Thursday, December 6, 2012

HFF arranges $49 million financing for Class A multi-housing complex in Dallas, TX

Gramercy On The Park Apartments, North Dallas, TX
DALLAS, TX – HFF announced today that it has arranged $49 million in financing for Gramercy On The Park, a 535-unit, premier Class A multi-housing community in Dallas, Texas.

                HFF worked exclusively on behalf of Billingsley Company to secure the 10-year, fixed-rate permanent loan through Freddie Mac (Federal Home Loan Mortgage Corporation). 

Trey Morsbach
Loan proceeds were used to pay off an existing construction loan.  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. 

Gramercy On The Park is located at 4755 Gramercy Oaks Drive; ideally positioned at the southeast corner of the Dallas North Tollway and the George Bush Turnpike in the desirable Far North Dallas area. 

  This upscale midrise community was completed in 2011 and includes one- and two-bedroom units averaging 889 square feet in 13 floor plans.  

                The HFF team representing Billingsley Company was led by senior managing director Trey Morsbach

 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 arranges sale of $133.4 million loan secured by a mixed-use development in suburban Dallas/Fort Worth, TX.

3555 Timmons, Houston, TX
HOUSTON, TX – HFF announced today that Unilev Capital Corporation has purchased 3555 Timmons, a 225,895-square-foot, Class A office building in Houston’s Greenway Plaza submarket.

                HFF marketed the property on behalf of the seller, Great Point Investors LLC.  The purchase price was not disclosed.

                3555 Timmons is located between Richmond Avenue and West Alabama Street just north of U.S. Highway 59 in Houston’s “Inner Loop”.  The 14-story property is 98 percent leased.

Dan Miller
The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Martin Hogan.

Great Point Investors LLC has been a registered investment advisor since 1998.  The private firm is owned by its Principals.  The firm has acquired and managed assets for six different separate account clients. In 2012, it launched a senior housing investment program. 

Martin Hogan
Since inception the Firm has completed more than 110 purchase and sale transactions in over 30 different markets in the United States.  Great Point’s broad experience includes core, value-added and opportunistic investments using both joint venture structures and direct purchases.

Unilev Capital Corporation is a privately held real estate investment organization that also invests with a select, limited group of private and institutional partners to acquire well-located, income-producing commercial properties with both a short-term opportunistic strategy and a long-term, low-risk investment horizon. Unilev’s Houston portfolio includes Galleria Towers I and II, Galleria Financial Center, One and Three Riverway and other office and retail properties.


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 arranges sale of $133.4 million loan secured by a mixed-use development in suburban Dallas/Fort Worth, TX

Watters Creek at Montgomery Farm, Allen, TX
DENVER, CO – HFF announced today that it has sold a non-performing loan secured by Watters Creek at Montgomery Farm, a 700,000-square-foot, grocery-anchored, mixed-use development in Allen, Texas.          

    HFF marketed the $133.4 million loan on behalf of a five-member bank group. 

Doug Hazelbaker
Watters Creek at Montgomery Farm features 362,436 square feet of retail space, 96,530 square feet of office space, 233 luxury multi-housing units and 15 acres of land proposed for future multi-housing development.   

The HFF team representing the bank group was led by loan sale professionals Eric Tupler and Brock Cannon along with investment sale professionals Doug Hazelbaker, Bill Miller and Ryan Shore


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 sale of Westchase Park in Houston’s Westchase District

Westchase Park, Houston, TX
HOUSTON, TX – HFF announced today that it has closed the sale of Westchase Park, a 272,361-square-foot, newly-built, Class A, core trophy office building in Houston’s Westchase District.

                HFF represented the seller, Simmons Vedder Partners and O’Connor Capital Partners, in the sale of the property to Clarion Partners.  

Rusty Tamlyn
The buyer also purchased seven acres of land adjacent to the site for a future office development project as part of this transaction.

                Westchase Park is located at 3700 West Sam Houston Parkway between Richmond and Westpark Drive close to Westpark Tollway, U.S. 59 and Interstate 10.  The six-story property is LEED gold certified and is 98.4 percent leased to eight tenants including ABB and MetLife.  52 percent of the tenants are investment grade tenants with an average lease term of eight years remaining.  

