Wednesday, September 4, 2013

HFF arranges $22.5 million financing for Regency at RidgeGate in suburban Denver, CO

Regency at RidgeGate apartments, 10320 Commonwealth Street, Lone Tree, CO
Lisa Evans
DENVER, CO – HFF announced today that it has arranged $22.5 million in financing for the Regency at RidgeGate, a 208-unit, Class A multi-housing community in Lone Tree, Colorado.

               HFF worked exclusively on behalf of Regency Residential Partners, LLC (“Regency”) to secure the 25-year, fully amortizing loan at a fixed-rate of 4.55 percent through Nationwide Insurance, a correspondent lender.  The loan was funded prior to full stabilization and proceeds will replace maturing construction financing on the property. 

Eric Tupler
Completed in August 2013, Regency at RidgeGate has 187 one- and two-bedroom garden-style units and 21 two- and three-bedroom townhomes.  

The community was 88.5 percent leased at the time of funding and features amenities such as a swimming pool with sun deck, barbecue and fire pit, fitness center with yoga room, business center, club house and pet care facility. 

The property is located at 10320 Commonwealth Street near the intersection of RidgeGate Parkway and Lincoln Road, proximate to the Sky Ridge Medical Center, South Suburban Recreation Center, The Lone Tree Performing Arts Center and Interstate 25. 

Josh Simon
The HFF team representing the seller was led by senior managing director Eric Tupler, director Josh Simon and real estate analyst Leon McBroom.

“Regency at RidgeGate is performing exceptionally well and we are very pleased.  It was great to find partners in HFF and Nationwide Insurance who appreciated the quality and project design,” commented Regency managing director Lisa Evans.

Regency is headquartered in Denver, Colorado.  Regency specializes in the acquisition and development of well-located apartment complexes in the western United States. 

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF closes sale of Residence Inn Birmingham Downtown at UAB in Birmingham, AL

Residence Inn Birmingham Downtown at UAB, Birmingham, AL
MIAMI, FL – HFF announced today that it has closed the sale of the Residence Inn Birmingham Downtown at UAB, a 129-suite extended-stay hotel in the downtown/Five Points South submarket of Birmingham, Alabama.

Holden Lim
               HFF marketed the property on behalf of the owner, Birmingham Hospitality Properties, L.L.C.  An affiliate of Capstone Development of Washington, D.C. purchased the asset on an all-cash basis.

               The Residence Inn Birmingham Downtown at UAB is located in the historic Five Points South dining and entertainment district, within blocks of the University of Alabama medical campus and the downtown central business district, and about six miles from the Birmingham Shuttlesworth International Airport. 

Max Comess
The seven-story brick-facade building was recently completed in 2009 and features an outdoor swimming pool, fitness center, business center, breakfast area and sundry shop.

               The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group, Daniel C. Peek, managing director Holden Lim and director Max Comess, and included hospitality real estate analysts Chris Lingerfelt and Alexandra Lalos.

               “There has never been more liquidity among investors seeking premium-branded, select-service hotels in major U.S. markets,” commented Comess.  “Our buyer is a fine example of the sophisticated, well-capitalized institutional investors seeking opportunities in both primary and secondary markets.” 

“As the cycle matures and competition increases, we are seeing savvy investors expand their interest to the top 50 or so U.S. markets, which includes secondary and tertiary destinations, whereas 12 to 18 months ago, most investors were only considering opportunities in the top 10 or 12 markets,” added Peek.

Alexandra Lalos
“This is the fourth hotel HFF has sold on behalf of Fremont Realty Capital in the past 12 months. We would like to thank Fremont Realty Capital for entrusting HFF to assist with the execution of such an important assignment,” commented Lim. 

HFF’s Hotel Group has been active in the sale and financing of similar upscale, select-service hotels across the country.  So far in 2013, the firm has financed or sold 60 hotels and resorts, many of which are select-service hotels, with sale prices and loan proceeds ranging from $5 million to over $500 million.

