Penzance’s Ashburn, VA Office Condos Now Sold Out

 
WASHINGTON, D.C. – Penzance has now completed the sale of office and flex condominiums at Beaumeade Technology Center in Ashburn, VA., a 130,000-square-foot two building, 12-acre campus at 44675 Cape Court and 21740 Beaumeade Circle.

 Recognizing the demand for and appeal of this kind of product, Penzance acquired the properly in 2006, undertook the conversion to condos and began the marketing process. With the final sale this month, Penzance realized an overall rate of return on the project of in excess of 30%, a notable achievement in a tentative market.

“Beaumeade Technology Campus offered the unique opportunity for professionals and small businesses to own their own spaces in rapidly growing Loudoun County. The substantial return on investment is an indication that there was a real desire for this kind of product; we are proud to have recognized that need and to have been able to meet it.” said Victor Tolkan, Penzance, CEO.

Penzance director of leasing Matt Pacinelli spearheaded the sales effort working with Bob Gibbs, Jeff Roman, and Bill Kamp of CB Richard Ellis.

Penzance (www.penzco.com ) is a private equity real estate investment company that owns, develops and manages commercial properties.

Founded in the mid-1990s by principals Victor Tolkan and Julia Springer Tolkan, Penzance focuses on investment grade real estate opportunities in the metropolitan Washington, D.C. area.

Contact: Matt Pacinelli, 202-339-8001, mpacinelli@penzco.com

Arbor Closes Three Fannie Mae DUS Loans Totaling $6M

 $2,275,000 Fannie Mae DUS® Small Loan Closed for  Singing Oaks in Denton, TX

UNIONDALE, , NY- - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,275,000 loan under the Fannie Mae DUS® Small Loan product line for the 126-unit complex known as Singing Oaks (top left site map)  in Denton, TX.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.83 percent.

The loan was originated by Matthew Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.

“This transaction required flexibility from Arbor and patience from the Borrower, as we were dealing with a potential acquisition that turned mid-process into a straight refinance,” said Norman.

“The tight deadline on the soon-to-be-retired debt added additional challenges that we were able to meet with a new Fannie Mae loan for this repeat client.”

$1,900,000 Fannie Mae DUS® Small Loan Closed  for 717-719 Parker Street in Boston, MA

UNIONDALE,  NY (Jan.  7, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,900,000 loan under the Fannie Mae DUS® Small Loan product line for the 7-unit complex known as 717-719 Parker Street in Boston, MA.

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.57 percent.

The loan was originated by John Kelly, (middle right photo)  Vice President, in Arbor’s full-service Boston, MA lending office.

“This transaction represented Arbor’s continued strong presence in closing deals via our small loan program,” said Kelly. “This repeat client was able to secure long-term debt for another successfully renovated project and help us to further grow this financial partnership.”

 $1.6M Fannie Mae DUS® Small Loan Completed for 6 Lincoln Street in  Denver, CO

UNIONDALE,  NY (Jan.  7, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,600,000 loan under the Fannie Mae DUS® Small Loan product line for the 39-unit complex known as 6 Lincoln Street in Denver, CO.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loan was originated by Jay Porterfield,  (bottom left photo) Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor provided acquisition financing for this property in a strong submarket near downtown Denver, “said Porterfield. “Additionally, to enhance future cash flow, the borrower is working on plans to upgrade this already stable property.”

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

300 Crown Colony in Quincy, MA receives $8.6M financing arranged by HFF

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $8.6 million financing for 300 Crown Colony, (top right  photo) a 118,000-square-foot Class A office property in Quincy, Massachusetts.

HFF senior managing director Bob Herron, (middle left photo)  director Greg LaBine (bottom right photo)  and senior real estate analyst Porter Terry worked exclusively on behalf of the borrower, Campanelli Companies, to secure the fixed-rate loan through Boston Private Bank & Trust.

 Loan proceeds were used to acquire the property and provide capital for building improvements and leasing costs.

“Given the acquisition nature of the deal, certainty of execution within a tight time frame around the holiday season was critical. Boston Private Bank worked with HFF and the borrower to dual track the commitment and loan documentation process such that the legal process was done shortly after the receipt of the loan commitment, with no changes to the deal from the original terms discussed.

 This transaction is another example of HFF’s continued success on deals less than $15 million with local banks such as Boston Private Bank,” said LaBine.

300 Crown Colony is located on six acres within the Crown Colony office park close to the intersection of Interstate 93 and State Route 3 as well as the Quincy Adams MBTA station in Quincy, approximately 11 miles south of Boston.

The five-story property is 70% leased to tenants including Murphy, Hesse, Toomey & Lehane, LLP, LarsonAllen LLP and Massachusetts Eye & Ear. On-site amenities include the Crown Café and a conference center.

Established in 1947, Campanelli Companies is a full-service commercial real estate development company with extensive experience in the industrial, office, medical office, warehouse/distribution and retail markets.

