Monday, July 14, 2014

HFF arranges $8.5 million refinancing for Tampa, FL multi-housing community

Elliott Throne
MIAMI, FL – HFF announced today that it has arranged an $8.5 million refinancing for The Park at Chesterfield, a 244-unit, garden-style multi-housing community in Tampa, Florida.

HFF worked exclusively on behalf of the borrower, Blue Rock Partners, LLC, to secure the seven-year, 2.48 percent floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

The Park at Chesterfield is located at 5039 Chalet Court in northeast Tampa proximate to Busch Gardens Tampa and Adventure Island waterpark.

  Renovated in 2011, the property is 93 percent leased.  Community amenities include two newly-renovated swimming pools, fitness center, playground, clubhouse and business center.

HFF’s debt placement team representing the borrower was led by managing director Elliott Throne and associate director Todd Adams from the firm’s Miami office as well as director Michael Tabor from the firm’s Tampa office.

Todd Adams
“Blue Rock, like many borrowers today, strategically took advantage of the aggressive financing market that is allowing deals to secure longer terms at very low rates with flexible prepayment options,” stated Throne. 

“Lenders are actively trying to capture new financings and apartment owners continue to benefit from the extremely favorable capital market we are experiencing. 

"  Even if a borrower has a loan that is maturing in the next 12 to 18 months, it’s absolutely worth exploring the economic benefits of recapitalizing the loan today to lock in great long-term financing,” continued Throne.

Blue Rock Partners, LLC is led by co-managing partners Randy X. Ferreira and Reuven Oded, and owns/manages 6,425 multi-housing units in Central Florida. 

  The company is currently focused on building its portfolio through strategic acquisitions of value-add apartment properties with significant upside potential and has purchased more than 2,500 units in slightly more than a one-year timespan.  Based in Tampa, Blue Rock Partners, LLC also provides third party accounting and management services.   

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF continues rapid expansion of its investment sales practice in the NYC market

Mike Tepedino
NEW YORK, NY – HFF announced today further growth to its investment sales team with the promotion of David Fowler and Colin Oberg to associate directors in the firm’s investment sales group. 

This comes on the heels of the hiring of veteran investment sales broker Eric Anton, who joined HFF in June, as a senior managing director.

               David Fowler, who has been involved in more than $2 billion in commercial property sales during his career, will focus on office property investment sales in the New York metropolitan area.  

               Colin Oberg will specialize in retail investment sales in the New York metropolitan area.  During the course of his career he’s been involved in the sale of more than $1.7 billion of commercial property transactions. 

“The addition of Fowler, Oberg and Anton to our existing investment sales platform led by Andrew Scandalios, is well positioned to take a highly successful business to another level, as we expand our footprint deeper into the New York City market, with greater focus on office and retail,” said Mike Tepedino, senior managing director and co-head of HFF’s New York office.
 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 Sale of Rainbow Rock Mobile Home Park in Plant City, FL for $1.28 Million

James Vestal
PLANT CITY, FL, July 14, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Rainbow Rock Mobile Home Park, a manufactured homes community located in Plant City, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,280,000.

James Vestal, an associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Wisconsin-based seller, a limited liability company.  Vestal also procured the buyer of the property, a private investor from Washington.

Rainbow Rock MHP was built in 1954 and is located at 1150 Fletcher Lane in Plant City, Florida.  The property is situated on approximately 10.1 acres of land and is comprised of 20 one-bedroom/one-bathroom apartments, 21 RV spaces and 46 mobile homes. 

 “The sale of Rainbow Rock is a great indicator that investments in secondary and tertiary markets are in very high demand in Tampa Bay,” said Vestal.  “Due to the extensive Marcus & Millichap network and unbeatable platform, we were able to find the right buyer which culminated in the successful closing of this transaction”
 For a complete copy of the company’s news release, please contact:

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

Industry-veteran David Baird joins as senior director of Marcus & Millichap’s New IPA Division in Las Vegas, NV

Brian Murdy
LAS VEGAS, NV July 14, 2014 – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, is pleased to announce the expansion of its national team of senior advisors with the addition of David Baird, according to Brian Murdy, national director of IPA.

            During his extensive career in commercial real estate investment sales, Baird has completed more than $2 billion in transactions, including the sale of a 1,452-unit multifamily asset portfolio in Las Vegas that traded for more than $100 million. 

He is an experienced developer, owner and manager of apartment, retail and industrial properties. Baird will be responsible for IPA’s Las Vegas office.

            “IPA’s national collaborative platform will be further enhanced by David’s extensive investor relationships and market knowledge,” says Murdy. “His knowledge and experience will be of great value to our clients in Las Vegas, throughout Nevada and the entire western region.”

