Tuesday, November 5, 2013

$9.8 Million Apartment Complex Trades Hands in Hollywood, CA

1400 Edgemont apartments, Hollywood, CA

HOLLYWOOD, Calif., Nov. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 1400 Edgemont, a 42-unit apartment complex in Hollywood, Calif. The $9,800,000 sales price equates to $233,333 per unit.

Ron Harris
            Ron Harris, Paul Darrow and Michael DiSimone advised the seller, BP Edgemont LLC and the buyer, R.O.M. Investments Inc.

            “The property is a renovated market-rate apartment complex located in a thriving Los Angeles infill pocket,” says Harris. “The prime location and modern appeal of 1400 Edgemont put it in an optimal position to provide healthy short- and long-term returns.”

“This asset is one of the only luxury buildings with modern touches in this sought-after market,” adds Darrow. 

Michael DiSimone
“Utilizing our unique renovation strategy, coupled with innovative building products and design, the community redefined market rental rates while maintaining consistently high occupancy,” concludes Steven Ludwig, whose firm, Coastline Real Estate Advisors, Inc., spearheaded property and construction management. 

            Built in 1988 at 1400 North Edgemont St., the property is located at the nexus of three prominent Los Angeles neighborhoods: Hollywood, Los Feliz and Griffith Park. The Los Angeles Metro’s Vermont/Sunset station is within easy walking distance, providing residents with public transportation access to major employment and entertainment hubs throughout the city. U.S. Highway 101 is also nearby.

Paul Darrow
            The apartment complex consists of one three-story residential structure built over two levels of parking, one on-grade and one underground. The five floor plans range from 420 square feet to 790 square feet.  All but six of the unit interiors have been upgraded with new appliances, bathroom and kitchen fixtures, modern lighting, flooring, cabinetry and window blinds.

Community amenities at 1400 Edgemont include gated parking, a laundry area, and a modernized lobby area. 

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

Gina Relva
Public Relations Manager
(925) 953-1716

$20.5 Million Apartment Complex Sale Arranged by IPA in Fall River, MA

Royal Crest Estates apartments, 37 Courtney Street, Fall River, MA

FALL RIVER, MA, Nov. 5, 2013 – 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 Royal Crest Estates, a 216-unit Tudor-style apartment complex in Fall River, Mass. The $20.5 million sales price equates to $94,900 per unit.

Steve Witten
            IPA executive directors Steve Witten and Victor Nolletti advised the seller, Aimco Fall River LLC.  The buyer is Highlands North Realty Trust.

            Todd Tremblay is the Massachusetts broker of record.

“The city of Fall River and the surrounding communities are unquestionably a model of urban renewal,” says Witten. “The area is also one of the nation’s fastest-growing multifamily markets.”

           “Located approximately 55 miles from Boston, Royal Crest Estates has an outstanding rental location and a stable, largely transit-oriented tenancy,” adds Nolletti. “The property presents the new owner with the opportunity to add value through modest kitchen, bath and hallway upgrades.”

Victor Nolletti
            The apartment complex is located at 37 Courtney St. in Fall River, Mass., near Route 24, the Fall River Expressway and Interstate 195.

            Constructed in 1974, Royal Crest Estates is a semi-gated complex composed of 10 detached apartment buildings and a clubhouse. 

The unit mix features eight studios, 90 one-bedroom flats and 118 two-bedroom apartments, each featuring a private deck or patio. The units have wall-to-wall carpeting, ceramic tile/wood flooring and large walk-in closets.  Kitchens are equipped with self-cleaning ranges, refrigerators, dishwashers and garbage disposals.

Todd Tremblay
Community amenities include tennis courts, an Olympic-size resort-style pool with sundeck, a self-service car wash, a barbecue area, a fully equipped, card-access fitness center with lockers and showers and a clubhouse with fireplace, billiards lounge and library.  Each building has a laundry facility with card-operated washers and dryers.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Housing Affordability Declines As Prices Rise

By Octavio Nuiry, Managing Editor, RealtyTrac Foreclosure News Report

Octavio Nuiry
Housing affordability is fading rapidly for hundreds of thousands of homebuyers in some of the nation's pricier metros as three important measurable real estate variables —home prices, mortgage interest rates and household income — collide to form a perfect storm in a handful of high-priced real estate markets.

Tight inventory, pent-up demand and investor activity —both domestic and foreign — is driving more and more buyers to the sidelines. 

In certain costly metros — including Los Angeles, New York, San Francisco and Washington, D.C. — prices are appreciating at rates not seen since 2000, when the housing bubble was being inflated by then-Federal Reserve chairman Alan Greenspan's subprime- driven housing expansion.

Now, as then, homebuyers longing for the American Dream are increasingly thwarted by rising prices, multiple offers, the fear of rising interest rates and a virtual housing run, creating frenzied demand by institutional cash buyers that has pushed prices to double-digit annual gains in some of the nation's most expensive housing markets.
For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139

Essex Realty Group Brokers Sale Of Walk-Up Building in Chicago, IL


7031 North Ridge Avenue, Rogers Park Neighborhood, Chicago

Kate Varde
CHICAGO, IL – Nov. 5, 2013 - Essex Realty Group, Inc. is pleased to announce the sale of 7031 N. Ridge Avenue, a 13-unit, walk-up building located in Chicago’s Rogers Park neighborhood. 

