Monday, February 10, 2014

Marcus & Millichap Capital Corp. Names Michael Laurencelle Director in Austin, TX Office

Michael Laurencelle
AUSTIN, TX, Feb. 10, 2014 – Marcus & Millichap Capital Corp (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has promoted Michael Laurencelle to director in the firm’s Austin office, according to MMCC’s central region vice president, Charles Krawitz.

“Michael’s ability to secure financing for property owners is well known.  While adeptly handling all asset classes, Michael has made a name for himself in the self-storage industry as a trusted and highly reliable capital partner,” says Krawitz.

Laurencelle has been involved in more than $1.9 billion in commercial real estate finance transactions over his career.

Charles Krawitz
 He joined MMCC in 2009 as an associate and became an associate director in 2012. In the last two years, Laurencelle has closed more than $83 million in self-storage transactions. His insights appeared in Self-Storage News and other trade publications.

Laurencelle received a Bachelor of Arts degree in finance from Northwood University in Midland, Mich.

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

Gina Relva
Public Relations Manager
Marcus & Millichap Capital Corp.
(925) 953-1716

Thomas D. Wood and Company’s Orlando Office Secured $8M in Financing for Tourist Plaza

Meloe Barfield
Orlando, FL – Feb. 10, 2014 –Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $8,000,000 for Tourist Plaza, a multi-tenant retail property in Orlando, Florida.

Meloe Barfield, Company Senior Vice President, secured financing for the refinance of Tourist Plaza through Thomas D. Wood and Company’s correspondent relationship with Genworth Financial. 

The permanent fixed-rate loan has a term of 15 years, based on a 25-year amortization and an interest rate of 4.90%.  The 50,712 square-foot retail plaza was built in 1991 and is home to major tenants Tony Roma’s, Ponderosa, and Bargain World. 

Tourist Plaza is located at 8510-8560 International Drive, Orlando, Florida.

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

Meloe Barfield
Sr. Vice President                                       
Thomas D. Wood & Co.                             
(407) 374-0253

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

IPA Sells South Bay Apartment Complex in Torrance, CA

Milano Apartments, Torrance, CA

Ronald Harris
TORRANCE, CA, Feb. 10, 2014 – 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 Milano Apartments, a 248-unit apartment complex in Torrance, Calif.

            IPA executive vice presidents investments Ron Harris and Greg Harris, along with IPA directors Kevin Green and Joseph Grabiec, advised the seller, 20900 Anza Avenue Apartments LLC, represented by Fairfield Residential.

Greg Harris
The buyer is M West Holdings LLC, a vertically integrated Los Angeles-based private real estate investment firm. Paul Darrow, an IPA director and Michael DiSimone, an IPA associate, also provided representation.

Kevin Green
            “Milano Apartments is a core-plus property of considerable size in an affluent South Bay infill submarket in Los Angeles County with high demand drivers and desirable demographics,” says Ron Harris.

            “The property has received $4.2 million in capital expenditures during the last five years,” adds Greg Harris. “The new owner, M West Holdings, has an opportunity to enhance revenue through the continuation of strategic renovations.”

Joseph Grabiec
            “We were extremely pleased by the efficiency of the IPA team,” comments Karl Slovin, president of M West. “The team’s attention to detail facilitated one of our smoothest closings in years.”

Paul Darrow
            The four-building apartment complex is located at 20900 Anza Ave. in Torrance, Calif. The property features 640 feet of frontage along Anza Avenue. Redondo Beach and Hermosa Beach are approximately two miles away.

            Built in 1964 and renovated in 2008, Milano Apartments’ community amenities include two swimming pools, a basketball court, two lighted tennis courts, a spa, a state-of-the-art fitness center with cardio machines and free weights, a business center and conference room, a billiards room, an outdoor sundeck and recreation area and a newly renovated lounge with a bar and flat-screen TVs.

Karl Slovin
            The apartments feature upgraded cabinets and countertops, wood-inspired vinyl flooring, crown molding, mirrored wardrobes and stainless steel and black appliances.

