Wednesday, August 24, 2011
Lydian Private Bank's deposits - totaling $1.24 billion at the end of the second quarter - and "essentially" all assets were assumed by Sabadell United Bank (middle right photo)- a nearly 40-year-old institution headquartered in Greater Downtown Miami with $2.4 billion in assets as of June 30, 2011 - in a deal arranged prior to the seizure, according to a statement by the FDIC, which insures deposits up to $250,000.
The FDIC’s deal with Sabadell United Bank - formerly Mellon United National Bank - calls for a “loss-share transaction” arrangement pertaining to $907 million of the assets of Lydian Private Bank, according to the statement.
Lydian Private Bank, an institution with a “mortgage lending specialization” serving "high net-worth clients and families" through seven-locations in five Florida counties, is the fourth Palm Beach County bank to fail since 2007, according to a CondoVultures.com analysis of FDIC data.
This latest South Florida bank failure occurred in the county that is performing arguably the worst at this point of the housing crash.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
Melrose-Sovereign Companies Names Mandy Vallowe Vice President of Business Development and Marketing
ORLANDO, FL. --- Melrose-Sovereign Companies has named Mandy Vallowe (top right photo) vice president of business development and marketing.
Jack Hanson, LCAM, co-founder and partner at Melrose-Sovereign Companies said Vallowe, who was educated in the U.K., has more than 17 years of experience in the multi-family housing industry. She was formerly the senior vice president of Network Multifamily, the largest provider of monitored alarms to the multifamily industry.
Melrose-Sovereign Companies manages residential communities and condominium associations throughout Florida.
For more information contact:
Michael Gonzalez, Marketing/Multimedia Coordinator, Melrose-Sovereign Companies, 800-647-0055; firstname.lastname@example.org
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, email@example.com
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, firstname.lastname@example.org
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com
Marcus & Millichap Promotes Felipe J. Echarte to Vice President Investments in Fort Lauderdale Office
“Felipe has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Matus. “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.”
Echarte began his career with Marcus & Millichap in September 2001, specializing in the sale of multifamily properties.
Most recently, Echarte held the position of associate vice president investments.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced that broker Reese Stigliano (top right photo), SIOR, represented investor Stefan Hoyer of Hoyer Homes, LLC, in the purchase of a 65-acre parcel in Palm Bay, Fla., for $1.575 million from CRM Florida Properties, LLC, an entity formed by SunTrust Bank.
Located in the a master-planned, mixed-use development of Bayside Lakes, the 65-acre parcel consists of 210 single family home lots, with 101 lots in the Amberwood division and 109 lots in the Wellington division.
Stigliano also assisted Hoyer Homes in making a deal with the City of Palm Bay to reinstate the utility agreement and reduce past due fees to $250,000 from more than $1 million. In addition, they reached a settlement with the city to waive past due property owners association fees of $250,000 and reduce annual fees going forward.
Hoyer Homes plans on land banking the property with the intent to sell lots in a takedown arrangement to publicly traded homebuilders, thereby eliminating the homebuilder’s expensive land development infrastructure cost and interest carry.
This is Stigliano’s second transaction with Hoyer Homes. He represented Stefan Hoyer in the purchase of a 53-acre property in Miami-Dade county in 2010.
Contact: Marielle Sologuren, Pierson Grant Public Relations
(954) 776-1999, ext. 226, email@example.com
NAPLES, FL – David Wells (top right photo) and Adam Wells (top left photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, have successfully closed a Bank United ground lease in Naples, FL representing both the buyer and seller. The sales price of $2,500,000 equates to a 6.15% cap rate.
David Wells, a Senior Associate in the firm’s Miami office exclusively represented the seller. His brother Adam Wells, also a Senior Associate in the Miami office, represented the buyer.
Both the buyer and seller reside in South Florida. The Wells’ have worked together in the past successfully executing multiple retail transactions across the country.
“Single-tenant net-leased assets with ten years of term or more in core primary and secondary locations remain the strongest retail product type,” says David Wells.
“And since this property has a long-term lease with a major financial institution and has a premium location on an outparcel of a Publix anchored center we were able to maximize price for the seller” explains Wells.
“This property is expected to deliver strong returns over the long term and is secured by Bank United which is rapidly expanding across the state and country” Adam Wells says.
