Monday, October 20, 2014

HFF secures $7.46 million in construction-permanent financing for multi-housing development in San Diego’s Hillcrest neighborhood

Aldon Cole
SAN DIEGO, CA – HFF announced today that it has secured $7.46 million in construction-permanent financing for the development of Hillcrest Apartments, a 36-unit, five-story apartment building in San Diego’s Hillcrest neighborhood.

HFF worked on behalf of Hillcrest Veritas, LP to secure the 71 percent loan-to-cost, 12-year, fixed-rate construction-permanent loan through a correspondent life company lender.  

The construction loan converts to a permanent loan at stabilization and the lender allowed the borrower to lock the 4.29 percent rate, with an interest-only period of up to 27 months, at application.  In addition, the loan carries an earn-out feature that allows the borrower to draw additional loan dollars at stabilization.

                Hillcrest Apartments will be located on a 15,200-square-foot parcel at 4021 Eighth Avenue immediately northwest of Balboa Park.  Due for completion in early 2016, the property will include one- and two-bedroom floor plans averaging 877 square feet, which will be situated above grade-level parking.

Bryan Clark
                The HFF debt placement team was led by senior managing director Aldon Cole and associate director Bryan Clark.

                Veritas Urban Properties was founded to fill a growing need for creative solutions in the urban landscape. 

  The company has development experience that includes more than 1,000 residential units and 60,000 square feet of commercial space and was recognized by San Diego Magazine as one of San Diego’s Next Generation of Civic Leaders. 

  For more information please visit

                The builder on the project is Murfey Construction, Inc., an expert in commercial and residential mixed-use urban infill general contracting. 

For more information please visit

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 |

Plaza Advisors Announces Sale of Two Orlando, FL Area Shopping Centers

Jim Michalak
TAMPA, FL -- Plaza Advisors is pleased to announce the sale of the Phillips Village in Orlando, Florida. The shopping center is located in the affluent area of Dr. Phillips, near Interstate 4 and Sand Lake Road.

The asset is contiguous to a 219,814 sf Walmart Supercenter and totals 66,218 square feet of gross leasable area. Phillips Village tenants include: Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint.

The center sold for $18,750,000 ($283/sf). The property was constructed in 2007 and was 95% leased at the time of sale. The seller and buyer were Weingarten Realty Investors (a NYSE REIT) and Portland Investment Company of America, respectively. 

Mike Cvetetic of Plaza Advisors stated, “Phillips Village resides in a very strong trade area with the vast majority of assets owned by institutional entities.

“The property is within two miles of numerous tourist attractions, the convention center and more than 13,000 hotel rooms. The retail trade area occupancy level is 98.2% and the competitive retail rents average $31.63 psf, which are some of the highest rents in the Orlando MSA”   

Mike Cvetetic
 The second Plaza Advisors sale was East Towne Center, a Publix anchored asset located in Clermont, an Orlando suburb. The property contains 69,840 sf of space and includes notable tenants: Chase Bank, Pizza Hut, Publix Liquors, Hair Masters and The UPS Store. The project was built in 2003 and was 92% occupied at the time of sale.

The seller and buyer were Regency Centers (a NYSE REIT) and Publix Supermarkets, respectively. 

“Publix was a logical buyer. The Publix store sales volume is very high, the inline space rents are poised for growth and the 5,600 sf of vacant space provides for income upside,” commented Nick Castellano of Plaza Advisors

Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the seller in the transactions. No other brokers were involved in either sale.

Nick Castellano
Plaza Advisors specializes in the disposition of anchored shopping centers located throughout Florida. The company has successfully closed eleven centers since December 2013. Those closings included: six Winn Dixie and three Publix anchored assets.

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

Jim Michalak
Managing Partner
 3412 Bay To Bay Boulevard
Tampa, FL 33629
813.837.1300 Ext. 101
Fax 831.2627

Cushman & Wakefield Brokers $13.75 Million Sale of Crossroads Square Shopping Center in Jacksonville, FL

Karl Johnston
JACKSONVILLE, FLORIDA- The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Crossroads Square Shopping Center, a 174,153 square foot community shopping center anchored by Floor & Décor, Office Depot, and Harbor Freight Tools.

The shopping center is located at 8102 Blanding Boulevard in Jacksonville, Florida within the Orange Park retail submarket.

