Winter Garden, FL Office Building Gets $2.8M Loan

ORLANDO, FL—July 10, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on July 7, 2009, in the amount of $2,800,000 for the Mercantile Office Building (top left photo) in Winter Garden, Florida.

Doug Rozzell and Jeff Schnupp financed the Mercantile Office Building through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

The permanent loan has an interest rate of 6.75% and a five-year term, based on a 25-year amortization. The loan-to-value is 56%.

The 31,857 square-foot multi-tenant office building was built in 2000, and is home to major tenant Mercantile Bank. The Mercantile Office Building is located at 12200 West Colonial Drive, Winter Garden, Florida.

For further information, please contact:
Doug Rozzell, (407) 937-0470, drozzell@tdwood.com

Jeff Schnupp, (407) 937-0470, jschnupp@tdwood.com

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

Grubb & Ellis Represents Vanguard Equities, Inc. in Purchase of Golden Ring Center in Baltimore, MD

BALTIMORE, MD (July 10, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today it represented Vanguard Equities, Inc. in the purchase of 63,694 square feet at Golden Ring Center (top right photo) located at 8823 Pulaski Highway in Baltimore, MD.

Grubb & Ellis’ Matthew B. Cooper, senior associate, and Eddie Goldmeier, vice president, facilitated the transaction. Circuit City, the owner of the strip mall, was represented by DJM Realty.

“Over the past decade, this specific trade area has undergone a substantial redevelopment,” said Cooper. “It is considered a vibrant, well-established retail district in the northeast Baltimore City region.”

Vanguard plans to redevelop and lease the space, which was previously occupied by Circuit City, the prior anchor store. Current tenants include West Marine Inline and National Tire and Battery. Approximately 10,000 square feet of space is available for lease.

Vanguard Equities, Inc., based in Baltimore, is a leading real estate development firm, involved in shopping center development.

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

Arbor Closes Two Fannie Mae DUS® Loans Totaling $2.3M

Uniondale, NY (July 10, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $2,300,000 under the Fannie Mae DUS® product line.

These loans include:

Terrace Park Apartments, (top right photo) West Haven, CT – A 50-unit complex in the amount of $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.06 percent.

Westbrook Park Apartments, Seymour, CT – A 37-unit complex in the amount of $300,000 funded under the Fannie Mae DUS® product line. The 5-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent.

The loans were originated by John Edwards, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“These financings represent a great opportunity to work with a repeat client while providing flexible loan terms,” said Edwards. “I cannot emphasize enough the importance we place on our long-term business relationships.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/

Smith Equities Real Estate Investment Advisors Sells Second Distressed Office Building in Orlando

ORLANDO, FL (July 10, 2009) – Orlando-based Smith Equities Real Estate Investment Advisors recently represented the Seller on the sale of the
building in Orlando Central Park known as the 7200 Building (top right photo).

The Seller was Orlando Central Park Tarragon II and the Buyer was JCQ Investments, LLC.

The price was $2,800,000 or $39.75 per AC SF ($43.65/SF Rentable).

The office building was 64% vacant at the time of sale and was sold out of bankruptcy court. According to Robert Smith (middle left photo).


“This building represented a unique challenge to sell since the Orlando Central Park submarket will have a lot of additional vacant space when Darden moves into their new headquarters later this year.


" It offers a great value for small companies who want to save money and take advantage of the low rental rates that they are offering to lease the building up quickly.”

The new owner has began upgrading the building with a new security alarm system, security cameras (inside and out) and plans on upgrading the commons areas.


During the first two weeks of ownership they leased 1,900 SF to Time Share Networking, 700 SF to Brand Energy, and 1,500 SF to Time Bandit. Rates are very competitive and start at $12.00 per SF.

Although Smith Equities is well known as experts in selling apartment buildings, this is the second distressed office building its founder, Robert E. Smith, CCIM has closed in 2009 representing over 101,000 SF of office space.


“As workout specialists, we have developed an understanding of the dynamics of selling a distressed, near empty building in foreclosure/Chapter 11 and have worked through the intricacies of dealing with the courts, the lenders, and the myriad complicated documents.”


For more information, please contact:
Robert E. Smith, CCIM, 407.422.0704, ext. 101, rsmith@smitheq.com