Saturday, April 20, 2013

Beech Street Capital Closes $8.6 Million Fannie Mae Loan to Refinance Florida Apartments


                                  Enclave at St. Lucie West Apartments, Port St. Lucie, FL

BETHESDA, MD – Beech Street Capital, LLC announced it closed an $8.6 million Fannie Mae conventional loan to refinance the Enclave at St. Lucie West, a 90-unit property in Port St. Lucie, Florida.

Mitch Sinberg
Senior Vice Presidents Mitch Sinberg and Michael Wallace, headquartered in Beech Street’s Fort Lauderdale office, originated the transaction.  

 The deal was complicated by the fact that the property was originally planned and developed as a condominium.

  When the first phase was completed in 2007 and only two of the 28 units were sold, it was clear to the principals that the property would be more successful as a Class A rental community. 

As a result, all the apartments in the remaining three phases were marketed as rentals.  The Beech Street team determined that Fannie Mae financing would be the most advantageous approach for the client.

Michael Wallace
“Working in Florida, Michael and I have had extensive experience dealing with fractured condos,” Sinberg says.  “We were able to help the client put in place a structure that increased Fannie Mae’s comfort level with the deal.” 

They stressed that the borrowers had full control over the HOA and the right of first refusal if the two units owned by third parties were sold.

 “Mitch, Michael, and the entire Beech Street team were a pleasure to work with,” says Jerry Rich, one of the principals.  “The level of expertise and experience they brought to the transaction helped ensure that it proceeded as smoothly and as quickly as possible.”

 The Enclave at St. Lucie West is located in a desirable Port St. Lucie area.  Its neighbors include two of the city’s most popular attractions: PGA Golf Village and New York Mets spring training center.

 The property itself is in excellent condition and is attractively landscaped.  Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, nine-foot ceilings, walk-in closets, double sinks in master bathrooms, patios, and private one- or two-car garages.

The fixed-rate loan has a 10-year term and 9.5 years of yield maintenance with 30 years of amortization, payable on an actual/360 basis.

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

Courtney Lewis at
Jenifer Bernardi

Marcus & Millichap Sells Six-Unit Apartment Building for $1.1 Million on Isle of Venice in Fort Lauderdale, FL


86 Isle of Venice Apartments, Isle of Venice, Fort Lauderdale, FL

FORT LAUDERDALE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 86 Isle of Venice, a six-unit apartment property located in Fort Lauderdale, FL. The asset commanded a sales price of $1,100,000 representing $183,333 per unit.

Joseph P. Thomas
Associate Vice President Investments Joseph P. Thomas in Marcus & Millichap’s Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller, a private investor from Fort Lauderdale, FL. 

The buyer, a limited liability company from Pompano Beach, FL, was secured and represented by Joseph Thomas and Adam Duncan, an investment specialist also in the firm’s Ft. Lauderdale office. 

86 Isle of Venice is a six-unit apartment building with 60 feet of canal frontage and four rental boat slips located just north of Las Olas Boulevard.

Adam Duncan
The surrounding area is comprised of high-end single-family homes, condominiums and townhomes, along with a few scattered apartment buildings and hotels. The unit mix consists of one studio, two one-bedroom/one-bath apartments, one one-bedroom/two-bath apartment, one two-bedroom/two-bath apartment and one two-bedroom/two-bath townhouse.

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

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

HFF closes sale of two Class A residential towers in Manhattan’s Upper West Side

The Aldyn, Upper West Side, Manhattan

NEW YORK, NY – HFF announced today that it has closed the sale of The Aldyn and The Ashley, two newly-developed, Class A residential towers totaling 345 rental units in Manhattan’s Upper West Side.

        The Ashley, Upper West Side, Manhattan
                HFF marketed the properties exclusively on behalf of the seller, a joint venture between a global investment management firm and The Carlyle Group.  GID purchased the offering for an undisclosed amount free and clear of existing debt.

                The towers are located along Riverside Boulevard between 62nd and 63rd Streets in the River South neighborhood on the Upper West Side.  Completed in 2010, the towers include a mixture of studio, one-, two-, three- and four-bedroom units averaging 1,002 square feet each.

 In addition to its 136 rental units, the Aldyn includes 150 condominium units, which are not included in this transaction.

Jose Cruz
The two towers have a total of 11,959 square feet of retail space and feature amenities such as a 24-hour doorman, concierge services, resident lounges, landscaped interior courtyard with sun decks and a parking garage. 

The properties also include LA PALESTRA, a 40,000-square-foot athletic club and spa offering state-of-the-art fitness equipment, indoor pool, game room, bowling alley, rock climbing wall, basketball court, golf simulator, squash court and spa service rooms.
Jeffrey Julien
                 The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz along with managing directors Jeff Julien and Kevin O’Hearn and executive managing director Matthew Lawton.

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion of assets under management across 113 funds and 67 fund of fund vehicles as of December 31, 2012. 

Kevin O'Hearn
Carlyle’s purpose is to invest wisely and create value.  Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. 

Carlyle has expertise in various industries including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation.  The Carlyle Group employs 1,400 people in 33 offices across six continents.

Matthew Lawton
GID is a privately-held, globally diversified and fully-integrated real estate organization founded in 1960 that employs more than 650 real estate professionals in multiple offices throughout the United States.

