Wednesday, February 26, 2014

MHA Brokers Sale of Two Montgomery, AL Apartment Complexes; Beech Street Capital arranges acquisition financing.

  
Bell Station Apartments, Montgomery, AL

  
Jimmy Adams
MONTGOMERY, AL (Feb. 26, 2014) — Multi Housing Advisors (MHA) has brokered the  sale of the 224-unit Bell Station and the 28-unit Watchman Court, located at 3201 and 3301 Watchman Dr., respectively, in Montgomery, Ala.

 Combined, the contiguous properties were 93 percent leased at the time of the sale.

Jimmy Adams of MHA’s Birmingham, Ala., office represented the sellers, Tritex Real Esate Advisors and Watchman Court, Ltd., and was the only broker involved in the deal. EBSCO Watchman Dr. LLC was the buyer.

“The sale of Watchman Court and Bell Station shows that investors are more receptive today to acquiring assets in non-core markets like Montgomery,” Adams said. “We expect to see a significant uptick in sales this year throughout Alabama and Mississippi.”   

Chad Hagwood of Beech Street Capital, LLC, arranged a Freddie Mac loan for the buyer.

This is the first transaction closed since Beech Street Capital and MHA formed their alliance.

Chad Hagwood
Through their agreement, Beech Street Capital’s clients gain direct access to local broker intelligence, and MHA’s clients gain direct access to capital markets, providing a more efficient transaction process.

The goal is to help investors use that intelligence to identify desirable properties and, more importantly, to provide the well-integrated transactional and financial support investors need to seize these opportunities quickly.

Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast.

Since that time, MHA has created value for clients in virtually every sector of the multi-housing market.

The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.
  
For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)


Taylor & Mathis South Florida Team Volunteers at Kristi House




MIAMI, FL, Feb. 26, 2014--The Taylor & Mathis South Florida team (above) put their award winning property management skills to good use last week. Fifty employees volunteered two days of man hours and expertise at Kristi House, Inc., a private, non-profit organization in Miami, Florida dedicated to healing and eradicating child sexual abuse.

Kristi House operates the Orlowitz-Lee Children’s Advocacy Center responsible for sexual abuse cases in all of Miami-Dade County, population 2.6 million.  The team did everything from painting to landscaping to repairs. 

Mary Faraldo
“With companies like Taylor & Mathis teaming up with us for a service project, we are able to tackle projects which are greatly important to the integrity of the building – yet come at a great financial burden. Volunteers give us the opportunity to keep more dollars for therapy – rather than deferring money for needed upkeep.”  -- Mary Faraldo, Community Relations Officer Kristi House.

 “We feel so blessed to lend our time to such a worthwhile organization,” stated T&M Director of Operations Marlene Diaz.  “We have an incredible team of employees whose devotion to giving back to their community warms my heart.”

 Kristi House is located on the University of Miami/Jackson Memorial Hospital campus at 1265 NW 12 Ave. Its south facility is located on U.S. 1 and 152nd and its north facility is located at 18441 NW and 2nd Avenue.

Founded in 1996, Kristi House has served more than 10,000 victims of child sexual abuse and their families.

Marlene Diaz
Thousands more are reached every year with education and prevention outreach programs. 

Services include case coordination, therapy, comprehensive assessments, transportation, advocacy, prevention education and training, and emergency assistance. Visit www.kristihouse.org.

 Taylor & Mathis is a diversified real estate company specializing in the development, marketing and management of office buildings, suburban office parks, industrial parks and mixed-use projects.

In Florida the company leases and/or manages a portfolio over 11 million square feet. 

Founded in 1967, the company has developed properties exceeding $1.9 billion in value and has established itself as one of the most respected regional real estate firms in the United States.

Based in Atlanta, with key Florida offices in Tampa, Orlando, Sawgrass and Miami, Taylor & Mathis concentrates its business activity in primary growth markets in the southeastern United States.

