Monday, March 11, 2013

HFF secures $58 million financing for McCandless Crossing in Pittsburgh, PA

McCandless Crossing, Pittsburgh, PA
 PITTSBURGH, PA - HFF announced today that it has secured a $58 million financing for McCandless Crossing, a 385,000-square-foot, multi-phase mixed-use development in Pittsburgh, Pennsylvania.

HFF worked on behalf of the borrower, AdVenture Champion Partnership, to secure the three-year construction loan through Dollar Bank. 

  Proceeds from the loan were used for construction of the fourth and final phase of the development and to refinance the existing bridge loan secured by Phase I and Phase II.

Nat Scarmazzi
McCandless Crossing is located at the intersection of McKnight Road (Route 19) and Duncan Avenue in Pittsburgh.  

Constructed between 2010 and the present, the property is a four-phase development with the existing three phases leased to tenants such as Lowe’s, CVS, LA Fitness and Fidelity Bank.  

The fourth phase is 50 percent pre-leased with construction slated for completion this year.  Phase IV will include a 12-screen movie theater, residential land for the development of 58 townhomes, a 135-room hotel and approximately 185,000 square feet of retail space.

David A. Nackoul
Kevin Dougherty, principal of the borrower, has worked for more than a decade to assemble the contiguous tracks of land used for the development McCandless Crossing.  The property is situated along one of the premier developing corridors in the Pittsburgh market and is located within one of the most desirable submarkets in the MSA.    

The HFF team representing the borrower was led by senior managing director Dave Nackoul and real estate analyst Nat Scarmazzi.


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 |

Can’t Be Too Careful: Purchasing Distressed Real Estate Requires Considerable Experience and Thorough Due Diligence

Michael Bull
 ATLANTA, GA (March 11, 2013) – Loan delinquencies are on the decline, but there are still ample opportunities for investors to purchase distressed commercial properties. Before forking over money for those troubled assets, however, investors should make sure they have suitable real estate experience.

 Those were some of the observations and tips provided by a panel of experts in distressed real estate on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

Tom Fink
The show provided an enlightening look at the issues surrounding the acquisition of troubled commercial properties. Topics included CMBS delinquency rates, selling notes and due diligence.

 The delinquency rate for U.S. commercial real estate loans in commercial mortgage-backed securities (CMBS) fell to 9.42 percent in February, its lowest level in a year, according to Tom Fink, a senior vice president with the analytics firm Trepp LLC. “It’s come down significantly, and we expect to see that number continue to decline,” he added.

Ann Hambly
Investors who acquire those commercial properties still experiencing distress should have plenty of real estate experience, Fink cautioned.

 “If you’re looking at a distressed property, you’re looking at something that from a real estate point of view is broken, and so you have to be able to say, ‘I will address the real estate issues relating to this property,’” Fink said. “If you’re not a real estate person, and you want to buy distressed real estate, I’d stick to one of the big REITs that’s got a distressed real estate program. I would not try and do it on your own if you don’t understand real estate.”

 Ann Hambly, CEO of 1st Service Solutions, noted that an owner of a distressed CMBS-financed property can simultaneously list its troubled asset for sale while negotiating a discounted pay-off with the servicer. However, in these instances, the servicer “is not agreeing to just accept whatever the [sales] price is [as the pay off],” she added. “So these are two parallel paths that have to be obviously very, very coordinated.”

Duncan Miller
Lenders selling distressed properties typically want to sell the assets as is and make no reps and warranties, noted Duncan Miller, a partner with Morris, Manning & Martin. However, thorough due diligence on the part of a prospective buyer can make some lenders consider otherwise.

 “Knowledge is everything, so if you go to the lenders and ask them to make specific representations and warranties and give them specific reasons why you need [them], then they’ll listen because it’s a good request,” Miller said.

 Too often, potential buyers simply look at the differences between the loan values and the asking prices of distressed assets before concluding they’re getting good deals, according to Duncan.

“If the loan was originally $5 million, and they’re picking it up for $2.5 million, they say, ‘What can go wrong?’” Duncan said. “From my perspective, that isn’t the right way to look at it … Buy it like you’re buying regular commercial real estate, and do all the due diligence you can.”

 “If the loan’s $36 million, and you’re getting it for $6 million, that doesn’t necessarily mean it’s a good price,” Bull added.

 The entire episode on investing in distressed and value-add properties is available for download at The next “Commercial Real Estate Show” will be available March 14 and will examine the U.S. land and development market.

