Saturday, June 30, 2012

Sustainable Banking’s Influence Grows

 Mount Dora, FL. / Minneapolis, Minn/ Canada --The Global Alliance for Banking on Values (GABV), an independent network of the world's leading values-based banks welcomes three new members, all from North America; Canada’s Affinity Credit Union, Florida’s environmental pioneers, First Green Bank, and community-development focused and Minneapolis-based, Sunrise Community Banks.

The network believes the success of its growing membership highlights how a brand of banking that balances people, planet and prosperity is becoming increasingly relevant to the future of the financial industry.
 “It is a great pleasure to announce that these three groundbreaking financial institutions are joining the GABV,” said Peter Blom (top right photo) GABV chairman and chief executive officer of European sustainable bank, Triodos Bank.

 “First Green, Affinity and Sunrise banks are the latest progressive financial institutions to join our expanding network of independent banks. The success of banks like these is increasingly at the heart of the urgent debate about how to build a resilient financial industry capable of serving all of our long-term interests.”

For more information on the GABV, visit

For a complete copy of the company's news release, please contact:

Tina Merrifield                                                
Affinity Credit Union                                                      
306.934.4083 or 306.221.9109                      

 Ken LaRoe                                                     
First Green                                                                       

James Niven  
+31 30 694 2421
 +31 6 5390 8150    

Nikki Foster

Chance Partners and The Carlyle Group Break Ground on Mixed-Use Development at Florida State University

TALLAHASSEE, FL  /PRNewswire/ -- Chance Partners, LLC and The Carlyle Group today held a groundbreaking ceremony in conjunction with the Community Redevelopment Agency of the City of Tallahassee for Catalyst, a mixed-use development near Florida State University (top left photo).

 The project will include approximately 3,500 square feet of ground floor retail and a 130-unit student housing project that is scheduled for initial occupancy for the Fall 2013 semester. This is the first joint-venture between the two companies.

Catalyst will feature 402 beds with a mix of unit types from 1 bedroom up to 4 bedroom units.  Each unit type will offer private bathrooms for every bedroom; gourmet kitchens, expansive living areas; hardwood-style flooring; ample closet space and full-size washers and dryers.

 This student housing community will have a full suite of premium amenities including a large clubhouse, pool, roofdeck, multiple study lounges and a fitness center

The two firms formed their partnership out of their shared vision for the student-housing sector, according to Judd Bobilin (middle right photo) of Chance Partners. "Students in Tallahassee will be the first to experience a truly walkable, world-class community that will be noted for its creativity, quality and impact on the revitalization of the Southgate District," Bobilin added.  
Community & Southern Bank is providing the construction financing and Hathaway Construction is the project general contractor for the project.  Catalyst will be managed by Asset Campus Housing, Inc. and more information can be found at.

For a complete copy of the company’s news release, please contact:

Christopher Kritzman,
 Liz Gill, Elizabeth.

Web Sites:


Marcus & Millichap Arranges Sale of Crescent Lake Apartments in St. Petersburg, FL


ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Crescent Lake (top left photo), a 50-unit multifamily property located in St. Petersburg, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,825,000.

Michael Donaldson (lower right photo), a senior multifamily associate in Marcus & Millichap’s Tampa office, sold the property on behalf of the locally based seller and the Louisiana-based buyer, both private investors. 

“This offering was a collection of over 50 units in various older vintage buildings surrounding picturesque Crescent Lake Park, a prime location in St. Petersburg,” says Donaldson.

 “All of the interiors had been extensively renovated, with several units offering lake views, making these units highly desirable to tenants. Being able to achieve consistently high occupancy levels and continued rent growth in a strong location, made this property truly appealing to the buyer,” adds Donaldson.

Crescent Lake Apartments is a portfolio of 50 units located at 1801 5th Street North in St. Petersburg, Florida.

Press Contact:

 Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

Arbor Funds $14.5M FHA-Insured Loan for Louisiana Historic Preservation

UNIONDALE, NY - Arbor Commercial Mortgage, LLC, a leading, direct commercial real estate lender, announced the recent funding of a $14,515,000 FHA-insured 221(d)(4) loan for the development of Mason Estates (top left photo), a 169-unit apartment project in Alexandria, LA, that encompasses the adaptive re-use and historic preservation of the former Masonic Home orphanage.

Originally built in the 1920s by the Freemasons, the three-story Masonic Home orphanage is listed on the National Register of Historic Places.  It had sat dormant for the past 20 years until developer Roger Landry saw an opportunity to redevelop the historic property into a multifamily housing complex.

