Clemson $2 million pledge comes with a challenge

GREENWOOD, SC--Clemson University has received a $2 million pledge from a private foundation to help fund an endowed chair in human genetics. But, it comes with a challenge: University officials and state leaders will have to work together to address the needed state match requirement in order to receive the gift.

The Self Family Foundation envisions the Greenwood area as a genetic economic cluster, offering businesses genetics expertise, skilled research personnel and research park resources.

 The goal is to develop Greenwood Genetics Center as a magnet campus that will attract health-related industries with an education and research component similar to CU-ICAR in Greenville.

“Clemson’s relationship with the internationally recognized Greenwood Genetic Center presents an excellent opportunity to attract a prominent geneticist-scientist in human genetics to fill an endowed position,” said Virginia Preston Self, (middle left photo)  foundation chair.

 “Over the years we have seen Clemson transform into one of the nation’s leading research universities and are excited about the economic impact our ties with the university and this investment could have on Greenwood and South Carolina.

“It was my late father, Jim Self, who understood the enormous potential of genetics research that led him to help Dr. Roger Stevenson establish the Greenwood Genetics Center over 35 years ago. We hope our pledge will help realize his dream of diversifying Greenwood’s economy and forging an ever stronger relationship between two institutions he deeply cared for.”

Clemson University and the Greenwood Genetic Center are long-time partners in research, education and economic development.

 Grateful for the gift pledge and vote of confidence, Clemson President Jim Barker (top right photo) said, “The Center of Economic Excellence in Human Genetics has tremendous potential to further that collaboration, to create life-changing new tools and therapies, and to improve the economy of Greenwood."

Contact: Peter Kent, pkent@clemson.edu

Chatham Lodging Trust Signs Agreement to Acquire Residence Inn New Rochelle in Westchester County, NY

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels,  has signed a contract to acquire the Residence Inn by Marriott® – New Rochelle, N.Y.  (top left photo) in an all-cash transaction for $21 million, or approximately $169,000 per key.

 The hotel represents the 12th property either acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.

“Westchester County is a premier location, home to many of New York City’s most desirable suburban communities, with some of the region’s most attractive demand generators and highest barriers to new competition,” said Jeffrey H. Fisher (middle right photo) , Chatham’s chief executive officer.

 “The hotel is just 30 minutes from the heart of New York City, with easy access from all major highways, subways, bus-lines and Amtrak.

"The greater New Rochelle area has a very limited range of select-service, full-service or extended-stay hotels, and this property has enjoyed substantial market share premiums since it opened.

"The hotel is surrounded by a large number of major businesses and is proximate to prestigious country clubs and banquet halls bordering the Long Island Sound, thereby appealing to both business and leisure travelers.

“We continue our disciplined approach to acquisitions, focused on upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators,” Fisher said. “Our network of local contacts and relationships has produced a very robust pipeline of transactions.”

Located at 35 LeCount Place in New Rochelle, NY, the 10-story upscale extended-stay Residence Inn by Marriott® hotel features 124 suites, complimentary high speed Internet access and fully equipped kitchens. The hotel offers an on-site fitness center, swimming pool and structured parking.

Following completion of the acquisition, the 10-year-old hotel will be managed by Island Hospitality Management, a hotel management company 90 percent-owned by Fisher. Completion of the acquisition is subject to satisfactory completion of due diligence and other customary closing conditions.

Contact:

Jerry Daly, Carol McCune, (Media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com
Peter Willis, (Acquisitions), Chief Investment Officer , (561) 227-1387,
pwillis@cl-trust.com

Marcus & Millichap Lists $59.3M Development Site in Utah

EAGLE MOUNTAIN, UT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 2,723-acre development site (top left photo)  in Eagle Mountain. The listing price is $59,312,385.

Dana Howland, (middle right photo) a senior associate, and Adam Lewis, an investment specialist in the firm’s Salt Lake City office, are representing the seller, the founder of Eagle Mountain City.