 For More Information, Contact

 Stephen Ursery
The Wilbert Group

147-Unit Multifamily Asset Trades in Metro Phoenix, AZ for $15.6 Million

Legacy Village at Gilbert Towne Center
Gilbert, AZ
GILBERT, AZ,  March 11, 2013 – Marcus & Millichap Real Estate Investment Services has arranged the sale of Legacy Village at Gilbert Towne Center, a 147-unit multifamily property in Gilbert, approximately 25 miles southeast of Phoenix. The sales price of $15,650,000 equates to $106,463 per unit.

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Legacy Partners Residential.  The buyer, a San Diego-based private investor, was represented by Dixie Hall of CB Richard Ellis’ San Diego office.

Steve Gebbing
“Legacy Village at Gilbert Towne Center is the signature destination for luxurious apartment living in the young and affluent town of Gilbert,” says Gebing.

“The submarket’s prominence is fueled by a well-educated and well-paid workforce,” adds David.

Developed by Legacy Partners Residential in 2001, the property is located at 351 East Civic Center Drive in Gilbert. 

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

Ben Johnson,
Marketing Director
(925) 953-1736

KW Property Management & Consulting Names Shawn Bolla as Property Manager and Gregory Reed as Portfolio Manager

Grand Venezia Apartments, Clearwater, FL

Tampa, FL and Clearwater, FL, March 11, 2013 – KW PROPERTY MANAGEMENT & CONSULTING, a leader in turnkey management and consulting, has named Shawn Bolla as Property Manager of Grand Venezia, a 334-unit residential community located at 2704 Via Murano in Clearwater; and has named Gregory Reed as a Portfolio Manager for several residential properties in the Tampa area.

The Villas of Clearwater Beach, FL
Shawn Bolla is an accomplished real estate professional with over 15 years of sales and property management experience. Previously, he was a Property Manager at Rampart Properties in Tampa, where he managed a portfolio of seven HOA and Condo Association Communities comprised of over 4,000 units. 

A seasoned professional with over 12 years of experience in the hospitality industry, Gregory Reed manages the following properties in the Tampa/Clearwater area: Lakeview of Largo South, The Villas of Clearwater Beach and The Fountains at Countryside.
For a complete copy of the company’s news release, please contact:

Brittany Nguyen
Becker Public Relations
2506 Ponce De Leon Blvd.
Coral Gables, FL 33134
Telephone 305/444-2181 x221
Facebook: Becker Public Relations and Jeanne Becker

NAI Realvest Earns Top Regional, National Ranking for Commercial Real Estate Sales, Leasing in 2012

Robin Webb
Maitland, FL --- NAI Realvest, one of Central Florida’s most active commercial property leasing and sales companies and one of the region’s top commercial property managers, was recently ranked among the top 10 commercial property companies in the Central Florida area by two independent ratings agencies.

The firm earned a spot on the recent CoStar 2012 Top Ten Power Broker list in Central Florida for both leasing and sales, according to Managing Director Robin Webb.

Paul Partyka
CoStar Group, the nation’s leading real estate information company, ranks real estate companies based on transaction volume and dollar value.

NAI Realvest Managing Partner Paul Partyka earned a position among the CoStar Top 10 Power brokers in the region for retail property leasing in 2012, Webb said.

CoStar ranked NAI Realvest principal Michael Heidrich, Sr. among the Top 10 Industrial leasing brokers.

Michael Heidrich
Webb said NAI Global, the network of more than 350 commercial real estate firms around the world, was ranked sixth among U.S. brokerage firms in the recent Lipsey survey of national brokerages.

The Lipsey Company annually conducts a survey of the top commercial real estate industry brands.

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

 Robin L. Webb, CCIM, CHA, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest, 407-875-9989  
Patrick Mahoney, President, NAI Realvest 407-875-9989
Larry Vershel, Larry Vershel Communications Inc. 407 644 4142

Commercial/Multifamily Mortgage Debt Increases by Largest Amount Since 2008

Jamie Woodwell
 WASHINGTON, DC (March 11, 2013) -- The level of commercial/multifamily mortgage debt outstanding increased by $21.8 billion, or 0.9 percent, in the fourth quarter of 2012, as all four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). 

  On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2012 was $29.7 billion higher than at the end of 2011, an increase of 1.2 percent.

 Multifamily mortgage debt outstanding rose to $846 billion, an increase of $11.8 billion or 1.4 percent from the third quarter, and $35.7 billion or 4.4 percent from the fourth quarter of 2011.