Chris Lingerfelt
Birmingham Hospitality Properties, L.L.C. is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.  The seller was represented by Holland and Knight.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF arranges $150 million financing for Class A office park in Norwalk, CT

Merritt 7 six-building office park, Norwalk, CT

BOSTON, MA – HFF announced today that it has arranged  $150 million in financing for Merritt 7, a six-building, 1.4 million-square-foot, Class A office park in Norwalk, Connecticut.

 Lauren O’Neil Goff
               HFF worked on behalf of the borrower, a separate account managed by Clarion Partners, to secure the floating-rate loan through CIBC World Markets.  Loan proceeds were used to refinance maturing debt on the property.

               The property consists of six buildings along Route 7 less than one-half mile north of its intersection with the Merritt Parkway/Route 15 and less than three miles north of Interstate 95.

 Situated on 22 acres along the Norwalk River, the property features on-site amenities such as concierge services, a state-of-the-art fitness center, conference centers, car rental, car care, two full-service cafeterias, Starbucks and a unisex salon.

Riaz Cassum
 The buildings are 90.5 percent leased to a diverse tenant roster including General Electric, Factset Research Systems and the Financial Accounting Foundation.

               The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O’Neil Goff.

“Merritt 7 is one of the most successful office parks in southern Connecticut as evidenced by its performance track record throughout multiple business cycles,” said Cassum.  “Needless to say, this opportunity received great interest from across the lending community.  CIBC offered competitive terms and executed flawlessly.”

Clarion Partners headquarters
230 Park Avenue, New York, NY
                 Clarion Partners ( has been a leading U.S. real estate investment manager for over 30 years. 

  Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico.  

With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Post Properties Announces Quarterly Dividends

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.33 per share for the third quarter of 2013. The dividend is payable on October 15, 2013 to all common stockholders of record as of September 30, 2013.

Post also announced regular quarterly dividends on its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the third quarter of 2013.

 The dividend is payable on September 30, 2013 to all Series A preferred stockholders of record as of September 16, 2013.

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

Post Properties, Inc.

Chris Papa, 404-846-5000   

C&W Negotiates Long-Term Renewal and Expansion for GrayRobinson Law Firm in Orlando, FL

Capital Plaza Two, Downtown Orlando, FL

ORLANDO, FL -- Cushman & Wakefield announced today that the firm has assisted GrayRobinson in expanding their presence in the downtown Orlando central business district.

Jeff Sweeney
Cushman & Wakefield's Jeff Sweeney, SIOR, a Senior Director in the firm's Office Brokerage Services, facilitated GrayRobinson's long-term lease renewal in Capital Plaza Two. GrayRobinson also took on more than 10,000 square feet of space in the renewal, increasing their footprint from 79,451 to 89,536 square feet.

Founded in 1970, GrayRobinson is a full-service law firm providing legal assistance across the state of Florida. With more than 270 attorneys and 11 offices from Tallahassee to Key West, GrayRobinson proudly provides legal assistance for Fortune 500 companies, emerging businesses, lending institutions, local and state governments, developers, entrepreneurs and individuals.

Throughout the years, GrayRobinson has continued to stay ahead of the curve with a firm commitment to creativity and innovation. For more information, visit

Capital Plaza Two is a 15-story high-rise building overlooking Lake Eola in the heart of Orlando's central business district. The building is located at 301 East Pine Street in Orlando, FL

Leasing Director Catherine Reeves served as landlord representative for Highwoods Properties.

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

David Meyer

MVP REIT Acquires Multi-Tenant Las Vegas Office Building for $15 Million

Corporate Center, 8880 West Sunset Road, Las Vegas, NV

LAS VEGAS, NV (Sept. 4, 2013) – MVP REIT Inc. announced today the acquisition of an approximately 47,500 square-foot multi-tenant office building in Las Vegas for $15 million. The acquisition is part of a five-property, $48.6 million portfolio being acquired by MVP REIT. The acquisition closed on Aug. 30, 2013.

Mike Shustek
Located at 8880 W. Sunset Road on 3.18 acres of land, the three-story building is 100 percent occupied by a mix of medical and professional tenants, including the corporate headquarters for MVP REIT, which occupies 4,190 square feet.

