Wednesday, July 29, 2009

Thomas D. Wood & Co. Brokers $9.33M Loan in Mount Dora, FL

ORLANDO, Fl, July 29, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on July 28, 2009, in the amount of $9,330,000 for Loch Leven Landing in Mount Dora, Florida.

Doug Rozzell (top right photo) financed Loch Leven Landing, a grocery-anchored shopping center, through Thomas D. Wood and Company’s relationship with two community banks.

The construction/mini-permanent loan has an interest rate of Prime + 1.5% floating with a floor of 5.875%. The loan term is 24 months interest-only, converting to a 36-month mini-perm, based on a 25-year amortization.

Loan-to-value is 75% and loan-to-cost is 85%. The 71,540 square-foot retail center will be home to major tenant Publix, and will be built on 15.03 acres at the intersection of US 441 and SR 44 in Mount Dora, Florida.

For further information, please contact:
Doug Rozzell, (407) 937-0470, drozzell@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com
Posted by Alex at 12:28 PM 0 comments
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Interstate Hotels & Resorts Opens Crowne Plaza Milwaukee Airport

ARLINGTON, VA, July 29, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced the opening of the 194-room Crowne Plaza Milwaukee Airport, (top left photo) which recently completed a multi-million dollar renovation and brand conversion.

The former Ramada Inn and Conference Center is owned by Amana Hospitality, LLC, and will be managed by Interstate.

This is the third property Interstate has opened this summer, with 13 under-development properties remaining in the company’s management pipeline, most of which are scheduled to open in 2010.

“This is our first contract with this ownership group,” said Leslie Ng, Interstate’s chief investment officer. “Our vast experience and deep relationship with the brand are two factors which made us the manager of choice for this property."

“Milwaukee is the largest city in Wisconsin and a popular Midwest destination and desirable locale for meetings and banquets,” said Thomas F. Hewitt, (middle left photo) chairman and chief executive officer, Interstate.

“The Crowne Plaza Milwaukee Airport underwent a complete overhaul of all interior and exterior spaces to enhance the guest experience. The hotel’s proximity to the airport and its state-of-the-art facilities and amenities attract a wide following of both leisure and business travelers.”

The Crowne Plaza Milwaukee Airport is located at 6401 South 13th St., two-and-a-half miles from General Mitchell International Airport.

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.


Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320
Posted by Alex at 11:47 AM 0 comments
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Arbor Closes $3.95M Fannie Mae DUS® Loan for Colerain Towers in Cincinnati, OH

Uniondale, NY (July 29, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,950,000 loan under the Fannie Mae DUS® Loan product line for the 257-unit complex known as Colerain Towers (top left photo) in Cincinnati, OH.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated by John Kelly, Vice President, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to work with this long-term owner who was looking to refinance their existing debt and make a few capital improvements,” said Kelly.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555
http://www.arbor.com/
Posted by Alex at 11:40 AM 0 comments
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Legacy Partners Reaches 98% Occupancy at West Hollywood, CA Community

LOS ANGELES, CA, July 29, 2009 — Legacy Partners, a leader in residential and commercial real estate for 40 years, has reached 95 percent occupancy at 7950 W. Sunset, (centered photo below) a new “one-of-a-kind” luxury community in West Hollywood.




The success comes less than seven months since the start of the leasing period at this award-winning community which features 183 apartments/townhomes and ground level retail located on the famed Sunset Strip.

Recently, 7950 W. Sunset received a Golden Nugget Award, in the category of Outstanding Mid-rise Community, at the Pacific Coast Builders Conference in San Francisco.

Developed as the most over-the-top, edgiest, stylish environment, this haven features community and in-unit amenities and finishes residents dream about.

“Throughout the leasing process, our property management and development team achieved success by adapting to the constantly changing rental market,” said Scott Morrison, CPM, Senior Vice President for Legacy Partners Residential, Inc. “You will never again see a multifamily development featuring the amenities and finishes found at this community.”
Apartments at 7950 W. Sunset range in price from $2,100 to $4,600 per month. There are 28 studios, 81 one bedrooms and 74 two bedroom homes ranging in size from 590 to 1,238 square feet.

