MBA Releases Commercial/Multifamily Quarterly Data Book for Q2 2013

WASHINGTON, DC -- The Mortgage Bankers Association (MBA) released its second quarter 2013 Commercial Real Estate/Multifamily Finance Quarterly Data Book.

To download a free copy, click here.

The report includes a summary of major trends and detailed charts and tables that provide current and historical information on the economy and commercial/multifamily real estate markets. Among the findings covered in the Data Book.

-       The U.S. economy grew at a seasonally adjusted annual rate of 2.5 percent in the second quarter, well above the 1.1 percent growth in the first quarter.

-       Commercial and multifamily mortgage originations were seven percent higher than during the second quarter last year and 36 percent higher than the first quarter of 2013.

-       The level of commercial/multifamily mortgage debt outstanding increased by $24.5 billion, or one percent, in the second quarter of 2013, as three of the four major investor groups increased their holdings.

-       Delinquency rates for commercial and multifamily mortgage loans declined in the second quarter of 2013. 

MBA’s Quarterly Data Book compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry professionals, including trends in the economy, property sales, originations, delinquencies and mortgage debt outstanding.

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

Matt Robinson

 (202) 557-2727

mrobinson@mba.org

.

Jay Brinkmann Leaving MBA Early Next Year

  

Jay Brinkmann

 Washington, DC (Sept. 30, 2013)– David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), announced today that MBA’s chief economist, Jay Brinkmann, will be retiring in early 2014.  Dr. Brinkmann has been with MBA since 2001 and has served as the association’s chief economist since 2008.

“Having the opportunity to work for the mortgage industry through all of the changes of the last 13 years, not to mention becoming MBA’s chief economist at the onset of the recession, has been a tremendous but exhausting experience,” said Brinkmann. 

Marina Walsh

“My wife Nancy and I own an historic old home in New Orleans and we have decided that the time has come to relocate down there on a more full-time basis to be closer to family, especially our new grandson, and to see if we still remember how properly to boil a pot of crawfish.

“I am looking forward to seeing what it is like to trade the sturm und drang of daily life in Washington for the luxury of reading the Wall Street Journal on my front porch while the streetcars roll by.”

Jamie Woodwell

“I want to thank three people who have been my principal deputies for most of the time I have been here, Marina Walsh, Jamie Woodwell and Mike Fratantoni,” continued Brinkmann.

 “Each has expertise that is of tremendous value to the industry and their hard work has made my job immensely easier.  I also want to say what a great pleasure it has been to work with Dave Stevens since he arrived on the scene."  

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

John Mechem

(202) 557-2924

NAIOP Central Florida Presents:P3 Legislation

Dubsdread Ballroom, 549 West Par Street, Orlando, FL

  

Orlando, FL–The Central Florida Chapter of NAIOP will be exploring the creation of the new Public-Private Partnership (P3) legislation. An expert panel will discuss the nuances of this delivery system that make it unique.

Who:   Florida citizens to include: architects, engineers, contractors, attorneys, bankers and real estate brokers and developers.

Why:   To engage professionals in a discussion on the P3 Legislation (which became law on June 27, 2013).  Panelists will explain how to employ it successfully, the economic affects to each partner in the P3, the net effect for private sector developers and support professionals and the benefits to Florida citizens.

Where: Dubsdread Ballroom, 549 West Par Street, Orlando, FL 32804

 When:  Thursday, October 10th | 11:30AM Registration & Networking |

12-1:00PM Lunch & Program

Cost:   Member $45 | Developing Leader $35 | Non-Member $65 | Student $25 |   Media COMP

 NAIOP Central Florida is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, with 15,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy.

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

Claire Pagán

Marketing Specialist | Crossman & Company

3333 S. Orange Ave. Suite 201 | Orlando, Florida 32806

407.423.5400 main | 407.581.6223 direct | 352.348.3066 cell

40th Condo Tower Proposed For Greater Downtown Miami Since 2007 Crash

Rendering of planned Brickell CityCenter,  Downtown Miami, FL

Josh Merkin

MIAMI, FL -- As the South Florida condo market increasingly rebounds from the last real estate crash to devastate the tri-county region, the Hong Kong-based development company Swire Properties has announced plans for what amounts to the 40th new condo tower proposed for Greater Downtown Miami since 2007, according to a new report from CondoVultures.com.

