Monday, August 18, 2014

HFF secures $25.9 million financing for The Islamorada Resort in the Florida Keys


Islamorada Resort, Islamorada, FL
MIAMI, FL – HFF announced it has secured a $25.9 million financing for The Islamorada  Resort, a boutique, oceanfront property in Islamorada, Florida.

Working on behalf of the borrower, an affiliate of The Carlyle Group, HFF secured the loan through Bank of the Ozarks.  

Proceeds from the financing will be used to implement the borrower’s plans for upgrades at the resort.

               The resort is located at 80001 Overseas Highway in the Village of Islamorada, approximately 80 miles from both Key West and Miami.  

Max Comess
The five-story hotel is situated on an expansive oceanfront parcel and features 79 guest rooms and suites, Oceans 80 restaurant and tiki bar, a resort-style pool, private beach, and marina. 

The borrower, working in conjunction with leading boutique hotel operator, Trust Hospitality, and renowned hospitality architect, Malcolm Berg, is spearheading the renovation and repositioning of the property.

               The HFF capital markets team representing the borrower was led by directors Max Comess and Chris Drew and analysts Maxx Carney and Alexandra Lalos of HFF’s Miami office.

“We are pleased to deliver attractive financing that will enable this visionary investor to execute an exciting plan for the resort,” Comess said. “The Florida Keys represent one of the country’s strongest hotel markets, making it extremely attractive to both investors and lenders in the hospitality space.”

“This financing provides further evidence of the unprecedented liquidity across the capital stack for hotels that exists in the market today,” Drew added. “There has never been a better environment for strong borrowers to consume capital.”

Alexandra Lalos
 HFF’s Hotel Group has been active in the sale and financing of similar hotels across the country.  In the first half of 2014, the firm financed or sold 44 hotels and resorts with total transaction volume totaling nearly $1.2 billion.

 The group previously arranged the sale and financing of the Cheeca Lodge and Spa in Islamorada and is presently involved in numerous Florida Keys and South Florida hotel and resort transactions.

               The Carlyle Group is a global alternative asset manager with more than $203 billion in assets under management across 126 funds and 139 fund of funds vehicles. Founded in 1987 in Washington, D.C., Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,600 professionals operating in 40 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.

            
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 | www.hfflp.com

HFF Charlotte expands services with veteran HFF senior managing director Travis Anderson


Travis Anderson
CHARLOTTE, NC – HFF announced today that veteran HFF senior managing director Travis Anderson will relocate immediately from the firm’s Dallas office to the firm’s newly opened Charlotte, North Carolina office where he will co-head the office as well as lead HFF’s debt and equity placement platform in the Carolinas.  

Anderson will co-head the Charlotte office with senior managing director Ryan Clutter, who launched the Charlotte office less than one month ago and leads the investment sales platform for HFF Charlotte.

Anderson has nearly 10 years of experience as a debt and equity placement professional for HFF in the company’s Dallas office.

 During his tenure with the firm, he has successfully transacted more than $3.0 billion in commercial real estate financings for a broad range of property types including multi-housing, office, industrial, retail, hotels and land.

He is a member of the International Council of Shopping Centers and holds a BBA from Texas Tech University.   

                     
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 | www.hfflp.com

Lincoln Harris to Manage Northwoods Marketplace


Chip Mark

NORTH CHARLESTON, S.C. (Aug. 18, 2014) — Lincoln Harris has been selected as property manager for the 236,010-square-foot Northwoods Marketplace, a retail center located at 7620 Rivers Ave. in North Charleston.

The announcement comes on the heels of American Realty Corp. acquiring the property. Chris Cotton of Lincoln Property Company represented the buyer in the transaction. The seller was self-represented by Donny Tocco of RCG Ventures.

 “We have a rich history of program management services with several well known clients in the Charleston area, including Bank of America, Suntrust and the Hendrick dealerships,” said Chip Mark of Lincoln Harris’ Charleston office. “We are thrilled to have been selected as property manager for Northwoods Marketplace and look forward to working with this outstanding property.”

