HFF arranges construction financing for luxury multi-housing development in northern New Jersey

  

 FLORHAM PARK, NJ – HFF announced today that it has arranged a construction loan for Meadow Crossing (top left rendering), a to-be-built, 172-unit, luxury multi-housing community in Lyndhurst, New Jersey.

HFF worked on behalf of the borrower, Russo Development, to secure the 24-month loan through Wells Fargo Bank, National Association.  Loan proceeds will cover construction costs for Phase I of the property.

Upon completion in 2012, Meadow Crossing will have four residential buildings with one-, two- and three-bedroom units averaging 1,030 square feet each.  Community amenities will include a clubhouse with fitness center, billiards/recreation room, dining room and outdoor pool.

The development will be constructed in two phases; 172 units represented in this phase and 124 to be developed at a later date.  Meadow Crossing is located at 340 Orient Way within walking distance of the Kingsland Train Station and the Lewandowski Shopping Center in Lyndhurst, about seven miles west of Manhattan along the Route 3 corridor.

The HFF team representing Russo Development was led by senior managing director Thomas Didio (middle right photo) and associate director Michael Lachs.  

“This project will be one of the most desirable ‘Class A’ luxury apartment communities in Northern New Jersey.  Russo Development has a long history of building high-quality, commercial and residential properties and we at HFF are pleased to have assisted in securing financing,” said Didio.

Russo Development is a privately-owned real estate development firm located in Carlstadt, New Jersey.  The firm has developed more than seven million square feet of commercial, industrial, residential and mission critical data center space since its founding in 1969.

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                                  

                                     

Marcus & Millichap Promotes Adam Levin in Palo Alto and Tyler Leeson in Newport Beach to Posts of Vice President Investments

 PALO ALTO, CA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Adam Levin (top right photo) to the position of vice president investments.

This designation exemplifies superior performance in the accomplishments an associate has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Steven J. Seligman (middle left photo), vice president and regional manager of the firm’s Palo Alto office.

 “Adam has earned a reputation as an extremely knowledgeable investment specialist,” says Seligman. “He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

Levin began his career with Marcus & Millichap in October 2005, specializing in the sale of multifamily properties.

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

 

In Newport Beach, Ca, the  board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Tyler C. Leeson (lower right photo) to the position of vice president investments.

 This designation exemplifies superior performance in the accomplishments an associate has achieved in his or her sales career at Marcus & Millichap and in the investment real estate brokerage profession, according to Joseph V. Cesta (lower left photo), vice president and regional manager of the firm’s Newport Beach office.

 “Tyler has earned a reputation as an extremely knowledgeable investment specialist,” says Cesta.

“He is a consummate professional, continually striving to expand his knowledge and expertise. His focus on providing superior client services has earned him a high degree of loyalty and respect from investors as well as from his peers.”

 Leeson began his career with Marcus & Millichap in September 2004, specializing in the sale of multifamily properties.

 Most recently, Leeson held the position of senior associate.

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

MBA Releases 2011 Mid-year Commercial/Multifamily Servicer Rankings

 WASHINGTON, D.C. (Aug. 25, 2011) - The Mortgage Bankers Association (MBA) today released its mid-year ranking of commercial and multifamily mortgage servicers as of June 30, 2011.

On top of the list of firms is Wells Fargo with $442.9 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $346.5 billion, Berkadia Commercial Mortgage with $184.2 billion, Bank of America Merrill Lynch with $123.7 billion and KeyBank Real Estate Capital with $107.7 billion.

For more information on the report, please contact Matt Robinson at mrobinson@mortgagebankers.org or 202-557-2727.

Grubb & Ellis Enhances NY Management Services Capabilities with New Director of Operations

 NEW YORK (Aug. 25, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Ciofalo (top right photo) has joined the company as vice president and director of operations in its Management Services business.

 In his new position, Ciofalo will provide oversight to Grubb & Ellis’ property management operations across the firm’s 22 million-square-foot New York portfolio.

“John brings a diverse set of skills and experience to his new role as well a proven track record of success in the client properties he has managed.” said Drew O’Connor, senior vice president and director of management services. 

 Ciofalo has been in the real estate industry for 22 years, joining Grubb & Ellis from CB Richard Ellis, where he was senior regional facilities manager for Goldman Sachs’ regional portfolio.

 Before that, he was general manager and engineering operations manager for the same portfolio while at Jones Lang LaSalle.  Earlier, Ciofalo was a facilities operations manager for Columbia University and held engineering positions with Cushman and Wakefield and the Rockefeller Group.

 Contacts:

Ted McDougal, 312.698.6735  (o), 630.308.8144 (m),

ted.mcdougal@grubb-ellis.com 

Mary Ryan, 212.326.4747 (o), mary.ryan@grubb-ellis.com

                                   

Crossman & Co. Releases 2011 ICSC Florida Retail Report

ORLANDO, FL. --- Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, presented the bi-annual ICSC Florida Retail Report at the 2011 ICSC Florida Conference on August 21-23 in Orlando at the Gaylord Palms Resort & Convention Center.

