Monday, October 15, 2012

$25 Million Luxury Loft Project Hits the Market in Brooklyn’s Greenpoint

Lofts 305, Greenpoint section, Brooklyn, NY
 BROOKLYN, N.Y., Oct. 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Lofts 305, a 38-unit luxury multifamily asset. The listing price of $25 million equates to $657,895 per unit and $605 per square foot.

            Matthew Fotis, a vice president investments in Marcus & Millichap’s Manhattan office, along with Shaun Riney, a senior associate in the Brooklyn office, and associate Michael Salvatico, are representing the seller.

“The Brooklyn rental market is extremely strong, with vacancies well below 2 percent,” says Fotis. “In particular, demand continues to rise for residences in desirable neighborhoods near Williamsburg, like Greenpoint,” says Fotis.

“Since this asset’s average rent is currently below market, the new ownership will have the opportunity to increase rents, making this a true value-added play. Furthermore, once 421-a tax benefits expire, condominium conversion will provide an excellent potential exit strategy for a savvy investor,” Fotis adds.

Shaun Riney
The five-story condominium-quality multifamily rental is located at 305 McGuiness Boulevard in the Greenpoint section of Brooklyn. Stretching the length of a block, it may also be found through its alternate address, 189-193 India Street. The 41,355-square foot property is just a block away from the G train entrance at India Street and Manhattan Avenue, and an equally short block from Manhattan Avenue shopping, dining and nightlife.

            Comprising 38 luxury residential loft units, Loft 305 was built in 2008 and is still in pristine condition.

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

Stacey Corso
Public Relations Manager
(925) 953-1716

Marcus & Millichap Sells 49-Unit Apartment Building in Miami for $6.55 Million

Vedado Apartments
MIAMI, FL, Oct. 15, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Vedado Apartments, a 49-unit, fully-occupied apartment building in Miami, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.

The asset commanded a sales price of $6,550,000 which represents $133,673 per unit.

Paul D. Nudelman
Associate Paul Nudelman in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Coral Gables, FL.  Vice President Investments Felipe Echarte in the firm’s Fort Lauderdale office secured and represented the buyer, a limited liability company from Miami. 

Felipe Echarte
Vedado Apartments was constructed in 2010 with structured parking, balconies, a secure front entrance, a secure parking garage elevator entrance, a pool with city views and many more amenities.

 All units are one-bedroom/one-bathroom with den units and have a stackable washer/dryer, tile floors, central air conditioning and attractive layouts.  The property was 100 percent occupied at the point of sale.

Vedado Apartments is located within close proximity to Brickell at 119 Southwest 6th Avenue in Miami, FL.

Press Contact:

Kirk Felici
First Vice President/Regional Manager, Ft. Lauderdale
(786) 522-7000

Wyndham Hotel Group Announces First Wyndham Hotel in Bahrain

Bahrain Bay
 MANAMA, BAHRAIN (Oct. 15, 2012) – Wyndham Hotel Group, the world’s largest hotel company with over 7,170 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced plans for the first Wyndham Grand® property in Bahrain following the signing of an agreement with Cooperation Investment House SPC to manage its prestigious landmark building in Manama’s Bahrain Bay.

Upon opening, the hotel will join the Wyndham Grand® Collection, an ensemble of distinguished hotels within the upscale Wyndham® Hotels and Resorts brand.

Wyndham Grand Manama rendering
Currently under development, the five-star Wyndham Grand Manama is expected to open by the end of next year with more than 260 spacious guest rooms ranging from 46 to 120 square metres (approximately 495 to 1,290 square feet).

Covering 14 floors of a 50-storey mixed use development, it will also comprise 500 square metres (nearly 5,400 square feet) of meeting space and a 900-square-metre ballroom (equivalent to nearly 9,700 square feet) on the building’s top floor, offering stunning sea views.

 Complemented by indoor and outdoor infinity swimming pools and separate health clubs for men and women, the development will also include five food and beverage outlets catering to a variety of tastes. 

