Nikko Hotels International Prepares for a Spring 2011 Hotel Launch in Xiamen, China

TOKYO -- JAL Hotels Co., Ltd., announced that a new 443-room hotel in Xiamen, China, will be added to Nikko Hotels International, its luxury international hotel group, in Spring 2011.

Hotel Nikko Xiamen is one of four new Nikko Hotels properties being built in China. These new hotels will bring the total number of Nikko Hotels in China to nine.

Positioned in an upscale newly developed real estate complex, Hotel Nikko Xiamen will have 25 floors spanning over 500,000 square feet. Hotel amenities include restaurants, banquet halls and a spa and fitness center.

(Hotel JAL Tower Dubai, top left photo, opening 2010)

Hotel Nikko Xiamen will be built alongside the Xiamen Software Park and Guanyinshan Business Park, where over 400 companies are in the process of relocating, and an international exhibition and conference center. In addition, a new consulate zone, yacht harbor, a luxury residential zone and entertainment facilities such as a concert hall and theaters are being developed.

With a population of almost three million, Xiamen (top centered skyline photo)  is located in the southeastern province of Fujian and overlooks the Taiwan Strait.

The city is a Special Economic Zone, which has stimulated foreign investment and led to Xiamen becoming one of China's fastest growing cities.

(Hotel Nikko Shanghai, middle right photo to open 2010)

 Xiamen was also recently recognized as one of China's best cities to live in.

Nikko Hotels International is an international luxury hotel group operated by JAL Hotels Co., Ltd. (http://www.jalhotels.com/), a subsidiary of Japan Airlines, headquartered in Tokyo, Japan.

(Hotel Nikko Wuxi, bottom left photo, to open 2010)

 In addition to Nikko Hotels, JAL Hotels also operates Hotel JAL City, a chain of 13 mid-priced hotels for business travelers in Japan. JAL Hotels Co., Ltd. currently has 58 hotels worldwide, in Europe, the Americas, the Middle East and throughout Japan and the Asia/Pacific region.

In 2010, JAL Hotels plans to open one hotel in the United Arab Emirates (UAE) and two hotels in China: the 471-room Hotel JAL Tower Dubai, a Nikko Hotels International property; the 388-room Hotel Nikko Shanghai; and the 500-room Hotel Nikko Wuxi.

In 2011, the company plans to open three hotels: the 300-room JAL Bahrain Resort & Spa, a Nikko Hotels International property, in Bahrain; the 335-room Hotel Nikko Saigon in Vietnam; and the 411-room Hotel Nikko Guangzhou (bottom right photo)

.CONTACT: Tiffany Winbush, +1-212-583-1043, ext. 14, twinbush@bridgeny.com

CBRE Closes Legacy Parc Apartments in Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Legacy Parc, (top left photo) a 320-unit community in the Kissimmee area of the Orlando MSA.

Including the sale of Legacy Parc this month, CBRE’s Central Florida Multi-Housing Group has closed approximately $100 million in apartment transactions in Central Florida this year.

Shelton Granade (bottom left photo)  and Luke Wickham (bottom right photo)  of CBRE’s Orlando office have exclusively represented the sellers in all transactions.

Completed in 1989, Legacy Parc was purchased for condo conversion in 2005, and was foreclosed on by the lender earlier this year. CBRE represented the lender in the bulk sale of the remaining 185 units.

Multi-housing sales activity has continued to increase throughout the year. The other assets sold in Orlando range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten
years.

 CBRE has also sold several “fractured” deals like Legacy Parc –communities that converted and sold units as condominiums and reverted the remaining units back to rentals. CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally in 2009 than any other company, and continues to be the market leader in Orlando.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Contacts:
Shelton Granade, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, T 407.839.3130, luke.wickham@cbre.co

Marcus & Millichap Promotes Tina D. Taylor to Associate Vice President Investments in Las Vegas

LAS VEGAS, NV — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Tina D. Taylor (top right photo)  to associate vice president investments, according to John Vorsheck, regional manager of the firm’s Las Vegas office.