 The ongoing project is incorporating the conversion of the Masonic Home into 25 loft units as well as the new construction of six additional buildings housing another 144 apartment units.

 “After years of planning and collaborative input from the community, we are proud to breathe new life into the Masonic corridor,” said Landry, a Louisiana native with a track record for successful historic rehabilitation projects.

“Arbor’s role in funding this historic rehabilitation of the Masonic Home for modern day use, as well as the new construction component of the project, may also help spur new development and economic growth in the area.”

Landry and his development team have been working closely with the Louisiana Trust for Historic Preservation to maintain the architectural details of the Masonic Home’s historic structure, which features 20-foot ceilings in some units. The project is scheduled for completion and occupancy in the summer of 2013.

 “The Mason Estates transaction demonstrates Arbor’s position as a premier FHA MAP Lender across the United States and exemplifies our commitment to serve a growing demand for FHA financing among small to mid-size borrowers in small to mid-size markets,” said Joseph Donovan (middle right photo), Arbor’s Senior Vice President, Director of FHA Lending.

 “We worked successfully with the U.S. Department of Housing and Urban Development’s (HUD) New Orleans office on this project, so we thank them for their efforts.”

The loan was originated by Jay Porterfield (middle left photo), Vice President, in Arbor’s Plano, TX, office. Porterfield noted that Arbor was pleased to have a very experienced development team as a partner in this transaction.

Contact:  Christopher Ostrowski,

The Easton Group Sells Former Cordis Property in Miami Lakes for $14.3 Million

 Doral, FL – The Easton Group, a Miami-based commercial real estate investment and brokerage firm, through a joint venture, sold the Miami Lakes Research & Industrial Park (top left photo) in Miami Lakes, Florida, for $14.3 million, or $49 per square foot.

The buyer is the Graham Companies, which originally developed the property. The sale included eight buildings on the 27-acre R & D manufacturing campus located at 14400-14560 NW 60th Avenue.

A year-and-a-half ago, The Easton Group, and its partner, Marcus Capital Partners Fund I of Boston, Massachusetts, purchased the asset, which was comprised of 11 buildings totaling 394,000 square feet, from the Cordis Coporation for $8.1 million dollars, or $20 per square foot.

Last year, the joint venture sold three of the buildings to Fonga, LLC for $4.6 million, and has now sold the remaining eight buildings to the Graham Companies for $14.3 million.

“This deal is a typical example of how we add value to real estate for our investors,” said Edward W. Easton (middle right photo), chairman of The Easton Group.  “We made a good buy on the property, secured a long-term tenant, made improvements and positioned the property for a lot of upside on the sale.” 

The campus is nearly 50 percent occupied by one tenant, HeartWare, Inc., a publicly traded bio-medical device company that has a long-term lease.  Just over 130, 000 square feet of space remain vacant.


Todd Templin
Boardroom Communications

Voit Completes 500,000-SF Industrial Lease Renewal for Global Tire Manufacturer in Redlands, CA

INLAND EMPIRE, CA– Frank Geraci, Walt Chenoweth (middle right photo), Juan Gutierrez (lower left photo) and Patrick Wood of Voit Real Estate Services’ Inland Empire office have completed a 24-month, 497,714 square-foot industrial lease renewal in Redlands, Calif. on behalf of the lessee, Continental Tire North America.

Continental Tire, a global manufacturer and distributor of performance tires, has fully occupied this industrial property since 2009, and will continue to use the property for its North American operations, according to Geraci, an Executive Vice President in Voit’s Inland Empire office.

“This renewal is an example of how important it is to be forward-thinking in our industry,” explained Geraci.  “Our team completed the initial 42-month lease of this building on behalf of Continental Tire in 2009. 

“At the time, we anticipated that the Inland Empire industrial market would improve.  With this in mind, we proactively negotiated a renewal option for our client, giving them an opportunity to extend their lease under pre-negotiated terms.”

The market has improved as expected, according to Geraci, who noted that the inventory of large industrial buildings in the Inland Empire continues to rapidly decline, while rental rates are progressively increasing.

“As we examined the current market, we advised our client to take advantage of the renewal option, locking in below-market rates for an additional two years,” said Geraci.

This property, located at 27223 Pioneer Ave (top left photo). in Redlands, Calif., is close to the I-10, I-210 and I-215 freeways.  The lessor, Prologis, a global REIT, represented itself in the transaction. 


Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940