Friday, October 4, 2013

Thomas D. Wood and Company Secures $8 Million Financing for Willowood Apartments, AGPM Office, Courthouse Executive Center and Penn Shoppes at Treasure Coast

Willowood Apartments, 3541 Cardinal Court, Columbus, IN
Meloe Barfield
Orlando, FL – Oct.  4, 2013 – The Orlando and Fort Lauderdale Offices of Thomas D. Wood and Company secured $8,010,000 in financing for the Willowood Apartments, AGPM Office, and Courthouse Executive Center.

                Company Vice President Jeff Schnupp structured financing for the Willowood Apartments in the amount of $2,170,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard.  The fixed-rate loan has a term of 10 years, based on a 20-year amortization and an interest rate of 5.25%.  The loan-to-value is 65%. 

Jeff Schnupp
The 109-unit multi-family property was built in 1983 and 1987, with a partial renovation in 2008-2009, and is located at 3541 Cardinal Court, Columbus, Indiana.

                Company Senior Vice President Meloe Barfield secured financing for AGPM Office in the amount of $390,000 through Thomas D. Wood and Company’s relationship with a local bank.  The 3,700 square foot owner-occupied office was built in 1920 and renovated in 2007.  AGPM is located at 117 E. Amelia Street, Orlando, Florida.

Patrick Madore
                Barfield also arranged financing for the Courthouse Executive Center in the amount of $850,000 through Thomas D. Wood and Company’s relationship with a local bank.  The 13,440 square foot multi-tenant office was built in 1953 and renovated in 2008.  The Courthouse Executive Center is located at 501 N. Magnolia Avenue, Orlando, Florida.

                Company Vice President Patrick Madore secured financing for the Penn Shoppes at Treasure Coast in the amount of $4,600,000 through Thomas D. Wood and Company’s correspondent relationship with Genworth Financial. 

Courthouse Executive Center
 501 North Magnolia Avenue, Orlando, FL
The non-recourse loan has a term of 10 years, based on a 25-year amortization and an interest rate of 4.95%.  

The loan-to-value is 71%.  The 29,990 square foot retail center is home to major tenants Panera Bread, Men’s Warehouse and Mattress Firm, and was built in 2001. 

 Penn Shoppes at Treasure Coast is located at 2820-2860 NW Federal Highway, Jensen Beach, Florida.

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

Director of Marketing & Public Relations
Thomas D. Wood & Co.                                
(407) 374-0251

Baypoint Resort Sale in Corpus Christi, TX Arranged by IPA

Baypoint Resort, 1802 Ennis Joslin Road, Corpus Christi, TX

CORPUS CHRISTI, TX – 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 Baypoint Resort, a 350-unit luxury multifamily complex located minutes from Corpus Christi Bay in Corpus Christi, Texas. The terms of the sale were not released.

Will Balthrope
            Will Balthrope, an IPA executive director, and Scott Lamontagne, an IPA director, represented the seller, an East Coast-based real estate investment trust. The buyer is an acquisition firm based in Austin, Texas.

“Baypoint Resort sets the standard for urban coastal living,” says Balthrope.  “It is a top-quality, stable multifamily asset in one of the best secondary apartment markets in Texas.”

            “Baypoint Resort is now at a stage where a minor modernization package provides an opportunity for value creation through revenue increases on par with newer comparable assets,” adds Lamontagne.

Scott Lamontagne
“A light renovation, coupled with the potential for organic rent growth in a very tight Corpus Christi market, makes the property an ideal blend of in-place yield and strong upside potential.”

            Built in 1998 on approximately 30 acres, the property is located at 1802 Ennis Joslin Road in Corpus Christi.

            Baypoint Resort’s unit mix features seven floor plans and includes both one- and two-bedroom units. The average unit size is 967 square feet. Interiors feature refrigerators, dishwashers and washer and dryer connections. 