“My client will benefit from a stabilized income stream and future appreciation of an outstanding irreplaceable piece of land in Naples, FL down the street from the Ritz Carlton and Gulf of Mexico.
Located at 8877 Tamiami Trail, Naples, FL the site was formerly occupied by Wachovia until Bank United executed a new lease this year. The building was originally constructed in 1997.
Contact: David Wells, (786) 522-7068
Morrison Commercial Real Estate and CLW Industrial Group Team Up for a $9 Million Building Sale in Lake Mary, FL
ORLANDO, FL (Aug. 24, 2011): Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of a $9 Million Building Sale in Lake Mary.
Lisa Bailey (top right photo) of Morrison Commercial Real Estate partnering with Ross Kirk (lower left photo) of CLW Property Services Group represented Regions Bank in one of the largest office/warehouse building sales of the year.
Located at 2452 Lake Emma Road in Lake Mary, Florida, the 562,817± square foot building sold for $9 Million to American Real Estate Partners, LLC. The Buyer was represented by Karen E. Poydenis of Poydenis Properties, LLC -Vero Beach, FL.
This transaction was unique in that this property was under contract before it ever went to the market.
American Real Estate Partners is a fully integrated, privately held, real estate investment company focusing on commercial real estate assets and real estate financial instruments in the major markets along the Eastern Seaboard of the United States.
They have a simple philosophy, “Identify opportunity, manage risk and create value.”
Contact: Buffy Gillette, Phone: 407.219.3500
For more information about Churchill Mortgage, visit www.churchillmortgage.com.
Contact: For Churchill Mortgage, Mary York, 407-371-0173
The Company is continuing to review issues pertaining to the Marketing Leases and is thoroughly exploring its options regarding Marketing's obligations to the Company. The Company cannot provide assurance that Marketing will meet its rental or other obligations under the Marketing Leases.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases approximately 1,170 properties nationwide.
Getty Realty Corp, Thomas J. Stirnweis, 516-478-5403
Additionally, ACM assisted in refinancing $2.0 million of existing commercial real estate debt.
The new facility allows the client to maintain a traditional bank line and exit a stale banking relationship which had reduced the company's liquidity, saving more than $150,000 in annual interest.
“ACM helped us streamline operating costs and created a process that led to better financing through new sources, providing us significant interest savings and a boost heading into the recovery,” said Rob Kornahrens (top right photo), Advanced Roofing CEO. “We continue to see a growing demand in re-roofing and our solar business, Advanced Green Technologies, particularly where incentives are involved,” said Kornahrens.
“This new loan facility adds to ACM’s total refinancing transactions, which now exceed $840 million,” said Jim Martin (middle left photo), ACM’s founder and managing partner.
“We’re proud of our role in this area and continue to seek opportunities to help both debtors and creditors navigate through this tough economic environment,” he added.
For ACM Capital Partners
JTS Communications, Inc.
Elizabeth Haag, 786-364-8667
In addition, Bluestone secured an additional $10M in equity financing from 806 Capital for Center City Northeastern, a 280,000 sq. ft. medical office complex located in the Port Richmond area. 806 Capital will join Bluestone as co-general partners of the project.
“Bluestone’s success is rooted in quality relationships with fiscally healthy lenders, investors and clients who have managed to avoid being hurt by the credit crisis,” said Matthew McManus (top right photo), Chairman, NAI Bluestone Real Estate Capital.
“Lenders today are extremely selective and stringent when it comes to approving, underwriting and structuring loans, which makes attracting financing a particular challenge for borrowers.
“Bluestone’s market knowledge aids its clients in choosing the right capital sources and advises on the appropriate structure to attract the active capital in today’s market.”
NAI Bluestone is part of NAI Global’s managed network, which includes over 5,000 professionals and 325 offices in 55 countries. NAI professionals complete over $45 billion in transactions annually.
For more information please visit www.bluestonecap.com.
Rebecca Devine, 215-434-7191
SAN FRANCISCO, CA--(BUSINESS WIRE)--Office building tenants reported their greatest need for additional space since the financial crisis of 2008 during the four quarters ending June 30, 2011, according to Kingsley Associates' Q2 2011 Office Industry Trends.
For the period, 14.7 percent of tenants anticipated a need for more space, the highest proportion since the 15.5 percent in Q3 2008 and up from a recent low of 12.1 percent in Q4 2009.
