Tuesday, January 31, 2012

CRE Show: U.S. Industrial Market Set to Take Off



 ATLANTA, GA – It may be the least glamorous of the commercial real estate sectors, but the U.S. industrial market is set to shine in the near future and will prove a popular destination for investors’ dollars.

 Guests on the most recent episode of the “Commercial Real Estate Show” shared those observations and others in a thorough update on the market. Topics included sector fundamentals, investment sales activity, tenant attitudes and spec development.

 Nationally, the industrial real estate market has experienced seven consecutive quarters ofpositive net absorption, noted Mike Felton (top right photo), vice president, corporate industrial services, for Bull Realty. In 2011, the national vacancy rate declined from 10 percent to 9.5 percent.

 Mitch Roschelle (top left photo), a partner with PricewaterhouseCoopers, said 2012 will be “a transition point” from the recent recession to a period of rent growth and new development. 2013 and 2014 will feature “a mini-explosion in the expansion of the sector,” he said.

Investment sales in the sector also will pick up steam in the year ahead, Roschelle predicted. “It’s a neat little niche in the commercial real estate sector that often gets overlooked because it’s not as sexy as some of the other property types but it’s got a great yield, and I think that’s going to be the catalyst for a big pickup in transaction volume, starting in 2012 and continuing thereafter,” he added.

 “I agree: I think it’s going to be a favored asset class moving forward,” replied show host Michael Bull (lower right photo), the founder of Bull Realty.

 Tenants are finally exhibiting at least some increased confidence, said Ralph Kittrell, (lower left photo) a principal with Exceter Property Group. “Being somewhat optimistic but being careful is the best way to put,” he said.

 “I would echo that … For every deal that’s got a right of first offer on a space that’s adjacent to them, it’s also got a termination option on what they’ve actually got under lease, so they’re looking to get out on both sides,” said Doug Smith, senior vice president for Seefried Properties.

 Kittrell also said his company is starting to see some demand for smaller deals. “I think that’s good because the smaller companies are starting to see some growth and coming back into the market,” he said.

 Approximately 40 percent of the 32 million square feet of industrial space under construction is spec development, Smith noted.

 In the near future, such development “is going to be spotty, and it’s going to be in specific markets where there’s some real drivers to convince folks to go spec, whether it’s in Florida or [Southern California’s] Inland Empire, Houston, and around some of the airports.”

 Contact:
Stephen Ursery
Wilbert News Strategies

CalPERS Names Stacie Sormano Chief of Retirement Research and Planning Division



SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) has named Stacie Sormano to lead the pension fund’s Retirement Research and Planning Division (RRPD).

The RRPD identifies retirement industry trends and develops new ways to better serve our members and employers. As the Chief of RRPD, Sormano and her team will be responsible for addressing public policy issues to proactively protect the sustainability of the retirement plan. Her appointment was effective January 1, 2012. She reports to Ann Boynton (top right photo), Deputy Executive Officer for Benefit Programs Policy and Planning.

“Stacie brings a wealth of leadership and experience to her new role,” said Boynton. “We will rely on her strengths in administration and analysis as we evaluate our own policies and participate in the Legislative process examining pension systems throughout the State.”

This is Sormano’s second stint at CalPERS. She served for four years as the Assistant Chief of CalPERS Health Policy and Program Support Division before moving on to First 5 California, where she served as the Deputy Director of the Research and Program Evaluation Division. Most recently, she was the Chief of the Office of Planning and Accreditation at the California Department of Corrections and Rehabilitation.

Sormano holds a Master of Arts degree in Government and Public Policy, a Bachelor of Arts in Economics, and a Certificate in Management from the California State University, Sacramento.

CalPERS is the nation’s largest public pension fund with approximately $229.5 billion in assets, providing retirement benefits to more than 1.6 million State, public school, and local public agency employees, retirees, and their families, and health benefits to more than 1.3 million members. The average CalPERS pension is $2,332 per month. For more information about CalPERS, visit

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

PCCP LLC Provides $22.56 Million Senior Loan to Refinance Portion of Westover Marketplace in San Antonio, TX



 SAN FRANCISCO, CA.. Jan. 31, 2012 - PCCP, LLC announced today it has provided a $22.55 million senior loan to refinance a 230,000 square foot portion of Westover Marketplace (top left aerial photo and bottom right photo)) in San Antonio, Texas on behalf of the owner, Coventry Real Estate Advisors.