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

Roz Money
Director of Brand Marketing
Wyndham Hotel Group
The Triangle, Hammersmith Grove, London, W6 0LG, United Kingdom
+44 (0) 20 8762 6600

HFF named to market single-family home portfolio in Homestead, FL

Jaret Turkell
MIAMI, FL – HFF announced today that it has been exclusively engaged to market the sale of a 116-single family home portfolio in Homestead, Florida.

                HFF’s Florida multi-housing group is marketing the portfolio on behalf of the seller, 13th Floor Investments.  There is no formal asking price for the offering.

                The 116 homes are located 26 miles south of Miami in the suburb of Homestead, centered around the Homestead Hospital, which recently opened its new $135 million facility.  The homes are located within a two-mile radius of each other and are close to the Homestead Air Force Base and Homestead Miami Speedway.  The average portfolio-wide vintage for the homes is 2006 and they average approximately 1,708 square feet.

Matt Mitchell
The HFF team representing the seller is led by directors Jaret Turkell and Matt Mitchell and supported by real estate analysts Maurice Habif and Scott Wadler.

                “There is significant pent up demand for single family residential product as investors view the asset class as an opportunity to achieve a stable yield coupled with steady capital appreciation.  Nation-wide home prices have increased by approximately 4.8% over the last year representing the largest gain since 2005.  This offering is a unique opportunity for an investor to gain scale in what is a high-demand and product starved market”, said Turkell. 

Homestead Airforce Base, Homestead, FL

The seller, 13th Floor Investments, is a Florida-based, vertically integrated real estate investment and management firm that has been involved in various aspects of the real estate industry for the past decade. 

Originally started as a development entity, the firm has shifted its focus towards opportunistic and value-add real estate investments in early 2008.  Since then the firm has developed a strong program of identifying, acquiring, managing, and successfully exiting real estate assets.

HFF’s six-member Florida multi-housing group has closed more than $808 million of multi-housing transactions for the 12 months ending October 15, 2012.  Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). 
 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF closes $38.35 million sale of residential development site in Manhattan’s Soho neighborhood

325 West  Broadway, SOHO, Manhattan
NEW YORK, NY – HFF announced today that it has closed the sale of 325 West Broadway, a residential development site grossing 61,416 square feet in Manhattan’s Soho neighborhood.

HFF marketed the properties on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc.  DDG purchased the land parcel for $38.35 million.

The development will be situated at 325-329 West Broadway and 23-25 Wooster Street between Grand and Canal Streets in downtown Manhattan.  The current development plan entails a two-building, 24-unit condominium with ground-floor retail. 

Andrew Scandalios
The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O’Hearn.

“This property is ready for development with no entitlement or approval risk and is virtually shovel ready.  Soho has some of the strongest buyer demand of any neighborhood in Manhattan and this development undoubtedly will appeal to a broad array of condo purchasers,” commented Scandalios.

DDG is a real estate investment and development firm specializing in the highest quality product across all property types.  Based in New York, DDG has in excess of $500 million in developments underway in New York and San Francisco.

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF secures $91 million construction and permanent financing for Cathedral Commons in Washington, D.C.

Cathedral Commons rendering 
 WASHINGTON, D.C. – HFF announced today that it has secured $91 million in construction/permanent financing for Cathedral Commons, a mixed-use development totaling 264,272 square feet in Washington, D.C.

HFF worked on behalf of the borrower, a joint venture between Giant of Maryland and The Bozzuto Group, to secure the 13-year, fixed-rate, construction/permanent financing through Northwestern Mutual.

Upon completion, Cathedral Commons will include 137 luxury multi-housing rental units, eight luxury townhomes and 128,852 square feet of ground-level retail space.  

The retail portion of the property being leased by H&R Retail is 60 percent pre-leased and will be anchored by a 56,000-square-foot, state-of-the-art Giant Food grocery store.  The project is located at 3336 Wisconsin Avenue in the Cathedral Heights neighborhood of Washington, D.C.

