Wednesday, February 20, 2013

HFF arranges $19.8 million financing for a student housing community located in Greenville, NC

North Campus Crossing pool, Greenville, NC

SAN DIEGO, CA – HFF announced today that it has arranged $19.8 million in financing for North Campus Crossing – Phase II, a 276-unit, 816-bed, purpose-built student housing community serving East Carolina University in Greenville, North Carolina.

Tim Wright
HFF worked exclusively on behalf of a joint venture between Pierce Education Properties, LP and Core Properties LLC to secure the fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the property.

 Completed in two phases during 2005 and 2006, North Campus Crossing features best-in-class amenities including a resort-style zero-entry pool, full-size gymnasium, indoor volleyball court, double sand volleyball courts, basketball courts, weight and cardio room, aerobics classes, tanning beds, computer lab and theatre room.

The HFF team representing the borrower was led by senior managing director Tim Wright and associate director Zack Holderman.

East Carolina University, Greenville, NC
Pierce Education Properties, LP is a San Diego-based owner, manager and developer of Class A, purpose-built student housing and education-based real estate.  

Pierce is recognized as one of the top owners/managers of student oriented assets with a national portfolio of approximately 4,500 beds.  

 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 $14 million refinancing for Class A office building in Santa Monica, CA

2700 Pennsylvania Avenue, Santa Monica, CA
LOS ANGELES, CA – HFF announced today that it has arranged a $14 million refinancing for 2700 Pennsylvania Avenue, a 62,000-square-foot, Class A office building in Santa Monica, California.

Working on behalf of The Luzzatto Company, Inc. and Welk Real Estate, Inc., HFF secured the seven-year, fixed-rate loan though Principal Real Estate Investors.

Chris Vittetoe
2700 Pennsylvania Avenue is located a few blocks from the intersection of Cloverfield Boulevard and Interstate 10 in Santa Monica and one block from the new Bergamot Station of the Expo Light Rail line that will open in 2015.  The creative office space is 100 percent leased to two tenants: Yahoo! and Jakks Pacific.

The HFF debt placement team representing the borrower was led by director Chris Vittetoe and real estate analyst Steven Paskhover.

Marc L. Luzzatto
“The HFF team was highly effective in helping us evaluate the many attractive options for financing this irreplaceable asset,” said Marc L. Luzzatto, chief executive officer of The Luzzatto Company. 

The Luzzatto Company, Inc. and its affiliates (“TLC”) invest in real estate and real estate-related debt, with existing investments in California, Washington, Oregon, Nevada, Hawaii, Texas, Illinois, Alabama, Georgia and Missouri.

 TLC acquires properties through its equity fund, The Luzzatto Real Estate Value Fund I, L.P., as well as through existing ventures and partnerships with high net-worth individuals and institutions.  TLC also manages the assets and properties of Welk Real Estate, Inc., the real estate affiliate of the Lawrence Welk family holding company.  

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 |

University Station Announces Final Component Near Hartsfield-Jackson Atlanta International

University Station rendering, Clayton County, GA
ATLANTA, GA (Feb. 20, 2013) – The Development Authority of Clayton County and the Clayton County Office of Economic Development said today they will move forward with plans to develop University Station Town Center, a new, live-work-play community four miles south of Hartsfield-Jackson Atlanta International.

Jeff Turner
University Station has become a regional destination centered on the existing National and State Archives and Clayton State University. 

As part of the county's vision to have the project spur economic development, the authority is moving forward with the final component, University Station Town Center, which will serve as a focal point for this growing community.

Grant Wainscott
“We are all very excited about University Station and the live-work-play environment, which has become a centerpiece of our Economic Development program here in Clayton County,” said Chairman Jeff Turner of the Clayton County Board of Commissioners.

“Not only will University Station create jobs and offer investment opportunities, the extensive impact in our community will include visitor attraction from many areas, including Archives researchers, Clayton State students and recurring visits by parents of those students.” 

Yulonda Beauford
“The film stage is expected to be a huge economic driver for Clayton County. The film industry has already created more than 100 permanent jobs in the area, and the annual economic impact could exceed $10 million a year,” said Grant Wainscott, Economic Development and Film Office Director for Clayton County.