Taylor joined Marcus & Millichap in September 2002 and became an associate approximately one year later. She was promoted to senior associate in September 2005.

Taylor specializes in the sale of office and industrial assets and currently serves as a director of the firm’s National Office and Industrial Properties Group in Las Vegas. Taylor has received four sales awards from Marcus & Millichap, including one National Achievement Award.

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

Commercial Florida Executive to Speak at Distressed Real Estate Summit in Tampa

ORLANDO, Fla. --- Jeffrey Sweeney, (top right photo)  SIOR, president of Grubb & Ellis Commercial Florida in Tampa, Orlando and Melbourne, will be a featured speaker at a Distressed Real Estate Summit in Tampa on Feb. 12.

Sweeney is recognized as one of the state’s leading authorities on distressed commercial properties. Last year Sweeney inaugurated a Distressed Properties Division at Grubb & Ellis Commercial Florida and the firm currently is involved with more than 125 distressed commercial properties valued in excess of $175 million throughout Florida.

“The national real estate slowdown that started four years ago is affecting the commercial real estate sector now and we expect to see more properties in distressed stages in the future,” Sweeney said.

“The lending community has begun to aggressively address distressed assets and we anticipate greater activity in 2010,” Sweeney said.

Grubb & Ellis Commercial Florida created a new division to focus on analyzing and appealing property tax assessments, which can substantially reduce operating expenses and stave off foreclosure efforts, Sweeney said.

Contact:


Jeff Sweeney, SIOR 407-481-5387, 315 E. Robinson St. Suite 555, Orlando, FL 32801, http://www.commercialfl.com/
Larry Vershel Communications, 407-644-4142

Arbor Closes Three Fannie Mae DUS® Loans Totaling $7,876,100

Uniondale, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $7,876,100 under the Fannie Mae DUS® product line. These loans include:

· Prairie Glen East Cooperative, Manhattan, KS – A 100-unit complex in the amount of $1,476,100 funded under the Fannie Mae DUS® COOP (MAH) product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.33 percent.

Park North Cooperative, Olathe, KS – A 100-unit complex in the amount of $2,500,000 funded under the Fannie Mae DUS® COOP product line. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.54 percent.

Highleah Townhomes Cooperative, Independence, MO – A 330-unit complex in the amount of $3,900,000 funded under the Fannie Mae DUS® product line. The 15-year loan amortizes on a 30-year schedule and carries a note rate of 6.06 percent.

The loans were originated by Michael Jehle, (top left photo)  Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

 "With each loan, the members of the cooperative were able to borrow significant funds to provide extensive capital improvements to their community,” said Jehle. “This objective was achieved at very attractive long-term interest rates."

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Morrison Commercial Real Estate Completes Two Office Building Sales Totaling 9,366 SF in Orlando

ORLANDO, FL-- Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of two office building sale transactions totaling 9,366± square feet with a combined sales price of $1.3 million.

Christi Davis of Morrison Commercial Real Estate represented the seller in both transactions. Davis was successful in closing the sale of the 6,503 square foot building located at 1000 N. Magnolia Ave in Orlando for $900,000. Davis also sold the 2,863 square foot office building located at 1936 Boothe Circle in Longwood for $475,000.

Morrison Commercial Real Estate Completes 11,580 SF of Leases

ORLANDO, FL--: Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of two office lease transactions totaling 11,580 square feet.

Greg Morrison and Damien Madsen (bottom left photo)  completed a lease totaling 6,408 square feet for Alternative Services at Gateway Center located in Downtown Orlando.

Morrison and Madsen represented the Landlord in this transaction. In addition, David Young of Morrison Commercial Real Estate represented Net One in the leasing of 5,172 square feet at 11315 Corporate Blvd in Orlando.

Contact: Buffy Gillette, Phone: 407.219.3500, x290, 407.219.3501 fax, Email: bgillette@morrisoncre.com, http://www.morrisoncre.com/

CBRE Capital Markets Arranges $12.55M Acquisition Loan for Lakes of Margate Apartments, FL

TAMPA, FL– CBRE Capital Markets, a Freddie Mac correspondent, has arranged acquisition financing in the amount of $12,555,000 for Lakes of Margate Apartments, a multi-family community totaling 280 units located in Tamarac, Fla.

