Wednesday, May 2, 2012
BETHESDA, MD – Beech Street Capital, LLC, announced that it provided a $16.3 million Fannie Mae conventional loan to refinance Jacaranda Village at Plantation (top left photo), a 296-unit apartment complex in Plantation, Florida.
Brian Sykes (middle right photo), vice president out of Beech Street Capital’s Boston office, originated the transaction.
Scully Company, based in Philadelphia and South Florida, a first time client of Beech Street, approached the lender with a request to pay off existing lower floating tax exempt bonds with low leverage fixed-rate debt.
Beech Street worked closely with the borrower and provided a variety of refinancing options at different terms and leverage points. The borrower selected a seven-year fixed-rate option with Fannie Mae.
“The Beech Street team did a fine job,” stated Michael Scully, principal of the Scully Company. “They were able to rate lock and close the loan with higher proceeds and at a lower rate than what was quoted at application.”
Built in 1985, the property is located in the Plantation submarket of the Fort Lauderdale MSA. The area is comprised of residential housing neighborhoods with plenty of retail shopping centers within walking distance that include convenience stores, restaurants, offices, grocery stores, and various other retail and services.
Amenities include a community pool, children’s pool, heated spa, two tennis courts, playground, volleyball court, fitness room and a combination leasing/clubhouse with a full-size kitchen and several small offices.
The fixed-rate loan has a seven-year term and four years interest-only with a 30-year amortization thereafter, payable on an actual/360 basis.
NAI Realvest Completes Sublease Agreement for Class A Office Space in the Lake Mary--I-4 High Tech Corridor in Central Florida
MAITLAND, FL. – NAI Realvest recently negotiated a long-term sublease for 1,938 square feet of Class A office space in the Frontline Building at 7131 Business Park Lane in Lake Mary.
Senior Associate Mary Frances West (top right photo), CCIM negotiated the sublease representing the sublessor Frontline Insurance Managers, Inc.
Sublessee Transportation Insurance Advisors was represented by Chuck Rudis of Coldwell Banker Commercial AI Group.
For more information, contact:
Mary Frances West, CCIM, Senior Associate NAI Realvest, 407-875-9989 email@example.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 firstname.lastname@example.org
Beth Payan, Larry Vershel Communications, 407-644-4142 email@example.com
IRVINE, CA – Sperry Van Ness International Corporation, a franchisor for commercial real estate brokerages, announced it has named Diane Danielson (top right photo) as the company's first chief platform officer.
She will serve the organization in leadership, business development, and growth capacities. Danielson is a former attorney, accomplished speaker, published author, and widely recognized social media expert.
“Bringing Diane on board represents a big win for the company,” said Kevin Maggiacomo (middle left photo), chief executive officer and president of Sperry Van Ness International. “She will be an integral player in Sperry Van Ness International’s aggressive expansion program.”
Maggiacomo added that this expansion began in 2001 and has grown to more than 1,400 advisors and staff representing more than 150 markets today.
Most recently, Danielson was consulting for companies on growth strategies that integrate technology platforms with marketing and business development outreach.
Past positions include serving as vice president of business development for corporate services and strategy at Spaulding & Slye/Colliers (now Jones Lang LaSalle) and, as head of marketing for Meredith & Grew/ONCOR (now Colliers International Boston).
Danielson has also published several books – including The Savvy Gal’s Guide to Online Networking (or What Would Jane Austen Do)?. She also founded the award-winning Downtown Women's Club national network. In 2006, she launched the first social network for businesswomen in the United States.
Miami, FL — 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 multi-housing industry, recently brokered the sale of Alton Pointe’s 118 units, positioned on a two-acre site in the heart of South Beach.
The asset was originally built in 1939 and then carefully restored in 2011. The buildings are quintessential examples of the Streamline Modern Art Deco architecture in Miami Beach.
The Boca Raton-based sales team of Principal, Avery Klann (middle left photo), Principal Dick Donnellan (lower right photo) and Senior Vice President Hampton Beebe represented Ram Realty Services in the sale to an undisclosed buyer.
“Alton Pointe resonates with residents who can live car-free, relying on the superb location of the community. Alton Pointe has a “Walk Score” of 88 out of 100 on walkscore.com, one of the top scores in Miami Beach,” noted Avery Klann.
“A Publix supermarket is next door to Alton Pointe, and residents can walk less than a mile to the Lincoln Road Mall, Miami Beach, Epicure Gourmet Market, the famous Collins Avenue and Flamingo Park.”