 The property, previously owned by Global Fund Investments, LLC, was purchased by “Sierra Building Group”, a Canadian investor based out of Toronto, Ontario for a sales price of $13,750,000. On Tuesday, October 14th, 2014.

Karl Johnston, Senior Director, Mark Gilbert, Executive Vice President, and Adam Feinstein, Executive Director, of Cushman & Wakefield’s Capital Markets Group handled the transaction for Global Fund Investments, LLC.

Mark Gilbert
Joel Coykendall of Northmarq Capital’s Jacksonville office handled the financing and loan origination for the buyer.

Originally developed in 1985, Crossroads Square is situated on a strategic 18.84 site offering a Regional Mall and I-295 beltway setting at the gateway to one of Jacksonville’s largest suburban communities.

Crossroads Square offers a strong fundamental and strategic location with an outstanding occupancy history within its submarket. 

While the offering received strong interest from the investment community Sierra Building Group was the ideal purchaser for the center, said Johnston, Senior Director with Cushman & Wakefield's Jacksonville office.

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

Karl Johnston
Senior Director

HFF closes sale of three-building Houston, TX industrial portfolio

Rusty Tamlyn
HOUSTON, TX – HFF announced today that it has closed the sale of a three-building industrial portfolio totaling 243,100 square feet in Houston, Texas.

HFF marketed the portfolio on behalf of the seller, EastGroup Properties.  Cabot Properties Incorporated purchased the assets for an undisclosed amount free and clear of existing debt.

The 100-percent-leased portfolio consists of Clay-Campbell I and II in northwest Houston and Kirby Business Center in south Houston. 

Clay-Campbell I and II are located at 4300-4320 and 4444-4456 Campbell Road.  The buildings are situated in Houston’s premier submarket and offer tremendous access to both the Northwest Freeway (Highway 290) as well as Beltway 8. 

Completed in 1982, both buildings have 58,846 square feet and are equipped with cross-dock, dock-high loading bays with a building depth of 220’. 

Kirby Business Center is located at 9350-9370 South Point Drive, which is just south of both NRG Stadium and the Texas Medical Center.  Loop 610 is less than one mile from the property, allowing easy access to all major freeways.  The 125,408-square-foot building was completed in 1980 and is equipped with dock-high, front-load bays with an approximately building depth of 204’.

Trent Agnew
The HFF investment sales team was led by senior managing director Rusty Tamlyn, director Trent Agnew and real estate analyst John Rogers.

”Because of their tremendous functionality, these assets have enjoyed a strong historical performance under EastGroup’s ownership and generated significant interest from both institutional and private capital investors,” Agnew said.

 “Like EastGroup, Cabot continues to be bullish on Houston’s long-term prospects and these assets are a great compliment to their current holdings and give them exposure to the market within their latest fund.” 

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 |

Concord Hospitality Earns Top Honors From Marriott

Mark LaPort
RALEIGH, NC  (Oct. 20, 2014)—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, announced that the company received three awards, including the prestigious Partnership Circle Award, at the recent Marriott International National Association (MINA) full service owners’ conference held in Tucson, Ariz. 

The accolades included:

1. Partnership Circle Award – which honors companies for excellence in full service operational execution, a high focus on engaged associates that deliver  strong customer service and a long-term commitment and partnership embracing Marriott’s brands with an aligned vision with Marriott’s culture.  Concord has been a multiple year recipient of this award.

2. Service Excellence - awarded to companies whose portfolio of full service Marriott and Renaissance hotels consistently earned outstanding guest satisfaction scores. 

3. Food & Beverage Excellence - awarded for outstanding culinary standards that enhance guests’ experiences at Marriott’s full service hotels.
                Concord operates five full-service Marriott properties, including three Renaissance and two Marriott hotels.

“Over our 30 year history, Concord’s success has been enhanced by tremendous partnerships, notably our affiliation with Marriott,” said Mark Laport, Concord’s President and CEO.  “To be recognized again by one of the most respected names in the industry is truly an honor that we cherish."  

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

Lauralee Dobbins, Chris Daly
(703) 435-6293

Paul Roeser to Oversee Business Development, Marketing and Communications for IDI Gazeley’s Global Platform

Paul Roeser
ATLANTA (Oct. 20, 2014) – IDI Gazeley, a leading global investor and developer of logistics warehouses and distribution parks, today announced that Paul Roeser will join the team as Senior Vice President – Global Business Development, Marketing and Communications on October 27, 2014.