Community amenities include two swimming pools/spa, clubhouse, community recreation center, fitness center, playground, tennis court, and fishing pier. Terms of the fixed rate financing include a 10-year term, 30 year amortization, 75% loan to purchase price and very favorable interest rate.

Charles J. Foschini, (top right photo)  vice chairman of CBRE's Debt & Equity Finance and Institutional Group located in CBRE's Miami office arranged the financing through Freddie Mac on behalf of Advenir @ Margate, LLC, along with his team members.

Contact: Rachel Andreozzi, 954.745.7464, rachel.andreozzi@cbre.com

Southern Commercial Realty Advisors Completes Sale of 4,080-SF Facility in Orlando, FL

ORLANDO, FL-- Principal Tom McFadden, SIOR and Kelly Chamberlain of Southern Commercial Real Estate Advisors completed the sale of a 4,080± square foot 1.81 acre facility located at 5614 Carder Road, Orlando, Florida. McFadden and Chamberlain represented the Seller, Master-Halco, Inc. The buyer was Overland Holding Corporation.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, cmackenzie@southercommercialre.com,  Orlando, FL 32801

Cambridge Loan Origination Requests Dip Slightly in November

CHICAGO, IL--After a sizable bump in October, Cambridge Realty Capital Companies reports that loan origination requests processed by the company during the month of November were slightly off last year’s pace.

Cambridge Chairman Jeffrey A. Davis  (top right photo) says the company reviewed 20 loan requests in November totaling $246.8 million. This compares with 22 loans totaling $347.4 million for the same month last year.

For the year to date, the numbers for both origination totals and dollar volume continue to trail last year’s totals for the same 11-month period. Through November, the company has processed 281 loan origination requests totaling $3.8 billion, compared with 308 loans totaling $4.6 billion for the same period in 2008.

Davis points out that lenders close a relatively small percentage of loan requests received, but believes it’s useful to track this information as an indication of market direction.

“The slightly lower loan request numbers for November 2009 are not enough to reverse a trend that has seen borrower optimism improve noticeably in the second half of the year.

" But the lower dollar value for origination requests we’ve seen all year continues to indicate that fewer new construction loans are in the mix,” he said.

Cambridge Provides $13.4M HUD Lean Loan to Refinance Astoria Nursing and Rehab Center in Sylmar, CA

Cambridge Realty Capital Companies has provided a $13.4 million FHA-insured Lean first mortgage loan to refinance Astoria Nursing and Rehab Center (bottom right photo),  a 218-bed skilled nursing home facility in Sylmar, Calif.

Cambridge Chairman Jeffrey A. Davis said the 33-year term loan was arranged for the owner, a California limited liability company, utilizing HUD’s Section 232 pursuant to Section 223(f) funding program and the agency’s new Lean application and loan approval process. The fully amortized loan included funds for rehab construction.

The transaction was coordinated by National Origination Manager Hymie Barber of Catalyst/Cambridge Healthcare Finance, the company’s West Coast affiliate. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting HUD Section 232 loans.

Davis said HUD’s new Lean management process has introduced sweeping changes in the way HUD applications and loans are submitted and approved. By organizationally restructuring and adopting the highly touted “Lean” management concept pioneered by Toyota Motor Corp., HUD made a bold commitment to process loans on a timetable that more closely resembles the timing for conventional loans.

As part of the change, responsibility for processing HUD Section 232 loans has shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C. In place today is a unified, single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders, he noted.

Contact::
Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com
Twitter: http://twitter.com/CambridgeCap

Apartment Realty Advisors (ARA) Reps the Sale of The Lakes of Margate, FL

MARGATE , FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of The Lakes of Margate, a 280-unit multifamily community located in Margate, Broward County, Florida.š

ARA Florida based principal, Avery Klann, (middle left photo) senior vice president, Hampton Beebe (bottom left photo)  and principal, Richard Donnellan, (middle right photo)  represented an institutional investor in the sale of the fully stabilized Lakes of Margate, which was 95% occupied at the time of the sale.

