Thursday, August 18, 2011

HFF closes $40 million sale of 694-unit affordable housing community in Chicago


                                                           

CHICAGO, IL – HFF announced today that it has closed the sale of Parkway Gardens (top left photo), a 694-unit, 100 percent Project-Based Section 8 community on the south side of Chicago. 

HFF marketed the property on behalf of the seller.  Related Companies, through its Related Affordable division and in a venture with Wells Fargo & Company, acquired and will manage the property and plans to invest an additional $40 million to substantially renovate Parkway Gardens. 

In order to facilitate the acquisition and renovation of Parkway Gardens, the Illinois Housing Development Authority issued tax-exempt bonds under the New Issue Bond Program, Fannie Mae via Oak Grove Capital provided the credit enhancement for the bonds, and Wells Fargo & Company provided additional equity through the purchase of Low Income Housing and Historic Tax credits. 

Related has also committed to maintain the affordability of all of the units for an additional thirty years. 

Parkway Gardens is situated on 13 acres at 6330-6546 S. Martin Luther King Drive within walking distance of Washington Park and close to the Hyde Park neighborhood, which is anchored by the University of Chicago. 

The property is comprised of 35 buildings with two- and three-bedroom units averaging 905 square feet each. 

The HFF investment sales team included associate director Doug Childers (top right photo), executive managing director Matthew Lawton (middle left photo), managing director Cary Abod (middle right photo) and director Daniel Kaufman. 

“The acquisition and renovation of Parkway Gardens was accomplished primarily through the use of Low Income Housing Tax Credits,” says Childers. 

 “Both sides of the transaction worked diligently and cooperatively in order to facilitate this unique and highly complex structure in order to preserve a large number of affordable housing units while achieving a substantial renovation of Parkway Gardens.”  

Related Companies is the most prominent privately-owned real estate firm in the United States.

Formed over 39 years ago, Related Affordable develops, acquires and preserves affordable housing throughout the nation. www.related.com

Contacts
Doug c. Childers, HFF Associate Director, (404) 832-8460, dchilders@hfflp.com
 Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com                            
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com                

HFF arranges $43 million financing for Hilton DFW Lakes in Grapevine, TX



DALLAS, TX – HFF announced today that it has arranged $43 million in financing for Hilton DFW Lakes (top left photo), a 395-room, full-service hotel and conference center in Grapevine, Texas.

HFF worked exclusively on behalf of the borrower, a joint venture led by Somera Capital Management, LLC along with affiliates of Zelman Development Company and Quorum Hotels & Resorts, to secure the adjustable-rate loan through Cornerstone Real Estate Advisers. 

 The lender was represented in-house by Tom Cross.

 The “award-winning” Hilton DFW Lakes is located at 1800 Highway 26 East close to the DFW International Airport and equidistant between Dallas and Fort Worth. 

The property features two nine-story guest room towers plus 60,000-square feet of meeting space and a 14,400-square-foot exhibit hall. 

Hotel amenities include four restaurants, an indoor and outdoor pool, fitness center, basketball, tennis and volleyball courts, a private lake and horseback riding.
 
The HFF team representing the borrower was led by director John Bourret (middle right photo) and senior managing directors Dan Peek (middle left photo) and Paul Brindley (lower right photo).

 Somera Capital Management, LLC is a boutique real estate investment firm that was founded in 1994 to acquire and manage value-added real estate investments on behalf of its principals and third party investors. www.someracapital.com

Zelman Development Company is a privately-owned commercial real estate development company headquartered in Los Angeles, California.

 Quorum Hotels & Resorts is an independent, Dallas-based hotel operator that has provided management and advisory services to over 163 full service hotels (51,000 rooms) since 1987, and is an approved operator of all major franchises including Hilton, Intercontinental, Marriott, and Starwood products. www.quorumhotels.com.