 Barnes & Noble, Michaels, Old Navy, PetSmart, Rooms To Go and Best Buy anchor the center, which is 98.6 percent leased. The Shopping Center Group will continue to oversee leasing for the property. Northwoods Marketplace sits directly across from Northwoods Mall off of Interstate 26. The center was built in 1998 and sits on 28.32 acres of land.

            
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)

New Real Estate Disclosure Bill, Spearheaded by Hughes Marino, Signed into California State Law


Jason Hughes
ORANGE COUNTY, CA, Aug. 18, 2014 - Jason Hughes, President and CEO of California commercial real estate brokerage company Hughes Marino, announced today that on Friday, August 15, Governor Brown signed into law the real estate broker agency disclosure bill known as SB 1171.

 Hughes, who conceived of the need for this form of broker disclosure more than two years ago, asked State Senator Ben Hueso to sponsor it for him.

 Effective January 1, 2015, commercial real estate salespersons and brokers will need to provide, in writing, their exact proposed agency role in the future transaction. In addition, this disclosure will need to be signed by the potential client PRIOR to moving forward with any representation.

 “It was quite an experience to actually conceive and facilitate getting a new law passed,” said Hughes. “I’m very proud of it – as it will create more consumer transparency in an industry that’s been operating for decades as landlords' marketing arms. Now when you think you’re getting non-conflicted real estate representation, it will actually be true.”

 Hughes explained that the reason he asked Senator Hueso to sponsor this new law was that he recognized a deep need for transparency in the commercial real estate industry.

Gov. Jerry Brown
“It astounded me that commercial real estate salespersons and brokers were not required to provide written disclosure to their clients about any conflicts of interests they may have – or who the brokers were actually representing,” Hughes explained.

“In residential real estate, agents are required by law to provide such disclosure immediately prior to engaging with a client.

"However, brokers for commercial transactions had no such requirement. What resulted was a tremendous amount of conflicted representation, which almost always adversely affected companies who were buying or leasing commercial space.”

California State Senator Ben Hueso
 According to the new law, the written disclosure must fall into one of three statements: (1) Agent represents only the landlord/seller; (2) Agent represents only the tenant/buyer; or (3) Dual Agency: agent represents both the landlord/seller and the tenant/buyer.

There will be a Dual Agency definition immediately below the three choices stating that a Dual Agent is not allowed to provide any confidential information between the two parties, unless written consent is obtained.

Breach of this confidentiality will have legal consequences for the broker.


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

Amanda Brenner or Jenn Quader
(949) 955-7940

The Dow Hotel Company Named Manager of DoubleTree Philadelphia-Valley Forge

  
Murray L. Dow II
VALLEY FORGE, PA and SEATTLE, WA,  Aug. 18, 2013—The Dow Hotel Company, a leading hotel owner/investor and operator, today announced that it has been named the manager of the DoubleTree by Hilton Hotel Philadelphia-Valley Forge. 

As part of its responsibilities, Dow will oversee an approximately $1 million upgrade of the hotel’s 25,000-square-feet of meeting space and lobby.

The hotel also is receiving the finishing touches of a makeover of the exterior fa├žade, including new roof line accents, trim detail, updated colors and LED lighting. 

All improvements are expected to be completed by September 2014.

            “The renovation, plus implementation of our proprietary management and marketing programs, will have an immediate positive effect on the bottom line,” said Murray L. Dow II, DHC founder and president.

 “We have a long, successful track record along the Eastern Seaboard and extensive experience with DoubleTree and all of Hilton’s upscale brands.  

“This hotel has untapped potential as a market leading social/meeting location, which we are addressing immediately with this upgrade and aggressive marketing.”             


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

Chris Daly
Phone:  (703) 435-6293
            

Arbor Finances $35.6M in Multifamily Deals from North Carolina to California


Michael Zysman
UNIONDALE, NY (Aug. 18, 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 $35,565,600 under a variety of financing products, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS ARM 7-6™, Fannie Mae DUS Supplemental and  Arbor Realty Trust Bridge product lines.

 All of the loans were originated by Michael Zysman, Director in Arbor’s New York City office.