Built in 2005, Westover Marketplace totals 600,000 square feet and is located at 8203 State Highway 151. The refinanced portion of the center is approximately 71 percent occupied with major tenants including Ross, PetSmart and Office Depot. Anchor tenants include Target and Lowe’s, which were not a part of the finance transaction.
 
“Given the healthy economic conditions in San Antonio, the prime location of this center at the corner of two major freeways, and the quality of the tenancy,  PCCP saw this  as a good opportunity to further its relationship with Coventry Real Estate Advisors,” said Jim Galovan, vice president with PCCP, LLC.

Galovan reported that Coventry has hired CBRE to manage the property as well as head up leasing activity. The major portion of the vacancy is a 48,000 square foot space formerly occupied by Sportsman’s Warehouse.

 Westover Marketplace is well-located along the heavily trafficked 410 loop in the northwest San Antonio submarket. The center is highly visible to 155,000 vehicle trips per day along Loop 410, while Highway 151 at this intersection sees another 80,000 vehicle trips per day.

The San Antonio area is one of the United States’ healthiest markets with 7.3 percent unemployment and 2.5 percent job growth in 2011. Population growth was twice the national average the past 12 months due to strong in-migration caused by its diversified economy and low cost of living.

PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.

  With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.

  Learn more about PCCP at www.pccpllc.com.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224.

Charles Dunn Co. Completes $17 Million Sale of Los Angeles Multi-Family Property Portfolio totaling 199 Units



 LOS ANGELES, CA, Jan. 31, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $17,025,000 sale of a 199-unit multi-family portfolio consisting of four properties in the Mid-Wilshire submarket of Los Angeles. The properties are situated in prime Koreatown locations and are non-rent controlled buildings.

Janet Neman (top right photo) and Bryan Glenn (top left photo) of Charles Dunn Company represented both sides of the transaction.

The buyer was a Los Angeles-based investment company, and the seller was Los Angeles-based 4D Development.

 David Pourbaba (middle right photo), CEO of 4D Development, purchased the Mid-Wilshire portfolio as a distressed asset in 2011 from Wells Fargo Bank. Through repositioning of the asset and a change in management, he was able to improve the value of the portfolio and sell it approximately one year later for a substantial profit.

The closing cap rate was 7.16 percent. The Charles Dunn team won the listing over several other large brokerage firms and sold the property for substantially more than what other firms had originally suggested as an asking price. 
  
“We won the listing based on our successful sales track record and knowledge of the local market,” said Neman who marks this as her fourth transaction she has participated in with this portfolio over the past 10 years. “We quickly identified a buyer who owned similar product in the area and put in a strong offer before the portfolio officially hit the market.”

The properties are all renovated 1920s Art Deco architecture buildings and include 97 studio units and 102 one-bedroom units. Following is information on each property:

  • 3835 W. 8th Street (bottom left photo) is six stories, was built in 1928, and includes 59 units
  • 715 S. St. Andrews Place is four stories, was built in 1927 and includes 43 units
  • 324 Catalina Avenue is four stories, was built in 1926 and includes 48 units
  • 326 S. Normandie Avenue is five stories, was built in 1930 and includes 49 units
  •  “The Mid-Wilshire multi-family submarket is showing strong rental demand with solid rental rates and the market vacancy factor at around four percent,” said Glenn. “This portfolio offered the buyer a rare opportunity to own vintage properties in great condition that are not subject to rent control.” 

    Glenn added that at the time of sale, the properties also had a higher than market vacancy factor and offered a repositioning opportunity through aggressive management.  

    Janet Neman is a senior managing director with Charles Dunn Company and is in the top 10 of the firm’s top producing agents. In 2011 she was chosen by Real Estate Forum magazine as a “Woman of Influence” in the commercial real estate industry.

    Contact:
    Darcie Giacchetto
    D.G. Communications, Inc.
    949.278.6224




Berger Commercial Realty Corp. Announces Three New Sales


  

FORT LAUDERDALE, FL – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, and serving clients around the state, announced three new sales from Senior Vice President Steve Hyatt (top right photo)

 Hyatt represented receiver Lloyd Berger (lower left photo) in the sale of a 7-unit apartment complex, located at 3355 Central Ave. in Sarasota, for $170,000 to buyer Expat Properties.

 Hyatt also represented seller Symbolism Properties, LLC in the sale of an 18-unit apartment building, located at 2619- 2687 Crystal Lake Acres Drive in Lakeland, to OLI-5 LLC for $337,500.