Jeffrey Hollinden
Building amenities include a fitness center, 24-hour security, a large building conference room and a 1,089-space parking garage. 

                The HFF investment sales team representing the seller was led by senior managing directors Rusty Tamlyn and Jeff Hollinden, and associate director Trent Agnew.

                “Clarion has been an active player in major U.S. markets, including Houston, for many years, amassing a diverse portfolio of assets across the risk/return spectrum,” said Tamlyn.

Trent Agnew
O’Connor Capital Partners is a privately-owned, independent real estate investment and development firm focused on principal investing through private equity funds.  O’Connor concentrates its efforts on making direct investments in high-quality assets in major metropolitan markets in North America.  

                Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in S͠ão Paulo, Brazil and London, England as well as a presence in Mexico.  

With more than $25 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.  More information about the firm is available at

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 arranges $1.7 million refinancing for Marion Ridge Self Storage in Kansas City, MO

Marion Ridge Self Storage, Kansas City, MO
LOS ANGELES, CA – HFF announced today that it has arranged a $1.7 million refinancing for Marion Ridge Self Storage, a 480-unit self storage asset in Kansas City, Missouri.

                Working exclusively on behalf of World Class Capital Group, LLC, HFF placed the 10-year, fixed-rate loan through Morgan Stanley Mortgage Capital, Inc.  - CMBS.  The securitized loan will be serviced by HFF.

                Marion Ridge Self Storage is located at 9600 Marion Ridge adjacent to Interstate 435 near the interchange of US Route 71 and 50 southeast of downtown Kansas City.  The property is fully leased and was built in 1988.

Christopher Vittetoe
The HFF team representing the borrower was led by director Christopher Vittetoe.

World Class Capital Group, LLC is a leading private investment firm based in Austin, Texas.  The firm pursues opportunities in all U.S. markets and has a distinct focus on alternative investments, primarily real estate and private equity.

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 $9.3 million construction loan for spec industrial development in Miami

Eric Tupler
 DENVER, CO – HFF announced today that it has secured a $9.3 million construction loan for a185, 520-square-foot, Class A spec industrial development in Medley, Florida.

                Working on behalf of Industrial Income Trust, HFF placed the three-year construction loan with a national bank.

                The project is situated on an 8.8-acre site near Miami’s most important transportation arteries including the Florida Turnpike, Okeechobee Road, the Palmetto Expressway and Route 27. 

Jim Dockerty
The site also has direct rail access on site through the Florida East Coast Railway, which links the development to 351 miles of rail along Florida’s east coast as well as South Florida’s major ports.

                The HFF team representing Industrial Income Trust was led by senior managing director Eric Tupler, managing director Jim Dockerty and director Josh Simon.

                As of September 30, 2012, Industrial Income Trust owned and managed a portfolio of consolidated and unconsolidated properties that included 173 industrial buildings totaling approximately 33.3 million square feet with 329 customers in 18 major industrial markets throughout the U.S.

Josh Simon
 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 arranges $62.3 million construction loan for The Residences at Fresh Pond in Cambridge, MA

The Residences at Fresh Pond, Cambridge, MA
BOSTON, MA – HFF announced today that it has arranged a $62.3 million construction loan for The Residences at Fresh Pond, a 428-unit, Class A multi-housing development in Cambridge, Massachusetts.

                HFF worked on behalf of the borrower, O’Connor Capital Partners, to secure the four-year, fixed-rate loan through RBS Citizens.  The loan has one 12-month extension option.

Riaz Cassum
                The Residences at Fresh Pond will be built in two phases.  Phase one will have 260 units and 251 parking spaces, and phase two will have 168 units and 151 parking spaces.  The one- and two-bedroom units will average 873 square feet.  Community amenities will include a swimming pool, roof deck lounge, bocce court, fitness center, movie theatre, community club room and internet lounge. 

The Residences at Fresh Pond is located at 70 Fawcett Street near the Alewife MBTA station and the Fresh Pond Reservation area in west Cambridge.

                The HFF team representing O’Connor Capital Partners was led by senior managing director Riaz Cassum.
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 |

Rock Ventures Continues Investment in Downtown Detroit with Purchase of One Woodward Building

One Woodward Building
DETROIT, MI /PRNewswire/ -- Rock Ventures, the umbrella entity providing operational coordination of Dan Gilbert's portfolio of companies and investments, today announced it has added another 333,000 square feet of class-A downtown Detroit office space to its growing real estate portfolio.

