Grubb & Ellis Commercial Florida's Jeff Sweeney Expects Rise in Commercial Foreclosures

TAMPA, Fla. --- The nationwide economic downturn will result in an increase in commercial real estate foreclosures this year, one of the region’s top commercial property executives will tell a Tampa real estate summit Friday Feb. 12 at the Double Tree Hotel.

Jeff Sweeney, (top right photo) SIOR, president of Grubb & Ellis Commercial Florida, with offices in Tampa, Orlando and Melbourne, will moderate a panel discussion at the Tampa Distressed Real Estate Summit.

The Tampa Distressed Real Estate Summit is being sponsored by the Real Estate Communications Group.

“Commercial property owners are facing some of the same sorts of financial challenges that home owners have been facing and the result is a substantial increase in the volume of distressed properties throughout Florida,” Sweeney will tell the group.

“Property owners who are losing tenants or granting concessions in order to keep their buildings filled are having difficulty making payments on their commercial property loans, and that adds tremendous pressure to banks,” according to Sweeney.

Sweeney’s panel will focus on adding value to distressed assets.

Ray Hayhurst, (bottom right photo) an associate at Grubb & Ellis Commercial Florida, and Don Lombardi, (middle left photo) who heads Commercial Florida Advisors, an affiliate of Grubb & Ellis Commercial Florida in Tampa, will also moderate panel discussions on evaluating commercial properties and partially completed construction projects.

Sweeney predicts that Grubb & Ellis Commercial Florida will see a 30 percent increase in 2010 distressed commercial property sales over 2009 levels, as a result of the economic downturn.

Contacts:

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

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for Private Estate near Heathrow, FL

ORLANDO, Fla. --- Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a private luxury estate on a one-acre lakefront home site at gated Lake Markham Preserve near Heathrow in North Seminole County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Stirling associate Mary Ann Hartmann of the firm’s Lake Mary-Heathrow office negotiated the exclusive representation and serves as principal contact for the property.

The two-story water front estate home, on a ski lake, features European-style architectural elements enhanced with the latest in travertine flooring, custom wood cabinetry and millwork.

The 6,711 square foot home with a gourmet kitchen with nine-foot island, new outdoor summer kitchen, a heated lagoon-style swimming pool, a home theater, game room with kitchenette, four bedroom suites with private baths, and a separate suite for nanny/caregiver is priced at $2,199,000.

For more information,  contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

HFF arranges $14M financing for Pavilions Centre in suburban Seattle

PORTLAND, OR – The Portland and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $14 million financing for Pavilions Centre, a 200,000-square-foot grocery-anchored shopping center in Federal Way, Washington.

Working exclusively on behalf of Kimco Realty Corporation, HFF director Casey Davidson and managing director Robert Delitsky (top right photo) secured a non-recourse fixed-rate loan through one of HFF’s life company correspondent lenders.

Pavilions Centre (bottom left photo)  is located at 31217 Pacific Highway South close to the Commons at Federal Way regional mall approximately 25 miles south of downtown Seattle.

The property was completed in 1996 and is currently stabilized by the following anchor tenants: H-Mart, Barnes & Noble, Petco and Jo-Ann Fabrics.

Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North America’s largest portfolio of neighborhood and community shopping centers.

Contacts:

Casey Davidson, HFF Director, (503) mailto:cdavidson@hfflp.com
Robert Delitsky, HFF Managing Director, (212) mailto:5rdelitsky@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,  krmurphy@hfflp.com

The Kolter Group Acquires Seasons on Lake Lanier Near Atlanta, GA

WEST PALM BEACH, FL,  /PRNewswire/ -- The Kolter Group, LLC, a West Palm Beach private investment firm focused on real estate development, investment and construction, has acquired Seasons on Lake Lanier, (centered photo below) north of Atlanta in Gainesville, Georgia from Wachovia.

The acquisition of Seasons on Lake Lanier includes 14 fully furnished model homes, 45 complete or partially complete homes, 169 developed lots, 147 partially developed lots and 290 approved-but-raw lots. There are also 30 boat slips on Lake Lanier. Plans also include a large clubhouse amenity which is not yet built. The purchase price was not disclosed.

