Arbor Appoints Garth Davis as SVP, Western Regional Director in San Francisco

Garth Davis

 UNIONDALE, NY– Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Garth Davis as Senior Vice President and Western Regional Director.

Mr. Davis is responsible for originating Fannie Mae, FHA/HUD, CMBS, Bridge, Mezzanine and Preferred Equity transactions for multifamily and healthcare properties nationwide. 

He is based in the company’s San Francisco, CA, office and reports to John Caulfield, Chief Operating Officer.

Mr. Davis brings 14 years of nationwide lending experience to Arbor across FHA, agency and CMBS financing platforms for both the multifamily and healthcare sectors.

 His comprehensive finance transaction expertise includes, short- and long-term financing, fixed- and floating-rate debt, new construction, acquisitions, refinancings, debt restructurings and capital structuring.

  

Most recently, Mr. Davis was successful in originating a $70-million multifamily acquisition transaction structured utilizing floating-interest-only bridge financing with an eventual FHA/HUD permanent loan. It directly met the clients’ objectives of initial short-term debt, maximized proceeds and cash flow and, subsequently, low-risk, long-term, fixed-rate permanent debt.

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

Christopher Ostrowski

costrowski@arbor.com

Connor Doherty Joins Blueprint Healthcare Real Estate Advisors as Associate

                                                                

Conner Doherty

CHICAGO, IL – Blueprint Healthcare Real Estate Advisors has announced that Connor Doherty, 28, has joined the firm as an associate.

Doherty brings an established real estate track record to Blueprint, having exclusively listed more than 150 properties for clients and generated more than $150 million in investment sales since 2011.

“We are excited to add someone of Connor’s caliber to our growing staff,” said Jacob Gehl, managing director at Blueprint. 

“We have experienced an enormous amount of activity recently, and we anticipate that 2014 will be a strong year for our firm."  

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

THINC: The Hotel Investment Networking Conference Releases Final Schedule of Events and Speakers for May 15-16 Event in Chicago

  

Hessam Nadji

           CHICAGO,IL —Organizers of The Hotel Investment Networking Conference (THINC) released its final agenda for the inaugural event to be held at the Hilton Chicago, May 15-16, 2014. 

Co-hosted by DePaul University School of Hospitality Leadership and Lodging Unlimited, the hospitality consulting company, the updated speaker list includes a virtual “who’s who” of hospitality industry elite. 

Of particular note, Marcus & Millichap Senior Vice President and Chief Strategy Officer Hessam Nadji has been named the conference’s keynote speaker.

            “It is extremely gratifying to have been able to compile these exceptional speakers and panelists, 100 percent of which are presidents, CEOs, owners investors and senior executives, for our very first THINC event,” said Morris Lasky, co-chair and co-founder. 

“We have representatives from Marriott International, Hilton Worldwide, Starwood Capital Group, Interstate Hotels & Resorts, Carlson Rezidor Hotel Group, La Quinta Inns & Suites, Hostmark Hospitality Group and the Marcus Corporation, amongst others. 

"We have purposefully put together a centralized event that immediately precedes the National Restaurant Show at Chicago’s McCormick Place, should attendees like to stay for both events.”

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

Chris Daly
chris@dalygray.com

HFF closes $48.5 million sale of and secures $31.525 million financing for Class A multi-housing community in Colorado Springs

Bella Springs apartments, Colorado Springs, CO

Jordan Robbins

DENVER, CO – HFF announced today that it has closed the $48.5 million sale of and secured $31.525 million in financing for Bella Springs, a 364-unit, Class A multi-housing community in Colorado Springs, Colorado.

               HFF marketed the property on behalf of a joint venture between Griffis/Blessing, Inc. and Consolidated Investment Group.  

The Praedium Group purchased the asset for $48.5 million free and clear of existing debt.  HFF also secured a $31.525 million, five-year, 3.08 percent, interest only acquisition loan on behalf of the buyer through a correspondent life insurance company.

Bella Springs is located at 1050 Milano Point minutes from Interstate 25 in the affluent Northgate neighborhood of Colorado Springs proximate to the United State Air Force Academy and the 2.4 million-square-foot Copper Ridge mixed-use development. 

  Completed in 2001, the property is 95 percent occupied and includes a diverse mix of floor plans, including a number of townhome-style units with direct access garages.  Community amenities include a heated resort-style swimming pool and spa, fully-equipped fitness center, BBQ area, clubhouse, theater room and business center.

Josh Simon

               The HFF investment sales team representing the seller was led by director Jordan Robbins and real estate analyst Jared Buffington.

               HFF’s debt placement team was led by director Josh Simon, senior managing director Eric Tupler and real estate analyst Kristian Lichtenfels.

               “In addition to its proximity to the prestigious United States Air Force Academy and the highly anticipated Copper Ridge mixed-use development, Bella Springs sits within one of Colorado Springs’ highest demographic areas.  

