Wednesday, August 22, 2012

Greystone Provides $72.7 Million in HUD Financing for Two Affordable New York City Properties.

 


New York, NY – Aug. 22, 2012 – Greystone Funding Corporation (Greystone), a leading national provider of multifamily and commercial mortgage loans, today announced that it has originated $72.7 million in financing for two multifamily housing projects in New York City.

Greystone Managing Directors Mordecai Rosenberg (top right photo), Donny Rosenberg and Traverse Fournier lead the effort to close the transactions.

The first property, a 224-unit building, received approximately $40 million of loan proceeds including a meaningful amount of cash-out to the owner. The second, a 152-unit building, generated $32.7 million, also with cash-out to the sponsor.

“HUD financing today represents a once in a lifetime opportunity to lock in 35-year, self- amortizing financing at rates below 3%. More and more property owners are starting to recognize the distinct value that HUD-insured financing can provide to their portfolio – even in New York City, where owners have long relied on 5-10 year bank financing,” said Rosenberg.

“Today, HUD financing provides not only the lowest available interest rate and, often, the highest level of loan proceeds, but also represents the most direct way to ensure the continued success of the project in a rising interest rate environment.

"It’s the optimal antidote for anyone who has lost sleep in the past over looming loan maturities.”

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

 Loretta Mock/Josh
Gerth Cognito
+1 646 395 6300



Marcus & Millichap Capital Corp. Arranges $10.3 Million in Refinancing for Multifamily Asset


SEASIDE, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $10,312,500 in refinancing for a 121-unit multifamily property.

            David Campbell (lower right photo), an associate director in MMCC’s Palo Alto office, arranged the loan.

            “The client was looking for a competitive rate,” says Campbell. “While other lenders were quoting lower loan amounts with higher rates, we delivered cash-out financing in a smaller market, at a great rate.”


            “This loan demonstrates the demand for multifamily loans and the competitive lending environment that exists for these loans,” adds Campbell. “The amount of leverage we achieved in a smaller market, with cash-out is impressive.”

            The loan was structured with a 10-year term and amortizes over 30 years with an interest rate of 4.07 percent. The LTV is 75 percent.

Press Contact:

Stacey Corso
Marcus & Millichap Capital Corporation
(925) 953-1716

Emerson International Negotiates Long-Term Lease Renewal for 6,593 SF of Office Space at Major Plaza I in Southwest Orlando


ORLANDO, FL --- Emerson International recently negotiated a long-term lease renewal for 6,593 square feet of office space at Major Plaza I (top left photo), 5728 Major Center Blvd. in southwest Orlando.

Kenneth Koch (lower right photo), commercial portfolio director for Emerson International, negotiated the lease agreement representing the landlord. 

Shannon Rzeznikiewicz of Jones Lang LaSalle represented the tenant, ADP, Inc.

Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K. 

For more information about this release, contact

 Kenneth Koch, Commercial Portfolio Manager, Emerson International, Inc. 407-834-9560; kkoch@emerson-us.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

Marcus & Millichap Promotes Five Western-Based Agents to Vice President Investments



Joe Hendrickson, Steve Gebing, Mark Ruble, Chris Child, Marc Cunningham

 CALABASAS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted eight western-based agents to vice president investments.

 This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Steven R. Chaben (lower right photo), senior vice president and managing director.

            The agents, their office locations and specialties are:

·         Jon Hendrickson, Denver, retail and net-leased

·         Steve Gebing, Phoenix, multifamily

·         Mark Ruble, Phoenix, retail and net-leased

·         Chris Child, Salt Lake City, multifamily

·         Marc Cunningham, Seattle, multifamily


Previously, Ruble, Child and Cunningham held the title associate vice president investments. Hendrickson and Gebing were senior associates. 

 “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Chaben.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”
       
Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

Marcus & Millichap Promotes Seven Agents in the South

  
         Frank Carriera, David Greenberg, Craig Johnson, Drew Kristol
  
CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted seven agents based in the South to vice president investments.

This designation exemplifies superior performance achieved by an associate during his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Gene A. Berman (lower right photo), executive vice president and managing director.