“This development site is comprised of prime commercial land on arterial roads in one of Utah’s fastest-growing areas,” says Howland. “All utility services are available and all parcels can be subdivided to suit the new owner’s needs.”

Utah’s third-largest city by area, Eagle Mountain is located at the western base of the Lake Mountain Range in Cedar Valley, approximately 30 miles south of Salt Lake City. Eagle Mountain has a total area of more than 43 square miles.

The topography of the site is gentle and nearly flat.

MARCUS & MILLICHAP NAMES DOUGLAS K. MANDEL TO VICE PRESIDENT INVESTMENTS IN FORT LAUDERDALE

FORT LAUDERDALE, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Douglas K. Mandel (bottom left photo)  to the position of vice president investments.

 The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gregory Matus, (bottom right photo) regional manager of the firm’s Fort Lauderdale office.

Most recently, Mandel held the position of associate vice president investments.

Mandel began his career with Marcus & Millichap in 2004, specializing in office and industrial investment sales.

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

HFF arranges $18M refinancing for Ivy Lane Apartments in Bergenfield, NJ

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $18 million refinancing for Ivy Lane Apartments, a 237-unit multi-housing community in Bergenfield, New Jersey.

HFF senior managing director Tom Didio (top right photo) worked on behalf of Tower Management Service, LP to secure the permanent, fixed-rate loan through Oritani Bank. The refinancing proceeds were used to replace the existing debt at more favorable terms.

Ivy Lane Apartments is located at 8 Howard Drive in Bergenfield, New Jersey. The recently renovated property has one-, two- and three-bedroom units within 17 buildings.

“Oritani Bank was able to structure a financing that met the borrower’s needs and they won this business because they were willing to do so. We are pleased to have advised and represented the borrower in this transaction,” said Didio.

Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multi-family apartment units in garden-style apartment communities located in New Jersey and New York State.

Contacts:

Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com


HFF secures $5.4M refinancing for student housing community at Clarion University in Pennsylvania

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured refinancing for Campus Habitat 8 Apartments, (bottom left  photo)  a 70-unit, 151-bed student housing community located immediately adjacent to Clarion University in Clarion, Pennsylvania.

HFF senior managing director Dave Keller (middle left  photo)  worked on behalf of Campus Habitat to secure the 10-year, fixed-rate loan with Farmers & Merchants Bank of Western PA. Proceeds of the new loan were used to repay the original acquisition and renovation financing.

“In these challenging economic times we have relied on local and regional banks to provide crucial financing for our student communities. One of the best decisions we made was to partner with HFF to facilitate those connections.

"Time and again, HFF has delivered exactly what they promised and closed every deal. In times like these, the certainty of execution is of paramount value and HFF has consistently delivered,” said Maximus Yaney, (middle right photo)  president of Campus Habitat.

Campus Habitat 8 Apartments is located at 990 East Main Street, immediately adjacent to Clarion University’s campus, approximately 80 miles north of Pittsburgh. Renovated in 2008 and 2009, the property has two buildings with 15 studio, 25 one-bedroom and 30 two-bedroom units averaging 466 square feet each. The property is almost fully leased for the 2009-2010 academic year.

“When Campus Habitat purchased the community in 2008, they acquired a property, which was the best-located residence on the Clarion campus, and began a complete renovation of the property that greatly improved the attractiveness and income levels,” said Keller.

“As a result, interest in the property has been extremely high and preleasing activity for the 2010-2011 academic year has broken 2009-2010’s record-setting velocity.”

Established in 2002, Campus Habitat acquires, renovates and manages student apartment communities near universities nationwide. They create upscale atmospheres by providing innovative amenities reflecting the cultural and social values of the student population. Campus Habitat operates properties in New York, Illinois, Indiana, Michigan, Pennsylvania, North Carolina, Texas, and Wyoming.

Contacts:

David B. Keller, HFF Senior Managing Director, (317) 630-3191, dbkeller@hfflp.com
 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com