the fully-amortized, 34-year term loan was arranged for the borrower, a California limited liability company, by National Originations Manager Hymie Barber (middle left photo) in the company’s West Coast office.
Underwriting was by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that specializes in HUD Lean financing. The interest rate was not disclosed.
Davis said the lender used HUD’s Section 232 pursuant to Section 223(f) funding program for borrowers refinancing earlier HUD loans.
Cambridge publishes the bi-monthly e-PULSE!(R) electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.
Additional information is available on the Cambridge website, http://www.cambridgecap.com/,
and Cambridge can be reached at (312) 357-1601 or via e-mail to firstname.lastname@example.org.
Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611
E-Mail: email@example.com, Twitter: http://twitter.com/CambridgeCap
SANTA ANA, Calif. (Aug. 10, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported second quarter 2010 revenue of $140.7 million, an increase of 11 percent, compared with revenue of $126.8 million for the second quarter of 2009.
For the first six months of 2010, the company reported revenue of $273.2 million, an approximate 10 percent increase over revenue of $249.0 million for the comparable period of 2009.
For the first six months of 2010, the company reported a net loss attributable to Grubb & Ellis Company of $41.2 million, or $0.73 per common share, compared with a net loss of $74.3 million, or $1.17 per common share, in the first six months of 2009.
“Grubb & Ellis continued to make meaningful progress toward our financial goals and strategic initiatives in the second quarter as reflected by the 43 percent improvement in adjusted EBITDA,” said Thomas P. D’Arcy,(top right photo) president and chief executive officer of Grubb & Ellis.
"This performance offset slower than expected growth in our Investment Management business. However, I am confident in the direction of the Investment Management business, especially in light of our newest selling agreement with LPL Financial.”
For a complete copy of the company's news release and financials, please contact Janice McDill, Phone: 312.698.6707, Email: firstname.lastname@example.org