Swire Properties has unveiled plans to add a fourth new condo tower with fewer than 400 additional units to its previously proposed nearly $1.1 billion Brickell CityCenter mixed-use complex with seven towers and 5.4 million square feet of "gross floor area" in the Brickell Avenue Area of Greater Downtown Miami, according to company statement.

"Under Miami 21 zoning, residential development of the One Brickell CityCentre site would be permitted as of right and would allow over 400 units to be developed," said Brickell CityCentre spokesman Josh Merkin of RBB Public Relations. "Swire’s development plan for One Brickell CityCentre is yet to be finalized but will include fewer residences than a stand-alone condominium tower."

The newest tower is slated stand 80-stories tall on a 1.6-acre site located at 700 Brickell Ave. that was acquired for $64.1 million - or nearly $950 per square foot - in a deal that transacted on July 15, 2013, according to Miami-Dade County records.

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

1-800-750-0517.

W Guangzhou’s I by Inagiku launches city’s first al fresco in China

  

I by Inagiku Chef Eiji Nakamura 

  

Guangzhou, China (Sept. 30, 2013) -- I by Inagiku at W Guangzhou is delighted to introduce “Crazy Hour,” the city’s first al fresco happy hour.

I by Inagiku
at W Guangzhou Hotel

 With a twist on the traditional happy hour, Crazy Hour is a relaxing afternoon Japanese-infused BBQ in I by Inagiku’s lush outdoor garden complete with a selection of Japanese beers and grooves to suit the mood. 

With its prime location in the midst of Guangzhou’s busy business and shopping district, Crazy Hour will undoubtedly become a daily after-work treat for the area’s business professionals, trendsetters and visitors.

 Each weekday from 5:30pm – 8:00pm, I by Inagiku Chef Eiji Nakamura will fire up the BBQ and present a delectable assortment of grilled Japanese skewers along with a selection of favorite Japanese and European beers.

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

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Cuhaci & Peterson Architects complete designs of Two Bottom Dollar Stores in Pennsylvania

ORLANDO, Fla. --- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park, completed design work on two Bottom Dollar stores — one in Philadelphia and the other in Chester.

Lonnie Peterson

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said both stores offer 12,000 square feet of grocery store space.

Cuhaci & Petersen Architects is one of the nation’s leading designers of retail space with projects that total more than two million square feet annually.

Cuhaci & Peterson Architects awarded remodeling design project in Miami, FL 

ORLANDO, FL--- Cuhaci & Peterson Architects Engineers Planners based in Orlando’s Baldwin Park were recently awarded a contract to remodel facilities in Miami.

Gordon Food Service facility, Miami, FL

Lonnie Peterson, chairman at Cuhaci & Peterson said the Miami project is a 14,500 square foot Gordon Food Service facility located off S.W. 8th Street and 22nd Avenue.

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

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

  

INNOVATIVE Real Estate Companies Expands, Adds C-Level Hires; Firm Pursues Multifamily Development, Management

  

File photo of Student Housing design--not part of the Innovative division described below

Jared Miller

Houston, TX  – INNOVATIVE Real Estate Companies, which already has a highly-successful student housing division – INNOVATIVE Student Housing – is expanding its team to prepare for significant growth and to focus on developing, acquiring and managing a wider variety of multifamily communities.

Michael Augustine

The firm has also hired two C-level executives to help lead the expansion.

• Jared Miller is now President of Multifamily Operations, Chief Marketing Officer and Partner.

• Michael Augustine is now President of INNOVATIVE Real Estate Development, Chief Investment Officer and Partner.

  

“INNOVATIVE was formed to defy the conventional approach to student housing and we are now doing the same in the market rate multifamily sector,” said INNOVATIVE CEO Doug Sherman.

Doug Sherman

 “We don’t define our value based on unit count, but on the service we provide to investors, partners and residents – and the opportunities we can provide to our team. We drive results by ensuring each community has more support than others in the space can provide.

David Neef

“Our strategy is to ensure our regional managers average no more than 6 assets in their portfolio at any time. Welcoming Mike and Jared to the company is a reaffirmation of our commitment to excellence and brings additional strength to our company.”