                               Jamie May, Kirk Olson, Al Silva

            The agents, their office locations and specialties are:

·         Craig Johnson, Atlanta, retail and net-leased 

·         David M. Greenberg, Fort Lauderdale, hospitality

·         Drew A. Kristol, Miami, retail and net-leased 

·         Kirk D. Olson, Miami, retail and net-leased 

·         Frank P. Carriera, Tampa, multifamily

·         Jamie B. May, Tampa, multifamily

·         Al Silva, Fort Worth, multifamily
  
Previously, Johnson, Greenberg, Olson and Carriera held the title associate vice president investments. Kristol, May and Silva were senior associates. 

            “With this promotion, these commercial real estate investment specialists have earned a prestigious designation within the firm and solidified their reputations as knowledgeable and successful investment professionals,” says Berman.

“Their focus on providing superior client services has earned them a high degree of loyalty and respect from investors as well as from their peers.”

Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716

Colliers International Completes Sale of a 16,204-SF School Facility in West Hills, CA


West Hills, CA– Colliers International, the third largest global real estate services organization, has completed the sale of a 16,204-square-foot school facility located at 7401 Shoup Avenue in West Hills.  The transaction is valued at approximately $2.3 million.

The property, known as the Parkhill School, is a special education learning center for students.  The new buyer will continue to operate the facility as a school.

John DeGrinis (lower right photo), SIOR, senior executive vice president, Patrick DuRoss, associate vice president, and Jeff Abraham, senior associate all based in Colliers International’s Encino office represented the seller, LeRoy Haynes Center.  The buyer, New School for Child Development, represented itself.

The property has previously been utilized as a school and a church.   

 Contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224



PCCP, LLC Purchases Interest in a Senor Construction Loan Secured by Belara Apartments in Phoenix, AZ



 San Francisco, CA  - PCCP, LLC announced it has purchased a 50 percent syndicated interest in a senior construction loan secured by Belara Apartments (top left photo), a 307‐unit Class A apartment community located north of the Deer Valley submarket in the city of Phoenix. Built in 2009, the property is over 90 percent leased.  

Belara Apartments consists of 13, three‐story, garden‐style apartment buildings with a unit mix of one‐ and two‐bedrooms.  The community also features a pool, spa, fitness center, picnic area with BBQ grills, clubhouse with a kitchen, as well as an executive business center.
 
“Belara is a high quality apartment community with best in class sponsorship that should continue to stabilize with improving Phoenix apartment fundamentals,” said Rob Cohen, senior vice president with PCCP, LLC.

“Belara benefits from a location just north of the eight million-square-foot Deer Valley office market. This market has a strong roster of major employers and retail amenities available for tenants at Belara. ”

Major employers in Deer Valley include USAA, American Express, Cigna, Gore, NPL Construction, Universal Technical Institute, Discover Card, Honeywell Aerospace, PetSmart corporate headquarters, and John C. Lincoln Hospitals ‐ Deer Valley. The new $62 million, 210,000 square foot FBI headquarters building also opened in early 2012.   Jones Lang LaSalle’s note sale group represented the seller in the transaction.

 Contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224

Charles Dunn Company Completes Sale of Two-Building Retail Property in Long Beach, CA

  
 LOS ANGELES, CA, Aug. 22, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1,627,500 sale of a two-building retail property located at 6350-6380 N. Long Beach Blvd. in Long Beach, Calif.

 The property totals 5,678 square feet and is fully occupied by two tenants which include Golden Burger, that has been at the property since 1968, and London Liquor, that has been at the property since 1972.

Ramin Gheitanchi of Charles Dunn Company represented the buyer, a private investor from Los Angeles. The seller, a private investor from Los Angeles, was represented by Kevin Fryman of Hanley Investment Group. The property sold at a cap rate of 8.4 percent.

This transaction was the 1031 exchange upleg property for the buyer as Gheitanchi sold their Westwood apartment building earlier in the year. 

“The buyer was attracted to the high cap rate as well as the stability of the tenants who have been there for decades,” said Gheitanchi.  “The property is triple-net leased, translating into virtually no management responsibilities for the property whereas their apartment building required consistent management.” 

Contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224