 “The appetite among lenders and investors for commercial and multifamily mortgages grew during the fourth quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The fourth quarter saw the largest increase in commercial and multifamily mortgage debt outstanding since 2008.  Bank-held commercial mortgages increased by the largest amount since 2008.

“The balance of loans held in CMBS rose by the most since 2007 and the balances of loans held by life companies and held or guaranteed by Fannie Mae, Freddie Mac and FHA continued their multi-year increases.”

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

Matt Robinson,
 (202) 557-2727

Lincoln Property Company Southeast Brokers 13,900 SF of New Leases at 3405 Piedmont Road in Atlanta, GA

Leigh Braswell
 ATLANTA, GA (March 11, 2013) – Lincoln Property Company Southeast has brokered new office leases totaling 13,900 square feet at 3405 Piedmont Road in Atlanta’s Buckhead submarket.

Leigh Braswell, a vice president at Lincoln Property Company Southeast, and Sabrina Altenbach, a leasing associate with the firm, represented the landlord in the transactions.

Sabrina Altenbach
The deals are as follows:

 • NewGround Resources’ (dba Adrenaline) signed a 7,900-square-foot lease. James Ritchie of James N. Ritchie & Associates and Ed Bosbyshell of Ed Bosbyshell & Associates represented the tenant.

 • Yukon Properties signed a 3,000-square-foot lease. John Cobb and Chris Witcher of Newmark Grubb Knight Frank represented the tenant.

 • Emerald Coast Hospitality LLC signed a 3,000-square-foot lease.

3405 Piedmont Road, Atlanta, GA
 The five-story 3405 Piedmont features easy access to Georgia 400, Peachtree Road, Lenox Mall and Phipps Plaza. 

It also offers tenants free covered parking, key-card access to the building and 20 restaurants within walking distance. With the three new leases, the property is now 91 percent occupied.

 The three leases are indicative of a significant overall strengthening of Atlanta’s Class-B office market, Altenbach said. “3405 Piedmont is an outstanding property,” she added. 

“We’ve done a great job leasing the facility and look forward to driving even more value for our landlord client as the Atlanta office-leasing environment continues to improve.”

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

Stephen Ursery
The Wilbert Group

Easton & Associates Represents Seller of Land Parcel in Miami, FL

Jim Armstrong

 DORAL, FL—March 11, 2013- Easton & Associates, the commercial real estate brokerage division of The Easton Group, represented the seller of a two-and-a-half acre parcel of land in Miami.

\The price was $1.325 million. The land, which is zoned heavy industrial, is located just west of the Palmetto Expressway on NW 71st Street—between 74th Street and 58th Street.

Easton & Associates Vice President Jim Armstrong and Associate Mike Waite represented the seller, NW 71 Street Associates LLC, an affiliate of the Seagis Property Group. Gonzalo Vazquez of Omega Realty Inc. represented the buyer, Dinotom Venture LLC.

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

Todd Templin
Executive Vice President
Boardroom Communications
 (954) 370-8999
(954)290-0810 (Cell)
(954) 370-8892 Fax
1776 N. Pine Island Road, Suite 320,
 Plantation, FL 33322

Gvest Partners Adds John Bell; Launches Multifamily Platform Investment Partnership; Expands Atlanta Office

John Bell
Atlanta, GA and Charlotte, NC– Real estate veteran John Bell has joined Gvest Partners, where he will be launching a multifamily platform for the privately-owned investment partnership.

As Development Partner with Gvest, Bell will seek out development and acquisition opportunities across the Southeast.

“John is a great match with our capabilities,” said Gvest Co-Founder and Principal Ray Gee. “He has the pedigree and skill to help make us a significant player in the multifamily market.”

Raymond M. Gee
 Bell is based in the firm’s Atlanta office, which opened last year and was recently expanded. It is located in Buckhead, the city’s financial center. Gvest, which originated in Charlotte, focuses on acquiring, developing and managing commercial real estate and renewable energy projects.

“Gvest has already established a strong national reputation in the competitive GSA/VA space and gained a foothold in the renewable energy area,” added Co-Founder and Principal Jim Shaw. “Now John will help us expand our expertise into multifamily real estate.”

James S. Shaw
Bell has developed approximately 5,600 multifamily units for some of the best-known multifamily firms in the country. Most recently, he was Vice-President of Multifamily for Opus South.

He has previously been Southeast Regional Development Partner for Lane Company, and Managing Director and Atlanta Development Partner for Trammel Crow Residential. His experience also includes leadership positions with Toll Brothers and AMLI Residential.