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

Gina Relva
 Public Relations Manager
(925) 953-1716

Faris Lee Investments Crafts Joint Venture Partnership for American Realty Capital for Major Multi-Tenant Retail Property in Aliso Viejo, CA

The Commons at Aliso Viejo Town Center, Aliso Viejo, CA

Richard Chichester
RVINE, CA, Feb. 10, 2014 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed a complex joint venture partnership between New York-based American Realty Capital (ARC) and Irvine, Calif.-based ValueRock Realty Partners, Inc. for the ownership of The Commons at Aliso Viejo Town Center.

Built in 2004 and situated on 14.54 acres, the 181,160-square-foot multi-tenant retail center is fully occupied by Lowe’s, Michaels, and Tuesday Morning in the southern Orange County city of Aliso Viejo.

Faris Lee originally listed The Commons with owner CapLease, Inc. in mid-2013 and generated multiple offers, none of which were acceptable to the seller.

During its review of options for the owner, Faris Lee identified some of the challenges CapLease was undergoing as an East Coast owner of a West Coast asset.

Dennis Vaccaro
The firm introduced CapLease to ValueRock as a potential joint venture partner alternative to selling the property. During the negotiations for the new ownership structure, CapLease was acquired by ARC, a full-service real estate advisory firm.

 “This joint venture structure was strategic, uniquely complex, and born out of a disciplined review and approach to maximizing the value of the asset, on both financial and operational levels to meet the ownership’s goals and objectives,” said Richard Chichester, president and CEO of Faris Lee Investments.

“To that end, we explored and developed multiple scenarios including sale, recapitalization, and partnership, and determined that with the right operating partner, the long-term value would be best maximized through a joint venture.”

               Dennis Vaccaro, senior managing director with Faris Lee added: “Both CapLease and ARC are New York-based companies. We were able to match ARC with ValueRock, an experienced, locally-based operator and manager with other proven success operating south Orange County retail properties.”

William H. Winn
Under this new joint venture structure, ValueRock will be taking the lead on operations and lease negotiations, and will consider future strategies to reposition the asset in order to maximize value through tenancy.

 “We are pleased to partner with ARC and look forward to working with them to add value to the property through proactive management and leasing,” said William Winn, president & CEO at ValueRock Realty Partners, Inc. “This property offers an intrinsic value in a key market that has limited potential for future development.”

Valued at approximately $50 million, The Commons is situated on 14.54 acres at 26501, 26053 and 26505 Aliso Creek Rd. and is located within Aliso Viejo Town Center, a 300-acre, 700,000-square-foot regional shopping center and one of the most dominant retail developments in Orange County.

Typical Trader Joes sales floor
The center includes a 20-screen Edward’s Stadium Theatre, Ralphs Fresh Fare, Trader Joe’s, TJ Maxx, PetSmart, Barnes & Noble, Pier 1 Imports, and others. 

Aliso Viejo Town Center dominates the area, while also drawing from the surrounding communities of Laguna Niguel, Laguna Hills, Mission Viejo, Lake Forest and Laguna Beach.

Faris Lee has emerged as an expert investment advisor in the south Orange County region and is the most active retail sales firm in the area participating in nearly $1 billion in property transactions over the past 15 years.

The Shoppes at Aliso Viejo, CA
In Aliso Viejo alone, the firm has completed in excess of $100 million in retail property transactions including the $39 million sale of The Shoppes at Aliso Viejo; a multi-tenant property including Stadium Brewing Company; and a single-tenant Walgreens property. 

The firm is also currently marketing a PetSmart property valued at $8.75 million. 

The Commons at Aliso Viejo is located in south Orange County, one of the most affluent regions in Southern California with the average annual household income of more than $119,000 within a five-mile radius.

The Commons at Aliso Viejo is part of the successful Aliso Viejo master-planning community. The city’s plan strictly limits commercial development, preventing any future over development in the area.

Furthermore, the Aliso Viejo Town Center was designed and developed to be the primary shopping destination for the residents of Aliso Viejo and surrounding communities, offering big-box, grocery, lifestyle, entertainment, restaurant, and shop space in one convenient location.

