Thursday, September 1, 2011
LTS, in concert with Hilco Managed Asset Resolutions, LLC, also a unit of Hilco Real Estate, will be responsible for maximizing the value recovered on the portfolio.
LTS Vice President, Michael Tsandilas, and Ben Spera, Managing Director of Hilco Managed Asset Resolutions, LLC, will coordinate the day to day activities of the engagement. Current plans call for a coordinated program of loan restructurings, foreclosure actions, workout negotiations and asset disposition sale processes.
Ron Lubin (middle left photo) President of Liquidation Trustee Services, LLC said, “Dealing with troubled assets is in our DNA. Our team has a long track record of successfully resolving problem loans and maximizing asset value through disposition. We are very pleased to have been selected by Textron Financial Corporation to help reduce costs and maximize value.”
Barbara Gaulien, Vice President of Risk Management for Textron Financial Corporation, said, “We looked to Liquidation Trustee Services, LLC and Hilco because of their real estate-related disposition capabilities, particularly in bankruptcy scenarios. Their knowledge of the process and seasoned staff gives us great comfort that we will return the best possible result on this portfolio.”
Hilco Liquidation Trustee Services, LLC
Ron Lubin, President
Prudential Mortgage Capital provides $200 million of the $725 million total secured financing of New York’s iconic 601 Lexington Avenue
NEW YORK--(BUSINESS WIRE)--Prudential Mortgage Capital Company has completed $200 million in financing for Boston Properties’ 601 Lexington Avenue (top left photo), formally known as the Citigroup Center.
Prudential Mortgage Capital Company joined with MetLife, which provided $375 million, and New York Life, which provided $150 million, for a total loan of $725 million. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
The fixed-rate loan, with a 10-year, seven-month term, is secured by the distinctive 59-story, 1.6 million-square-foot, trophy Class-A office tower and retail property located on Lexington Avenue between 53rd and 54th Streets in the heart of midtown Manhattan.
Prudential’s New York-based team arranged its share of the financing, led by Melissa Farrell (middle right photo), managing director, Sarah Teunis, director and Sam Eisner, senior analyst.
“601 Lexington Avenue represented an exceptional opportunity for Prudential to invest in a top-tier building with a strong and consistent operating history in one the best office markets in the world.
“We are pleased to have closed this transaction with Boston Properties who has considerable experience and a successful track record in owning and managing office properties in desirable markets including Midtown Manhattan. We look forward to continuing our relationship with them,” Farrell said.
601 Lexington Avenue’s distinctive angled roof has become an iconic part of New York City’s famed skyline.
Occupying the full block that runs from 53rd to 54th Streets between Lexington and Third Avenues in the Plaza District of Midtown Manhattan (bottom left photo0, it includes more than 1.5 million square-feet of office space and over 100,000 square-feet of retail space.
The building sits on top of three subway lines providing access to New York’s extensive transportation network.
For more information, please visit http://www.news.prudential.com/ and http://www.prumortgagecapital.com
John Chartier, 973-802-9829
LAGUNA HILLS, CA--(BUSINESS WIRE)--QuestSoft, a top provider of mortgage compliance software and services for lenders, was again recognized by Mortgage Technology magazine as one of the year’s Top Mortgage Service Providers.
The magazine recognized QuestSoft for their work in updating software to meet all of the new regulations being pushed on the industry (including Dodd-Frank) and for its integration with 45 loan origination software (LOS) systems.
QuestSoft once again met all four primary criteria set by Mortgage Technology for inclusion in the listing: continued service and technology advances, viable revenue model and value proposition to customers, exceptional customer service and a unique impact on the mortgage industry. The company offers solutions that provide a complete suite of automated compliance review software to the mortgage industry.
“Our company and employees are all honored to see consistent recognition by such a well-respected publication, especially in light of the fact that so few companies actually repeated the honor this year,” said Leonard Ryan (top right photo), president of QuestSoft.
