Wednesday, April 10, 2013

HC Real Estate Capital Arranges $3.5 Million in Financing for Mixed Use Project In Naples, FL

Ingram Building on Fifth Avenue, Naples, FL

Naples, FL --  Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $3,500,000 in financing for the Ingram Building (IB) located on Fifth Avenue in Naples, FL.

 IB consists of 6 luxury apartments and 25,000 SF of prime Retail and Office space on 5th Avenue South.  Financing was arranged through a bank relationship.  The fixed rate loan replaced a maturing facility on the property.

Fifth Avenue Shopping District, Naples, FL

Chris Caveglia, Principal at HC Real Estate Capital stated, “ This property is ideally situated in the heart of downtown Naples, on historic Fifth Avenue South and is located approximately one half mile from the ocean.”  Caveglia went on to say, “The property consists of prominent local businesses and restaurants.”   

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Embassy One U-Store in Port Richey, FL Sells for $2.6 Million

Embassy One U Store, Port Richey, FL

PORT RICHEY, FL, April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Embassy One U-Store, a 52,741 rentable square foot self-storage facility located in Port Richey, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,600,000.

Michael A. Mele
Michael A. Mele, a first vice president investments in Marcus & Millichap’s Tampa office, marketed the property on behalf of the local seller, a limited liability company.  Mele also procured and represented the buyer, a Florida based company. 

“This transaction is a great example of the extensive exposure that Marcus & Millichap has of qualified buyers,” says Mele. “We brought a credible regional buyer to an asset that was outside the vision of the REITs and other national self-storage operators.”

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

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

Colony House Apartments in Tampa, FL Sells for $1.265 Million

Colony House Apartments, Tampa, FL
TAMPA, FL, April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Colony House Apartments, a 20-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb
The asset commanded a sales price of $1,265,000 which translates to $63,250 per unit.

Casey Babb, CCIM and senior multifamily specialist and Luis Baez, associate, both in Marcus & Millichap’s Tampa office had the exclusive listing to market the property for sale.

 Earle Hyman, a senior vice president investments and Nicholas Meoli, multifamily specialist in the firm’s Encino, California and Tampa offices procured the buyer, a private, 1031 exchange investor.

Colony House Apartments was built in 1965 and completely renovated in 2007.  This Class “B” 20-unit apartment building is located at 4332 West North B Street in the Westshore Business district of Tampa in Hillsborough County. 

Earle J. Hyman
The building consists of eight one-bedroom/one-bath units and 12 two-bedroom/one-bath units that include ceiling fans, front and rear entries and updated interiors, housed in a single two-story garden apartment building.

The building is masonry-constructed on a concrete slab foundation featuring a separate on-site laundry facility and off-street parking.

Nicholas Meoli
“Colony House was purchased by a 1031 exchange investor and the transaction went very smoothly after previously falling out of contract twice,” says Babb.  “1031 exchange investors are back in the market in a big way which is a very good sign since it means people are selling properties at substantial gains and need to buy replacement properties to defer taxes.”

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

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

BBX Capital Completes Sale of 31 Single-Family Lots in Lee County, FL for $1.24 Million

Seth Wise
 FORT LAUDERDALE, FL – BBX Capital (NYSE: BBX), formerly BankAtlantic Bancorp, announced that its subsidiary BBX Capital Asset Management has sold 31 single family lots within the Oasis Key development for $1,240,000 million to Neil Neal Communities of Southwest Florida, LLC. 

 The Oasis Key development is on the east side of Winkler Road Extension, two miles south of Summerlin Road in unincorporated Lee County, Florida.

“BBX Capital, which was formerly BankAtlantic Bancorp, continues to gain traction and momentum transitioning from a bank holding company into a diversified investment and asset management company,” said Seth Wise, President of BBX Capital Asset Management. 

“The Oasis Key transaction is another example of our progress towards effectively monetizing our legacy real estate portfolio with the goal of allocating capital towards our core business growth.”

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

Caren Berg
Senior Vice President
Boardroom Communications, Inc
1776 N. Pine Island Road, #320
Plantation, FL  33322
954-829-7064 Cell

Chatham Lodging Announces Monthly Dividend

PALM BEACH, FL. April 10, 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 April 2013. 

The common dividend is payable May 31, 2013, to shareholders of record on April 30, 2013.

