Tuesday, December 3, 2013

Tom Burst Joins Colliers South Florida's West Palm Beach Office

Tom Burst
WEST PALM BEACH, FL, Dec. 3, 2013 -- Colliers International South Florida is pleased to announce that Tom Burst has joined the firm as Senior Vice President in the West Palm Beach office.

 With over 27 years' experience in commercial real estate, he has the knowledge and insight to advise office clients on all aspects of commercial real estate from leasing to disposition, to repositioning properties to maximize their potential.

"Tom has been a recognized leader in the West Palm Beach region and we are thrilled to have him join our team," says Stephen Nostrand, CEO of Colliers International South Florida.

"His career-long dedication to being a trusted advisor to his clients mirrors our commitment to building our team with passionate professionals who know how to deliver success.

Stephen Nostrand
“This expansion in the Palm Beach County area will include several other experienced brokers joining our existing team members. We will begin 2014 with a specific goal of creating an expanded presence for Colliers International South Florida in Palm Beach, Martin and St. Lucie counties." 

Prior to joining Colliers, Burst owned Burst Commercial Real Estate Services, Inc., which he founded in 1996 and merged with KRES Commercial in 2012.

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

HC Real Estate Capital Arranges $16 Million in Acquisition Financing for Multi-Family Community In Port Richey, FL

Park Place Apartments, Port Richey, FL

Port Richey, FL, Dec. 3, 2013 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $16,000,000 in acquisition financing for Park Place Apartments in Port Richey, Florida. Financing was arranged through a local lender at a competitive rate.

Park Place apartments is a 420-unit garden style apartment community, built in 1985 and situated is situated on 23.51 acres.  The 420 units are comprised of 276 one bedroom, one bathroom units, 72 two-bedroom, one bathroom and 72 two bedroom, two-bathroom units.  

Property amenities include a main clubhouse with leasing and management offices, two swimming pools, a tennis court and a shuffleboard court

Kurt Hoffmann, Principal at HC Real Estate Capital states, “All sides of the transaction worked well together and were able to meet all deadlines and fund in less than 45 days of the purchase and sale agreement being executed.” 

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 and bridge 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

CFLane Honored for Efforts to Feed the Hungry in Georgia

Atlanta, GA – The Atlanta Apartment Association’s Food-a-Thon, which is the annual food drive benefiting the Atlanta Community Food Bank, set a new record this year. The Food-a-thon is the largest food drive in the state, and this year collected enough nonperishable food to provide 6.2 million meals to hungry families.

Atlanta Community Food Bank photo
 of CF Lane Food Drive Parade
 This accomplishment was particularly worthy of celebrating at CFLane, which received two awards for its involvement:

·       CFLane received the award for collecting the most food items.

·       Carrington Point Apartments in Douglasville, Ga., which CFLane manages, received the award for creating the Best Food Drive Display.

“Our industry had its best year yet and exceeded expectations for the food drive,” said CFLane’s Director of Marketing & Training Ka'Ren Sarvis. “Plus, our CFLane family went above and beyond to make a difference in fighting hunger.”

Ka'Ren Sarvis
 The Atlanta Apartment Association bestowed the awards at the Annual AAA STAR Award Dinner Nov. 21. The Food-a-Thon runs from June through October. It includes donation barrels, fund-raisers and other events to create awareness. This year’s theme was “CANsino!”

 The Food-A-Thon is the single most significant contribution the Atlanta Apartment Association makes to a charitable organization each year.

CFLane is a leading full-service multifamily investment firm and management services provider.

With approximately 40,000 apartment units under management nationwide, it is one of the nation's top 50 multifamily property management firms.

CFLane is an affiliated entity of Cocke, Finkelstein Inc. (www.cockefinkelstein.com), a privately-held Atlanta-based real estate and investment management firm. For more information, visit www.CFLane.com.  

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

Terri Thornton

HFF expands presence in Mid-Atlantic States with opening of its Philadelphia office

John H. Pelusi Jr.
PHILADELPHIA, PA – HFF announced today that it will expand its presence in the Mid-Atlantic states by opening its 22nd office in the U.S. in Philadelphia, Pennsylvania, with an immediate focus on investment sales, equity placement and debt placement.   

Day-to-day operations of the Philadelphia office will be led by Mark Thomson and Zachary Pierce, who will co-head the office as senior managing directors.  

Heather Pushinsky
Senior managing director Mark Popovich, a member of HFF’s Leadership Team and the co-office head of the Pittsburgh office, will provide assistance and oversight to help strategically grow the Philadelphia office to encompass all of the firm’s lines of business and product specialties in order to better serve its existing and future clients.

Also joining Thomson and Pierce at HFF are Steve Rutman and Carl Fiebig, both former associates at Marcus & Millichap and Heather Pushinsky, the team’s marketing director.

Steven Rutman
Thomson and Pierce, formerly directors of Marcus & Millichap’s national multi-housing group, specialize in the sale of multi-housing assets in the Philadelphia MSA.

