Sunday, June 30, 2013

Winter & Co. Closes $28 Million Mortgage Transaction on 30-Story Fort Lee, NJ Co-op

   
30-Story Fort Lee, NJ Cooperative

 NEW YORK, NY, June 30, 2013 -- Winter & Company is pleased to announce the closing of a $28,000,000, 3.25%, 10-year fixed rate, interest-only underlying mortgage for a 171-unit Fort Lee, New Jersey cooperative.

The co-op refinanced an existing $20,000,000 loan and the rate on the new loan is so much lower that the co-op’s annual debt service payments will actually be lower despite a new loan amount that is $8,000,000 greater than their old loan amount.

The 30-story plus Penthouse building has spectacular views of the Hudson River and Manhattan to the east, and of Northern New Jersey to the west.

 It was originally designed and built as a co-op in 1975. The nearly $6,000,000 of surplus loan proceeds will be utilized for a variety of repairs and capital improvements as well as to augment the building’s reserve fund.

The loan has a term of 30 years and was structured so that at the end of the first 10 years, the co-op will have four additional 5-year segments available at no additional cost, making this a 30-year total loan term at the co-op’s discretion.

After the first 10 years, the loan will begin to amortize on a 30-year schedule.

The rate was locked upon signing a term sheet with a 1% refundable good faith deposit. The co-op’s new loan has a simple, step-down prepayment penalty formula: 5,5,4,4,3,3,2,2,1,1. The loan closed on May 17, 2013.

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

Gregg Winter - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
Winter & Company Commercial Real Estate Finance
Creative Minds | Unparalleled Service ®
149 Madison Avenue, Seventh floor
New York, NY 10016

Phone: 212 532-1122 x1

Saturday, June 29, 2013

NAI Realvest negotiates new lease with Glass Design of Orlando for 6,000 square feet at Fleet Financial Center in Longwood, FL


Fleet Financial Center, Longwood, FL

MAITLAND, FL – NAI Realvest recently negotiated a new industrial lease agreement for 6,000 square feet at 747 Fleet Financial Court at the Fleet Financial Center in Longwood.

Michael Heidrich, principal at NAI Realvest, brokered the transaction on behalf of the landlord Fleet Financial Center, Inc.   The local tenant is Vitralum Glass Solutions, Inc. doing business as Glass Design of Orlando.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


NAI Realvest Negotiates Two New Industrial Leases at Carter CommerCenter in Winter Garden, FL


Carter CommerCenter, 902 Carter Road,
Winter Garden, FL

Maitland, FL – NAI Realvest recently negotiated two lease agreements that total 5,625 square feet of industrial space at 902 Carter Rd., at the Carter CommerCenter in Winter Garden.

Michael Heidrich
 Michael Heidrich, a principal at NAI Realvest, brokered both transactions on behalf of the landlord Carter Commerce Center, LLC. 

The aluminum fabrication firm of Logsdon and Associates, Inc. of Windermere leased suites 220 and 230 with 3,750 square feet, and cigar distributor Rena Investments LLC doing business as Low Ball Louies, leased suite 300 with 1,875 square feet at Carter CommerCenter.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


NAI Realvest negotiates $1.75 Million Sale of Daytona Beach, FL Industrial Property


1806 Mason Avenue building, Daytona Beach, FL

Maitland, FL -- NAI Realvest recently negotiated the sale of a 45,000 ± square foot warehouse-distribution facility on a 5.85 acre site at 1806 Mason Ave. off Bill France Blvd. in Daytona Beach for $1,750,000.00.

Chris Butera
 Chris Butera, investment associate at NAI Realvest, negotiated the transaction representing Seller Lone Star, a Dallas-based private equity fund manager.       

 The Buyer, LRT Ventures, LLC of Valencia, Penn., purchased the property which was built in 2007 with 40,400 square feet of warehouse space and 4,600 square feet of office space. 

 The buyer, a private investor, was represented by Dick McNerney of Adams Cameron. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


NAI Realvest Negotiates Industrial Leases totaling 11,541 square feet at CommerCenters in Sanford, Orlando and Kissimmee, FL


Poinciana CommerCenter East, Kissimmee, FL

ORLANDO, FL– NAI Realvest recently negotiated four industrial lease agreements totaling 11,541 square feet at four CommerCenters located in Sanford, Orlando and Kissimmee. 