For more information, visit www.TaylorMathis.com.

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

Marlene Diaz, mdiaz@taylormathis.com
Mary Faralado, mary@kristihouse.org

Berger Commercial Realty Hires Patricia Lehmbeck as New Senior Property Manager


Patricia Lehmbeck
FORT LAUDERDALE, FL (Feb. 26, 2014) – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced it has hired Patricia Lehmbeck as a senior property manager.

 In her new position, Lehmbeck will manage the overall operations of more than 1 million square feet of office and industrial space in Broward and Palm Beach counties. Previously employed by CBRE, she joins Berger Commercial Realty with more than nine years of property management and accounting experience.

Lloyd Berger
 "We are pleased to welcome Patricia to our team of experienced real estate professionals," said Berger Commercial Realty President Lloyd Berger

"A knowledgeable property manager, Patricia offers our clients her expertise in tenant relations and developing and implementing solutions that improve property values." 

A resident of Coral Springs, Lehmbeck received her bachelor's degree in business management at Ottawa University in Kansas and earned a master certificate in applied project management through Philadelphia-based Villanova University's online professional education program.

Ranked among the largest commercial  real estate firms in South Florida, Berger Commercial Realty provides comprehensive, cost-effective property management and brokerage services to both institutional and non-institutional owners.

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

Marielle Sologuren
Pierson Grant Public Relations
(954) 776-1999, ext. 226


Marcus & Millichap Capital Corp. Names Farhan Kabani Senior Director in Dallas, TX Office

  
Farhan Kabani

 DALLAS, TX, Feb. 26, 2014 – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has promoted Farhan Kabani to senior director in the firm’s Dallas office, according to MMCC’s central region vice president, Charles Krawitz.

“Farhan has shown a unique tenacity to find the right financing for countless commercial real estate transactions regardless of complexity.  His knowledge and experience is first in class,” says Krawitz.

Kabani began his career with MMCC in 2006 as a loan analyst. In 2012, he was promoted to director.

He has structured and closed more than 600 transactions in excess of more than $1 billion in funded loans over his career.

He is responsible for securing commercial debt and equity financing for an array of property types including retail and single tenant net-leased buildings.

Kabani is a graduate of Southern Methodist University where he earned a Bachelor of Arts degree in economics and a Bachelor of Science degree in finance.

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

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

Lexington Homes Kicks Off Sales for Lexington Station Rowhomes in Morton Grove, IL

  
Rendering of planned Lexington Station Row Homes, Morton Grove, IL

Chicago, IL (Feb. 26, 2014) - Chicago-based Lexington Homes has announced the start of sales at Lexington Station, a community of 31 three-story rowhomes in highly sought-after Morton Grove.

Lexington has designed new floor plans specific for the community and plans to break ground on three models that will be ready for summer delivery. 

Jeff Benach
“As one of Chicago’s oldest private homebuilders, we’re known for staying on top of changing lifestyles and design trends in Chicago’s housing market. So, we are constantly evolving our portfolio to ensure we are always meeting homebuyers’ needs,” said Jeff Benach, co-principal of Lexington Homes.

“Lexington Station is no exception. Per customer feedback, the new designs include functional and flexible spaces like great rooms and larger kitchens with more countertop and seating space that provide convenient day- to-day living and ample room for entertaining.”

Located just south of Dempster Street on Lincoln Avenue, approximately one mile from I-94, Lexington Station offers buyers affordable new construction in a desirable location within walking distance to shopping, restaurants, the Morton Grove Library and the Metra. 

 For more information or to make an appointment to visit Lexington Station, visit www.lexingtonchicago.com or call 847-531-6300.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519
Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

Multihousing Real Estate Business Looks to Expand in 2014, Beech Street Capital Survey Reveals


Grace Huebscher
  BETHESDA, MD, FEB. 26, 2014 – Multihousing commercial real estate professionals are more than twice as likely to be net buyers than net sellers in 2014, according to a recent industry survey conducted by Beech Street Capital, a Capital One company.