The company completed the purchase of the 26-story One Woodward building, located on the corner of Jefferson and Woodward Avenue. Rock Ventures plans to renovate the building in order to accommodate the growing demand for space in the city's emerging technology district.

Built in 1962, One Woodward was designed by famed architect Minoru Yamasaki, and is considered an early design that ultimately led Yamaski to create the former World Trade Center towers in New York City.

Dan Gilbert
"The One Woodward building is located in the heart of Detroit's technology core, and provides us more space to further accommodate our growing family of companies and the increasing number of businesses that want to leverage the opportunities made in Detroit," said Dan Gilbert, Founder and Chairman of Rock Ventures and Quicken Loans.

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

Paula Silver,

CBRE Orlando Closes Integra Shores Near Daytona Beach, FL for $32.2 Million

Integra Shores Aparrtments
ORLANDO, FL -- CBRE is pleased to announce that it has completed the sale of Integra Shores, an upscale 288-unit multi-housing apartment community in Central Florida.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Completed in 2008, Integra Shores is just one mile from the $270-million Florida Hospital Memorial Medical Center in Daytona Beach.

Florida Hospital Memorial Medical Center
Integra Shores provides residents with a wide array of amenities including a resort-style pool, an outdoor gasfireplace and summer kitchen, and fitness and business centers. The apartment homes average 987 square feet and offer nine foot ceilings, garden tubs and large walk-in closets.

The closing was a market-leading 31st multi-housing transaction locally in 2012 year to date for CBRE.

 For further information, please contact:

Shelton Granade
T 407.839.3103

 Luke Wickham
T 407.839.3130

Justin Basquill
T 407.839.3169

Wilbert News Strategies in Atlanta, GA Becomes The Wilbert Group

The Wilbert Group, Atlanta, GA
Name Change Comes Amid Growth Year for Full-Service Communications Firm

 ATLANTA, GA (Dec. 6, 2012) – As it continues to add both clients and team members, Wilbert News Strategies is changing its name to The Wilbert Group.

 The Atlanta-based full-service communications firm this year added clients including Equifax, a leading global provider of consumer and commercial data; Acculynk, a startup in the online payment space; Cooper Carry, a commercial architecture firm; Invest Atlanta, the economic development arm of the city of Atlanta; Atlantic Station, a retail-focused mixed-use project in Midtown Atlanta; North American Properties, a commercial real estate development firm; Camana Bay, a New Urbanist mixed-use community in the Cayman Islands; and Manhattan Construction.

Tony Wilbert
Founded three and a half years ago, The Wilbert Group offers capabilities including media relations, social media, thought leadership, crisis communications/issues management and content creation.

 “Our new name, The Wilbert Group, more accurately represents that we are a full-service communications and public relations firm,” said Founder and President Tony Wilbert. “The Wilbert Group name also speaks to the fact that we have a strong team with excellent skills delivering results for clients every day.”

Stephen Ursery
As The Wilbert Group has grown, it has added experienced team members with backgrounds in journalism, public relations and graphic design.

 “We are landing clients that are leaders in their respective industries, and we are really honored and excited to be working with organizations of this caliber,” Wilbert said. “At the same time, we’ve grown our own team by hiring experienced professionals with both journalism and public relations skills. Our founders and most of our team members have journalism experience, which provides a unique ability to understand and connect with the media on behalf of our clients.”
Elizabeth Hagan

New hires in 2012 include:

 Stephen Ursery (@stephenursery): Stephen joined the firm full-time early this year, bringing stellar writing skills, an understanding of how the media works and a strong knowledge of business. Ursery, a longtime journalist, previously worked at publications including Waste Age, National Real Estate Investor, the Marietta Daily Journal and the Fulton County Daily Report.

Hadley Creekmuir
Elizabeth Hagin (@elizabethhagin): Elizabeth joined Wilbert after earning her master’s in communications from the University of Georgia. Her “first career” was in graphic design — she worked in the marketing department of Sea Island Co. — and she remains passionate about the visual component of public relations.