Monroe CommerCenter South, Sanford, FL
Michael Heidrich, principal at NAI Realvest brokered all four transactions on behalf of the landlords and tenants. 

 At Monroe CommerCenter South, Heidrich negotiated the lease agreement on behalf of Maitland-based landlord COP-Monroe LLC, for 2,000 square feet with new local tenants Luis Martinez and Vanesa Gonzalez with an auto window tinting business at 647 Progress Way.

 At 6100 Hanging Moss Rd. Landlord COP-Hanging Moss LLC leased 4,000 square feet in Suites 540 and 550 of Hanging Moss CommerCenter to Henry Auad and Fabian Pinilla, local custom fabricators and suppliers of stone countertops.  Tenants relocated from a smaller unit of 2,000 square feet in Hanging Moss CommerCenter. 

Hanging Moss CommerCenter,
6100 Hanging Moss Road, Orlando, FL
Islamic Society of Central Florida, Inc. renewed its lease of two suites with 4,191 square feet in Goldenrod CommerCenter, 1460 and 1476 N. Goldenrod Rd.  COP-Goldenrod LLC is the landlord.

 Affordable Mattress Plus, Inc. leased 1,350 square feet at 1739 Business Center Lane at Poinciana CommerCenter East in Kissimmee.  The Maitland based landlord at the facility is developer Small Bay Partners LLC.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


First Green Bank Reports Big Increase in Loans, Revenues, Assets




MOUNT DORA, FL  – First Green Bank, headquartered in Mount Dora with branches in Downtown Orlando, Clermont and Ormond Beach, reported its net income from January through May 30 at more than 406,000 or $259,000 ahead of budget.

Kenneth E. LaRoe, founder, chairman, and chief executive officer of First Green Bank said loan volume for the same period totaled $180 million or $13 million over projections.

The bank’s total assets have also grown faster than projections, LaRoe said.  First Green Bank reported its assets total more than $231 million or $10 million over projections.

First Green Bank plans to open a fourth branch on S. Orlando Avenue in Winter Park in January. The bank recently acquired the property with a 6,000 square foot retail building.

“We are currently rehabbing the building to LEED Gold standards and expect to complete the work in time to open our new Winter Park facility in early 2014,” LaRoe said.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


First Green Bank signs on as Participant in United Nations Natural Capital Declaration Program

  
United Nations Natural Capital Declaration Program

  
MOUNT DORA, FL. --- First Green Bank has joined an august group of international banks and signed on as a participant in the United Nations Natural Capital Declaration Program.

First Green Bank headquarters, Mount Dora, FL
Kenneth LaRoe, founder, chairman and chief executive officer of First Green Bank, said the ongoing program will help national governments prepare for climate change.

The U.N. is helping to organize experts in banking, insurance, investment and accounting to help gather data and formulate policy to meet the challenges of climate change, LaRoe said.

Kenneth LaRoe
For more information about the United Nation Natural Capital Declaration program, go to www.naturalcapitaldeclaration.org.

First Green Bank ranks as one of the nation’s greenest banks, according to the American Bankers Assn.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 or 407-461-3780, lvershelco@aol.com   


46,750-SF Self Storage Facility in St. Petersburg, FL Sells for $2.575 Million


Super Storage II, 6415 54th Avenue, St. Petersburg, FL

Michael A. Mele
ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Super Storage II, a 44,867 square foot self-storage facility located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,575,000.

Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, represented the seller of the property, a local developer.  

The buyer, a multifamily investor, from Tampa, was procured and represented by Michael A. Mele, Michael P. Regan and Francesco “Frank” Carriera, all in the firm’s Tampa office.

Michael P. Regan
Super Storage II, located at 6415 54th Avenue North, was built in 2005. 

  This is a modern, self-storage facility situated on approximately 2.44 acres of land.  This asset encompasses 424 units, of which 340 units are climate controlled, 78 are non-climate controlled and six are parking.  

Property amenities include:  perimeter fencing, gated entry, video surveillance, roll-up doors, electronic entry and a manager’s office. 

Francesco Carriera
“This is a great example of how ‘hot’ the self-storage product type is,” Mele said in a statement.  “Even multifamily investors are looking to add self-storage to their portfolio.”

“It demonstrates the strength of our firm and our ability to market assets on a platform that will be seen by investors of all product types,” adds Regan.

