Tuesday, May 8, 2012

HFF arranges $21.75 million acquisition financing for student housing community in Greenville, NC

INDIANAPOLIS, IN – HFF announced today that it has arranged $21.75 million in acquisition financing for Pirate’s Cove (top left photo), a 264-unit, 1,056-bed student housing community near East Carolina University (ECU) in Greenville, North Carolina.

HFF worked on behalf of the borrower, a joint venture between The Scion Group and Virtus Real Estate Capital, to secure the 10-year, fixed-rate loan through Freddie Mac.  The financing will be securitized through Freddie Mac’s CME Program.  HFF will also service the loan through its Freddie Mac Program Plus® Seller/Servicer program.

Pirate’s Cove is located at 3305 East 10th Street approximately two miles from East Carolina University.  Built in 2000, the property sits on 55-acres of land and has all four-bedroom, four-bath units.  The Scion Group has plans for $2 million in interior upgrades to the property, which are scheduled for completion in 2013. 

The community is served by a dedicated University-operated shuttle bus and community amenities include two clubhouses, two swimming pools, three sand volleyball courts, basketball court, tennis court, fitness center and tanning salon. 

The HFF team representing the borrower was led by senior managing director Dave Keller (lower right photo)

DAVID B. KELLER                                        
HFF Senior Managing Director                     
(317) 630-3191                                               

HFF Associate Director, Marketing
(713) 852-3500

Charles Dunn Co. Completes $2.275 Million Sale of Eight-Unit Multi-Family Property in Santa Monica, CA


 LOS ANGELES, CA. May 8, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,275,000 sale of an eight-unit apartment property located north of Wilshire Boulevard and south of Montana Avenue at 1008 20TH Street in the City of Santa Monica.  

Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, a San Diego-based private investor. The buyer, Los Angeles-based Brea Exchange, Inc. was represented by Teles Properties. The property sold at a cap rate of 4.6 percent.

Built in 1947, the property totals 9,918 square feet and was 88 percent occupied at the close of escrow.  The building includes private garages, a courtyard setting and onsite laundry facilities. The property includes four one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units, and two, three-bedroom/two-bathroom units.

 “The buyer recognized the upside potential of the investment based on the fact that current rents were approximately 20 percent below market,” said Shilton.

 Charles Dunn Company generated multiple offers. The final sale price was the second highest price per square foot paid in Santa Monica for a rent controlled asset in 2012, indicating continued strength of the multifamily sector, and the formidable appetite for well located multifamily properties.


Darcie Giacchetto
D.G. Communications, Inc.

Agree Realty Named Preferred Florida Development Partner For Wawa; Announces Pipeline Of Three Projects

 FARMINGTON HILLS, MI, PRNewswire/ -- Agree Realty Corporation (NYSE: ADC)  announced it has been named a Florida development partner for Wawa, Inc. Wawa is an industry leader in the convenience and fuel store space, currently operating more than 590 stores in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.

Agree Realty has closed on the southwest corner of SR-535 and North Poinciana Blvd. in Osceola County and anticipates immediately commencing construction. In partnership with the Company, Wawa has executed a long term ground lease to operate a convenience store with fuel.

Additionally, the Company and Wawa have entered into two additional ground lease agreements on sites in central Florida.

"We are extremely pleased and tremendously excited to partner with Wawa on their expansion into Florida,” said Joey Agree (top right photo), President and Chief Operating Officer.

“Their pioneering approach to the convenience store and fuel station experience will offer Floridians additional choices and varieties that they have never had.  We look forward to continuing to work with Wawa in acquiring and developing sites to assist in their expansion."

Agree Realty Corporation is primarily engaged in the ownership, development acquisition and management of single tenant retail properties leased to industry leading retail tenants. 

Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 million square feet of leasable space.

Contact:  Alan Maximiuk, Chief Financial Officer, +1-248-737-4190

Beech Street Capital Provides $20.2 Million Freddie Mac Loan for Miami, FL Apartments


BETHESDA, MD, MAY 8, 2012 – Beech Street Capital, LLC, announced today that it provided a $20.2 million Freddie Mac CME loan to refinance Horizons North Apartments, a 276-unit garden-style apartment complex in Miami, Florida.

Joel Mazur (middle right photo), vice president out of Beech Street Capital’s Chicago office, originated the transaction.

 The borrower, a repeat client of Beech Street, purchased the property in 1999 and was facing an upcoming loan maturity deadline.

Having secured financing for the borrower earlier this year, Beech Street’s familiarity with the client and expertise in the agency space allowed for a smooth execution from start to finish, closing the transaction in 40 days from the receipt of the application.

“The Beech Street team was responsive and accommodating to the borrower’s needs,” states Mazur. “This was the borrower’s second transaction with us, and they were once again impressed.” The borrower has over 20 years of experience with multifamily properties in the Florida market with six properties in Florida consisting of 1,182 units.

 Built in 1982, recent capital expenditures have been made over the past year, and the borrower plans to make more improvements over the next year as well. 

The area immediately surrounding the property consists of condominiums and single family housing, with various retail stores within walking distance including grocery stores, assorted retail and restaurants.  

 Amenities include a community pool, heated spa, playground, fitness center, a combination leasing office/clubhouse with a full-size kitchen and several small offices/meeting rooms. A large lake directly borders the property on the northwest.

 The fixed-rate loan has a seven-year term with two years of interest-only.

Contact:  Courtney Lewis, 240-507-1948

Chatham Lodging Trust Announces Strong First Quarter Results; Increases Quarterly Dividend 14 Percent to 20 Cents per Common Share


  PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in premium branded upscale extended-stay hotels and select-service hotels, today announced results for the quarter ended March 31, 2012. 

In addition, the company announced that its board of trustees approved a 14 percent increase in Chatham’s quarterly dividend to 20 cents per common share.

First Quarter 2012 Highlights

  • ·         Comparable Hotel RevPAR – Increased 12.5 percent to $98 for Chatham’s 18-hotel portfolio.

  • ·         Comparable Hotel EBITDA – Improved 29.1 percent to $7.9 million.

  • ·         Comparable Hotel EBITDA Margins – Advanced 440 basis points to an industry-leading 35.1 percent.

  • ·         Comparable GOP Margins – Increased 390 basis points to industry-leading GOP margins of 42.4 percent.

  • ·         Adjusted FFO – Improved adjusted FFO per diluted share 61.5 percent to $0.21.

  • ·         Joint Venture Portfolio– Exceeded internal budget expectations for RevPAR, EBITDA and NOI performance. Received distributions of $13.1 million, or 35.4 percent, of Chatham’s initial investment in the joint venture (JV).
 For a complete copy of the company’s news release and statistics, please contact:

Dennis Craven (Company)                                                    
Chief Financial Officer                                                                       
(561) 227-1386                                                                     

Jerry Daly (Media)
Daly Gray, Inc.
(703) 435-6293

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

Cuhaci & Peterson Architects Planning Interior Renovation of New Tribes Mission Facility in Sanford, FL

ORLANDO, FL --- Cuhaci & Peterson Architects in Orlando is working with the New Tribes Mission organization located at 1000 East First Street in Sanford to plan for an interior remodeling project.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com