Thursday, January 10, 2013

Marcus & Millichap Sells 55,755-SF Office Building in West Palm Beach, FL for $3.4 Million

Commerce Pointe Silver, West Palm Beach, FL
WEST PALM BEACH, FL, Jan. 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Commerce Pointe Silver, a 55,755 square foot office property located in West Palm Beach, FL. 

The asset commanded a sales price of $3,400,000.

Douglas K. Mandel
Vice President Investments Douglas K. Mandel in Marcus & Millichap’s Ft. Lauderdale office and Senior Associate Benjamin H. Silver in the firm’s Miami office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lauderhill, FL. 

Benjamin H. Silver
The buyer, a limited liability company from West Palm Beach, FL was also secured and represented by Mandel and Silver.

Commerce Pointe Silver is a four-story professional office building located just off just off Australian Avenue and I-95 in West Palm Beach. 

The property was 42 percent occupied at the point of sale and underperforming against the overall office market trends for the submarket thus presenting the buyer with a tremendous value-add opportunity. Commerce Pointe Silver is located at 1818 South Australian Avenue.

Press Contact:

Gregory Matus
Vice President/Regional Manager,
Fort Lauderdale, FL
(954) 245-3400

Lender Repossessions On Pace To Top 200,000 In South Florida Since Crash

Peter Zalewski
MIAMI, FL--South Florida - the epicenter of Florida's highrise condo crash that began in 2007 - is on pace to surpass a combined 200,000 foreclosure repossessions in Miami-Dade, Broward, and Palm Beach counties sometime in the first quarter of 2013, according to a new report from

Lenders repossessed - or used the state courts to force the foreclosure sales of - about one percent more South Florida properties in 2012 on a year-over-year basis compared to the same January through December period in 2011, according to an analysis based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

Lenders - and to a lesser extent other parties such as condo associations - forced a change in ownership of about 35,400 properties in South Florida between January and December of 2012 compared to about 34,900 repossessions in the same period in 2011 and about 54,400 repossessions in 2010, according to government records.

In previous years in South Florida, lenders repossessed nearly 30,500 properties in 2009, about 26,250 properties in 2008, and less than 10,100 properties in 2007, according to government records.  

"Foreclosure repossessions increased marginally in South Florida in 2012," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"It is worth noting, however, about 350,000 notices of default - the first step in the foreclosure process - have been initiated in South Florida since 2007.

“Going forward, the unanswered question is whether lenders - some of which are operating under the recently negotiated National Mortgage Settlement Agreement - will continue to focus on finding alternative solutions such as shortsales and mortgage modifications to the foreclosure process for borrowers who are in default."

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

. Condo Vultures® LLC at 800-750-0517.

Veteran Orlando Commercial Real Estate Broker, Damien Madsen, Partners with Taylor & Mathis of Florida

Damien Madsen
ORLANDO, FL, Jan. 10, 2013 --Taylor & Mathis of Florida is kicking off the new year by expanding the company’s presence in Florida.  The commercial real estate firm is partnering with veteran Orlando commercial real estate broker, Damien Madsen.  Damien joins Taylor & Mathis of Florida this week as Partner and Senior Managing Director Orlando.

 Madsen will office out of 222 W. Maitland Boulevard in Maitland parenthesis (formally the HHCP Architects Building) where he will oversee management and leasing of the property on behalf of Penta Partners.

“We were looking to grow our business in Central Florida and Damien’s name is synonymous with Commercial Real Estate in that market,” stated Taylor & Mathis of Florida President Hank Brenner. “I’ve known Damien for over 20 years. We jumped at the chance for the opportunity to partner with someone of his caliber.”

Hank Brenner
Madsen brings 25 years of development and commercial real estate brokerage experience to Taylor & Mathis. While Madsen has extensive experience in the development of commercial real estate, his area of expertise is in Landlord Representation through the value he provides from his progressive thinking and aggressive negotiating skills.

