RealtyTrac Names Richard Lombardi Executive Vice President and General Manager Leading Its Data Solutions Division

  

Richard Lombardi

IRVINE, CA, Aug. 4, 2015 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today announced it has hired real estate data licensing veteran Richard Lombardi as Executive Vice President and General Manager leading its rapidly expanding data and file licensing business.

“That RealtyTrac has attracted an individual the caliber of Richard Lombardi, who has top-notch expertise and experience in the world of data licensing, is a testament to the strong data licensing business Brian Mushaney and his team have built from the ground up over the past 18 months and the immense upside opportunity that this company has going forward,” said Jamie Moyle, who will be leaving the position of RealtyTrac CEO effective August 17 to become chairman of the innovation committee for the company’s board of directors.

 “During this important transition time for the company, I am glad to know the day-to-day operations of the company will be in good hands with Richard, our new CEO, Rob Barber, along with Brian and the rest of the remarkable management team we already have in place.”

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

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Altman Begins Leasing at Resort-Style, Amenity-Rich Cameron Estates in West Palm Beach, FL

  

Elizabeth Truong

WEST PALM BEACH, Fla. – August 4, 2015 – The Altman Companies, a recognized management company, has begun leasing for Cameron Estates – a 548-unit, resort-style enclave of luxury garden apartments located at 1517 Cameron Samuel Lane in West Palm Beach.

“We are thrilled to provide new luxury apartments in the West Palm Beach area,” said Elizabeth Truong, COO and CIO of The Altman Companies. 

“We have been touring our models and getting five-star reviews from prospects. Our beautiful clubhouse will be completed by December, offering residents the best amenities in the industry.”

The Altman Companies is managing Cameron Estates, a one-, two- and three-bedroom rental community that will deliver residents a host of upscale, resort-style amenities. 

Residents and friends can gather in the chic, private movie theater and karaoke room, and enjoy the interactive game room complete with a two-lane mini bowling alley.

 The clubhouse will offer resident activities, and the club-class fitness center will include a spin room, free weights, cardio equipment, a boxing ring and exercise programs. There will also be a toddler play room and learning center.

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

BoardroomPR

Ashley Fierman, afierman@boardroompr.com

Todd Templin, ttemplin@boardroompr.com

(954) 370-8999

 www.CameronEstatesApartments.com.

Mortgage Bankers Association Reports Commercial/Multifamily Mortgage Originations Continue Strong Pace in Second Quarter

Jamie Woodwell

WASHINGTON, D.C. (August 4, 2015) – According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2015 commercial/multifamily mortgage loan originations were 29 percent higher than during the same period last year and 16 percent higher than the first quarter of 2015.

“Driven by increasing property values, improving property fundamentals and still low interest rates, commercial and multifamily lending and borrowing continued its strong pace in the second quarter,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “The rate of year-over-year growth slowed from the first quarter, but year-to-date lending is up for every major lender group.  Mortgage bankers’ originations for Fannie Mae and Freddie Mac are near record quarterly levels.”

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

Ali Ahmad

aahmad@mba.org

(202) 557- 2727

Stepp Commercial Completes $4,875,000 Sale of Apartment Property in Long Beach, CA

Robert Stepp

LONG BEACH, CA,  Aug. 4, 2015 – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $4,875,000 sale of 96 percent occupied, 27-unit apartment property located at 1101-1121 Gaviota Ave. in Long Beach. 

Robert Stepp, principal with Stepp Commercial, and Michael Toveg, vice-president, represented the buyer, Rdbh, LLC. The seller, Lunar Bear Properties II, LLC, represented itself. The closing cap rate was 4.9 percent.

“The buyer plans to hold this asset long-term and liked the unit mix which consists of mostly two-bedroom units,” said Stepp. “Finding a turn-key property like this with more than 20 units is hard to come by in this supply-constrained market.”

Built in 1988, the property consists of two, three-story buildings with upgraded units that include hardwood floors, granite countertops, washer and dryer, and ceiling fans. 

The property is located within the Rose Park historical district near the neighborhoods of Carroll Park and Belmont Heights.

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

Darcie Giacchetto

949.278.6224

www.SteppCommercial.com

Real Estate Capital Institute Reports Interest Rates Slowly Trending Upward

Jeanne Peck

Chicago, IL - To date, real estate investors enjoy low

rates thanks to a global crisis merry-go-round with China, Ukraine, Russia, Greece and now Iran creating cycles of market panic and driving investors

back to the safe haven of US treasuries.  And money never sleeps as interest rates are trending upward this year, although at a calmer pace.

The Real Estate Capital Institute's(r) director, Jeanne Peck, predicts "Fed

rate hike discussions will spook owners into action, both for sale and

financing.  Look for 'Busy Money' as the theme for this fall, when investors

return from summer vacations to buckle down on their capital needs."

Benchmark yields:  Good news for lenders sources, bad news for borrowers.

