HFF arranges refinancing for Class AA office property in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged refinancing for 3600 San Clemente, (top right photo) a Class AA office building in Austin, Texas.

Working exclusively on behalf of HPI Real Estate Services & Investment (HPI), HFF managing director Mark West (middle left photo) placed the fixed-rate loan with ViewPoint Bank.

HPI, based in Austin, manages more than 10 million square feet of office, industrial and retail properties throughout central Texas.

Completed in late 2006, 3600 San Clemente has 90,267 square feet that is currently 100% leased.

The property is located at 3600B Capital of Texas Highway within the 49-acre San Clemente at Davenport mixed-use development in southwest Austin.


“3600 San Clemente is one of the newest office developments in Austin and is located in an attractive area not only to tenants but investors alike,” said West.


“Tenants are attracted to its central location within the city, proximity to high-end residential areas and its scenic setting in the Texas Hill Country while investors value the strong historical performance of the submarket and the significant barriers to entry that exist within this submarket.”

CONTACTS:

Mark E. West, HFF Managing Director, (214) 265 0880, mwest@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Named Top Ten Fannie Mae DUS® Lender for Second Year in a Row

UNIONDALE, NY, April 6, 2009– Arbor Commercial Mortgage, LLC today announced that it has been ranked number nine among the Top Ten Fannie Mae Delegated Underwriting and Servicing (DUS®) lenders for the year 2008.

“We are very committed to the Fannie Mae DUS® program and our business partnership,” said Ivan Kaufman, (top right photo) President and CEO.

“For the second year in a row, we’ve been named a Top Fannie Mae DUS® lender, increasing our ranking in 2008. We are very proud of this achievement and look forward to continuing to grow our market share.”

In 2008, Arbor Commercial Mortgage achieved a 20 percent increase in year-over-year production volume from 2007.

Contact: Ingrid Principe, iprincipe@arbor.com

New Joint Federal-State Crackdown on Foreclosure Rescue Scams Announced

WASHINGTON, DC, April 6, 2009—Federal and state officials today announced a new joint crackdown on the proliferating residential foreclosure rescue scams.

At a morning press conference today, officials said some results of the crackdown are already in play.

They point to the Federal Trade Commission which has just won a $1.2 million judgment against Clearwater, FL-based Mortgage Foreclosure Solutions Inc.

In a separate pending court case in California, the FTC has won a temporary restraining order and had the company’s assets frozen at National Foreclosure Relief Inc. in Santa Ana, CA.

The FTC charged the company and its two officers with violating the Federal Trade Commission Act by falsely representing that it will stop foreclosure in all or virtually all instances, and that it will give full refunds if foreclosure is not stopped.

The company’s two officers were identified in the FTC’s court complaint as David Ealy, also known as Hugo Tapia, and Chele Stone, also known as Chele Medina.

The FTC complaint alleges National Foreclosure Relief charged homeowners from $300 to $1,000 to begin its nationally advertised “Fresh Start” foreclosure rescue plan.

After the fee was paid, the company halted all phone and written contact with the homeowner, the FTC complaint states.

In the case against Florida-based Mortgage Foreclosure Solutions Inc., the FTC charged the company with soliciting fees ranging from $250 to $1,200 from financially-strapped homeowners.

Like National Foreclosure Relief, once the fee was received, Mortgage Foreclosure Solutions stopped all contact with the homeowner, the FTC states.

The FTC reported Mortgage Foreclosure Solutions didn’t have enough assets to pay off the $1.2 million judgment and so the agency agreed to suspend all but $8,320 of the judgment amount.

However, if FTC investigators find additional assets belonging to the company or its officers at a later date, the agency obtained court approval to seize the assets at that time.

Cindy Liebes, the FTC’s assistant regional director, says foreclosure rescue schemes are surfacing across the country. The recession, job losses and the real estate crisis have spurred the growing number of predatory rescue schemes as homeowners worry over the loss of their homes, Liebes says.

Participating in today’s telephonic press conference at the Treasury Department were Treasury Secretary Timothy F. Geitner, (top right photo) Department of Housing and Urban Development Secretary Shaun Donovan, (middle right photo) FTC chairman Jon Leibowitz (middle left photo) and Illinois Attorney General Lisa Madigan. (bottom left photo)

Marcus & Millichap Sells 70,040-SF Retail Center in Seffner, FL for $2.7M

SEFFNER, FL, April 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of North Grove Center, (top right photo) a 70,040 square foot retail property located in Seffner, Florida, according to Bryn D. Merrey, (middle left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,700,000, which equates to a price per square foot of $38.00.


David Goldstein and Les Aron, (bottom right photo) Vice Presidents of Investments and Matthew Reichenthal, Investment Specialist in Marcus & Millichap’s Tampa office, together with Michael Lombardi, Senior Associate in Marcus & Millichap’s New Jersey office had the exclusive listing to market the property on behalf of the seller, an out-of-state private investor.

The buyer, an affiliate, Isram Realty, of Hallandale Florida, was secured and represented by Dimitrios Langas and Matthew Reichenthal.

North Grove Center, which was built in 1977 and renovated in 2004, is located at 725 West Dr. Martin Luther King Jr. Boulevard.

The shopping center is approximately 70,040 square feet, anchored by Winn Dixie and Dollar General.

North Grove Center was sold for $2,700,000 at an 8.77 percent cap rate with an occupancy of 85 percent.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Concord Hospitality Wins Two of Marriott’s Top Brand Awards

Company Awarded “Hotel Opening of the Year” for Fairfield Inn & Suites, SpringHill Suites

RALEIGH-DURHAM, N.C., April 6, 2009—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it won two of Marriott’s top brand awards: “Hotel Opening of the Year” for both the Fairfield Inn & Suites and SpringHill Suites brands.

The company also brought home from Marriott’s annual recognition event several other Marriott accolades, including two Platinum, five Gold and three Silver Circle awards, all honors given for exceptional guest satisfaction.

“These awards demonstrate the quality that is our hallmark within the industry,” said Mark G. Laport, (top right photo) Concord president and CEO. “Our commitment to excellence, community, integrity and guest and associate satisfaction continues to generate superior results in all aspects of our business.

" Both “Hotel Opening of the Year” properties are new builds, and were strategically placed in markets that would support their development and yield the maximum ROI.”

The Hotel Opening of the Year award is based on superior performance in a number of categories, including demonstrated leadership, team building and development, financial management, sales and service leadership and community service at the time of opening.

RevPAR, RevPAR Index, occupancy, and guest satisfaction are also considered.

The 120-room Springhill Suites Waukegan/Gurnee, Ill., (middle left photo) winner of SpringHill Suites Hotel Opening of the Year, is the first SpringHill Suites hotel to feature the brand’s contemporary, boutique-style redesign.

Concord co-designed the brand’s new look in partnership with Marriott, which includes an innovative lobby with custom lighting, moveable “soft walls” and changeable graphic panels to create distinctive environments throughout the day.

The property launched in August 2008 and within two months achieved 66 percent occupancy, beating the industry average by more than five percent.

The 110-room Fairfield Inn & Suites Pittsburgh Neville Island (bottom right photo) opened in October 2008 and claimed the top award for the Fairfield Inn & Suites brand.

The property is located on Interstate 79, and each of the guest rooms and suites features luxury bedding, a large work area and free wireless high speed Internet.

The new property achieved 65 percent occupancy within two months, also beating the industry average.

Contact: Melanie Boyer, Daly Gray Public Relations, (703) 435-6293.