Wednesday, August 17, 2011

Cambridge Provides $52 Million HUD Funding Package to Refinance Portfolio of Eight Elderly Apartment Projects in Illinois

CHICAGO, IL--Cambridge Realty Capital Companies reports it has provided FHA-insured HUD re-financing for a portfolio of eight apartment homes for the elderly located in the Chicago metropolitan area and downstate Illinois.

Cambridge’s Andy Erkes (lower right photo) said the $52 million transaction refinanced two properties in Mt. Prospect and single properties in Zion, Fox Lake, Glen Ellen, Macomb, DeKalb, and Danville, Ill.

The owner of the properties is an Illinois limited partnership. All of the 39-year term loans were fully amortized he said.

To refinance the loans, Cambridge Realty Capital Ltd. of Illinois, the company’s HUD underwriting business, used HUD’s Section 223 (a)(7) funding program, which is used by borrowers refinancing existing HUD loans.

In Mt. Prospect, Cambridge provided a $7.69 million first mortgage loan for the 97-unit Centennial South Apartments and a $6.99 million loan for the 100-unit Centennial North Apartments.

 Also refinanced were the 80-unit Carmel House Apartments in Zion, $5.72 million; the 104-unit Lakeland Apartments in Fox Lake, $6.78 million; the 80-unit Forest Apartments in Glen Ellyn, $6.38 million; the 115-unit Jefferson House in Macomb, $5.62 million; the 110-unit Colonial House Apartments in DeKalb, $5.83 million; and the 160-unit Vermillion House Apartments in Danville, $7.12 million.

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

Chatham Lodging Trust Completes Financing on Residence Inn in New Rochelle, NY


PALM BEACH, FL, Aug. 17, 2011—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced today that it has closed on a $15.8 million fixed-rate mortgage loan.

 Sonnenblick-Eichner Company arranged the $15.8 million first mortgage non-recourse financing, which is secured by the 124-room Residence Inn by Marriott (top left photo) located in New Rochelle, N.Y.

 The 10-year loan was provided by Regions Bank and carries a fixed interest rate of 5.75 percent per annum, with principal and interest based on a 25-year amortization.  Proceeds from the loan will be used to repay outstanding borrowings under the company’s secured revolving credit facility and for general business purposes.

“This is the eighth individual property loan for our portfolio, giving us combined borrowings from such loans of approximately $162 million at a weighted average rate of 5.97 percent and a weighted average maturity in 2017,” said Dennis Craven, Chatham’s chief financial officer.

  “We were able to add this financing at historically attractive pricing and at a value which amounts to approximately 75 percent of what we purchased this hotel for less than a year ago.”

 Sonnenblick-Eichner Company ( is a Beverly Hills-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing, as well as joint-venture equity transactions.

 The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types, including retail, office, hospitality, industrial and multifamily properties.

 Additional information about Chatham may be found at

Dennis Craven (Company), Chief Financial Officer,
(561) 227-1386,                                               
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

HFF arranges $15 million in financing on behalf of Omninet Capital, LLC

LOS ANGELES, CA – HFF announced today that it has secured financing totaling $15 million on behalf of Omninet Capital, LLC for Siete Square (top left photo) in Phoenix, Arizona and Broadway Industrial in Los Angeles, California.

HFF placed the fixed-rate loans with Jefferies LoanCore Capital.  A 10-year loan was secured for Siete Square and a five-year loan was secured for Broadway Industrial.  The loan proceeds were used to acquire and refinance the properties, respectively. 

Siete Square has two office buildings totaling 114,029 square feet that are located at 3737 and 3877 North 7th Street in Phoenix’s midtown/central submarket. 

Siete I is a two-story, 57,449-square-foot building and Siete IV is a four-story 56,580-square-foot building with a two-story parking garage.   Combined the properties are 89 percent leased to tenants including the Social Security Administration and the Arizona Department of Transportation.

Broadway Industrial is located at 140 N. Ave 19 in Los Angeles.  The property has 11 buildings totaling 122,115 square feet and is fully leased to tenants including Veolia Transportation and Stadco.

The HFF team representing Omninet Capital, LLC was led by director Christopher Vittetoe (lower right photo).

 “Working with the Omninet team has been a pleasure as they continue to be one of the fastest growing real estate investors on the West Coast. Their professional team and work ethic doesn’t go unnoticed when working on acquisitions or refinances,” said Vittetoe.

Omninet is an experienced real estate firm with a portfolio of office, industrial, multifamily and retail properties.