 Hadley Creekmuir (@hadleyhcreek): Hadley joined Wilbert after spending a few years navigating the entrepreneurial waters. As the founder of Creekmuir Communications, Hadley developed, implemented and managed communication campaigns for a variety of Atlanta companies, ranging from a specialty harmonious aquaculture company to The Westminster Schools. In previous roles, Hadley led the marketing team at Atlanta Fine Homes Sotheby’s International Realty and worked at Atlanta-based public relations firm Jackson Spalding. She also worked as a business journalist early in her career.

Savannah Duncan
Savannah Duncan (@savannahbduncan): Wilbert hired Savannah from France Media, where she was associate editor of Southeast Real Estate Business and Shopping Center Business magazines and was responsible for writing features, editing, reporting and producing a bi-weekly e-newsletter. She also oversaw the website and national e-newsletter. Prior to that, she was an intern at Jezebel magazine.

 M.C. Rhodes (@mcrhodes): M.C. joined Wilbert shortly after graduating from the University of Georgia, where she studied publication management and music business.  While in school, she wrote for many print and online publications including Fayette Daily News, Today in Peachtree City, Athens Banner-Herald, The Red and Black and Ugazine. She was also a radio DJ for WUOG 90.5 FM, where she had two weekly on-air shows.  She continues to contribute to Performer Magazine as an album reviewer.

MC Rhodes
The Wilbert Group is a full-service communications and public relations firm based in Atlanta with a national reach. Wilbert has clients in real estate, financial services, travel, retail, education, the non-profit sector and other industries. Founded by veteran journalists, Wilbert has deep relationships in newsrooms across the country and a nuanced understanding of how the media landscape is changing. Wilbert “goes deep” to understand its clients’ businesses. Wilbert’s capabilities include media relations, social media, thought leadership, crisis communications/issues management and content creation.

 For More Information, Contact:

Tony Wilbert
The Wilbert Group
404-965-5022 (O) 404-405-3656 (C)

New Mortgage Pricing Benchmarks Set by Low Interest Rates

Chicago, IL -- The Real Estate Capital's Scoreboard for December notes that the Fed's clearly-publicized intention
to keep interest rates low until 2015 firmly establishes new mortgage pricing benchmarks for the next few years. Realty investors now fully realize that lower returns are here to stay within a flattened yield curve environment.  

Crowded competition for higher-quality loans also assures that virtually no extra money is left on the table for "arm-chair" yields.Lenders must aggressively hunt for the right loan opportunities, or stay on the sidelines.

Where is the low-hanging fruit in the real estate capital jungle? The answer lies in Pro forma lending.  Pro forma underwriting allows for more favorable
funding structures, while tapping into better yield profiles.  More forward-looking risk means more risk and corresponding profits.  The most popular routes for pro forma loans include high leverage debt, bridge loans and forward-delivery mortgages:
Bridge/Transition Loans:  High leverage bridge loans are a void in the market.  As banks slowly re-emerge from their past lending woes, bridge lenders fill the gap for borrowers seeking maximum debt on value-add acquisitions. 

Funding as much as 90% of the capital stack, most bridge
lenders are private debt funds willing to take such interim risk based upon yields in the high-single-digit or more range.  Extra origination and fees (as much as three percent) add to the juicy yields.  The risk is high, but the profits are attractive in the redevelopment plans are clearly devised by proven sponsorship.  Exit underwriting limited to 75% or less LTV based upon stabilized value projections and permanent loan programs available in the market for the bride loan "take-out."

High leverage debt: While maximum leverage is often the goal of many borrowers for improving profitability with less cash down, a number of justifiable circumstances warrant such underwriting if future economic performance is readily provable. For instance, well-located, well-conceived
commercial properties are rebounding due to rising tenant demand combined with more profitable rollover. Select funding sources understand such leverage goals and can achieve additional pricing of 25 to 50 basis points premiums for climbing the capital stack to as much as 75% LTV.

Forward-delivery Loans:  Borrowers seek these early commitments from lenders to minimize uncertainty in there capital transactions execution;  Lenders fear committing future funds at locked rates in case interest rates climb during the interim period. Forward deliveries are available because lenders see the benefit of capturing new-construction/refinance opportunities for projects that would otherwise be unavailable at attractive pricing (e.g., core multifamily) -- an early bite at the apple.

