Monday, November 4, 2013

Charles Dunn Company Completes $3.5 Million Sale of Interest in 32-Unit Property in Venice Submarket of Los Angeles CA

1210 Venice Boulevard, Venice, CA

Michel Hibbert
LOS ANGELES, CANov. 4, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sale of a 50 percent interest in a 32-unit multifamily property located at 1210 Venice Blvd. in the Venice submarket of Los Angeles. The interest in the property was purchased for $3.5 million.

Michel Hibbert and Dan Johnson of Charles Dunn Company represented the Palos Verdes, Calif.-based seller, Coastal Property, a general partnership, as well as the buyer, Los Angeles-based Mastraili, LLC. The transaction closed at a cap rate of 4.6 percent. 

Built in 1988, the five-story property is situated on .28 acres of land and includes 12 one-bedroom/one-bathroom units and 20 two-bedroom/two-bathroom units.

Dan Johnson
“The seller was motivated to end his 25-year partnership in this property,” said Hibbert. “The property sold for a strong $218,750 per unit and $241 per square foot.”

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

Darcie Giacchetto
D.G. Communications, Inc.

174th New Condo Tower Proposed For South Florida Since Crash Of 2007

9500 Block of East Bay Harbor Drive, Bay Harbor Islands, FL

MIAMI, FL  -- As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a local developer is proposing a new eight-story condo project in the barrier island market of Bal Harbour / Surfside / Bay Harbor Islands in Northeast Miami-Dade County, according to a new report from

Haulover Beach Park, Miami, FL
The unnamed project - being proposed by an Aventura-based entity called BH South Island LLC with attorney Daniel Serber as the registered agent - is proposed to have 41-units on a nearly 0.5-acre site fronting the Intracoastal Waterway in the 9500 block of East Bay Harbor Drive in Bay Harbor Islands, according to city of Bay Harbor Islands and Miami-Dade Property Appraiser records.

In the Bal Harbour / Surfside / Bay Harbor Islands market, a combination of domestic and international developers - in unrelated projects - are now proposing to construct at least 23 new towers with more than 1,165 condo units in a market that stretches from 87th Street north to Haulover Beach Park, and the Atlantic Ocean west to Biscayne Bay as of October 31, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

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

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
PH: 800-750-0517.

Westchester, NY Apartment Building Sells for $2.4 Million


Pier Street Apartments, 34 Pier Street, Yonkers, NY

WHITE PLAINS, NY, Nov. 4, 2013 – Investment sales broker Northeast Private Client Group has announced the sale of Pier Street Apartments, a 34-unit apartment building located at 34 Pier Street in Yonkers, New York.  

Edward Jordan
Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $2,400,000 transaction, which closed on October 31.   Jordan was assisted by Steven D’Ambrosio, an associate in the firm’s White Plains, NY office.

 “The lower Westchester multifamily market continues to firm up, reflected in greater competition and increasing  values,”  states D’Ambrosio.  “This rebound is driven in part by an influx of New York City investors, who are looking for more sustainable pricing and better returns.”

 The Pier Street Apartments is a well situated four-story brick walk-up built in 1922, comprising a mix of studio, one-bedroom and two-bedroom floor plans.

Steven D. D'Ambrosio
The NY-based buyer purchased the property for a price that equates to $70,588 per unit, which represents a gross rent multiplier of 7.0 and a capitalization rate of 6.5 per cent on current net operating income.  

A planned conversion from oil- to gas-fuel heat will reduce operating costs and increase yield for the new owners.  The seller, King David Management of New Rochelle, NY, intends to focus on commercial properties and larger multifamily opportunities moving forward. 

“The success of this transaction is the result of our relation-based approach to investment sales,” explains Jordan, the firm’s managing director.  “With our regional brokerage platform, we were able to identify the right buyer for this off-market assignment and close the deal.”

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

Rick Leonard


Greystone Provides $5.35 Million in HUD Financing for Affordable Housing Complex in Oxford, AL

Sterling Pointe apartments, Oxford, AL

Betsy Vartanian
New York, NY – Nov. 4, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has provided $5.35 million in HUD financing for the Sterling Pointe affordable housing community in Oxford, Alabama.

John Williams, originator in Greystone’s New York office, worked to close the loan.

 The refinancing was structured as a 30-year fully amortizing HUD 223(f) loan. Sterling Pointe Apartments is professionally managed by HSI Management, Inc., a full service property management firm specializing in affordable housing.

Sterling Pointe, located between Birmingham and Atlanta, GA, is a 144-unit affordable housing rental community built in 1974, with 125 units under a Section 8 HAP contract and 19 units reserved for Section 236 rentals. 

John Williams
“The combination of low debt service and a 30-year term helps further our mission in preserving and providing housing for those who need it most,” said Douglas Trivers, CFO of HSI Management, Inc.

“Greystone has been a trusted partner in helping HSI refinance and preserve our affordable housing communities, and Sterling Pointe is the latest example of a property that will benefit from our ongoing partnership,” he added.

Douglas Trivers

“We have truly enjoyed working with HSI Management and helping to arrange incredibly favorable financing to preserve critical affordable housing resources in Oxford, Alabama,” said Betsy Vartanian, head of FHA lending at Greystone. 

“Given the age of the property, we recognized repairs and improvements would be necessary, and the high loan-to-value ratio offered by the 223(f) program enabled them to include repair and improvement costs within the loan.”

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

Karen Marotta
PR Manager
152 W. 57th Street
New York, NY 10019
212-896-9149 direct
917-902-7073 mobile

Peachtree Hotel Group Acquires Five Hotel Mortgages, Two Hotels in 2013 Third Quarter

Hampton Inn, Millegeville, GA

                ATLANTA, GA, Nov. 4, 2013—Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today announced that it continued to expand rapidly during the 3rd quarter, investing in seven assets comprised of 763 rooms, through the purchase of five first mortgage notes and the acquisition of two hotels. 

Element Hotel, Houston, TX
Additionally, the company completed a $1.8 million conversion of its Hampton Inn in Milledgeville, Ga., and provided a mezzanine loan of $3.1 million for the Element Hotel in Houston, Texas, to recapitalize the senior debt through its affiliate, Stonehill Strategic Capital.

In total, Peachtree expanded its portfolio by approximately $50 million in new investments for the 3rd quarter.                

Greg Friedman
“We continue to outpace our initial expectations, already exceeding our goal of adding 15 assets to our portfolio during 2013,” said Greg Friedman, Peachtree’s chief executive officer. 

“Throughout 2013, we purchased 11 first mortgage notes and seven hotels and completed three loan originations via Stonehill Strategic Capital.  Our appetite remains healthy for additional investment opportunities in all levels of the capital stack, and we remain very optimistic that we will have continued success in 4th quarter 2013 and beyond.”
For a complete copy of the company’s news release, please contact:

 Chris Daly, media
 (703) 435-6293