 Additionally, Hyatt represented seller States Resources Corp. in the sale of a 1,745-square-foot office/warehouse building, located at 2440 N.W. 54th St. in Miami, to 2440 N.W. 54 LLC for $125,000.

 In 2011, Hyatt sold 13 apartment buildings, one former car dealership and an office warehouse building.

 Contact: 
Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226

Thomas D. Wood & Co. Brokers Seven Self-Storage Financing Deals




CORAL GABLES, FL -- Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of

  • $7,665,000 for six Stor-All Self Storage facilities.
  • $1,900,000 for Boyton Beach Stor-All Self Storage,
  • $1,685,000 for Johnson Ferry Stor-All Self Storage,
  • $1,265,000 for Tucker Stor-All Self Storage,
  • $1,025,000 for Dunwoody Stor-All Self Storage,
  • $945,000 for Coastal Stor-All Self Storage
  • $845,000 for Decatur Stor-All Self Storage all through Thomas D. Wood and Company's correspondent relationship with The Standard Life Insurance Company.

Steven H. Wood (top right photo), Company Chief Operating Officer, secured financing for the Boyton Beach Stor-All Self Storage (top left photo) in the amount of $1,900,000. The permanent, fully-amortizing, partial-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 59%.

The 62,430 square-foot self storage building, located on 4.44 acres of land, was built in 1989 and 1991, and is located at 4390 Hypoluxo Road, Lantana, Palm Beach County, Florida 33462.

 Wood also secured financing for Johnson Ferry Stor-All Self Storage (middle right photo) in the amount of $1,685,000. The permanent, fully-amortizing, non-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 41%. The 73,703 square-foot self storage building, located on 4.57 acres of land, was built in 1990 and 1994, and is located at 4365 Johnson Ferry Place NE, Marietta, Cobb County, Georgia 30068.

Wood secured financing for Tucker Stor-All Self Storage in the amount of $1,265,000. The permanent, fully-amortizing, non-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 36%. The 97,240 square-foot self storage building, located on 5.53 acres of land, was built in 1973 and renovated in 1993. The property is located at 1750 Montreal Circle, Tucker, DeKalb County, Georgia 30084.

 Wood also secured financing for Dunwoody Stor-All Self Storage (lower left photo) in the amount of $1,025,000. The permanent, fully-amortizing, non-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 26%.  The 68,560 square-foot self storage building, located on 1.85 acres of land, was built in 1994. The property is located at 4340 Dunwoody Park South, Dunwoody, DeKalb County, Georgia 30038.

Wood secured financing for Coastal Stor-All Self Storage in the amount of $945,000. The permanent, fully-amortizing, non-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 54%. The 46,230 square-foot self storage building, located on 3.30 acres of land, was built in 1984. The property is located at 6351 Lake Worth Road, Lake Worth, Palm Beach County, Florida 33463.

 Wood also secured financing for Decatur Stor-All Self Storage in the amount of $845,000. The permanent, fully-amortizing, non-recourse loan has a term of 25 years, based on an interest rate of 5.50% and a loan-to-value of 33%. The 57,406 square-foot self storage building, located on 3.00 acres of land, was built in 1974 and renovated in 1993. The property is located at 1504 Austin Drive, Decatur, DeKalb County, Georgia 30032.

Contact:

Ashlee E. Wood
Director of Marketing and Public Relations
(305) 447-7834

Steven H. Wood
Chief Operating Officer
(305) 447-7836

Island Hospitality Management to Implement Plan to Double Size within Five Years; Tim Walker Rejoins Firm as President


 PALM BEACH, FL, Jan. 31, 2012—Officials of Island Hospitality Management LLC, one of the nation’s largest hotel management companies, today announced that Tim Walker (top right photo) has rejoined the company as president. 

Walker will be responsible for executing a new growth strategy to double the size of the company’s managed portfolio over the next three to five years to approximately 150 hotels.  Currently, Island manages a portfolio of 76 hotels for five different ownership groups.

To achieve its growth goals, the company will focus on forming strategic relationships with a limited group of institutional owners who require sophisticated operating and reporting systems and have a longer-term ownership model.  Island plans to increase its ownership base from five ownership groups currently to approximately 10.  The company will operate hotels within Island’s core competency—upscale extended-stay, select-service, and compact full-service hotels ranging in size from approximately 200 to 250 rooms. 