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

Darcie Giacchetto
Spaulding Thompson & Associates

HFF closes sale of Pheasant Hollow in Plainsboro, NJ

Pheasant Hollow Apartments, 1912 Pheasant Hollow Drive, Plainsboro, NJ

Jose Cruz
FLORHAM PARK, NJ - HFF announced today that it has closed the sale of Pheasant Hollow, a 439-unit, garden-style, multi-housing community in Plainsboro, New Jersey.

               HFF marketed the property on behalf of the sellers, Angelo Gordon & Co. and Vantage Properties.  Harbor Group International purchased the asset free and clear of existing debt.

Andrew Scandalios
               Pheasant Hollow is located at 1912 Pheasant Hollow Drive within three miles of Route 1 and two minutes from downtown Plainsboro. 

Situated in the affluent Princeton submarket, the property is 91 percent leased and includes studio, one- and two-bedroom units averaging 759 square feet each.

 Community amenities include a fitness center, outdoor adult and children’s pools, and basketball and tennis courts.  Additionally, the property is adjacent to Meadows at Middlesex, an 18-hole public golf course.

Kevin O'Hearn
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver.

Angelo, Gordon & Co. is a privately held investment advisor specializing in alternative investments such as real estate, distressed debt and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.

Jeff Julien

Founded in 2005, Vantage Properties is one of the leading investors in New York residential and retail properties.

Harbor Group International, with a portfolio valued at approximately 3.8 billion, has been acquiring properties for profitable commercial real estate investing since 1990.  HGI currently owns more than 10.5 million square feet of commercial properties and in excess of 24,500 apartment units.

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 |

Marcus & Millichap Arranges $2.1 Million Sale of Lauderdale Lakes, FL Office and Retail Condo Property

Drew A. Kristol
LAUDERDALE LAKES, FL, February 10, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of an office/retail condominium property located in Lauderdale Lakes, FL. The asset sold for $2,100,000 representing $66 per square foot.

Vice President Investments Kirk D. Olson and Drew A. Kristol and Associates Edward Jones and Todd Cohen in Marcus & Millichap’s Miami office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Tamarac, FL. 

The sale represented 12 units of a 13-unit office/retail condominium property located in the Headway Office Park in the heart of Lauderdale Lakes.

Todd Cohen
 The 12 units total 31,364 rentable square feet of ground floor office/retail. The condominium not included in the sale is owned by its user.

“The property was 55 percent occupied at the point of sale affording the buyer with an immense amount of upside through leasing the remaining vacant bays,” says Kristol.

The property, which was built in 1984, is in pristine condition and has ample parking.  It is located on busy State Road 7 (441) just south of Commercial Boulevard at 4850 North State Road 7.

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

Kirk A. Felici
First Vice President/Regional Manager,
Miami, FL
(786) 522-7000

Trepp Reports Percentage of CMBS Loans Paying at Maturity Recedes Slightly

NEW YORK, NY -- The percentage of loans paying off on their balloon date was 71.3% in January, according to Trepp.

This was the second straight month in which the rate declined--from 76.5% in December and 81.3% in November. The latter was the highest rate in the last five years. Trepp began measuring this statistic August 2008.

The January payoff percentage is slightly above the 12-month moving average of 68.3%. 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), 63.2% of loans paid off in January. This was also a decline, from a rate of 74.6% in December. The 12-month rolling average on this basis is now 69.1%.

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

Construction Pipeline Spurts to the Upside as Marriott Delivers Big Gains

PORTSMOUTH, NH – Lodging Econometris reports that after being locked in a bottoming formation for nine quarters, the Construction Pipeline increased in 2013 to 3,020 Projects/ 382,958 Rooms, a Year-Over-Year (YOY) increase of 10% by projects and 12% by rooms.

 It's the first YOY double-digit increase since before the recession.

The volume bounce from the 2Q11 bottom is significant because it starts the second leg of the new real estate cycle where Pipeline growth is expected to steadily increase as single asset and portfolio selling prices are now at record highs, signaling the point where it will be cheaper to build new hotels than to buy existing ones.

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

 Jennifer McLynch
Marketing Communications Manager
Lodging Econometrics
P: +1 603.431.8740, ext. 16
F: +1 603.431.4418

Chatham Lodging Announces Monthly Dividend

PALM BEACH, FL, Feb. 10, 2014—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a monthly common share dividend of $0.07 for February 2014. 

