Wednesday, April 22, 2015

Six/Ten signs The Mortgage Firm to Suites on Central office lease in Winter Haven, FL

Suites on Central Office Center, 347 West Central Avenue, Winter Haven, FL

Lynda Mattson
Winter Haven, FL — Six/Ten LLC has leased office space in its Suites on Central office center to The Mortgage Firm, one of the largest private lenders in Florida.

 With more than 22 branches around the state, the company relocated its Winter Haven branch to an executive office space at 347 W. Central Ave.

The Mortgage Firm assists clients with all stages of home buying and refinancing, including processing, underwriting and lending. The company’s Winter Haven loan officers Lynda Mattson and Barry Byrd are both East Polk County natives and bring more than 45 years of combined experience to the local real estate market.

“We've been in the Winter Haven market just over two years and wanted a central location to better suit our realtor partners and clients. It was a move that we knew would give our Winter Haven branch the opportunity to grow and flourish as that market continues to recover from the 2007-10 real estate meltdown,” said Robby Sampson, Branch Manager with The Mortgage Firm.

Angela Harwell
Suites on Central occupies the second floor of Central Park Square in downtown Winter Haven.

 The historic building, originally completed in 1914, has undergone complete updates to its plumbing, air conditioning, electrical and elevator systems.

 Suites ranging from approximately 200 square feet to 4,000 square feet are available now.

As part of the upgrade, Six/Ten is bringing its fiber-optic wiring directly to office computers from the company’s neighboring buildings that house Verizon and other high-speed Internet providers. 

The ultra-fast Internet connections are expected to appeal to established firms and start-ups, both of which are being accommodated through an innovative floor design.

“The Mortgage Firm and its offering of financial services is a perfect addition to the rebirth of our downtown area,” said Angela Harwell, CCIM and broker for Open Door Commercial Real Estate LLC. She represented the landlord, Six/Ten, LLC, but facilitated the transaction for both parties.

For leasing information about the retail and office space opportunities, please contact Angela Harwell at (863)528-6107 or or
Chad Lennox at

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

Michelle Friedman

Passco Companies Expands Operations with New Office in Austin, TX and Addition of Key Industry Player Shelli Cusak

Shelli Cusack
AUSTIN, TX, (April 20, 2015) – Passco Companies, LLC, a nationally recognized market leader in the acquisition, development, and management of multi-family and commercial properties throughout the U.S., has announced the opening of a new office in Austin, Texas, and the addition of industry veteran Shelli Cusack as Director of Asset Management. 

 “As a national firm, we are actively investing in growth markets throughout the U.S.,” explained Jeff Olshan, Vice President of Asset Management at Passco Companies.  “Passco’s new presence in Austin will deepen our roots in the Southwest, providing our investors with additional expertise in this dynamic investment region.”

According to Olshan, the addition of Cusack is another strategic action that will also strengthen the firm’s core expertise on behalf of its partners and investors.

“Shelli’s leadership in the industry was confirmed when she developed a proprietary Audit and Assessment Program utilized by institutional clients such as General Electric, Trammel Crow’s Crow Holdings, and Passco Companies,” Olshan said.  

“By hiring her to work as a member of our firm, we will further streamline our acquisitions and due diligence processes.  She will also be integral in Passco’s ongoing research and analysis,” Olshan noted.

Jeff Olshan
Cusack will oversee the company’s Austin office, and will also be responsible for a portion of Passco’s multifamily portfolio encompassing more than 3,000 units in North Carolina, South Carolina, and Georgia. 

Within her 20 years of experience, Cusack has been responsible for the management of more than $1 billion in real estate assets. 

Her prior positions include increasingly senior management roles overseeing multifamily portfolios throughout the nation on behalf of Greystar Real Estate Partners, Alliance Residential, Pinnacle, and Aspen Heights.

Passco Companies’ new Austin office is located at 7000 N. Mopac Expressway, Suite 200, in Austin, Texas.

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

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


SG Property Services Purchases Medical Office Portfolio in Metro Atlanta for $11.8 Million

Paul Shailendra
ATLANTA, GA— Atlanta-based SG Property Services has acquired a 60,000-square-foot portfolio comprising three Class A medical office buildings in metro Atlanta for a total of $11.8 million.

