Tuesday, June 7, 2016

Mortgage Bankers Association Reports Commercial/Multifamily Mortgage Delinquency Rates Low; Record Decline for CMBS Loans

Jamie Woodwell
WASHINGTON, D.C. (June 7, 2016)- Delinquency rates for commercial and multifamily mortgage loans remained low in the first quarter of 2016, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.

The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae, and Freddie Mac.  Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.

“Strong fundamentals and strong property prices, as well as still low interest rates, continue to support the performance of commercial and multifamily mortgages,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. 

“A record decline in the volume of CMBS loans in foreclosure and REO brought a record decline in the delinquency rate for loans held in CMBS.  At the same time, delinquency rates remain extremely low for commercial and multifamily mortgages held by life insurance companies, Freddie Mac, Fannie Mae and banks and thrifts.”

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

Ali Ahmad
(202) 557-2727

HFF arranges joint venture equity for self storage development near Houston, TX


Barbara Guffey

Richard Schontz
HOUSTON, TX, June 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the development of Mason Road Self Storage, an 818-unit self storage facility in the Houston suburb of Richmond, Texas.

HFF worked on behalf of the development manager, Wheless – DeSpain Interests, LLC, to arrange joint venture equity from a private real estate fund advised by Crow Holdings Capital – Real Estate.

Scheduled for completion in 2017, Mason Road Self Storage will consist of one two-story building and two one-story buildings totaling 81,875 rentable square feet.  Additionally, the self storage project will have 10 parking and 11 boat/RV spaces for rent.

 Situated on 3.75 acres, the storage facility site is located in Richmond at the intersection of Westpark Tollway/FM 1093 and Mason Road.  

The Mason Road Self Storage site is adjacent to Cinco Ranch, an 8,100-acre premier master-planned development that has consistently been recognized as one of the best-selling communities in Texas and the U.S. by RCLCO. 

This is the last remaining tract out of the original five commercial reserves that were formed in 1984, shortly after the Cinco Ranch land sale, which historically has been recognized as the largest land sale in Houston history.

Mack Weckesser
The HFF self storage team representing the development manager was led by director Barbara Guffey, managing director Richard Schontz and associate director Matthew Weckesser.

“The new state-of-the-art facility will be highly visible from the Westpark Tollway and will benefit from multiple ingress/egress access points, making it an ideal location for self storage,” Guffey said.

  “The lack of supply and pent-up demand within the self storage industry over the past decade has proven the asset class is a sound investment with double-digit historic returns and strong underlying fundamentals.”

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

Kristen M. Murphy
Director, Marketing
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

Newmeyer & Dillion Attorneys Selected to the 2016 Southern California Super Lawyers Lists

Jennifer L. Ferrentino
NEWPORT BEACH, CA – Prominent business and real estate law firm Newmeyer & Dillion LLP is pleased to announce that three of the firm’s attorneys, Jennifer L. Ferrentino, Robyn E. Frick and Michael B. McClellan were selected to the Southern California Super Lawyers 2016 Rising Stars list for business litigation.

Each year, no more than 2.5 percent of the lawyers in the state are selected by Super Lawyers to receive this honor. The attorneys will be recognized in the July 2016 issues of Super Lawyers Magazine, Los Angeles Magazine and Orange Coast magazine.

In addition, twelve of the firm’s Newport Beach attorneys were selected to the 2016 Southern California Super Lawyers list, an honor given to no more than five percent of the lawyers in California.

Michael S. Cucchissi
Real Estate
 Mark S. Himmelstein
Construction Litigation

Robyn E. Frick
 Jane M. Samson

Real Estate

Jeffrey M. Dennis
Construction Litigation
 Charles S. Krolikowski
Eminent Domain
 Robert K. Scott

Insurance Coverage
 Gregory L. Dillion
Business Litigation
 Thomas F. Newmeyer
Business Litigation
 Michael J. Studenka
Employee Litigation: Defense 
Joseph A. Ferrentino
Construction Litigation
 John A. O'Hara
Construction Litigation
 Carol S. Zaist
Business Litigation

Making the list since it was originally published in 2004 is co-founding litigation partner Greg Dillion who was again selected to the Top 50: 2016 Orange County Super Lawyers List.

In addition, Jennifer L. Ferrentino, Robyn E. Frick, Jane M. Samson and Carol S. Zaist were listed in the 2016 Top Women Attorneys in Southern California by Super Lawyers.

Michael B. McClellan
Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The patented selection process includes independent research, peer nominations and peer evaluations.

The Rising Stars list is developed using the same selection process except a candidate must be either 40 years old and younger or in practice for 10 years or less.

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

Gia Altreche 949.271.7338 or gia.altreche@ndlf.com

949-854-7000 www.ndlf.com.