Shared amenities include tennis and volleyball courts, attached and detached garages, a business center, a 24-hour state-of-the-art fitness center and two swimming pools with sun decks.
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

Percentage Up on Loans Paying Off on Balloon Date, Trepp Notes

NEW YORK, NY -- In September, the percentage of loans paying off on their balloon date registered 74.5%, according to the most recent data from Trepp.

This percentage is up more than two points from August's rate of 72.1% and is the highest reading since December 2008. 

At 74.5%, the September payoff percentage is well above the 12-month moving average of 63.9%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.)

By loan count (as opposed to balance), 70.1% of loans paid off, which is slightly lower then the August reading of 72.2%. The 12-month rolling average by loan count is now 66.8%.

The September reading continues the recent trend of higher payoff rates compared to those of 2012. This is not all that surprising, however. In 2012, many of the maturing loans were five-year balloons from the 2007 vintage. Most loans that are reaching their maturity now are 10-year balloons that were originated around 2003.
For a complete copy of the company’s news release, please contact:

Trepp Reports Mixed Bag for CMBS Investors in September

NEW YORK, NY -- It was a mixed bag for CMBS investors in September, with some segments of the market posting gains and others seeing losses, according to Trepp.

All of the moves were relatively small, and for the most part, the market ended the month not far from where it began.

The lack of volatility in the CMBS market was somewhat surprising given how many issues remain on the minds of investors.

 On a broad level, the potential impact of Federal Reserve tapering, the debate over the debt ceiling and budget, and concerns over the Middle East were all front and center for investors at one point in the month.

On a more micro level, fears that the declining state of JC Penney could lead to store closings all weighed on CMBS investors. Despite all of the uncertainty, the CMBS market held up relatively well in September.

The market did see some taper-related weakness early in the month, but the decision by the FOMC not to curtail bond purchases in September erased those losses.

Legacy Paper

Later vintage, last cash flow super seniors were representative of the broader market. Spreads on 2005 and 2006 LCF bonds edged wider by a few basis points while spreads on 2007 LCFs were tighter by four basis points on average. The benchmark GSMS 2007-GG10 A4 bond finished the month at 162 basis points over swaps, a six basis point improvement for September.

Trepp expects to see additional relative widening of the 2005 vintage over the next year compared to 2006 and 2007 paper. As 2005 names see less and less call protection over time, investors will be less willing to pay meaningful premiums. This is a trend Trepp has seen in the 2004 vintage over the last year.

For the AM and AJ segments, the story was similar, with very modest moves month over month. On average, 2005 AMs were tighter by about nine basis points, 2006 AMs were narrower by eight basis points, and 2007 AMs were wider by four basis points.

 As for the AJ market, 2005 AJs were wider by about five basis points, 2006 AJs were flat, and 2007 AMs were better by two basis points on average.
For a complete copy of the company’s news release, please contact:

Colliers Broker Jay Ziv has a Finger on the Pulse of Land Sales in South Miami-Dade, FL

MIAMI, FL -- Marketable land in south Miami-Dade County is scarce, but substantial parcels have changed hands in the last two years, due in large part to the expertise of Jay Ziv, CCIM, Senior Vice President and Partner with Colliers International South Florida.

 Since 2011 he has closed more than $11 million in land deals on both commercial and agricultural parcels, some of which are being held for future development.

Jay Ziv
Ziv has worked with local, national and international buyers who have paid from $12,000 to $50,000 per acre. "Every transaction has a story behind it - sometimes a foreclosure, sometimes not, but there's always a story," said Ziv. "Until recently, most deals were all cash, but some parcels are now selling with financing. A few lenders will provide mortgages on agricultural land provided the price point and certain ratios meet strict criteria."
Ziv, who is deeply familiar with the area's complex environmental and zoning restrictions, cautions that "much of the land in South Dade is not what it seems." 