“Island and its predecessor companies have a 25-year proven track record of operating in these segments with superior results,” Walker said.  “Our portfolio has consistently achieved industry-leading RevPAR premiums, compared to its competitive set.  Part of that success is due to our team of professionals who have an owner focus and work closely together to improve revenues and margins.  Historically, our margins have averaged upwards of 40 percent.” 

Walker spent the majority of his career at Island, where, over 17 years, he rose to the position of president.  He served briefly as CEO of Innkeepers USA Trust, a private ownership group with more than 70 hotels, before rejoining Island. 

 He began his career with Promus Corporation, operating Embassy Suites-branded hotels.  He has received numerous awards throughout his career from Marriott, Hilton and Starwood in guest satisfaction and sales and revenue management.  He is on the Owners Advisory Committee of Hyatt House, formally known as Summerfield Suites. 

Additional information is available on the company’s Web site, http://www.islandhospitality.com/.

 Contact:

Jerry Daly, Carol McCune
(703) 435-6293

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289


Monday, January 30, 2012

ARA Announces 297-Unit Portfolio Sale in Delray Beach, FL





Boca Raton, FL (Jan. 30, 2012) — The Boca Raton office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the The Fountains at Delray Beach (top left photo) (149 units) and Water’s Edge (top right photo) (148 units). Each asset was 94.6% occupied at the time of sale.

 The Boca Raton-based sales team of Principal, Avery Klann (middle left photo), Senior Vice President Hampton Beebe (lower right photo), and Principal Marc deBaptiste  represented Archon Group in the sale.š Acumen Real Estate purchased the property.šš

  “The Fountains at Delray Beach and Water’s Edge are situated in an ideal location in the Delray Beach rental submarket,” noted Avery Klann, lead broker on the deal.š “These highly desirable communities are proximate to several dynamic employment centers including Boca Raton, downtown West Palm Beach, and Fort Lauderdale.”

 The Fountains at Delray Beach offers resort-style amenities including a swimming pool, sundeck, hot tub, clubhouse, fitness center, club room, tot lot, tennis court, picnic gazebos with barbecue grills, storage spaces and attached and detached garages.š

 The oversized units feature full size washer/dryers, large covered balconies/patios, ceramic tile kitchens and baths, walk-in closets, dishwashers/disposals, track lighting in dining/kitchen areas, vaulted ceilings in top floor units and available intrusion alarms.š

Water’s Edge features a low density design at only eight units per acre.š Its amenity package includes a pool with a sundeck, walking trail around the lake, clubhouse, fitness center, picnic area with grills, tennis court, sand volleyball court and children’s playground.š

The functional floor plans feature full size washer/dryers, ceramic tile kitchens and baths, patio/balconies, walk-in closets, vaulted ceilings in top floor units and dishwashers/disposals.šššššš

 “The properties are only a five-minute drive from the bustling Downtown Delray Beach entertainment district,” noted Hampton Beebe.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.šš



Nicholas Matt rejoins HFF Pittsburgh as managing director




PITTSBURGH, PA – HFF announced today that Nicholas Matt (top right photo) has rejoined the firm as a managing director in its Pittsburgh office. 

Mr. Matt will focus on debt and investment sales transactions for all property types with a specialized focus on multi-housing throughout the northeastern United States.

 He worked at HFF for more than 10 years as an analyst and later a managing director before spending two years as a senior vice president in CBRE’s debt and equity finance department.

 Prior to working for HFF, he spent nearly 10 years employed with “Big Four” accounting firms where he advanced to become a tax manager in the Pittsburgh office of PricewaterhouseCoopers. 

Mr. Matt has a Bachelor of Science degree from Saint Vincent College, an MBA in Finance from the University of Pittsburgh and a Masters in Taxation from Robert Morris College. 

 He is a Certified Public Accountant and a member of the Apartment Association of Pittsburgh, the Western Pennsylvania Apartment Association, the Institute of Real Estate Management, Urban Land Institute, National Association of Office and Industrial Properties and the Pennsylvania Institute of CPAs.  

“Nick is one of the top producers in the Pittsburgh market and HFF is fortunate to have him back with the firm,” said Mark Popovich (lower left photo), a senior managing director in HFF”s Pittsburgh office.