 The properties include Johns Creek Medical building in Johns Creek; Marble Mill Medical Center in Marietta; and Hospital Way in Stockbridge.

“These properties are strategically located and create an appealing environment for healthcare providers as all three Class A buildings are located immediately adjacent to hospital anchors and provide direct access and walkability,” said Paul Shailendra, president of SG Property Services.

 “In addition, we were able to identify tenants within the contract phase of the acquisition to bring the portfolio to more than 95 percent leased.”

SG Property Services plans to lease-up the remaining vacancies focusing on specialty healthcare providers. 
For a complete copy of the company’s news release, please contact:

Savannah Duncan
The Wilbert Group
404-343-0870 (O) 404-901-4433 (C)

NAI Realvest negotiates sale of bank owned office building in Winter Garden, FL

Mitch Heidrich
WINTER GARDEN, FL – NAI Realvest recently closed the sale of the 2,850 square foot office building at 22 E. Story Rd. in Winter Garden for $185,000.  

NAI Realvest Principals Matt Cichocki and Kevin O’Connor and Associate Mitch Heidrich, negotiated the transaction representing Ocwen Loan Servicing and the seller U.S. Bank National Assn. of Houston.

West Orlando Custom Building LLC purchased the property to renovate and relocate their existing business there from Ocoee.   The buyer was represented by Irene Tsatiris of La Rosa Realty Executive Group. 

This was the seventh central Florida property that this NAI Realvest commercial team has sold for Ocwen Loan Servicing in the past 18 months.

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

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

Lincoln Property Co. and Oaktree Capital Management Purchase $58M Biltmore Commerce Center in Phoenix, AZ

Biltmore Commerce Center, 3200 East Camelback Road, Phoenix, AZ

PHOENIX, AZ – Office investment and management expert Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management, L.P. (Oaktree) have completed the $58 million purchase of Biltmore Commerce Center, a Class A, institutional-quality office building located in the heart of Phoenix’s coveted Camelback Corridor.

David Krumwiede
The acquisition represents LPC’s second transaction in a partnership with Oaktree that has generated $102 million in metro Phoenix deal activity in a 60-day timeframe.

 These deals include the $58 million Biltmore Commerce Center acquisition and the $42.3 million, mid-February disposition of Camelback Square, a 174,917-square-foot, Class A office asset in Old Town Scottsdale.

 It also increases LPC’s Phoenix investment activity to more than $165 million in the last 60 days.

“Phoenix has the lifestyle, the labor and the commercial real estate to generate upside value, drive demand and respond to tenant needs at almost any point of the real estate cycle,” said Lincoln Property Company’s Executive Vice President David Krumwiede, who directed the Biltmore Commerce Center investment purchase.

“It’s an exciting dynamic to work in, particularly when you have a team that can see potential at any given point in the cycle, and use their investment, development and management skills to build on that potential. It leads to a lot of opportunity in many venues, including this latest, great portfolio addition.”

Alisa Timm
Cushman & Wakefield’s Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer represented the property seller, a venture between DPC Development Company and Bridge Investment Group. LPC Director of Management Services Alisa Timm will direct the project’s property management strategy.

For leasing information on Biltmore Commerce Center or to discuss additional investment opportunities, please contact David Krumwiede or Amr Ceran at (602) 912-8888.

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

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

Jonathan Mohraz Named Vice President of Acquisitions and Development for Loews Hotels & Resorts

Jonathan Mohraz

NEW YORK, NY – Loews Hotels & Resorts announces Jonathan Mohraz as Vice President, Acquisitions and Development.  Mohraz joins the Loews development team as part of the company’s goal to substantially add to its growing portfolio over the next several years.

  He will work to identify opportunities to acquire hotel properties in major gateway cities, as well as resort destinations for the three distinct brands; Loews Hotels & Resorts, Loews Regency and OE Collection.

“Jonathan joins Loews Hotels at an exciting time as we are experiencing significant growth,” said Michael Palmeri, Senior Vice President of Acquisitions and Development, Loews Hotels & Resorts.  “His experience in the gaming and lodging industry will be invaluable as we aggressively build our brands”

Mohraz comes to Loews Hotels & Resorts with extensive knowledge of the lodging industry, having most recently served as Vice President in the Investment Bank at J.P. Morgan, where he covered the Gaming & Lodging sector. 