Contacts
Daniel Peek, HFF Senior Managing Director, (813) 870-1001, dpeek@hfflp.com                                                                                      
John Bourret, HFF Director, (214) 265-0880, jbourret@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com:                 

Former Trump Fort Lauderdale Project Marks 500 Days Of Litigation



 MIAMI, FL--September marks the 18-month anniversary of a foreclosure filing being initiated against the new 24-story condo-hotel project formerly known as the Trump International Hotel and Tower (top left photo) on Fort Lauderdale Beach Boulevard in South Florida, according to a new report from CondoVultures.com.

Despite the more than 500 days since the $139 million Lis Pendens foreclosure action was initiated by the lender of record - Corus Construction Venture LLC - against the project’s developer SB Hotel Associates LLC, the 298-unit tower with a 2011 assessed value of $46.1 million remains tied up in litigation in the Broward Circuit Court, according to an analysis of Broward County records.

New York real estate developer Donald J. Trump (lower right photo) has since withdrawn his name from the Fort Lauderdale Beach project that overlooks the Atlantic Ocean, according to the South Florida Sun-Sentinel. 

As the court battle proceeds, the Downtown Fort Lauderdale and the Beach condo market is running out of new developer units at a time of steady buyer interest, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Downtown Fort Lauderdale And The Beach™.

CondoVultures.com is scheduled to profile the latest condo trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

As of the week of July 21, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
 
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

NAI Realvest negotiates 10-Year Lease Agreement for TGI Friday’s at prime Port Orange, FL Shopping Center Location



MAITLAND, FL– NAI Realvest recently negotiated a 10-year lease agreement for 8,500 square feet in Dunlawton Square Shopping Center (top left photo) at the corner of Dunlawton Blvd. and S. Nova Road in Port Orange.  

 Mez Birdie, CCIM, director of retail services at NAI Realvest, negotiated the transaction on behalf of the tenant, a franchisee of TGI Friday’s.   The space is an end cap of a former K-Mart.  

 Birdie said the restaurant opening is scheduled for this fall.

 The local landlord is Dunlawton Nova Investors, LLC represented by John Trost of Prudential Commercial.    

For more information contact:
Mez Birdie, CCIM, Director/Retail & Investment Services NAI Realvest 407-875-9989, Mbirdie@realvest.com
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications 407-644-4142 or 407-461-3780’ fax 407-644-4410.  lvershelco@aol.com



NAI Realvest Negotiates New Lease for 10,000 SF at Monroe CommerCenter South in Sanford, FL




MAITLAND, FL. --- NAI Realvest recently negotiated a new lease for 10,000 square feet of industrial space at 727-739 Progress Way in Monroe CommerCenter South (top left photo) in Sanford.  

 Michael Heidrich, a principal in the firm, brokered the transaction on behalf of the landlord, COP-Monroe, LLC of Maitland and the tenant, Better Metal, LLC. 

 The Murfreesboro, Tenn.-based tenant leased the space for three years and four months.

For more information, contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications 407-644-4142 or 407-461-3780’ fax 407-644-4410.  lvershelco@aol.com



NAI Realvest Negotiates Lease Renewal Agreement with New Dimensions Dance Academy at Oviedo Commerce Center in Florida




ORLANDO, FL – NAI Realvest recently negotiated a lease renewal agreement for 4,800 square feet in Suite 1040 of the Oviedo Commerce Center (top left photo), 2462 W. SR 426 in Oviedo.

 George Viele, associate at the firm, brokered the transaction representing the Landlord, Oviedo Commerce Center, LLC based in Altamonte Springs.

 The tenant is Oviedo-based New Dimensions Dance Academy, Inc.   

For more information, contact:
George Viele, Associate, NAI Realvest 407-875-9989 gviele@realvest.com  
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications 407-644-4142 or 407-461-3780’ fax 407-644-4410.  lvershelco@aol.com

NAI Realvest Negotiates Long-Term Lease of Class A Office Space For New Corporate Headquarters of Internet Security Firm in Lake Mary, FL




MAITLAND, FL. — NAI Realvest recently negotiated a new long term lease agreement for 10,437 square feet of Class A office space at Colonial Center Heathrow (top left photo), 901 International Parkway in Lake Mary. 