"We are pleased to have acquired such a premier active adult development as our entree into the Atlanta market. The residents have made extraordinary efforts maintaining the beauty of the community," said Rick Covell, Sr. (middle  right photo)  Vice President of The Kolter Group.

Kolter plans to initially focus on selling the existing inventory at the Lake Lanier property and then to continue to market the project as an active adult community, as originally planned.

"The Kolter Group looks forward to working with the existing residents and the City of Gainesville to complete the vision for this stunning lakeside community," Covell said.

The Kolter Group LLC (www.Kolter.com) is a private investment firm focused on real estate development, investment and construction. Since 1993, Kolter, as both sponsor and operator, has entered into over $9 billion of real estate transactions across multiple asset classes and geographies.

Kolter Homes, the home building company under The Kolter Group, LLC, currently offers adult living communities Victoria Gardens in Orlando, PGA Village Verano in Port St. Lucie; single-family homes at Canopy Creek in Palm City, Tres Belle and Lost River Plantation in Stuart, The Oaks in Hobe Sound and Paloma in Palm Beach Gardens.

Townhomes are available at Paloma and urban condos in downtown West Palm Beach are available at Two City Plaza. Homes are prices from the $200,000s to over $1 million.

Visit http://www.kolterhomes.com/  for a complete listing of communities and homes available.

Contacts:
Rick Covell, Sr. Vice President, The Kolter Group, +1-561-682-9500, rcovell@kolter.com,
Mary Kay Willson, MK Marketing Group, +1-561-758-6930, mk@mkmarketinggroup.com
Web Site: http://www.kolter.com/

Arbor Closes $38M in 4 Fannie Mae Loans in North and South Carolina, Texas and Connecticut

  $15,742,500 Fannie Mae DUS® Loan Closed for Stone Ridge Apartments in Fayetteville, NC

UNIONDALE,  NY (Feb.  9, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $15,742,500 loan under the Fannie Mae DUS® product line for the 216-unit complex known as Stone Ridge Apartments in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.74 percent.

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

“The loan represented a great opportunity for Arbor to provide financing for a newly constructed stabilized property,” said Edwards. “We provided our client with their requested objective of an attractive 10-year interest rate with loan proceeds exceeding $15.7 million.

" In addition, we greatly appreciate the efforts of Jackson Howard of Carolina Mortgage Company in securing this financing.”

$14,500,000 Fannie Mae DUS® Loan Closed for Overlook at Golden Hills Apartments in Lexington, SC

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $14,500,000 loan under the Fannie Mae DUS® product line for the 204-unit complex known as Overlook at Golden Hills Apartments in Lexington, SC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.82 percent.

The loan was originated by Ronen Abergel, (middle  left photo) Director, in Arbor’s full-service New York, NY lending office.

“Despite the current lending environment, we encountered significant competition for this transaction,” said Abergel. “We won the deal by providing the most attractive rate, term and structure for the borrower.”

$6,846,790 Fannie Mae DUS® Loan Closed for Carlisle on the Creek in Dallas, TX

 Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,846,790 loan under the Fannie Mae DUS® product line for the 176-unit complex known as Carlisle on the Creek in Dallas, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 5.55 percent.

The loan was originated by Anthony Tarter, (middle right photo) Director, in Arbor’s full-service Dallas, TX lending office. “Arbor was pleased to provide acquisition financing, including additional funds for capital improvements, for a great borrower and property in the Dallas Uptown market,” said Tarter.


$1,260,000 Fannie Mae DUS® Small Loan Closed for Carriage Hills Apartments in New Haven, CT

Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,260,000 loan under the Fannie Mae DUS® Small Loan product line for the 22-unit complex known as Carriage Hills Apartments in New Haven, CT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.02 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office.

 “We were pleased with the opportunity to provide a repeat client new financing for a solid performing asset,” said Edwards. “The closing of this transaction highlights our commitment to maintaining long-term business relationships.

Additionally, Fred Vogell of Mortgage Resources acted as the loan correspondent.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1