The Fed has not raised long-term rates for nearly a decade, but the low-rate

party may be about to end.  In the past month, the 5-year and 10-year

Treasurys fluctuated about a quarter-point, landing towards the lower end of

the range of about 1.5% and 2.2%, respectively.  Current rates are in line

with the end of 2014, still reasonably low in comparison to the past few

years.          

Mortgage Spreads:  More good news for lenders.  Permanent lenders exceed

funding targets as worried borrower flock to fixed-rate debt in anticipation

of a Fed rate hike.  Since permanent lenders are processing pent-up demand,

spreads are likely to rise; many funding sources choosing to provide less

leverage rather than raise spreads to remain competitive.  Higher quality

loans garner the most attention with LifeCos and conduits, while more risky

deals are left to public/private debt funds which are more prevalent.  Banks

rely on more on recourse, but will offer highly competitive spreads for

floating-rate and short-term debt.

Funding Structures:  "Take me to the bridge" is a popular realty finance

outcry, as multiple players jump into the structured finance funding

spectrum.  Many of today's bridge players need to supplement their mezz,

preferred equity and joint venture programs with a wider variety of options

to catch deals earlier in the funding cycle.  With barely any profits in

conventional debt business based upon interest rates of 3.5% to .5%, debt

funds entertain more entrepreneurial prospects including partially-leased

and limited construction projects.  Structures typically priced at combined

rates of 5% to 7% over a five year or less holding period.  Higher risk

pricing approaches double-digit returns, often hovering below equity yields.

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

Jeanne Peck, Executive Director

director@reci.com

www.reci.com

Post Properties Announces Second Quarter 2015 Earnings

Dave Stockert

ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $18.7 million, or $0.34 per diluted share, for the second quarter of 2015 compared to $46.8 million, or $0.86 per diluted share, for the second quarter of 2014.

Net income available to common shareholders for the six months ended June 30, 2015, was $37.7 million, or $0.69 per diluted share, compared to $60.1 million, or $1.10 per diluted share, for the six months ended June 30, 2014.

Said Dave Stockert, Post’s CEO, “In the second quarter we posted another double-digit growth rate in earnings and cash flow, on solid apartment market conditions.

“ As a result of the Company’s performance in the first half, we are increasing full-year guidance. We are also setting aside $100 million of capital to pursue share repurchases over roughly the next four quarters where we believe we can capture the difference between the share price and the underlying net asset value of the portfolio.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

Marcus & Millichap Brokers Ssale of Park 62 Apartments in Pinellas Park, FL

Casey Babb

PINELLAS PARK, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Park 62, a 46-unit apartment property located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office and Gary Witten, vice president investments, in the firm’s New Haven office all represented the buyer, a private, 1031-exchange investor based in Connecticut.

 The seller, Equity Management Partners, was represented by Joe Lomangino. 

Park 62, a 46-unit community, is located at 3491 62nd Avenue North in Pinellas Park, Florida. The property consists of 35 one-bedroom/one-bath, four two-bedroom/one-bath, six two-bedroom/two-bath and one three-bedroom/two-bath units which were 97 percent occupied at closing.

Luis Baez

The property has been extensively improved within the past 18 months with new landscaping, new parking lots, new exterior paint, upgraded electrical, updated appliances and several rehabbed apartments. Residents can enjoy the on-site laundry facility, storage units and a common area gazebo.

“Park 62 was a good fit for our client, who was selling a property in Hartford, Connecticut after a long-term hold and exchanging into a newer community in the Tampa Bay MSA, which had been extensively rehabbed with over $600,000 of recent improvements.

“The location in Pinellas Park is fundamentally solid as it is near one of the most densely populated employment centers in Florida,” says Babb.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Arranges $340,000 Sale of Dollar General Building in Ocala, FL

Mike Paspalakis

OCALA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Dollar General, a 8,676-square foot net-leased property located in Ocala, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $340,000.

Mike Paspalakis, associate, Nicholas Meoli and Michael Donaldson, both vice president investments, all of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller.  The buyer was secured and represented by Paspalakis, Meoli and Donaldson.

The Dollar General is located at 1111 West Silver Springs Boulevard in Ocala, Florida, and is a freestanding store with great frontage on State Road 40.

 The main thoroughfare runs east/west through Ocala with an average daily traffic count of over 24,000 vehicles per day.

Nicholas Meoli

While State Road 40 predominantly houses large retail centers, office buildings, restaurants and other commercial property; it also provides a direct route to Interstate 75, giving residents easy access to one of Central Florida’s primary north/south arteries.

The location is perfectly positioned between downtown Ocala and Interstate 75, with an average daily traffic count of 64,000 vehicles per day. This is a prime Dollar General location, as it sits in a dense residential area between all of Ocala’s major national dining establishments.

“The buyer, a California-based private investor, was drawn to this particular location due to the success of Dollar General in this market. Through Marcus & Millichap’s national platform this property generated multiple qualified offers and was under contract for less than 30 days,” says Paspalakis.

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

Richard D. Matricaria

Vice President/Regional Manager, Tampa

(813) 387-4700