 The common dividend is payable March 28, 2014, to shareholders of record on February 28, 2014.

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

Chris Daly         
Daly Gray Public Relations                                                   
(Media)                                                                                                                                                       (703) 435 6293                                                 

Dennis Craven
Chatham Lodging Trust
 (561) 227-1386  

Hendricks-Berkadia Negotiates Sale of Two Lake County, FL Development Sites

Cole Whitaker
Orlando, FL--- Hendricks-Berkadia, one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of two development sites in Lake County---one in Fruitland Park and another in Eustis.

Cole Whitaker, partner who heads Hendricks-Berkadia in the Southeast, negotiated both sales with senior vice president Hal Warren.

Hendricks-Berkadia negotiated the sale of 86.55 acres on Lake Ella Road in Fruitland Park for $585,000 representing the seller, Capstone Resdev LLC.

The buyer was Daryl M. Carter as Trustee of the Lake Ella Road Land Trust.

Hendricks-Berkadia negotiated the sale of nine finished residential home sites at Wandering Ponds, improved as a ranchette-style development, on SR 44 in Eustis for $475,000 representing seller PNC Bank, N.A. Golden Orb Properties, LLC acquired the home sites.

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

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142;

Capital Square Realty Advisors Completes DST Investment Offering in Tampa, FL

Bridgeview Apartments, Tampa, FL

Yogi H. Singh
RICHMOND, VA (Feb. 10, 2014) – Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust investment offering of Bridgeview Apartments, a 348-unit, garden-style multifamily community in Tampa, Fla., has been fully subscribed by investors.

Bridgeview consists of 17 wood-framed and stucco residential buildings ranging from two to three stories and features a recently renovated clubhouse that includes a modern business center, resort-style pool, playground, fitness center and tennis and racquetball courts.

The property is nestled within a serene two-acre park-like setting with three onsite lakes, strategically located in a prime infill location within Tampa’s thriving metropolitan statistical area.

“Bridgeview is a well-located community in a sought-after neighborhood in Tampa, and offers residents premium amenities with easy access to the major employment centers in the market,” said Yogi Singh, vice president of acquisitions with Capital Square Realty Advisors.

“We are pleased this multifamily DST investment property is fully subscribed and look forward to providing additional investors with the opportunity to benefit from ownership of quality multifamily real estate,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. 

Louis H. Rogers
Rogers added, “Most DST investors are seeking replacement property for a Section 1031 exchange to defer federal and state income taxes otherwise due on the sale of their investment property. 

“A growing number of Section 1031 exchange investors are finding that DST replacement property solves many technical Section 1031 tax requirements, including identification of replacement property and debt replacement, along with simplifying the due diligence and closing process. 

"It is interesting to note that, while most DST investors are seeking replacement property for an exchange, a growing number are investing discretionary (non-1031) funds in DST investments for stable cash flow and safety of principal, along with the future ability to exchange out of DST investments in a tax-deferred manner under Section 1031 when the DST property is sold.

" DST investments have become a solution to the problems frequently encountered by Section 1031 exchange investors.”

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

 Jill Swartz                                                                            
Spotlight Marketing Communications                    
949.427.5172, ext. 701 – office                                    
949.485.1552 – cell                                                           

Meta Housing Corp. Expands Leadership to Match Growth: Appoints Kasey Burke as president

Kasey M. Burke
LOS ANGELES, CA (Feb. 10, 2014) – Meta Housing Corporation, a leading developer of affordable and market-rate apartment communities for seniors and families, has announced the expansion of its executive leadership team with the appointment of Kasey M. Burke as President.

Burke, who has worked with Meta Housing for more than a decade and most recently served as its Executive Vice President, will guide the strategic direction and positioning of the company as it continues to expand in size and scope, according to John M. Huskey, Chairman and CEO of Meta Housing Corporation.

“Our company has grown tremendously since its inception more than 20 years ago, and that growth has been magnified over the past five years,” explains Huskey.  “We have added new team members, expanded our office space, and increased the reach and scope of our projects during that time.”

