Monday, September 24, 2012
FORT LAUDERDALE, FL, Sept. 24, 2012 - The former Wilshire Marina (top left photo), located at 2308 S. Ocean Drive, Hollywood, FL has sold in an all cash transaction for $3.37 million.
Achikam Yogev (middle right photo), Senior Vice President and Ron Osborne, Vice President, represented the seller, Wilshire Marina, LLC in the transaction, which was well below the original loan amount.
The 87,120-square-foot property was originally going to be redeveloped into a high end hotel condominium with a marina component. The downturn in the economy had the developer, Wilshire Marina, LLC, looking for alternative uses, including a high end destination restaurant and marina.
The project was caught in a tough market and faced delays. As a result of the downturn, the property had been in foreclosure for several years and the lender for the property, New Orleans-based Gulf Coast Bank & Trust Company, reached out to Colliers International for advice and assistance.
The lender requested Colliers reach out to the borrower, who Osborne had a previous relationship with. They borrower engaged Colliers to exclusively list the property as a short sale. Within a week of signing the agreement they had contacted several buyers and fielded several offers, from which the seller choose the buyers, Mark and Michael Walsh, to negotiate the sale.
"The property was sold and closed within 45 days of being brought to market," says Yogev. "This was accomplished through a strong relationship with both the lender and property owner." The closing actually would have been even sooner, if not for Hurricane Issac, which was hitting New Orleans, making communications with the bank difficult and postponing the closing for one week.
"The property's location on A1A and Nevada on Hollywood Beach, among the development activity within that CRA, will bring even more traffic to the property and increase value," says Osborne.
For further information, please contact:
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138
Posted by Alex at 12:30 PM
PHILADELPHIA, PA Sept., 24, 2012 – Marcus & Millichap Capital Corporation (MMCC) has arranged $6.9 million in financing for a six-property student housing portfolio.
John Banas (top right photo) and Kris Wood (lower left photo), directors in MMCC’s Philadelphia office, arranged the loan. It is their second student housing portfolio financing in the amount of $6.9 million within two months for a total of $13.8 million.
“The client requested financing for multiple properties across Kutztown University and Penn State University’s Harrisburg campus,” said Banas. “The owner wanted to free up some equity to buy out a partner.”
“The market locations were too small for agency financing,” adds Wood. “It was challenging to find competitive rates and terms. MMCC has a great deal of experience handling complex student housing financing.”
MMCC used its underwriting and loan packaging abilities to present a comprehensive analysis of the diverse student housing portfolio. The portfolio contains a number of newly constructed and recently stabilized buildings.
The loans were structured with 10-year terms and amortize over 30 years at an interest rate of 4.25 percent. The LTV is 75 percent.
Marcus & Millichap Capital Corporation
Posted by Alex at 12:17 PM
ATLANTA, GA (Sept. 24, 2012) – With continuing low interest rates and increasingly available CMBS financing, the capital markets are more accessible than they have been since 2007.
On the latest episode of “America’s Commercial Real Estate Show,” a panel of experts shared insights about the availability of capital in the future and gave an insightful look at the myriad of forces driving this dynamic capital market.
Here’s a bit of good news: capitalization (cap) rate compression is helping put some shovels in the ground again.
Today’s cap rates are driving a significant uptick in development in the multi-family sector as it makes more economic sense for companies to develop rather than to buy, explained Steven Marks (top right photo), managing director at Fitch Ratings.
Many lenders are still focused on value-add projects, but some construction loans are flowing.
“The market has given us construction loan opportunities in multi-family, anchored retail or single-tenant retail, some medical office buildings and maybe some build-to-suit industrial,” said Christopher Sweitzer (top left photo), senior vice president and commercial real estate manager at BB&T.
Another hot topic for the capital markets is the Quantitative Easing Round 3 (QE3), which is expected to cause a further decline in all-in interest rates and reduce the cost of capital for borrowers. This third round of quantitative easing was announced by the Federal Reserve Bank in mid-September.
The Fed pledged to keep the federal funds rate at zero to .25 percent through mid-2015 and to buy an additional $40 billion of agency mortgage-backed securities per month.
For the capital markets, this means Fannie Mae and Freddie Mac are going to be viable sources of financing for multi-family developments for the near future, said Tom Walsh (middle right photo), senior vice president at Grandbridge Real Estate Capital LLC.
Meanwhile, these low interest rates will encourage institutional investors to allocate more money toward commercial real estate, explained Michael Hartman (lower left photo), director of capital markets at the Reznick Group.