 During the past 12 months, their group was the highest producing multi-housing team in the Mid-Atlantic region for Marcus & Millichap closing more than 3,000 multi-housing units.

 Notable recent transactions include: the 641-unit Marquis Apartments in King of Prussia, PA; the 535-unit Colonade Apartments in Jenkintown, PA; and the 502-unit Charter Court Apartments in Philadelphia, which is under contract with a non-refundable deposit.

Carl Fiebig
"We are extremely excited to begin the next chapter of our careers by leading the new Philadelphia office of HFF. 

“HFF has a truly unique culture, and its open platform of sharing information and resources is centered on putting the client’s interest first, which we believe sets it apart from other competitors in the market.

“  Its national fully integrated capital markets platform and unparalleled access to domestic and foreign capital sources will add tremendous value for our clients," said Thomson and Pierce.

Mark Thomson
“Over the years, we have consummated a number of high profile transactions in the Philadelphia market without having a physical office presence in the market,” said Mr. John H. Pelusi, Jr., executive managing director and managing member of HFF, and the CEO and Vice Chairman of HFF, Inc.

“Given our past successes in the market, as well as the fact it is one of the top 10 major MSA’s in the U.S., we had been actively seeking to open an office here since 2010. 

“The opening of the Philadelphia office follows a similar pattern of opening offices in other major markets, such as our San Francisco, Denver, Tampa, Austin and Orlando offices, where we had consummated high profile assignments for clients without a physical presence, and then opened an office after successfully recruiting individuals who had the best reputations in their respective markets, who exhibited great work ethic, and most importantly, ascribed to our culture of high integrity and always putting the client’s interest first.

Zachary Pierce
“Mark and Zac’s integrity, work ethic, reputations and experience in the Philadelphia market were what attracted us to them and led to the opening of HFF’s 22nd office in the U.S.”

“We are excited about the opportunity to better serve our existing and future clients in the Mid-Atlantic region with Zac and Mark and the rest of their team, as well as the numerous future opportunities they will create with their physical presence in this market,” said senior managing director Mark Popovich.

Mark Popovich
“As with our recently opened offices in Denver, Austin, Tampa, and Orlando our goal is to strategically build-out the full platform of services and product specializations in our new Philadelphia office by hiring and retaining associates who have the highest ethical standards and the best reputation in the industry.”
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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes $33.35 million sale of Rhode Island Mall in Warwick, RI

Rhode Island Mall, 650 Bald Hill Road, Warwick, RI

Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of a 226,515-square-foot retail condominium interest in the Rhode Island Mall center located in Warwick, Rhode Island.

Andrew Scandalios
                HFF marketed the property on behalf of the seller, Winstanley Enterprises, LLC.  A private investor purchased the asset for $33.35 million or $147.23 per square foot.  The third condominium unit (the attached vacant mall) was not included in the sale.

                The Rhode Island Mall includes a 136,000-square-foot Walmart and a 90,515-square-foot Kohl’s that were built in 2000 and 2002, respectively.  The property is located at 650 Bald Hill Road (Route 2) at the intersection of Interstates 295 and 95 in Warwick.

James Koury
                The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, Andrew Scandalios and James Koury, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Steve Simonelli.

Kevin O'Hearn
                According to Cruz, “Winstanley Enterprises took advantage of strong demand for well located, net leased retail product.  The term and credit of the tenants attracted a wide array of buyers.”

                Winstanley Enterprises, LLC is a real estate investment and development firm that currently owns and operates 43 buildings totaling approximately 5.5 million square feet throughout the Northeast.

Jeffrey Julien
 Since the early 1990s, Winstanley has acquired in excess of 80 properties exceeding 10 million square feet of real estate throughout the eastern United States.

 The portfolio currently consists of a wide variety of commercial properties, including industrial/warehouse, R&D, office, biotechnology lab, and retail properties.
Steve Simonelli

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

HFF closes sale and arranges financing for Market Heights power center in central Texas

Market Heights power center, Harker Heights, TX

Doug Hazelbaker
DALLAS, TX – HFF announced today that it closed the sale of and arranged financing for Market Heights, a 412,645-square-foot power center in Harker Heights, Texas within the Killeen-Temple-Fort Hood MSA.

                HFF exclusively represented the seller, Direct Development, and procured the buyer, Cole Credit Property Trust IV, Inc. (CCPT IV).  HFF also arranged financing for the buyer through BofA Merrill Lynch.

Jim Batjer
Completed in 2007, Market Heights is anchored by national tenants including Ross Dress For Less, Dick’s Sporting Goods, Bed Bath & Beyond, Barnes & Noble, Cinemark, Old Navy, ULTA and Petco. 

The property, shadow-anchored by Target, is situated on 80 acres at 201 East Central Expressway along State Highway 190 near Fort Hood and in central Texas.

Barry Brown
The HFF investment sales team representing the seller was led by senior managing directors Doug Hazelbaker, Jim Batjer and Barry Brown and managing director Ryan Shore.