“As new regulations are passed, we will continue to produce programs that provide lenders with the peace of mind that they are compliant with every regulation, law and investor guideline.”
For more information about QuestSoft and its products, visit the company's Web site at www.questsoft.com.
David Jones, 678-781-7238
Elizabeth McMillan, APR, 678-781-7224
LandMark Retail Group Continues Aggressive Expansion Throughout California -- Six More CVS/pharmacy Stores Completed
In August, LandMark Retail Group opened two new CVS/pharmacy stores in the San Fernando Valley submarket of Los Angeles – North Hollywood and Encino. Opening on August 7, the CVS at the 98,000 ADT intersection of Camarillo Street and Lankershim Boulevard in North Hollywood, CA, was a conversion of a former grocery store building which had another retail use on site.
The following week, CVS/pharmacy converted a former 26,000 square foot bookstore and opened on August 14 in Encino on Ventura Boulevard and Hayvenhurst Avenue.
In addition to these two stores, LRG opened a store in July at the corner of 32nd and Clement in San Francisco (bottom right photo). This store fills a strategic location to service customers in the family oriented Seacliff community and Richmond District of San Francisco.
LRG is currently developing three new CVS/pharmacy stores with openings scheduled throughout the end of 2011.
“Through our work with CVS, LRG has made considerable inroads as a developer throughout California by controlling, entitling, and building numerous projects on highly sought after real estate in typically challenging trade areas and neighborhoods,” stated Jeremy Just (top right photo), Principal and Chief Executive Officer of LandMark Retail Group.
“By building close relationships with Cities, our tenants and their future customers, and offering creative solutions for all involved LandMark will continue successfully executing our clients’ growth objectives.”
For more details, visit: www.landmarkretailgroup.com.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851, email@example.com
NEW YORK--(BUSINESS WIRE)--The Moinian Group, one of the industry’s most active residential developers and owners, announces the closing of the sale of 95 Wall (top left photo) in Downtown Manhattan for $325 million to UDR, Inc. (NYSE: UDR), one of the country’s largest multifamily real estate investment trust.
The property is an apartment rental community in New York City’s Financial District redeveloped in 2008 and was named Dwell95 by the developer.
“The property is one of the true success stories of Downtown Manhattan over the past few years, and The Moinian Group is pleased to sell this outstanding asset to a company such as UDR that shares our long-term hold ownership strategy,” said Joseph Moinian (middle right photo), CEO of The Moinian Group. “We look forward to working with UDR in the future.”
Located on Wall Street between Water and Front streets, the 22-story building was formerly the corporate headquarters of J.P. Morgan prior to being converted to residential in 2008.
Like all Moinian rental developments, the building features condo-quality interior finishes for its studio, one- and two- bedroom apartment homes. The finishes include wood flooring, custom cabinetry, marble countertops and backsplashes, high-end appliances and stackable washer/dryer units. Residents enjoy a 24-hour doorman and concierge service, fitness center, resident lounge, rooftop deck and on-site parking.
Tom Toomey (lower left photo), president and CEO of UDR, said “We see significant value creation opportunities through the implementation of our operating platform as the building is still pre-stabilized following the complete renovation in 2008.
“95 Wall provides a unique opportunity to further our presence in the Financial District, an area of Manhattan that we believe will continue to benefit from the redevelopment of the World Trade Center and surrounding areas.”
The building was redeveloped under the 421-g Program and will receive a tax abatement until 2023, as well as an exemption from real estate taxes until 2021, both of which include a four year phase out period.
Douglas Harmon of Eastdil served as broker and advisor in this transaction.
Additional information can be found on the Company's website at www.udr.com.
Great Ink Communications
Eric Gerard, 212-741-2977
Alyson Grala, 212-741-2977
Realtors Barbara Mei and Jo Rutstein Join Forces at Signature Sotheby’s International Realty in Sarasota, FL
“Jo and I have the same values when it comes to customer service,” said Mei. “We both go above and beyond to establish a trust and comfort level from our clients.”