Forty-six percent of those surveyed plan to grow their portfolios this year, while only 18 percent expect to reduce their holdings. In addition, the majority (52 percent) of those polled expect that acquisition financing will be most important to their business in 2014.

Rising interest rates were cited by 34 percent of respondents as their greatest concern in the coming year, compared to overbuilding of apartment units (24 percent), the pace of cap rate expansion (11 percent), access to financing (10 percent), and global uncertainty (10 percent).

Rick Lyon
“Our survey found that multihousing acquisitions are clearly on the rise, driving an increase in demand for acquisition financing,” said Rick Lyon, Head of Commercial Real Estate Banking, Capital One Bank, which acquired Beech Street Capital last November.

“Our team is well-positioned to provide access to tailored acquisition financing solutions that suit the needs of our commercial real estate clients looking to expand in the year ahead.”

Over half (51 percent) of respondents expect urban properties to increase in value, with only half as many seeing increases for suburban properties (24 percent).

In addition, the survey found that 42 percent of industry professionals expect multifamily renovations to gain the most momentum in 2014, compared to other industry trends such as developers moving into emerging markets (32 percent), and increases in luxury developments (16 percent) and affordable housing developments (10 percent).
  
“Many owners are choosing to renovate and modernize their properties to remain competitive and maintain customer satisfaction,” said Grace Huebscher, Beech Street’s president. “At the same time, savvy developers are looking to new markets for opportunities, contributing to a positive outlook for the industry.”

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

Courtney Lewis at 240-507-1948 or
Jenifer Bernardi at 240-507-1946.


Avison Young completes sale of 44,800-square-foot industrial property in Irvine, CA


17392 Daimler Street, Irvine, CA

Dan Vittone
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the sale of a vacant 44,800-square-foot (sf) industrial property in Irvine, CA.

 Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, along with Sam Olmstead of Voit Real Estate Services, represented the seller, Pacific Systems, and the buyer, Burke Real Estate Group.

“The property was previously occupied by Fidelity National Title,” comments Pekarcik. “The buyer intends to renovate the property and re-market it for lease or for sale.”

Situated on 1.88 acres, the property is located at 17392 Daimler Street. The asset offers easy access to the 405 and 55 freeways and is near John Wayne Airport. 

The building includes a reception area, three offices, conference room, two large open areas, five ground-level loading doors and one dock-high loading door.


Alan Pekarcik
“In 2013, industrial sales activity remained fairly stable year-over-year, with 2.4 million square feet (msf) registered in the fourth quarter alone for a 2013 total of 7.23 msf, compared with 7.32 msf in 2012,” observes Vittone.

“The slight drop in activity can be attributed to the lack of supply in some size ranges, and especially in the 40,000-sf to 60,000-sf range such as the subject property, which is putting upward pressure on pricing.”

As of the fourth quarter of 2013, the industrial vacancy rate in Irvine is 6.1% – the lowest figure seen since the first quarter of 2009 – and about 10% less than the vacancy in 2012.

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

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

Thomas D. Wood and Company Secures $73.1 Million for Miami Beach Hotel Developers


Hyatt South Beach Hotel, Miami Beach, FL

Thomas D. Wood Jr.
Miami, FL –Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured $73,100,000 in construction financing for three Miami Beach, Florida, hotel developments.

 The Robert Finvarb Companies, an established hotel developer, requested nearly $29 million in construction financing for the Hyatt South Beach, the first Hyatt hotel on South Beach. 

Company President Thomas D. Wood, Jr., arranged the construction/mini-perm loan through the Company's relationship with a national bank. 

The 105-room hotel will replace the Tropical Gardens apartment building at 1600 Collins Avenue, part of South Beach's Art Deco district. 

The Miami Beach Historic Preservation Board approved the demolition of the rear section of the Tropical Gardens building, while the front of the building is expected to remain intact. The hotel is scheduled to open in early 2015.

