Marcus & Millichap Names 3 New Vice Presidents/Investments

 Jerry Goldstein Promoted in Houston

HOUSTON, TX — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Jerry Goldstein (top right photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Brent Smith, regional manager of the firm’s Houston office.

Goldstein joined Marcus & Millichap in May 1994. He was promoted to associate in 1999 and earned senior associate status in May 2000. Goldstein was named a senior investment associate in July 2003 and a vice president investments in January 2008.

 He specializes in the sale of retail, office and industrial assets and currently serves as a senior director of the firm’s National Retail Group. Goldstein has received numerous sales achievement awards from Marcus & Millichap, including five National Achievement Awards.

 Brandon Rex Is New Face in Fort Lauderdale

FORT LAUDERDALE, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brandon Rex (middle left photo) to the position of vice president investments, according to Gregory Matus, regional manager of the firm’s Fort Lauderdale office.

“Brandon’s knowledge of the Florida multifamily sector, along with his superior brokerage and advisory services, will make him an asset to our private and institutional clients locally and nationwide,” says Matus.

Rex specializes in the sale of multifamily assets throughout South Florida. A 10-year industry veteran, Rex has closed in excess of 75 transactions totaling approximately $340 million throughout his career. He joins Marcus & Millichap from Apartment Realty Advisors of Boca Raton, where he served as a senior vice president head of the South Florida division of their private client group.


Kenneth Blomsterberg Gets New Post in Sacramento

SACRAMENTO, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kenneth Blomsterberg (bottom right photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Robert Hicks, senior vice president and regional manager of the firm’s Sacramento office.

Blomsterberg began his career with Marcus & Millichap in January 1989 and then became an associate in August 1994. He was promoted to senior associate a year later and was named a senior investment associate in June 1995. Blomsterberg was promoted to vice president investments in January 2008. He specializes in the sale of multifamily assets and is a director of the firm’s National Multi Housing Group. He has received 30 sales recognition awards from Marcus & Millichap, including nine National Achievement Awards.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Broadstone Ranch Apartments in San Antonio, TX Trades Hands

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Broadstone Ranch, (top left photo) a 252-unit, 212,472-square foot apartment property in San Antonio. The sales price was not disclosed.

Will Balthrope, a vice president investments and a senior director of the firm’s National Multi Housing Group in Dallas, and Ryan Epstein, a multifamily investment specialist in Marcus & Millichap’s San Antonio office, represented the seller, McMorgan & Co. of San Francisco. The buyer was Brass Real Estate Funds.

“Broadstone Ranch is a luxury Class A asset located next to one of the fastest-growing universities in Texas,” says Balthrope. “The property will provide upscale student living for this captured tenant base.”

“The property is centrally located between Interstate 10 and the University of Texas at San Antonio at 5803 UTSA Blvd. and is within minutes of several of San Antonio’s largest employers, including USAA, Valero and the South Texas Medical Center,” adds Epstein.

Broadstone Ranch was built in 2005 on 13.63 acres and features 132 one-bedroom/one-bath units, 84 two-bedroom/two-bath apartments and 36 three-bedroom/three-bath units. Amenities include modern gourmet kitchens, resort-style swimming pool, detached garage and covered parking.

San Antonio is the second-largest city in Texas and the seventh-largest city in the United States.

Contact:  Stacey Corso, Communications Department, (925) 953-1716, stacey.corso@marcusmillichap.com

Marcus & Millichap Capital Corp. Arranges $7.3M Loan for Georgia Walgreens

RIVERDALE, Ga., Dec. 4, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $7.3 million loan for the acquisition of a 14,820-square foot Walgreens drugstore in Riverdale.

Tim Kinney, senior director in the firm’s Atlanta office, arranged the financing for the retail property.

“We were able to take advantage of the high leverage and long-term fixed rates available in the credit-tenant lease, private placement market,” says Kinney. “It was a great team effort.”

The nonrecourse loan has a 25-year fixed rate with a 25-year amortization, a loan-to-value of 92 percent and a 6.9 percent interest rate.

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

Tremont Structures $14.5M Financing for MHC in Riverhead, NY

ANNAPOLIS, MD--The Annapolis office of Tremont Realty Capital structured financing for the refinance of MacLeod’s MHC, (centered photo below) a 376-unit manufactured housing community located in Riverhead, NY.

John Chase, (bottom right photo)  a Senior Director with Tremont, arranged the $14,500,000 loan, which was funded through one of Tremont’s correspondent relationships.

The 10 year loan provided for roughly 65% loan-to-value with a 5.95% interest rate. According to Chase, “The sponsor and Tremont’s correspondent were able to work through issues related to 346 buried heating oil tanks and still able to provide a timely funding that provided a non-recourse loan with equity recapture.”

Tremont Realty Capital, LLC is a national real estate investment and advisory firm, which makes direct debt and equity investments and provides institutional advisory services. Direct programs include high leverage bridge loans, short and long term mezzanine loans and equity capital.

 The Annapolis office of Tremont Realty Capital is located at 101 Log Canoe Circle, Suite F, Stevensville, MD 21666. The phone number is 410.604.1744 and the fax number is 410.604.1742. You can visit Tremont on the Internet at http://www.tremontcapital.com/.