 George Livingston, chairman at NAI Realvest, Principal Christie Alexander, and Associate Drew Saphos, CCIM negotiated the transaction representing the tenant, Team Cymru, Inc., a specialized Internet security research firm dedicated to making the Internet more secure. Team Cymru is relocating its headquarters from Chicago.   

 The landlord, DRA/CLP Heathrow Orlando, LLC of Lake Mary was represented by Sandy Chace of CB Richard Ellis. 

For more information, contact:
Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;
Christie Alexander, Principal, NAI Realvest 407-875-9989 calexander@realvest.com  
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications 407-644-4142 or 407-461-3780’ fax 407-644-4410.  lvershelco@aol.com



NAI Realvest Negotiates Acquisition of 9.52 Acre REO Development Site in Orlando’s Tourism Corridor for $2.05 Million



 MAITLAND, FL — NAI Realvest recently negotiated the purchase of a 9.52 acre development site at 5912 Kingspointe Parkway off Sand Lake Road in Orlando’s tourism corridor for $2,050,000.

 Paul P. Partyka (top right photo), principal and managing partner at NAI Realvest assisted by associate Tom Kelley (lower left photo) CCIM negotiated the REO sale on behalf of the buyer Miami-based Brazilian investors MRV International.

 The seller, First Southern Bank of Orlando was represented in the transaction by Matt Sullivan of Colliers International.  

“MRV International is one of the largest publicly traded real estate companies in Brazil,” Partyka said, adding, “They are aggressively purchasing industrial properties for future value and development.”

For more information, contact:
Paul P. Partyka Principal, Managing Partner, NAI Realvest, 407-875-9989 ppartyka@realvest.com;
Tom Kelley, CCIM, Principal, NAI Realvest 407-875-9989 tkelley@realvest.com;
Patrick Mahoney, President NAI Realvest, 407-875-9989 pmahoney@realvest.com
Larry Vershel, Larry Vershel Communications 407-644-4142 or 407-461-3780 lvershelco@aol.com



Marcus & Millichap Promotes Greg R. Price to Vice President Investments in Denver Office




DENVER, CO– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Greg R. Price (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Michael E. Hoffman (lower left photo), first vice president and regional manager of the firm’s Denver office.

 “Greg has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Hoffman. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Price began his career with Marcus & Millichap in July 2003, specializing in the sale of multifamily properties.

 Most recently, Price held the position of senior associate.

 Press Contact: Stacey Corso, Marcus & Millichap, (925) 953-1716

Marcus & Millichap Promotes Simon Jonna to Vice President Investments in Detroit Office


Simon Jonna
DETROIT, MI – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Simon Jonna  to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an agent has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Jonathan Dwoskin, regional manager of the firm’s Detroit office.

“Simon has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Dwoskin. 

“He is a consummate professional, continually striving to expand his knowledge and expertise. 

"His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Jonathan
Dwoskin
Jonna began his career with Marcus & Millichap in May 2005, specializing in the sale of retail properties.

 Most recently, Jonna held the position of associate vice president investments.


 Press Contact: Stacey Corso, Marcus & Millichap, (925) 953-1716

$14.3 Million Prime Office Building Up for Sale in Southfield, MI



SOUTHFIELD, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing for the 114,397-square foot single-tenant net-leased International Automotive Components (IAC) Building (top left photo) in Southfield.

The listing price is $14,275,000, or $125 a square foot. The cap rate is 8.5 percent.

 Dan Danielak, a senior associate, and Simon Jonna, a vice president investments in the Detroit office of Marcus & Millichap, are representing the seller.

 “Single-tenant net-leased office properties in core locations remain extremely sought-after, especially in affluent enclaves like Southfield,” says Danielak.