Based in Atlanta, he will also oversee the marketing, branding, communications and information technology efforts for the company.

Jay Cornforth, Managing Partner, Global Head of Industrial at Brookfield  Property Partners and interim CEO of IDI Gazeley North America says, “Paul’s wealth of experience and industry knowledge make him a valuable addition to the IDI Gazeley team.

“Our growing portfolio and increasing demand in Europe and North America led us to look for an addition to our team who fits with our ethos of innovation and exceptional service.  We’re confident that Paul will play a key role in delivering these values and leveraging the Brookfield brand to our customers and partners around the world.”

Jay Cornforth
Roeser joins IDI Gazeley from Jones Lang LaSalle where he served on the Logistics and Industrial Services group and Supply Chain and Logistics Solutions team.

 He brings expertise in tenant representation, strategic real estate planning and industrial site selection.

 He also created Blackbird, a proprietary geo-spatial intelligence program that compares real estate data with metadata such as incentives, labor and transportation. Prior to Jones Lang LaSalle, he held positions at The Staubach Company, Alliance Partners and RCI Civil Engineering. He is a graduate of the University of Georgia.      

For a complete copy of the company’s news release, please contact:
IDI Gazeley
Andria Kriss

Kathleen Armstrong Presented with MBA Education Lifetime Achievement Award

E. Michael Rosser
LAS VEGAS, NV (Oct. 20, 2013) –MBA Education, the Mortgage Bankers Association’s (MBA) educational initiative, today presented Kathleen Armstrong, CMB, with its E. Michael Rosser, CMB, MBA Education Lifetime Achievement Award.

“Kathleen is a seasoned mortgage banker with decades of experience,” said Bill Cosgrove, MBA Chairman. 

“She rose professionally at a time when it was necessary to learn virtually every aspect of the industry, from originating and underwriting to servicing and marketing. 

“That impressive base of knowledge is what made Kathleen a perfect instructor for MBA’s School of Mortgage Banking, a position she held for more than a quarter of a century. 

“Kathleen is responsible for helping hundreds of mortgage bankers hone their skills, and she remains active in the Society of Certified Mortgage Bankers.  It is with great pleasure that MBA presents its ‘E. Michael Rosser, CMB, MBA Education Lifetime Achievement Award’ to Kathleen Armstrong, CMB.”

A graduate of Northeastern University with a degree in real estate finance, Ms. Armstrong was a forty-two year employee of Shawmut Bank (now Bank of America). 

She rose within Shawmut from a clerical position in special checking in 1953 and eventually retired from the commercial real estate syndicating and participation division of the bank.

 In 1974, she was recruited into the bank's officer training program and attended her first MBA convention two years later. She has held numerous leadership positions on various committees at MBA and received her CMB designation in 1985.  She has taught at MBA’s School of Mortgage Banking for nearly 28 years and is a member of the Master Faculty.

The E. Michael Rosser MBA Education Lifetime Achievement Award is presented to an individual who has shown outstanding service to the Association, Certified Mortgage Bankers Society and the real estate finance industry.

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

Shawn Ryan
(202) 557-2727

Wyndham Brand Expands in Florida with New Jupiter Hotel

Wyndham Grand Jupiter at Harbourside Place, Jupiter, FL
PARSIPPANY, N.J. (Oct. 20, 2014) – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,540 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today expanded the footprint of its upscale Wyndham Hotels and Resorts® brand in Florida with the opening of the newly constructed, 179-room Wyndham Grand Jupiter at Harbourside Place, the brand’s fourth Wyndham Grand® property in the state.

The full-service, waterfront hotel in Jupiter features a rooftop pool, 15,000 square feet of indoor and outdoor event space, award-winning dining at the country’s second deep blu seafood grille and contemporary, elegant décor throughout.

Owned by Harbourside Place, LLC, and managed by Wyndham Hotel Group’s management company, Wyndham Grand Jupiter is situated in Harbourside Place, a new commerce and entertainment development that is near the area’s beaches, major businesses and 17 miles from Palm Beach International Airport.

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

Christine Da Silva
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590

Wyndham Hotel Group’s Rui Barros to Oversee North America Franchise Operations

Rui Barros
Parsippany, N.J. (Oct. 20, 2014) – Wyndham Hotel Group, the world’s largest hotel company with approximately 7,540 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced the appointment of Rui Barros as president and managing director of North America franchise operations.