Michael Palmeri
Prior to J.P. Morgan, Mohraz began his real estate financial career with Ernst & Young, working with hotel owners, managers and lenders during his six year tenure in the firm’s Global Fraud Investigations & Dispute Services practice.

He received his Master of Business Administration degree from The Tuck School of Business, Dartmouth College and has a Bachelor of Science degree from Georgetown University.  

Mohraz resides in Rye, NY with his wife and two young children.

For a complete copy of the company’s news release, please contact:
Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293

Cell:  (703) 300-8289

W Financial Provides $8 Million Bridge Loan to Refinance Prime Development Site on Manhattan’s Third Avenue

Prime Development Site on Manhattan's Third Avenue between 44th and 45th Streets

NEW YORK, NY -- W Financial has provided an $8,000,000 bridge loan to refinance a prime development site located on Manhattan's Third Avenue between 44th and 45th Streets.

The site is currently improved by an 8,375 square foot, five-story, mixed-use building and has been approved for the development of a 35,624 square foot hotel and would also be suitable for various alternative uses.

David Heiden
 W's borrower is one of NYC's most active hotel developers. He acquired the site two years ago and has recently successfully negotiated the buyout of the last remaining tenant, thus unlocking the high-traffic site's highest and best use which is to be re-developed.

The existing building will eventually be demolished (only after our loan has been repaid).  W's loan includes both first mortgage and mezzanine loan positions and our collateral also includes a second property located in Old Westbury, NY.

Our borrower will likely sell the desirable site which is now finally ready for development and is currently listed for sale at $17,500,000.

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity or joint venture equity on well-located, cash-flowing properties.

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship.

Gregg Winter
Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

Call me to discuss or contact my partner David Heiden |
 (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet |
 (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
recent news:

Arbor Funds $185M in Multifamily Deals in Texas and Other Markets

Anthony Tartar
UNIONDALE, NY (April 22, 2015) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of 19 loans totaling $184,801,400 across Texas, Minnesota, Virginia and Florida under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® ARM 7-6™ and Fannie Mae DUS® Small Loan programs.

Anthony Tarter, Vice President in Arbor’s Dallas, TX, office, originated all of the loans. 

“As demonstrated by this collection of loans, Arbor is providing investors the personal service and customized loan products they need to take advantage of today’s strong multifamily market conditions,” Tarter said.

“Arbor has the nationwide expertise that’s required to meet borrower demands no matter where they do business, including such thriving multifamily markets as Texas, Minnesota, Virginia and Florida.”

·         Elmhurst Village, Oviedo, FL – This 313-unit multifamily property received $34,690,400 funded under the Fannie Mae DUS Loan product line. The 12-year acquisition loan amortizes on a 30-year schedule. Project amenities include a clubhouse/leasing office with a summer kitchen, a fitness center, a business center, a billiard room, a conference room, a picnic/BBQ area, a pool, a spa, a playground, a car care center and a gated entryway.

Elmhurst Village, Oviedo, FL
·         Kilburn Crossing, Fredericksburg, VA – This 220-unit multifamily property received $28,016,000 funded under the Fannie Mae DUS Loan product line. 

The 12-year acquisition loan amortizes on a 30-year schedule. 

Amenities include a clubhouse, a swimming pool with a waterfall and spa, barbeque areas, a business center, a tennis court, four covered pavilions, a dog park, a paved walking trail, a car wash area, a soccer field, volleyball and basketball courts, a fitness center and two playgrounds.

·         Carlisle on the Katy Trail Apartments, Dallas, TX – This 176-unit multifamily property received $12,510,500 funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. Property amenities include two community swimming pools, three laundry facilities and a workout facility.

Kilburn Crossing, Fredericksburg, VA
·         Sun Park Apartments, San Antonio, TX – This 334-unit multifamily property received $12,338,000 funded under the Fannie Mae DUS ARM Loan product line. 

The seven-year acquisition loan amortizes on a 30-year schedule. 

Project amenities include a swimming pool, a fitness room, a small playground, a tennis court, a volleyball court and a basketball court.

·         St. Croix Apartments, Dallas, TX – This 228-unit multifamily property received $12,270,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

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

Christopher Ostrowski