“Multifamily is one of the strongest sectors in real estate right now,” Bell said. “The time is right for strategic investment and development. We are pursuing opportunities in prime locations across the region.”

 Bell earned a Masters of Science in Real Estate from M.I.T. He also received a B.A. in Economics from Vanderbilt University, and studied abroad at the London School of Economics.

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

 Terri Thornton,
Thornton Communications,
(404) 932-4347

Chatham Lodging Announces Monthly Dividend

 PALM BEACH, FL, March 11, 2013—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for March 2013.

 The common dividend is payable April 26, 2013, to shareholders of record on March 28, 2013.


Jerry Daly                                                                                   
Daly Gray Public Relations  
(703) 435-6293                                                                           

Dennis Craven    
Chief  Financial Officer
(561) 227-1386  

EagleBridge Capital Arranges $4,820,000 For Boston Condo Construction

251 Marlboro Street, Boston, MA
Boston, MA, Mar. 11, 2013 -- EagleBridge Capital has arranged a total of $4,820,000 in mortgage acquisition/construction financing for three units located in Boston, Massachusetts working exclusively on behalf of its client, Neelon Properties.

 EagleBridge principals Ted Sidel and Brian Sheehan arranged a $4,000,000 mortgage for two units located at 251 Marlboro Street in the Back Bay plus an $820,000 mortgage for a unit located at 77 Worcester Street in the South End.  The lenders were two leading financial institutions.  

Ted Sidel
The Marlboro Street units contain a total of 4950 square feet on two floors. There are 3 fireplaces, multi-zone central heating, cooling by central air, 3 full baths and one half-bath, a private entrance to one of the units, and two car garages plus one surface parking space. 

77 Worcester Street is a two-story 1700 square foot, three bedrooms, one and one-half bath penthouse duplex which will feature a rooftop deck and patio.  The interiors of both Marlboro Street units and the Worcester Street unit are being completely rebuilt to the highest standards of quality.

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


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

Related Group Plans 10 More Condos in South Florida

Carlos Rosso
MIAMI, FL --With six new condo projects already at various stages of development from Greater Downtown Miami to Hollywood Beach, the Related Group - Florida's most prolific vertical condo developer - is planning to build an additional 10 projects in the South Florida region, according to a new report from

"I have already bought the elevators for 10 jobs," Carlos Rosso, the president of new condo development division of the Related Group, told a sold-out crowd of 200 people at the 5th Annual State Of The South Florida Condo Market Seminar on Feb. 27, 2013 at the Met 1 condominium in Greater Downtown Miami.

 "I have already bought the tonnage of steel in futures for those 10 projects. We have done that. Why? Because we are Related. We can buy in bulk" to achieve attractive discounts on construction materials in a highly competitive industry.” 

Rosso added: "If there is one developer that comes to try to compete in any [South Florida] submarket with Related, he is going to have a hard time to match the prices that Related will be able to offer. That gives us a tremendous advantage."

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

Condo Vultures®
225 Midtown Building
225 NE 34th St., Suite 209B,
 Downtown Miami, Florida, 33137.

Arbor Appoints Todd Hirsch Executive Vice President, Head of CMBS Finance and Distribution

Todd Hirsch
UNIONDALE,  NY (March 11, 2013) - Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Todd Hirsch as Executive Vice President, Head of CMBS Finance and Distribution.

 Mr. Hirsch will oversee Arbor’s growing national CMBS origination platform. In addition, Mr. Hirsch will be responsible for overseeing Arbor’s syndication platform and its various stages from sourcing to structuring to distribution.

“Todd has a long tenure and impressive track record of success in the commercial real estate finance industry across the world markets with expansive and deep expertise that spans from asset management to originations to the distribution of debt and equity products,” said Ivan Kaufman, Chairman and CEO of Arbor Commercial Mortgage.

Ivan Kaufman
 “His strong industry knowledge and notable skill will support our dynamic and growing company to help us serve the demands of the industry while providing our clients with the most comprehensive platform of products available in the market.”

During his long tenure at Credit Suisse, Mr. Hirsch most recently served as Managing Director, Head of European Finance Group, where he was responsible for managing the firm’s European CMBS Portfolio and for structuring and managing select joint venture companies.

 Prior to that, his titles at Credit Suisse included Director and Managing Director, US CMBS; and Vice President and Director, Real Estate Group and Principal Transactions Group.

Mr. Hirsch, who holds a B.A. in Economics from Hamilton College, reports directly to Arbor Commercial Mortgage Chairman and CEO Ivan Kaufman. He is based in Arbor’s New York City Office.

 Christopher Ostrowski,