Meridian Capital Group Arranges $31 Million in Permanent Financing for a Portfolio of Seven Shopping Centers Located in Central Florida

Boca Raton, FL, May 29, 2014– Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $31 million mortgage for the refinancing of the RIS portfolio composed of seven unanchored shopping centers located in Orlando, Tampa, Kissimmee, Sanford and Sarasota, FL.

 The 10-year, non-recourse loan, provided by a CMBS lender, features five years of interest-only payments and a fixed-rate of 4.88%.

Sanford Town Center, Sanford, FL

This transaction was negotiated by Meridian Managing Director, Michael Brown, and Underwriter, Adam LeBlanc, who are both based in the Company’s Boca Raton, FL office. 

 The seven-property portfolio totals 200,000 square feet and includes 80 tenants comprised of a mix of restaurants, bank branches, medical offices, and retail stores.

The portfolio includes West Chase Town Center located in Tampa; The Gateway located in Kissimmee; The Shoppes of East Colonial located in Orlando; Hunters Creek Shoppes located in Orlando; Osceola Gateway Center located in Kissimmee; Sanford Town Center located in Sanford; and Sarasota Palms Plaza located in Sarasota.

 “By leveraging both the sophistication of our client and the strength and creativity of the lender, we were able to negotiate favorable financing that accounts for lease roll and tenant improvements across the portfolio,” said Mr. Brown.

“By staying in constant communication and providing a thoughtful analysis of different scenarios, Meridian was able to manage the terms of the 80 leases included in the portfolio,” added Mr. LeBlanc.

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com

Cousins Closes on New $500 Million Unsecured Credit Facility

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ) announced today it has closed on a new five-year, $500 million unsecured revolving credit facility which matures in May 2019.

The new credit facility replaces the Company's existing $350 million facility, which was scheduled to mature in February 2016.

The LIBOR borrowing spread on the new facility has been reduced to a range of 110-145 basis points from the previous range of 150-210 basis points, depending upon the Company's leverage.

Based upon the Company's leverage as of March 31, 2014, the current spread over LIBOR under the new facility is 110 basis points.

The new facility contains certain financial covenants that include the maintenance of an unencumbered interest coverage ratio of at least 2.00, a fixed charge coverage ratio of at least 1.50, and overall leverage of no more than 60%.

  

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

Marli Quesinberry, 404-407-1898

Director of Investor Relations and Corporate Communications

marliquesinberry@cousinsproperties.com

www.cousinsproperties.com

Marcus & Millichap Arranges $16.9 Million Sale of Two Retail Condominium Shopping Centers in Southern California

Janette Monfared

PLAYA VISTA, CA, May 29, 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 The Shops at Concert Park, a portfolio of two 100-percent-leased retail condominium shopping centers in Playa Vista, a master-planned community in the Westside region of Los Angeles.

The centers are the 11,828-square-foot Pacific Promenade and the 10,907-square-foot Seabluff Drive. The total sales price for the two centers is $16,900,000, which equates to $743 per square foot.

            Brandon Michaels, a vice president investments, and Janette Monfared, an associate, both in Marcus & Millichap’s Encino office, represented the seller, an affiliate of Brookfield Residential. 

The buyer is a foreign investor. Sharone Sabar, a vice president capital markets in MMCC’s Encino office, arranged $10,815 000 in CMBS financing.

Sharone Sabar

              “Playa Vista is a trophy asset and the first new community to be built on the west side of Los Angeles in 50 years,” says Michaels.

            “All leases are triple-net, with a majority of them having solid term remaining,” adds Monfared. “Most of the tenants have occupied the center since its construction in 2005.”

            Both shopping centers are situated on the ground floors of mixed-use developments with 179 condominiums above each one. The Pacific Promenade shopping center is located at 13020 Pacific

Promenade in Playa Vista, Calif. and is home to national tenants Bank of America, Coffee Bean and Race Telecommunications.

 Local tenants include Piknic, Sweet Fish Sushi Bar, Yoga Vista and Hollyway Cleaners.

            “The buyer obtained nonrecourse CMBS debt at 65 percent loan to value,” says Sabar. “The 10-year interest rate is fixed at 4.9 percent. The complexity of the offering presented some financing challenges, all of which MMCC overcame.”

Brandon Michaels

            Located on the corner of Seabluff Drive and Runway Drive in Playa Vista, the Seabluff Drive shopping center features a mix of retailers that includes Playa Vista Medical Center, Playa Pilates, Coldwell Banker, McClintock Dental Group, Pinkberry and Yummy.com Fresh Market.

Many of the tenants’ leases expire in 2018 and all tenants have an excellent operating history at this location. Most of the retailers have been at the center since its construction in 2007.