In addition, some banks are taking baby steps toward easing underwriting standards on commercial real estate loans after many years of very stringent guidelines.
“I think these loans on commercial real estate today are probably going to be some of the safest loans that we’ve seen in a long time,” said show host Michael Bull (lower right photo) founder of Bull Realty Inc.
Of course, there are still some clouds looming on the horizon. These risks in the current market are different because they are macro-level issues, explained Marks of Fitch Ratings.
“In the past, we were more concerned about property-level fundamentals or access to capital,” Marks said. “Going forward our concern is more macro: What happens with the economy? What happens with the European effort?”
The entire episode on capital markets is available for download at www.CREshow.com.
The next “America’s Commercial Real Estate Show” will be available Sept. 27 and will focus on retail tenant strategies.
Wilbert Public Relations
Office: (404) 965-5026
Cell: (404) 405-2354
Posted by Alex at 12:04 PM
ORLANDO, FL. (Sept. 24, 2012) – Lincoln Property Company Southeast has brokered leases totaling more than 7,750 square feet at two metro Orlando office complexes. Robert Kellogg (top right photo), vice president – office, for Lincoln, represented the landlords in the deals.
The leases included the following transactions:
• Grace Title signed a three-year, 2,687-square-foot renewal at Premier Point (bottom left photo), a two-building, 95,403-square-foot office complex in Altamonte Springs, Fla. Andrade P.A. also inked a five-year, 1,600-square-foot new lease at the site. Neither tenant was represented by a broker.
• SeniorBridge signed a three-year, 1,998-square-foot new lease at 1801 Lee Road in WinterPark, Fla. Joe Abascal of Cushman & Wakefield represented the tenant. Orlando Hypnosis Clinic also signed a 1,472-square-foot new lease at the building; the transaction was a direct deal.
“It is encouraging to see the increased activity in the suburban Orlando office market,” Kellogg said. “An improving economic climate and the market knowledge and resources we have at Lincoln will enable us to create real value for our landlord clients.”
For More Information, Contact
Wilbert Public Relations
Posted by Alex at 11:39 AM
Cooper Carry Higher Education Studio in Atlanta, GA Advances Footprint with Completion of Three Projects
ATLANTA, GA (Sept. 24, 2012) – Cooper Carry, the internationally recognized design firm, continues to grow its higher education practice, delivering innovative, sophisticated and inspirational environments that foster growth and learning.
This summer, the firm celebrated the opening of three projects: the new student center at Georgia Highlands College, the renovation of the library at Atlanta Technical College (top left photo) and a library expansion at Shorter University.
The student center at Georgia Highlands College in Cartersville, Ga., was unveiled in August in time for the fall semester. Students voted to help fund the project, a 55,000-square-foot center featuring a two-story student lounge, the campus bookstore, a café with seating areas, a game room and meeting space for student organizations.
For more information, please visit www.coopercarry.com
For a complete copy of the company’s news release and additional photos, please contact:
o: (404) 965-5020
c: (404) 405-6479
Posted by Alex at 11:26 AM
ORANGE, CA. (Sept. 24, 2012) Colliers International, the third largest global real estate services organization, has completed the $1,059,000 sale of a 10,000-square-foot industrial building located at 1721 Lime St. in Orange, Calif.
Chuck Wilson (top right photo) and Blake Garrett (lower left photo) of Colliers International represented the buyer, Excell Excavating, Inc., an excavating and demolition company, who will use the property for its corporate headquarters.
Mike Hefner and Mike Vernick with Voit represented the seller, Berg Family Trust from Laguna Hills, Calif. The tenant is expanding and relocating from Laguna Niguel, Calif.
“A building of this size with a fenced yard is hard for an owner/user to find in Orange County as the for-sale market is extremely tight,” said Wilson, senior vice president with Colliers International. “We were able to identify this opportunity for the buyer who will begin making significant improvements to the property which had some deferred maintenance.”
Built in 1976, the free-standing industrial building offers a fenced yard and is situated on .56 acres. The property is well located near the major freeways in Orange County.
Spaulding Thompson & Associates
Posted by Alex at 11:15 AM
North American Hotel Prices Up Five Percent from 2011, According to the Latest Hotels.com Hotel Price Index (HPI)
DALLAS, TX /PRNewswire/ — The latest edition of Hotels.com® Hotel Price Index™ (HPI®) indicates that North America saw the second fastest rise in average hotel prices in the first half of 2012, with a growth of 5 percent, putting the Index at 109.
The good news for travelers is that prices stayed 10 Index points behind their peak in 2007 and were still cheaper than in 2006.