Christopher Vittetoe, HFF Director, (310) 407-2100,,   
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Carter Brokers Sale of Publix-Anchored Shopping Center in LaGrange, GA

ATLANTA, GA (Aug. 17, 2011) - Carter, one of the country's leading commercial real estate advisors, service providers and investors announced today it brokered the sale of LaGrange Plaza (top left photo) for just over $8 million.

The 112,000-square-foot shopping center, anchored by Publix, is located in the heart of LaGrange, Ga. Other tenants include Dollar Tree, Goodwill, Hallmark, Hibbet Sports and T-Mobile. The shopping center is 100 percent leased.

 Drew Fleming and Mark Joines, Vice Presidents of Carter's Retail Investment Sales Group, represented the seller, a privately-owned entity. The buyer is a private equity group based in Atlanta.

"This is the second shopping center we have brokered this month," said Fleming. "In today's economic climate we are experiencing a flight to quality more than ever. Investors are looking for centers anchored by investment-grade tenants such as Publix."

Earlier this month Carter brokered the sale of a Kohl's/Hobby Lobby anchored center in the Charlotte suburb of Rock Hill, S.C. for close to $12.5 million.

 For additional information on Carter, please visit

Laura Dudebout
O: 404.965.5023
C: 678.642.4301

Pulitzer Hotel and Library Project Hog Tied by Bankers, Says Developer

FAIRHOPE, AL /PRNewswire/ -- Developer Mac Pulitzer (top right photo), great-grandson of Pulitzer Prize founder Joseph Pulitzer (top left photo), announced  in a statement that, due to near-zero lending practices by banks, he'd welcome an equity partner in his $11 million Pulitzer Hotel (lower left rendering)  venture, a 40-room mixed-use luxury boutique destination tourism project that also will house the nation's first and only Pulitzer Library.

Pulitzer added that he'd be willing to consider relocating the project should local incentives elsewhere make such a move reasonable.

"When I began my journey to open the nation's first Pulitzer Library and Hotel in Fairhope, Ala., I had a feeling banking the venture would not be easy.

 “However, I never expected 99 percent of banks would slam the door on an asset that shows exceptional appraised values and has national historic significance," Pulitzer said.

 "I am determined, and I am not giving up," he continued. "I am in  contact with the United States Department of Agriculture, Business and Industry Loan Division concerning financing, but getting its 80 percent guarantee requires a 50 percent loan-to-value ratio.

"Unfortunately, I had money in one of the Bernie Madoff-type (middle right photo) Ponzi schemes, and it ate the majority of my liquid assets. This makes me search out an equity investor with $1.5 million, or about 12.5 percent of this $11 million venture. 

"This is an asset that should be built. 'Pulitzer' the name, is recognizable world wide and it works very well with luxury hotel properties.

  I'd like to build the Pulitzer Library and hotel in Fairhope. However, if I locate an investor that wants this asset built in a larger market, well, my bags will be packed and ready to go," Pulitzer concluded.

 "My goal, in the end, is to build this asset for the entire country. Joseph Pulitzer gave a lot to this country, and I'd like to pay tribute to the greatness of the Pulitzer Prize that he created with the Pulitzer Hotel and Library."

In late March, Mac Pulitzer announced the nation's first Pulitzer Library and Hotel to be built in Fairhope, Ala., the home of three Pulitzer Prize winners, two Pulitzer Prize nominees, and a locale that can claim Jimmy Buffett, Andy Andrews, WEB Griffin, Winston Groom, Rick Bragg, Fannie Flagg, Mark Childress, and many other literary luminaries.

CONTACT: Mike Bernhardt, +1-251-545-2112

Cuhaci & Peterson Architects Awarded Contracts to Design Remodeling of Michael’s Arts and Crafts Store in Altamonte Springs, FL

ORLANDO, FL. --- Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, was recently awarded a contract to design the remodeling of Michael’s Arts & Crafts store located in Altamonte Springs.

National Retail Properties awarded the contract to remodel the 25,000 square foot retail facility, Cuhaci & Peterson chairman Lonnie Peterson said.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,   

HFF closes sale of and arranges financing for Broadstone Grand Parkway near Katy, TX

HOUSTON, TX – HFF announced today that it has closed the sale of and arranged financing for Broadstone Grand Parkway (top left photo), a 342-unit, Class A multi-housing community in the far west Houston suburban area near Katy, Texas.

HFF marketed the property on behalf of the seller, Alliance Residential Company, and investors advised by Prudential Real Estate Investors. 

 Sunstone Realty Advisors purchased the property for an undisclosed amount.  Allstate Investments, LLC provided the fixed-rate acquisition loan, also arranged by HFF.