            “The Marcus & Millichap platform is unique in its ability to source hard-to-find buyers, maximize value for sellers and secure the most competitive financing,” says Bill Rose, national director of the firm’s National Retail Group.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Hold-Thyssen Names Project Coordinator, Hires New Marketing Assistant

 

Jessica Peebles

Winter Park, FL --- Hold-Thyssen, a commercial real estate firm based in Winter Park with offices in Tampa and Nashville, recently promoted Jessica Peebles to project coordinator.

  

R. Anthony Fisher, vice president of Hold-Thyssen Inc., said Peebles joined Hold-Thyssen one year ago as an administrative assistant. She earned her B.S. Degree in Event Management from University of Central Florida.

She has a 12-year background in customer service, experience coordinating nonprofit events, and is a member of Meeting Professionals International. 

Fisher said in her new role as project coordinator Peebles will be responsible for organizing the efforts of the executive team’s 2014 expansion plans.

At the same time, Christy Sharrer was hired as a marketing assistant in Hold-Thyssen’s Winter Park offices. Fisher said Sharrer has more than eight years of experience in customer service.

Christy Sharrer

She holds a technical certificate in Graphic Design Production and will receive her A.S. degree in Graphic Design from Seminole State College this July. 

In her role as marketing assistant Sharrer will assist the Hold-Thyssen marketing team with production of marketing materials and marketing communications.

Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide. The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Lincoln Harris Hires Tracy Dodson as Vice President of Brokerage and Development in Charlotte, NC

  

Tracy Dodson

CHARLOTTE, N.C. (May 29, 2014) — Tracy Dodson has joined Lincoln Harris, a full-service real estate firm based in Charlotte, as vice president of brokerage and development.

“Tracy’s diverse background in commercial real estate, economic development and architecture makes her a huge asset to our team,” said John W. Harris III, executive vice president and COO of Lincoln Harris.

 “As Lincoln Harris continues to grow our business, attracting and retaining top talent like Tracy is crucial.”

Dodson will assist the brokerage team with leasing office space and will work with the development team on early development coordination of office and mixed-use projects, including strategic planning and entitlements.

Prior to joining Lincoln Harris, Dodson was a member of the office tenant representation team in Cushman & Wakefield|Thalhimer’s Charlotte office.

The team was among the most productive in the city in 2013 in terms of closing transactions. Dodson also has worked at Charlotte Center City Partners as director of economic development; at Harris Development Group as development manager; and at the City of Charlotte Economic Development Office as the program manager/transit development coordinator.

 Dodson has a Bachelor of Arts in psychology and a Bachelor of Architecture from the University of North Carolina at Charlotte; and a Masters in Design Studies from the Harvard Graduate School of Design, where her concentration was in real estate and urban development.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

MetroGroup Realty Finance Secures More Than $30 Million in Financing for Three Southern California Properties

  

Patrick Ward

Orange County, CA– MetroGroup Realty Finance, a private, Orange County-based mortgage banking firm, has successfully arranged more than $30 million in financing on behalf of its clients for the acquisition and refinance of three different properties totaling more than 194,488 square feet throughout Southern California.

According to Pat Ward, founder of MetroGroup Realty Finance, “Our refinance activity is increasing due to a dominant trend facing our industry which is the upcoming spike in commercial loan maturities beginning in 2015.”

The Mortgage Bankers Association (MBA) forecasts a 72 percent increase from 2014 to 2015 in commercial and multi-family loan maturities by non-bank lenders, and an additional 34 percent from 2015 to 2016.

“We are already seeing the effect this trend is having on decisions being made today,” Ward adds.  “For example, we are working with several clients with pending maturities over the next two years to see if a future funding commitment is worth consideration to mitigate any refinance risk, as rates have risen slightly over the last year.”

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

Jenn Quader or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

Hendricks-Berkadia Closes on 148 Units in Panama City, FL for $4.81 Million

Pine Terrace apartments,  Panama City, FL

PANAMA CITY, FL --- Hendricks-Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Pine Terrace, a 148-unit apartment community located in Panama City for $4,810,000.

David Oakley, partner, and Royce Emerson, senior vice president, in Hendricks-Berkadia’s Alabama office and Southeast partners Cole Whitaker, Hal Warren, and Jason Stanton in Hendricks-Berkadia Florida offices, negotiated the sale of Pine Terrace representing the seller, ABACO Partners, LLC.

David Oakley

Built in 1983, Pine Terrace is a garden-style, one-story community situated on approximately 9.58 acres of land with a density of 15.45 units per acre and an average unit size of 603 square feet. 

The 11 buildings house a total of 93,000 rental square feet offering a well-balanced unit mix of studio, one-, and two-bedroom floor plans, ranging from 288 to 864 square feet in size.

The buyer was Pine Terrace Investors LLC, based out of New York.

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

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