Saturday, July 30, 2011

Cambridge Provides $9 Million HUD Lean Loan to Refinance Brittany House, a 126-Bed Assisted Living Property in Long Beach, CA



CHICAGO, IL--Cambridge Realty Capital Companies has provided a $9.04 million HUD Lean loan to refinance Brittany House (top left photo), a 126-bed assisted living facility in Long Beach, Calif.

Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 34-year term loan was coordinated by National Originations Manager Hymie Barber (lower right photo) for the property’s owner, a California limited liability company. Underwriting was by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites FHA-insured HUD loans.

The lender used the HUD Section 232 pursuant to Section 223(f) funding program to refinance the loan. The interest rate was not disclosed.

 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.

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, www.cambridgecap.com, and Cambridge can be reached at (312) 357-1601 or via e-mail to info@cambridgecap.com.


Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611

Carr Properties Announces Trophy Office Development at 4500 East West Highway, Bethesda, MD



WASHINGTON, DC--(BUSINESS WIRE)--Carr Properties (“Carr”) is pleased to announce that it has acquired the contract and development rights for 4500 East West Highway, a 223,000 square foot trophy office project located in the central business district of Bethesda, Maryland.

 4500 East West Highway (top left photo), a fully site plan approved project, is slated for construction start during the first quarter of 2012 and delivery during the first quarter of 2014.

The project will be the first trophy quality ground up office development in the Bethesda market in over ten years. 4500 East West Highway will be designed to achieve LEED Gold certification and will include a trophy quality glass fa├žade, 9 foot finished ceilings, a high quality fitness center, a roof deck and a bike storage facility.

The project’s efficient 25,000 square foot floorplate will allow for flexible tenant layouts. 4500 East West Highway offers a location that is only 700 feet from the entrance to the Bethesda Metro station and offers tremendous vehicular access via East West Highway and Montgomery Avenue.

Views of Upper Northwest DC, the National Cathedral and Columbia Country Club will be available from the upper floors.

Contacts
Carr Properties
Dominique Daschle, 202-303-3069


Maritz, Wolff Announces the Sale of Five Hotels to Cheng Family Interests




ST. LOUIS, MO--(BUSINESS WIRE)--Maritz, Wolff & Co. announced today the sale of a portfolio of hotels to the Cheng Family of Hong Kong.

The transaction included all the hotel and resort properties owned by Maritz, Wolff that are under the management of Rosewood Hotels and Resorts.

In addition, the Rosewood Corp. sold, as part of the transaction, the Rosewood Crescent Hotel (top left photo) and its interest in the Rosewood Mansion on Turtle Creek (middle right photo)in Dallas to the Chengs. The sale price was not disclosed.

The properties transferred today include: The Carlyle, a Rosewood Hotel in New York City, NY; Rosewood Little Dix Bay Resort in Virgin Gorda, British Virgin Islands; Rosewood Mansion on Turtle Creek and Rosewood Crescent Hotels both located in Dallas, TX; and the Rosewood Inn of the Anasazi in Santa Fe, NM.

 The five hotels in the portfolio each represent “best in class” assets and each represent A Sense of Place® that is the hallmark of Rosewood Hotels.

All five of the hotels will continue to be managed by Rosewood under long term management agreements.

Rosewood and the Chengs do not plan any major changes to the properties, but rather will undertake the continuous improvement that has marked each of the hotels since the origination of their management under Rosewood.

Philip “Flip” Maritz, (middle left photo)CEO and co-founder with Lewis Wolff (middle right photo) of Maritz, Wolff, commented that he “feels very confident that the stewardship of these legacy assets under the Cheng Family, combined with continuing Rosewood management, will retain the special personality of each of the hotels.

“ I am also confident that these new owners will use their substantial capital and worldwide lodging expertise to take these hotels to the next level of guest satisfaction and market performance.”

The Chengs have made substantial investments in ultra-luxury hotels in the US and Asia.

The family owns The Beverly Wilshire, a Four Seasons Hotel in Los Angeles, as well as having previously owned interests in the Four Seasons Hotel New York and The Regent Hotel Hong Kong.

Members of the family also have invested in substantial trophy office buildings in New York and San Francisco, including 555 California Street in San Francisco, previously known as The Bank of America Building.

Dr. Henry Cheng stated that “this investment represents our belief in the quality of these properties and the future of ultra-luxury hotels and resorts in North America, Asia and around the world.

“The hotel real estate market has begun to recover and we expect that these legendary properties will continue to outperform their competitors. The opportunity to acquire a portfolio of these five tremendous hotels was simply too good to pass up.”

Maritz, Wolff was founded in 1994 by Philip “Flip” Maritz and Lewis Wolff. Since then the company has acquired over $1.5 billion in hotels, resorts and lodging management companies including investments in Rosewood Hotels and Resorts, Fairmont Hotels and Resorts, and Dolce Hotels and Resorts.

 Individual properties have been managed under the following brands: Accor, Dolce, Fairmont, Four Seasons, Hyatt, Ritz-Carlton and Rosewood.

Contacts
Maritz, Wolff & Co.
Jeff Barone, 314-863-9600

Brookfield’s Home of the Week in San Marcos, CA is a Single Level Home with a Generous Backyard



SAN MARCOS, CA --(PR.com)-- A popular single level plan featuring three bedrooms, three baths plus office is Brookfield’s Home of the Week at Mahogany at Old Creek Ranch in San Marcos (top left photo).

Priced at $578,900 and offering just over 2,400 square feet, Lot 1012 includes a buyer incentive of $20,000 to use toward builder options, flooring, and/or closing costs. This home will be available for occupancy by the end of the year.