Mei and Rutstein have launched a quarterly market report which will help luxury condominium buyers and sellers make informed decisions. To be placed on the distribution list for the report, please contact Barbara.Mei@sothebysrealty.com or Jo.Rutstein@sothebysrealty.com.
Signature Sotheby’s International Realty is known around the world for its focus on the high-end luxury real estate market. The Sarasota office is located in the Plaza at Five Points, 50 Central Avenue, Suite 110, Sarasota, Florida 34236. Telephone: (941) 364-4000.
Mei can be reached at (941) 893-7417 or Barbara.Mei@sothebysrealty.com.
Rutstein can be reached at (941) 587-9156 or Jo.Rutstein@sothebysrealty.com.
Media Contact: Sheila Brannan Longo, (941) 355-3006
Thomas & Brannan Communications
Crossman & Co/ President to be Keynote Speaker at FSU College of Business Welcoming Event Sept. 6 in Tallahassee, FL
ORLANDO, FL --- John Crossman (top right photo), CCIM, president of Crossman & Company, the Orlando-based firm that ranks as one of the largest retail property management, leasing and development companies in the southeastern U.S., will serve as keynote speaker at Florida State University’s College of Business Student Welcoming Event scheduled for Sept. 6 at the University’s Tallahassee campus.
Crossman, a frequent speaker at colleges and universities throughout Florida and at national conferences and seminars, plans to offer students a broad range of advice on business careers.
“It is crucial for students to begin working on their careers now. We need more leaders in the business community that are passionate about their community,” said Crossman.
For more information, contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, firstname.lastname@example.org;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, email@example.com
An additional 1,200 units in Greater Downtown Miami that were previously purchased by bulk buyers are now being actively marketed for resale on an off-market basis, according to an analysis by the licensed Florida brokerage Condo Vultures® Realty LLC.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org.
The joint venture partnership will be the latest in a long history of joint ventures formed between Pacific Office’s management group and Angelo Gordon, which together have completed over $1 billion in acquisitions.
Pacific Office Properties Trust, Inc.
Matthew J. Root
Chief Investment Officer
“Conrad Hotels & Resorts offers today’s affluent travellers a world of style, service, and connection with the luxury of being themselves,” said John T.A. Vanderslice (middle left photo), global head of luxury and lifestyle brands for Hilton Worldwide.
“Conrad Koh Samui personifies the Conrad spirit of individuality and commitment to service, and strengthens the brand’s presence in global gateway cities and most sought-after resort destinations.”
“We continue to expand our strong presence in Thailand and are now proud to introduce Conrad’s world of style, service and connection in Koh Samui.
"This magnificent resort is the second of our Conrad properties to open in Thailand and caters to the needs of the ever increasing number of global, affluent travellers to this popular resort destination,” said Martin Rinck, president, Asia Pacific, Hilton Worldwide.
For information on Conrad, please visit www.conradhotels.com.
For more information about the company, visit www.HiltonWorldwide.com or connect with Hilton Worldwide at www.HiltonWorldwideGlobalMediaCenter.com.
Hilton Worldwide, Asia Pacific
Audrey Wong, +65 6833 9763
Conrad Hotels & Resorts
Robert Allegrini, +1 312 663 6516
Rick Bavec, principal and managing director of Tolaris Realty Group, said interested parties can visit www.TolarisRealty.com to learn more.
For more information, contact
Richard D. (Rick) Bavec, President Tolaris Realty Group, 407-402-9866, email@example.com;
Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 (Fax 407 644 4410), Lvershelco@aol.com.
LandMark Retail Group Developed, Purchased and Sells CVS/pharmacy with Record Setting Sale Price in Victorville, CA
Victorville, CA (Sept. 1, 2011) – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, developed, purchased and recently sold a free standing CVS/pharmacy in El Evado Plaza shopping center (top left photo), located at 14426 Palmdale Road in Victorville, CA to 14426 Palmdale Road, LLC for $7.95 million.