 During its 52-year history the company has acquired or developed more than 54,000 residential units and in excess of 13 million square feet of commercial space. 

As of December 31, 2012, GID controls a real estate portfolio consisting of 94 properties located in 17 states, and totaling more than 35 million square feet comprised of more than 19,000 residential units (including 466,315 square feet of commercial and retail space) and more than 3.9 million square feet of commercial space.

 In addition, GID has more than 12 million square feet of fully entitled properties in its development pipeline.

 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 |

Mary Jane Olhasso Named Assistant Executive Officer of Finance and Administration for the County of San Bernardino; Kelly Reenders, deputy director, Economic Development Department, Tapped to Succeed Ms. Olhasso as EDA Administrator

Kelly Reenders

 County of San Bernardino, CA-- Mary Jane Olhasso, the County of San Bernardino’s Economic Development Agency Administrator, will be promoted to the position of Assistant Executive Officer of Finance and Administration as announced by County Chief Executive Officer Greg Devereaux.

 Ms. Olhasso came to the County of San Bernardino in April 2010. 

As the administrator for the Economic Development Agency, Ms. Olhasso has worked to fulfill the Countywide Vision, focusing on those programs and efforts that support and build a vibrant economy with a skilled workforce. 

MJ Olhasso
During her tenure she and her team have brought millions of dollars in new revenue to the county, overseen a nationally-recognized Workforce Development Department, and guided critical resources to revitalize local communities.

Mr. Devereaux has appointed Kelly Reenders, deputy director, Economic Development Department, to succeed Ms. Olhasso as EDA Administrator. 

Ms. Reenders has been responsible for developing and implementing the County’s economic development strategy and encouraging investment in the County’s communities. 

Greg Devereaux
Previously, Ms. Reenders held the positions of Redevelopment Manager and Economic Development Manager for the City of Ontario.  

Ms. Reenders has been working in economic development for more than eight years.  She currently serves on the CoreNet Global Southern California board as Chair-Elect.

 Ms. Olhasso and Ms. Reenders, as part of their leadership roles, will continue to play a significant role in fulfilling the Countywide Vision. County of San Bernardino Government worked closely with the County’s 24 cities and towns, residents, and community leaders to create a Countywide Vision ( that envisions a complete county designed to capitalize on the diversity of its people, its geography, and its economy.

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

Darcie Giacchetto
Spaulding Thompson & Associates


Carter Awarded Three New Higher Education Projects


                                        Agnes Scott College, Decatur, GA

 ATLANTA, GA – Carter, one of the nation’s leading real estate investment, development and advisory firms, has been selected to provide program/project management services for three colleges in Georgia — Agnes Scott College, Berry College and Spelman College.

The Girls of Berry College, Rome, GA
The company will provide a range of services including design and construction management, site selection, and furniture, fixtures and equipment coordination.

 “There continues to be a strong demand for traditional program management services within the higher-education sector,” said John Jokerst, senior vice president of development at Carter.

 “With ever-changing and evolving project types, as well as the shift in how higher education projects are funded, Carter’s ability to adapt to changes and provide the same level of service to our clients enables us to maintain our trusted partnerships with these institutions. In fact, 80 percent of our higher education clients are repeat clients, including the three named here.”

Spelman College, Atlanta, GA
At Agnes Scott College in Decatur, Ga., Carter has been selected to provide program management to guide the design and construction for the renovation of Campbell Hall, a four-story former science building.

 The 51,450-square-foot building will be transformed into an innovative living and learning center, which will include student housing, academic classrooms and collaborative meeting spaces. 

John Jokerst
Carter has partnered with Agnes Scott for more than 15 years, managing more than $150 million in capital improvements and delivering every project on schedule and under budget.

 For Berry College in Rome, Ga., Carter is currently working on project management for the renovation of the Richards Memorial Gymnasium, which will include offices for Berry College athletic teams, a 4,000-square-foot weight room, a 3,000-square-foot locker room, grass practice fields and an indoor practice/training facility. 

Scott Taylor
Carter has also been working with Berry on an athletic stadium for its new NCAA Division III football program. 

Carter has provided program/project management services for several different kinds of projects at the college, including student housing, a student recreation center, dining and academic facilities.

 In Atlanta, Spelman College selected Carter as a program manager to oversee the redevelopment of the 53,000-square-foot Read Hall into a wellness center. 

 Carter’s higher-education group has managed over $2.5 billion in new projects and capital improvements on more than 70 projects at 30 different campuses.

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

Tony Wilbert
The Wilbert Group

Lawson Dann of Morrison Commercial Real Estate Completes 23,000-SF Industrial Warehouse Sale for $825,000

Lawson Dann

 ORLANDO, FL --  Morrison Commercial Real Estate announced the completion of a 23,000 SF industrial warehouse sale for $825,000.

 Lawson Dann of Morrison Commercial Real Estate closed a 23,000 SF industrial warehouse sale for $825,000 ($35.87 per SF) last month.  The sale consisted of a 23,000 SF showroom/warehouse and an additional 9,000 SF open overhang.

 The property, 12475 W. Colonial Drive, is located on Highway 50, near the intersection of the Florida Turnpike and State Road 429 in Winter Garden.  Dann represented both Cody Company, Inc. (Seller) and US Tire Imports, Inc. (Buyer).

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

 Jennifer Eubanks
Phone: 407.219.3500