Daniel McIntyre
The HFF team representing the borrower was led by managing director Mark Remington and director Daniel McIntyre.

“This is the successful culmination of a process that began by securing The Bozzuto Group as the development/joint venture partner for Giant of Maryland and then fully capitalizing the construction.  Together, Giant of Maryland, Bozzuto and Northwestern Mutual will bring this trophy-class asset to life”, said Remington.

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

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Monem Corp. Acquires Two Los Angeles Multifamily Properties for More Than $5 Million

1114  Clark Street Apartments
 LOS ANGELES, CA, OCT. 15, 2012 – Monem Corporation, a private investment firm focused on acquiring value-added multifamily properties in Los Angeles County, has acquired two-multifamily properties totaling 30 units for in excess of $5 million.  

With these two acquisitions, Monem now owns more than 50 multifamily buildings throughout Los Angeles.

            “The Los Angeles multifamily market fundamentals are continuing to be positive,” said Danny Monempour, president of Monem Corporation. “We are actively looking to acquire additional assets and have the ability to secure financing or the flexibility to close deals all cash and in a timely manner.”

Danny Monempour
Monempour continued by saying that we are seeing increased investor interest in multifamily properties because, over the past six months, we have seen Los Angeles rents increase by approximately 15 percent with vacancy remaining below three percent. 

The first property was acquired for $3.25 million and is located at Sunset Blvd. at 1114 N. Clark St. in a prime West Hollywood area. The seller was P&M Murrieta Silverado LLC. Prosser Stevens represented both sides of the transaction.

            Built in 1962, the property includes 18 units and has a pool and elevator. The property was 100 percent occupied at the close of escrow and offers rent ranges from $1,200 to $2,500 per month.

The second property was acquired for $1,785,000 and is located near the 101 Freeway and Franklin at 2001 N. Beachwood Dr. in Los Angeles. Monem Corp. was represented by Hanes Investment Realty, Inc. in the transaction. The seller, a private trust, was also represented by Hanes.

            Built in 1954, the property includes 12 units and was fully occupied at the close of escrow. Monthly rent ranges are offered at $900 to $1,500.

Based in Los Angeles, Calif., Monem Corporation is a private investment and management firm specializing in value-added multifamily properties in the Los Angeles area.  For more information, please visit


David Ebeling
Ebeling Communications
949.278.7851 (Cell)

Atlanta CRE Show: 2013 Could Bring Significant Tax Increases

Linda Goold
 ATLANTA, GA (Oct. 15, 2012) – Real estate investors could face hefty tax increases in 2013 and need to start planning now to protect their interests.

 The latest episode of “America’s Commercial Real Estate Show” focused on tax strategies and gave an in-depth look at what potential tax changes lie ahead in 2013. A panel of experts shared their insights and tips to help real estate investors stretch their dollars and minimize their tax burden.

 Experts say 2013 is full of uncertainty and concern about taxes.

 “The great mystery is, ‘What will tax rates be in 2013?’” said Linda Goold, director of federal taxation at the National Association of Realtors.

 One of the hottest topics is the capital gains tax. The U.S. Congress passed last-minute legislation in 2010 to extend the Bush-era tax cuts for two more years — and now they are set to expire again.

Ricky B. Novak
If Congress does not act by year end, the capital gains rate will go from its current level of 15 percent to 20 percent.

 “We don’t have a prediction right now on what Congress is actually going to do, but I think we should prepare for the possibility of a 20 percent rate come January,” Goold noted.

 There is another important tax increase on the horizon. Beginning Jan. 1, 2013, a new 3.8 percent tax on some investment income will take effect for individuals with an adjusted gross income above $200,000 and couples making more than $250,000.

Michael Bull
This new tax was passed by Congress in 2010 to help generate an estimated $210 billion to help fund “Obamacare” and the Medicare overhaul.

 The formula by which the tax is calculated makes it difficult for real estate investors to determine whether they will be affected, Goold said.