During his career Madsen served as a Principal with Morrison Commercial Real Estate, Senior Vice President of Harbert Realty Services, Executive Director of Advantis Real Estate Services Company, and Senior Director of Leasing for the Flagler Development Company where he developed and leased one of Florida’s most successful business parks, South Park Center.

Madsen has completed nearly 4 million square feet of transactions valued at approximately $800 million.

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

Damien Madsen (407) 256 2844


Never a Moment’s Rest: CRE Consultant Outlines How Brokers Can Succeed

Rod Santomassimo
 ATLANTA, GA (Jan. 10, 2013) – Always be active. That’s more than just a recipe for physical health: it’s the crux of commercial real estate consultant Rod Santomassimo’s career advice for brokers.

 The most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull, featured an hour-long interview with Santomassimo, the founder and president of The Massimo Group and the author of the book “Brokers Who Dominate: 8 Traits of Top Producers.”

Michael Bull
During the show, Santomassimo provided a wide array of career advice for brokers, including tips on business-generation activities, pitching customers and time-management. He also detailed the eight common traits of top brokers.

 Overlaying Santomassimo’s detailed advice was his general tip that brokers have to be active in many ways, that they can’t just focus on transactions. Customer prospecting, personal marketing and market education must be a part of their regular routines.

 “Activity begets transactions,” said Santomassimo, the founder and president of The Massimo Group. “Get more active … When market velocity decreases, and things tend to get a little stagnant, [the top brokers] get more active – more prospecting, more promotion, more presence, more, more, more.”

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

Stephen Ursery
The Wilbert Group

Hendricks & Partners Negotiates Sale of Woodbrook Trail Apartments in Alabaster, AL for $8 Million

Woodbrook Trail Apartments, Alabaster, AL
 BIRMINGHAM, AL --- Hendricks & Partners, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Woodbrook Trail Apartments, a 200-unit apartment community located in Alabaster, Ala. for $8 million.

David Oakley, senior investment advisor of Hendricks & Partners Alabama office negotiated the sale representing the seller, Ambler, LLC, an Alabama limited liability company, based in Birmingham.

Woodbrook Trail, constructed in two phases in 1977 and 1988, has a total of 179,344 square feet of rentable living space with one, two and three-bedroom apartments.

The buyer was TEG Acquisitions LLC, a New Jersey limited liability company, based out of New York.

 For more information, contact:

David Oakley, Senior Investment Advisor, Hendricks & Partners - Alabama, 205.918.0785,
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

HFF arranges $19.4 million in financing for Austin, TX multi-housing community

Acacia Cliffs Apartments, Austin, TX
 DALLAS, TX – HFF announced today that it has arranged $19.4 million in financing on behalf of Michael Ochstein, president of Price Realty Corporation, for his second acquisition in Austin, Texas; Acacia Cliffs, a 290-unit multi-housing community.

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

John Brownless
HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the property.  This is the second acquisition by Price Realty in Austin during the last few months, the other being Keystone Apartments.

                Acacia Cliffs is located at 7201 Hart Lane west of the North Mopac Expressway (Loop 1) in the Northwest Hills area of Austin.  The property was renovated in 2011 and is 98 percent leased.  Community amenities include a clubhouse, business center, fitness center, swimming pool and basketball court.

Michael Ochstein
The HFF team representing Price Realty Corporation was led by senior managing director John Brownlee.

Founded in 1991, Price Realty Corporation owns/manages approximately 6,000 apartment communities throughout Texas.
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 Portland closes out 2012 with three sales totaling $5,018,000

 PORTLAND, OR – HFF announced today that it has closed the sale of three multi-housing properties totaling $5.018 million: Hermitage Apartments in Portland, Oregon and 909 Grove Street and East Sixth Street Apartments in Vancouver, Washington. 

HFF marketed Hermitage Apartments on behalf of the seller, Tall Pine Properties, LLC.  The buyer, CH Montavilla, LLC, purchased the property for $3,875,000.  CH Montavilla LLC is operated by Cumberland Holdings, an investment and asset management company with offices in San Francisco and Rolling Hills Estates, California.  The company currently operates investments in California, Oregon and Washington.