 “Multifamily investment activity is strong across the country, from tertiary to primary markets, and Arbor is uniquely positioned to provide superior financing for its borrowers through our nationwide lending platform,” Zysman said.

“Certainty of execution, competitive terms and a history of sub-45 day closings were critical to these transactions with repeat borrowers. Today’s acquisition environment is very competitive, sometimes requiring borrowers to put down a hard deposit at contract signing in order to win deals.

Bella Vista Apartments, Gastonia, NC
“ Because of their confidence in our loan products, many of our borrowers feel comfortable taking the execution risks required to acquire new properties in today’s environment.”

The loans include:

·      Bella Vista Apartments, Gastonia, NC – This 250-unit multifamily property received $7,500,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a clubhouse, swimming pool, fitness center, playground, soccer court and business center for residents.
  
·      Wingate Place Apartments, Charlotte, NC – This 196-unit multifamily property received $5,060,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Residents of Wingate Place have access to laundry rooms in each building, a swimming pool with a sundeck, a playground, a picnic area with grills, a sand volleyball court, horseshoe pits and open surface parking.

Wingate Place Apartments, Charlotte, NC
·      The Highlands Apartments, Charlotte, NC – This 176-unit multifamily property received $4,950,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Property amenities include a clubhouse, swimming pool, playground and laundry center.

·      Hanover Landing Apartments, Charlotte, NC – This 192-unit multifamily property received $3,950,000 funded under the Fannie Mae DUS 7-Year ARM Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. The asset was acquired out of an REO. Amenities include a clubhouse, swimming pool, playground and four laundry centers.

·      Four Seasons Townhomes, Greensboro, NC – This 98-unit multifamily property received $2,250,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Amenities include a leasing office, swimming pool, BBQ area near the swimming pool, clubhouse, patio area for each unit, storage and washer/dryer hookups in each unit.

Four Seasons Townhomes, Greensboro, NC
·      Multifamily Property, Winston-Salem, NC – This 66-unit multifamily property received $2,025,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·      Multifamily Property, Winston-Salem, NC – This 48-unit multifamily property received $1,160,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·      Multifamily Property, Lexington, KY – This 252-unit multifamily property received $4,250,000 funded under the Arbor Realty Trust Bridge Loan product line. The two-year loan was used to finance an acquisition.

·      765 South Irolo Apartments, Los Angeles, CA – This 24-unit multifamily property received $1,812,600 funded under the Fannie Mae DUS ARM 7-6™ Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. The building has an elevator for residents as well as a central laundry room.

Multifamily Property, Winston-Salem, NC
·      601 Rampart Boulevard Apartments, Los Angeles, CA – This 56-unit multifamily property received $1,336,000 funded under the Fannie Mae DUS Supplemental Loan product line. The five-year and two-month loan amortizes on a 30-year schedule. Unit amenities include gas ranges with hoods and granite countertops. Property amenities include a laundry facility and storage units.

·      Ridgewood Apartments, Perrysburg, OH – This 48-unit multifamily property received $1,272,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Each unit in the complex includes a laundry/utility room and either a balcony or a patio.

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

Christopher Ostrowski, costrowski@arbor.com

Stirling Sotheby’s International Realty Names International Luxury Home Specialist at Lake Nona Marketing Center


Laura Branch-Conner
ORLANDO, FL --- Stirling Sotheby’s International Realty named Laurie Branch-Conner an International Luxury Home Specialist at its Lake Nona/Medical City Marketing Center.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Conner is an award-winning multi-million dollar sales producer with more than 15 years of experience in residential real estate sales and property management.

The Central Florida native works with foreign investors and has managed a large portfolio of rental properties.  She sold timeshares and has sold hundreds of homes throughout her career. 

Conner said she raised her four children in the St. Cloud / Medical City / Lake Nona area, has been very involved in the community as a volunteer, as a substitute teacher and member of Parent Teacher Organization (PTO) and Student Advisory Committee (SAC).  Conner is also a Superior Wash franchise owner. 

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   Lvershelco@aol.com.