Tuesday, June 24, 2014

Arbor Funds $9.9M in FHA Loans for Two Assisted Living Facilitie

Jenifer Williams

 UNIONDALE, NY (June 24, 2014) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of $9,922,900 for two assisted living facilities, Oliver Woods Retirement Village in Owosso, MI, and Marycrest Assisted Living in Denver, CO.

The financing for both loans was funded under the Federal Housing Administration (FHA) 232/223(f) LEAN mortgage insurance program. 

With Arbor’s dedicated FHA Seniors Housing and Healthcare platform continuing to expand, the owners of both facilities were able to use Arbor’s expertise to assist them through the complexities of the FHA mortgage insurance application process, enabling the transactions to close quickly.

“Arbor’s process was very efficient and their experience with FHA transactions helped support a smooth borrowing experience,” Oliver Woods’ ownership stated.

Oliver Woods Retirement Village, Owosso, MI
The $6,497,900 loan for the 80-unit Oliver Wood Retirement Village is comprised of a 35-year term with a 35-year amortization. 

The property was built in four phases between 2004 and 2012 and is comprised of four buildings, two of which are designated for general assisted living and two of which focus on residents with greater care needs. 

Common areas include a central dining room, several activity centers and a library. Each unit has staff-monitored emergency pull chords in the bathrooms and bedrooms. Most of the one-bedroom units contain kitchenettes and each unit has individually controlled heating and air conditioning.

Marycrest Assisted Living Center, Denver, CO
“Oliver Woods is a strong investment among many in the owner’s portfolio. 

"As such, in this deal he was able to lock in extremely favorable financing terms for 35 years, which was only available through the FHA platform,” explained Jenifer Williams, AVP, FHA Deputy Chief Underwriter in Arbor’s Allen, TX, office.

“Beyond providing the competitive terms, Arbor was also pleased to be able to take its standard hands-on approach with the transaction, which enabled it to close in an expeditious manner, providing the owner with his funding that much faster and easier.”

The $3,425,000 loan for the 138-unit Marycrest Assisted Living facility is also comprised of a 35-year term with a 35-year amortization. The non-profit facility opened in 1998 and serves elderly and developmentally disabled adults.

 The project was built on land belonging to The Sisters of St. Francis, who had used the greater convent campus since 1900 to serve homeless adults and provide education for low-income children.

  The Marycrest project was originally financed as a risk-share between the Colorado Housing Authority and the U.S. Department of Housing and Urban Development and has been an important part of the City of Denver’s plan to preserve affordable housing options.  

“Arbor was very pleased to be able to facilitate a low-interest 35-year HUD loan with Marycrest,” Williams said. “It secured the project’s ability to serve an at-risk population for the foreseeable future.” 
For a complete copy of the company’s news release, please contact:

Christopher Ostrowski COstrowski@arbor.com

Western National Property Management Selected to Manage New Luxury Apartment Community in La Verne, CA

La Verne Village Luxury Apartment Homes & Shops
La Verne, CA

LA VERNE, CA – Western National Property Management has been selected to manage the 172-unit luxury apartment community within the Hutton Companies’ recently completed La Verne Village Luxury Apartment Homes & Shops, located in the city of La Verne, Calif.

“This apartment community raises the bar in terms of luxury living for La Verne area renters,” said Laura Khouri, President of Western National Property Management.  

“With luxury apartment homes situated adjacent to retail shopping and dining options, renters will have the opportunity to live, shop and dine in one new, exciting location.”

Laura Khouri
The community already features a number of retailers within its 15,000 square feet of shop space, including WaBa Grill, Massage Green Spa and Sports Clips Haircuts. 

 In addition, the Hutton Companies plan to add new retail shops and restaurants in the coming months, according to Khouri.

“Today’s renters understand the benefits of living in a community that combines a luxury lifestyle and retail offerings,” noted Khouri.  “We anticipate high demand for these new apartment homes.”

Scott C. Felix, President of Hutton Management Group agrees, explaining, “Historically, the City of La Verne has lacked high quality rental housing options. 

"Now La Verne Village Luxury Apartment Homes and Shops provides an atmosphere to give sophisticated residents the community they’ve desired but hasn’t existed within the region.”

The apartment community at La Verne Village Luxury Apartment Homes & Shops consists of one-, two- and three-bedroom floor plans, with individual apartment units ranging from 728 to 1296 square feet.

Scott C. Felix
Each apartment home within the Class-A property features various luxury amenities, including a free attached or detached garage, gourmet kitchens, in-home washer/dryer, walk-in closets, wood style flooring and crown molding.

The apartment community also features a variety of luxury community amenities, including a media lounge, internet cafĂ©, pool resort/entertainment area, fitness studio and theatre room. In addition, residents have the option to choose an apartment in the community’s smoke free living area, where smoking is not permitted in or around the buildings.

La Verne Village Luxury Apartment Homes & Shops is located on the popular Foothill Boulevard, providing residents with additional shopping and entertainment options. The community’s location also offers direct access to the 210, 57, and I-10 freeways, as well as the metro link and bus lines for commuting.

            Renters interested in leasing a luxury apartment at La Verne Village Luxury Homes & Shops can visit www.LaVerneVillage.com or contact the community directly at (877) 969-3144.

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

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

HC Real Estate Capital Arranges $5 Million in Financing for Fractured Condominiums In South Florida and Naples, FL

1060 Brickell condominiums, Miami, FL
DELRAY BEACH, FL, June 24, 2014 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $5,000,000 in financing for 69 units located within 9 separate communities throughout South Florida and Naples, FL.

 Combined, the units are 100% occupied.  HC Real Estate Capital utilized its relationship with the lender to create a structure that would allow the borrower to refinance their existing debt with a new 5-year loan.

Chris Caveglia, Principal at HC Real Estate Capital stated, “This was a very complicated transaction and both the lender and the borrower worked well together to get the loan closed” 

Caveglia went on to say, “the loan structure allows the borrower to carry out the long term plan of the borrower.”

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

The St. Regis Chengdu Hotel in China Appoints George Edward Wahalatantri as Chief Butler

George Edward Wahalatantri
(Chengdu, China – June 24, 2014) – The St. Regis Chengdu today announces the appointment of George Edward Wahalatantri as the hotel’s Chief Butler.

With more than a decade of experience in the luxury hospitality and service industry, Mr. Wahalatantri will lead a team of 27 butlers and service staff at The St. Regis Chengdu, the city’s premiere address for sophisticated luxury and bespoke service. 

His impeccable credentials and experience make Wahalatantri perfectly suited to deliver the highest levels of white-gloved service expected of the St. Regis brand.

“We are thrilled to have Mr. Wahalatantri as part of our distinguished team at The St. Regis Chengdu.” said Richard Deutl, General Manager of The St. Regis Chengdu.

 “Our goal is to provide all of our treasured guests with discreet, anticipatory service and we are confident Mr. Wahalantri’s worldly expertise and dedication will ensure that each and every request, from small to large, is flawlessly executed.”

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E: hweepeng@glodownead.com