Nick Klein
HFF marketed the Vancouver properties on behalf of the seller, a private investor.  909 Grove Street LLC and East Sixth Street LLC, a Vancouver-based owner, purchased both communities for $575,000 and $569,000 respectively.

 Hermitage Apartments is located at 8110-8136 SE Mill Street in Portland.  The 73-unit property has one- and two- bedroom units averaging 622 square feet each.  Community amenities include a gated swimming pool, laundry facilities and close proximity to retail.

909 Grove Apartments is located at 909 Grove Street in Vancouver, Washington.  The 100 percent leased property has 10 one-bedroom units averaging 700 square feet.  Community and unit amenities include carports, balconies and laundry facilities.

East Sixth Street Apartments is a nine-unit complex located a few blocks from 909 Grove Apartments at 2815 East Sixth Street in Vancouver.  East Sixth features one- and two-bedroom apartments averaging 738 square feet each.  Community amenities at the fully leased property include laundry facilities, covered parking, storage rooms, close proximity to shopping and a “very walkable” ranking on

The HFF investment sales team representing the sellers and buyers was led by associate directors Tyler Linn and Nick Klein.
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 |

Voit Reports Positive Absorption for Office and Low Industrial Vacancy in Orange County, CA

Jerry Holdner
Orange County, CA (Jan/ 10, 2013) – In the final quarter of 2012, the Orange County office market posted nearly 500,000 square feet of positive net absorption, giving the market approximately 1.6 million square feet of positive absorption for the year and over 4.6 million square feet of positive absorption over 10 consecutive quarters, according to the Fourth Quarter Market Report from Voit Real Estate Services. 

In addition, the industrial market in Orange County posted one of the lowest vacancy rates seen in 15 quarters, finishing the year at 4.68 percent.

“These are encouraging numbers across the board, and we anticipate that this improvement will continue steadily throughout 2013,” says Jerry Holdner, Vice President of Market Research at Voit.

 “The big news is that lease rates have likely hit bottom in the office market, where Class A product is leading the recovery, and low vacancy and availability are driving up value and rental rates in the industrial market.”
For a complete copy of the company’s news release, please contact:
Jenn Quader / Judith Brower
Brower, Miller & Cole
(949) 955-7940

Wyndham Hotel Group’s TRYP by Wyndham Brand Debuts in Turkey

Wyndham Istanbul Taksim Hotel
PARSIPPANY, N.J. (Jan. 10, 2013) – Wyndham Hotel Group, the world’s largest hotel company with nearly 7,260 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the introduction of its select-service TRYP by WyndhamSM hotel brand in Turkey with the opening of the 108-room TRYP by Wyndham Istanbul Taksim.

 The 10-story hotel is centrally located in Taksim, the heart of Istanbul, and joins TRYP by Wyndham’s 73 hotels in Europe, the Middle East and Africa (EMEA).

Downtown Taksim, Turkey
It also adds to Wyndham Hotel Group’s growing collection of properties in Turkey, which consists of 12 Ramada® hotels and the newly opened Wyndham Istanbul Kalamis Marina, which debuted last month. The second Wyndham® hotel in the country, the 306-room Wyndham Istanbul Petek, is scheduled to open in summer 2013.

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

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

Developer of Assisted Living Facilities Launches Beijing Trade Mission to Brief Chinese Investors on Florida Opportunities

George Livingston
MAITLAND, FL -- A unique development enterprise based in Orlando recently participated in a trade mission to Beijing to brief Chinese investors in a bid to attract investors to develop assisted living facilities in Florida.

George Livingston, a principal of Orlando EB-5 Investments, LLC, said an extensive presentation for the potential backers, all members of a fast-growing class of increasingly affluent Chinese entrepreneurs, was made in Beijing.

Livingston and Orlando EB-5 Investments are banking on a 23-year old U.S. immigration policy that encourages foreigners to invest in U.S. businesses. The EB-5 immigrant visa category grants green cards to foreigners seeking permanent resident status when they invest at least $500,000 in approved U.S. business enterprises that generate jobs.