“As President, Kasey will continue to fuel this growth, and we anticipate that Meta Housing Corporation will increase its number of developments, as well as its geographic reach, under his direction,” says Huskey.

John M. Huskey
      Burke notes, “We have a strong team at Meta Housing, and we all work exceptionally well together.  This collaboration has fueled our recent growth, and as President, I look forward to continuing the momentum we’ve created.”

       According to Burke, under his leadership, Meta Housing will further expand specific development niches, including its unique “arts colony” apartment communities, while continuing to grow its core affordable housing business.  The firm will also focus on growing its development of inclusionary housing for master developers, for which Meta Housing has developed 450 units. 

     “In addition to new construction, we also intend to grow our acquisition platform.  We are currently seeking opportunities to acquire existing multifamily product, as well as acquisition of General Partner interests,” explains Burke. 

    “Each of these initiatives is reflective of increasing demand for affordable multifamily housing, and Meta Housing Corporation is well-positioned to leverage these opportunities.”

John Huskey will continue to serve as Chairman and CEO of Meta Housing Corporation, and George M. Russo will continue to serve as the company’s CFO.

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

Jenn Quader or Corynne Randel
Brower, Miller & Cole
(949) 955-7940

Arbor Funds $37.5M in Multifamily Deals Across Southwest and Tennessee

La Quinta Springs Apartments, Indio CA

Greg Gillam
UNIONDALE, NY (Feb. 10, 2014) - Arbor Commercial Funding, LLC (Arbor), a wholly- owned subsidiary of Arbor Commercial Mortgage, LLC, and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $37,476,500 under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Supplemental, and  Fannie Mae DUS ARM 7/6™ product lines.

 All of the loans were originated by Greg Gillam, Vice President in Arbors Manhattan Beach, CA office.

“The multifamily market’s fundamentals from California to Texas continue to improve, enabling investors to obtain attractive financing for their properties through multi-faceted lenders such as Arbor, which offers uniquely diverse and flexible loan products, Gillam said.

“With this most recent group of deals in particular, we noticed a decided increase in acquisition activity as investors continue to increase their appetite for multifamily assets.” 

 The loans include:

Vista del Sol Apartments, Pleasanton, CA
·            Riverton of the High Desert, Victorville, CA This 220-unit multifamily property received $15,159,000 funded under the Fannie Mae DUS ARM 7/6 Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. 

 The property includes an in-ground, outdoor swimming pool; a whirlpool spa; and a children’s play area.

·            La Quinta Springs Apartments, Indio, CA This 80-unit multifamily property received $6,120,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Residents have access to an outdoor swimming pool, a spa, a dog park, outdoor parking and a gated entry.

Watercrest at the Polo Fields Apartments
(Casa Monroe), Indio, CA
·            Vista Del Sol, Pleasanton, CA This 73-unit multifamily property received $5,450,000 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property includes a fitness center for residents.

·            Watercrest at the Polo Fields (Casa Monroe), Indio, CA This 226-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS Supplemental Loan product line. The eight-year loan amortizes on a 30-year schedule. The complex includes two swimming pools, two heated spas, central laundry facilities, a playground and on-site parking.

Village Green Apartments, Bakersfield, CA
 ·            The Artesian Apartments, Bellflower, CA This 26-unit multifamily property received $2,300,000 funded under the Fannie Mae DUS Small Loan product line. The 12-year refinance loan amortizes on a 30-year schedule. Residents have access to a laundry room that includes three coin operated washers and four coin operated dryers.

 ·            Village Green Apartments, Bakersfield, CA This 40-unit property received $1,635,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.  The property has gated access and two laundry facilities in structures attached to carports.  Each laundry room contains two washers and two gas-fired dryers. 

Parksvillas Apartments, Arlington, TX
 ·            Parksvillas Apartments, Arlington, TX This 103-unit multifamily property received $1,897,500 funded under the Fannie Mae DUS Small Loan product line. The 12-year refinance loan amortizes on a 30-year schedule.  The complex includes a swimming pool, fitness room and a central laundry facility.

·            Silver Creek Apartments, Red Bank, TN This 83-unit multifamily property received $1,865,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.  Residents have access to laundry facilities, a swimming pool and a tennis court.

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

Christopher Ostrowski