Friday, November 7, 2014

Arbor Finances $67.5M in Multifamily Deals Across the Eastern U.S.

Alexander Kaushansky
UNIONDALE, NY  - 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 20 loans totaling $67,538,200 under a variety of product lines, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Military Loan and Arbor Realty Trust Bridge product lines.

All of the loans were originated by Alexander Kaushansky, Vice President in Arbor’s New York office.

“In today’s market, flexibility and customization are key components of each multifamily loan, as exemplified by this diverse assortment of loans closed across numerous markets within the eastern U.S.,” Kaushansky said.

“Borrowers who obtain not only the great financing terms they are seeking, but overall deal customization from the right lenders will position themselves and their properties in optimal financial positions.”



Frontier Apartments, Roanoke, VA
 These loans include:

·   Harbor Pines Apartments, Saint Marys, GA – This 200-unit multifamily property received $7,755,000 funded under the Fannie Mae DUS Military Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a community room, swimming pool, two playgrounds, one tennis court, one play court, picnic tables and one basketball court.

·   Frontier Apartments, Roanoke, VA – This 182-unit multifamily property received $7,251,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The complex includes a swimming pool, a clubhouse, a laundry room in each building and courtyards.

Courtyard Apartments, Hyattsville, MD
·   Courtyard Park Apartments, Hyattsville, MD – This 94-unit multifamily property received $6,135,000 funded under the Fannie Mae DUS Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. The residents have access to two laundry facilities, free storage area and dedicated bike storage area.

·   Multifamily Portfolio, Dallas, TX & Charlotte, NC – This 288-unit multifamily portfolio received $7,700,000 funded under the Arbor Realty Trust Bridge Loan product line. The one-year loan was for a refinance.

·   Anderson Springs, Austin, TX – This 325-unit multifamily property received $5,150,000 funded under the Fannie Mae DUS Loan product line. The seven-year, eight-month supplemental loan amortizes on a 30-year schedule. Property amenities include a swimming pool, laundry facilities, a tennis court, a business center, BBQ grills, a playground and access gates.

Multifamily Portfolio Apartments
Dallas TX and Charleston SC
·   Multifamily Property, Charlotte, NC – This 240-unit multifamily property received $4,160,000 funded under the Arbor Realty Trust Bridge Loan product line. The one-year loan was for a new acquisition.

·   Winterwood Apartments, Columbus, OH – This 134-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes laundry facilities with coin-operated washers and dryers, a pool area with a sundeck and a clubhouse.

·   Beechwood Park Apartments, Vicksburg, MS – This 100-unit multifamily property received $2,307,200 funded under the Fannie Mae DUS Small Loan product line. The 15-year acquisition loan amortizes on a 15-year schedule. Residents have access to a swimming pool and multiple playgrounds.

·   Apartments at 45th and Eads, Washington, DC – This 40-unit multifamily property received $1,000,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Anderson Springs Apartments, Austin, TX
·   370 Central Avenue, Brooklyn, NY – This five-unit multifamily property received $825,000 funded under the Fannie Mae DUS Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

·   18th Avenue Apartments, Newark, NJ – This nine-unit multifamily property received $750,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

·   Dauphine Apartments, Mobile, AL – This 168-unit multifamily property received $5,500,000 funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property offers a swimming pool, a fitness center, a clubhouse, a laundry room and courtyards with picnic areas.

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

Christopher Ostrowski


HC Real Estate Capital Arranges $5/5 Million in Financing for Office and Retail Property In Delray Beach, FL

  
105 - 111 East Atlantic Avenue, Delray Beach, FL



Delray Beach, FL -- Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,500,000 in financing for the prestigious office and retail property located at 105-111 East Atlantic Avenue Delray Beach, FL. 

Chris Caveglia
The 100% leased property is made up of two office and retail buildings totaling 23,290 SF.   The tenants include: Cabana El Rey, Tramanti Restaurant, Mint Fit, Sloan’s Ice Cream and Hennion & Walsh. 

The properties are situated on approximately 0.55 acres of land in the heart of Delray Beach on Atlantic Avenue.  

Financing was arranged through a correspondent Life Insurance Company relationship.  The nonrecourse loan carries a 15 term with 5 years of Interest Only and a 30-year amortization schedule at a competitive fixed interest rate that replaced a maturing facility on the property.

