Financing and joint venture equity arranged by HFF for two Woodlands, TX area multi-housing communities

                                                                                        

 

HOUSTON, TX – HFF announced today that it has arranged financing and joint venture equity for Forest View (middle left photo) and Timbermill (lower right photo), two multi-housing communities totaling 472 units in The Woodlands, Texas.

HFF worked exclusively on behalf of Venterra Realty to secure the fixed-rate acquisition loans through Freddie Mac. 

 The seven-year, fixed-rate loans for Forest View and Timbermill include four years of interest-only payments with interest rates of 3.98 percent and 3.99 percent, respectively. 

HFF will service the securitized loans through its Freddie Mac Program Plus® Seller/Servicer program.  A fund managed by BayNorth Capital LLC is providing the joint venture equity for both properties.

Forest View is located at 4545 South Panther Creek Drive and Timbermill is located at 1481 Sawdust Road.  Both properties are west of Interstate 45 and close to Woodlands Parkway, Waterway Square, The Woodlands Mall and Market Street in the Woodlands.

The 95 percent leased Forest View community has 256 units with an average unit size of 842 square feet.  Timbermill, which is 97 percent leased, has 216 units averaging 839 square feet each. 

Community amenities at each property include a sundeck and pool, laundry facilities, clubhouses and playgrounds.

The HFF team representing Venterra was led by director Cortney Cole (top right photo).

Contacts:

CORTNEY COLE                                            

HFF Director                                           

(713) 852-3500                                         

ccole@hfflp.com                                        

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF arranges sale of $11.5 million loan secured by retail center in Sacramento, CA area

 SAN FRANCISCO, CA – HFF announced today that it has arranged the sale of a senior mortgage loan secured by Green Valley Station (top left photo), a 52,245-square-foot, CVS-anchored retail center in Cameron Park, California. 

HFF marketed the $11.5 million loan on behalf of a major financial institution.  The loan was originated by the lender in 2006 to fund the construction of the collateral property. 

The loan had an original funding balance of $17.5 million before it was later modified to reduce to total funding to $15.8 million. 

Completed in 2007, Green Valley Station is 69 percent leased to CVS, Starbucks, El Dorado Fitness and Sears Hometown Store.  The property is located at 3000 Green Valley Road about 20 miles east of Sacramento in Cameron Park.

The HFF team representing the seller was led by managing director Nicholas Bicardo (middle right photo), senior managing director Gerry Rohm (lower left photo) and director Daniel O’Donnell.

Contacts:

NICHOLAS T. BICARDO                  

 HFF Managing Director                         

 (415) 276-6300                                        

nbicardo@hfflp.com 

DANIEL J. O’DONNELL            

HFF Director                                      

(214) 265-0880                                 

dodonnell@hfflp.com 

                                              

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

HFF closes sale of eight-building industrial facility in Houston

HOUSTON, TX – HFF announced today that it has closed the sale of Commerce Center (top left photo), an eight-building, 256,265-square-foot industrial facility in Houston, Texas.

HFF marketed the properties exclusively on behalf of the seller, Insite Commercial Real Estate. Agarita Management purchased the properties for an undisclosed amount.

Acquisition financing was secured through American Family Life Insurance, which was arranged by Kirk Oden with Trinity Finance in San Antonio.

Commerce Center is located at 9000 Southwest Freeway close to Beltway 8/Sam Houston Tollway and the Westpark Tollway in southwest Houston. The property is leased to 40 tenants.

The HFF investment sales team representing Insite Commercial Real Estate was led by senior managing director Rusty Tamlyn (middle right photo) and associate director Trent Agnew (middle left photo).

InSite is a full service commercial real estate company with a focus of determining investment opportunities where value is maximized through disciplined execution of asset management, property management, and project leasing and ultimately providing significant returns for its clients.

garita Management Company, LLC, is a private equity real estate investment company focused on acquiring industrial real estate assets in Texas. Agarita’s principal is Ryan S. Smith who has over a decade of experience owning and operating industrial real estate assets in Texas. Since Agarita’s formation in May 2010, Agarita has acquired five industrial properties totaling 520,000 square feet. These assets are located in Ft. Worth, Houston and San Antonio.

