Saturday, September 28, 2013

Cuhaci & Peterson Architects complete designs of Two Bottom Dollar Stores in Pennsylvania

ORLANDO, Fla. --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, completed design work on two Bottom Dollar stores — one in Philadelphia and the other in Chester.

Lonnie Peterson
Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said both stores offer 12,000 square feet of grocery store space.

Cuhaci & Petersen Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

Cuhaci & Peterson Architects awarded remodeling design project in Miami, FL 

ORLANDO, FL--- Cuhaci & Peterson Architects Engineers Planners based in Orlando’s Baldwin Park were recently awarded a contract to remodel facilities in Miami.

Gordon Food Service facility, Miami, FL
Lonnie Peterson, chairman at Cuhaci & Peterson said the Miami project is a 14,500 square foot Gordon Food Service facility located off S.W. 8th Street and 22nd Avenue.

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

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

INNOVATIVE Real Estate Companies Expands, Adds C-Level Hires; Firm Pursues Multifamily Development, Management

File photo of Student Housing design--not part of the Innovative division described below

Jared Miller
Houston, TX  – INNOVATIVE Real Estate Companies, which already has a highly-successful student housing division – INNOVATIVE Student Housing – is expanding its team to prepare for significant growth and to focus on developing, acquiring and managing a wider variety of multifamily communities.

Michael Augustine
The firm has also hired two C-level executives to help lead the expansion.
Jared Miller is now President of Multifamily Operations, Chief Marketing Officer and Partner.
Michael Augustine is now President of INNOVATIVE Real Estate Development, Chief Investment Officer and Partner.
“INNOVATIVE was formed to defy the conventional approach to student housing and we are now doing the same in the market rate multifamily sector,” said INNOVATIVE CEO Doug Sherman.

Doug Sherman
 “We don’t define our value based on unit count, but on the service we provide to investors, partners and residents – and the opportunities we can provide to our team. We drive results by ensuring each community has more support than others in the space can provide.

David Neef
“Our strategy is to ensure our regional managers average no more than 6 assets in their portfolio at any time. Welcoming Mike and Jared to the company is a reaffirmation of our commitment to excellence and brings additional strength to our company.”

 “The addition of Mike and Jared to our team is a major milestone for us,” added INNOVATIVE COO David Neef. “Our leadership defines us and both Mike and Jared bring incredible experience to the team in the multifamily and student housing arenas.”

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

Terri Thornton

PCCP, LLC Provides $31 Million Loan to Arc Real Estate Group, LLC for Luxury Condo Project in Riverdale Section of Bronx, NY

Solaria Riverdale condos, 640 West 237th Street
Riverdale neighborhood, Bronx, NY

New York, NY - PCCP, LLC announced it has provided a $31 million loan to Arc Real Estate Group, LLC for Solaria Riverdale, 65-unit condominium project in the Riverdale section of the Bronx in New York.

John Randall
 Arc, a New York-based development company, constructed the 20-story, full-service condominium property in 2007.

“With this loan from PCCP, Arc is financing the remaining condo units,” said John Randall, senior vice president out of PCCP, LLC’s New York City office. “Arc has built a very attractive, well-appointed, condominium project and this new financing will allow them to meet the growing demand for luxury living in the market’s best condominium project.”

“PCCP really understands the product and the market. They were user-friendly in working through the entire process,” noted Joseph Korff, principal of Arc Real Estate Group.

Joe Korff
Located at 640 West 237th Street, Solaria Riverside is a full-service building and includes such amenities as a rooftop terrace, playroom, gym, and activity room for owners as well as storage units, and on-site parking.

 There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west, Manhattan to the south, and Long Island Sound to the east. Solaria condo unit owners benefit from below-market costs given the long-term tax abatement.

Solaria has excellent regional access given that it is adjacent to the Henry Hudson Parkway (Route 9A) and is served by two Metro North commuter stations and the terminus of the “1” subway line. During peak morning and evening commuter times, the property has a shuttle that drops off and picks up residents at the local Metro North station.

