Monday, October 10, 2011

Sukkah New York Festival Celebrated in Times Square by Stonehenge Partners

The first Sukkah in the Times Square District, titled Sukkah in the City, will be built by Stonehenge Partners (, for the Jewish holiday.

Stonehenge Partners is an owner/operator of luxury apartment buildings in New York City.

New York, NY (PRWEB) Oct. 10, 2011 -- Stonehenge Partners, an owner and operator of luxury apartment buildings in New York City, announced today that it will build the first Sukkah in the Times Square district, titled Sukkah in the City, for the upcoming Jewish holiday.

This Sukkah will be located in the Ritz Plaza Firefighter’s Memorial Park (middle right photo) at 235 West 48th Street, between 8th Avenue and Broadway and adjacent to its luxury rental apartment building, The Ritz Plaza.

 It will be open to the public daily from 10:00AM to 8:00PM. During these hours, members of the community are welcome to bring their meals and eat in the Sukkah.

 In addition, Chabad Lubavitch of Midtown will have volunteers on site to welcome and inform the public about the meaning of the Sukkah and the Estrog and Lulav connection.

 The unique façade of Stonehenge’s Sukkah, which features giant sized sunflowers, lady bugs, and blue sky, takes its inspiration from the Sukkah City erected last year in Union Square.

Stonehenge also recognizes that the changing season is an opportunity to reconnect with our agricultural past, to reflect on a time of impermanence, and to celebrate Manhattan, and specifically Times Square, as a crossroad of culture.

“In the tradition of the Bryant Park Sukkah and synagogues throughout the city, Stonehenge is honored to open the first annual Sukkah in the heart of it all, Times Square,” states Stonehenge Creative Director, Michael Stern.

“The most important part of the Sukkot observation is warm hospitality, and Stonehenge is pleased to host New Yorkers under the branches of our Sukkah and our rooftops within the city’s skyline.”

About Stonehenge Partners

Founded in the early 1990’s by Ofer Yardeni (middle left photo) and Joel Seiden (lower right photo), Stonehenge Partners is a fully integrated real estate company based in New York. The firm which has 55 employees is primarily invested in Manhattan multifamily real estate.

Stonehenge, together with its investment partners, currently owns and manages a real estate portfolio valued at nearly $1.8 billion.

The portfolio is comprised of 19 properties representing approximately 3.2 million square feet, including 2,560 residential apartment units, office, retail and garage space.

For more information about Stonehenge Partners please visit http://

Contact: Jonathan Fishman, Stonehenge Partners, 646-878-2004

HFF arranges acquisition financing for Estancia at Ridgeview Ranch in Plano, TX

DALLAS, TX – HFF announced today that it has arranged acquisition financing for Estancia at Ridgeview Ranch (top left photo), a 500-unit, Class A multi-housing community in Plano, Texas.

Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the loan with MetLife Real Estate Investments.  Loan proceeds were used to acquire the property.

Estancia at Ridgeview Ranch is located at 10200 Independence Parkway adjacent to the Ridgeview Ranch Golf Club between the Dallas North Tollway and North Central Expressway about 23 miles north of Dallas’ central business district. 

 Completed in 2007, the property has 23 apartment buildings with an average unit size of 1,076 square feet.  Community amenities include two pools, a car care center, playground, business center, fitness center and club room.  Estancia at Ridgeview Ranch is 94 percent leased.

The HFF team representing Praedium Group and Price Realty Corporation was led by senior managing director John Brownlee (middle right photo) and managing director Brian Carlton (lower left photo).

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $7 billion in total investments to date in more than 275 transactions comprised of 45 million square feet of commercial space and 55,000 multifamily units.

Price Realty Corporation was founded in 1991 and currently owns and manages more than 5,800 units in the Dallas/Fort Worth area.

John S. Brownlee, HFF Senior Managing Director,  (214) 265-0880,                                                                        
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF closes sale of 296-acre single-family development site in Kingwood area of Houston, TX

HOUSTON, TX – HFF announced today that it has closed the sale of Woodridge Forest (top left aerial photo) a 296-acre site planned for a single-family development in the Kingwood area of Houston, Texas.

HFF marketed the site on behalf of the seller, Wells Fargo Bank.  WR Forest, LLC purchased the property for an undisclosed amount. 