Chris Caveglia, Principal at HC Real Estate Capital stated,  “This was a very complicated loan structure that will give the borrower the flexibility relating to the development of an additional parcel of land behind the subject and the air rights above the existing security of the loan.”  

Kurt Hoffman
Caveglia went on to say, “The borrower is taking advantage of the low interest rate environment we are currently in.”

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

JLL Hires Chris Latvaaho as Vice President in Phoenix, AZ Office Leasing Group

  
Chris Latvaaho

 PHOENIX, AZ – The Phoenix office of JLL has hired local broker Chris Latvaaho as Vice President in its Phoenix office leasing group.

Latvaaho joins the existing JLL team of Managing Director John Bonnell and Vice President Brett Abramson, who specialize in agency representation for existing and ground-up developments, and both institutional and entrepreneurial landlords.

Prior to Joining JLL, Latvaaho served for 14 years as an associate director in the Phoenix office of a national commercial real estate brokerage firm.

 In that time, he completed more than 500 lease and sale transactions, particularly in the core business of leasing and investment sales, and with a strong emphasis on owner representation.

Latvaaho started his career with Heitman Properties in Minneapolis, where he was responsible for managing a large office investment portfolio for institutional clients.

“I’ve had the pleasure of working with Chris on several transactions, and have seen firsthand his strong business acumen and client commitment,” said JLL Senior Managing Director Dennis Desmond. “We are thrilled to welcome him.”

Dennis Desmond
“The Phoenix office market is definitely heating up,” said Bonnell. “Chris’ strong skill set and reputation will be a valuable part of our bench as we pursue opportunities in this rebounding economy.”

Latvaaho earned a bachelor’s degree from the University of Northern Iowa in Cedar Falls. He is a member of the National Association of Industrial and Office Properties (NAIOP).
  
For a complete copy of the company’s news release, please contact:

Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195


Struggling Hotel Manager Removed from Iconic Cabo Resort in Mexico for Improper Financial Reporting and Diverting Revenues


The Resort at Padregal, Cabo San Lucas, Mexico
Cabo San Lucas, Mexico – Nov. 7, 2014 - Hoteles del Cabo, S.de R.L.de C.V., owner of The Resort At Pedregal, announced this week the removal of Capella Hotel Group from the resort (formerly known as Capella Pedregal), a luxury hotel in Cabo San Lucas, Mexico.

Capella's termination resulted from improper financial reporting and diversion of revenues through improper fee calculations.  Hoteles has instituted legal action to recover the misappropriated funds and will pursue its remedies for other defaults under the management agreement.

“We have spent several months working with Capella Hotel Group to try and resolve the defaults.” said a spokesperson for Hoteles del Cabo. 

“Specifically, Hoteles del Cabo presented Capella Hotel Group with a letter of notice of default on August 14, 2014, that showed various violations, including unauthorized payments to themselves and false financial reports.”

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

Chris Daly (Media)
Daly Gray, Inc.

(703) 435-6293

Loews Hotels & Resorts Purchases Lowes Ventana Canyon Resort in Tucson, AZ Market


Jonathan Tisch
NEW YORK, NY  — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), announced that the company completed the purchase of the of the 398-room Loews Ventana Canyon Resort, which has been managed by Loews Hotels since its opening in December 1984.  

Tucson’s Estes family will retain a minority ownership position in the resort.

Located in the Catalina Mountain range in the Sonoran Desert, Loews Ventana Canyon Resort has been highly regarded by locals, guests and meeting planners since its inception, receiving numerous awards and accolades.  Beginning in 2015, the resort will undergo a significant renovation to enhance the overall guest experience and maintain its presence in the Tucson marketplace.

“Loews Ventana Canyon Resort was the first hotel I developed from start to finish when I returned to Loews Hotels in the early eighties,” said Jonathan Tisch, Chairman, Loews Hotels & Resorts. 

Ventana Canyon Resort, Catalina Mountain Range,
Sonoran Desert, Tucson, AZ market
"Conceptualized and built almost 30 years ago, the Estes Company and Loews Hotels created an iconic resort that is still very much a part of the Tucson landscape and a classic property within our brand.  

"We look forward to containing the partnerships with the Estes family and the city of Tucson as we launch the next exciting phase of the resort.”