“Institutionally owned and meticulously maintained, Lakes of Margate was pursued by numerous investors during our marketing effort,” said ARA Florida principal Avery Klann.

“The property was purchased by a private South Florida-based investor, Advenir, who utilized agency financing from Freddie Mac,” added Klann.

Capital improvements made over the previous four years include new roofs on all buildings, exterior painting, tennis court resurfacing, new children’s playground, renovation of both swimming pools, an upgrade of the bathrooms, new poolside furniture, seal coating paving and renovation of the fitness center with new equipment and flooring.š

“Broward County continues to be in high demand because the fundamentals remain strong,” said Hampton Beebe, of ARA Florida, also brokering the deal.

The Lakes of Margate, built in 1986/1987, features extensive landscaping, two swimming pools with cabanas, heated spa, tennis court, clubroom, fitness center and a fishing dock. Units feature full-size washers and dryers, European cabinetry, ceiling fans and private screened patio or balcony.

Located at 5750 Lakeside Drive in Margate, Florida, the property is strategically located immediately east of U.S. Highway 441, a major six-lane commercial corridor in central/western Broward County.š The property offers convenient access to Florida’s Turnpike via Coconut Creek Parkway only two miles to the east.šššš

The Property is located adjacent to the new Margate City Center. The City Center is planned to include over 1.3 million square feet of retail and office space, along with a City Hall, fire station and residences.

šTo schedule an interview with an ARA executive regarding this transaction or for more information about Apartment Realty Advisors, please contact Marti Zenor at HUmzenor@arausa.comUH or 561.988.8800, or Amy Holland at HUaholland@arausa.comUH or 678.553.9366.šš

Contact:
Marti Zenor mzenor@ARAusa.com, Director of Marketing, Apartment Realty Advisors  Florida
777 Yamato Road, Suite 140 Boca Raton, FL 33431, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax

Liberty Property Trust Receives Leed Gold Certification for its Butler Plaza III Building in Jacksonville, FL

JACKSONVILLE, FL--- Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville,  has earned LEED Gold certification from the U.S. Green Building Council (USGBC) for its Butler Plaza III building (top left photo)  in Jacksonville.

“We originally designed Butler Plaza III to achieve LEED Silver certification knowing that this project would have a competitive advantage over other comparable Class A space in the market,” said Mike Heise, (bottom  right photo) vice president and city manager at Liberty. “LEED certified buildings are attractive to occupants due to lower operating expenses and a more productive work environment provided by the sustainable design and operating elements.”

LEED is the USGBC’s leading measurement rating system for designing and constructing the world’s greenest, most energy efficient, and high performing buildings. LEED Gold certification of the Butler Plaza III building was based on a number of green design and construction features that positively impact the project itself.

These features include: enhanced daylight views, use of FSC (Forest Stewardship Council) certified woods, waterless urinals, low-flow shower heads and sensor faucets, high energy-efficient HVAC equipment with special filters and carbon dioxide monitors, a highly reflective TPO roof membrane, as well as low VOC (volatile organic compounds) emitting paints, carpet and adhesives.

Butler Plaza III marks the company’s second LEED certified development project in Jacksonville and it is the fifth LEED building to open in the state. Liberty now has more than 230,000 square feet of LEED certified office space in Jacksonville.

Earlier this year Liberty was presented with “Developer of the Year” award and “Sustainable Project of the Year” award from the Northeast Florida Chapter of National Association of Industrial Office Properties (NAIOP) for the building. Butler Plaza III is Liberty’s third and final development in Butler Plaza, a master planned park featuring 240,0000 square feet of space conveniently located on the corner of J. Turner Butler Boulevard and Belfort Road with immediate access to I-95, restaurants, hotels, banks and shopping venues.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454

Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Interstate Hotels & Resorts Agrees to be Acquired by Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company,  has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited (“Jin Jiang Hotels”) in a transaction valued at approximately $307 million.

Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction.

The price represents a premium of 77 percent over the Dec. 18  closing stock price. Interstate’s lenders have approved the transaction subject to certain pay downs at closing on its senior credit facility and on one of its non-recourse mortgage loans. The transaction is not contingent upon obtaining any additional financing.

Annapolis, Md.-based Thayer Lodging Group is a privately held real estate investment company focused on hospitality assets; Shanghai, China based Jin Jiang Hotels is a subsidiary of Jin Jiang International Holdings Company Limited, and is China’s largest hotel group.

Interstate’s board of directors has unanimously approved the merger agreement and has recommended approval of the transaction by Interstate’s stockholders. Stockholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. The merger is expected to close in the first quarter of 2010, pending stockholder approval and satisfaction or waiver of other customary closing conditions.

“Our priority, as always, is to maximize shareholder value,” said Thomas F. Hewitt, (top right photo)  Interstate’s chairman and chief executive officer. “This is a very compelling offer at a significant premium. The hotel industry remains in deep recession, and we believe this transaction offers the highest and best value to our shareholders.”

“Interstate offers a unique platform with in-depth industry expertise, international operations, and scope of experience gained over 50 years, along with a stellar reputation as a first-rate operator,” said Leland C. Pillsbury, (top left photo)  chief executive officer and co-chairman, Thayer Lodging Group.

Frederic V. Malek, (middle right photo) Thayer’s co-chairman added, “We look forward to working with Interstate’s management team and associates, their owners and partners as we build on the company’s impressive legacy of success.”

“Interstate has a global reputation as a world-class, independent hotel operator. This acquisition significantly accelerates our ability to expand internationally, giving us immediate access to a worldwide platform. We also expect to mutually benefit from our global relationships in the hospitality industry, making both Jin Jiang and Interstate stronger.” said Mr. Yu Minliang, Jin Jiang Hotels’ Chairman.

Barclays Capital served as financial advisor to Interstate, BofA Merrill Lynch served as financial advisor to Thayer, and UBS Investment Bank served as financial advisor to Jin Jiang Hotels. Paul Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor for Interstate. Hogan & Hartson LLP served as Thayer’s legal advisor and Baker & McKenzie LLP served as Jin Jiang Hotels’ legal advisor.

Contact:

Media-- Jerry Daly ,Carol McCune, Daly Gray, (703) 435-6293, jerry@dalygray.com
Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320, rrie.mcintyre@ihrco.com

Hilton Suites by Hilton Breaks Ground on First Hotel

Brand Already Fastest Growing in Hilton History

MCLEAN, VA and FAYETTEVILLE, NC – Home2 Suites by Hilton, the mid-tier, extended-stay hotel chain targeting value-wise business and leisure travelers, t announced the groundbreaking of its first hotel, the 119-room Home2 Suites by Hilton Fayetteville, N.C.

The hotel is being developed by Alabama-based LBA Properties, a group of companies providing comprehensive hotel development and management services, on behalf of Apple Real Estate Investment Trust Companies (Apple REIT Companies). The hotel is expected to open in the 2010 fourth quarter.

“Home2 Suites is a true complement to the current Hilton Worldwide portfolio,” said Paul Brown, president of global brands and commercial services for Hilton Worldwide. “All of our focused service brands are category leaders and we are confident that this success will repeat itself with Home2.”

“This is a great concept with strong consumer appeal,” said Justin Knight, (middle right photo)  president of Apple REIT Companies. “Construction costs and the efficient design should make this an attractive product from an owner’s viewpoint. We own 89 other Hilton-branded hotels and know the power behind Hilton Worldwide and their HHonors rewards program.”

“Developer response to this brand has been extremely gratifying,” said Bill Duncan, global head of brand management for Hilton Worldwide. “We launched Home2 Suites by Hilton less than 11 months ago in the midst of the worst recession since the Great Depression.

"Since January of this year, we have broken ground on the first property, received 67 applications, approved 53 franchise agreements, with commitments to move into construction shortly, and have more than 30 additional properties in the early stage of development pipeline.

