Fast-Growing Institutional Property Advisors Adds Leading Investment Professional to Washington, D.C. Office

Donald B. Tennant Jr.

 WASHINGTON, DC—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has named Donald B. Tennant, Jr. as senior director in the firm’s Washington, D.C. office, according to Brian Murdy, national director of IPA.

“Don brings an incredible level of industry experience to our firm as we continue to expand our IPA platform in the local apartment investment market to serve the unique needs of institutional clients,” says Murdy.

Tennant has been a leading commercial real estate investment professional in the Washington, D.C. market for 30 years, and has been involved in transactions totaling over $1.5 billion, including multifamily property and land transactions for numerous institutional real estate investors.

Brian T. Murdy

“Today’s institutions demand the highest level of client service and guidance in a rapidly changing marketplace,” says Murdy. “Don has a proven track record that aligns with our vision for providing institutional investors in the Washington, D.C. area with unparalleled access to investment solutions.”

Most recently, Tennant was managing director at NorthMarq Investment Services in Bethesda, Md., a national real estate debt and equity provider, where he launched a real estate brokerage platform specializing in the sale and acquisition of multifamily assets.

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

Ben Johnson

Marketing Director

(925) 953-1736

Financing for 356-unit multi-housing community in Tampa, FL secured by HFF

Arbor Lakes apartments, 6161 Memorial Highway, Tampa, FL

MIAMI, FL – HFF announced today that it has arranged financing for Arbor Lakes, a 356-unit, garden-style multi-housing community in Tampa, Florida.

Elliott Throne

HFF worked exclusively on behalf of The Laramar Group to secure the  loan through Redwood Commercial Mortgage Corporation, a subsidiary of Redwood Trust, Inc (NYSE: RWT). 

The property is located at 6161 Memorial Highway near Veterans Expressway and Interstate 275 and the Westshore business district northwest of downtown Tampa.  The property includes studio, one- and two-bedroom units.  Community amenities include a resort-style swimming pool with sundeck, 24-hour fitness center, playground, picnic area and internet café.

The HFF debt placement team representing the borrower was led by director Elliott Throne along with senior managing director Jay Marshall.

Jay Marshall

“Redwood provided Laramar with a great all-in-one loan structure. Even in the rising interest rate environment, Redwood was able to maintain proceeds and deliver a solid execution” stated Throne.

The Laramar Group targets investment, management and development opportunities for multifamily, mixed-use, student and seniors housing properties across 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

MBA Statement on the Basel III Final Rule

  

WASHINGTON, DC – David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), issued the below statement today following the release of the Basel III final rule:

David H. Stevens

“MBA applauds the federal banking regulatory agencies for bringing certainty to the marketplace through issuance of its final rule today on Basel III.

“We are pleased the final rule does not increase the risk-based capital requirements for the over $800 billion in mortgages secured by commercial real estate and for most loans secured by single-family mortgages held in banks’ portfolios. 

“However, provisions addressing mortgage servicing rights (MSRs) and warehouse lines of credit are particularly problematic.

“ The rule now requires that MSRs, deferred tax assets, and investments in unconsolidated financial institutions be limited individually to 10 percent and collectively to 15 percent of the common equity component of Tier 1 capital. Assets above these thresholds must be deducted from that component of capital.

“The Basel III final rule, when combined with the massive regulatory overhaul facing the real estate finance industry, will have the unfortunate effect of tightening credit, at a point in time when credit availability is one of the biggest challenges facing US home-buyers.

“MBA was pleased to be part of this decision making process and looks forward to working with the Federal Reserve, the OCC and the FDIC in the future, to ensure prudent availability of affordable real estate finance.”

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

Rob Van Raaphorst

(202) 557-2799

Trepp Reports U.S. CMBS Delinquency Rate Plummets to Lowest Level since October 2010

(NEW YORK, NY -- Trepp, LLC, the leading provider of information, analytics and technology to the CMBS, commercial real estate and banking markets, released its June 2013 U.S. CMBS Delinquency Report today (available at http://www.trepp.com/knowledge/research).