Richard Asta
Currently the U.S. grants 10,000 EB-5 immigrant visas annually.

“That is a tremendous volume of investment capital and it substantially benefits the U.S. economy, not to mention our balance of trade,” Livingston explained.

Livingston said Orlando EB-5 Investments boasts an influential principal---LivingVentures, Inc. formerly known as Green Global Investments, LLC.

LivingVentures currently operates 1,000 housing units in 10 facilities in Toronto, and plans to expand to 3,000 to 5,000 units by the close of 2013, Livingston said.

The firm is currently acquiring two Florida properties where it plans to develop 240 residential units for assisted living and memory care seniors.

“We are seeking funding from EB-5 investors to acquire and develop assisted living facilities and senior housing throughout Florida,” Livingston said.


Richard A. Asta, President, Orlando EB-5Investments, 407-875-9989 ext 1728
George Livingston, Chairman, Green Global Investments /LivingVentures 407-875-9989
Larry Vershel, Larry Vershel Communications Inc. 407 644 4142

NAI Realvest Negotiates Sale of 30,000+ Square Foot Industrial Building in Sanford, FL for $1,629,200

Michael Heidrich
ORLANDO, FL. — NAI Realvest recently negotiated the sale of an industrial building at 3551 West First Street (SR 46) in Sanford for $1,629,200.

 Michael Heidrich, a principal at NAI Realvest, represented the seller, 3551 First Street, LLC in negotiating a sale of the 13-year-old warehouse-distribution facility to SNK America, Inc. a manufacturer and supplier of precision tools and parts that serve the auto, aircraft, medical and sports industries.

 The buyer is headquartered in the Chicago suburb of Mt. Prospect, Ill. and was represented in the transaction by Michael T. Davis of Newmark Grubb Knight Frank.

For more information, contact: 

Michael Heidrich, Principal NAI Realvest, 407-875-9989  
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989   
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Loews Hotels & Resorts Breaks Ground on Universal’s Cabana Bay Beach Resort in Orlando, FL

Cabana Bay Beach Resort rendering, Orlando, FL

NEW YORK, NY (Jan. 10, 2013) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company and Universal Parks & Resorts have broken ground on Universal’s Cabana Bay Beach Resort, currently one of the largest hotels under construction in the United States. 

Jonathan Tisch
The property will be owned in a joint venture with affiliates of Universal Parks & Resorts and Loews Hotels & Resorts.  Universal’s Cabana Bay Beach Resort is scheduled to open in 2014.  

Universal’s Cabana Bay Beach Resort will offer 900 family suites, which include kitchen areas and 900 standard guest rooms – offering both moderate and value-priced accommodations.  It is located on a 37-acre site within Universal Orlando Resort and adjacent to Universal’s Islands of Adventure.

 “The Orlando resort market and our partners at Universal are a fundamental part of our business,” said Jonathan Tisch, Chairman of Loews Hotels & Resorts.  “Universal Orlando is a beloved family destination and this new development will allow more families to enjoy the attractions and experience the unique theme parks.”

Paul Whetsell
Loews Hotels & Resorts’ plans for the new Orlando hotel development follow the announcement of its most recent hotel acquisition, the 356-room Madison Hotel in the heart of Washington, D.C.  Universal’s Cabana Bay Beach Resort is the fourth hotel in partnership with Universal Parks & Resorts. 

 “Universal’s Cabana Bay Beach Resort project is a key component in our development plans,” said Paul Whetsell, President and CEO of Loews Hotels & Resorts.  “Our partnership with Universal is integral to our growth as we strategically expand Loews Hotels.”

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

Loews Hotels & Resorts
Lark-Marie Anton                                                                     
(212) 521-2779                                                                      

Sarah Murov
(212) 521-2495

Chris Daly
Daly Gray, Inc.
Ph: 703-435-6293
Cell: 703-864-5553

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Hunter Hotel Advisors Posts Record Year in 2012, Aided by Strong Year-End Closings

Marriott TownPlace Suites Anaheim, CA
 ATLANTA, GA, Jan/ 10, 2013—Hunter Hotel Advisors announced today that it posted a record year in 2012, completing more than 50 transactions at a pace of approximately one per week.  In addition, the company said that its total transaction dollar value rose more than 70 percent.  