All tenant contracts are under triple net leases, under which tenants pay for the majority of building expenses in addition to rent. The property is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip.

“When evaluating an office building, we look for properties with strong characteristics like 8880 W. Sunset Road, which is fully leased to multiple tenants on longer-term, triple net leases,” said Mike Shustek, chairman and chief executive officer of MVP REIT.

Las Vegas strip skyline
“Additionally, the building is well located, with direct access to an interstate highway and a short distance from one of the busiest international airports in the world.”

MVP REIT financed the acquisition through the assumption of approximately $10.2 million in existing debt and the transfer of approximately 547,368 shares of the company’s common stock at $8.775 per share.

 For a complete copy of the company’s news release, please contact:  
                                                                                                                                                                   Jill Swartz                                                                                                                                                    Spotlight Communications
(949) 427-5172 ext. 701

Marcus & Millichap Names Rick Lechtman Eastern Director of National Office and Industrial Properties Group

Rick Lechtman
NEW YORK, NY, Sept. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Rick Lechtman as eastern director, national office and industrial properties group (NOIPG).

 He is based in the firm’s New York City office, reporting to managing director Alan Pontius who oversees NOIPG.

“Rick brings extensive knowledge and a broad-based experience to our team,” says Pontius. “He has been actively engaged in the real estate capital markets arena, representing institutional, middle market and private clients in a variety of asset types. His background and industry presence make him ideally suited for this role,” Pontius concludes.

Alan Pontius
In his new post, Lechtman is charged with growing and developing the firm’s expanding office and industrial investment sales team for 12 offices from Boston to south Florida. He is also responsible for aligning and supporting the firm’s national strategic growth initiatives in the region.

Prior to joining Marcus & Millichap, Lechtman served as managing director for the Ackman-Ziff Real Estate Group in New York City. His responsibilities included sourcing, underwriting, structuring and originating commercial real estate debt and equity.

Lechtman holds a Bachelor of Arts in Political Economy from Tulane University and an Advanced Professional Certificate in Real Estate from The New York University Real Estate Institute

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges Sale of Myakka River RV Resort in Venice, FL for $2.57 Million

Myakka River RV Resort on Myakka River, Venice, FL

VENICE, FL, Sept. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Myakka River RV Resort, an all-age, KOA branded, recreational vehicle community located on the Myakka River  in Venice, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

Dan Mulkey

Dan Mulkey, a vice president investments and a senior director of the National Manufactured Home Communities Group in Marcus & Millichap’s Tampa office represented the seller, a limited liability company.  Mulkey secured the buyer of the property, a private investor from New York.

Myakka River RV Resort is located at 10400 South Tamiami Trail in Venice, Florida.  Built in 1979, the community was originally home to 77 RV sites, but was expanded in 2011 to include four more home sites, plus two tent sites. 

The community is currently comprised of a mix of RV’s and park model homes on 8.14 acres of land.  An additional 20.37 acres that was originally included in the two parcels are wetlands (marshlands and waterways of Myakka River).

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

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

$2.29 million retail property in st. petersburg, FL sold by Marcus & Millichap

Florida Federal Plaza, 850 49th Street, St. Petersburg, FL

ST. PETERSBURG, FL, Sept. 4, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Florida Federal Plaza, a 33,147-square foot retail property located in St. Petersburg, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,290,000.

Moe Derbala
Moe Derbala, associate and retail specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor.  Mr. Derbala also secured the buyer of the property, a private investor from Clearwater.

Florida Federal Plaza was built in 1955 and is located at 850 49th Street in St. Petersburg, Florida.  This 33,147-square foot neighborhood shopping center is comprised of 67 percent national tenant brands and is anchored by Save-a-Lot Grocery and Dollar General.  The remaining in-line space is filled by local and regional tenants.