Alton Pointe offers one of the most luxurious interior finishes in South Beach, including washers and dryers, hurricane impact rated windows, high-end kitchen finishes, hardwood floors, solid surface counters and stainless steel appliances.
“The Downtown Miami Office Submarket is less than five miles from Alton Pointe and offers over 18.5 million square feet of office space,” 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.
TAMPA, FL – Cassidy Turley, a leading commercial real estate services provider in the U.S., said it has received an assignment to manage and lease Summit Medical Center (top left photo), a three-building, 49,925-square-foot complex in suburban Tampa, Fla.
The medical office complex features a broad mix of medical tenants, including surgical clinics and practitioners of family medicine, dermatology, orthopedics and diagnostics.
Summit Medical is located near several hospitals and emergency centers and draws tenants from Hudson, New Port Richey and the surrounding areas. The buildings feature abundant parking, and tenants have a number of signage options.
Juan Vega (middle right photo) and Pam Pester (middle left photo) of Cassidy Turley’s Tampa office are the leasing agents for the property.
“Summit Medical Center has an established presence in metro Tampa and enjoys an outstanding reputation for housing top-notch medical clinics,” Vega said.
“We could not be more excited about the opportunity to use our medical office expertise to bring more outstanding tenants to this property and create value for the owner.”
Cassidy Turley entered the Tampa market in September 2011, with its acquisition of the property management and brokerage divisions of Carter, and has been working aggressively to win new management and leasing assignments.
Public Relations Contacts:
Wilbert News Strategies
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Office: (404) 965-5026
Cell: (404) 405-2354
sbe & Stockbridge Secure $300 Million For Redevelopment Of The Sahara Into The SLS Las Vegas Hotel & Casino
LAS VEGAS, NV /PRNewswire/ -- sbe, an industry-leading hospitality, lifestyle and real estate development company, and Stockbridge Capital Group, LLC, a real estate investment firm, announced they have secured $300 million in new funding for the redevelopment of the Sahara Hotel & Casino (top left photo) into the highly anticipated SLS Las Vegas.
The news of the funding marks a major milestone for Las Vegas and the north end of the Strip, signaling renewed economic growth for the community and the hospitality and gaming industries.
J.P. Morgan Securities LLC raised the funds in less than two weeks, underscoring investor confidence in the project and in sbe's track record of operating successful hotel, restaurant and nightlife brands. The redevelopment is anticipated to create thousands of local jobs beginning in the next two years.
"We see the northern end of the Strip as the future of Las Vegas, and we're pleased to be positioned at the forefront of that growth," said sbe Founder, Chairman and CEO Sam Nazarian (lower right photo).
"Las Vegas has recovered steadily in the past year, and we're excited to be able to inject capital back into the local economy through the adaptive reuse of the famed Sahara."
For a complete copy of the company’s news release, please contact:
Robbie McKay, sbe Director of Communications,+1-323-655-8000, Robbiem@sbe.com; or
Natalie Mounier of Kirvin Doak Communications, +1-702-737-3100, firstname.lastname@example.org, for sbe
Web Site: http://www.sbe.com
FLORHAM PARK, NJ – HFF announced that it has arranged an $8.75 million financing for Bedminster II (top left photo), a two-building, 73,130-square-foot business park in Bedminster, New Jersey.
Working on behalf of Advance Realty, HFF placed the 10-year, fixed-rate loan with Nationwide Life Insurance Company. HFF will also service the loan.
Bedminster II is located at 1420 – 1430 US Highway 206 close to the Interstate 78 and 287 interchange in central New Jersey about 30 miles west of New York City.
Completed in 2000, 1420 US Highway 206 has 40,910 square feet and the 1430 building has 32,220 square feet including an on-site conference center and a gym. Overall, the properties are 97 percent leased to tenants including The Investment Center, Inc., Actel Corporation, Amarin Pharmaceuticals, UBS and QRX Pharma.
The HFF team representing Advance Realty was led by senior managing director Jon Mikula (middle right photo) and managing director Jim Cadranell (lower left photo).
Headquartered in Bedminster, New Jersey, Advance Realty is a privately-held real estate development, investment and management company. Since its inception in 1979, Advance Realty has acquired or developed more than seven million square feet of commercial, residential, mixed-use and industrial projects.
HFF Senior Managing Director
HFF Managing Director
HFF Associate Director, Marketing