“The number of transactions we closed in 2012 was essentially flat compared to last year,” said Teague Hunter, president. “However, our dollar volume increased dramatically due to the mix of hotels coming to market changing substantially from 2011 as the year progressed.

Teague Hunter
“ This past year, we represented significantly more full-service and premium-branded select-service hotels, which we believe is the first wave of higher quality real estate being traded, a trend we see continuing over the next several years.” 

All seven Hunter offices enjoyed an active year, with hotels being sold in 23 states. “Strong year-end closings helped us reach a record sales volume in 2012, including a Marriott TownPlace Suites Anaheim, in Calif., a Hampton Inn in Van Buren, Ark., and a new prototype Sheraton in St. Paul, Minn.,” he said. 

“Another trend we see was represented by the sale of a full-service property in downtown Denver that will undergo a major makeover and take on a new flag,” he noted.  “With so many delayed product improvement plans, we expect a substantial number of buyers to be looking for repositioning opportunities.” 

Looking at 2013, Hunter predicted another record in the company’s transaction activity and dollar volume.

 “January is shaping up to be the busiest in our history, with a significant number of properties expected to close in the first quarter,” he said.  “This will be a good year for both buyers and sellers.  The market will continue to benefit from low inventory and low interest rates, which will have a positive impact on closing deals in 2013.”      
For a complete copy of the company’s news release, please contact:

 Jerry Daly media
(703) 435-62

$15 Million Buys 222 Broward County, FL Apartment Units

Jasmine Condominiums, Tamarac, FL
TAMARAC, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 222 apartments within Jasmine Condominiums, a 291-unit condominium complex in Tamarac, a city in the Miami/Fort Lauderdale/Pompano Beach MSA.

The apartments sold for $15 million, or approximately $68,500 per unit.

            Tal Frydman, a vice president investments in the firm’s Fort Lauderdale office, and Derek Gibbs and Daniel Cunningham, senior associates in the same office, represented both the seller, an Israel-based private investment company, and the buyer, a real estate investment management group with offices in Miami, New York and Panama.

Tal Frydman
“The seller purchased this property from the bank in 2010 for $8.1 million,” says Frydman. “At the time, vacancy was greater than 50 percent. The seller stabilized the property and renovated the units. The new investor, who plans to be a long-term holder, was able to arrange very attractive financing through our lending relationships.”

 “New completions in the area have been virtually nonexistent for two years running, creating pent-up demand that the new owner is well-positioned to leverage,” Frydman continues. “With the metro’s vacancy rate falling 110 basis points to the lowest year-end level in six years, this is an excellent time to invest.”

Derek Gibbs
“Before this transaction closed, our team had 75 registered clients sign confidentiality agreements, conducted 23 tours and received 15 offers,” Frydman concludes.

Located at 8650 NW 61st St. in Tamarac, the 175,172-square foot, 1987-built property is situated between Pine Island Road and NW 61st Street and between West McNab Road and West Commercial Boulevard.

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

Public Relations
(925) 953-1716

Iconic One Town Center Rebranding Begins with Renovations in Boca Raton, FL

One Town Center, Boca Raton, FL
 BOCA RATON, FL – Jan. 10, 2013 - For only the 2nd time in its 21-year history, the iconic, 10-story Class A office building located at 1 Town Center Road in Boca Raton is available for lease.

 Formerly known as the Tyco Building, the property has been renamed One Town Center, taking advantage of its high profile address.

With high-end finishes, amenities and high visibility due to its unique height and large site, the building is often used as a point of direction within the area.  One Town Center was constructed in 1990, before the four-story height restrictions were implemented.

R. Michael Erickson
As one of the tallest buildings in the market, the iconic One Town Center at 10 stories towers above the central Boca Raton landscape with 200,000 square feet of office space. 

