HFF arranges $30M financing for four-property suburban Miami office portfolio

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $30 million in financing for a four-property office portfolio totaling 368,331 square feet in Doral, Florida.

HFF senior managing director Paul Stasaitis (top right photo)  and senior real estate analyst Ignacio Portundo worked exclusively on behalf of the borrower, a joint venture between the Codina Partners and institutional investors advised by J.P. Morgan Asset Management, to secure the five-year, fixed-rate loan through Northwestern Mutual .

The portfolio is located within Downtown Doral, formerly known as Doral Center, adjacent to the Doral Resort and in close proximity to The Palmetto, the 836 Expressway, the Florida Turnpike and Miami International Airport. The properties were renovated in 2005 and 2006 and are 95% leased overall.

“Downtown Doral (bottom right photo) is in the midst of a significant redevelopment, which will transform it into a mixed-use, town-center concept and further enhance value appreciation of the portfolio,” said Stasaitis.

“Additionally, the high level of life insurance company interest we obtained on this loan request speaks to the positive outlook lenders hold for office product of this quality and location.”

Formed in the fall of 2009, Codina Partners, LLC is Armando Codina’s latest real estate endeavor. Codina Partners, based in Coral Gables, Florida, is a boutique real estate investment and development firm focusing on complex real estate transactions.

Codina Partners is comprised of a talented team of highly experienced and motivated real estate professionals with a track record that extends over three decades in real estate development and investments.

J.P. Morgan Asset Management – Global Real Assets has approximately $43.2 billion in real estate and infrastructure assets, as of March 31, 2009.

With a 40-year history of successful investing and a staff of 361 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.

 J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.

Contacts:       

Paul Stasaitis, HFF Senior Managing Director,  (305) 448-1333, pstasaitis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500,  krmurphy@hfflp.com

50th Condo Bulk Deal Transacts In South Florida

MIAMI, FL--A month before the two-year anniversary of the first condo bulk deal in South Florida, a New York investment group has transacted what is the 50th acquisition of at least 10 new condo units in a single deal in a distressed project in the tricounty region of Miami-Dade, Broward, and Palm Beach, according to a new Condo Vultures® White Paper™.

The milestone was reached on June 7 in Palm Beach County with the purchase of 146 luxury units in the 2700 North Ocean condominium (above centered photo), and not in Miami-Dade County, where 41 of the previous bulk deals have been completed to date, according to the report based on the Condo Vultures® Bulk Deals Database™.

"It is foretelling that the 50th condo bulk deal occurred outside of Greater Miami, where the inventory is quickly being depleted," said Peter Zalewski, (lower right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.


 "As the attractive bulk situations disappear in Greater Miami, private equity groups and institutional investors are being forced to revise their strategies in terms of quality, location, and price.

"Today, a bulk buyer is much more willing to consider a scenario in Fort Lauderdale, West Palm Beach, Orlando, or even Tampa compared to a year ago when the focus was strictly on Greater Miami."

The dwindling amount of product combined with more than 500 private equity groups and institutional investors searching for deals is forcing the change in strategy, industry watchers said.

Since July 2008, bulk buyers have acquired the deeds or notes for more than 4,800 units with 6.1 million square feet of saleable space in South Florida for about $1.5 billion.

 This figure works out to about $308,500 per unit and $244 per square foot, according to the report based on government records.

Contact:  Peter Zalewski, Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com.

Chad Johnson Joins Meridian Capital Group, LLC as a Managing Director in its Originations Group

 New York, NY, June 14, 2010, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, is pleased to announce the addition of Chad Johnson (top right photo)  as a Managing Director in its Commercial Originations Group.

Mr. Johnson will be originating loans nationally. He will report to Marty Lanigan, (top left photo) Senior Managing Director of Origination and Strategic Initiatives, and will be working out of Meridian’s newly-formed office in Kansas City, KS as well as its headquarters in New York, NY.

Mr. Johnson has extensive experience across the commercial mortgage finance arena.

 As a 20-year industry veteran, he has held senior origination and mortgage banking roles with GMAC Commercial Mortgage, UBS, Deutsche Bank, and Wachovia.

Mr. Johnson and Mr. Lanigan previously worked together at GMAC Commercial Mortgage, where Mr. Johnson ran the wholesale lending group.

“Chad’s longstanding and successful track record, in combination with his excellent borrower relationships and tremendous deal experience, make him an excellent addition to the Meridian team,” said Mr. Lanigan.

“Chad joins us at a very exciting time, and will play a significant role in positioning Meridian to become the leading U.S. commercial real estate finance company,” added Ralph Herzka, (bottom right photo)  Meridian’s Chief Executive Officer.

Contact: Jonathan M. Stern, jstern@meridiancapital.com, Direct: 212.612.0181, Fax: 212.201.5181
http://www.meridiancapital.com/