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

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

Commercial/Multifamily Delinquency Rates Decline in Q2

Jamie Woodwell

 WASHINGTON, DC (September 4, 2013) – Delinquency rates for commercial and multifamily mortgage loans declined in the second quarter of 2013, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

“Commercial and multifamily loan performance continued to improve during the second quarter, with delinquency rates falling for every major investor group,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The quarterly decline in the delinquency rate of loans held in commercial mortgage-backed securities (CMBS) was the largest on record, and delinquency rates for loans held by life companies and the GSEs remain low and fell lower during the quarter.”

To view the report, please visit the following Web link:

For a complete copy of the company’s news release, please contact:  
Matt Robinson
(202) 557-2727

Lexington Homes Continues Expansion in Chicago’s Bridgeport neighborhood with Lexington Place2 and Lexington Square3

Jeff  Benach

CHICAGO, IL (Sept.  4, 2013)-- After successfully pioneering a vibrant new residential hotspot at the south end of Chicago’s Bridgeport neighborhood, Chicago-based Lexington Homes is expanding its mini empire in the area with 41 more new-construction homes.

Lexington Place2 interior
Sales of single-family homes at Lexington Place2 have begun and sales of rowhomes at Lexington Square3 are slated to start this winter.

Both new communities will be located on the same home site at 36th Place and Sangamon Street, a block from the original Lexington Square and Lexington Place communities.

 “We were pioneers in building new homes in the southern portion of Bridgeport, and today we are so proud of the lively, family-friendly community we’ve helped create,” said Jeff Benach, co-principal of Lexington Homes.

“We’ve literally watched the neighborhood transform into a destination for families to live in the city. About half our homebuyers in our rowhomes have newborns or young children, so we’ve even experienced our own baby boom.

“We’re thrilled to be launching phase three of our Lexington Square rowhomes and phase two of our Lexington Place single-family homes to provide even more of these popular homes.”

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

Kathryn Kjarsgaard

Kim Manning

Golf’n Gals at Celebration Golf Club to host “Tee It Up Fore Cancer” Golf Tournament Oct. 26 in Kissimmee, FL

Celebration Golf Course, Kissimmee, FL

KISSIMMEE, Fl. --- Golf’n Gals, the ladies 9 hole league at Celebration Golf Club at 701 Golfpark Dr, in Kissimmee, will host the “Tee It Up Fore Cancer” golf tournament on Saturday, Oct. 26, at the Celebration Golf Club. The tournament is open to everyone of every golf level.

Carol Daniels
Carol Daniels, tournament and group sales agent at Celebration Golf Club, said she expects more than 100 golfers to participate in the tournament to raise money for breast cancer research.

Registration for the tournament is $55 per player and includes golf, range balls, a drink ticket, buffet lunch and prizes.

Daniels said the tournament will include a 50/50 raffle, mulligan packs, memory wall and prizes galore.

The “Tee It Up Fore Cancer” golf tournament is the last event of the season for the Golf’n Gals League, our goal is a complete sellout,” Daniels said.

To register or learn more information, telephone 407-566-4653 ext. 4605 or visit

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407- 644-4142 or

PKF: Should The Good News Be Even Better? Updated City Forecasts with a Focus on Room Rates

 Atlanta, Ga. Sept. 4, 2013 – In the recently released September 2013 edition of Hotel Horizons®, PKF Hospitality Research, LLC (PKF-HR) affirms its forecast of strong fundamental performance for the U.S. lodging industry. 

R. Mark Woodworth
The lack of meaningful increases in hotel supply, an economy that supports growth in lodging demand and market leverage that allows for real room rate growth leads to PKF-HR forecasts of healthy increases in both revenues and profits in 2013 and 2014.

 “It is very rare for us to say we have no concerns about the near-term outlook for the U.S. lodging industry, but that is what we see from our econometric models, as well as discussions with our clients,” said R. Mark Woodworth, president of PKF-HR.  “If you look at the factors that historically have derailed the good times for hotel profit growth, very few, if any, exist today.”

 According to the September 2013 Hotel Horizons® report, PKF-HR is forecasting U.S. hotels to enjoy a 5.9 percent increase in revenue per available room (RevPAR) in 2013, followed by RevPAR gains of 7.2 percent in 2014 and 8.1 percent in 2015.