“We expect both private and institutional investors to express interest in this asset, which is being offered free and clear of debt. In addition, IAC recently signed a 10-year lease for the property, further solidifying the strength of this investment,” he notes.

 “IAC is one of the top-performing firms in its industry,” explains Jonna. “Last year, the company achieved $3.78 billion in annual sales. Furthermore, the new building owner will benefit from this property’s phenomenal exposure to Telegraph Road and Interstate 696 in wealthy Oakland County.”

Located at 28333 Telegraph Rd., the 4.79-acre office building serves as the regional headquarters for IAC.  

Press Contact: Stacey Corso, Marcus & Millichap, (925) 953-1716

Marcus & Millichap Capital Corp. Arranges $26.4 Million in Refinancing for Office Portfolio


  

LOS ANGELES, CA  – Marcus & Millichap Capital Corporation (MMCC) has arranged $26,450,000 in financing for three suburban mid-rise office buildings located in Maryland, New Jersey and Southern California.

 Jake Roberts and Anita Paryani (top right photo), both vice presidents capital markets in MMCC’s West Los Angeles office, arranged the financing.

 “This debt financing presented some challenges from the beginning,” says Roberts. “The buildings are not located in prime markets, their vacancy was higher than average and some of the tenants had gone dark, which meant that we had to underwrite as a true bridge loan even though the upside was  a bit more difficult to define in the short term,” adds Roberts.

 “Our client, a private REIT, came to MMCC after some of the REIT’s relationship lenders could not provide financing that would allow them to accomplish their goals,” says Paryani. “After a significant amount of detailed analysis and structuring, MMCC was able to secure a few lenders that understood the situation. We closed on time under a strict deadline,” Paryani adds.

“MMCC exceeded everyone’s expectations by obtaining the funds our client needed plus future proceeds for tenant improvements and leasing commissions,” concludes Roberts.

The loan is for three years, interest only, with two one-year options to extend. The loan to value is 75 percent.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
(925) 953-1716

HFF and Lowe Enterprises complete $118 million refinancing for Century Center I and II in Crystal City, VA

                                                           


WASHINGTON, D.C. – HFF announced that it has arranged a $118 million refinancing for Century Center I and II (top left photo), a two-building office complex with ground floor retail totaling 626,004 square feet in Crystal City, Virginia.

HFF worked exclusively on behalf of Lowe Enterprises (“Lowe”) to secure the five-year, adjustable-rate loan through Wells Fargo Bank. 

Loan proceeds are refinancing an existing loan and funding future leasing and capital expenditures.  Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager.

Lowe recently completed a $30 million renovation of Century Center I and II that improved building systems and curb appeal as well as repositioning the retail space to increase visibility along the heavily trafficked Crystal Drive.

Century Center I and II has 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. 

The property boasts major credit-grade tenants including Raytheon, GSA, and Northrop Grumman with new ground floor retail tenants such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica. 

Located at 2450 Crystal Drive and 2461 South Clark Street, Century Center I and II is situated two blocks from the Crystal City Metro Station, providing easy access to the shops and restaurants of Crystal City, as well as downtown Washington, D.C., the Pentagon and Reagan National Airport.

The HFF team representing Lowe included managing director Cary Abod (middle right photo) and senior managing directors Bill Asbill (middle left photo) and Bob Donhauser (lower right photo).

“Century Center’s renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe’s commitment to the property and the Crystal City submarket, and has been well received by the market as evidenced by new retail tenants continuing to sign leases; positioning the property for long-term success,” said Abod.

Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm.  Over the past 39 years, it has developed, acquired or managed more than $16 billion of real estate assets nationwide.  

Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets.   In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, D.C., Denver, Southern California and Northern California.