            “The IPA platform is the best fit for my product specialty and will be extremely beneficial to my clients,” adds Baird. “IPA’s ability to provide high-quality service to institutional and private capital investors from throughout the commercial real estate investment spectrum is unmatched in the industry.”

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

Gina Relva
Public Relations Manager

(925) 953-1716

HAMA Membership Grows by 50 Percent in First Half; Hospitality Asset Managers Association Adds Two New Affiliates

Ruby Huang

 BOSTON, MA, July 14, 2014—Officials of the Hospitality Asset Managers Association (“HAMA”) today announced the addition of two affiliate organizations, HAMA Europe and HAMA MEA, adding more than 100 new members to the global organization. 

  Founded in the U.S. in 1992 HAMA also has affiliates in Asia Pacific and Japan.  

            "Global growth is critical to our mission of enhancing the effectiveness of hospitality asset managers through education, advancement of the profession and serving as the collective industry voice of hospitality ownership," said Ruby Huang, president of HAMA USA.

 "By adding affiliates worldwide and supporting the continuing education of our members, we envision an organization that is increasingly influential in advocating for individual hotel owners as they develop and execute hospitality investment strategies worldwide."  

            According to Theodor Kubak, president HAMA Europe, hotels have become an attractive core asset in the region due to economic turmoil and changes in central banking policies.  This challenging investment landscape has highlighted the need for a HAMA affiliate with strong professional development for its members.

Calling upon the expertise of Michigan State University, HAMA Europe has supported the addition of three hospitality-focused asset management courses offered as part of the MBA program in tourism and hospitality management at MODUL University, Austria's leading international private university.

            Headquartered in Dubai, HAMA MEA hopes to align ownership interests in the rapidly expanding hospitality market. 

Theodor Kubak
            "We've seen the benefits that arise from sharing market insights and innovative work trends in other regions," said Rene Bell, one of the MEA affiliate's founding members.  

"Having the collective resources and knowledge base of hundreds of experienced professionals will surely prove to be a substantial advantage to a young and growing market such as ours." 

HAMA was established in 1992 in the U.S. and has affiliates in Japan, Singapore (Asia/Pacific), England (Europe) and Dubai (Middle East/Africa).  Its members are involved in asset management, acquisition, financing and disposition of hotels and resorts and are directly responsible for making decisions concerning capital investments, renovations, asset repositioning, operational policies and management selection. 

  Its U.S. members represent more than 3,500 hotels and resorts across every major brand, accounting for 775,000 hotel rooms, 250,000 employees, $40 billion in annual revenue and $3 billion in capital expenditures.

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

Chris Daly
(703) 435-6293

NAI Realvest Negotiates Three Leases for Office Space in Lake Mary, FL totaling more than 4,332 square feet

Mary Frances West
ORLANDO, Fla. – NAI Realvest recently negotiated three lease agreements on behalf of the landlords for office space in Lake Mary totaling 4,332 rentable square feet – one in Primera Court I at 725 Primera Blvd. one in Primera Court II at 735 Primera Blvd. and one at The Crystal Center at 3300 W. Lake Mary Blvd.

Senior Associate Mary Frances West, CCIM represented landlord, Okemos, Mich.-based Maya Associates LLC in a new lease to US Anesthesia Partners, Inc. who leased suite 330 with 1,544 square feet at The Crystal Center.  

Matt McKeever of Cushman & Wakefield represented the tenant.

At Primera Court I where the landlord is Daytona Beach-based RFEF Interchange–FL, Primera I, LLC, West negotiated a renewal lease for suite 210 with 1,408 square feet occupied by Bloomington, Minn. based NCS Pearson, Inc., a firm that provides products and services to support education nationwide.

Matt McKeever
West also negotiated a new lease with Southeast Law Group, P.A. for suite 130 with 1,380 square feet of office space at Primera Court II, and the landlord is Daytona Beach-based RREF Interchange-FL, Primera II, LLC.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

Hold-Thyssen Negotiates new lease for Children’s Therapy provider at Westbay Professional Park in Tampa, FL

Theresa Margaris
TAMPA, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, with offices in Tampa, recently negotiated a new lease agreement for 1,200 square feet of professional office at 6911 Pistol Range Rd. at Westbay Professional Park.  

 Richard J. Fisher, vice president / investor services in Hold-Thyssen’s Tampa office, said Transaction Specialist Theresa Margaris negotiated the transaction representing the landlord J&C Property Holdings, LLC.  

 Margaris said the new tenant, Therapy Station, a well-established children’s physical, occupational and speech therapy provider, found that their relocation to Westbay Professional Park provides better access to public transportation for patients and increased exposure to enhance future growth.

 Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142

Morrison Commercial Real Estate Completes Sale of Historic Tinker Building in Downtown Orlando, FL

Tinker Building, 16 West Pine Street
Downtown Orlando, FL
ORLANDO, FL (July 14, 2014):  Morrison Commercial Real Estate negotiated the sale of 16 W. Pine Street located in downtown Orlando, known as the Tinker Building.