  Crossman & Company has produced the report on behalf of ICSC for the past 15 years, and it includes contributions from over 65 separate companies throughout the state.

“While Florida continues to lag slightly behind the rest of the nation, there are positive signs of a return to stability in the retail real estate market in the first half of 2011,” stated Molly Delahunty (top right photo), the primary author of the report.

 “In nearly every market in the state, we have seen stable occupancy for the past seven quarters.  Rental rates are still decreasing but are beginning to level off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike.”

 

The report notes that rental rates for the entire state average $15.81 for mid-year 2011. 

Although this statistic is down nearly 5 percent from a year ago, this decline is attributed to the shrinking difference between quoted and effective rents, as landlords have become more “honest” and realistic in adjusting rents to match the state of the economy, rather than an actual decline in lease terms. 

Occupancy has leveled off at 89.33 percent, a decrease of about 6 percent from its peak in 2006.

“People throughout the state are noticeably more positive compared to one year ago, but we still have an uphill battle,” Delahunty added, also stressing caution because there is still a lot of distressed and over-valued product that has to work its way through the system.”

For more information and a copy of the report, please contact:

Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Marcus & Millichap Capital Corp. Arranges $800,000 Loan for 529 Carroll St. in Brooklyn, NY

     

  

NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged an $800,000 fixed-rate loan for the cash-out refinance of an eight unit apartment building located at 529 Carroll St. (top left photo) in Brooklyn, New York.

Sean Mooney – Associate Director and Chris Marks – Associate, at the firm’s Manhattan office arranged the financing package for the building.

Financing for this transaction was provided by a Savings Bank at the 5-year fixed rate of 4.75 percent. Terms of the loan are for five-years fixed with a 30-year amortization schedule. Loan to value was 75 percent.

 Press Contact: J.D. Parker, Vice-President and Regional Manager, New Haven

(203) 672-3300

Marcus & Millichap Capital Corp. Arranges $1.5 Million Loan for Four-Story Mixed-Use Apartments and Retail Building in Brooklyn, NY

NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a $1,500,000 25-year fixed-rate loan for the purchase of a 13,000-square foot apartments building in which 2,500-square feet is retail. The property is located at 825-29 Flatbush Avenue (top left photo) in Brooklyn, New York.

Gerald Kray (lower right photo), a Senior Director at the firm’s Manhattan office had arranged the financing package for this mixed use building.

Financing for this transaction was provided by a Savings Bank at the five year fixed rate of 4.75 percent reset every five years and a 25-year amortization schedule. Loan to value was 60 percent.

Press Contact: J.D. Parker, Vice-President and Regional Manager, New Haven, (203) 672-3300

Marcus & Millichap Capital Corp. Arranges $1.5 Million Loan for 42-Unit Apartment Building in Plainville, CT

Plainville, CT., Aug. 25, 2011 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $1,500,000 fixed rate loan for the purchase of 94 West Main Street (top left photo) in Plainville, Connecticut. 

 Sean Mooney (top right photo) – Associate Director and Chris Marks (lower left photo) – Associate, at the firm’s Manhattan office, arranged the financing.

The financing for this transaction was provided by Sovereign Bank. Terms of the loan are 10-years fixed; the interest rate is at 5.07 percent with a 30-year amortization schedule.  Loan to value was 75 percent.     

“Most loans are taking over 60 days to close, but the lender helped expedite the process where we were able to close the loan in 43 business days,” says Mooney. 

Press Contact: J.D. Parker, Vice-President and Regional Manager, New Haven, (203) 672-3300

Arbor Closes 8 Fannie Mae Deals in California Totaling $36.7M

Uniondale, NY (Aug. 25, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $36,715,800 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines throughout California. These loans include:

Marine Terrace Apartments, Gardena, CA (top left photo) – This 145-unit complex received $8,750,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

Casa Monroe Apartments, Indio, CA (top right photo) – This 226-unit complex received $7,800,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Island Breeze Apartments, Gardena, CA (middle left photo) – This 104-unit complex received $6,386,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

 Lake Park Apartments, Oakland, CA (lower right photo) – This 67-unit complex received $3,800,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

8745 Cedros Avenue Apartments, Panorama City, CA – This 16-unit complex received $3,500,000 funded under the Fannie Mae DUS® Small Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.

Carlotta Park Apartments, Los Angeles, CA – This 43-unit complex received $2,636,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

 Regency Park Apartments, Los Angeles, CA – This 40-unit complex received $2,345,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

901 Mariposa Apartments, Los Angeles, CA – This 26-unit complex received $1,498,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

 All of the loans were originated by Greg Gillam, Director, in Arbor’s full-service Manhattan Beach, CA, office.

 “These transactions illustrate Fannie Mae’s continued focus on providing financing for well-maintained apartment properties in California that provide rental housing at affordable market rents,” Gillam said.

Contact:  Christopher Ostrowski, costrowski@arbor.com