HFF’s debt placement team was led by senior managing director Kevin MacKenzie and director Adam Herrin.

“We are very happy to consummate this transaction with CCPT IV.  The closing process was nearly flawless and the team at Cole proved to be exceptional to work with,” said David Watson of Direct Development.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

Preferred Apartment Communities, Inc. Promotes John Isakson to Chief Capital Officer

John A. Isakson
Atlanta, GA -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) announced it has promoted John A. Isakson to Chief Capital Officer.

 Isakson, who has served in a number of executive management roles since the company’s initial public offering, will remain on the investment committee and continue to oversee the company’s asset management functions.

 In addition, he will assume responsibility for the company’s varied capital needs at both the corporate and property level as well as institutional investor relations. 

John A. Williams
 "With as much as we have grown over the past two years, it has become increasingly important for us to have someone focused on the capital needs of the company," said John A. Williams, CEO of Preferred Apartment Communities, Inc.  "John has been a key member of our team, and I know he will do a great job in this expanded role."

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

Jill Swartz
(949) 427-5172 ext. 701
(949) 485-1552 Cell

New Preconstruction Condo Projects Tour Targets Investors In South Florida

MIAMI, FL -- Staying apprised of the increasing number of investment opportunities related to the nearly 180 new condo towers proposed for South Florida is about to get easier with this week's launch of a new preconstruction condo projects tour.

Peter Zalewski
Real estate analyst Peter Zalewski – who founded the preconstruction condo projects website CraneSpotters.com in conjunction with the Miami Association Of Realtors - has committed to narrate the new weekly tours of South Florida’s most active coastal markets beginning Saturday, December 7, 2013.

Zalewski – who with a team of veteran researchers rely on public records and private research to closely monitor every new condo tower proposed to be developed east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties - intends to provide an indepth analysis of every proposed tower visited during the three-hour preconstruction condo market tours.

Additionally, a searchable list of every proposed condo tower with project profiles and a 3-D locator map is available at CraneSpotters.com.

Overall in South Florida, at least 178 new condo towers with nearly 23,350 units are now proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of November 29, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

"South Florida is in the early stages of the tricounty region's newest preconstruction condo boom," said Zalewski, a principal with the Downtown Miami based real estate consultancy Condo Vultures® LLC.

"Our organization has been working diligently since early 2011 to identify, understand, and monitor every condo tower - and increasingly every rental project - proposed to be developed east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties.

“ The preconstruction condo tours are just another step in our quest to provide ahead-of-the-curve expertise to investors who want to take positions in rapidly changing South Florida real estate market."

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

Condo Vultures®
225 Midtown Building
 225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.


Mortgage Rates Steady Even as Stock Market Hits New Highs, RECI Reports

Chicago, IL -- The stock market hit new highs and treasuries climbed upward, yet mortgage rates held steady with 10-year notes rising by less than 15 bp and five-year notes nearly unchanged. 

Jeanne Peck
For the most part, lenders absorbed rate increases by dropping spreads.  What's more, mortgage pricing differences between various types of properties and levels within the capital stack continue tightening as evidenced by the following long-term debt pricing summary as indexed over the 10-year treasuries:

*    Low Leverage Senior Debt:  150 to 170 bps over treasuries for 65% Loan-to-Value or less, with multifamily and credit-tenant loans reflecting the lower end of the pricing curve.  Lodging loans about 20 bps higher and10% less leverage.

*    Full Leverage Senior Debt:  170 to 220 bps for 75% to 80% LTV; 75%
applies to most types of commercial properties except for lodging
(generally, 65%) and 80% targets multifamily/credit loans.

*    Mezz/Preferred Equity:  300 to 1,500 bps for 5% to 15% additional proceeds, generating a combined 75% to 90% LTV.  Overall yield (inclusive of fees) of 7% to 12% for lower leverage and up to 18% for higher leverage, more structured funding leaning towards equity yields.

*    Joint Venture/Equity: 1,500 to 1,700 bps for up to 10% of the total proceeds.  Overall yield of 18% or more for higher-risk and new construction/rehab deals.  Equity multiples of 1.5X to 2X targeted.  Pricing heavily weighted on sponsorship, in addition to deal metrics.

*    Underwriting:  Since capitalization rates are at record-low levels for most types of core and core-plus properties, funding sources are turning to debt yields (8% to 9.5%) and debt service coverage ratios (1.15X-1.25) as minimum cash flow performance thresholds for senior debt.  Mezz, pref equity, JV and equity funds often priced as low as breakeven cash flow if projects demonstrate performance upside.

Jeanne Peck, director of the Real Estate Capital Institute suggests, "Lenders are eager to lend.  However, obtaining debt is much less of a problem than finding reasonably priced investments for most borrowers."

The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates including treasuries, bank prime and LIBOR. 

Furthermore, call the Real Estate Capital RateLine at
7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Jeanne Peck, Executive Director