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

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


Chatham Lodging Trust Announces Partial Exercise of Underwriters’ Over-allotment Option to Purchase Additional Shares



Palm Beach, FL—Chatham Lodging Trust (the “Company”) (NYSE: CLDT) today announced the partial exercise of the underwriters’ over-allotment option to purchase an additional 475,823 common shares of beneficial interest, $0.01 par value per share, at the public offering price of $16.35 per share less the underwriting discount.

The over-allotment option, which will provide additional gross proceeds of $7,779,706 to the Company, prior to deduction of the underwriting discount and offering expenses, was exercised in connection with the Company’s public offering of 4,500,000 common shares, which priced on June 13, 2013.

 The issuance of shares pursuant to the over-allotment option closed on June 28, 2013. 

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

Media

Daly Gray Public Relations
Jerry Daly, 703-435-6293

or

Chatham Lodging Trust
Dennis Craven, 561-227-1386
Chief Financial Officer

Charles Dunn Completes Three Multifamily Sales in Koreatown Area of Los Angeles Totaling More Than $9.3 Million

932 Irolo Street, Koreatown submarket, Los Angeles, CA


Janet Neman
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed three multifamily property sales totaling $9,315,000 in the Koreatown submarket of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Executive Commercial Properties, as well as the individual buyers on all three transactions.

The properties are each about two blocks away from each other and are within walking distance to Wilshire Blvd., the Wilshire/Normandie metro, and the former Ambassador Hotel site, which is currently the Robert F. Kennedy Community Schools complex.

Bryan G. Glenn
“These three properties are centrally located in the Mid-Wilshire/Koreatown submarket, an area that has undergone tremendous revitalization and is one of the most densely populated, high-demand rental areas in Los Angeles,” said Glenn. “The properties were offered at attractive cap rates and with favorable financing that will enable the new owners to enjoy strong cash flow and great returns year-over-year.”

The average cap rate for the three properties was 6.8 percent.  According to a recent research report by Charles Dunn Company, apartment vacancy rates across Los Angeles County ended the first quarter of 2013 at 3.7 percent, marking the seventh consecutive quarter of vacancy under 4 percent.  Average monthly rental rates have also seen an increase of 2.7 percent from the previous quarter.


“We conducted an aggressive marketing campaign to expose the property to the greater investor marketplace,” said Neman. “We also utilized our in-depth market knowledge and network of local investors to target qualified buyers looking to acquire multifamily properties in this unique, high demand area.” 
  
Following is information on each of the sold properties:


·         765 Irolo is a 24-unit, four-story 1920s art deco building that sold for $2.16 million. It features 22 large one-bedroom units and two single units. The buyer was a private investment group from Los Angeles.

·         932 Irolo is also a four-story 1920s art deco building but is unique because it is exempt from rent control. It sold for $2.4 million and has 32 units including eight, one-bedroom units and 24 single units. The buyer was PAS Properties, LLC from Los Angeles.

·         800 S. Normandie is a two-story, mixed-use property on a large corner lot with a retail store along 8th Street that sold for $4.75 million.  The property includes 44 single units and 3,600 square feet of retail space leased to a single tenant and operating as a small, neighborhood market. The buyer was a private investor from Seattle, WA.

The Windsor Apartments,
Koreatown, Los Angeles
Neman and Glenn offer a solid track record for multifamily sales in the Mid-Wilshire and Downtown Los Angeles market with combined sales in excess of $70 million in transactions over the past 12 months alone. Early this year, Neman completed the $10.75 million sale of The Windsor Apartments, a six-story historic landmark property in Koreatown.

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224


Spanx Signs Lease for Expanded World Headquarters at Planned Buckhead Atlanta Development

  
Buckhead Atlanta



Sarah Blakely
ATLANTA, GA – Atlanta-based Spanx, maker of innovative undergarments and apparel one of Atlanta’s fastest growing companies, and OliverMcMillan, San Diego-based developer of Buckhead Atlanta, have reached an agreement for Spanx to establish a custom-designed and expanded world headquarters at the Buckhead Atlanta development and to open a flagship retail store in the project.

 The headquarters will occupy three floors, a rooftop garden terrace and additional balconies. The deal includes signage rights. Spanx is anticipated to move in November 2014. 

Brannan Moss and Josh Hirsh with Jones Lang LaSalle represented Spanx in the transaction. Amy Fingerhut of CBRE represented OliverMcMillan.