" We believe Home2 is the fastest growing brand to launch in Hilton’s history and based on the current pipeline, we expect the 100th Home2, a pivotal milestone, to open in 2013.”

“We have developed more than 45 hotels during our 35-year history in all phases of the hotel real estate cycle,” said Barry Kraselsky, (top left photo) president of LBA. “Our equity partners, Larry Blumberg, Hayne Hollis, John Watson and myself, are all committed to our growth and have long-term relationships with several local and regional lenders who like what we do in our development process and business model.”

“From a development standpoint, Home2 is an ideal product to build,” Kraselsky said. “With a footprint of less than two acres and an efficient layout, it bypasses a number of headaches normally attached to any hotel development. We like the design, especially the way that the heart of the house is combined in one area of the building.”

Located at 4035 Sycamore Dairy Road in Fayetteville, N.C.; the hotel will be situated near the Cross Creek Mall, along the All-American Expressway, and will provide convenient access to nearby Fort Bragg.

The base and its companion site, Pope Air Force Base, have an overwhelming economic impact on Fayetteville with 175,000 employees and dependents as well as an economic impact of nearly $4 billion annually.

Today Fort Bragg is headquarters of the XVIII Airborne Corps and the home of America’s “Guard of Honor,” the 82nd Airborne Division. Fort Bragg is also home of the U.S. Army Special Operations Command Headquarters and the Army’s Golden Knights.

The four-story hotel will feature a number of amenities, including an integrated guest laundry and fitness room, outdoor living rooms, grills, outdoor walking/exercise course and complimentary high-speed wireless internet accessible from all areas of the hotel.

Additional information about Home2 Suites by Hilton, including site plans, room layouts and brand facts, may be found at http://www.home2suites.com/.

For information about franchising opportunities, visit http://www.hiltonfranchise.com/.

CONTACTS:

Chris Daly chris@dalygray.com – 703.435.6293

Melissa Giarrosso melissa.giarrosso@hilton.com – 901.374.6423

HFF arranges $62.9M Financing in Two Transactions

Five-Property Office and Industrial Portfolio Gets $44M Refinancing Package

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $44 million refinancing for a five-property office and industrial portfolio in New York, New Jersey and Connecticut.

HFF senior managing directors Mike Tepedino (top right photo)  and Whit Wilcox (bottom left photo) worked exclusively on behalf of the borrower, RNY Australia Operating Company, to secure the seven-year, fixed-rate loan through Investors Savings Bank. Loan proceeds were used to refinance a maturing loan facility.

The portfolio totals 836,463 square feet and is 88% occupied to 70 tenants including PerkinElmer, Inc., Xerox Corporation, and two New York State agencies. Individual property details are listed below by
Property City, State Type Square Feet:

710 Bridgeport Avenue Shelton, CT Industrial/Office 452,414 SF
300 Executive Drive West Orange, NJ Office 124,792 SF
300 Vanderbilt Motor Parkway Hauppauge, NY Office 58,961 SF
505 White Plains Road Tarrytown, NY Office 26,601 SF
580 White Plains Road Tarrytown, NY Office 173,695 SF

“All of the assets within the portfolio are strategically located along primary suburban office corridors providing them with excellent access to major interstate highways including Interstates 495, 280, 95 and 287.

"Despite the challenging conditions that have dislocated credit markets worldwide, local and regional banks such as Investors Savings Bank continue to provide financing solutions to strong, well-capitalized real estate sponsors,” said Tepedino.

RNY Australia Operating Company owns approximately 3.3 million square feet of commercial space in Long Island, New Jersey and Westchester/Connecticut markets.

Investors Savings Bank is the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets.

Contacts:

Michael J. Tedenio, HFF Senior Managing Director, 212) 245-2425, mtepedino@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, ((713) 852-3500, krmurphy@hfflp.com
 
 

Golden Acres Shopping Center in New Jersey Obtains $18.9M Loan
 
FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured an $18.9 million refinancing for Golden Acres Shopping Center, (bottom right photo)  a 221,737-square-foot grocery-anchored shopping center in South Plainfield, Middlesex County, New Jersey.