The property is situated on the southeast corner of Ridge and Greenleaf Avenues, just three blocks west of the Rogers Park Metra Station and numerous CTA bus routes along Clark Street; additionally, the Morse CTA Red Line Station is located one mile east of the Subject Property.

The Subject Property includes a mix of five (5) one bedrooms and eight (8) two bedrooms with new porches and a new boiler.

Doug Imber
 Doug Imber and Kate Varde represented the sellers and Matt Welke represented the purchaser.  The price was approximately $1,130,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.

Ari Ravi Joins Marcus & Millichap’s Tampa FL Office

Ari Ravi

 Tampa, FL – Ari Ravi has joined Marcus & Millichap’s Tampa office according to Richard D. Matricaria, regional manager.

Prior to joining Marcus & Millichap, Mr. Ravi entered the commercial real estate industry with Prudential Commercial Real Estate Florida in 2008, focusing on sales and leasing for office and retail buildings in the Tampa Bay MSA. 

 Ari will specialize in multifamily housing at Marcus & Millichap, focusing on seller representation of over 10 unit apartment communities located primarily in the Tampa Bay markets.

Mr. Ravi earned his Bachelor of Science degree from the University of Florida, and Decision and Information Sciences from the Warrington College of Business and previously attended the Berkeley Preparatory School in Tampa.

He was named Florida Gulfcoast Association of Realtors (FGCAR) Rookie of the Year in 2009, and was a FGCAR Pinnacle award winner in 2009, 2010 and 2012.

Richard Matricaria
“We are excited to have Ari come on board with our firm and welcome him to the team,” says Matricaria.  “He brings a vast amount of experience that our client base will surely benefit from.”

“I am looking forward to providing all my clients with the benefits and resources afforded by Marcus & Millichap,” adds Ravi.

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

Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

HFF secures $13.9 million financing for two office properties in Eatontown, NJ

17 and 23 Christopher Way within Eatontown Business Park, Eatontown, NJ

FLORHAM PARK, NJ – HFF announced today that it has secured $13.9 million in financing for 17 and 23 Christopher Way, a 45,475-square-foot office/flex building and adjacent 79,053-square-foot mid-rise office building located within the four million-square-foot Eatontown Business Park in Eatontown, New Jersey.

Michael Klein
HFF worked on behalf of The Donato Group to secure a $12.7 million, seven-year, fixed-rate first mortgage and a $1.2 million line of credit through OceanFirst Bank. 

The loan will be used to refinance existing debt on the property and provide a working line of capital for upcoming tenant improvements and leasing commissions. 

17 and 23 Christopher Way, which were developed by the borrower in 2000, are located just off Route 35 less than three miles from the Garden State Parkway, Route 36 and Route 18.  The property is 97 percent leased to tenants including Wentworth Property Management Corp., Industrial Controls, Cohn Reznick and Nuance Communications, Inc.

The HFF team representing the borrower was led by director Michael Klein.

“The high-quality finish of the assets coupled with the size of the borrower’s portfolio within the submarket and their local market expertise help ensure that these properties are always highly occupied,” said Klein.  “OceanFirst Bank provided personal attention with a customized loan solution that best met The Donato Group’s needs.”

John Donato Jr.

The Donato Group is a more than 45-year-old real estate development, management and construction firm based in Eatontown, New Jersey.  The group has developed an expertise in the development and management of office, high-tech and industrial properties in Monmouth and Ocean Counties in New Jersey. 

The company was founded by the late John Donato, Jr. and is managed today by his son Corbett Donato.  The Donato Group currently has a portfolio of approximately 850,000 square feet throughout the region.  Its intimate knowledge of the market and the size of its portfolio makes the firm a premier owner and manager in the area.

OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.

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 | www.hfflp.com

Trepp Reports CMBS Post Solid Gains Across the Board in October

NEW YORK, NY -- The CMBS market posted nice gains across the board in October, helped by the resolution of the debt ceiling fight (for now) and more conviction that Fed bond buying will remain in place for the foreseeable future.

The settlement on both matters, which weighed on investors in September, helped drive interest rates lower. In turn, that gave heft to the argument that asset prices would continue to rise and refinancing would be an option for a larger percentage of legacy loans.

 (The turnaround could have something to do with CWCapital's decision to put roughly $3 billion in distressed assets out for bid).

While driving spreads lower, CMBS investors were clearly in "don't fight the Fed" mode. Plenty of worries remain, and in a less accommodative environment, concerns over anemic job growth as well as Sears and JC Penney might weigh on the CMBS market. However for now, it's "risk on," and that is clearly helping pull spreads tighter.

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

HC Real Estate Capital Arranges $1.4 Million in Financing for the 21 Drops Building In Delray Beach, FL

21 Drops office building, 290 SE 6th Avenue, Delray Beach, FL

Delray Beach, FL –Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $1,400,000 in financing for the 21 Drops office building located at 290 SE 6th Avenue Delray Beach, FL. 