The project team for 7950 W. Sunset includes Legacy Partners Residential, Inc., developer and property management; Legacy Partners Builders, Inc., general contractor; AIG Global Real Estate, financial partner; Guaranty Bank, lender; Thomas P. Cox Architects, Inc., architecture; HRP Landdesign, landscape architecture and design; Fuscoe Engineering, civil engineering; Natural Graphics, graphics and signage; and Faulkner Design Group, interior design.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com
Posted by Alex at 10:59 AM 0 comments
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New Faces and New Positions at Marcus & Millichap

MICHAEL ZIMMERMAN NAMED VICE PRESIDENT INVESTMENTS IN FORT LAUDERDALE OFFICE

FORT LAUDERDALE, FL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Zimmerman (top right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gregory Matus, regional manager in the firm’s Fort Lauderdale office.

Zimmerman began his career with Marcus & Millichap in 2004. He specializes in brokering the sale of retail properties.


The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Kirk A. Felici, vice president and regional manager in the firm’s Miami office.

Mekras began his career with Marcus & Millichap in 2003. He specializes in the sale of multi-family properties.

Wohl began his career with Marcus & Millichap in 2001, specializing in multi-family and hospitality properties.

Zylberglait began his career with Marcus & Millichap in 2003, specializing in the sale of office and industrial properties.


The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gary R. Lucas, regional manager in the firm’s Charlotte Uptown office.

Smith joined Marcus & Millichap in 2002. He specializes in multi-family investment sales.

JOEL DUMES AND STAN FALK ARE NEW VICE PRESIDENT INVESTMENTS IN CINCINNATI OFFICE

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Joshua Caruana, regional manager in the firm’s Cincinnati office.

Joel Dumes began his career with Marcus & Millichap in 2003, specializing in retail, office and industrial properties. Stan Falk also began his career with Marcus & Millichap in 2003. Falk specializes in retail, office and industrial properties as well.
MICHAEL BARRON AND DAN BURKONS NAMED VICE PRESIDENT INVESTMENTS IN CLEVELAND OFFICE

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Michael L. Glass, regional manager in the firm’s Cleveland office.

Michael Barron began his career with Marcus & Millichap in 2003 specializing in the sale of multi-housing properties. Dan Burkons also began his career with Marcus & Millichap in 2003. He specializes in multi-family and self-storage properties.


Press Contact: Stacey Corso, Communications Department, (925) 953-1716
Posted by Alex at 10:11 AM 0 comments
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Marcus & Millichap Sells $10.35M Reo Apartment Property in San Bernardino, CA

SAN BERNARDINO, CA, July 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the sale of Sunset Ridge Apartments, (top right photo) a 205,634-square foot, 251-unit special asset apartment property in San Bernardino.

The sales price of $10.35 million represents $41,235 per unit and $50 per square foot.

Alexander Garcia, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Ontario, and Lane Schwartz, vice president investments and a director of the NMHG in West Los Angeles, represented the seller, one of the largest loan servicing entities in the United States.

Steve Hsu, an associate vice president investments and an associate director of the NMHG in Ontario, represented the buyer.


“Our marketing campaign generated 17 offers,” says Garcia. “The buyer offered all cash and we closed in two weeks on a non-contingent basis.”
Located at 1700 East Date St., Sunset Ridge Apartments is adjacent to the recently completed Foothill Freeway, State Highway 210. Drive-by traffic on Ste. Hwy. 210 exceeds 60,000 cars per day and provides outstanding exposure and easy access to the job markets in Los Angeles, Orange, Riverside and San Bernardino counties.

Sunset Ridge Apartments is served by Omnitrans, the San Bernardino Valley public transit agency, and is within walking distance to shopping, banking and schools. Cal State San Bernardino is just a five-minute drive from the property.

Built in 1973, Sunset Ridge Apartments’ unit mix features 60 one-bedroom/one-bath units, 64 two-bedroom/one-bath apartments, 35 two-bedroom/one-bath townhomes, 64 two-bedroom/two-bath apartments, 20 three-bedroom/two-bath units and eight four-bedroom/two-bath apartments.

This unit mix is not duplicated anywhere else in the submarket.
Unit interiors feature large kitchens with gas ranges, ovens, dishwashers and disposals. All units feature central air conditioning and electricity-generated forced air heating. Each unit is individually metered for electricity.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716
Posted by Alex at 8:37 AM 0 comments
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