Wednesday, June 8, 2011
Hyatt and Dolan represented BMR Funding LLC in a fractured condo sale for $2.5 million to Club Cortile LLC. The 48-unit, multifamily property is located at 700 Lyndhurst St. in Dunedin, Fla. The deal closed April 15.
Hyatt and Dolan also represented Miami D Properties LLC in the $450,000 sale of a 16-unit apartment building, located at 451 NW 7th St. in Miami, to Manhattanville LLC. The deal closed April 12.
Additionally, Hyatt represented Lloyd Berger, who was acting as receiver for Green Square Investments, in the $500,000 sale of a 19-unit, multifamily apartment building located at 5624 LaSalle Court in New Port Richey, Fla., to LaSalle Properties LLC.
Dolan, Vice President of Berger Commercial Realty Corp., has more than 12 years of experience in commercial real estate brokerage and is a licensed attorney with expertise in real estate transactions.
Hyatt serves as Senior Vice President of Berger Commercial Realty Corp and has more than 28 years of experience in commercial real estate and investment sales. He specializes in turn-around situations and distressed asset sales for banks and other institutional clients.
For more information, visit www.bergercommercial.com
Pierson Grant Public Relations
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Phone: (954) 776-1999, ext. 226
Fax: (954) 776-0290
ATLANTA, GA (June 08, 2011) – Hartman Simons, a leading commercial real estate law firm, recently provided legal representation for Levin Properties, Inc. on the purchase of Crescent Centre at Northlake (top left photo) for almost $21 million.
The 12-story Class A office building and adjacent parking deck, located at 100 Crescent Centre Parkway in Tucker, Ga., is located near Northlake Mall and a variety of restaurants, banks and hotels.
The 247,040-square-foot building was built in 1986 and has suites available for lease from 1,082 square feet to 11,002 square feet.
Levin Properties, an established real estate investment company in Atlanta for over 20 years, purchased this building due to its easy access to Interstate 285 and Interstate 85. It offers tenants opportunities for high visibility and signage identity.
“At Hartman Simons, we are as experienced in all facets of commercial real estate as any other law firm in the country,” said partner Jeremy Cohen (middle right photo), who with the assistance of Stephanie Skidmore (lower left photo) and Diane Haeger, represented Levin Properties on this transaction.
“With extensive experience representing both buyers and sellers, we are able to understand both sides of a transaction and, as a result, are able to provide valuable insight for clients such as Levin Properties. We were pleased to help finalize the purchase and financing of this well-located and highly visible asset.”
Based in Atlanta, Hartman Simons & Wood LLP is respected for its integrity, experience and value-driven results that continue to exceed expectations. Businesses of all sizes count on its team of attorneys and paralegals for sound, practical and effective legal solutions.
Hartman Simons & Wood is recognized for its proven expertise in the following practice areas: commercial real estate, construction & sustainable development, corporate & tax, creditor’s rights and bankruptcy, environmental, investment & finance, land use & government relations and litigation.
For more information, check out our website at http://www.hartmansimons.com
and our bloghttp://hartmansimons.typepad.com
PHOENIX, AZ (June 8, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeffrey Wysong (top right photo) has joined the company as senior vice president, Investment Services, focusing on multi housing properties.
“We are very fortunate to have Jeff join our team, he brings in-depth experience in every facet of multi housing investment sales, development and financing,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.
Wysong joins the Multi Housing team of David Cravath (lower left photo), vice president, Karl Abert, vice president, and Kersta Bohrman, associate.
Prior to joining Grubb & Ellis, Wysong spent 13 years in private Multi Housing development working with different entities, including Ethos Property Group, where he was a principal.
During this time he sourced and negotiated more than $200 million in debt, equity, mezzanine and bridge financing. Previously, he spent three years with CB Richard Ellis. From 1990 to 1995, Wysong was a top commercial real estate agent of CBS Investment Realty Inc., which was later acquired by The Koll Company. He began his career in 1986.
During his 25-year career, Wysong has completed transactions in more than 100 properties offering in excess of 5,000 units, representing clients in the acquisition, disposition, financing, brokerage, redevelopment and conversion of conventional, institutional, governmental and distressed properties.
Wysong holds a bachelor’s degree from Washington State University.
Contact: Julia McCartney, Phone: 714.975.2230
Deer Valley Apartments is located at 30011 North Waukegan Road close to Interstate 94 about 32 miles north of downtown Chicago.
The 13.5-acre site has 13 residential buildings plus a clubhouse. Apartment homes average 847 square feet each and community amenities include garages, a clubhouse, swimming pool, fitness center and business center.
The HFF team representing Stockbridge Capital Group, LLC was led by executive managing director Matthew Lawton (lower right photo) and managing directors Sean Fogarty and Marty O’Connell.
Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650 firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
The sale will include the seven-person team whose expertise has built the unit into a leading real estate lending business.
Commenting on the announcement, Paul McDonnell (top right photo), Head of the Global Property Finance Book, Bank of Ireland said: "The US property finance business is a high performing and profitable book of assets to leading sponsors and is managed by a talented group of experienced professionals".
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Uniondale, NY (June 8, 2011) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of five loans totaling $58,010,900 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Dedicated Student Housing Loan product lines across the Midwest.
These loans include:
309 East Green, Champaign, IL (top left photo) – The 416-unit complex received $33,620,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Southwind Prairie Apartments, Lake Geneva, WI (middle left photo) – This 96-unit complex received $7,210,900 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
Country Cove Apartments, Young America, MN (middle right photo) – This 48-unit complex received $1,280,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
El Patio Apartments, Louisville, KY – This 117-unit complex received $3,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
The loans were originated by Patrick McNulty (lower left photo), Vice President in Arbor’s full-service Chicago, IL, lending office.
With regard to the 309 East Green property, McNulty stated, “Fannie Mae is clearly committed to student housing deals and will compete for this business, especially on well-located, high-quality assets at major universities.
"The asset at 309 East Green is a high-end, Class A student housing deal situated within close proximity to a Big Ten campus with local, experienced sponsorship.”
Elaborating on these most recent deals further, McNulty added, “There has been a bit of a misconception in the marketplace that Arbor is strictly a small balance shop.
"While we are indeed extremely active and successful in that space, we have had and continue to have a great deal of success on larger deals as well.
"We have been able to win deals of various sizes throughout the Midwest over the past few months and that is consistent across many other areas of the country.”
Contact: Christopher Ostrowski, email@example.com
WASHINGTON, D.C. (June 8, 2011) - Delinquency rates among different commercial and multifamily mortgage investor groups were mixed in the first quarter of 2011, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report.
The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) reached the highest level since the series began in 1997, but the climb was slower than in recent quarters. Delinquency rates for other groups remain below levels seen in the last major real estate downturn during the early 1990s -- some by large margins.
Between the fourth quarter of 2010 and first quarter of 2011, the 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained the same at 4.18 percent.
To view the complete report, please visit the following Web link: www.mortgagebankers.org/files/Research/CommercialNDR/1Q11CommercialNDR.pdf
For additional information, visit MBA's Web site: www.mortgagebankers.org
Contact: Matt Robinson, (202) 557-2727, firstname.lastname@example.org