Woodridge Forest is located less than 1.5 miles east of US Highway 59 on Northpark Drive, adjacent to the Kingwood master planned community and close to Bush Intercontinental Airport in northeast Houston.  The property is planned for 800 single-family lots to be built in three phases. 

The HFF investment sales team representing the seller was led by managing director Davis Adams.

Davis Adams, HFF Managing Director, (713) 852-3500,  
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF arranges $23.37 million financing for TownePlace Suites by Marriott hotel portfolio in Texas and Alabama

 DALLAS, TX – HFF announced today that it has arranged $23.37 million in financing for a five-property TownePlace Suites by Marriott hotel portfolio in Texas and Alabama. 

HFF worked on behalf of the borrower, GVM Hotel Partners, LLC to secure the three-year, adjustable-rate loan through Texas Capital Bank.  Loan proceeds were used to acquire the portfolio.

 GVM Hotel Partners, LLC is a joint venture of affiliates of Gatehouse Capital, Varro Hospitality and a private investor, which was formed to acquire and manage a portfolio of premium-branded, select-service, limited-service, and extended-stay hotels in major Texas markets. 

The TownePlace Suites by Marriot are located in Austin, College Station and Houston, Texas as well as Birmingham, Alabama.  In total, the hotels comprise 571 rooms and were built between 1999 and 2001.

The HFF team representing the borrower was led by directors Travis Anderson (top right photo) and John Bourret.

“HFF did a great job identifying and evaluating our credit options with the portfolio, in an interesting climate,” said Marty Collins of Gatehouse Capital.  “We couldn’t be more satisfied on placement and terms with Texas Capital.”

Travis Anderson, HFF Director,  (214) 265 0880,                                                                                                         ,

John Bourret, HFF Director, (214) 265-0880,                                                                                                 

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,


Grubb & Ellis Represents World Wide Holdings in $49.7 Million Sale of 93 Worth St. in New York City’s Tripeca Neighborhood

 NEW YORK, NY (Oct. 10, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that members of its Investment Services group represented  World Wide Holdings in the sale of 93 Worth St (top left phto),  a 165,000-square-foot office building in the Tribeca neighborhood, to Izaki Group Investments USA (IGI-USA).  Total consideration was $49.7 million. 

 Vincent Carrega, executive vice president, Yoav Oelsner (middle right photo), executive vice president, Charles Kingsley (lower left photo), executive vice president, and Jason Meister, associate, represented World Wide Holdings in the sale. 

 The property is expected to become a high-end residential condominium building following renovations and restorations.  Plans call for the building to offer 96 units and a number of amenities, including onsite security, a gym, children’s playroom and lounge.  

“This office building was positioned as a redevelopment opportunity throughout the sale process, and with the need for residential condominiums in New York City’s Tribeca area to support growing demand, the sale was a great fit for the buyer and seller,” said Oelsner.  “Adding to its attractiveness for residential repositioning, the building is located in an area surrounded by a wide variety of amenities for future tenants.”

 “IGI-USA saw the sale of this building as the perfect canvass for a condominium redevelopment.  In a market with a dearth of new condo projects and a Tribeca location, 93 Worth St. was an incredibly appealing opportunity for the company,” said Oelsner.

 “We expect that by the time IGI completes the repositioning of this asset, it will be one of the most desirable condominium conversion projects to hit the market in some time.”

Constructed in 1924 and 1925, 93 Worth St. encompasses 12 stories situated atop more than 9,400 square feet of retail space.

  The property is located near Foley Square, the Federal Courthouse, New York Law School, the County Clerk of New York’s office and other municipal and educational institutions. 

 The building is also near the Broadway Corridor, which offers numerous shopping and dining options, as well as convenient access to public transit. 

Julia McCartney, 714.975.2230,   
Mary Ryan, 212.326.4747,  

Institutional Property Advisors Sells New USC Student Housing Complex in Los Angeles

LOS ANGELES, CA, Oct. 10, 2011 –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of West 27th Place (top left photo), a newly built 161-unit, 392-bed student housing development located just blocks from the University of Southern California’s main campus. The terms of the sale were not disclosed.

 Ron Harris (middle right photo), an executive vice president investments in Los Angeles; Peter Katz, a a senior vice president investments in Phoenix; and Joseph Smolen (bottom left photo), an associate director in Los Angeles, represented the seller, a joint venture between CityView and Symphony Development, both based in Los Angeles. The buyer is New York-based Kayne Anderson Real Estate Advisors.