 “The addition of Mike and Jared to our team is a major milestone for us,” added INNOVATIVE COO David Neef. “Our leadership defines us and both Mike and Jared bring incredible experience to the team in the multifamily and student housing arenas.”

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

Terri Thornton

terri@territhornton.com

PCCP, LLC Provides $31 Million Loan to Arc Real Estate Group, LLC for Luxury Condo Project in Riverdale Section of Bronx, NY

  

Solaria Riverdale condos, 640 West 237th Street
Riverdale neighborhood, Bronx, NY

New York, NY - PCCP, LLC announced it has provided a $31 million loan to Arc Real Estate Group, LLC for Solaria Riverdale, 65-unit condominium project in the Riverdale section of the Bronx in New York.

John Randall

 Arc, a New York-based development company, constructed the 20-story, full-service condominium property in 2007.

“With this loan from PCCP, Arc is financing the remaining condo units,” said John Randall, senior vice president out of PCCP, LLC’s New York City office. “Arc has built a very attractive, well-appointed, condominium project and this new financing will allow them to meet the growing demand for luxury living in the market’s best condominium project.”

“PCCP really understands the product and the market. They were user-friendly in working through the entire process,” noted Joseph Korff, principal of Arc Real Estate Group.

Joe Korff

Located at 640 West 237th Street, Solaria Riverside is a full-service building and includes such amenities as a rooftop terrace, playroom, gym, and activity room for owners as well as storage units, and on-site parking.

 There are two to five units per floor, with the upper floors and roof deck offering views of the Hudson River to the west, Manhattan to the south, and Long Island Sound to the east. Solaria condo unit owners benefit from below-market costs given the long-term tax abatement.

Solaria has excellent regional access given that it is adjacent to the Henry Hudson Parkway (Route 9A) and is served by two Metro North commuter stations and the terminus of the “1” subway line. During peak morning and evening commuter times, the property has a shuttle that drops off and picks up residents at the local Metro North station.

Arc Real Estate is a 30-year-old New York–based real estate company founded and led by Joe Korff. The firm has been actively involved in Manhattan developments which includes condominium projects, hotels, and land assemblage and also has projects along the East Coast.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Commercial/Multifamily Mortgage Debt Outstanding Increases $24.5 Billion in Q2

  

 Washington, DC -- The level of commercial/multifamily mortgage debt outstanding increased by $24.5 billion, or one percent, in the second quarter of 2013, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA).

Jamie Woodwell

The $2.45 trillion in outstanding commercial/multifamily mortgage debt was $24.5 billion higher than the first quarter 2013 figure. Multifamily mortgage debt outstanding rose to $875 billion, an increase of $10.9 billion, or 1.3 percent, from first quarter 2013.

“A strong appetite among investors to put their money to work in commercial and multifamily mortgages led to an increase in the level of mortgage debt outstanding,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

  “In the second quarter alone, banks increased their holdings of commercial and multifamily mortgages by $16 billion; Fannie Mae, Freddie Mac and FHA increased their multifamily holdings and guarantees by $5.6 billion and life insurance companies increased their commercial and multifamily holdings by $4.0 billion.”

The analysis summarizes the holdings of loans or, if the loans are securitized, the form of the security. 

For example, many life insurance companies invest both in whole loans for which they hold the mortgage note (and which appear in this data under Life Insurance Companies) and in commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs) and other asset backed securities (ABS) for which the security issuers and trustees hold the note (and which appear here under CMBS, CDO and other ABS issues).

Commercial banks continue to hold the largest share of commercial/multifamily mortgages, $855 billion, or 35 percent of the total.

CMBS, CDO and other ABS issues are the second largest holders of commercial/multifamily mortgages, holding $557 billion, or 23 percent of the total. Agency/GSE portfolios and MBS hold $388 billion, or 16 percent of the total, and life insurance companies hold $326 billion, or 13 percent of the total. 

Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues.  These loans appear in the “CMBS, CDO and other ABS” category.

