HFF secures $10M financing for Foxborough, MA multifamily community

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in financing for Chestnut Green Apartments, (top left photo) a 55-unit multifamily community in Foxborough, Massachusetts.

HFF director Janet Krolman (top right photo) worked exclusively on behalf of Abrams Properties and VinCo Properties in arranging the loan through Wells Fargo Middle Market Real Estate.

The financing was structured as a $7.62 million construction loan and a $2.4 million historic tax credit bridge loan to fund the acquisition and development costs of the property.

Chestnut Green Apartments is located along Chestnut Street in Foxborough and is part of the historic mixed-use redevelopment of the former Foxborough State Hospital campus that will include residential, office, recreation and retail uses.

The property is within close proximity to Interstate Route 95, Gillette Stadium and the Mansfield MBTA Commuter Rail providing service to Boston, 24 miles north.

Upon completion in 2009, Chestnut Green Apartments will have one- and two-bedroom units averaging 1,102 square feet each with 14 of the 55 units designated as affordable units.

Community amenities will include a fitness center, community room, recreational fields, walking trails and on-site storage.

Abrams Properties is a real estate investment and development company focused on the adaptive re-use of historic structures into vibrant residential and commercial communities.

VinCo Properties is a Boston-based real estate development company, which targets the acquisition of undervalued real estate assets and undeveloped land. Since 2001, VinCo Properties has acquired more than 2.5 million square feet of office, medical, biotech, manufacturing, industrial, retail and residential real estate.

Wells Fargo & Company is a diversified financial services company with $622 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “AAA” and Standard & Poor’s Ratings Services, “AAA”.

CONTACTS:

Janet N. Krolman, HFF Director, 617 338 0990, jkrolman@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, jmcdowell@hfflp.com

SchenkelShultz Receives Awards on 5 New Projects

SchenkelShultz Architecture, West Palm Beach designs St. Lucie County Public Schools' newly-completed $74M, 344,331-SF Fort Pierce Central High School

FORT PIERCE, FL – SchenkelShultz Architecture, West Palm Beach, one of Florida’s leading green design firms, designed St. Lucie County Public Schools’ newly-completed $74 million, 344,331-square-foot Fort Pierce Central High School (top right photo) in Fort Pierce, FL.

The replacement high school is designed to accommodate 2,500 students. James A. Cummings, Inc. served as construction manager. The West Palm Beach office of SchenkelShultz is located at 1300 N. Congress Avenue, phone 561-697-3451.

SchenkelShultz Architecture, Orlando designs three projects to achieve LEED certification at Stetson University in DeLand, FL

ORLANDO, FL – SchenkelShultz Architecture, Orlando has designed three projects to achieve LEED® certification at Stetson University in DeLand, FL.

Included are: the $1.6 million, 5,500-square-foot Homer and Dolly Hand Art Center; the $1.55 million, 8,000-square-foot Mary B. McMahan Hall; and the $507,000, 1,850-square-foot Rinker Environmental Learning Center which is designed to achieve LEED® Gold certification. All three projects are currently under construction and slated for completion in April 2009.

SchenkelShultz has designed more than 3.8 million square feet of higher education projects nationwide including the award-winning six-story Stetson University Lynn Business Center, the first LEED®-certified building in the state of Florida.

SchenkelShultz Architecture, Fort Myers and Naples, receives prestigious "2008 AIA Unbuilt Honor Award" from American Institute of Architects' Southwest Florida Chapter

NAPLES, FL – SchenkelShultz Architecture, with offices in Fort Myers and Naples, received the prestigious “2008 AIA Unbuilt Honor Award” from the American Institute of Architects’ Southwest Florida Chapter for its design of Edison State College’s new $3.4 million, 10,000-square-foot Early Childhood Development Center at the Collier County Campus in Naples, FL. (bottom left photo)

Designed to be the college’s first LEED®-certified facility, the center will serve over 100 children ranging from infancy through four years of age. The Naples office is located at 2640 Golden Gate Parkway, Suite 306, phone 239-434-2400.

Contact: Kenneth H. Cristol, 407-774-2515

Marcus & Millichap Capital Corp. Arranges $3M Loan for Seattle Apartment Building

SEATTLE, WA--Marcus & Millichap Capital Corporation (MMCC) has arranged a $3 million fixed-rate loan to refinance a 50-unit apartment building located at 1729-12th Ave., Seattle.

Glenn Gioseffi, a director in the firm’s Seattle office, arranged the financing package for the Roosevelt Apartments.

“The property had multiple challenges with construction, zoning and usage issues,” says Gioseffi. “MMCC was able to remedy the issues and secure a lender that we have an established relationship that finances properties with similar challenges.”