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

Sarah Murov
Loews Hotels & Resorts                                                                                                 
(212) 521-2495
                                                               
Chris Daly (Media)
Daly Gray, Inc.

(703) 435-6293

Chatham Lodging Trust Announces Record Third Quarter Results


Jeffrey H. Fisher
Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) that owns wholly or through its joint ventures 78 premium-branded, upscale, extended-stay and select-service hotels, announced results for the quarter ended September 30, 2014.  

In addition, the company updated its guidance for the remainder of 2014 to reflect recent capital markets activities and pending investments.

“Our third quarter set numerous records, with RevPAR surging 10.5 percent, well above industry growth of 9.2 percent, and our industry-leading margins accelerating another 640 basis points to 46.5 percent,” highlighted Jeffrey H. Fisher, Chatham’s president and chief executive officer.

 “These strong results enabled us to generate adjusted EBITDA and adjusted FFO per share above our and consensus expectations.  Our RevPAR performance continued its aggressive growth across our portfolio with 15 of our 30 hotels producing double-digit RevPAR gains in the third quarter.

"Boston, Dallas, Denver, Houston, Nashville, San Antonio, Seattle and Silicon Valley were our strongest markets.  

"Our Tyson’s Corner, Va., property outside of Washington D.C., showed impressive signs of recovery with third quarter RevPAR growth over 10 percent.  

For Chatham’s 29 comparable hotels, Chatham’s RevPAR since the 2010 IPO has increased more than 35 percentage points, compared to an industry growth of 30 percentage points.


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

 Dennis Craven (Company)
Chief Financial Officer
(561) 227-1386                                                                                  
                                                                  
Chris Daly (Media)
Daly Gray, Inc.
(703) 435-6293

Crossman & Co. Closes Deal for Eastern Shore Point in Spanish Fort, AL


Brian Carolan
SPANISH FORT, AL – An outparcel to Eastern Shore Centre mall at 7,678 square feet, Eastern Shore Point, was acquired on September 4th.  Built in 2006 and located in Spanish Fort, Alabama off the corner of State Highway 181 and Eastern Shore Boulevard.  

The center held 100% occupancy, which include notable tenants, such as, Starbucks, Verizon Wireless and Century 21.

            Crossman & Company’s Director of Investment Sales, Brian Carolan, mentioned, “We received tremendous interest for this 100% leased asset.  We are thankful that we were able to provide our client with a favorable exit from the investment.”


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

Sydnie Cobb
Crossman & Company
407.423.5400



Winter Park, FL Publix-Anchored Shopping Center Sale Closes for $24.8 Million


Mark Thompson
WINTER PARK, FL – A Winter Park landmark, Hollieanna and Oakley Center transacted for $24.8 million last week.

  Located on the corner of 17-92 and Fairbanks Avenue, the 102,000 square foot shopping center is anchored by Publix and boasts tenants, such as, Tuesday Morning, AAA, Moe’s Southwest Grill, T-Mobile and Sherwin Williams. 

Originally constructed in 1953, the center was redeveloped in 2011 and was 98% occupied at the time of sale.  Crossman & Company’s Managing Director Mark Thompson along with Investment Sales Analyst Leah Harrington exclusively represented the sellers, a family in Indiana who had owned the center since its original construction.  

 “As a broker you are always fortunate when you can work with a quality seller, buyer and property in a great market,” noted Mark Thompson.  “In this case we had all metrics and the deal flowed nicely throughout the entire process.”

Leah Harrington
Crossman & Company’s President, John Crossman, states “This is the 10th Publix-anchored shopping center Mark Thompson has brokered this year and he has three more in the market. 

"We are proud of the leadership he has portrayed in our Investment Sales team.”

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

Sydnie Cobb
Crossman & Company
407.423.5400

Regency Centers Announces Third Quarter 2014 Results Showing Same Property NOI Growth of 4.1% and Core FFO Per Share Growth of 9.2%


One Independent Drive office tower, Jacksonville, FL
JACKSONVILLE, FL.--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) announced financial and operating results for the quarter ended September 30, 2014.

Regency reported Core Funds From Operations (“Core FFO”) for the Third Quarter of $65.5 million, or $0.71 per diluted share, compared to $60.2 million, or $0.65 per diluted share, for the same period in 2013. 