Arc Real Estate is a 30-year-old New York–based real estate company founded and led by Joe Korff. The firm has been actively involved in Manhattan developments which includes condominium projects, hotels, and land assemblage and also has projects along the East Coast.

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

Darcie Giacchetto
Spaulding Thompson & Associates

Commercial/Multifamily Mortgage Debt Outstanding Increases $24.5 Billion in Q2


 Washington, DC -- The level of commercial/multifamily mortgage debt outstanding increased by $24.5 billion, or one percent, in the second quarter of 2013, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).

Jamie Woodwell
The $2.45 trillion in outstanding commercial/multifamily mortgage debt was $24.5 billion higher than the first quarter 2013 figure. Multifamily mortgage debt outstanding rose to $875 billion, an increase of $10.9 billion, or 1.3 percent, from first quarter 2013.

“A strong appetite among investors to put their money to work in commercial and multifamily mortgages led to an increase in the level of mortgage debt outstanding,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

  “In the second quarter alone, banks increased their holdings of commercial and multifamily mortgages by $16 billion; Fannie Mae, Freddie Mac and FHA increased their multifamily holdings and guarantees by $5.6 billion and life insurance companies increased their commercial and multifamily holdings by $4.0 billion.”

The analysis summarizes the holdings of loans or, if the loans are securitized, the form of the security. 

For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in this data under Life Insurance Companies) and in commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset backed securities (ABS) for which the security issuers and trustees hold the note (and which appear here under CMBS, CDO and other ABS issues).

Commercial banks continue to hold the largest share of commercial/multifamily mortgages, $855 billion, or 35 percent of the total.

CMBS, CDO and other ABS issues are the second largest holders of commercial/multifamily mortgages, holding $557 billion, or 23 percent of the total. Agency/GSE portfolios and MBS hold $388 billion, or 16 percent of the total, and life insurance companies hold $326 billion, or 13 percent of the total. 

Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues.  These loans appear in the “CMBS, CDO and other ABS” category.

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

Matt Robinson, (202) 557-2727
Mortgage Bankers Association
1919 M Street, NW, 5th Floor
Washington, DC 20036

(800) 793-6222

HUD Secretary Donovan, DC Mayor Gray and Lew Ranieri Headline 1st General Session at MBA's 100th Annual Convention & Expo in Washington, DC

Walter E. Washington Convention Center, 801 Mount Vernon Place NW, Washington, DC

Shaun Donovan
WASHINGTON, DC -- MBA's Annual Convention and Expo is the premier conference for professionals in all sectors of the mortgage banking industry.  The convention addresses key industry-related strategic issues and provides in-depth analysis concerning leadership, growth strategies and trends. Garner insight from influential industry executives as they share their views on the current market, and their projections for the future of real estate finance.

First General Session: Reflections on a Century of Change

In the 100 year history of the MBA, the association has supported its members as it’s faced numerous challenges and experienced an equal number of accomplishments. Join us as we take a look back at the rich history of mortgage banking, challenges, successes and the opportunities that lie ahead to shape a bright future for our industry and the economy.

Mayor Vincent Gray

Confirmed speakers at the first general session will include:

• The Honorable Shaun Donovan, Secretary, U.S. Department of Housing and Urban Development
• The Honorable Vincent Gray, Mayor, District of Columbia
• Lewis S. Ranieri, Chairman and President, Ranieri and Company, Inc.
• Debra W. Still, CMB, 2013 Chairman, MBA
Debra W. Still
• E.J. Burke, 2014 Chairman, MBA
• David H. Stevens, President and CEO, MBA

WHEN: Monday, October 28, 2013
8:30 a.m.-10:30 a.m. EDT

Walter E. Washington Convention Center
801 Mt. Vernon Place NW
Washington, DC 20001

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

Mortgage Bankers Association
1919 M Street, NW, 5th Floor
Washington, DC 20036
(800) 793-6222