“Several projects are looking to use the stage in the coming months, and we are actively recruiting other types of entertainment industry users like catering companies and casting agencies.”

Sonna Singleton
 “University Station will create a unique sense of place unlike any other,” said Yulonda Beauford, president of the Clayton County Chamber of Commerce. “The modern, sustainable office building is an ideal fit for tenants including incubator companies, targeting those with innovation, civic service and genealogy or education at the core of their missions. Additionally, University Station is targeting restaurant, coffee shop, bookstore, genealogical retail and other support retail tenants.”

“This new addition is great for our district,” said Clayton County Commissioner Sonna Singleton, who represents the area surrounding the project. “The economic impact created by University Station will help Clayton County attract the jobs we need and visitors we desire.”

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

Tony Wilbert
The Wilbert Group

Beech Street Once Again Captures Top-Producing Multifamily Lender Spots for Fannie Mae and Freddie Mac

Grace Huebscher
BETHESDA, MD, Feb. 20, 2013 – For the second year running, Beech Street Capital, LLC, placed third on Fannie Mae’s annual list of top multifamily loan originators.

 Beech Street’s volume with the agency grew 45% in 2012.  This growth outpaced the jump in Fannie Mae’s multifamily loans, from $24.4 billion in 2011 to $33.8 billion in 2012.  

 At the same time, Beech Street raised its profile in the Freddie Mac rankings.  

It was the top seller in the Northeast Region, the top structured finance lender and for the second year in a row earned Freddie Mac’s Partnership Award for outstanding collaboration, increased loan volume, and commitment to working with the agency. 

  Beech Street was Freddie Mac’s seventh top seller nationwide.

 “The depth of experience that Beech Street brings to our partnership with the agencies has been a decisive factor in our growing leadership in the market, and we are grateful for the relationship,”  says Beech Street president and chief executive officer Grace Huebscher. 

“It has enabled us to execute on deals in ways that far exceed the expectations of our borrowers and helped us attract and retain a steady stream of new customers.”

Huebscher points to a number of other factors that contributed to Beech Street’s performance in 2012—and that bode well for 2013.

 The company has steadily expanded its geographic footprint and now has 13 offices nationwide.  From Huebscher’s point of view, having the right people in those locations is the critical difference.

“We don’t open an office unless we’ve secured a top producer to lead it,” she says.

  Huebscher also underscores Beech Street’s record of attracting new customers and quickly converting them to repeat customers.  “We’re in a relationship business,” she says.  “That’s why Beech Street’s laser-like focus on service and execution is so critical.”

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

Courtney Lewis 

Jenifer Bernardi

National Association of Real Estate Editors Holds 47th Annual Conference in Atlanta

                                                                     Matt Valley 
                                              Conference chairman and NAREE board member 
BOCA RATON, FL(Feb. 20, 2013)—Hundreds of real estate journalists, freelance writers and communicators will gather in Atlanta June 5-8 at the National Association of Real Estate Editors  (NAREE) 47th Annual Real Estate Journalism Conference.

Mary Doyle-Kimball
Each year, the conference highlights important topics and emerging trends in the real estate industry – both residential and commercial. Urban planners, economists, architects, builders and developers will discuss current issues affecting real estate finance, development and sales.

NAREE University, one of the conference’s main elements, will offer journalism workshops and discussion groups focusing on the new age of journalism from social media sources and outlets  to multimedia blogging.

“The amount of information this conference offers is incredible,” says Kris Hudson, 2013 NAREE president and Wall Street Journal reporter. “When writing about real estate, one has to cover several facets of the industry, and the NAREE Journalism Conference touches on them all.”

Conference chairman and NAREE board member, Matt Valley, says the annual conference is a great resource for real estate journalists. “Reporters and editors who attend will leave Atlanta with several stories and many story ideas on national trends,” says Valley, editorial director of France Media's regional commercial real estate magazines and a journalist who has been covering the industry for 18 years.