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

Matt Robinson, (202) 557-2727

Mortgage Bankers Association

1919 M Street, NW, 5th Floor

Washington, DC 20036

(800) 793-6222

HUD Secretary Donovan, DC Mayor Gray and Lew Ranieri Headline 1st General Session at MBA's 100th Annual Convention & Expo in Washington, DC

Walter E. Washington Convention Center, 801 Mount Vernon Place NW, Washington, DC

Shaun Donovan

WASHINGTON, DC -- MBA's Annual Convention and Expo is the premier conference for professionals in all sectors of the mortgage banking industry.  The convention addresses key industry-related strategic issues and provides in-depth analysis concerning leadership, growth strategies and trends. Garner insight from influential industry executives as they share their views on the current market, and their projections for the future of real estate finance.

  

First General Session: Reflections on a Century of Change

In the 100 year history of the MBA, the association has supported its members as it’s faced numerous challenges and experienced an equal number of accomplishments. Join us as we take a look back at the rich history of mortgage banking, challenges, successes and the opportunities that lie ahead to shape a bright future for our industry and the economy.

Mayor Vincent Gray

Confirmed speakers at the first general session will include:

• The Honorable Shaun Donovan, Secretary, U.S. Department of Housing and Urban Development

• The Honorable Vincent Gray, Mayor, District of Columbia

• Lewis S. Ranieri, Chairman and President, Ranieri and Company, Inc.

• Debra W. Still, CMB, 2013 Chairman, MBA

Debra W. Still

• E.J. Burke, 2014 Chairman, MBA

• David H. Stevens, President and CEO, MBA

WHEN: Monday, October 28, 2013

8:30 a.m.-10:30 a.m. EDT

WHERE:

Walter E. Washington Convention Center

801 Mt. Vernon Place NW

Washington, DC 20001

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

Mortgage Bankers Association

1919 M Street, NW, 5th Floor

Washington, DC 20036

(800) 793-6222

Greystone Closes $38.75 million CMBS Deal

  

New York, NY – September 26, 2013 – Greystone, a leading national provider of multifamily and commercial mortgage loans, today announced it has closed a CMBS transaction for $38.75 million on behalf of a suburban Cleveland-based multifamily property owner.

Robert Russell

The loan was originated by Greystone Managing Director Donny Rosenberg. Managing Directors Robert Russell and John Palmer coordinated the underwriting, diligence and closing.

 The $38.75 million CMBS loan was structured with a 10-year term with only three years of interest and at a rate of 2.35% over ten year swaps. Greystone’s team worked quickly and efficiently to close the deal in only 35 days and expects to close a number of additional deals before the end of the year.

 “This deal is a fantastic example of Greystone’s comprehensive CMBS offering and truly represents the great collaboration and effort that went into completing this transaction,” said Rob Russell.

“The expertise and experience of our team ensures that we continue to provide clients with creative products that meet their borrowing needs and exceed their expectations, and we look forward to providing more great deals in the near future.”

 Launched earlier this year, Greystone’s CMBS program provides clients with additional loan options and supplements the firm’s robust Fannie Mae, Freddie Mac and FHA services.

 With more than 200 mortgage professionals throughout the United States, Greystone is a multifamily industry expert and leader. Greystone’s experience working with FHA, Fannie Mae and Freddie Mac, along with its expertise in the multifamily and healthcare lending business, allows the firm to provide clients across the United States with innovative solutions that fit their individual needs.

In 2012, Greystone originated approximately $3.4 billion of Fannie Mae, Freddie Mac, Affordable, FHA and Bridge multifamily business.

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

Karen Marotta

PR Manager

Greystone

152 W. 57th Street

New York, NY 10019

212-896-9149 direct

917-902-7073 mobile

kmarotta@greyco.com

www.greyco.com  

HFF closes trophy sale of Ghirardelli Square in San Francisco, CA

Ghirardelli Square, 900 and 915 North Point Street, Fisherman's Wharf District,
North Waterfront Area, San Francisco, CA

Nicholas Bicardo

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Ghirardelli Square, a 12-building, 101,258-square-foot retail center in the Fisherman’s Wharf District of San Francisco.

               HFF marketed Ghirardelli Square on behalf of a major financial institution.  HFF generated more than 30 offers and sourced the buyer, Jamestown Group, which purchased the property free and clear of existing financing.