Contacts:                         
                    
MARK POPOVICH                             KRISTEN MURPHY
HFF Senior Managing Director        HFF Associate Director, Marketing
 (412) 281-8714                                 (713) 852-3500
mpopovich@hfflp.com                      krmurphy@hfflp.com

LAX Central Utility Plant Project Tops Out



 LOS ANGELES, CA,  Jan. 30, 2012 – The new Central Utility Plant (CUP) at Los Angeles International Airport (LAX) reached a major construction milestone when construction workers placed the final structural steel beam atop the building’s frame on January 24, 2012.

Currently on schedule for construction completion in summer 2014, the $438 million (development cost) design-build project is being built by Clark/McCarthy, A Joint Venture.

In just four weeks, construction workers from Schuff Steel used a Manitowoc 999 Lattice-boom crawler crane with a reach of 140 feet to erect 1,400 tons of structural steel, creating the frame for the new CUP.

 An audience of approximately 300 project stakeholders and construction workers celebrated the ‘topping out’ during a ceremony held near the construction site.

As a part of the event, attendees signed the final I-beam adorned with an American flag and an evergreen tree. The beam was then lifted 75 feet high and attached to the top of the structure.

The new CUP is being built to replace the existing 50-year old facility with a modern; state-of-the-art, computer managed utility plant providing enhanced passenger comfort and reliability of utility service and safety within the newly renovated modernized terminals at LAX.

 The existing CUP will service the airport throughout construction. Upon project completion, the replacement will be brought on-line and the old CUP will be decommissioned and demolished.

Clark/McCarthy, A Joint Venture is a joint venture between Clark Construction Group and McCarthy Building Companies.

Additional project partners include: Gruen Associates, Los Angeles, architect; Arup, Los Angeles, mechanical, electrical, plumbing, structural, and commissioning engineer; Capital Engineering Consultants, Rancho Cordova, Calif., mechanical consultant; Greenform, Los Angeles, sustainability consultant; and PID Engineering, San Diego, cogeneration consultant.

For more information about the project and project teams, please visit:


Media Contacts:

Laura Mickelson, McCarthy Building Companies
(949) 453-0851
16 Technology Drive, Suite 125
Irvine, CA  92618
(949) 453-0851
(949) 453-8420 fax
Follow me on Twitter @LauraMickelson

Eric Fulton, Clark Construction, eric.fulton@clarkconstruction.com
(301) 272-8437
Albert Rodriguez, Los Angeles World Airports, arodriguez@lawa.org
(424) 646-5260

The Lodging Unlimited Group of Companies Appointed Receiver for Country Hearth Inns & Suites Hotel in Indiana





CHICAGO, IL and NEW YORK, NY, Jan. 30, 201--The Lodging Unlimited Group of Companies (LUIGC), a  hotel investment and services organization, today announced that it has been appointed receiver by a Midwestern savings bank for the Country Hearth Inns & Suites hotel (top left photo) in Madison, Ind.

 The hotel will be operated by LUIGC’s Chicago-based hotel management division, Lodging Unlimited, Inc., which has a 50-plus-year proven track record of operating and turning around troubled hotels.  It is the eighth hotel currently owned or operated by the company.

“Many hotels were unable to survive the severe economic downturn and credit crunch and require a significant infusion of re-energized management, updated marketing strategy and creative financing,” said Morris Lasky (middle right photo), chief executive and founder of the management company. 

 “We have a significant number of relationships with lending institutions and expect to increase our work as a receiver over the next 24 months. 

“Our role for this property is to dramatically improve top-line revenues, rebuild margins and enhance employee morale.  That combination will help us quickly re-establish the hotel in its market, return it to profitability and significantly improve its value.”
 
Lasky noted that the company is building its hotel management portfolio by taking on troubled and profitable asset assignments, both individual hotels and portfolios, and through acquisitions through its sister company, The Lodging Opportunities Group LLC (LOG).

LOG is a recently formed opportunistic investment company formed to acquire troubled assets that require significant hands-on turnaround and repositioning expertise.  Headquartered in New York City, the company currently has a significant pipeline of both single assets and portfolios. 

“We organized our group to respond to the opportunities that are emerging from the latest down-turn,” said Marty Schiffman (middle left photo), president of LOG.  “Combined, our executive team brings more than 150 years of hotel and real estate investment experience, including ownership, third-party management, asset management and consulting on hotel assets valued at more than $8 billion in the aggregate, comprising more than 300 hotels.” 

The organization historically has been an active participant in the troubled segment of the hotel industry, and along with management, provides litigation support, development consulting and crisis consulting. 

