Cambridge Closes $11.8M HUD First Mortgage Loan for St. Anthony's Nursing and Rehabilitation Center in Rock Island, IL

Cambridge Realty Capital Companies reports closing an $11.9 million FHA-insured HUD first mortgage loan to refinance St. Anthony’s Nursing and Rehabilitation Center, (top left photo) a 154-bed skilled nursing and board and care facility in Rock Island, IL.

Cambridge Chairman Jeffrey A. Davis (bottom right photo)  said the fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company. and included funds for rehabilitation costs.

It was underwritten by Cambridge Realty Capital Ltd. of Illinois utilizing HUD’s Section 232 MAP funding program.

According to Davis, St. Anthony’s has 130 skilled care and 24 board and care beds.

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

Grubb & Ellis Healthcare REIT II Enters Agreement to Acquire Lacombe Medical Office Building Near New Orleans

NEW ORLEANS, LA– Grubb & Ellis Healthcare REIT II, Inc. has entered into an agreement to acquire Lacombe Medical Office Building, an approximately 34,000-square-foot, multi-tenant medical facility in the New Orleans suburb of Lacombe.

The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.

Located at 64030 Highway 434, Lacombe Medical Office Building is on the campus of, and physically connected to, Louisiana Medical Center and Heart Hospital, (top left photo)  named one of the nation's 100 Top Hospitals® for cardiovascular care by Thomson Reuters in 2008. In 2009, the hospital completed a $40 million, 120-bed, 109,000-square-foot patient tower, which more than tripled its patient capacity.

“Lacombe Medical Office Building is an ideal acquisition for Grubb & Ellis Healthcare REIT II,” said Jeff Hanson, (middle right photo) chairman and chief executive officer. “The facility is fully leased and located on the campus of a thriving medical center, characteristics that make it extraordinarily attractive based upon our acquisition criterion.”

Lacombe Medical Office Building is 100 percent leased to five tenants, all of which specialize in the field of cardiac surgery.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Brookfield Properties Completes 1.2M-SF Lease Renewal and Expansion with KBR at Cullen Center in Downtown Houston

Largest U.S. Office Lease Since Fall 2008

NEW YORK--(BUSINESS WIRE)--Brookfield Properties Corp. (BPO: NYSE, TSX) announced today that it has completed a lease renewal and expansion with KBR for a total of 1.2 million square feet of office space at KBR Tower (above photo)  and 500 Jefferson St. in downtown Houston.
 

“Successfully completing an office transaction of this size – involving a significant expansion – speaks to the increase in tenant activity we are beginning to see around our major markets, says Dennis Friedrich,(middle right photo)  president & CEO of Brookfield Properties’ U.S. Commercial Operations.

KBR renewed its existing 700,000 square feet of space at KBR Tower as well as nearly 300,000 square feet at 500 Jefferson St. and is expanding its presence in both buildings by a combined 234,000 square feet.

“We are thrilled that KBR has chosen to renew and expand office space at two of our properties in the Cullen Center complex, including the tower that bears the company’s name,” said Paul Layne, (middle left photo)  regional head for Brookfield Properties’ Houston operations.

“Expanding our downtown Houston presence is not only a good business decision, but also brings the added benefit of contributing to our City’s continued downtown revitalization,” said Klaudia Brace, (bottom right photo) Senior Vice President, Administration for KBR.

Dan Bellow and Mike Boehler of Jones Lang LaSalle represented KBR in lease negotiations. Brookfield was represented in-house by Mr. Layne and Paul Frazier.

The Cullen Center complex consists of four office towers: the two mentioned above as well as Continental Centers I & II. These towers offer a unique combination of office space in one mixed-use complex. Amenities include a food court, the Crowne Plaza Cullen Center Hotel, full-service banking facilities, along with numerous other retail amenities and conference facilities.

 The complex is situated adjacent to the downtown YMCA and the Metropolitan Business and Sports Club. Abundant parking in four attached garages, convenient access to the freeway system, and numerous adjacent Metro stops add to the prominence of complex. Cullen Center is inter-connected by an overhead walkway and is accessible via the extensive downtown tunnel system.

Brookfield Properties owns, manages and operates 9.1 million square feet of commercial space in Houston.

Brookfield Properties owns, develops and manages premier office properties. Its current portfolio is comprised of interests in 110 properties totaling 75 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America.

Landmark assets include the World Financial Center (above centered photo)  in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. The company’s common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldproperties.com.

Contacts:  Brookfield Properties, Melissa Coley, 212-417–7215, Vice President, Investor Relations and Communications, melissa.coley@brookfieldproperties.com

HFF arranges $10.75M refinancing for Gateway Tower in St. Louis, MO

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $10.75 million refinancing for Gateway Tower, (centered photo below)  a 20-story, Class A office tower in St. Louis, Missouri.

HFF director Matthew Schoenfeldt (middle right photo)  worked on behalf of the borrower, Sovereign Partners, LLC, to secure the five-year, fixed-rate loan through Ladder Capital Finance. This financing retires a maturing CMBS loan that was originated by Bank of America in 2005.

The 213,228-square-foot Gateway Tower is 95% leased to tenants including KMOV-TV, Inc., Fox Galvin, LLC, Infinity Broadcasting Corp. and East-West Gateway Council.

Since acquiring Gateway Tower in 2003, ownership has invested more than $3 million into capital projects at the property, delivering an upgraded lobby, common areas and the “newest mechanical systems in the St. Louis central business district”.

Located at One Memorial Drive, Gateway Tower is adjacent to Interstate 70 and within walking distance to Busch Stadium, (centered photo below)  Ball Park Village mixed-use development and two Metrolink rail stops in St. Louis’ central business district.

“Gateway Tower is now one of the most prominent Class A office buildings in the St. Louis central business district and has garnered a number of prestigious awards including BOMA’s regional ‘Building of the Year’ award for extraordinary renovation,” said Schoenfeldt.

“The vote of highly-esteemed tenants, via new leases and continued renewals, is a further endorsement of the quality/value combination that Sovereign delivers in Gateway Tower.”

Sovereign Partners, LLC, is a national real estate investment firm that actively pursues the acquisition of well-located, quality office buildings whose value can be enhanced through targeted capital improvements, effective hands-on management, aggressive marketing and prudent expense reductions.

Contacts

Matthew R. Schoenfeldt, HFF Director HFF, (312) 528-3650, mschoenfeldt@hfflp.com
Kristen Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com