"Furthermore, the asset is situated within the Academy School District 20, which is widely recognized as one of the top school districts in the State of Colorado.  

"Coupled with outstanding panoramic views of the Rocky Mountains and numerous community amenities, Bella Springs presented prospective buyers with a high-quality investment opportunity with significant upside by continuing a proven value-add strategy,” commented Robbins.

Eric Tupler

               “The interest level on the financing side was extremely high with multiple fixed-rate options available from life insurance companies as well as the agencies.  

"At the end of the day, the borrower selected a life insurance company financing option that was fully customized to their business plan with significant flexibility built in up front,” added Simon.

               Griffis/Blessing, Inc. is a real estate services firm representing individual, corporate and institutional owners of real estate throughout the United States.  

The firm offers comprehensive real estate asset management services, with a primary focus on property management and investment services.  

Headquartered in Colorado Springs, Colorado, with an additional office in Denver, Griffis/Blessing has more than four million square feet of office, retail, and industrial space and more than 6,900 apartment units under management.

Kristian Lichtenfels

Consolidated Investment Group (“CIG”) is a privately held investment company focused on capital markets, commercial real estate, and philanthropic initiatives in Early Care and Education and Israel. 

The company seeks optimal returns through direct investments, creative partnership structures, asset repositioning, fund investments, and other innovative techniques. 

 CIG has been actively investing since 2003 and manages a diverse investment portfolio valued in excess of $1B.  They invest both domestically and internationally through operating partners, direct investment, and opportunistic funds.

The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. 

 The Praedium Group was formed in 1991 and since inception has completed more than 350 transactions representing $9.3 billion of capital, including 70,000 multifamily units and 43.3 million square feet of commercial space.  

Throughout the past 23 years, The Praedium Group has sponsored a series of eight private equity funds.  The commingled funds by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments.  For more information, please visit www.praediumgroup.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

HFF arranges senior debt construction financing and joint venture equity for Class A multi-housing development in Odenton, MD

Rendering of planned NOVUS Odenton Station development, Odenton, MD

Walter Coker

WASHINGTON, D.C. – HFF announced today that it has arranged senior debt construction financing and joint venture equity for NOVUS Odenton Station, a 244-unit, Class A, transit-oriented multi-housing development in Odenton, Maryland.

HFF worked on behalf of the borrower, NOVUS Residences LLC (“NOVUS”) to place the four-year, construction loan with EagleBank.  In addition, HFF secured joint venture equity for the development of the project through Clark Enterprises.

NOVUS Odenton Station is located at the northeast corner of Hale Street and Nevada Avenue within Odenton’s walkable town center and steps from the Odenton MARC transit station providing direct access to Baltimore and Washington, D.C.’s Union Station. 

  Additionally, the property is situated one block from Maryland Route 175 (the entrance to Fort Meade) and Maryland Route 32 (the primary access to the National Security Agency).  Due for completion in early 2015, the asset will include a mixture of one-, two- and three-bedroom units.  

Community amenities will include a 5,000-square-foot fitness center with yoga and cycle studios, pet grooming spa, bike workshop, private park space, outdoor swimming pool, movie theater room and clubroom with billiards center.

Brian Crivella

The HFF debt placement team was led by Walter Coker and Brian Crivella.

Formed in 2011, NOVUS Residences LLC is the multifamily component of Cafritz Interests and represents a partnership between Conrad Cafritz, former Archstone senior vice president Robert Seldin, and veteran property operations expert Melanie Domres. 

 With a specific focus on value creation through property development, acquisition, adaptive reuse, construction management, asset management and property operations, NOVUS is currently pursuing growth opportunities within the metropolitan Washington, D.C. area, with an eventual goal of bringing NOVUS quality, style and value to select markets throughout the U.S.

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

HFF arranges $52.5 million financing for 446-bed student housing development serving The College of New Jersey

Rendering of planned Campus Town student housing serving The College of New Jersey
 in Ewing Township, NJ

Jon Mikula

FLORHAM PARK, NJ – HFF announced today that it has arranged $52.5 million in financing for Campus Town, a 446-bed, 130-unit student housing development serving The College of New Jersey in Ewing Township, New Jersey.

HFF worked on behalf of the borrower, The PRC Group, to secure the 36-month, construction loan through a bank syndication led by M&T Bank that also included The Provident Bank and Columbia Bank.

Campus Town will be situated on 12.5 acres at the main entrance of The College of New Jersey between Pennington Road (State Route 31) and Metzger Drive. 

Due for completion in mid-2015, the development will consist of seven buildings that will include more than 80,000 square feet of ground floor retail and 503 parking spaces.