This sale marks the highest price paid for a single tenant drug store in the Inland Empire since 2007 at $616 per square foot and a closing cap rate of 6.5 percent.
LRG was represented by Nicolas Coo and Dennis Vaccaro of Faris Lee Investments. The buyer was represented by Hamid Soroudi and Kimberly Roberts Stepp (middle left photo) of Charles Dunn Company.
The CVS prototype 12,900 square foot freestanding drug store with a drive-thru was first controlled by LRG in January 2006.
As the corner anchor to a larger 10 acre proposed shopping center, LRG assisted the master developer in assembling a team and entitling, permitting, and constructing the shopping center.
LRG completed the CVS which opened October 31, 2010, and in late February 2011, acquired the free standing drug store in a sale and leaseback transaction directly with CVS CareMark Corporation.
The drug store is conveniently located fronting Palmdale Road (Highway 18), a main arterial within the trade area connecting the I-15 Freeway to the east and Highway 395 to the west, and is one of the busiest retail corridors in the Victorville and High Desert market area.
“The acquisition of CVS at El Evado Plaza demonstrated confidence from both CVS and LandMark Retail Group in the immediate need for additional daily needs shopping opportunities as well as the future growth prospects in the High Desert region of the Inland Empire” said Jeremy Just (lower right photo) Principal, Chief Executive Officer, LandMark Retail Group, LLC.
"The need has been proven by the strong opening of this CVS store which sales strength is expected to continue irrespective of the overall economic downturn. Palmdale & El Evado is a great investment."
For more details, visit: www.landmarkretailgroup.com.
Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851
McAllister Plaza has an exceptional location directly across Highway 281 from the San Antonio International Airport at the northwest quadrant of Loop 410. RBL purchased the property in 2007 and has performed an extensive renovation to allow the property to compete with Class A properties in the market.
The HFF team representing RBL Real Estate was led by associate director Adam Herrin (lower right photo) and senior managing director Trey Morsbach.
According to HFF, the lender did a fantastic job on a transaction that had some complexities to it. Their execution from beginning to end was great. This financing should assist RBL to invest the necessary capital to reposition this asset and make it a huge success.
Headquartered in San Francisco, RBL Real Estate specializes in the acquisition, development and management of commercial real estate. Since its inception, RBL has acquired and managed more than 40 properties with an aggregate value in excess of $500 million.
Adam F. Herrin, HFF Associate Director, (214) 265-0880, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
The HFF team representing McMorgan & Company, LLC included executive managing director John Pelusi (top right photo), senior managing directors Trey Morsbach (lower left photo) and Mike Tepedino and real estate analyst Todd Newman.
McMorgan & Company, LLC is a real estate investment adviser and a wholly owned subsidiary of New York Life Investment Management Holdings, LLC.
John Pelusi Jr., HFF Executive Managing Director, (412) 281-8714, email@example.com
Trey Morsbach, HFF Senior Managing Director, (214) 265-0880 firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
The fully-amortizing full-recourse loan has a term of 25 years, based on an interest rate of 5.5%. The loan-to-value is 69.86%. The borrower needed to refinance out of the previous mortgage that had matured.
The 38-unit multi-family complex was built in 1969, and is located at 1500 W. Bay Drive, Largo, Florida.
Wood also secured financing for Homestead Town Square in the amount of $13,250,000 through Thomas D. Wood and Company’s correspondent relationship with AIG. The non-recourse loan has a term of 10 years, based on a 25-year amortization and an interest rate of 5.38%. The loan-to-value is 60%.
The borrower needed to refinance out of the previous mortgage that had matured. The 205,614 square-foot retail center was built in 1994, and is home to major tenants Publix, Pet Supermarket, OfficeMax and Marshalls. Homestead Town Square is located at 803 Homestead Boulevard, Homestead, Florida.
For further information, please contact:
Steve Wood, (305) 447-7820, email@example.com
Jessica Kinnee,(407) 937-0470, firstname.lastname@example.org