To date, Campanelli has developed over 17 million square feet of commercial real estate property in New England and the Eastern Seaboard. The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions.

It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management.

 With a cohesive development team that has worked together for more than fifty years, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.

Contacts:

Robert M. Herron, HFF Senior Managing Director, 617) 338-0990,  rherron@hfflp.com
Gregory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500,  krmurphy@hfflp.com

HFF arranges $23M redevelopment loan for Olney, MD retail property

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $23 million redevelopment loan for Olney Town Center (top left photo) , a 98,848-square-foot retail property in Olney, Maryland.

HFF managing director Mark Remington worked exclusively on behalf of the borrower, an affiliate of Carl M. Freeman Companies to secure the three-year adjustable-rate loan with RBS Citizens Bank.

Originally built in 1987, Olney Town Center will undergo a combination of new construction and renovations and upon completion in second quarter 2011, will increase from 98,848 square feet to 110,941 square feet with Harris Teeter as the new anchor tenant.

Other tenants in the center will include PNC Bank, Chevy Chase Bank, Subway and Green Turtle Restaurant. The property is located near the major intersection of Georgia Avenue and Sandy Spring Road in Olney, approximately 10 miles north of the Washington Beltway.

“In a challenging credit environment, this represents a very successful combination of high quality real estate, sponsor and lender,” said Remington.

Contacts:

Mark T. Remington, HFF Managing Director, (202) 533-2500, mremington@hfflp.com 
Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Wilton, CT shopping center receives $5.45M refinancing arranged by HFF

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $5.45 million refinancing for Town Green at Wilton Center, (top left photo) a 34,730-square-foot specialty shopping center in Wilton, Connecticut.

HFF senior managing director Fred Wittmann and senior real estate analyst Lauren O’Neil worked exclusively on behalf of the borrower, Boylston Properties Company, Inc. to secure the seven-year, fixed-rate loan through the Ocean Bank Division of People’s United Bank.

 Boylston Properties Company is a Boston-based real estate development firm founded in 1983. HFF simultaneously arranged an $11.6 million refinancing with the same lender for Boylston Properties Company’s CityPlace property in Boston’s Theatre District.

Town Green at Wilton Center is located at 101 Ridgefield Road across from Village Market in downtown Wilton. The property is fully occupied by tenants including the United States Postal Service, Webster Bank, Kreg Corporation, Hunan Café and Subway.

“The Wilton retail market has remained relatively strong compared to the rest of the country during the economic downturn and the property benefits from its location in one of the wealthiest towns in the country where the median home value within a five-mile radius is $765,000,” said Wittmann.

Contacts:

Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990f, wittmann@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com

HFF arranges $11.6M refinancing for CityPlace in Boston’s Theatre District

 
BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $11.6 million refinancing for CityPlace, (top left photo) the 54,878-square-foot retail component of the Massachusetts State Transportation Building in Boston’s Theatre District.

Working exclusively on behalf of the borrower, Boylston Properties Company, Inc., HFF senior managing director Fred Wittmann (middle right photo) and senior real estate analyst Robyn King placed the seven-year, fixed-rate loan with Ocean Bank, a division of People’s United Bank.

Loan proceeds are refinancing existing debt on the property and funding capital improvements to the property. Boylston Properties Company, Inc. is a Boston-based real estate development firm founded in 1983. HFF also arranged refinancing for Wilton Town Center in Wilton, Connecticut on behalf of Boylston in December 2009.

CityPlace, the retail portion of the Massachusetts State Transportation Building, is currently 95% leased to tenants including Emerson College, Rock Bottom Brewery, P.F. Chang’s China Bistro and Vapiano.

 Located at 8 Park Plaza in Boston’s Theatre District, a busy location night and day, CityPlace has easy access to Back Bay, Downtown Crossing and Boston’s Financial District as well as the Boylston Street and Essex Street MBTA subway stations.

“Ocean Bank and Boylston Properties Company, Inc. were able to work quickly and efficiently together to close this transaction approximately five weeks after the issuance of Ocean Bank’s preliminary term sheet, allowing the borrower to lock in an attractive, long-term interest rate,” said Wittmann.

Contacts:

Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990, fwittmann@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

South Florida Foreclosure Filings Top 97,000 In 2009

MIAMI, FL--More than 97,000 foreclosure filings were initiated in 2009 in the tricounty South Florida region, representing a 29 percent increase compared to nearly 76,000 actions in 2008, according to a new report from CondoVultures.com.

By comparison, in 2007 there were more than 32,000 foreclosure filings - also known as a Lis Pendens or a notice of default - initiated against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using the Condo Vultures® Foreclosure Database™.

"As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the end of the second quarter of 2009, the region was on pace for more than 100,000 foreclosure actions. That momentum slowed just enough in the third and fourth quarters, allowing the region to fall just short of the psychologically significant mark.

"The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida."

Contact: Peter Zalewski,  800-750-0517 or by email at peter@condovultures.com