 A full-service college bookstore operated by Barnes & Noble and the college’s new fitness and activity center will occupy approximately 26,500 square feet of the retail space.  Additionally, a bell tower surrounded by an open plaza will serve as a focal point for both the project and the campus.

Jim Cadranell

The HFF team representing the borrower was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden.

“We are proud to be a part of such an important student housing addition to one of New Jersey’s top universities,” said Mikula.

The PRC Group is a multifaceted regional real estate owner, developer and services provider headquartered in West Long Branch, New Jersey that has forged a five-decade long reputation as a clear-thinking, rational voice in any market – up or down.

Since 1960, whether real estate market conditions were defined by opportunities or obstacles, The PRC Group has defined market leadership – and market-leading partnerships – that have helped redefine residential and commercial real estate development.

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

Rhodes + Brito Architects Appoints Florida A&M University Graduate Project Coordinator

Derek Cartwright

Orlando, FL --- Rhodes + Brito Architects in Orlando recently named Derek Cartwright project coordinator.

Ruffin Rhodes, partner and co-founder of the firm, said Cartwright is a recent graduate of Florida A&M University’s School of Architecture.

In his new role, Cartwright will provide support services for the firm’s project architects.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including eight registered architects. The firm has exceptional experience providing architectural services to municipal government agencies.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410) 

Silicon Valley Apartment Complex Sells for $16.45 Million in San Mateo, CA

Mariner's West condominiums, 735 Fathom Drive, San Mateo, CA

Adam Levin

SAN MATEO, CA, April 21, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Mariner’s West, a 45-unit condominium-style multifamily complex in the Silicon Valley city of San Mateo, Calif. The $16,450,000 sales price equates to $365,556 per unit.

            Adam Levin, a vice president investments, and Eric Katz, an associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, a private equity firm, and the buyer, a private family LLC in a 1031 exchange.

            “Mariner’s West is well positioned for NOI growth through the continuation of its renovation plan and by virtue of its location, amenities, the submarket’s perpetual housing constraints and the continued economic upturn in Silicon Valley,” says Levin.

            Situated on 1.1 acres at 730 Mariner’s Island Blvd. and 735 Fathom Drive in San Mateo, Calif., the property is near major employers including Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts.

Gilead Sciences is redeveloping portions of a 72-acre site directly across from Mariner’s Island Boulevard where it plans to build up to 22 office and laboratory buildings.

Interstates 280 and 880, State Route 92 and U.S. Highway 101 are nearby and Caltrain’s Hillsdale Station and the Santa Clara Valley Transportation Authority’s light rail system are just a short drive away. The Bridgepointe Shopping Center is within walking distance.

            Built in 1979, Mariner’s West features 30 one-bedroom/one-bath units and 15 two-bedroom/one-bath apartments. Almost all the units have water views. The property has been meticulously remodeled inside and out over the past year. 

The exterior renovations include new landscaping, resurfaced driveways, new multi-tone exterior paint and newly resurfaced balconies. Part of the common area space was completely gutted and replaced with a brand new leasing office. 

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

Gina Relva

Public Relations Manager

(925) 953-1716

ZipRealty Reports Home Sales Price Growth Drops to Single Digits, While Inventory Soars in Select Metros

  

Lanny Baker

EMERYVILLE, CA, April 21, 2014 – For the first time in more than 12 months, median home sales price growth has fallen into the single digits, growing 8.9% on a year-over-year basis as of March 31, according to a new report issued by ZipRealty, Inc (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions.

The year-over-year increase observed for March 2014 was three percentage points lower than the 11.7% gain seen in February 2014.

Among the metros surveyed by ZipRealty, median price growth leaders on a year-over-year basis at the end of the first quarter were:

·         Sacramento – 21% increase

·         Las Vegas – 21% increase

·         The SF Bay Area – 16% increase

·         Chicago – 15% increase

·         Los Angeles – 15% increase

·         Nashville –13% increase

“While overall housing inventory in the metros analyzed by ZipRealty was one percent lower at March 31, 2014 than at the same point in 2013, several markets have begun to show surprisingly large and encouraging increases in inventory. 

“An increase in for sale homes should be good news for the many interested home buyers whose plans have been impeded by inventory shortages over the past few months,” said ZipRealty CEO Lanny Baker.

According to the new report, the metros with the biggest increases in for sale housing inventory as of March 31 include:

·         Phoenix – 49% increase

·         Sacramento – 46% increase

·         San Diego – 38% increase

·         Las Vegas – 34% increase

·         Orange County – 25% increase

The amount of time homes are spending on the market has remained stable over the past month. The fastest-moving markets as of March 31 were Austin, Boston, Houston, Dallas and Long Island. Meanwhile, the slowest-moving housing markets during that same time period based on days on market included Las Vegas, Sacramento, Orange County and Denver.

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

Stacey Corso

510.735.2667

scorso@ziprealty.com

www.ziprealty.com