 The Trepp CMBS Delinquency Rate posted its lowest level in almost three years in June. The 42-basis-point drop was the second biggest one-month improvement since Trepp began publishing the monthly rate in the fall of 2009.

Manus Clancy

The delinquency rate for U.S. commercial real estate loans in CMBS was 8.65% in June. This was the first time the rate has dropped below 9% since November 2010 and the lowest percentage since October 2010.

 Loan resolutions have been the main driver behind the delinquency rate improvement so far in 2013. June was no exception with over a billion dollars in loan resolutions, up sharply from May’s total of $858 million.

While the removal of these loans from the delinquent category placed a fair amount of downward pressure on the rate, this was completely negated by June’s newly delinquent loans, which were approximately half the total posted in May.

The high number of loans that cured in June, totaling well over two billion dollars, helped spur the month-over-month improvement. One large office loan that had been listed as late last month was marked as current again this month, having been modified at the end of May. That status change alone contributed a 13 basis points drop in the delinquency rate.

 “The plunge in the delinquency rate was indicative of continued strength in the commercial real estate markets,” said Manus Clancy, senior managing director of Trepp.

 “However, by the end of June, investors were asking themselves if this is it for the time being.

“With interest rates and CMBS spreads rising sharply in June, two of the big drivers of the CRE gains were removed. Over the next six months, investors will get a good sense of just how enduring the gains of the last 12 months might be.”

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

Great Ink Communications

Eric Gerard, Lindsay Church

eric@greatink.com

 lindsay@greatink.com

212-741-2977

Emerson International Negotiates Expanded Office Space for Beazer Homes at Maitland Center and Expansion Leases at CenterPointe Office Park in Altamonte Springs, FL

2600 Maitland Center Parkway, Maitland, FL

ALTAMONTE SPRINGS, FL --- Emerson International recently negotiated a lease agreement with Beazer Homes for an expansion of their Orlando headquarters office space at 2600 Maitland Center Parkway.

Kenneth Koch

Emerson International Director of Leasing Kenneth Koch, who negotiated the expanded lease, said Beazer Homes’ offices in Maitland will now total 6,728 square feet.

Zac Starkey, Commercial Associate for Emerson International negotiated two leases at CenterPointe Office Park in Altamonte Springs and one at Altamonte Lakeside Park.

Zac Starkey

Starkey negotiated a renewal and expansion lease agreement with Ramco Corp at CenterPointe Office Park for a total of 1,484 square feet and at the same time, Starkey negotiated an agreement with Neno Research for expansion of its space to 2,229 square feet at CenterPointe Office Park.

At Altamonte Lakeside Park, Starkey negotiated a new lease agreement for 1,177 square feet of office space with Partner Engineering and Science Inc.

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

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

Bronx, NY Apartment Portfolio Sells for $6.3 Million

  

WHITE PLAINS, NY– Investment sales broker Northeast Private Client Group has announced the sale of three Bronx apartment properties:  2265 Morris Avenue, 2271 Morris Avenue and 2345 Crotona Avenue, which traded together as an 83-unit portfolio for $6,333,000.

Anthony Watkins

 Edward Jordan, JD, CCIM the firm’s managing director, and Anthony Watkins, a licensed associate in the firm’s White Plains office, represented the buyer in the off-market transaction which closed on June 25th.  

 “This Bronx portfolio represents a great repositioning play,” notes Jordan.  “The time was right for a well-capitalized investor to take these assets to the next level.  With our regional brokerage platform, we were able to identify just the right buyer for the assignment and get it closed.”

 The buyer, a prívate investor based in New York, purchased the three-building multifamily portfolio for a price that equates to $76,300 per unit, in excess of seven times gross rents for five-story walkup buildings. The seller, a Florida-based investment group, acquired the properties from New York Community Bank several years earlier.

Edward Jordan

 “The success of this transaction is a direct result of our commitment to relationship-based brokerage,” explains Jordan. “With our relationships and market expertise, we identified the buyer best suited to the opportunity.”

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

Rick Leonard

rleonard81@gmail.com

203.434.7734