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

Pat Daly, Jerry Daly, media
Daly Gray Public Relations
(703) 435-6293

Dennis Craven
Chief Financial Officer
(561) 227-1386  

Marshall Hotels & Resorts Expands Portfolio with Five Management Contracts in First Quarter

Magnuson Hotel and Conference Center, Tyler, TX

SALISBURY, MD, April 10, 2013—Marshall Hotels & Resorts, Inc., a leading hotel management and services company that operates properties nationwide, today announced that it  added four hotel managements contracts and one country club management engagement in the 2013 first quarter.  The property locations range from Tyler, TX to Binghamton, NY. 

Michael Marshall
“We have noticed a sharp uptick in local and regional banks wanting to dispose of lender-owned assets that require major renovations and are in danger of losing their franchise flags,” said Mike Marshall, president and CEO.  “Lenders are at the decision point to either hold the troubled asset that currently is losing money and wait for the hotel economy to improve further or sell now. 

“The Catch-22 is that many of these hotels require an immediate major capital infusion to maintain their franchise flag or remain competitive,” he noted.

  “That carries more risk than many lenders are willing to take which is leading to more of these troubled assets coming to market. 

Ramada Vineland, Vineland, NJ
“Savvy investors see the value on a risk-adjusted basis and realize that these properties typically are deep turnarounds that require repositioning and re-energized management, which is one of our key strengths.” 

The five new management contracts include:

  • Magnuson Hotel & Conference Center, Tyler, TX, 159 rooms.
  • Ramada Vineland, N.J., 103 rooms.
  • Fernwood Hotel and Convention Center, Bushkill, PA, 128 rooms.
  • Vestal Hills Country Club, Binghamton, N.Y., 215 acres.
  • Former Quality Inn Hotel, Carmel Church, VA.
 For a complete copy of the company’s news release, please contact:

 Pat Daly, Jerry Daly, media
Daly Gray Public Relations
(703) 435-6293

$21.25 Million San Francisco Bay Area Sale Arranged by IPA

Presidents Park Apartments, Bay Area of Pittsburgh, PA

 PITTSBURG, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Presidents Park Apartments, a 208-unit apartment complex in the Bay Area city of Pittsburg. The sales price was $21,250,000.

Stanford Jones
            IPA executive director Stanford Jones, IPA senior directors Philip Saglimbeni and Salvatore Saglimbeni, and Marcus & Millichap senior vice president investments Kevin Turner advised the seller, Friedkin Realty Group.  The buyer was Fowler Property Acquisitions.

Phil Saglimbeni
            “Presidents Park’s investment appeal is driven by the area’s strong multifamily fundamentals, with an average market occupancy of over 95 percent and 6 percent year-over-year rent growth through the end of 2012,” says Jones.

“The property is well positioned for strong cash returns given the stable historical operations, significant in-place loss-to-lease and favorable in-place financing,” concludes Sal Saglimbeni.
Sal Saglimbeni

Built in 1986 on 8.7 acres, the property is located at 1128 East Leland Road, approximately five miles east of a Bay Area Rapid Transit (BART) station. 

Presidents Park is composed of 14 two-story residential buildings featuring one- and two-bedroom floor plans in three distinct designs. 

The units average approximately 796 square feet and feature washer/dryer connections, central heating and air conditioning, gourmet kitchens, spacious closets, and patios and balconies with storage closets.

Kevin Turner
The amenities package includes two resort-style swimming pools, a hydrotherapy spa, a sports court, a state-of-the-art fitness center with sauna and an executive business center with a conference room.

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

Ben Johnson,
 Marketing Director
(925) 953-1736

Faris Lee Investments Completes $5.35 Million Sale of a Retail Property Occupied by FedEx in Los Angeles, CA

FedEx Office, Print and Ship Center, Los Angeles, CA

IRVINE, CA– Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $5.35 million sale of a free-standing, 5,600-square-foot retail building fully occupied by FedEx Office Print and Ship Center.

Jeff Conover
The well-maintained property is located on the “Sunset Strip” in the West Hollywood area of Los Angeles at 7630 Sunset Blvd.

                Jeff Conover, senior managing director, with Faris Lee Investments represented the seller in the transaction, Los Angeles-based Shio, LLC. The buyer who was in a 1031 Exchange, was Los Angeles-based Romano Trust, and was represented by Vadim Baum of Keller Williams. The property closed at a 6.86 percent cap rate.

                Built in 1988, the property includes 31 on-site parking stalls. FedEx has been at the location since 1994 and has an absolute, NNN lease structure, meaning the company covers all property maintenance costs.

Vadim Baum

                “FedEx has two years remaining on its lease term, however, we positioned the strength of the tenant as well as the location and potential future redevelopment to prospective buyers,” said Conover. “We garnered a total of ten strong offers and sold the asset at a high cost per square foot of $995.”

