Monday, March 15, 2010

The Bainbridge Companies Enter Atlanta Market

ATLANTA, GA (Mar. 15, 2010) – The Bainbridge Companies, a fully-integrated group of multifamily real estate companies, are expanding into the Atlanta market with an agreement to manage Alexan MetroWest Apartments (top left photo).

Developed by Trammell Crow Residential (TCR), Alexan MetroWest is a newly-built 397-unit luxury community located in Atlanta's chic Midtown West Design District.

“We continue to grow our presence in important markets along the East Coast and Atlanta was a strategic market entry for Bainbridge. TCR builds some of the most exciting and innovative apartment communities in the country, and we're honored to be selected to lease up Alexan MetroWest,” said Kevin Sheehan, (middle right photo) the President of Property Operations for The Bainbridge Companies.

Bainbridge began managing the multifamily community on March 1. The transaction also strengthens the company’s relationship with TCR, as Bainbridge also manages the Atlanta-based firm’s Alexan Solmar (bottom left  photo)  in Ft. Lauderdale.

Alexan MetroWest, located at 1040 Huff Road in Atlanta, is a pet-friendly community with studio, one and two bedroom apartments.

Amenities include a “beach entry” pool and four large themed courtyards, a fitness studio and clubroom with coffee bar, high definition TVs and seating areas. Free WiFi is available poolside and in the clubroom. Alexan MetroWest offers 100% smoke-free amenities and select buildings offer smoke-free only apartments.

The Bainbridge Companies now manage almost 10,000 apartments in Florida, Georgia, Maryland and Virginia.

Contact: Terri Thornton, Thornton Communications (404) 932-4347

Marcus & Millichap Sells 52,896-SF Self-Storage Facility in Tampa for $1.425M

TAMPA, Fla, March 12, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Discount Mini Storage, (bottom left photo)  a 52,896 square foot self-storage facility property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,425,000.

Michael A. Mele, (top right photo)  vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Michael A. Mele.

Discount Mini Storage is located at 8323 West Hillsborough Avenue. It is a 41,125 net rentable square foot self-storage facility situated on 1.67 acres (MOL) of ground in Tampa, Florida. Discount Mini Storage was built in 1998 and currently enjoys a 68 percent physical occupancy level.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Cushman & Wakefield Negotiates Sale of Hampton Oaks Business Park in Tampa for $18.4M

TAMPA, FL– Cushman & Wakefield has successfully negotiated the sale of Hampton Oaks Business Park, located in Tampa, Florida just north of the interchange of I-4 and U.S. 301, for $18.4 million.

Hampton Oaks is a 259,042 square foot master-planned light industrial and flex park that includes six Class “A” buildings. The Property was 93.7% occupied at the time of sale.

Mike Davis, Executive Director of C&W’s Southeast Capital Markets Group, said, “The sale of Hampton Oaks is indicative of the significant number of new non-traditional buyers entering the market.”

Davis and  Rick Brugge, CCIM, Associate Director of C&W’s Southeast Capital Markets Group negotiated the sale on behalf of the seller, RREEF. The buyer is Foundation Realty Advisors.

Contact: Marcianne Foster, 813-204-5345,

Cousins Properties Announces Results of First Quarter Dividend Elections

ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced today the results of the shareholders’ elections relating to Cousins’ first quarter common stock dividend of $0.09 per share declared by its Board of Directors on January 15, 2010.

The dividend will consist of approximately $2,997,000 in cash and 820,000 shares of common stock. The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend or approximately $2,997,000, and therefore, shareholders who elected to receive all cash will receive a combination of cash and stock.

The number of shares included in the dividend is calculated based on the $7.30 average closing price per share of Cousins’ common stock on the New York Stock Exchange on March 3, March 4 and March 5, 2010.

For a complete copy of the company's news release and financials, please contact:

Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications

The New Amsterdam Trades for $11.7M in Washington, DC

WASHINGTON, D.C., March 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold The New Amsterdam, (top left photo)  a 75,375-square foot multifamily and retail asset in Washington, D.C. The sales price of $11,750,000 represents $156 per square foot, or $130,556 per unit.

Stacey Milam, (middle right photo)  a first vice president investments and director of the firm’s National Multi Housing Group in Washington, D.C., represented the seller, a Pennsylvania-based partnership.

Tracy Edwards, a multifamily investment specialist also in Marcus & Millichap’s Washington, D.C., office, represented the buyer, a Virginia property owner.

“The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.,” says Milam.

Located in the Columbia Heights neighborhood at 2701 14th St., The New Amsterdam is four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center. The mixed-use property’s 90 residential units are currently 99 percent occupied and its four ground-level retail spaces encompass 4,000 square feet.

Built in 1950, The New Amsterdam has received numerous capital improvements, including a new roof covering the retail space in 2007 and main roof replacement in 2008.