 Industry insiders also are watching closely to see if Congress might try to impose tax hikes on carried interest. Carried interest has historically been treated as capital gains, but the U.S. House of Representatives has passed legislation four times that would instead tax carried interest at an ordinary income rate.

Carried interest legislation has never passed the U.S. Senate, but it is still a concern — especially if there is a Democratic sweep of Congress and the White House in the upcoming election, Goold reports.

Anita Anand
With the possible capital gains tax increase and the new 3.8percent tax on investment income, experts are bracing for a bigger tax burden overall.

 “You’ve got your federal capital gains rate, most states also have an effective tax rate and now you’ve got this additional increase of 8.8 percent,” said Ricky Novak, CEO of Strategic 1031 Exchange Advisors.  “Essentially, you are looking at almost a 10 percent increase on the sale of an asset.”

 With these taxes on the horizon as 2012 draws to a close, it’s time to assess your situation and focus on last-minute tax strategies. This means it could be time to sell certain properties before year end.

White House, Washington, DC
 “If you’ve got a property with a lot of gain and you know that the tax rates are going to go up — and if they go up 10 percent that could be a huge number — you may want to see if you have time to close by the end of the year,” said show host Michael Bull, founder of Bull Realty Inc.

 The time is right to think about federal and state tax credits, as well as charitable contributions — and not just cash.

 “Consider donating appreciated stock — stock that has been held for over a year — because you’re going to get the fair market value of the deduction so you are getting full value from the tax perspective and then you are also going to be avoiding including the gain on that stock later on,” said Anita Anand, a senior associate at the Reznick Group.

The entire episode on tax strategies changing for 2013 is available for download at

 The next “America’s Commercial Real Estate Show” will be available Oct. 18 and will give a U.S. office market update.

For More Information, Contact

Stephen Ursery
Wilbert News Strategies

EagleBridge Capital Arranges $2,840,000 Mortgage For Clearview Apartments in Fall River, MA

Clearview Apartments, Fall River, MA
 Boston, MA -- EagleBridge Capital has arranged $2,840,000 in mortgage acquisition/permanent financing for Clearview Apartments located in Fall River, Massachusetts working exclusively on behalf of the borrower, TAG Fall River.

The financing was arranged by EagleBridge principals Brian D. Sheehan and Ted M. Sidel who stated the mortgage was provided through the Fannie Mae DUS program  

  Mr. Sheehan and Mr. Sidel stated, “The Fannie Mae program worked very smoothly.  The borrower was able to lock in a long term non-recourse mortgage amortized over 30 years on very favorable terms.” 

Brian D. Sheehan
Clearview Apartments is a 49 unit apartment complex located at 4000 N. Main Street consisting of 42 two-bedroom units and 7 one-bedroom units situated in two buildings. 

The complex overlooks the Taunton River and is near the Fall River Country Club.   Clearview is located just off Exit 8 of Route 24 and is within walking distance of the 97,000 sf Riverview Marketplace shopping center anchored by Shaw’s Supermarket and CVS.

Ted M. Sidel
The borrower was represented by the law firm of DarrowEverett. 

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, office, industrial, r & d buildings, hotels, condominium buildings and mixed use properties as well as special purpose buildings.


Ted Sidel,
(617) 292-7177
 Ext. 10

Stanley J. Sidel
Senior Advisor
EagleBridge Capital
33 Broad Street
Boston, MA 02109
Tel: 617-292-7177 Ext. 14

National Retail Properties, Inc. Announces Common Dividend

ORLANDO, FL,  Oct. 15, 2012 /PRNewswire/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 39.5 cents per share payable November 15, 2012 to common shareholders of record on October 31, 2012.

The dividend represents an annualized rate of $1.58 per share.  National Retail Properties is one of only four publicly traded REITs and 104 publicly traded companies in America to have increased annual dividends for 23 or more consecutive years.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2012, the company owned 1,506 Investment Properties in 47 states with a gross leasable area of approximately 17.8 million square feet. For more information on the company, visit