In this role, Barros will be responsible for Wyndham Hotel Group’s field and brand operations functions, overseeing operational performance, ongoing franchisee support efforts and preferred client services for Wyndham Hotel Group properties in North America. He will be based in the company’s Parsippany, New Jersey offices.

A seasoned hospitality industry veteran, Barros has held a number of high-level operations positions with Wyndham Hotel Group. Most recently, he served as president and managing director, Europe, Middle East, Africa and Indian Ocean, responsible for Wyndham Hotel Group’s development, operations and cross-functional brand initiatives throughout the region.

Previously, Barros was brand senior vice president for the company’s Howard Johnson®, Travelodge® and Microtel Inn & Suites by Wyndham® hotel brands.

 He has also served the company as vice president of group operations, in which he played an instrumental role in establishing the company’s field operations efforts; and senior vice president of operations, Latin America, in which he provided oversight for all of Wyndham Hotel Group’s brands and services in that region.

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

Christine Da Silva
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054
+1 (973) 753-6590

AmeriSphere’s Rodrigo López,Elected as 2015 Vice Chairman of Mortgage Bankers Association

Rodrigo Lopez
LAS VEGAS, NV --  Rodrigo López, CMB, founder, President and CEO of AmeriSphere, was sworn in as Vice Chairman of the Mortgage Bankers Association (MBA) during the Association’s 101st Annual Convention & Expo in Las Vegas, Nevada.

AmeriSphere is a provider of capital solutions for the multifamily industry.  It is a Fannie Mae Delegated Underwriting and Servicing (DUS) Lender, FHA/MAP Lender, as well as a Ginnie Mae issuer and servicer. 

Before founding AmeriSphere, Mr. López was Chief Lending Officer for a life insurance company, responsible for investments in commercial mortgage loans and real estate properties.  During his tenure in the architecture and construction industry, he worked on a wide range of commercial and institutional projects.

In addition to López, MBA members also elected Bill Cosgrove, CMB, President and CEO of Union Home Mortgage Co. as Chairman and Bill Emerson, Chief Executive Officer of Quicken Loans, Inc., as Chairman-elect.  All three officers will serve for the 2014-2015 membership year.

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

Rob Van Raaphorst

(202) 557-2799

MBA Announces Members and Leadership of 2015 Residential Board of Governors (RESBOG) and 2015 Residential Committee Chairs

Michaael S. Malloy

 LAS VEGAS, NV – The Mortgage Bankers Association (MBA) announced Michael S. Malloy, Mortgage Policy & Counterparty Relations Executive for Bank of America Home Loans in Charlotte, NC as Chairman of its 2015 Residential Board of Governors (RESBOG) and William J. McCue, President of McCue Mortgage Company in New Britain, CT as the Vice-Chairman of RESBOG, at the association’s 101st Annual Convention & Expo. 

RESBOG is the governing body for MBA's single-family residential members, responsible for establishing legislative and regulatory policies and positions on residential lending issues. 

"With extensive experience in the real estate finance industry and within MBA, Mike and Bill are well-positioned to spearhead a comprehensive legislative and regulatory agenda this coming year,” said MBA Chairman Bill Cosgrove, CMB, CEO, Union Home Mortgage.

Bill Cosgrove
“I am excited for Mike to begin his term as Chairman of RESBOG, and I am confident that he will help  guide MBA through an important time, as major regulations stemming from Dodd-Frank and GSE Reform continue to be a priority,” said Cosgrove.

“His leadership will promote the best interests of the real estate finance industry and lay the foundation for a productive future.”

Mr. Malloy and Mr. McCue presently sit on MBA’s Board of Directors and both have been active MBA members. Each has also been involved in major MBA policy initiatives as MBA Board Members well as members of RESBOG.

MBA also named the following newly elected members of RESBOG.  The new members are:
Allesandro P. DiNello, Flagstar Bank, FSB
Rodrigo Lopez, CMB, AmeriSphere Multifamily Finance, L.L.C

Joseph W. Rogers, Jr., Well Fargo Home Mortgage

Michelle Van Dyke
Michelle Van Dyke, Fifth Third Mortgage
Rob Gaither, PNC Bank
Kevin Pezzani, CMB, LSI Mortgage Plus

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

Rob Van Raaphorst

(202) 557-2799