Typical floors of approx 20,000 square feet feature mostly column free interior space for efficient office layouts. Both building entrances serve as main entrances with water features and multiple glass doors at both entries.  Parking at the ten-story building consists of an adjacent five-level parking garage supplemented with surface parking.

“Few recall the building was originally built to be Boca Raton’s finest Class A multi- tenant office building, but since  this property was in a single tenant’s hands for most of its history, it’s an undiscovered gem,” Michael Erickson, CBRE Senior Vice President said.

“This marks the first time tenants have had the opportunity to lease space at this address. It’s generating a great deal of excitement and interest throughout the South Florida office market,” Erickson added.

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

Michael Erickson, CBRE, (561) 393-1616
Christopher Breslin, MetLife, (212) 578-8824

Feldman Equities and Tower Realty Partners JV Acquire Wells Fargo Center Office Building in Downtown Tampa, FL

Wells Fargo Center, Tampa, FL
TAMPA, FL – Feldman Equities, Inc. and Tower Realty Partners have acquired the 22-story, 387,477 square foot Wells Fargo Center.

The joint venture purchased the Class A office building for $44.8 million ($116 per square foot). Larry Feldman, President of Feldman Equities will spearhead leasing efforts while Tower Realty Partners will handle management responsibilities. 

 The deal was brokered by Eastdil Secured representing the seller and HFF representing the buyer.

 Located across from the Tampa Convention Center in downtown Tampa, the building is one of Tampa’s premier Class A office buildings with unimpeded views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline. 

Larry Feldman
Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, Wells Fargo Center is currently 77% leased with one of downtown Tampa’s most desirable full floor vacancies.

 It has been institutionally owned and operated since it opened and has undergone multi-million dollar renovations modernizing building systems and telecommunications infrastructure as well as renovating common areas. 

The building received Gold LEED certification in 2010.  New ownership is planning extensive upgrades to the building’s leasing amenities which will include a high-end fitness center, a renovation of the garage, and extensive renovations to the bathrooms and common corridors.

Fountain Square II, Tampa, FL
Over the last 20 years, Feldman Equities and Tower Realty Partners have successfully joint ventured on the acquisition of millions of square feet of underperforming office buildings.

The joint venture plans on implementing an aggressive leasing program at Wells Fargo Center, building on their recent success in bringing Fountain Square II from 70% to over 97% leased and City Center in downtown St. Petersburg from 44% to over 82% occupancy shortly after acquiring the assets.

City Center, St. Petersburg, FL
Larry Feldman stated “Although Wells Fargo Center is one of top buildings in downtown Tampa; we intend to make it even more attractive to prospective tenants by upgrading the leasing amenity package.

“ In addition, we intend to use our low cost basis in order to aggressively pursue tenants and rapidly lease-up the building.  We are excited about this acquisition because it provides us with yet another opportunity to “play to our strength” as a top redeveloper of office buildings.”

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

Feldman Equities  
Larry Feldman

Marcus & Millichap Capital Corp. Arranges $12.5 Million Retail Community Refinance with CMBS Lender

Peter Dunn
HOUSTON, Jan. 9, 2012 – Marcus & Millichap Capital Corporation (MMCC) has refinanced $12.5 million in debt for the Westchase Shopping Center, a retail neighborhood property in Houston.

            Peter Dunn, a senior director in the firm’s Houston office, arranged the loan.

            “MMCC helped this client close a sister property earlier this year, so there was already a familiarity with our network and the quality of our work,” says Dunn. “In the current low-interest rate environment, it made sense for this client to leverage a premier shopping center like Westchase, in order to achieve a cash-out earmarked for new acquisitions.”  

Westchase Shopping Center, Houston, TX
“The commercial mortgage-backed securities market continues to thaw in general, with more lenders entering the market and more transactions offering a greater degree of both risk and upside,” Dunn concludes.

            The 10-year loan amortizes over 30 years at 4.9 percent. The LTV (loan-to-value) is 75 percent.

Press Contact:

Marcus & Millichap Capital Corporation
(925) 953-1716