Contacts:
 John Chase, 410.604.1744, jchase@tremontcapital.com

Aimee Munsey, Senior Associate, Marketing & Communications, Tremont Realty Capital, 200 State Street
Boston, MA 02109, p: 617.867.0700 x784, f: 617.867.0077, amunsey@tremontcapital.com, http://www.tremontcapital.com/

Rental Lifestyles Division at Stirling Sotheby’s International Realty Focuses on Distressed Sales

ORLANDO, FL--- Stirling Sotheby’s International Realty’s Rental Lifestyles division serves a growing segment of the housing market – the thousands of homeowners in the Central Florida region who have been forced into a rental status.

“The wave of distressed housing properties has yet to peak,” said Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty. “In October, 65 percent of all homes sold in the Central Florida region were classified as distressed, which indicates short sales or foreclosure sales,” he said. “Most of those sellers need to become renters and we are focused on assisting them.”

Soderstrom said the Rental Lifestyles division has been working with families to find suitable and sustainable rental opportunities that offer them some of the same conveniences they had in their former home that may be found in a smaller single-family home, a townhome or condominium for lease.

The Rental Lifestyles division also works with property owners, lenders and banks to find suitable renters. “We offer a wide array of services from discreetly qualifying tenants to negotiating and servicing leases,” said Peter Voigt,  (top right photo) performance director for Rental Lifestyles.

Voigt joined Stirling Sotheby’s and helped launch the Rental Lifestyles division earlier this year after six years working for major rental and property management firms in Central Florida. That hands-on experience along with the marketing scope of the Sotheby’s International affiliation provides an enormous market base to meet the demands of renters and owners impacted by the current recession.

CONTACTS:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty, 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications, 407.644.4142

Stirling Sotheby’s International Realty Named Exclusive U.S. Sales and Marketing Representatives for Cacao Pearl Island Resort in South Pacific

ORLANDO, FL --- Stirling Sotheby’s International Realty has been named exclusive U.S. sales and marketing representatives for Cacao Pearl, (photo centered below)  a unique luxury eco-resort community of 100 residences located on a private island at the Calamianes archipelago, at the northernmost tip of Palawan in the Philippines.

Roger Soderstrom, founder and principal of Stirling Sotheby’s International Realty, said the Cacao Pearl island resort ranks as the world’s first non-profit luxury eco resort.

Designed by former film director Antonio Calvo ( “Alexander,” “Pride & Prejudice,” “Love Actually”), Cacao Pearl offers 125 acres of lush rainforest and towering coconut trees with more than a mile of pristine beaches, Soderstrom said.

Private residences are available with investment-grade security and with options to buy, re-sell or rent. One and two bedroom beachfront, beach access, rainforest garden, resort and crèche residences are priced from an average of $280,000 to $487,000.

“Cacao Pearl is within sailing distance of two UNESCO World heritage sites and four marine reserves,” Soderstrom said.

The eco-chic, low-density boutique resort offers designer homes with zero carbon cost, five-star service, an infinity pool, wreck and reef diving, a secluded destination spa, organic gardens and bar, restaurant, and private media rooms.

“Cacao Pearl claims one of the world’s most unique lifestyles,” Soderstrom said. The first phase of Cacao Pearl – with 35 residences – has already sold out and a second phase is under way now, Soderstrom added.


CONTACTS:

John Kurtz GRI, Director of Global Sales, Stirling Sotheby’s International Realty 407-581-7890; JKurtz@stirlingSIR.com

Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142; lvershelco@aol.com

California Wyndham in Costa Mesa Sold for $21M at foreclosure sale

LOS ANGELES, CA---Rosanna Inc. purchased the 238-room Wyndham Orange County (top right photo)  at the foreclosure sale on November 24th for $21,000,000.

The property is located at 3350 Avenue of the Arts in Costa Mesa, CA, and includes a full service hotel and parking garage on approximately three acres of land.

Bob Kaplan  (top left photo) and Rod Apodaca (bottom right photo) of the Los Angeles office of PKF Capital advised the buyers on the transaction.

The property was previously owned by Makar Baynorth Costa Mesa, an affiliate of Newport Beach based Makar Properties.

Makar purchased the property in 2006 for $42,000,000 and secured a CMBS loan of $31,000,000.

Makar purchased the property with the intention of remodeling the hotel and developing a 23 story residential condominium tower on the property before that market evaporated.

Since the property went into default in June, the hotel has attracted much attention from the hospitality investment community due to its premium location and potential for renovation and re-branding.

The much anticipated foreclosure sale was attended by several hotel companies including representatives from hotel REITs, hotel investment funds, as well as several major local hotel investors.

Purchasing a property of this size and complexity through the foreclosure sale process is rare and difficult, however Rosanna Inc. saw the sale as an opportunity to acquire a hotel with great potential prior to it being marketed through the traditional sales process.

Rosanna Inc. is an international real estate company that owns and operates hotel, office, residential, and retail properties in the US, Japan, Europe, and Hong Kong.

PKF Capital is the hospitality brokerage practice formerly known as Colliers International Hotels.

PKF Capital was formed in early 2007 as a result of the merger of PKF Consulting and PKF Hospitality Research, one of the premiere hospitality consulting firms in the U.S., with Colliers International Hotels.

 This union, along with the name change to PKF Capital, combines the strengths of two industry leaders and greatly expands the service capability to the hospitality industry. PKF Capital is headquartered in San Francisco and includes current operations in San Francisco, Los Angeles, Seattle, Dallas, Indianapolis and Miami.

For Further information, please contact:

Bob Kaplan Sr., Managing Director, (213) 532-3237, bob.kaplan@pkfc.com, DRE #00776019
Rod Apodaca, Managing Director, (213) 532-3236, rod.apodaca@pkfc.com, DRE #01254293