Wood secured an additional $32,100,000 construction loan for the Robert Finvarb Companies to develop the AC Hotel South Beach. 

Patrick Harrington
 Patrick Harrington, Vice President, secured a $12,000,000 bridge loan for the complete renovation of the Claremont Hotel on South Beach through Thomas D. Wood and Company’s relationship with a local bank. 

The bridge loan has a term of seven years, two years of which are interest-only, based on an interest rate of Prime + 1.25% and a 20-year amortization thereafter.  

The loan-to-value is 63% of as-complete valuation, and loan-to-cost is 68%.

  Built in 1947, the 69-room hotel is subject to a ground lease with 31 years remaining, but is currently undergoing a full renovation, upon which it will be converted to a Hampton Inn.  

The Claremont Hotel is located at 1700 Collins Avenue, Miami Beach, Florida.




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

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

BA Promotes 3 to Associate Vice President

  
David H. Stevens
 WASHINGTON, D.C. (Feb. 26, 2014) –  David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), announced the promotion of three current staffers from Director to Associate Vice President, effective March 1, 2014.

Brad Cheney, Associate Vice President of Legislative Affairs

Mr. Cheney, MBA’s lobbyist focusing primarily on Democrat members of the U.S. Senate, joined MBA in November, 2009 from the office of Congressman Brad Sherman (D-CA), where he served as Chief of Staff. 

Heather Messam, Associate Vice President and Controller

Ms. Messam, CPA joined MBA’s Accounting and Finance group as a Senior Accountant in January, 2001 from the National Rural Electric Cooperative Association, where she had been a Finance Specialist and Senior Accountant.  At MBA, she was promoted to Manager in 2003 and Controller in 2008.  

 Len Wolfson, Associate Vice President of Legislative Affairs

Mr. Wolfson, MBA’s lobbyist focusing primarily on Republicans in the U.S. House of Representatives, joined MBA in November, 2008 from the U.S. Department of Housing and Urban Development (HUD) where he served as Deputy Assistant Secretary for Congressional and Intergovernmental Relations.

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

John Mechem
(202) 557-2727

MBA Promotes Marina Walsh to Vice President of Industry Analysis


Marina Walsh
WASHINGTON, D.C. (Feb. 26, 2014) –  David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), announced that Marina Walsh, currently Associate Vice President of Industry Analysis will be promoted to Vice President of Industry Analysis, effective March 1, 2014.

Ms. Walsh has been a member of MBA’s Research and Economics team since 2000, specializing in industry performance benchmarking for residential lenders and servicers.  

She is responsible for overseeing MBA’s annual and quarterly Mortgage Bankers Performance Reports for Independent Mortgage Bankers, the Servicing Operations Study and Forum, the Mortgage Banking Peer Group Survey and Roundtable Program and the Mortgage Banking Compensation Survey Program, among others.  

“For more than a decade, Marina has been at the center of our benchmarking and industry analysis efforts, developing and perfecting products that bring great business value to MBA’s members,” said Stevens. 

  “Our members rely on her studies to chart the course for the future of their businesses, and I and others at MBA rely heavily on her studies to provide insight into the business challenges our members face so we can appropriately set our agenda.”

David H. Stevens
In addition, Ms. Walsh conducts MBA workshops on a variety of current business topics of importance to the industry and provides program advisory support for MBA conferences.  

She also instructs MBA Education webinars and courses and frequently speaks at MBA events and other industry conferences.   Her work appears in American Banker, National Mortgage News, Mortgage News Daily, MBA Newslink and Mortgage Banking.    

Prior to joining MBA, Ms. Walsh was a manager in the Real Estate Advisory Group at Ernst and Young where she focused on federal credit program design, implementation and performance measurement. 

  She holds a bachelor’s degree from Cornell University and a Master of Public Administration from Columbia University.

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

John Mechem
(202) 557-2727