For further information on Lowe’s activities, please visit: http://www.loweenterprises.com/

Contacts:  
Cary P. Abod, HFF Managing Director, (202) 533-2500, cabod@hfflp.com                                                                                   
Kristen M. Murhy, HFF Associate Director, Marketing, (713) 852-3500                                       
             

HFF arranges $315 million refinancing for 340 Madison Avenue in New York


  
NEW YORK, NY – HFF announced today that it has arranged a $315 million refinancing for 340 Madison Avenue (top left photo), an approximately 750,000-square-foot, 22-story, Class A office building in Midtown Manhattan.  The building is jointly owned by RXR Realty, Broadway Partners and USAA Real Estate Company. 

HFF placed the 12-year fixed-rate loan with Cornerstone Real Estate Advisers.  Loan proceeds are paying off an existing loan on the property. 

Originally built in 1928, 340 Madison Avenue was completely redeveloped in 2006 to institutional quality standards. 

Tenants at the 92 percent leased office tower include McDermott Will & Emery, SunGard and The U.S. Government’s Office of the Comptroller of the Currency. 

Street-level retail tenants include Allen-Edmonds, Coach, Starbucks and Verizon.  340 Madison Avenue occupies the entire western block front of Madison Avenue between East 43rd and 44th Streets one block west of Grand Central Terminal.


The HFF team representing the borrower was led by senior managing director Michael Tepedino (lower right photo).

RXR Realty LLC (“RXR”), is a vertically integrated real estate company with expertise in investment management, property management, development, construction, leasing and financing. 

USAA Real Estate Company manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and under development assets of $2 billion. 

Broadway Partners is a private national real estate investment and management firm headquartered in New York City.

Contacts:  
Michael J. Tepedino, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com                                                                                 
Kristen M. Murhy, HFF Associate Director, Marketing, (713) 852-3500                                        
             

Cambridge Says Unique Internal Scoring System Speeds Loan Application Process for Senior Housing and Healthcare Borrowers




CHICAGO, IL -- When applying for a mortgage loan, senior housing/healthcare borrowers never plan to become bogged down in an application process that seemingly is going nowhere. But it happens.

Sampada D'silva (top right photo), a Senior Vice President with one of the nation’s leading senior housing/healthcare lenders, says Cambridge Realty Capital Companies has taken extraordinary steps to make certain borrowers applying for a loan swiftly know what the likelihood of a successful outcome will be. Wasting anyone's time is not an option.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $3 billion. The company is an FHA-approved lender and consistently ranks among the top HUD Section 232 lenders in the country.

D'silva says clients never see results produced by a unique internal scoring system used by Cambridge to evaluate and make swift decisions on loan applications. But everyone benefits because the system greatly reduces the time it takes Cambridge to accept or reject a client application.

“The scoring method evolved from efforts to quickly compile and analyze relevant factors using a quantitative system of evaluation. It considers multiple factors related to property type, the type of financing desired, and the size and geographic location of the loan.

“The system has enabled Cambridge to speed up the log-in process and has been especially helpful when it comes to accepting or rejecting borderline deals in a timely fashion,” she noted.

D'silva says the scoring system is a reflection of the company’s knowledge of the business.

“After many years of focusing exclusively on the senior housing/healthcare market, we understand what successful deals in this industry have in common. This applies doubly to FHA-insured HUD loans, which are our specialty,” she said.

She believes the quantitative scores produced for corporate loan applications are equitable and fair. But concerns about fairness were not the only motivating factor driving the company’s decision to create the internal scoring system.

“We process a large volume of deals and were determined not to become bogged down in details or slowed by an inefficient internal process. The point scoring system very quickly enables us to determine the quality of a deal and to act on requests in a timely way,” she said.

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

Latin America Pipeline Increases for Sixth Consecutive Quarter






PORTSMOUTH, NH -- Latin America's Total Construction Pipeline rose for a sixth quarter in a row to 528 projects/85, 417 rooms in Q2 2011.

Total projects are now up 14% and rooms up 6% year-over-year (YoY), propelled by continued rapid Pipeline growth in South and Central America, with projects up 28% and 21%, respectively, in the past year.