Tenant satisfaction also reached its highest level in the past three years. Kingsley Associates reports 85.7 percent of tenants reported their overall satisfaction at their building as "good" or "excellent," while 88.9 percent indicated satisfaction with property management specifically.
"Office owners and managers are clearly putting a renewed emphasis on customer service," noted Steve Kingsley (top right photo), founder and CEO of Kingsley Associates. "When the recovery accelerates, this will certainly be a factor in tenants' loyalty to landlords."
While this quarter's findings suggest that just such an acceleration may have begun, it remains to be seen what impact will be felt from the economic uncertainty in the wake of the August 5, 2011 downgrade of U.S. debt by Standard & Poor's.
Boston and San Francisco led major markets in the percentage of tenants anticipating more space (15.5 percent and 15.4 percent, respectively).
San Francisco also had the second highest proportion of tenants for whom green building practices were important (68.0 percent).
Miami had the highest proportion, at 68.4 percent.
These and other findings are available in Kingsley Associates' Q2 2011 Office Trends available here:
Kingsley Associates surveys office tenants representing in excess of 800 million square feet annually on behalf of its clients. The findings outlined above are based on survey responses received between July 1, 2010 and June 30, 2011.
To learn more, please visit our Website http://www.kingsleyassociates.com/ or our blog http://www.kingsleyinsight.com./
Peggy Robinson, 770-908-1220
Vice President of Marketing
Principal Management Group of Houston Named “Large Size” Office of the Year at Associa’s 2011 Summer Conference
HOUSTON, TX--(BUSINESS WIRE)--Associa, the nation’s leading community association management firm, is proud to announce that Principal Management Group of Houston was named the 2010 “Large Size” Office of the Year at the 2011 Associa Summer Conference held in Washington, D.C.
“Large Size” Office of the Year is awarded to a “large” designated Associa company with the highest performance during the prior fiscal year in the areas of client growth, client retention, employee morale and profitability.
“We are thrilled to be named the Large Office of the Year and the credit goes to the hard work and dedication of every member of our staff,” said PMGH President and CEO Vicki Ward. “It is because of their outstanding teamwork and enthusiasm that we continue to serve our clients in the best ways possible, and for that I could not be more proud.”
Contact: Carol Piering, 214-716-3848
HFF named to market for sale Class A multi-housing property in St. Louis’ Central West End neighborhood
CHICAGO, IL – HFF announced today that it has been named to market for sale 3949 Lindell (top left photo), a 197-unit, Class A luxury multi-housing community in the Central West End neighborhood of St. Louis, Missouri.
HFF is marketing the property on behalf of the seller, Gulfstream Capital Partners.
3949 Lindell is located across from St. Louis University and near Forest Park and the Washington University Medical Center. Completed in 2008, the four-story property has studio, one- and two-bedroom units furnished that average 894 square feet each.
Street-level commercial space at the property totals 13,079 square feet. Community amenities include a swimming pool, business center, fitness center, tanning salon and assigned garage parking.
The HFF investment sales team representing Gulfstream Capital Partners is 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
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
MIAMI, FL – HFF announced today that it has closed the sale of the Cheeca Lodge & Spa (top left photo), a landmark luxury destination resort in the Florida Keys.
The property is AAA four diamond-rated and has been ranked as one of Travel & Leisure’s “500 Greatest Hotels in the World”.
HFF marketed the property on behalf of the seller, Cheeca Holdings, LLC. Northwood Investors purchased Cheeca Lodge & Spa free of brand or management encumbrances.
Cheeca Lodge is “one of the country’s most recognized resorts” situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009.
The luxury resort includes 214 units, a mix of hotel rooms and third-party owned condominiums, 5,439 square feet of function space, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts, and a fishing/mooring pier.
The HFF team representing Cheeca Holdings, LLC was led by executive managing director Manny de Zárraga (top right photo) and senior managing director Dan Peek (lower left photo).
“During its ownership period, Cheeca Holdings, LLC, under the directions of its owner, Jerry Johnson, redeveloped the famed Cheeca Lodge to world-class trophy status with a state-of-the-art lodge building and extensive capital improvements,” stated de Zárraga.
“The sale of the Cheeca Lodge highlights the appeal of irreplaceable resort lodging properties in high barrier-to-entry markets for top tier institutional investors such as Northwood Investors,” added Peek.