 “The USC market continues to be one of the most desirable markets in the Los Angeles MSA, with occupancy consistently in the high 90 percent range,” says Harris. “West 27th Place is LEED-registered and projected to achieve a platinum certification.”

“West 27th Place is the first brand-new, pedestrian-to-campus, mixed-use student housing development to close within a major coastal CBD in the sector during the past few years,” adds Katz.

“Core student housing assets, located on smaller sites in constraint-restricted submarkets at Tier I universities, create demand from both market rate and student housing institutional capital at risk adjusted, compressed cap rates and yields.” 

Built in 2011 and situated on the Figueroa Corridor, one of the most traveled roads in Los Angeles, the seven-story West 27th Place offers unmatched visibility, views, and national credit tenants.  

The property provides students with many high quality amenities, including a 24-hour state-of-art fitness center with tanning beds and a resort-quality saltwater pool and spa. The building is equipped with private study rooms on each floor, a 24-hour computer lab and a furnished game room with game tables and 50-inch flat screen televisions.

West 27th Place’s residences, unlike all other USC student resident facilities, come with a full-size washer and dryer in each unit. Units also feature gourmet kitchens with full appliance packages, granite countertops and custom cabinetry and finishes.

The apartments all have nine-foot ceilings and ample closet space and select units have walk-in or step-in closets. Approximately 95 percent of the units are furnished with a sofa, coffee table and entertainment center in the living area.

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

Marcus & Millichap facilitates sale of Family Dollar Store in Eagle Lake, FL . for $1.35 million

EAGLE LAKE, FL, Oct. 10, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Family Dollar (top left photo), a 9,180-square foot single-tenant, net-leased property located in Eagle Lake, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $1,350,000.

Benjamin Berry and Michael J. Jaworski, retail specialists in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a Florida-based developer. 

 The buyer, a private investor from Palm Bay, Florida, was secured and represented by James Hoggatt, an investment specialist in Marcus & Millichap’s Jacksonville office. 

This freestanding Family Dollar was built in 2009 and is located at 351 South 5th Street near the Lakeland/Orlando MSA.

“The market is on fire for Dollar Stores,” says Jaworski.  “We were able to sell a double-net lease deal with only eight years remaining. That’s how strong the demand is for Dollar Stores these days,” added Jaworski.

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700

Stewart Lender Services Offers Foreclosure Review Services

HOUSTON--(BUSINESS WIRE)--Stewart Lender Services (SLS), a wholly owned subsidiary of Stewart Title Company, now provides nationwide foreclosure file processing reviews for mortgage servicers to ensure their compliance with standard foreclosure practices.

“All eyes are on the mortgage industry right now,” said Jason Nadeau (top right photo), president of Stewart Lender Services. “We assist our clients in evaluating their loans to determine compliance with accepted loss mitigation timelines and foreclosure practices. Stewart Lender Services combines experience, solid technology and flexible infrastructure to customize the review process for each lender’s specific requirements.”

He added, “Customizable aspects of the review process include operational reviews around prudent servicing practices, loss mitigation processes, payment application, allowable fees and expenses, judicial and non-judicial processes and title-related vesting reviews.”

For more information on the new foreclosure review services, contact

More information can be found at, or by visiting the Stewart blog at, following Stewart on Twitter @stewarttitleco, becoming a member of the Stewart Title group on LinkedIn, or liking Stewart on Facebook at

Stewart Information Services Corp.
Ted C. Jones, 713-625-8014
Director-Investor Relations

Hilton Worldwide Earns ISO 9001 and ISO 14001 Certifications for Quality and Environmental Management

MCLEAN, Va.--(BUSINESS WIRE)--Due to its advancements in quality assurance and sustainability standards, Hilton Worldwide and its portfolio of 10 hotel brands has earned ISO 9001 certification for Quality Management Systems and ISO 14001 certification for Environmental Management Systems.

 With these certifications, Hilton Worldwide becomes one of the first multi-national organizations to certify its entire system globally – more than 3,750 properties in 85 countries – achieving one of the largest ever volume certifications of commercial buildings.

“Hilton Worldwide has built both quality and sustainability into our overall performance standards and operational procedures,” said Christopher J. Nassetta (top right photo), president and chief executive officer, Hilton Worldwide.

 “While our commitment has continuously been recognized by our guests, team members and owners, obtaining ISO 9001 and 14001 certifications further validates that commitment and recognizes the company’s commitment to meeting globally recognized standards.”