                Based on its zoning, the asset has future redevelopment opportunity to include retail and two additional levels of residential units.

The property is located at the signalized intersection of Sunset Blvd. and N. Stanley Ave. and benefits from the population of more than 269,000 consumers within a three-mile radius, more than 168,000 daytime employee with three miles, and approximately 43,000 vehicles per day that drive by the building.

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

 Darcie Giacchetto,
Spaulding Thompson & Associates
For Faris Lee Investments

HFF closes sale of and arranges financing for luxury multi-housing community in suburban Chicago, IL

AMLI at Oakhurst North Apartments, Aurora, IL

CHICAGO, IL – HFF announced today that it has closed the sale of and arranged financing for AMLI at Oakhurst North, a 464-unit, Class A multi-housing community in Aurora, Illinois.

Mona Carlton
HFF marketed the property on behalf of the seller, AMLI Residential Properties Trust.  Abacus Capital Group LLC purchased the property for an undisclosed amount.  HFF also placed financing for Abacus through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

Matthew Lawton
Located at 2800 AMLI Drive, AMLI at Oakhurst North is close to the Westfield Fox Valley Mall and Interstate 88 in the Naperville/Aurora submarket in Chicago’s western suburbs. 

The property consists of two- and three-story residential buildings with one- and two-bedroom units averaging 1,012 square feet each. 

Sean Fogarty
Community amenities include an indoor lap pool as well as an outdoor pool, 24-hour fitness center, business center, picnic area and tot lot. 

The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton along with managing directors Sean Fogarty and Marty O’Connell. 

Marty O'Connell
HFF’s debt placement team representing the buyer was led by senior managing director Mona Carlton. 

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 |

Northeast Private Client Group Represents Buyer and Seller in $1.75 Million Sale of Waterbury, CT Apartment Building

Westview House Apartments, Waterbury, CT

 BRIDGEPORT, CT., April 10, 2013 – Investment sales broker Northeast Private Client Group has announced the sale of the Westview House Apartments, a 66-unit mid-rise apartment building located at 170 Hillside Avenue in Waterbury, CT.  

Bradley Balletto
Bradley Balletto, the firm’s regional manager for Connecticut, represented both the seller and the buyer in the $1,745,000 transaction, which closed on April 3rd.

 “The Westview property was a great repositioning play,” notes Balletto.  “After more than a decade under the same ownership, it was the right time for a well-capitalized Manhattan investor to take this asset to the next level.  With our regional brokerage platform, we were able to identify just the right buyer for the assignment and closet he transaction.”

Edward Jordan
The buyer, Laui LLC, based in New York, purchased the Westview Apartments property for a price that equates to nearly $26,500 per unit, which represents a capitalization rate of 11 per cent on the current year’s net operating income.  The seller, Waterbury Carlton Apartments of Waterbury will focus on new development projects moving forward. 

  “The success of this transaction is a direct result of our commitment to relationship-based brokerage,” explains Edward Jordan, JD, CCIM, the firm’s managing director. “With our relationships and market expertise, we secured the exclusive right to sell the asset and identified the buyer best suited for this opportunity.”

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

 Rick Leonard                                                                     

EagleBridge Capital Arranges Financing For Downtown Providence, RI Mixed-Use Building

70 Kennedy Plaza, Downtown Providence, RI

Boston, MA -- EagleBridge Capital, working exclusively on behalf of its client, has arranged construction/permanent mortgage financing in the amount of $2,437,500 for  70 Kennedy Plaza  located in the heart of Downtown Providence, Rhode Island. 

Ted M. Sidel
The mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan who said that the loan was provided by a leading Massachusetts financial institution.

70 Kennedy Plaza is a recently renovated six story retail/apartment building. The street level and basement are leased to CVS which has been a long term tenant at this location.   The upper five stories will contain seventeen spacious apartments of which ten have been completed and seven units are to be built out.

Brian D. Sheehan
The apartments offer premium contemporary finishes with kitchens featuring the latest appliances, modern cabinetry, and ample storage space.  The master bath has large walk-in showers with double shower heads.

Each unit has its own washer/dryer. There is a private street level apartment entry foyer with an elevator which is security keyed for each unit, and each unit is equipped with video security monitors.

70 Kennedy Plaza was originally the home of Peoples Savings Bank.  Designed by Cram and Ferguson, it was the first building in Downtown Providence influenced by the international style of Modernist architecture.   

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for industrial, office, and r & d buildings,  shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.
For a complete copy of the company’s news release, please contact:

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