Northwood Investors is a privately-held global real estate investment firm with more than $2 billion of real estate assets. Founded in 2006 by John Z. Kukral, Northwood employs a fundamental, value-driven investment strategy with a longer-term outlook. Northwood has extensive experience investing in a wide range of real estate assets worldwide over multiple cycles providing the firm with a deep knowledge base, strong relationships, and unparalleled access to global real estate resources..
Manuel A. de Zarraga, HFF Executive Managing Director, (305) 448-1333 firstname.lastname@example.org
Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
CRANSTON, RI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of a Stop & Shop (top left photo) ground lease in Cranston. The sales price of $13,521,468 represents $270 per square foot.
Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the seller, Churchill & Banks. Horvath and Tremblay also represented the buyer, Cole Capital Advisors Inc. Margaret Huelskamp (middle left photo), Marcus & Millichap’s broker of record for Rhode Island, assisted in the transaction.
“The ground lease was well received in the marketplace by both private and institutional investors,” says Horvath. “The asset sold prior to completion and rent commencement.”
The Stop & Shop is located at 275 Warwick Ave. in Cranston, the third-largest city in Rhode Island. Average daily traffic counts on Warwick Avenue are more than 24,000 vehicles.
The population within a three-mile radius of the property is 112,876 and the average household income is $60,418. Retail tenants in the area include Walgreens, Shaws, Dollar Tree, Pizza Hut, Supercuts, GNC and Pawtucket Credit Union.
Stop & Shop has constructed a 50,000-square foot building on the site on approximately 7.5 acres. This year, the grocery chain signed a 20-year lease with 11 five-year options and rent escalations every five years.
Cranston is located in Providence County in central Rhode Island. The city is five miles from Providence, R.I., 53 miles from Boston and 87 miles from Hartford, Conn.
Press Contact: Stacey Corso, Marcus & Millichap, (925) 953-1716
LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4,335,000 loan to refinance a 51-unit mid-rise multifamily property in Los Angeles.
Sharone Sabar (top right photo), a director in the firm’s Encino office, arranged the loan.
“Prior to engaging MMCC, the borrower had unsuccessfully sought a 75 percent LTV cash-out loan with five years of IO from many lenders,” says Sabar. “His previous loan was maturing and he needed to close within 35 days.”
“MMCC made arrangements with a commercial bank to provide a loan with the desired terms within the required time frame,” adds Sabar. “We have worked with this lender in the past, which helped make the bank comfortable in treating this transaction as a priority.”
The 4.63 percent adjustable interest rate loan is for 30 years, amortized over 30 years with a 75 percent LTV.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation
Lake Morton Apartments was built in 1947 on approximately 2.71 acres and consists of eight two-story buildings. The unit mix features one- and two-bedroom apartments, with central air-conditioning in all units.
“This was a unique opportunity for Florida Southern College to expand by converting existing apartment units into student housing,” says Meoli
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
PCCP LLC Provides $23.75 Million Senior Loan to Finance the Recapitalization of 228,000-SF Bluebell, PA Office Complex
As a result of this transformation, the property is now positioned as one of the highest quality assets in the area. The five office buildings offer appealing designs, good visibility, and numerous on‐site and nearby amenities.
“This property appeals to small and mid-size tenants looking for a prestigious location and smaller floor plates that offer corner glass with superior light and air,” said John Prete, vice president with PCCP.
John Randall (top right photo), senior vice president with PCCP added: “We see this property as one with strong growth potential over the coming years and believe Keystone, as a premier suburban office owner, will manage the property effectively and increase tenant interest.”
The property consists of five office buildings: Gwynedd Hall, Dublin Hall, Abington Hall, Merion Towle, and a PNC Bank branch. It is within one mile of the Plymouth Meeting mall, a well‐known landmark in the Philadelphia suburbs. The property is situated on a landscaped 16-acre parcel with a ring road that connects it to and three other buildings that together comprise Sentry Park West.
Keystone Property Group is a leading Philadelphia suburban office owner and operator with more than forty projects and a management portfolio of $500 million. Keystone has raised three private equity funds and is considered a landlord of choice by many tenants. Keystone’s specialty is re‐developing undercapitalized but well located office and industrial buildings into highly desirable Class A properties. This is PCCP’s first transaction with Keystone Property Group.
Learn more about PCCP at www.pccpllc.com.
Media contact: Darcie Giacchetto, Spaulding Thompson & Associates, Inc.