He has handled parcels from a few acres in size up to the 390-acre farm that he sold, which is the southern-most usable parcel in Miami-Dade. In every case, buyers and sellers have benefited from the experience and trust he has developed over the last 28 years, and his awareness of the area's social and economic climate.
Currently Ziv is marketing several sites in Florida City, including a 38-acre RV Park and two separate parcels under 10 acres for future development that sit near the last Florida Turnpike exit before the Florida Keys. "A purchaser with vision will capture a potential treasure," Ziv predicts.   

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Ground Floor Retail Condos Sold in Downtown West Palm Beach, FL

610 Clematis Street condos, West Palm Beach, FL
Darlene Glayat
WEST PALM BEACH, FL -- Colliers International South Florida is pleased to announce that Kevin McCarthy, Senior Vice President, has sold four retail condominium units totaling 8,779 square feet at 610 Clematis Street in West Palm Beach.

An eight-story, 224-unit luxury residential building sits above the four ground floor retail units (CU-2, CU-3, CU-4 and CU-5) which allow retail and office use. Darlene Glayat of Touchstone Webb represented the buyer, North Palm Properties, LLC. 
The location is within walking distance of CityPlace, Downtown West Palm Beach, and the Palm Beach County courthouse.

Kevin McCarthy
The space is being converted from retail to office use. "The location was chosen for its proximity to both CityPlace and Clematis Street and it serves as a crossroad between those two local attractions," said McCarthy.

"This was a challenging assignment due to the long term vacancy of the site," he added. "The title was transferred through the developer, the former lender, the FDIC, and eventually through a special servicer that worked on a cooperative basis to bring the units to market. The transaction was executed successfully in a difficult environment."  

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

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Maury L. Carter and Associates, Inc. Brokers Sales of 11 Bank-Owned Properties in 18 Months

Orlando, FL – Maury L. Carter & Associates, Inc. sold a .74-acre parcel of bank owned land in Orange County for Eagle FL I SPE, LLC to Mohamed and Cheryl Kahn for $180,000. This sale completes the sale of 49 acres by Maury L. Carter & Associates, Inc. for Eagle FL I SPE, LLC.

Daryl M. Carter
The property, located west of South Orange Avenue on the south side of Wetherbee Road, is the 11th bank property sold by Maury L. Carter and Associates, Inc. in the last 18 months.

Additional properties recently sold include 18 acres on Highway 19 in Lake County for $400,000 for Branch Banking and Trust Company (BB&T) and 49 acres on Orange Avenue in Orange County for $900,000 for Eagle FL I SPE, LLC.

Daryl M. Carter with Maury L. Carter & Associates, Inc. represented the seller in each transaction.  Carter says “this level of activity and shrinking bank owned property inventory are signs that Central Florida is recovering from the recession.”

Maury L. Carter & Associates, Inc. is an Orlando-based full service commercial real estate firm proficient in commercial real estate investments, asset management, brokerage, and development. The firm's officers combine more than 75 years experience in real estate investments and brokerage.

For a complete copy of the company’s news release, please contact:
Maury L. Carter & Associates, Inc.
3333 S. Orange Avenue, Suite 200, Orlando, FL 32806

Morrison Commercial Real Estate Completes Sale of Two Office Buildings in Maitland, FL Totaling $1.165 Million

220 Lookout Place, Keewin Lexington Office Park, Maitland, FL

Christi Davis
ORLANDO, FL (Oct. 4, 2013):  Morrison Commercial Real Estate recently negotiated the sale of two office buildings located in the Keewin Lexington Office Park in Maitland, FL totaling $1,165,000.

Christi Davis, CCIM, Vice President of Morrison Commercial Real Estate, negotiated both transactions representing the Seller, CRS Real Estate Holdings, LLC, headquartered in Maitland, FL.

220 Lookout Place, a 3,760 SF building was purchased by Tony, LLC for $485,000 as a 100% leased investment.  Michael Sieg of Prudential Results Realty represented the buyer.

 237 Lookout Place, a 4,962 SF building sold for $680,000 to MacMillan Straus Co, LLC for the operation of their holistic healthcare practice, The Center of Wellness.

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

Gina Wade
Phone: 407.440.6651