For the nine months ended September 30, 2014 Core FFO was $195.5 million, or $2.11 per diluted share, compared to $180.3 million, or $1.97 per diluted share, for the same period in 2013.

Funds From Operations (“FFO”) for the Third Quarter was $64.8 million, or $0.70 per diluted share. For the same period in 2013, the Company reported FFO of $60.4 million, or $0.65 per diluted share. For the nine months ended September 30, 2014 FFO was $196.1 million, or $2.12 per diluted share, compared to $180.4 million, or $1.97 per diluted share, for the same period in 2013.

Regency reported net income attributable to common stockholders (“Net Income”) for the Third Quarter of $47.9 million, or $0.52 per diluted share, compared to Net Income of $35.0 million, or $0.38 per diluted share, for the same period in 2013.

 For the nine months ended September 30, 2014 Net Income was $92.8 million, or $1.00 per diluted share, compared to $82.4 million, or $0.90 per diluted share for the same period in 2013.





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

 Regency Centers Corporation
Patrick Johnson, 904-598-7422
PatrickJohnson@RegencyCenters.com


Berkadia’s Southeast Division in Orlando, FL merges with Berkadia Mortgage Banking Division


Hal Warren
ORLANDO, FL --- Berkadia, the jointly-owned venture of Berkshire Hathaway and Leucadia National  Corporation that ranks as one of the nation's leading providers of multi-family mortgage brokerage, investment sales, advisory and research services, has merged two of its Orlando offices.

Hal Warren, senior vice president in Berkadia's Southeast Investment Sales division in Orlando, said his office has merged with Berkadia's Mortgage Banking division on the 13th Floor of the Lincoln Plaza at 300 S. Orange Ave. across from the new performing arts center.

Warren, along with Cole Whitaker, Orlando partner of Berkadia's Investment Sales division and Mary Beale, have left their offices in the Seaside Plaza building at 201 S. Orange Avenue for their new Lincoln Plaza suite, along with Marc Sumner, senior vice president and branch manager for the Orlando mortgage banking division.

 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.


Atlanta Apartment Association’s 27thAnnual Food Drive Raises 6.68 Million Meals


David Hirsch

 ATLANTA, GA— The Atlanta Apartment Association’s (AAA) 27th Annual Food-A-Thon raised enough food items and money this year to provide 6.68 million meals to hungry families in metro Atlanta and north Georgia through its partnership with the Atlanta Community Food Bank (ACFB).

The record amount is an increase from last year’s Food-A-Thon, which provided 6.2 million meals.

“We are excited to have provided our largest amount of meals yet to ACFB,” said David Hirsch, Chairman of ECI Group Inc. and of AAA.

“We are humbled by all of the donations from our members, their staff and the residents who live in apartment communities throughout Atlanta. Hunger is a big problem in Georgia and every dollar raised, every can donated and every hour spent volunteering makes a major impact.”

 The event is believed to be the largest food-and-fund drive in the United States

During the Food-A-Thon, AAA member firms collect food items and money for donation to the ACFB. The theme of this year’s Food-A-Thon was, “So You Think You CAN Dance!”


 This year’s Food-A-Thon began on June 26 and concluded on Oct. 17 with a colorful parade in which AAA members delivered their food and money donations to ACFB’s headquarters in Atlanta.

 Founded in 1979, ACFB procures more than 50 million pounds of food and groceries each year and distributes them to more than 600 nonprofit partner agencies serving families and individuals in 29 metro Atlanta and north Georgia counties.

For every $1 donated, ACFB can provide $9.21 worth of grocery products back to the community – enough to provide four meals.

 The statistics on those in need in Georgia are sobering. According to Feeding America’s Hunger in America 2014 report, an estimated 755,400 people in metro Atlanta and north Georgia turn to food pantries and meal service programs to feed themselves and their families each year. This includes more than 164,000 children and more than 64,000 seniors.

 For the ACFB service area, the report shows that 80,600 people are served each week by programs supported through ACFB, and that those clients turn to ACFB partner programs and pantries for help more than 6.1 million times during the course of the year. 

This means clients are visiting ACFB network programs an average of eight times a year.

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

Angie Clawson, Public Relations Manager
Atlanta Community Food Bank
678-553-6010 (O) 404.569.4945 (C)
  
Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)