 For more information about the company, visit or connect with Hilton Worldwide at

Hilton Worldwide
Scott Carman, +1-703-883-5803

Capmark Financial Group Inc. Announces Sale of LIHTC Asset Portfolio to Hunt Companies

HORSHAM, PA--(BUSINESS WIRE)--Capmark Financial Group Inc. (the “Company”) announced that it closed on the sale of its low-income housing tax credit (“LIHTC”) asset portfolio to the Hunt Companies, Inc., a leading national real estate services company headquartered in El Paso, Texas (“Hunt”).

 Hunt was the successful bidder in the Company’s bankruptcy auction of these assets for a total price of $102.4 million.

Under the terms of the purchase agreement the transaction will be closed in stages, with $63 million of the total included in the initial closing completed Friday, October 7.

 It is anticipated that subsequent purchases would be completed for the remainder of the portfolio, subject to receipt of certain required third party consents and satisfaction of other conditions. A break-up fee of approximately $2.8 million was paid to the stalking horse bidder in the auction.

Thomas L. Fairfield,  Chief Operating Officer of the Company, said, “We are pleased to complete this transaction, which is consistent with our strategy of disposing of our LIHTC operations over time. We believe that Hunt will be a good long term partner for the investors and other counterparties with interests in the LIHTC funds involved in the transaction.”

Additional information about Capmark can be found on the Company’s website at

Contacts, Capmark, Thomas L. Fairfield, 215-328-1555

Green River Capital Recognized Among Top Ten Fastest Growing Companies in Utah

CHICAGO, IL--(BUSINESS WIRE)--Green River Capital (GRC), an REO asset management and loss mitigation provider for mortgage servicers, investment firms, credit unions and banking institutions, announced at the Mortgage Bankers Association’s 98th Annual Convention and Expo that the company has experienced record growth this year, including a 71 percent increase in monthly closings from August 2010 to August 2011.

In addition to the increase in closings, during the same time span GRC increased its commercial assets by 300 percent and its total assets by 90 percent. Also, the short sale assets of Green River Financial, GRC’s sister company, have grown by 46 percent in the past year. In August Utah Business magazine recognized GRC’s growth, naming the company as one of the top ten fastest growing companies in Utah.

During a year of economic and housing market challenges, GRC has positioned itself to meet the mortgage industry’s growing need for asset management, as well as loss mitigation services.

As the industry works to redefine lending and the effective management of risk and assets, GRC and its sister companies, Green River Financial (GRF) and Infinity Valuation Services (IVS) will evolve to best serve clients. With the addition of industry veteran Lorenz Schwarz as chief operating officer, the companies are poised for continued growth.

“This year, with the dedication of the GRC staff and our nationwide team of real estate agents and professionals, we have experienced significant and ongoing growth,” said Joe D’Urso (top right photo), president of Green River Capital. “We appreciate the recognition by Utah Business magazine for our recent success. I truly consider it a testament to our commitment to evolve our business model and offerings as the needs of our clients, as well as the industry, change.”

For more information, visit

Contacts, For Green River Capital, Charlyne H. McWilliams, 301-933-5567
Or Sheryl Gudelsky, 678-781-7229

IndiSoft Launches MortgageRx to Answer Needs of Servicers

CHICAGO, IL--(BUSINESS WIRE)--IndiSoft, a leading technology development firm that focuses on systems for the default services industry, announced today at the 98th Annual MBA Convention and Expo that it has launched MortgageRx, the latest addition to IndiSoft’s RxOffice® platform.

 MortgageRx provides the access and process transparency required to meet the growing need for efficiency and productivity as servicers struggle to maintain profitability in the face of an increasingly difficult mortgage climate.

“There have been so many active discussions regarding how servicers can better meet the needs of borrowers and investors while providing often multiple insights to their internal processes for regulatory reasons,” said Karun Khanna (top right photo), COO at IndiSoft. “MortgageRx can enhance a servicing shop’s efforts to adapt to a challenging regulatory and financial environment in a timely fashion.”

Columbia, Md.-based IndiSoft LLC develops, licenses and supports a wide range of SaaS solutions for the financial services industry, including RxOffice Legal, RxOffice Mortgage Insurer and RxOffice Reporting Portal.