Renovo Financial Boosts Lending Platform with Additional $25 million Investment from Victory Park Capital; Firm on course to complete $150 million in lending for 2016

Kevin Werner
 CHICAGO, IL (June 7, 2016) — Chicago-based Renovo Financial, a residential real estate investment lender, announced it has closed an incremental $25 million commitment from Victory Park Capital (VPC), an investment firm focused on private middle-market debt and equity investments.

 This latest commitment brings VPC’s total investment in Renovo Financial to $75 million since 2015.

Founded in 2011 in partnership with Chicago-based private equity firm Granite Creek Partners, Renovo Financial is one of the nation’s fastest-growing private lenders, increasing its volume from $500,000 in lending in 2011 to a projected $150 million for 2016. 

Unlike traditional lenders that can take up to 60 days to close, Renovo Financial’s structure enables it to deliver a 10-day-closing guarantee on short-term acquisition and construction loans, as well as long-term financing for rental properties.

“The additional $25 million investment from VPC strengthens our ability to service what continues to be an underserved market of real estate investors,” said Kevin Werner, CEO at Renovo Financial. “We’ve demonstrated to our partners at VPC and Granite Creek that our hands-on approach to lending is an effective way to achieve long-term success.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Franklin Street Capital Advisors Closes $1.5 Million Refinance Loan for Cushing Plaza in Cushing, OK

Cushing Plaza, Cushing, OK
TAMPA, FL (June 7, 2016) — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing, Oklahoma.

 Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities, Inc. The 10-year loan includes a 4.5 percent fixed rate with a 20-year amortization.

“We were able to overcome significant challenges to secure this loan, including an out-of-market sponsor and significant lease roll over during the next two years,” Miller said. “This cash-out refinance will allow the borrower to make improvements to this asset as well as other assets within his portfolio.”

Anchored by Cost Cutter, the 7.59-acre property is located at 2220 East Main Street on a main thoroughfare and is currently fully leased. Other tenants at the center include Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own, and Compliance Advantage.

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

  Kelsy Van Camp
813-839-7300, ext. 337

JLL – VenSure Lease Brings Chandler Freeway Crossing to 100% Occupied in Chandler, AZ

Elizabeth Collins
PHOENIX, AZ, June 7, 2016 – A 25,000-square-foot lease completed by the Phoenix office of JLL welcomes VenSure Employer Services to Building One at Chandler Freeway Crossing, a multi-building office campus developed by Mark IV Capital in Chandler, Arizona. 

The lease brings Building One – and all three buildings at Chandler Freeway Crossing – to 100 percent occupied.

It also kicks off the development of a new three-story, 150,000-square-foot Class A office building at the project.

JLL Managing Directors Dave Seeger, Karsten Peterson and Mark Gustin, along with Associate Elizabeth Collins, are the exclusive leasing brokers for Chandler Freeway Crossing and represented Mark IV Capital in the lease transaction. Hani Aldulaimi of KW Commercial represented VenSure.

Located at the intersection of the Loop 101 and Loop 202 freeways, Chandler Freeway Crossing is a 40-acre business park encompassing three existing Class A office buildings ranging from 45,000 to 170,000 square feet.

Together, the buildings total 275,000 square feet and are fully leased to tenants including GM, ASML, SanDisk and VenSure – a Professional Employer Organization (PEO) providing payroll, human resources, employee benefits, workers compensation, workplace safety and loss control services to businesses across the U.S.

VenSure Building, Chandler, AZ
VenSure will relocate from Mesa to Chandler Freeway Crossing in September.

“VenSure was looking for a high-quality corporate campus with a flexible building – something that it could develop into a creative and collaborative environment for its employees,” said Seeger.

 “Chandler Freeway Crossing provided this, with an empty shell and 25-foot open ceiling grid that allows VenSure to implement dynamic open office features, as well as a mezzanine overlooking the open cube environment.”

“Our projects focus on delivering best in class working environments for businesses. Chandler Freeway Crossings is a great example of our firm’s focus on creating environments that cater to a tenant’s specific needs.

Dave Seeger
“VenSure is a welcome addition to the project. We collaborated with them to create a space that would be inclusive of the specific elements that they sought out during their search for a new location,” said Kelly Kharbanda, Regional Vice President at Mark IV Capital.

“With their lease, all three of our buildings at Chandler Freeway Crossing are now fully occupied – a good place to be as we break ground on our next Class A building at this site and a testament to the area’s strong demand.

The new building at Chandler Freeway Crossing (referenced as Building Six) totals 150,000 square feet in three stories. It is located at 2625 W. Geronimo Place, at the southwest corner of Geronimo Place and Ellis Street. Amenities include a rooftop deck, 6.5/1,000 parking ratio and freeway visibility that includes building signage opportunities and a 60-foot tall, freeway-facing monument sign.

An additional building (referenced as Building Five) is part of the Chandler Freeway Crossing master plan. Building Five will total 125,000 square feet and will be developed upon the successful lease-up of Building Six.

