HFF secures $5.9M financing for medical office building in Chicago’s Oak Lawn neighborhood

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $5.9 million in financing for the acquisition of Oak Lawn Medical Center, (top left photo)  a 28,000-square-foot, Class A medical office building in Chicago’s Oak Lawn neighborhood.

Working on behalf of Stage Equity Partners, LLC, HFF directors Matthew Schoenfeldt (top right photo)  and Daniel Kaufman  placed the seven-year, 5.89% fixed-rate loan with Wells Fargo Real Estate Group, Inc. Loan proceeds were used to acquire the property.

Oak Lawn Medical Center is located at 10837 South Cicero Avenue close to Advocate Christ Hospital, the Tri-State Tollway and 95th Street, approximately 14 miles southwest of Chicago’s city center in Oak Lawn.

 Completed in 2007, the property is fully leased to multiple tenants including Mid America Cardiovascular Consultants.

“Oak Lawn Medical Center was the first new medical office building constructed in the area in the last 20 years and as a result was fully leased within 15 months of completion,” said Schoenfeldt.

Stage Equity Partners is a Chicago-based, privately-held real estate investment company that specializes in healthcare real estate.

Contacts:

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

Mike Cohn Returns to Cousins Properties to Lead Retail Investments, Leasing and Asset Management

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) announced today that Michael Cohn (top right photo)  will rejoin the Company on August 2, 2010 as Executive Vice President of Retail Investments, Leasing and Asset Management.

He will replace Steve Yenser,  (top left photo) who has resigned, effective July 23, 2010. Cohn will be responsible for all facets of the Company’s retail portfolio, including leasing, asset management, strategic planning and new growth initiatives.

Cohn has been Senior Managing Director for Faison Southeast since October 2002. At Faison, he was responsible for procuring and executing all new business for Faison Southeast, as well as running the region’s day-to-day operations.

Under Mike’s direction, Faison Southeast has developed approximately 3 million square feet. Prior to joining Faison, Mike was a Senior Vice President at Cousins Properties, where he managed the retail leasing and management group, as well as the Company’s Western Region.

Mike was at Cousins from 1994 through 2002, during which time the Cousins retail group developed approximately 5 million square feet and launched the Avenue© lifestyle center brand.

He began his career in the commercial real estate department of Troutman Sanders, where he was an associate attorney from 1985 to 1990 before becoming counsel at New Market Development, which was subsequently acquired by Cousins.

Larry Gellerstedt, (lower right  photo)  Cousins President and Chief Executive Officer, noted, “We are pleased to welcome back Mike Cohn to the Cousins team.

"He is very familiar with our culture and portfolio and is well respected within the industry. His broad experience in retail acquisitions, development, leasing, and asset management will be beneficial as we look to build on our recent momentum in the retail portfolio.

"We would also like to thank Steve Yenser for his leadership over the past eight years and wish him well.”

Contact:
Cameron Golden, 404-407-1984
CameronGolden@cousinsproperties.com, http://www.cousinsproperties.com/

Arbor Closes Three Fannie Mae DUS® Loans Totaling $9,984,000

Uniondale, NY (July 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® product line. These loans include:

La Joya Apartments, (middle left photo) Arlington, TX – A 185-unit complex in the amount of $3,419,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Linda Vista Apartments, Fort Worth, TX – A 216-unit complex in the amount of $3,367,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

Bella Apartments, Fort Worth, TX – A 208-unit complex in the amount of $3,198,000 loan under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.69 percent.

The loans were originated by Anthony Tarter (top right photo) , Director, in Arbor’s full-service Dallas, TX lending office. “We were pleased with the opportunity to provide a streamlined refinance for each of these properties at a very attractive rate for a new Arbor client,” said Tarter.

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1

Marcus & Millichap Sells $10.7M Luxury Condominium High-Rise in Philadelphia

PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of American Lofts,(top left photo)  a 40-unit 45,825-square foot luxury condominium high-rise in Philadelphia.

 The sales price of $10.7 million represents $267,500 per unit and $233 per square foot.

Frederick Paisley and Kenneth Wellar, senior associates in the firm’s Philadelphia office, represented the seller. Abington Bank provided financing for the buyer.

“American Lofts is in the heart of Northern Liberties, which has been an up-and-coming area for the last 10 years,” says Wellar.

 “The views from the property are some of the best in Philadelphia. Originally built as for-sale condo units, the new owner will be operating American Lofts as an apartment building,” he adds.

“To achieve $267,500 per unit in today’s market shows that premium properties in great locations still command premium pricing,” says Paisley.

Built in 2009, the property is located at 212-20 Brown Street in Philadelphia.

American Lofts’ unit mix consists of 18 one-bedroom/one-bath units, 16 two-bedroom/two-bath units, two three-bedroom/2.5-bath units, two three-bedroom/2.5-bath penthouses and two three-bedroom/2.5-bath townhouses.

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

CB Richard Ellis Brokers Sale of San Merano at Mirasol in Palm Beach Gardens, FL

MIAMI, FL--CB Richard Ellis, on behalf of our client, The Kolter Group, LLC is pleased to announce the sale of San Merano at Mirasol (top left photo) , a 476-unit Class-A multi-housing community completed in 2004 and located in Palm Beach Gardens, Florida.

TA Associates acquired this community for $69,062,500 or $145,089 per unit or $117 per sq. ft.

Contact: robert.given@cbre.com