Fitch Ratings Reports U.S. CREL CDO Delinquencies Fall Slightly

NEW YORK CITY, NY-- Delinquencies for U.S. CREL CDOs again declined slightly last month as asset managers continue to both extend loans and trade out credit risk assets, according to the latest U.S. CREL CDO delinquency index results from Fitch Ratings, which are included in this week’s U.S. CMBS newsletter.

The May 2010 delinquency rate decreased to 11.6% from 12.1% in April. 45 loan extensions were reported in May, including four former matured balloon loans.

Three previously delinquent assets were disposed of by
asset managers at losses ranging from 20% to 99.8% of par.

In May, total realized losses on credit risk assets were reported at over $50 million. ‘Many troubled assets disposed of at losses this past month were not yet considered delinquent,’ said Director Stacey McGovern.

‘The CREL delinquency index may understate the extent of credit risk assets as managers continue to pursue resolutions and/or trade out potentially troubled assets at losses to par, often prior to actual default.’

Contact:
Stacey McGovern +1-212-908-0722, or Karen Trebach, +1-212-908-0215, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:, sandro.scenga@fitchratings.com
Additional information is available at http://www.fitchratings.com/

Berger Commercial Realty Corp. Announces Promotion and New Hire

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla. and serving clients around the state, announced Joseph Jarkesy (lower left photo)  has been hired as a Broker Associate and Brad Sheppard (top right photo)  has been promoted from Senior Property Manager to Vice President of Berger Special Assets, a division of Berger Commercial Realty Corp.

 Jarkesy has more than six years of real estate experience, most recently as a broker associate with the Fitzgerald Group. He will be handling tenant and landlord representation in the Fort Lauderdale area. Jarkesy graduated from Florida State University with a Bachelor's degree in real estate and finance and a certificate in planning studies.

Brad Sheppard has been with Berger since 2007. Throughout his career, he has leased in excess of two million square feet, represented buyers and sellers in sales transactions of more than four million square feet, and provided property/asset management for more than sixty different properties.

 His clients include institutions, private investors, receivers, REITs and limited partnerships.

Sheppard is a CPM candidate and a member of the International Council of Shopping Centers. He received his Bachelor's degree in real estate from East Tennessee State University. Sheppard holds his Florida Real Estate Salesman license.

Contact:  Marielle Sologuren, Pierson Grant Public Relations, 6301 Northwest 5th Way Suite 2600
Fort Lauderdale, FL 33309, v. (954) 776-1999 ext. 226, f. (954) 776-0290, msologuren@piersongrant.com,  http://piersongrant.com/

Shaw Mechanical Vice President Mark Woehrle Earns ASHRAE Certification

ORLANDO, FL— Mark Woehrle (top right photo) , vice president, Shaw Mechanical Services has earned a Commissioning Process Management Professional (CPMP) certification from the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).

 The test-based certification is based on a candidate’s acceptance into the program, experience in the industry, and test scores.

“An ASHRAE certification benefits building owners, employers and individuals,” says ASHRAE President Gordon Holness. (bottom left photo)  “ASHRAE certification helps professionals demonstrate that they have mastered a certain body of knowledge and can provide outstanding services in their area of expertise.”

Woehrle, who joined Shaw Mechanical Services in 2003, serves as vice president of operations and special projects.

With 23 years of experience in mechanical contracting management, he is a licensed mechanical and plumbing contractor in Florida, and is an NEBB Certified Supervisor for Air & Hydronic Testing & Balancing.

 Woehrle has a Bachelor of Science in Building Construction from the University of Florida, and along with membership in ASHRAE is active in Associated Builders & Contractors.

ASHRAE, founded in 1894, is an international organization of some 50,000 persons. ASHRAE fulfills its mission of advancing heating, ventilation, air conditioning and refrigeration to serve humanity and promote a sustainable world through research, standards writing, publishing and continuing education.

PR Contact: Elaine Ingra, PH 407 384-1344, elainei@pr-works.com

Marcus & Millichap Sells $16M Luxury Apartment Complex in Novato, CA

NOVATO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Oak Grove Apartments,(top left photo)  an 88-unit, 75,666-square foot luxury apartment complex in Novato.

The sales price of $16,055,000 represents $182,443 per unit and $212 per square foot.

Brad Pennington (top right photo) , a first vice president investments and a director of the firm’s National Multi Housing Group in San Francisco, represented the seller, a local family partnership, and the buyer, a San Diego-based owner/operator of apartment communities, condo-conversion projects and office buildings throughout California.

“Oak Grove Apartments is the premier multifamily community in this submarket,” says Pennington. “The previous ownership had been in place for the past 10 years.”

Nestled into a hillside adjacent to a greenbelt, the property is located at 100-145 Cielo Lane in Novato, Marin County’s northernmost city.

Built in 1998, Oak Grove Apartments sits on six separate parcels of land totaling approximately 6.16 acres. The complex consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center.

The buildings are wood-frame construction with stucco and wood exteriors on slab foundations. The roofs are pitched-composition shingle and the property has ample parking for 204 cars.

The unit mix is comprised of 55 two-bedroom/two-bath apartments ranging from 893 to 1,089 square feet and 33 one-bedroom/one-bath units ranging from 636 to 870 square feet. The large individual units all have washers and dryers, one-car garages and either a patio or a balcony. Seven storage closets are available for tenants to rent.

Marin County is bordered to the north by Sonoma County and to the west by the Pacific Ocean.

Tina Stauffer of Portland office Promoted to Vice President

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Tina Stauffer (middle right photo)  vice president, according to Richard H. Peltz, (middle left photo)  senior vice president and chief information officer.

 As director of applications, Stauffer leads the firm’s application development team. Stauffer is located in the firm’s Portland office.

“Under Tina’s direction, the application development team has built, deployed and enhanced many tools that assist our agents in closing more transactions than any other brokerage firm in the United States,” says Peltz. “Her passion is creating tools to accelerate and simplify the transaction cycle and to create applications that satisfy clients and agents.”

Stauffer joined Marcus & Millichap in February 1999 as the operations manager for the Seattle office. In October 2000, she transferred to the Information Services department as a project manager in applications. Stauffer has been director of applications for the firm since 2007.

$26.5M in Bond Financing Arranged by Marcus & Millichap Capital Corp.

VALMEYER, IL– Marcus & Millichap Capital Corporation (MMCC) has arranged a $26.5 million refinancing package for the U.S. National Archives and Records Administration (NARA) National Personnel Records Center (NPRC) Annex Facility in Valmeyer. The property is a 398,862-square foot Class A office building.

Chad O’Connor, (lower right photo)  a senior director in the firm’s San Diego office, arranged the loan for the property.

“Bond financing has many long-term benefits and provides a hedge against inflation in today’s volatile market,” says O’Connor.

“Below-market interest rates, higher loan to values, nonrecourse and better execution are just a few of the benefits offered in executing a bond deal.

"However, bond financing is only available for larger single-tenant investment-grade-rated tenant buildings,” adds O’Connor.

The loan has a 5.35 percent interest rate, fixed for 18 years with an 18-year amortization.

“The property in this transaction possessed unique construction and build-out features,” continues O’Connor. “The facility was built in the side of a mountain inside retrofitted limestone mining caves.

"The caves provide superior climate control for archival record storage, which giving the records a longer lifespan. We were able to source a lender that had recently done a similar transaction for NARA in a location nearby.

"The lender was familiar with the tenant, their operations and the location, which made the closing process much easier,” adds O’Connor.

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