Chandler Freeway Crossing offers direct access to the Loop 101 and Loop 202 freeways, and is minutes from Chandler Fashion Center, with more than 240 restaurant and retail amenities. This is part of more than 5 million square feet of retail and restaurant space located within a five-mile radius of the project.

Karsten Peterson
There are also four hotels (Hilton, Marriott, Hampton and Homewood Suites) within one mile of the project. Nearby corporate neighbors include Intel, Wells Fargo, Orbital Sciences, Amkor Technologies, Infusionsoft and eBay.

Mark IV is currently focused on buying income producing and value-added properties in the western United States.  They are looking to acquire centers priced from $5 million to $40 million. For additional information, please visit or contact Kharbanda at (949) 509.1444 or kkharbanda@markiv.com

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

Stacey Hershauer
Phone: +1 480.600.0195

Marcus & Millichap Brokers $2 Million Sale of Resolute Anesthesia and Pain Solutions Site in Port St. Lucie, FL

Marc E. Strauss
PORT ST. LUCIE, FL, June 7, 2016 – 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 Resolute Anesthesia and Pain Solutions, a 6,656-square foot net-leased property located in Port Saint Lucie, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,055,000 equating to $309 per square foot.

Marc E. Strauss, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boca Raton, Fla.  The buyer is a limited liability company from Stuart, Fla. 

“There is a growing demand for single-tenant medical buildings as superior health care continues to be important to the public. Resolute Anesthesia and Pain Solutions is high quality tenant with more than 20 locations,” says Strauss.

Resolute Anesthesia and Pain Solutions was built in 1998 on a 1.07 acre out-parcel of a Keiser University shopping center.  The property has excellent ingress and egress and benefits from traffic counts in excess of 52,000 vehicles per-day.

The property is located at 10244 S US Highway 1.

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

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

HFF closes $20.75 million sale of Hard Rock Café Seattle building

Hard rock Cafe Seattle Near Pike Place Market, Seattle, WA

Gerry Rohm
SAN FRANCISCO, CA, June 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of the building that houses the Hard Rock Café Seattle near Pike Place Market in Seattle, Washington. 

HFF marketed the property on behalf of Urban Visions.  KLM Equities Inc. purchased the asset free and clear of existing debt.      

The property is situated on .16 acres at 114 Pike Street between 1st and 2nd Avenues.  One hundred percent leased to Hard Rock Café Seattle, the building is one block from Pike Place Market, a destination shopping, dining and entertainment area with more than 10 million visitors annually.

 The area has a Walk Score® of 99, and the property has a Transit Score® of 100, receiving the designation of a “World Class Public Transit” location, as the Link, Seattle’s light rail system, is within two blocks of the property and bus service for more than 20 lines is less than a block away. 

Nicholas Kucha
As the only Hard Rock Café location in the Pacific Northwest, Hard Rock Café Seattle is a three-story restaurant that consists of seating for 435 and a Rock Shop retail area for selling merchandise. 

The HFF retail investment sales team representing the seller was led by senior managing directors Gerry Rohm and Nicholas Kucha, director Nick Kassab and associate director Danny Reddin.

“The Hard Rock Café Seattle is located in the heart of the Pike-Pine Corridor – Seattle’s most active retail submarket with more than 10 million visitors annually,” Kassab said. 

“The $73 million expansion of Seattle’s Pike Place Market will serve to further re-shape the submarket upon completion with new vendor stalls, retail space and a viewing deck.”

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

Kristen M. Murphy
Director, Marketing
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

NAI Realvest Negotiates Sale of Downtown Orlando Industrial Building for $2.34 Million

Patty Nolff
ORLANDO, FL – NAI Realvest recently negotiated the $2,343,600.00 sale of a downtown Orlando office/warehouse building at 1230 W. Central Blvd. with 44,896 useable square feet on two acres of fenced in property with gated parking access. 

Michael Heidrich, a principal at NAI Realvest and associate Patty Nolff, negotiated the sale representing the local seller, Hammond Electronics, Inc. 

Sunny Beauty Supply Corp. of Orlando is the buyer of the building with first level sales/distribution space and second level office space built in 1975.   Jeffrey Lain of Charles Rutenberg Realty represented the buyer in the transaction.

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

Arbor Funds $54M in Multifamily Deals Across New York City and Eastern U.S.

Ari Short
UNIONDALE, NY (June 7, 2016) - Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real estate lender, announced the recent funding of 22 loans totaling  $54,938,100 across New York, Florida and New Jersey under Arbor’s Freddie Mac Small Balance Loan program.

Ari Short, an Originator in Arbor’s New York, NY office, originated each of the loans.

“Arbor has the nationwide expertise that’s required to meet borrower demands no matter where they do business, including across the vibrant East Coast market,” Short said. 

“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.”

Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets.

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

Christopher Ostrowski