 For more information about IndiSoft,  visit its Web site at

 Contacts  For IndiSoft, Charlyne H. McWilliams, 301-933-5567
Or Sheryl Gudelsky, 678-781-7229

Cuhaci & Peterson Architects completed Two New Restaurants at Miami International Airport

ORLANDO, FL --- Cuhaci & Peterson Architects LLC, based in Orlando’s Baldwin Park, recently completed two new restaurants at Miami International Airport.

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said both restaurants – Bacardi (top left photo) and Counter – are 1,800 square feet each.  The developer is HMS Host.

For more information, contact:  
Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,   

ARA’s Central Florida Team Represents T.I.C in Sale of 242-Units

Tallahassee, FL (Oct. 10,š 2011) — The Jacksonville office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Jackson Square Apartments (top left photo), a 242-unit, Class “A” garden apartment community located in the Thomasville submarket of Tallahassee, FL.

 ARA Central Florida-based principal, Kevin Judd (middle right photo) and vice presidents Patrick Dufour (lower left photo) and Matt Wilcox represented the T.I.C seller in the $21.7 million transaction.š The property was 95% occupied at the time of the sale.š

 “By their nature, TIC sales can be challenging due to the high number of constituents involved in the decision making process.š In this case, the TIC was comprised of a total of 40 individual investors who had to approve the sale.š Further complicating the process was the limited reps and warranties for the buyer.š Due to the nature of the TIC structure, the seller’s ownership entity evaporates after the sale.” said Tampa-based Dufour.šš

”The Jackson Square transaction is representative of the types of deals leveraged buyers are seeking,” said Jacksonville-based Wilcox. “The property is in a ‘Core,’ infill location with immediate access to all the Class “A” retail and neighborhoods in the northern portion of the city. With some slight repositioning and capital infusion, the property stands to perform well as the Tallahassee market’s pipeline is limited and the employment sector is stable due to the Universities and State Government.”

Constructed in 1996, Jackson Square is located less than three miles from downtown Tallahassee and its largest employment sector; the state government.š As the state’s capital, the state government employs approximately 46,000.š Additionally, Florida State University, the third largest in the state, is located just three miles north of the apartment community.

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at, 678.553.9360 or Amy Morris at, 678.553.9366; locally, Marti Zenor at mzenor@ARAusa.comš or 561.988.8800.šš

 For detailed information on ARA’s extensive multihousing investment services, visit

ARA Announces the Sale of Shadow Lakes Apartments, an REO Asset in Ormond Beach, FL

Ormond Beach, FL (Oct. 10, 2011) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Shadow Lakes Apartments (top left and bottom left photos), a 184-unit REO community located just north of Daytona Beach, FL.š

 ARA Orlando-based principal, Kevin Judd; ARA Tampa-based vice president, Patrick Dufour, and ARA Jacksonville-based vice president, Matt Wilcox, represented the undisclosed seller in the transaction which marks only the second multifamily transaction of 2011 in the Melbourne- Daytona area.š Shadow Lakes was 92% occupied at the time of the sale.š

 “The REO asset, which was foreclosed upon in June 2010, provides significant upside potential from both property performance improvements and value-add physical enhancements presenting an excellent opportunity for the buyer to generate significant long-term returns,” noted Kevin Judd.š Beachwood, OH-Based Soclof Enterprises, a local commercial real estate investment firm, purchased the property for an undisclosed amount.

Located less than three and one-half miles from the beach, Shadow Lakes is also within close proximity to major thoroughfares including US-1 & I-95, and employers such as the Ormond Beach Municipal Airport, Ormond Beach Airport Business Park and Ormond Crossings, a 3,000-acre planned mixed-use development set to include 4.8 million square feet of industrial, commercial and office space.š

Ormond Crossings has the potential to create 11,000 new jobs with nearly $93 million in total economic impact.

 Built in 1975 and located at 500 Shadow Lakes Boulevard in Ormond Beach, the Shadow Lakes community offers six floor plans which average 813 square feet and unit amenities which include large screened in porches, laminate flooring, ceramic tile, breakfast bars, ceiling fans, oversized closets, lake views, dishwashers and more.š A clubhouse, pool, fitness center and laundry facilities are included as part of the community amenity package.š

To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at, 678.553.9360 or Amy Morris at, 678.553.9366; locally, Marti Zenor at or 561.988.8800.šš

 For detailed information on ARA’s extensive multihousing investment services, visit