The lobby was renovated and remodeled in 2008. The residential units will also be renovated as they become vacant.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Interstate Stockholders Approve Merger with 50/50 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, announced that its stockholders approved, at a special meeting held today, the merger agreement by which Interstate will be acquired by Hotel Acquisition Company, LLC (“HAC”). HAC is a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group (“Thayer Lodging”), and Shanghai Jin Jiang International Hotels (Group) Company Limited (“Jin Jiang Hotels”).

Thayer Lodging, founded in 1991, is a leading private equity sponsor that invests exclusively in the lodging sector. Jin Jiang Hotels is the world’s 13th largest hotel company in terms of number of rooms according to Hotels Magazine.

As previously announced on December 18, 2009, under the terms of the merger agreement, the outstanding shares of Interstate common stock will be acquired by HAC for $2.25 per share in cash.

Interstate expects to close the merger no later than March 18, 2010, subject to the satisfaction of various closing conditions of the parties pursuant to the terms of the merger agreement.

In connection with the merger, a request was submitted on behalf of Interstate to the New York Stock Exchange for withdrawal of the listing of its common stock. Interstate’s proposed delisting is contingent, among other conditions, on the closing of the merger. To effect the delisting, the New York Stock Exchange will file a Form 25 with the Securities and Exchange Commission.


Jerry Daly, Daly Gray, (703) 435-6293,
Carol McCune Carrie McIntyre, Media SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

Arbor Closes $20M Fannie Mae Loan in Summerville, SC

UNIONDALE, NY (Mar. 15, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $20,004,400 loan under the Fannie Mae DUS® product line for the 320-unit complex known as Cobblestone Village Apartments in Summerville, SC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.

The loan was originated by John Edwards,(top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our ability to replace existing construction financing with long-term, fixed-rate financing for a repeat Arbor client,” said Edwards. “Additionally, we appreciate Carolina Mortgage Company’s efforts in arranging this financing.”

Contact:  Ingrid Principe,

HFF secures $2.5M construction/mini-permanent loan for student housing project at Indiana University

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) secured a $2.5 million construction/mini-permanent loan for Cherry Hill Manors, a to-be-built, 50-bed student housing project at Indiana University in Bloomington, Indiana.

Working on behalf of 16th & Dunn LLC, HFF managing director Jon Everson (top right photo)  placed the construction loan and 20-year permanent loan (rate resets every five years) with a bank lender. Loan proceeds will be used to finance construction of the project.

Due for completion prior to the start of the Fall 2010 semester, Cherry Hill will contain five duplex buildings (10 units with five beds per unit). The property is 100 percent pre-leased and is located at 1309 North Dunn Street close to the campus of Indiana University (IU), IU’s Memorial Stadium and Assembly Hall.


Jonathan P. Everson, HFF Managing Director, (317) 630-3191,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF Atlanta hires Doug Childers to focus on affordable housing transactions

ATLANTA, GA – HFF (Holliday Fenoglio Fowler, L.P.)  has hired Doug Childers as an associate director in the investment sales group in its Atlanta office.

Childers will focus on the disposition of multi-housing assets throughout the nation that are encumbered with affordable housing restrictions.

 He joins the Atlanta multi-housing team of Jason Nettles and Megan Thompson (bottom left photo). While Nettles and Thompson will continue to focus on conventional multi-housing dispositions, Nettles will assist Childers in his efforts on the affordable side of the business.


Jason Nettles, HFF Managing Director, (404) 832-8460,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Hymie Barber Named National Originations Manager for Cambridge Realty Capital

CHICAGO, IL--Hymie Barber (top right photo) has been named National Originations Manager for Chicago-based Cambridge Realty Capital Companies, with responsibility for generating new business and greater awareness of the company’s senior housing/healthcare funding products nationwide, Chairman Jeffrey A. Davis (bottom left photo)  announced.

Barber is Managing Director of The Catalyst Resource Group Inc. and President of Catalyst/Cambridge Healthcare Finance in Los Angeles. He has been affiliated with Cambridge as the company’s West Coast correspondent since 1996 and will continue to serve the company in this role, Davis said.

Over the years, Catalyst/Cambridge has been the company’s most productive correspondent, with more than $500 million in senior housing/healthcare transactions underwritten and closed.

Cambridge is one of the nation’s leading senior housing/healthcare lenders and consistently is ranked among the top HUD Section 232 healthcare lenders in the country. In his new role as National Origination Manager,

Barber will be discussing Cambridge programs with property owners, brokers and lenders who are seeking to establish a working relationship with a national FHA-approved HUD lender with expertise in the senior housing/healthcare business.

Barber is a graduate of Loyola University in Los Angeles with a BS degree in accounting and economics, and is a Certified Public Accountant (CPA) with extensive experience in real estate finance. For the past 16 years his firm has specialized exclusively in senior housing/healthcare finance.

Barber is a member of the California Association of Health Facilities (CAHF), the American Seniors Housing Association (ASHA), the National Investment Center (NIC), the Health Care Association of New Jersey (HCANJ), the New York Association of Homes and Services for the Aging (NYAHSA) and the Texas Health Care Association (THCA).

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:,