Laurie Ann Goldman
 In order to accommodate Spanx’s need for growth, Buckhead Atlanta is adding another level of office space that was not in the original development plan. The growing company will lease 86,000 square feet of office space, with an option to expand up to 112,000 square feet.

 “We’re so excited to create a beautiful space for this leading Atlanta-based company,” said Morgan Dene Oliver, chief executive officer of San Diego-based developer OliverMcMillan, which develops urban and mixed-use retail, entertainment and residential projects. “Spanx’s innovative spirit and sense of fashion fit perfectly with the fabric of Buckhead Atlanta.”

 The move to the Buckhead Atlanta project not only addresses the anticipated growth of the billion-dollar manufacturer, but also the innovation and style that they’re known for.

Morgan Dean Oliver
“Like the Spanx brand, the Buckhead Atlanta space is innovative and unique,” said Spanx Founder Sara Blakely. “It's a perfect fit…no pun intended! We’re also thrilled to offer hometown fans a way to experience the magic of Spanx at our first flagshape store.”

 By expanding its corporate headquarters and moving from 3344 Peachtree to Buckhead Atlanta, Spanx is showing its long-term commitment to the city.   

“Spanx is one of Atlanta’s wonderful success stories,” said Atlanta Mayor Kasim Reed. “And in a true testament to its entrepreneurial spirit, Spanx will now be the anchor office tenant of the Buckhead Atlanta development, another transformational project. On behalf of the City of Atlanta, I wish Spanx continued success in its new home and congratulate OliverMcMillan as it completes construction of Buckhead Atlanta.”

Brannan Moss
 “We wanted a unique and prestigious space where we could be creative, be ourselves and be convenient for everyone to work and thrive – a place with room to grow where we can unpack our bags and stay awhile,” said Spanx CEO Laurie Ann Goldman. “The opportunity to house a premier retail store alongside our dream headquarters made Buckhead Atlanta perfect.”

 Buckhead Atlanta will be a beautiful, lush village, a mix of urban residential, outstanding retailers, and great restaurants all combined in one walkable destination. The mixed-use nature of Buckhead Atlanta will fit seamlessly into the fabric of Atlanta’s upscale Buckhead neighborhood while creating its own energy and excitement.

Josh HIrsh
Herm├Ęs, the French high-fashion design house, will be one of the first of many upscale retailers to open at Buckhead Atlanta. The completed project, totaling 1.5 million square feet, will have 300,000 square feet of upscale retail stores, restaurants and cafes, 125,000 square feet of custom office space and 370 luxury high-rise residences.

 Located on 8 acres across six city blocks, Buckhead Atlanta is designed as a completely walkable community that will connect two main arteries of Atlanta – Peachtree and East Paces Ferry roads – where local residents and bustling life collide.

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

 Rachel Tobin                         
Jackson Spalding                                
 404-724-2501 work
404-276-5930 cell                                              


.

Adam Gould Joins Marcus & Millichap Capital Corp as Associate Director in Detroit, MI

  


DETROIT, MI – Marcus & Millichap Capital Corporation (MMCC) has named Adam Gould associate director in the firm’s Detroit office, according to William E. Hughes, senior vice president and managing director of MMCC.

Adam Gould
            In his new position, Gould will be responsible for sourcing, underwriting and obtaining financing for all asset classes of commercial real estate nationwide.

“Adam has a solid background in commercial real estate finance and strategy,” says Hughes. “His experience will be of great value to our clients in Detroit and throughout the Great Lakes region.”

            Prior to joining MMCC Gould was a vice president with Equiventure Capital in New York City, where he arranged financing for shopping centers, healthcare facilities, hospitality and multifamily properties. 
Before that, he was a vice president with United Financial in Naperville, Ill., a vice president with BMO Capital Markets, and a vice president with CapitalSource Inc., both based in Chicago.

Gould graduated from Miami University in Oxford, Ohio, where he earned a Bachelor of Science degree in business.
  
  For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager
(925) 953-1716

Marcus & Millichap Capital Corp. Closes More Than $244 Million in May Transactions


Penn State University satellite campus, Harrisburg, PA
           
PHILADELPHIA, PA– Marcus & Millichap Capital Corporation (MMCC) arranged in excess of $244,000,000 in debt during the month of May 2013, according to William E. Hughes, senior vice president and managing director of MMCC.