Mark Damiani

               Ghirardelli Square has a history dating back to 1859 when it was one of the first industrialized manufacturing facilities on the West Coast. 

  Later it served as the production facility for Ghirardelli Chocolate Company, and today, after being renovated and retrofitted most recently in 2007, the property serves as a lifestyle and entertainment-oriented retail complex. 

Michael Leggett

Tenants at the 55 percent leased center include the Ghirardelli Chocolate Company, which leases the space for its U.S. flagship retail location, Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s, among others. 

The property also includes a 10-level, 283-space subterranean parking garage as well as a separate two-level, 99-space parking garage.  Ghirardelli Square encompasses an entire city block at 900 and 915 North Point Street adjacent to the San Francisco Cable Car Hyde-Beach turntable in the North Waterfront area of San Francisco.

Ghirardelli Chocolate Co. interior

               The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo and director Mark Damiani along with senior managing director Michael Leggett.

               "The world-renowned brand identity coupled with the irreplaceable location and remarkable demand drivers, including up to 16,000 people walking through the square every day, are just a few reasons that make this retail center so unique and special. 

“Consequently, the competition was nothing short of fierce - we had over 200 interested parties and conducted more than 60 tours.  

"Needless to say, this asset has incredible upside potential.  I have no doubt Jamestown will turn this already special project into something even more spectacular over the next few years," said Bicardo.

               Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments.

The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Lincoln Property Co. Southeast Brokers Leases by Connecticut School of Broadcasting, 4 Corner Resources and All Phase Logistics in Orlando, FL

Alliance International Business Center, Orlando, FL

Lisa Bailey

 ORLANDO, FL (Sept. 26, 2013) – Lincoln Property Company Southeast (Lincoln) has brokered office and industrial leases totaling more than 15,000 square feet in Orlando.

 The details of the transactions are as follows:

• Connecticut School of Broadcasting leased 3,323 square feet of office space in the Alliance International Business Center. Robert Kellogg, CCIM, vice president of office leasing for Lincoln, represented the tenant in the transaction, and Lisa Bailey of Morrison Commercial Real Estate represented the landlord.

Robert Kellogg

• 4 Corner Resources, a professional recruiting firm, decided to move out of the downtown core and relocate into the freestanding building located at 135 E. Colonial Drive, where the firm signed a new lease for 5,000 square feet. Nick Poole of Jones Lang LaSalle represented the tenant, and Kellogg represented the landlord.

Nick Poole

• All Phase Logistics leased 7,200 square feet in Atlas Commerce Park, an industrial park. Paul Straubinger of Straubcos LLC represented the landlord, and Sean DuPree, CCIM, director of sales and leasing for Lincoln, represented the tenant.

“As 2013 heads into the fall, the office and industrial markets in Orlando continue to improve,” said Scott Stahley, senior vice president for Lincoln who manages the Orlando office.

Scott Stahley

 “These three transactions are representative of the increased activity taking place in the area, and we in Lincoln’s Orlando office are excited about the opportunities that await both our tenant and landlord clients.”

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

HFF closes $13.88 million sale of LA Fitness in Riverside, CA

LA Fitness Riverside, 3437 Arlington Avenue, Riverside, CA

LOS ANGELES, CA – HFF announced today that it has closed the sale of LA Fitness Riverside, a newly-expanded, 49,661-square-foot fitness center in Riverside, California.

Bryan Ley

HFF marketed the site on behalf of the seller, Westminster Arlington LLC, wholly-owned by Westminster Fund V LP.  The property was purchased for $13.88 million by Cole Credit Property Trust IV, Inc.

               The asset is located at 3437 Arlington Avenue with prominent frontage along Highway 91 adjacent to Tava Center, a multi-tenant retail property.  Completed in 2010 and expanded in 2013, the property is adjacent to an available, undeveloped retail pad that is entitled for up to 15,000 square feet. 

               The HFF team representing the seller was led by managing director Bryan Ley and director John Crump.

John Crump

               The Westminster Funds are real estate investment partnerships for private investors and their foundations.  Founded in 1996, The Westminster Funds currently comprise eight commercial income-property investment funds and two CCRC funds for development and operation of CCRCs.

 The 10 funds total more than $600 million of equity capitalization and own about $1 billion of property assets throughout the United States.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com