Financing for the Roosevelt Apartments was provided by an insurance company at a 5.85 percent fixed rate for the first five years, then a five-year rollover to 280 basis points over the five-year Treasury. Terms of the loan are for five years with a 30-year amortization schedule. Loan-to-value was 40 percent.

Press Contact: Kathy Molitor. Marcus & Millichap Capital Corp., (925) 953-1704

Thomas D. Wood Brokers $2.4M Loan for Palm Bay Studios in Miami

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $2,400,000 for Palm Bay Studios (site map, top right) in Miami, Florida.

Stephen Wechsler, (bottom left photo) Company Vice President, financed the loan through Thomas D. Wood and Company’s relationship with a community banking institution at a permanent fixed-rate of 6.25%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 35%. The 92,200 square-foot industrial building was built in 1946 and is located at 395 NE 59th Street, Miami, Florida.

For further information, please contact:

Stephen Wechsler, (305) 447-7874, swechsler@tdwood.com

Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

Real Estate Misconceptions Debunked

LAS VEGAS, NV--Buying and selling residential real estate can be complex and confusing, particularly amid a process rife with misconception, says Robert Jenson, (top right photo) CEO of The Jenson Group at RE/MAX CENTRAL.

He offers John Q. Public some “truths” to dispel some common real estate “myths”:

MYTH: All REALTORs are created equal

TRUTH: Real estate agents vary widely in terms of experience, skill, ingenuity, accessibility and ability to produce results quickly and smoothly, among other key factors. Interview at least 3 agents, and come prepared with a list of questions you plan to ask. What is their track record? How do they market listings?

Do they have a team to help show your home or does the responsibility fall on one particular agent? Due diligence is key to finding a representative prepared to work hard and who will be available to answer your questions along the way.

MYTH: Home inspections should wait until an offer has been presented

TRUTH: Even before listing a home, sellers should hire professionals to inspect the property including the roof, pool, and other structural elements, as well as for termites and other important buyer considerations.

Make ALL repairs before you list the house on the market. Today’s buyer is discriminating and has many choices - don’t give them a reason to have concerns. A complete list of the completed inspections and repairs should be made available to serious buyers, which will go a long way in expediting the process at large.

MYTH: All negotiations start with a buyer submitting an offer

TRUTH: Sellers do have ways to kick start a negotiation, such as a “Reverse Offer.” Consider that one buyer who has been back for a second or possible 3rd look, but hasn’t pulled the trigger. Make them an offer! Yes you, as the seller, should put something in writing and submit it to the buyer’s agent. This will create an opportunity for the buyer’s agent to sit down with his or her client and potentially help close the deal.

MYTH: Only home sellers - not buyers - need a real estate agent

TRUTH: Purchasing a home could be the most important and complex financial transaction you engage in, and going it alone is risky. Indeed, a buyer’s agent can save you time, hassle and thousands of dollars. Take time and care when selecting a real estate buyer’s agent - find someone you can trust, and that you have a good rapport with.

MYTH: Buyers should wait to secure loan approval until they’ve found a home they want to buy

TRUTH: Many buyers want to find the “perfect” home before having their credit pulled, which can backfire when an offer is on the table and time is of the essence. It’s wise to get pre-approved for a loan even before you view your first home.

Your credit report may contain inaccurate information that you were not aware of, which can be a time consuming process to rectify. Or, you might not like what loan program you qualify for, or you might qualify for a higher loan value than you thought. Ultimately, you will need a pre-approval letter with your offer, so do yourself a favor and do this in advance. It’s free, after all.

MYTH: There is no real benefit to “shopping” for a mortgage among multiple lenders

TRUTH: A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600. Be a smart consumer and comparison shop for the most favorable mortgage rates and terms.

MYTH: All real estate agents charge the same commission percentage

TRUTH: Not all agents – and agent packages - are created equal. From full service agents to discount agencies, make sure you know the type of professional you are hiring and what EXACTLY they are going to do to sell your home.

An agent that can professionally market your home above and beyond the MLS listing will increase your exposure within the marketplace, which will lead to a higher selling price and less days on the market.

Will your agent incur costs to give your home that visibility? Find out, so that you may take everything into consideration when establishing the commission percent. Despite what an agent might say otherwise, commissions are always 100% negotiable.

CONTACTS:

Merilee Kern, mkern@kerncommunications.com

Anne Goldberg, agoldberg@kerncommunications.com, PH 858-577-0206

http://www.thejensongroup.com/

www.kerncommunications.com/JensonKit.zip.