Broadstone Grand Parkway is located at 1111 Falcon Park Drive about one mile south of Interstate 10 along Grand Parkway just east of Katy.  The property, developed by the S. Texas Division of Alliance, dba Alliance Communities in Texas, was completed in 2010 and is 95.9 percent leased

The HFF investment sales team representing the seller included senior managing directors Todd Stewart (middle right photo) , Craig LaFollette (middle left photo) and Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry. 

HFF’s debt placement team representing the borrower included managing director Matt Kafka and senior managing director John Brownlee.

 Headquartered in Phoenix, Alliance has 16 offices across the U.S.  Since the company’s inception in 2000, Alliance has become one of the nation’s largest private apartment developer owners with investment holdings in excess of $2.9 billion, and the 15th largest management company in the U.S., managing a $6.0+ billion portfolio consisting of 46,000 units across 24 metropolitan markets in 13 states.
PREI® is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

Sunstone was founded by Steve Evans and Darren Latoski and is headquartered in Vancouver, British Columbia.  Sunstone has a portfolio of revenue-producing properties located in the major markets of Canada. 

Through its national prospectus offerings, Sunstone gives investors the opportunity to participate in institutional quality commercial real estate investments with a professional management team.

Headquartered in Phoenix, Alliance has 16 offices across the U.S.  Since the company’s inception in 2000, Alliance has become one of the nation’s largest private apartment developer owners with investment holdings in excess of $2.9 billion, and the 15th largest management company in the U.S., managing a $6.0+ billion portfolio consisting of 46,000 units across 24 metropolitan markets in 13 states.

Todd Stewart, HFF Senior Managing Director, (713) 852-3500                                                                         
Matthew Kafka, HFF Managing Director, (713) 852-3500,                                                                                       
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Bainbridge Breaks Ground on High-Rise Apartments In Bethesda, MD

Wellington, FL/Bethesda, MD  – The Bainbridge Companies, a national industry leader in multifamily rental communities, has begun construction on Bainbridge Bethesda (top left rendering).

The luxury apartment development is uniquely situated in downtown Bethesda, MD – a flourishing, upscale urban district just outside of Washington, D.C.

Bainbridge Bethesda, a 17-story high-rise community designed by award-winning architect Sami Kirkdil of SK&I Architectural Design Group, will provide a contemporary design that will appeal to a wide segment of the discerning D.C. area market.  The development will feature 200 rental apartments, 7,200 square feet of ground floor retail and a four-level underground parking garage.

“We are all very excited to finally bring this project to the construction phase and to deliver a superior community for the neighborhood and our future residents,” remarked Thomas Keady (middle right photo), President of Development for The Bainbridge Companies.

 “Our entire team has spent several years carefully designing and analyzing every detail. As a result, the architecture, amenities, floor plans and finishes will create a lifestyle that far exceeds the existing apartment competition in the market.”

The property will include a rooftop swimming pool and garden terrace, a 15th floor state-of-the-art fitness club and social activity center with a large outdoor terrace and fireplace, a two-story lobby, and a cyber café with a fully-equipped business lounge.

The convenience of ground floor retail in the building, combined with neighborhood shopping and restaurants, embodies the walkable lifestyle that residents are seeking today. Additionally, the Bethesda Metro Station (lower left photo) is only a few blocks away.

The apartments will feature high-level finishes such as floor-to-ceiling glass, wood floors, walk-in showers, granite countertops, stainless steel appliances and more. The property will offer studios, one-bedroom, one-bedroom with den, two-bedroom and two-bedroom with den apartments – many with spectacular views of Bethesda and the D.C. skyline.

“Over the last 18 years, Bainbridge has developed and renovated thousands of apartment homes throughout the East Coast,” said Jared Miller (lower right photo), Vice President of Performance and Strategy at Bainbridge. “We understand what prospective residents are looking for and how to deliver an exceptional product, luxury finishes and great amenities with an unparalleled level of customer service.”

 Bainbridge designed the building to achieve LEED Silver certification. It will include the latest technology and energy management systems to minimize the operating costs and environmental impact for the building and its residents.

Construction began on August 1st and is scheduled for completion during the summer of 2013. Turner Construction Company is the general contractor for the project.

The property is being developed in conjunction with Bainbridge’s partner, Restis Group. A significant equity investment is being made by the INDURE Fund, an open-ended commingled real estate investment fund designed to meet the retirement needs of the unionized electrical industry. 

INDURE is sponsored by National Real Estate Advisors, a prominent real estate investment management firm based in Washington, DC.  National is a wholly-owned subsidiary of the National Electrical Benefit Fund.