 Euclid Media Group, LLC purchased the 6,128 SF 2-story office building for $1,050,000 and the site will become the new home of the Orlando Weekly.  Graham Jarrett, Publisher at Orlando Weekly, is excited about moving back to downtown.

 The seller was James M. Russ of Longwood, FL.  Lawson Dann, Vice President of Morrison Commercial Real Estate, represented the seller in this transaction. Jeff York, Owner of York Property Company, represented the buyer.

 Morrison Commercial Real Estate is a full-service brokerage firm specializing in the office and industrial sectors.

 Headquartered in Downtown Orlando, our professional experience and extensive knowledge of the Central Florida market enables us to achieve maximum transaction value, and optimal return on investment for our clients.

Graham Jarrett
Morrison Commercial Real Estate provides landlord, owner and tenant representation services in leasing, buying, selling and site selection of commercial property in Central Florida.

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

Gina Wade
Phone: 407.440.6651

Arbor Finances $35.7 Million in Midwest Multifamily Deals

Michael Jehle

UNIONDALE, NY (July 14, 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 10 loans totaling $35,685,000 under several of the company’s financing solutions, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Dedicated Student Housing Loan, Fannie Mae DUS Cooperative Loan and FHA product lines. 

All of the loans were originated by Michael Jehle, Vice President in Arbors Bloomfield Hills, MI, office.

“The multifamily industry continues to remain the most sought after investment class in real estate and nearly all markets are seeing improving fundamentals, including Michigan, where there has been a high amount of interest from investors,” he said.

 “As a national lender with expertise throughout the country, Arbor was able to provide the diverse financing and personal service our clients required in these most recent funding transactions.”

These loans include:

Michigan Portfolio Apartments
Tree Top Meadows, Peppertree Park, Maple Road Townes
·      Americana on the River Apartments, East Lansing, MI Serving Michigan State University students, this 90-unit multifamily property received $7,920,000 funded under the Fannie Mae DUS Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Each of the buildings on the property includes a community laundry room.  A fitness center and a tanning room are also available in a central location on the property.

·      Michigan Portfolio (Tree Top Meadows, Peppertree Park, Maple Road Townes) These combined 190-unit multifamily properties received $6,850,000 funded under the Fannie Mae DUS Loan product line. The 12-year refinance loans amortize on a 30-year schedule.

 Bloomfield Hills Townhouses Cooperative, Pontiac, MI This 283-unit multifamily property received $5,650,000 funded under the Fannie Mae DUS Cooperative Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Haslett Arms Apartments, East Lansing, MI
·      Lexington Apartments, East Lansing, MI This 84-unit multifamily property received $4,000,000 funded under the FHA Section 207/223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule. The property includes an in-ground swimming pool with a tanning deck, a sand volleyball court, common laundry rooms in most of the buildings and on-site parking.

·      Haslett Arms Apartments, East Lansing, MI Serving Michigan State University students, this 41-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property has one central laundry/facility for all residents.

·      Northcrest Apartments, Riverside, MO This 151-unit multifamily property received $3,150,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes an on-site leasing office; an outdoor, above ground swimming pool with a sun deck; laundry facilities in each building; tenant storage; and a playground.

Americana on the River Apartments, East Lansing, MI

·      Greenway Villas Apartments, Raymore, MO This 51-unit multifamily property received $2,980,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

·      Rowanoake Apartments, Streetsboro, OH This 116-unit multifamily property received $2,135,000 funded under the Fannie Mae DUS Small Loan product line. The 15-year refinance loan amortizes on a 15-year schedule. The complex has a central laundry center for all residents.

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

Christopher Ostrowski

L. Mason Capitani Sells Investment Property in Rochester Hills, MI

Jason Capitani
Troy, MI – L. Mason Capitani CORFAC International is pleased to announce that it has sold a 49,686 square foot multi-tenant industrial facility located at 2703-2727 Product Drive in Rochester Hills, Michigan. 

The building was 100% occupied at the time of closing.  TI Automotive and Gexpro are two of the current tenants occupying the facility. 

Based on the current net operating income, the building traded at a 9.8% capitalization rate.  Jason Capitani and Garry Rogers represented the seller, Kevin Buchanan, in the transaction.

Founded in 1965, L. Mason Capitani CORFAC International is one of the most established privately held real estate brokerage firms specializing in the sales, leasing and management of industrial, office, medical and retail properties in Michigan.

Garry Rogers
 The company’s scope of services include landlord and tenant representation, buyer and seller representation, site acquisition and build to suit coordination. 

For more information, visit the L. Mason Capitani, Inc. website at 

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

Jason E. Capitani, CCIM, SIOR
Executive Vice President

Garry W. Rogers
Vice President