“With a generous backyard, upgraded standard features and the opportunity to select options, this home is a tremendous value,” said Lora Heramb (lower right photo) vice president of sales and marketing at Brookfield Homes. To schedule a walk-through, call 888-559-7734 or visit the sales office at 1756 Burbury Way, San Marcos.

Included in every Mahogany home are:
· granite countertops
· stainless steel GE appliances
· double ovens
· air conditioning
· maple cabinets
· alarm system

At Mahogany, Brookfield Homes has paid off the assessment district bond in order to offer buyers a lower tax rate of 1.17 percent. Actual tax rate will increase or decrease based upon actual sales price of home.

Mahogany also offers home sites that back up to open space and offer territorial views. Single level and two-story plans range from 2,410 to 3,875 square feet with 3 to 5 bedrooms and 3 to 4.5 bathrooms.

Within walking distance are an 18-mile maze of hiking trails as well as a 19-acre community park with ball fields, a soccer field, picnic areas, an off-leash dog park and community center.

For more information about Brookfield communities, visit www.brookfieldsd.com.

Contact Information
Scribe Communications
Andie Adams
858-452-8958

RE/MAX Catapults Into Runner Up Leadership Position in Chicago Real Estate Market


Chicago, IL, July 30, 2011 --(PR.com)-- RE/MAX increased its share of residential properties sold in the Chicago real estate market to 8.5 percent during the first half of 2011, up from 7.6 percent in first half 2010. As a result, RE/MAX has moved up into second place among real estate brands that do business in the city.

According to Midwest Real Estate Data, LLC (MRED), the regional multiple listing service, RE/MAX brokerages sold 1,310 Chicago attached and detached listings in the first half of 2011. That is an increase of 56 percent from the 839 listings that RE/MAX brokerages sold in Chicago during the first half of 2010.

Among the city’s top six real estate brands, RE/MAX had the largest increase in transactions. Those firms, with their market share percentages for the first half of 2011 and 2010, are as follows:

*RE/MAX – 2011-8.5 percent; 2010-7.6 percent
*@Properties – 2011-10.1 percent; 2010-9.6 percent
*Coldwell Banker – 2011-7.9 percent; 2010-9.6 percent
*Prudential– 2011-6.5 percent; 2010-6.1 percent
*Baird & Warner – 2011-4.1 percent; 2010-4.6 percent
*Real Living – 2011-3.7 percent; 2010-5.0 percent

“RE/MAX is number one in more city neighborhoods than any other real estate brand and continues to lead the metro Chicago real estate market in listing units sold, sales made and total transactions,” said Laura Ortoleva (top right photo), the network’s spokesperson for northern Illinois. “Our goal is to bring RE/MAX world-class market expertise and service to as many Chicago neighborhoods as possible.”

Contact Information
RE/MAX Northern Illinois
Laura Ortoleva
847 428 4200

Marin County, CaliforniaLuxury Home Sales Highest Level in Three Years, Coldwell Banker Residential Brokerage Reports



Mill Valley, CA, July 30, 2011 --(PR.com)-- Marin County’s luxury home sales reached their highest level in three years in June as the high-end market continued to bounce back from the recessionary downturn, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.

A total of 80 homes sold for more than $1 million in Marin County last month, up from 60 sales in May and 78 in June 2010.

The 80 transactions were the most million-dollar deals in Marin for any month since July 2008, the period leading up to the Lehman Brothers collapse and the subsequent crash of the financial markets.

The median sale price of a million-dollar home in Marin was $1,492,500 in June, up 4.7 percent from last year’s $1,425,000 median but down from the previous month’s level of $1.6 million.

Other metrics continued to show steady improvement for the Marin market: Homes sold at a much faster pace with the average time on the market dropping to 69 days, down from 96 in May and 91 last June.

And sellers received an average of 98 percent of their asking price last month, up from 95 percent the previous month and 96 percent a year ago.

The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.

“After a fairly quiet spring, the housing market really is heating up this summer and Marin’s luxury market in particular is gaining momentum,” said Rick Turley (top right photo), President of Coldwell Banker Residential Brokerage.

 “The high-end segment normally leads the way for the rest of the market in a housing recovery, so this is encouraging news for the entire market.”

Turley said Coldwell Banker is seeing similar improvement in other luxury markets around the Bay Area, including San Francisco, the Peninsula and Silicon Valley. All of those markets have bounced back from their recessionary lows and in some cases are nearing their pre-recession levels in sales.

Although the high-end markets have done best, Turley noted that many entry-level and mid-level markets around the Bay also showed solid gains last month. Bay Area home sales overall in June rose to their highest level for any month since June 2010, when expiring tax credits gave housing a final boost, according to DataQuick, the La Jolla research firm.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:



  • The most expensive sale in Marin County last month was a six-bedroom, six-bath 4,806-square foot home in Kentfield that sold for $4,023,000;

  • Mill Valley boasted the most million-dollar sales with 17, followed by Tiburon, Kentfield, San Anselmo and San Rafael with eight apiece;

  • Sellers received on average 98 percent of their asking price, up from 95 percent the previous month and 96 percent a year ago;

  • Homes closing last month stayed on the market an average of 69 days, down from 96 days the previous month and 91 days a year ago.

The Marin County Luxury Home Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.

Coldwell Banker Residential Brokerage serves Marin County with six offices: 83 Beach Road in Belvedere; 350 Bon Air Ct., Suite 100, in Greenbrae; 500 Sir Francis Drake Blvd. in Greenbrae; 36 Tiburon Blvd. in Mill Valley; 1737 Grant Avenue, Novato; and 1 Harbor Drive, Suite 110, in Sausalito. For more information, please call 925-275-3085.

About Coldwell Banker Residential Brokerage

For more information please visit www.CaliforniaMoves.com or call 925.275.3085. DRE # 00313415.

Contact Information
Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620