William E. Hughes
            “May was a busy month for us,” says Hughes. “We closed more than 100 transactions, thanks in a large part to our firm’s initiative and deep market knowledge. The range of these transactions, in terms of property sectors and challenges, is a testament to the power of the Marcus & Millichap platform,” adds Hughes.

John Banas and Kristopher Wood, both directors in MMCC’s Philadelphia office, have arranged the following refinance debt:

  • ·      $11.7 million to refinance a 66-unit student housing property in Middletown, Pa.
  • ·      $6 million to refinance a 580-unit hotel in Syracuse, N.Y.
  • ·      $5.7 million to refinance a 31,000-square foot Class A office building in Phoenixville, Pa.
         
John Banas
             “The Middletown, Pa. property is located at the Penn State University satellite campus in Harrisburg, Pa. where there are less than 10,000 students,” says Banas. “This made it challenging to get agency financing but a perfect fit for one of our banking relationships.

“There was a substantial portion of equity cash out to the sponsors and the property just opened in September 2012, so there was really no financial history,” continues Banas.

Kristopher Wood
“Even though the property had just opened, is located in a small market and had equity cash out, we were able to arrange long-term financing at a great interest rate that converted to non-recourse after two years,” concludes Banas. “The refinance that we arranged paid back the construction loan as well as a majority of the developer’s cash equity.”

Syracuse, N.Y. has thriving business traveler and weekend markets and is increasing tourist and pedestrian traffic downtown through a series of festivals.

“The owner/developer of the 80-unit hotel in Syracuse built and stabilized the hotel in 2010,” says Wood. “It is now the No. 1 performing hotel asset in its class in the market. 

"The lender got comfortable with where the building is located, which is in a thoroughfare and we were able to arrange a unique, institutional-quality loan on the property in what would be a tertiary market,” adds Wood.

          “The 31,000-square foot Class A office building in Phoenixville is located in a residential area, an hour west of Philadelphia where there is no office market to speak of,” Wood continues.

“The lender was able to get comfortable with the transaction by understanding the tenant, a private company that was not viewed as a credit tenant.

“The tenant has been in the building for 20 years and previously owned the building; the new owner expanded the space from 21,000 to 31,000 square feet, where the tenant signed a brand new 15-year lease at the occupancy of the new added space,”  Wood concludes.

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

Gina Relva,
Public Relations Manager
(925) 953-1716

Marcus & Millichap Names Richard Bird National Director of National Self-Storage Group

  



CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Richard Bird as national director of the company’s National Self-Storage Group, according to John J. Kerin, president and chief executive officer.

Richard Bird
“Richard has proven to be a capable leader with us over the years in his previous roles as both a successful sales agent and in management,” says Kerin. “His background and knowledge of the self-storage specialty area will be instrumental in growing our self-storage team nationally.”

In his expanded role, Bird will oversee all aspects of Marcus & Millichap’s National Self-Storage Group, which was involved in more than $460 million in investment sales transactions in 2012.

Presently Bird serves as regional manager of the firm’s Salt Lake City and Las Vegas offices, positions he has held since April 2008 and April 2011, respectively. He has also been the sales manager of the firm’s Denver, Salt Lake City and Fort Collins, Colo. offices.

John J. Kerin
Bird began his career with Marcus & Millichap in 2004, specializing in the sale of multifamily investment properties throughout Utah and Idaho. 

In 2006 and 2007, he was the top-producing agent in the Salt Lake City office and in 2007 earned an internal sales recognition award.

Prior to joining Marcus & Millichap, Bird owned and operated his own business. He received a bachelor’s degree in business management with an emphasis in entrepreneurship from Brigham Young University.
  


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

Ben Johnson,
Marketing Director
(925) 953-1736

Morrison Commercial Real Estate Completes 13,000-SF Industrial Lease Transaction in Kissimmee, FL




ORLANDO, FL (June 27, 2013):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of an industrial lease transaction totaling 13,000± square feet.

Lawson Dann, Vice President of Morrison Commercial Real Estate, leased a 13,000± square foot industrial warehouse in Kissimmee Commerce Industrial Center located at 700 Dyer Blvd in Kissimmee, FL.  Dann represented both C. Barr C. Holdings, LLC (Landlord) and Pest Patrol of Central Florida, Inc. (Tenant).

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

Gina Wade
407.440.6651