HFF director John Taylor and associate director Michael Lachs worked exclusively on behalf of the owner, Plainfield Associates, an entity affiliated to Polimeni International, LLC, to secure the five-year, 6.25% fixed-rate loan with Investors Savings Bank. Loan proceeds are being used to retire the existing debt, add decorative retaining walls and repave the parking lot.

Golden Acres Shopping Center is located at 686-736 Oak Tree Road along the Interstate 287 corridor in South Plainfield. The property is currently 87% leased to tenants including Pathmark (new anchor tenant), Big Lots, Apogee Retail and Wendy’s.

“Pathmark’s grand opening in July was a significant step toward the borrower’s long-term successful repositioning plan for the asset.

"Significant hurdles were overcome during the ownership of this asset including the loss of co-anchors, Bradlees and A&P following the property acquisition in the late 1990’s.

" The borrower remained committed to the asset and is now poised to see the benefits of its efforts, as is the South Plainfield community, with a revitalized shopping center,” said Taylor.

Polimeni International is a New York-based international real estate investor with a portfolio of commercial properties in excess of 3,000,000 square feet. A vertically integrated real estate company, Polimeni International and its affiliated companies have been actively involved in the acquisition, development, leasing and management of commercial real estate for more than two decades in the United States and Poland.

Investors Savings Bank is the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets.

Contacts:

John N. Taylor, HFF Director, (973) 549-2012, jtaylor@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

McCarthy Building Companies Completes Major Expansion at Mission Hospital in California

Project wins industry award for high-level use of Building Information Modeling

MISSION VIEJO, CA –McCarthy Building Companies, Inc. (www.mccarthy.com) of Newport Beach, recognized as one of the nation’s largest builders of healthcare facilities, recently completed construction of the $153 million Patient Care Tower at Mission Hospital (www.mission4health.com) (top right photo and bottom left photo) in Mission Viejo.

Built next to the existing Mission Hospital tower at the southeast corner of Crown Valley Parkway and Medical Center Road, the new four-level patient tower was completed ahead of schedule and opened on November 15, 2009.

The new tower features a patient-centered design along with next-generation advancements in healthcare technology and seismic building safety. The latest in advanced diagnostic and patient care services are housed within the 345-bed Mission Viejo campus including: 44 beds, advanced diagnostic imaging, nuclear medicine, the Zimmer Neuroscience Wing, the Swenson Family Linear Accelerator Suite and the Schumacher Healing Garden.

The expansion also includes a new chapel available to patients and visitors of all faiths 24 hours, seven days a week. The chapel was made possible by a $1 million commitment from the Auxiliary of Mission Hospital.

“After nine years of planning and two years of construction, Mission Hospital is now the diagnostically most advanced hospital in the country,” said Peter F. Bastone, (middle left photo) President and Chief Executive Officer of Mission Hospital. “The tower was built to provide the future of healthcare to south Orange County, recognizing the diverse, growing needs of our community.”

Designed by RBB Architects Inc. (www.rbbinc.com) of Los Angeles, the new Patient Care Tower’s award-winning architecture was created to promote healing for patients, a comfortable atmosphere for families and an enhanced state-of-the-art working environment for hospital staff. Some of the tower’s patient and family friendly highlights include: private rooms, an expanded family area, dedicated sleep chairs for guests and wireless connectivity throughout the hospital.

McCarthy Building Companies served as general contractor for the new tower as well as an underground tunnel and a 175-foot-long pedestrian bridge that connects the new facility with the main hospital building on the third floor.

Prior to erecting the tower, McCarthy conducted 11 months of significant site work including the installation of new utilities, re-configuring the entrance to the hospital and parking lot and demolishing an existing two-story conference center.

Contacts:

Laura Mickelson (LM Communications), (949) 453-0851, (949) 453-8420 fax lauramickelson@cox.net. Follow me on Twitter: @lauramickelson
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300