Contact: Terri Thornton,  404-932-4347 (Cell),

CalPERS Earmarks up to $200 Million for New Real Estate Emerging Managers Program

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today approved a new $200 million program for emerging real estate managers who have less than $1 billion of assets under management.

The term of the new Emerging Manager Program for Real Estate will be five years. CalPERS will review the progress and outcome of the program after two years.

“Our top goal is to achieve appropriate risk-adjusted earnings,” said Rob Feckner (top right photo), CalPERS Board President. “We also hope to find investment opportunities in underserved sectors for sound long-term returns and to increase diversity among our pool of real estate investment managers.”

CalPERS will seek managers who have no more than three prior commingled funds or separate account investment vehicles. The pension fund will select from its current team of seasoned successful investment managers to oversee the selection of talented new managers, provide mentoring, and back office support. The program will focus on managers and assets in urban California markets.

 “The Emerging Manager Program is another positive step in restructuring the Real Estate portfolio. This program will give us several new features including clearly-defined program parameters to provide appropriate and necessary support for emerging managers,” said George Diehr (middle left photo), Investment Committee Chair.

Approximately 20 to 50 firms are in the universe of emerging managers who might qualify for the new program, according to Crosswater Realty Advisors, which assisted CalPERS in research, design and development of the Emerging Manager Program.

CalPERS is the nation’s largest public pension fund with approximately $224 billion in market assets. It administers retirement benefits for 1.6 million active and retired State, public school, and local public agency employees and their families and health benefits for more than 1.3 million members. The average CalPERS pension is $2,220 per month. Go to the investments area on our site to submit an investment proposal.

External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Clark McKinley, Information Officer

Watt Companies Completes $6 Million Renovation of Alicia Towne Plaza in Mission Viejo, CA

 MISSION VIEJO, CA— Watt Commercial Properties, a leader in developing, redeveloping and managing neighborhood and community shopping centers in urban markets, has completed a $6 million renovation of Alicia Towne Plaza (top left photo)  in Mission Viejo, California.

The redevelopment included converting an existing Mervyn’s building for L.A. Fitness and updating the façade treatment for the remainder of the 150,000-square-foot property. The 19-month renovation was one of a series of retail center upgrades Watt Commercial has completed across Southern California.

“We are very pleased with the outcome of the renovations at Alicia Towne Plaza,” said Nadine Watt, (lower right photo)  President of Watt Companies.

 “The completion of this project and the opening of L.A. Fitness as the new anchor have been highly-anticipated by the surrounding Mission Viejo community. We appreciate the partnership with the City of Mission Viejo on this project as they played an integral role in its success.”

 For more information, visit:

 Contact:   David Ebeling, Ebeling Communications, (949) 278-7851                  

Faris Lee Capital Markets Group Completes $18 Million Recapitalization of 200,000-SF Retail Center in Normal, IL


NEW YORK, NY – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, along with Faris Lee Capital, has completed the $18 million recapitalization of a 200,000-square-foot retail center in Normal, IL on behalf of the owner, The Dial Companies, a large Midwest developer.

Built in 2007, the center’s anchor tenants include Schnucks Grocery and a 14-screen Starplex Theater. The center is currently 70 percent occupied and has 12 outparcels available for future sale, lease or development.

The recapitalization of the center created an opportunity for Faris Lee Investments to represent Thompson National Properties in a joint venture with The Dial Companies to acquire the note on the property. 

Faris Lee Capital advised The Dial Companies and negotiated the discounted loan pay-off, procured the new debt and structured the joint venture. 

Rich Berlinghof (top right photo), managing partner, Faris Lee Capital and Rich Walter (middle left photo), president of Faris Lee Investments, successfully directed all aspects of this complicated transaction.

Thompson National Properties acquired the developed 200,000-square-foot portion of the center with the joint venture established as owner of the 12 unfinished outparcels.

 “This transaction was highly structured and involved a discounted loan payoff combined with new first mortgage debt and an infusion of equity from Thompson National Properties, a new equity partner for the project,” said Berlinghof. 

“The recapitalization allowed the developer to achieve its goal of extinguishing the recourse associated with the original loan while maintaining leasing of the project and a back-end participation.

“Additionally, the property provides substantial upside to both the new equity partner and the developer.” 

Faris Lee Capital currently has more than $200 million in recapitalization projects underway, with $400 million anticipated to complete by year end.