The HPI tracks real prices paid per room by Hotels.com customers at approximately 140,000 properties within the Hotels.com network in major destinations around the world. T
his edition of the report, which compares the first six months of 2012 with the same period in 2011, shows an upward trend in hotel prices across all global regions, resulting in an average global increase of 4 percent. This is the first time in five years that Hotels.com has seen an increase across the globe.
For a complete copy of the company’s news release, please contact:
Daly Gray, Inc.
Posted by Alex at 11:07 AM
NEW YORK, NY (Sept. 24, 2012) – Loews Hotels & Resorts Chairman Jonathan Tisch (top right photo) and U.S. Secretary of Homeland Security Janet Napolitano (lower left photo) announced a joint effort today to promote the Trusted Traveler Network which incorporates the U.S. Customs and Border Protection’s (CBP) Global Entry and the Transportation Security Administration’s (TSA) Pre✓™programs.
Loews Hotels is the first hotel and resort company to work in conjunction with the two offices within the U.S. Department of Homeland Security (DHS) to offer these programs to guests to enhance the travel experience.
Loews Hotels is offering YouFirst Platinum loyalty rewards members complimentary enrollment in the Global Entry program via an online process by incurring the cost of the $100 application fee for its most loyal guests. With a Global Entry membership, U.S. citizens are automatically qualified to participate in expedited screening with TSA Pre✓™.
For a complete copy of the company’s news release, please contact:
Lark-Marie Antón / Sarah Murov
Loews Hotels & Resorts
(212) 521-2779 / (212) 521-2495
Laura Davidson Public Relations
U.S. Department of Homeland Security
Daly Gray, Inc.
Posted by Alex at 11:01 AM
Arbor’s FHA Multifamily Lending Business Accelerates Expansion with Hiring of New Chicago Originator
UNIONDALE, NY (Sept. 24, 2012) - Arbor Commercial Mortgage, LLC (“Arbor”), a leading, direct commercial real estate lender originating on a national basis, has expanded its multifamily FHA loan origination capabilities further with the appointment of an experienced FHA Originations Director in the company’s Chicago, IL, office.
Paul Olson (top right photo) was appointed as FHA Originations Director in Arbor’s Chicago, IL, office, where he is responsible for originating FHA-insured multifamily, seniors housing and healthcare facility loans nationwide on an expedited basis for acquisition, refinance and construction transactions.
He reports to Joseph Donovan (lower left photo), Senior Vice President, Director of FHA Lending.
Mr. Olson has more than 20 years of experience in commercial lending, investment banking and equity investment. Previous to Arbor, he was Vice President and Regional Director for Great Lakes Financial Group, another FHA MAP and LEAN Lender.
Prior to that, Mr. Olson was the principal of Olson Financial Resources, Inc., a full-service commercial loan brokerage and capital consulting firm, where he assisted clients across the United States in obtaining commercial real estate capital. Earlier in his career, Mr. Olson held executive roles with such firms as MMA Financial, GE Capital, Bank of America Securities and The Sumitomo Bank.
Mr. Olson earned his Masters of Business Administration degree in Finance from the University of Chicago. He graduated Cum Laude with a Bachelor of Arts degree in History and Japanese from Carleton College. He is a member of the Real Estate Investment Association of Chicago, the Chicago Real Estate Council and the University of Chicago Alumni in Real Estate. He resides in Chicago, IL
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd, Suite 90
Posted by Alex at 10:24 AM
“We now have a national brokerage infrastructure in place and are building our bench strength at our seven offices to provide even better service to our clients,” said Teague Hunter (middle left photo), President. “Matt brings to Hunter Realty a strong understanding of Midwest real estate trends and activity and has a solid understanding of the hotel industry. After all, he grew up in the business. He adds robust depth to our Midwest representation.”
“Hunter is confident and growing” said Lee Hunter (lower right photo), COO. “We sold 27 hotels in the first half of 2012.”
Prior to joining Hunter, Abrahamson was a commercial real estate advisor in the Chicago office of Newmark Knight Frank, one of the world’s largest real estate service firms. His responsibilities included marketing, brokerage and consulting.
Abrahamson received his Bachelor of Science in finance from DePaul University and currently is pursuing an MBA at St. Xavier University.
Hunter Realty, an award-winning firm founded in 1978, has offices in Atlanta, Dallas, Los Angeles, Miami, New York and Washington, D.C. Hunter’s exclusive focus is on hotel investment advisory services. Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at (770) 916-0300.
Chris Daly, Jerry Daly media
Posted by Alex at 9:59 AM