ORLANDO, FL, Mar. 29, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,085,000 for Pepperwood Apartments, Strawberry Place Apartments, and Lazy Acres Mobile Home Park.
Doug Rozzell, Company Principal, financed Pepperwood Apartments through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $1,450,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%.
The 72-unit apartment complex was built in 1974 and is located at 13725 Susan Kay Drive, Tampa, Florida.
As with Pepperwood Apartments, Rozzell also financed Strawberry Place Apartments through The Standard Life Insurance Company in the amount of $1,150,000. The loan has a 5+5+5+5+5-year term, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 70%. The 55-unit apartment complex was built in 1982 and is located at 1400 Strawberry Place, Plant City, Florida.
Rozzell financed the Lazy Acres Mobile Home Park through Thomas D. Wood and Company’s relationship with a local bank in the amount of $535,000. The interest rate is fixed at 6.75% for a five-year term, based on a 25-year amortization. The loan-to-value is 50%. The 50-pad mobile home park is located on 2.34 acres at 14011 N. Nebraska Avenue, Tampa, Florida.
For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com
Monday, March 29, 2010
42% Of South Florida Resale Condos Distressed
MIAMI, FL--Nearly 42 percent of the nearly 53,000 condominiums for resale in the tricounty South Florida region are in some form of distress with the ratio of troubled product reaching as high as 50 percent in Miami-Dade County, according to a new report from CondoVultures.com.
More than 22,200 condominium units on the resale market in Miami-Dade, Broward, and Palm Beach counties are either bank-owned properties or in the process of a short sale where a lender accepts less than the amount owed on the existing mortgage, according to the report based on Florida Association of Realtors data.
"Distressed condos are going under contract in South Florida at a pace that is three times faster than those units that are not bank-owned or in the process of a short sale," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Today's condo buyers are purchasing with all cash, so the natural focus is to gravitate toward the distressed units that can be acquired at a deep discount. The product that is not officially deemed to be distressed is selling but at a much slower pace."
Contact: Peter Zalewski, 800-750-0517, peter@condovultures.com
More than 22,200 condominium units on the resale market in Miami-Dade, Broward, and Palm Beach counties are either bank-owned properties or in the process of a short sale where a lender accepts less than the amount owed on the existing mortgage, according to the report based on Florida Association of Realtors data.
"Distressed condos are going under contract in South Florida at a pace that is three times faster than those units that are not bank-owned or in the process of a short sale," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Today's condo buyers are purchasing with all cash, so the natural focus is to gravitate toward the distressed units that can be acquired at a deep discount. The product that is not officially deemed to be distressed is selling but at a much slower pace."
Contact: Peter Zalewski, 800-750-0517, peter@condovultures.com
Marcus & Millichap Promotes Armand Tiberio to First Vice President Investments in Seattle
SEATTLE, WA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Armand Tiberio to the position of first vice president investments.
This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Gregory S. Wendelken, vice president and regional manager of the firm’s Seattle office.
After joining the firm in January 2002, Tiberio was quickly promoted to associate in October 2002. He was promoted to senior associate in 2005 and became a vice president investments in July 2008.
Tiberio specializes in the sale of Section 42 Low Income Housing Tax Credit (LIHTC) properties and is a senior director of the firm’s National Multi Housing Group. He has received more than a dozen sales awards from Marcus & Millichap, including six National Achievement Awards.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Gregory S. Wendelken, vice president and regional manager of the firm’s Seattle office.
After joining the firm in January 2002, Tiberio was quickly promoted to associate in October 2002. He was promoted to senior associate in 2005 and became a vice president investments in July 2008.
Tiberio specializes in the sale of Section 42 Low Income Housing Tax Credit (LIHTC) properties and is a senior director of the firm’s National Multi Housing Group. He has received more than a dozen sales awards from Marcus & Millichap, including six National Achievement Awards.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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