For a complete copy of the report, please contact:

Jennifer Robertson
Marketing Manager
Lodging Econometrics
500 Market Street, Suite 13
Portsmouth, NH  03801, USA
Ph:    +1 603-431-8740 ext. 19
Fax:   +1 603-431-4418

Marcus & Millichap Promotes Neema Ahadian to Vice President Investments in West Los Angeles Office

  


LOS ANGELES, CA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Neema Ahadian (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an associate has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Tony Solomon (lower left photo), regional manager of the firm’s West Los Angeles office.

 “Neema has earned a reputation as an extremely knowledgeable investment specialist,” says Solomon. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Ahadian began his career with Marcus & Millichap in September 2003, specializing in the sale of multifamily properties.

Most recently, Ahadian held the position of associate vice president investments.

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

HFF closes sale of Beltway Antoine Business Center in Houston


                               
 HOUSTON, TX – HFF announced today that it has closed the sale of Beltway Antoine Business Center (top left photo) a seven-building, 383,100-square-foot, Class A industrial park in Houston, Texas.

HFF marketed the property on behalf of the seller, Mountain West Industrial Properties and its partner, American National Insurance Company based in Galveston, Texas.  DCT Industrial Trust, Inc. purchased the property for an undisclosed amount.

Beltway Antoine Business Center was built in two phases in 2007 and 2008 and is 95.2 percent leased to 17 tenants.  The property is situated at 3403 – 3463 North Sam Houston Parkway (Beltway 8) at the Antoine toll booth in Houston’s north industrial submarket.

The HFF investment sales team representing the seller, Mountain West Industrial Properties, was led by senior managing director Rusty Tamlyn (lower right photo) and associate director Trent Agnew.

Mountain West Industrial Properties is a Denver based real estate firm specializing in the investment, development, operation and management of multi-tenant real estate assets.

DCT Industrial Trust Inc. is a leading industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico. Texas.

Contacts:    
Rusty Tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500 rtamlyn@hfflp.com                                                                                                                                                       
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500                 

Crescent Resources Acquires Property for Gallery at Cameron Village in Raleigh, NC



RALEIGH, N.C. /PRNewswire/ -- Crescent Resources, LLC completed its acquisition of the 2.6 acre site at Clark Avenue and Oberlin Road in Cameron Village. Construction is underway on a 282-apartment home community, Gallery at Cameron Village (top left rendering).

The $50 million project is being financed by equity investment from Crescent Resources, senior financing from Capital One Bank and mezzanine financing provided by Nationwide.

"Capital One and Nationwide are first-class financial institutions, and we are excited to be partnering with them on this landmark development," said Brian Natwick, president of Crescent's Multifamily Division.

 "Collaborating with our strong financial partners will result in a community that continues Crescent's legacy of high-quality development and is indicative of our future. We are swiftly moving forward with construction and look forward to welcoming our first residents in the spring of 2013."

"Nationwide is very pleased to be providing mezzanine financing to a best-in-class developer like Crescent for what will be the premier new apartment development in the southeast," said Todd Harrop, vice president of real estate investments with Nationwide Investments.

Gallery at Cameron Village will feature 282 apartment homes and 16,000 square feet of retail space. It is the first multifamily development in Cameron Village, a retail and dining destination in Raleigh.

 Gallery is designed with an exceptional resident amenity space featuring a wine bar, demonstration kitchen, gaming area, business center and entertaining areas, as well as a health-club-caliber fitness center. Additionally, Gallery will include a resort-style pool plaza with a sun deck, grilling stations and ample lounging and social areas. Crescent will seek Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council upon completion.

Cline Design Associates, PA of Raleigh is the architect, Historical Concepts of Atlanta is the design consultant, Stewart Engineering, Inc. of Raleigh is the planner and civil engineer, and LandDesign of Charlotte, N.C., is the landscape architect. Kettler Management will be the residential property manager, and Cox Schepp Construction, Inc. is the general contractor

 More information is available at www.LiveCameronVillage.com.

CONTACT: Mike Reed, +1-704-376-3434