 “This transaction underscores how complex the real estate investment market has become and the depth of financial and property level expertise that is demanded. It’s also why we continue to build upon our firm’s disciplined and creative transactional expertise and sophisticated financial experience,” said Rick Chichester (lower right photo), chief operating officer, Faris Lee Investments.

  For more information, please visit

 Contact:  Darcie Giacchetto, 949.278.6224,
Spaulding Thompson & Associates For Faris Lee Investments

Industry Veteran Shaun Stiles Joins Jones Lang LaSalle as Executive Vice President


LOS ANGELES, CA — Jones Lang LaSalle has hired 20-year industry veteran Shaun Stiles (top right photo) as Executive Vice President to help increase the firm’s tenant and landlord representation in the Tri-Cities market of Burbank, Glendale and Pasadena as well as Downtown Los Angeles.

Stiles is joined by Senior Associate Katie Blasiar (top left photo).  Stiles and Blasiar will be based in the firm’s downtown Los Angeles office located at 515 South Flower Street in Los Angeles.

“Shaun will play a significant role in our continued strategic expansion in Southern California,” said Jan Pope, Jones Lang LaSalle’s Southwest Region Market Director.  “The Tri-Cities and Downtown Los Angeles regions are important markets for our firm and we are confident that Shaun can bring real value to our clients.”

Stiles comes to Jones Lang LaSalle with a wealth of experience in commercial real estate leasing.  Prior to joining Jones Lang LaSalle, he was a director at a major commercial real estate firm where he was responsible for working with numerous institutional landlord clients as well as local and regional tenants.

 He has also consistently been recognized in the top 10 percent nationally at his former firms. Stiles brings with him several significant Tri-Cities listings with long-term clients including Equity Office, Hines, J.P. Morgan, I.D.S, TA Associates and Embarcadero Capital.

Stiles earned a Bachelor of Arts degree in business/economics from University of California, Santa Barbara. He is currently an active member of the Caltech Associates, a support organization for Caltech, and an active member of the Southern California BioMedical Council.

Industrial Expert Mitch Fisher Joins Jones Lang LaSalle as Vice President

SANTA CLARITA, CA— Jones Lang LaSalle has hired 13-year industry veteran Mitch Fisher (middle right  photo) as Vice President to help increase the firm’s industrial business, representing tenants and users in leasing and acquisitions in the Los Angeles North markets, including the Conejo Valley, Eastern Ventura County, San Fernando Valley and Santa Clarita Valley.

Fisher will be based in the firm’s Los Angeles North Corporate office located at 21080 Centre Pointe Parkway in Santa Clarita. 

“Mitch will play a significant role in working with our Los Angeles North team to further the company’s presence in the region,” said Jan Pope, Jones Lang LaSalle’s Southern California Market Director.  “Our goal is to continue to add talented professionals to our team who, like Mitch, can bring real value to our clients.”

Fisher comes to Jones Lang LaSalle with a wealth of experience in industrial real estate. Prior to joining Jones Lang LaSalle, he was vice president in the industrial services group at a major commercial real estate firm, where he was responsible for working with owners, buyers and tenants on their real estate needs. Since 1998, he has completed approximately 300 transactions with a combined value of more than $100 million.

Fisher earned a Bachelor of Arts degree in Communications from California State University, Chico. He is currently an active member of the American Industrial Real Estate Association (AIR) and NAIOP.

 For further information, please visit our website,

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851,

Cushman & Wakefield Negotiates Sale of Doral Oaks in Florida for $13.7 Million


Tampa, FL – Aug. 17, 2011 – Cushman & Wakefield’s Florida Apartment Brokerage Services today announced the sale of Doral Oaks (top left photo) for $13.7 million.

 The purchaser was a private investor. Executive Director Byron Moger (lower right photo)  and Director Luis Elorza (lower left photo) of Cushman& Wakefield were the only brokers involved in the transaction.

Doral Oaks, built in 1967, is located at 105 Sunnyside Road in Temple Terrace, and is a 252-unit apartment community adjacent to the new Downtown of Temple Terrace, a 500,000 square foot master planned development. 

Totaling 267,170 square feet, the garden-style apartment community offers a mix of 1, 2 and 3 bedrooms. The property features desirable floor plans, gated access, two swimming pools and children’s play area.

 “The prior owners replaced roofs, installed new air-conditioners, painted building exteriors and upgraded a large number of units.  Doral Oaks is well positioned for additional investment that will continue to improve the desirability of the property,” said Mr. Elorza.

Cara Chodash
Manager, Media Relations
Cushman & Wakefield
Ft. Lauderdale: (954) 377-0508
Miami: (305) 533-2865
Cell: (917) 957-5606