Contacts:

RUSTY TAMLYN, CCIM, SIOR
HFF Senior Managing Director
(713) 852-3500
rtamlyn@hfflp.com

KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com

Foreclosure Activity Still Down From Year Ago in Majority of U.S. Metros, RealtyTrac® Reports

IRVINE, CA – April 26, 2012 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2012 Metropolitan Foreclosure Market Report, which shows first quarter foreclosure activity increased from the previous quarter in 114 out of the nation’s 212 metropolitan areas with a population of 200,000 or more.

First quarter foreclosure activity increased from the previous quarter in 26 out of the nation’s 50 largest metro areas, led by Pittsburgh (up 49 percent), Indianapolis (up 37 percent), Philadelphia (up 30 percent), New York (up 24 percent), Raleigh, N.C. (up 23 percent), and Virginia Beach, Va. (up 22 percent).

The biggest quarterly decreases in foreclosure activity among the 50 largest metro areas were in Portland, Ore. (down 28 percent), Las Vegas (down 26 percent), Providence, R.I. (down 24 percent), Salt Lake City (down 22 percent), Boston (down 21 percent), and San Jose, Calif. (down 21 percent).

“First quarter metro foreclosure trends were a mixed bag,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac. “While the majority of metro areas continued to show foreclosure activity down from a year ago, more than half reported increasing foreclosure activity from the previous quarter — an early sign that long-dormant foreclosures are coming out of hibernation in many local markets.”   

For a complete copy of the company’s news release and statistics, please contact:

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Historical & Detailed Data

Tyler White

949.502.8300 ext. 158

tyler.white@realtytrac.com

Marcus & Millichap Announces Sale of Oak Creek Apartments in Clearwater, FL for $8.8 Million

CLEARWATER, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Creek (top left photo), a 165,600-square foot multifamily property located in Clearwater, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $8,800,000.

Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (middle left photo), associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 The buyer, a private investor, was also exclusively secured and represented by Michael P. Regan and Francesco P. Carriera.

Oak Creek was built in 1984 and is located at 2175 62nd Street North.  The property consists of seventeen, two-story buildings and is comprised of 184 two-bedroom/two-bath units with 900 rentable square feet. Amenities include three on-site laundry facilities, ample on-site parking, a playground and a swimming pool.

“This transaction represents why we are back to some level of normalcy in multifamily commercial real estate” says Carriera.  “This property underwent a significant renovation over the last couple of years and was stabilized at 96 percent occupancy at the time of sale.  The buyer was a private entity and this was their first multifamily acquisition.  They were able to receive financing in the amount of 80 percent LTV with favorable rate and terms.”

“This sale proves that the investor pool for stabilized “B” class product remains strong” adds Regan.

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

Marcus & Millichap Facilitates Sale of Rex Storage in Ellenwood, GA for $1.75 Million

ELLENWOOD, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Rex Storage (top left photo), a 56,325-square foot storage facility located in Ellenwood, Georgia, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office and John Leonard first vice president and regional manager of the Atlanta office.

The asset commanded a sales price of $1,750,000.

Michael A. Mele (middle right photo), a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group and Stacey Gorman (middle left photo), an associate in the Atlanta office, had the exclusive listing to market the property on behalf of the seller, a financial institution. 

The California-based buyer, a limited liability company, was secured and represented by Mele and Gorman.

Rex Storage was built in 2007 and is located at 5353 Georgia 42.  This is a “Class A”, state-of-the-art, self-storage facility situated on three acres of land.  The property consists of four buildings and has a large office and manager’s apartment.  Amenities include; an electronic gate, cameras, an intercom system and computerized operations as well as a large reader board sign.

“This is another example of the strong demand for distressed self-storage deals. We had several full price offers and chose the buyer who closed in less than two weeks” comments Mele.

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