 All of these projections are well above the long-run average annual RevPAR increase of 2.9 percent as reported by Smith Travel Research (STR).

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

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

R. Mark Woodworth                                                
PKF Hospitality Research, LLC.                          
Tel: 404 842 1150, ext 222                                    

Karen Thomson Joins Paramount Hotel Group as Vice President of Sales and Marketing

Ethan Kramer
FAIRFIELD, NJ,  Sept.  4, 2011—Officials of Paramount Hotel Group, an independent, hotel management and ownership company, today announced that Karen Thomson, CHME, has joined the company as vice president of sales and marketing. 

She will be responsible for overseeing the sales and marketing efforts for the company’s hotel portfolio, to include revenue management, marketing/positioning, promotions, social media, national sales and property level support.  Thomson will report to Peter Marino, Paramount senior vice president. 

“Paramount is on track to add 10 to 12 hotels to its portfolio in 2013, and Karen brings great depth and bench strength to our management team to support our expanding portfolio,”  said Ethan Kramer, president, Paramount Hotel Group. 

Karen Thomson
“Karen’s 30-year, proven track record has received praise consistently both by her former employers and her peers.  She has in-depth experience with the top premium brands and expertise in markets nationwide.  She provides our hotels with the full range of sales and marketing tools and is well-regarded for her leadership.  She will play a key role as we continue to expand our portfolio.”

Prior to joining the Paramount Hotel Group, Thomson was director of sales and marketing for the Crowne Plaza Times Square – Manhattan in New York.
 For a complete copy of the company’s news release, please contact:
Jerry Daly/Lauralee Dobbins
(703) 435-6293

Prime Property Investors Enters Joint Venture with Trammel Crow to Develop Alexan at Auburn Lakes in Houston, TX

Rendering of  planned Alexan at Auburn Lakes within The Woodlands, Houston, TX

 CHICAGO, IL (Sept. 4, 2013) – Northbrook, Ill.-based Prime Property Investors (PPI) has announced it has entered into a joint venture with Dallas-based Trammel Crow Residential to develop a new-construction luxury garden-style apartment community in Houston called Alexan at Auburn Lakes.
Barbara J. Gaffen
The project, which is located in the highly sought-after Houston submarket The Woodlands, will break ground this week.

 Located along West Rayford and Gosling roads, Alexan at Auburn Lakes will be a 12.5-acre community consisting of nine three-story luxury garden-style buildings with a total of 346 units.

 “We have been looking closely at the Houston market for a while and are thrilled to be embarking on our first apartment project in the area,” said Barbara J. Gaffen, co-CEO of PPI. “Houston, and in particular,

Michael H. Zaransky
“The Woodlands master planned community, is currently one of the top locations in the area for apartment development and investment. We feel our partnership with Trammel Crow and this new development is a perfect fit for us.

“ Trammel Crow’s exceptional experience in developing new communities aligns perfectly with our ability to provide private equity and finish projects on time and on budget.” 

 Fundamentals are strong in the Houston market as well, said Gaffen, noting similar projects maintain an average occupancy of 96 percent and that in the past year there was 7.2 percent rent growth in the area.

The Woodlands, TX
 Besides marking PPI’s entry into the Houston market, Alexan at Auburn Lakes also signals PPI’s foray into new-construction development. For nearly 20 years, PPI has been focusing on investing in and managing Class A apartment and student housing communities.

 “We could not be more excited with this opportunity to expand our business into ground-up development, particularly with a partner like Trammel Crow and in a market like Houston,” said Gaffen.  

“Houston is one of the country’s fastest-growing cities, leading the nation in job growth in 2012. Due to its affordability and low cost of living, the city should continue to be one of the top places to live and work. We believe there will be more great opportunities here for us in the near future.”

 Prime Property Investors (PPI) is a real estate investment firm with a national portfolio of Class A suburban garden-style apartment communities as well as student housing properties on major college campuses. Barbara J. Gaffen and Michael H. Zaransky, co-CEOs of PPI, founded the company in 1993, and today oversee $175 million in properties. 

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

Kathryn Kjarsgaard

 Kim Manning