The 21 Drops building is a 6,850 SF class “A” freestanding historic office building that is well positioned on Federal Highway just three blocks south of Atlantic Avenue.  

The building was originally built in 1949, as an auto showroom/garage for Adams Chevrolet on Federal Highway.  

In 2013 the property was converted to include the headquarters of 21 Drops, a modern line of essential oil products sold in retail stores and spas worldwide.

Other tenants include Leighton Design Group and Slash Fitness.  HC Real Estate Capital worked exclusively on behalf of the borrower to secure a 7-year, fixed rate loan through a local lender.

Slash Fitness club members exercising
HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans. 

 The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

497-Acre Residential Land Tract Sold Near Atlanta

Fields of Walnut Creek, 60 miles north of Atlanta, GA in Jackson and Hall Counties

Perry Hayes
ATLANTA, GA– Bull Realty has brokered the sale of 497 acres located 60 miles north of Atlanta in Jackson and Hall counties at full list price of $1.8 million.

 The Fields of Walnut Creek, a partially developed residential community, sold in an all-cash sale on Sept. 30. Perry Hayes, associate broker at Bull Realty, represented the seller, United Central Bank, in the transaction. Grant Whitworth of Whitworth Land Corp. represented the buyer, Walton Georgia LLC.

Grant Whitworth
 “The sale of The Fields of Walnut Creek shows how far the residential market has come in Atlanta,” Hayes said. “There was little interest when we originally marketed the property for sale at the end of 2012.

“When a previous buyer failed to close, Bull Realty re-listed the property this June and had multiple competing offers. The property sold at full list price.”

 “It’s amazing how fast land values have escalated in such a short period of time,” added Michael Bull, president and founder of Bull Realty. Bull Realty brokers have closed several notable land sales in and around Atlanta in the last year.

Michael Bull
 The 497-acre Fields of Walnut Creek has 123 partially developed lots, 151 raw lots and does not have public sewer. The buyer plans to hold the property for future residential development and housing.

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

Savannah Duncan • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0870  • M: 404-901-4433

Capital One Completes Acquisition of Beech Street Capital

Grace Huebscher
MCLEAN, VA – Capital One Financial Corporation (NYSE: COF) announced the completion of its acquisition of Beech Street Capital, a privately-held, national originator and servicer of Fannie Mae, Freddie Mac and FHA multifamily commercial real estate loan. The terms of the transaction were not disclosed.

 Founded in 2009, Beech Street is an originator, underwriter and servicer of multifamily commercial real estate loans and is one of the largest national providers of government-insured mortgage loans through the multifamily lending programs of Fannie Mae, Freddie Mac and FHA.

Through its scalable origination and servicing platform, Beech Street originated approximately $4 billion in loans in 2012, making the company the sixth largest agency originator in the country. Beech Street services a loan portfolio of approximately $10 billion.

 “This marks the beginning of an exciting time for Capital One’s Commercial Real Estate business,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One.

Rick Lyon
“The combination of Capital One’s multifamily business and Beech Street will significantly expand our reach in the market and enable us to offer a full range of lending solutions and other banking services to meet the needs of customers in the multifamily sector.”

 Lyon noted that the Capital One-Beech Street combination will boost it into the ranks of the top 5 multifamily originators nationwide.

 “Capital One is an excellent fit for us – and our borrowers,” said Beech Street founder and CEO Grace Huebscher. “Capital One shares our commitment to delivering the kind of thoughtful, proactive service for our customers that goes beyond their expectations.”

Headquartered in Bethesda, Maryland, Beech Street has nine offices around the country.  Together, Capital One and Beech Street will have portfolio loan servicing and origination capabilities nationally.

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

Courtney Lewis

 Jenifer Bernardi

Taylor & Mathis Signs Hospital Physicians Partners to 54,883-SF Renewal & Expansion at Venture Corporate Center in Hollywood, FL

Venture Corporate Center, Hollywood, FL

Donna Korn
 Hollywood, FL  --   Taylor & Mathis has signed Hospital Physician Partners (HPP) to a 54,783 square foot renewal and expansion at Venture Corporate Center in Hollywood, Florida. 

 Donna Korn of Taylor & Mathis brokered the transaction on behalf of owner MetLife with HPP represented by co-broker Tony Jones of Cushman & Wakefield.

Tony Jones
A tenant at Venture Corporate Center since 2010, Hospital Physician Partners nearly doubled the size of their existing offices with a 26,242 square foot expansion.

“In expanding our offices at Venture Corporate Center we were able to consolidate some of our subsidiary companies to the same location as our headquarters,” stated Jeffrey Schillinger, Chief Executive Officer.  “The location in Hollywood between I-95 and the Florida Turnpike is outstanding.”

Jeffrey Schillinger

The HPP expansion brings the 252,000 square foot Venture Corporate Center to over 90% leased. The office park contains three office buildings each approximately 84,000 square feet.  

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

Donna Korn