The Lodging Unlimited Group of Companies includes  Lodging Unlimited Inc., a diversified company providing all aspects of distress services; Lodging Unlimited West, the group’s Scottsdale, Ariz.-based hotel management division; and LOG. 

Additional information about the company may be found at www.lodgingunlimited.com, or by calling Morris Lasky at (312) 595-1390, Marty Schiffman at (212) 909-8420, or John Cauvin at (480) 443-0909 x100.


 Media contact:

Jerry Daly, Patrick Daly
Daly Gray, Inc.
703 435 6293

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Access Point Financial Secures Credit Facility with Wells Fargo Capital Finance in Response to Growing Demand for CapEx Financing



 ATLANTA, GA, Jan. 30, 2012—Officials with Access Point Financial, Inc., a full-service lending and advisory company focused on the hospitality industry, today announced that they have closed on a senior secured credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). 

The facility, combined with a substantial equity investment in Access Point by Stone Point Capital, LLC, puts the company on track to place $1 billion in loans for hotel improvement/bridge financing by 2015, in line with its initial projections. 

“We are pleased to have established a relationship with Access Point Financial,” said Andrea Petro (top right photo), division manager of the Lender Finance division of Wells Fargo Capital Finance.   “We look forward to supporting Jon Wright and his company’s senior management team in its plans for the successful growth of their business.”

“We are in the early stages of seeing meaningful debt funding return to the hotel industry,” said Jon S. Wright (top left photo), president and CEO of Access Point.

 “At this stage of the rebound, only the most experienced lenders and hoteliers are active, and we applaud Wells Fargo for its continued leadership in the hotel industry. 

“This infusion from  Wells Fargo Capital Finance, along with continued improvements in the hotel economy, will help us accelerate and facilitate the much needed flow of capital to the hotel industry. 

“This credit facility will allow us to further execute our growth plans and achieve our initial target of placing $1 billion in loans in our first three years.” 

Access Point is a direct lender providing loans starting from $200,000 for CapEx up to $40 million for brand sponsored construction programs.  Hotels that are executing renovation programs also can combine low-leveraged first mortgages with Access Point’s capital expenditure financing.  


In addition to sourcing new funding, Access Point recently was awarded Platinum status by the IHG Owners Association, and was appointed as an Associate Member of the Association of Starwood Franchisees and Owners North America (ASFONA) with Jon Wright serving as an Honorary Board Member.  


For more information on the companies above, please visit wellsfargocapitalfinance.com; www.owners.org  or contact 770-604-5555;


Contact:

Jerry Daly, Chris Daly
(703) 435-6293

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289


Kevin Johnson Joins Invest Atlanta; Veteran Economic Developer to Help Fill Project Pipeline




ATLANTA, GA (Jan. 30, 2012) – Invest Atlanta said today Kevin Johnson (top right photo), a 25-year veteran of the economic development industry, has joined the organization as a senior advisor for economic development.

Working closely with Bill Cronin (top left photo) , vice president of economic development, Johnson will help fill Invest Atlanta’s project pipeline.

Johnson has more than 25 years of experience in economic development, most recently as vice president of economic development at St. Joe Co., Florida’s largest real estate developer.

He also has held positions as vice president of business development for the Research Triangle Foundation and vice president of business development for the Greater Phoenix Economic Council. No stranger to Georgia, Johnson also served as president of the Athens Area Chamber of Commerce. 

“Kevin’s extensive experience and large professional network adds a key dimension to our team,” Cronin said. “ A track record of success in cities such as Raleigh-Durham and Phoenix brings a fresh perspective to help attract new development and jobs to Atlanta.”

A certified economic developer, Johnson is actively involved in economic development education, mentoring and has served on the board of directors of the International Economic Development Council.

“Atlanta has an incredible story to tell on several fronts,” Johnson said. “I look forward to telling the story and helping attract investment in Atlanta and new jobs to our city.”

Johnson, originally from Myrtle Beach, S.C. received his degree from South Carolina State University. He now resides in Atlanta with his wife and two children.

 Invest Atlanta (formerly Atlanta Development Authority) is the official economic development authority for the City of Atlanta. Its purpose is to increase opportunity and prosperity for the people of Atlanta by strengthening its economy and global competitiveness. 

(Atlanta Fashion Mall, lower left photo)


Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship.

To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.




 For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, or visit us at: www.InvestAtlanta.com.

To get the latest updates, follow us on Twitter@InvestAtlanta, and Like us on Facebook.

Contact:
Tony Wilbert,