Jeanne Peck
Jeanne Peck of the Real Estate Capital Institute advises, "For the right
property/sponsor marriage, bridge loans have been an integral tool for
repositioning commercial and residential property as the market continues on
its path out of distress."

The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields.  The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR. 

Call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624

Contact: Jeanne Peck, Executive Director

Waterton Associates purchases Two Blocks Apartments in Atlanta, GA.

Two Blocks Apartments, Atlanta, GA
CHICAGO, Nov. 29, 2012 /PRNewswire/ -- Waterton Associates is pleased to announce the recent acquisition of Two Blocks Apartments, a 400-unit community located in Atlanta, GA.  Two Blocks is the seventh asset purchased by Waterton this year.

Constructed in 2008 by Pollock Shores Real Estate Group, the development features 5 mid-rise buildings, 2 mid-rise parking decks, and includes 400 apartments consisting of one and two bedroom garden and loft style units. 

The property, located in the Chamblee Dunwoody area of Atlanta, offers close proximity to I-285, GA 400, I75 and I85.

Max Peek
"Waterton is pleased with the acquisition of Two Blocks Apartments and we are excited to add another community to our growing Atlanta portfolio," states Max Peek, Senior VP of Acquisitions, Waterton Associates.  "The community is a well-located, well-built asset that offers tremendous value to our customers."

Waterton closed the Two Block Apartments transaction Oct. 26, 2012.

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

Virginia Love,

Beech Street Capital Closes $16.5 Million Fannie Mae Loan for Boca Raton, FL Apartments

Crystal Palms, Boca Raton, FL
 BETHESDA, MD – Beech Street Capital, LLC, announced it closed a $16.5 million Fannie Mae conventional loan to refinance Crystal Palms, a 175-unit garden-style multifamily property in Boca Raton, Florida.

Brian Sykes, vice president in Beech Street’s Boston office, originated the deal.   The borrower, Scully Company, currently operates 30 properties in Pennsylvania, New Jersey, Connecticut, and Florida and manages garden and high-rise communities ranging in size from 88 to 1,000 units.

Brian Sykes
Beech Street constantly monitors market conditions and was able to close the transaction at a lower rate with higher proceeds than was communicated at application. The borrower’s “all in rate” was extremely attractive. “Beech Street got the job done and exceeded our expectations,” said Mike Scully, cochairman of Scully.

 Crystal Palms consists of two-story, garden-style buildings, each with lanais.  Amenities include a pool, fitness center, and tennis courts.  It is located in an attractive residential area, close to shopping and major highways. 

Michael Scully
 The fixed-rate loan has a seven-year term, with 6.5 years yield maintenance and a 30-year amortizing schedule.

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

Courtney Lewis at

Jenifer Bernardi  

Exit Realty of Daytona Beach Names New Broker Associate and New Sales Associate

Patrick Sullivan

 DAYTONA BEACH, FL --- Exit Realty of Daytona Beach has appointed one new broker associate and one new sales associate.

Aswin Suri, principal of Exit Realty of Daytona Beach, said he named Patrick Sullivan broker associate.

Sullivan who received his Florida broker’s license in 1998, has 20 years of experience in real estate sales and has been consistently one of the top sales leaders in the area’s Board of Realtors. He is recognized as a sales specialist in new homes, investments, single-family developments and commercial property throughout the Daytona, Ormond Beach, Holly Hill, Port Orange, Ponce Inlet, New Smyrna and surrounding areas.  

Cheryl Heller
Suri also named Cheryl Heller a sales associate.  Heller, who holds a Masters Degree in Education from Ball State University in Indiana, began her real estate career in 2005 after a storied career of teaching high school in six different states, then working as a clinical social worker for the ACT Corporation in Volusia County. 

The expertise and professionalism Heller accumulated through the years has enabled her to easily help buyers and sellers of real estate on both sides of the Intracoastal.

Aswin Suri
This year Exit Realty has sold condos, homes and commercial properties totaling over $40 million which is double what the firm sold its first year 2009, Suri said.

For more information, contact

Aswin Suri, MHA, B.A., Owner, Exit Realty of Daytona 386-383 3000 or;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142;