Mary Doyle-Kimball, executive director of NAREE, said Atlanta’s active development scene and lively atmosphere make the city an ideal host. “I’m thrilled experts in the field will be able to exchange ideas in such a vibrant city,” says Doyle-Kimball. “The conference offers a networking experience for journalists and communications professionals that is unmatched in the industry. NAREE is a network beyond its name, and that can truly be seen in this event.”

 NAREE is open to all journalists, authors, editors and communicators covering the broad field of real estate. Register for the conference online at

The NAREE Conference will be headquartered at the Hilton Atlanta in downtown, 255 Courtland St NE Atlanta, GA 30303. For hotel reservations call 800-HILTONS and ask for the low "NAREE  Rate" of $149. The conference will begin at 9:30 a.m. June 5 and end by noon June 8.

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

 Mary Doyle-Kimball,

Tony Wilbert,

Leigh Taylor
The Wilbert Group

Chatham Lodging Trust Announces Fourth Quarter Results

 PALM BEACH, Fla., February 19, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint venture approximately $1.5 billion of premium-branded, upscale, extended-stay and select-service hotels, today announced results for the quarter ended December 31, 2012.

In addition, the company also provided its initial earnings guidance for 2013.

 Fourth Quarter 2012 Highlights

·         Hotel RevPAR – Rose 7.6 percent to $102. Excluding Hurricane Sandy effects, RevPAR grew 5.6 percent. 

·         Adjusted EBITDA – Increased 10.3 percent to $8.4 million.
·         Adjusted FFO – Improved 12.6 percent.  Adjusted FFO per diluted share rose to $0.21.

·         Comparable GOP Margins – Advanced 150 basis points to 42.4 percent.

·         Joint Venture Investment –Received distributions of $0.3 million in the fourth quarter, bringing total distributions to $21.2 million or 57.3 percent of Chatham’s initial investment in the joint venture.

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

Dennis Craven
Chief Financial Officer                                                           
(561) 227-1386                                                                       

 Jerry Daly
 Daly Gray, Inc.
(703) 435-6293

Marcus & Millichap Capital Corp. Arranges $6 Million Retail Strip Finance in Westminster, CA

WESTMINSTER, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged a $6 million bridge loan to refinance a retail strip in Westminster, Calif.

            Dillon Renn, an associate in MMCC’s Newport Beach office, arranged the loan.

            “From a lender’s perspective, this loan was extraordinarily challenging,” says Renn. “The borrower’s credit was below conventional lending standards, as he had recently been the victim of identity theft. The legal process of dismissing the borrower’s previous bankruptcy created several delays throughout the process as well.”

Dillon Renn
 “In spite of the challenges,” Renn concludes, “MMCC, with its specialized market knowledge and broad lender network, delivered terms—both rate and cost—superior to those the borrower had been able to attract independently.”

            The five-year loan amortizes over 25 years at 6 percent. The loan-to-value is 65 percent.

Press Contact:

Marcus & Millichap Capital Corp/
(925) 953-1716

Marcus & Millichap Announces Sale of Hickory Crest Apartments, in Brooksville, FL

Hickory Crest Apartments, Brooksville, FL
 BROOKSVILLE, FLA., February 19, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hickory Crest, an 18-unit apartment community located in Brooksville, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. 

The asset commanded a sales price of $385,000.

Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company, and also represented the buyer, a private investor.

Michael Donaldson
Hickory Crest was built in 1983 and is located at 173 Hickory Street.  The property consists of two eight-plex buildings and a duplex, all constructed of wood frame on a concrete slab resting on 1.36 acres of land.  The unit mix consists of 18 two-bedroom and one-bath units ranging from 783 to 800 rentable square feet.  Each unit contains full size washer and dryer connections, as well as central air-conditioning. 

“Even though this property was almost 100 percent occupied at the time of sale, we were receiving a large amount of pushback due to the low cap rate,” says Donaldson. “However, we ended up closing with a local apartment owner who saw an opportunity to achieve greater income levels by adding aggressive advertising and management.  We eventually closed at an excellent price per unit for the submarket.”

Press Contact:

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