Mortgage Bankers Association Forecasts a 6% Increase in Commercial/Multifamily Mortgage Originations in 2016

Jamie Woodwell

WASHINGTON, DC - The Mortgage Bankers Association (MBA) projects originations of commercial and multifamily mortgages will rise 6 percent in 2016 to $485 billion. Mortgage bankers’ originations of multifamily mortgages are forecast at $187 billion in 2016, and total multifamily mortgage originations are projected at $225 billion.

“Borrowing and lending in commercial and multifamily real estate markets is strong,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Interest rates that have stayed lower longer than most anticipated, and continued growth in property incomes and values are all pushing mortgage origination levels higher.”

Commercial/multifamily mortgage debt outstanding is expected to end 2016 at $2.8 trillion, 1.8 percent higher than at the end of 2015.

MBA’s commercial/multifamily members can download a copy of MBA’s Commercial/Multifamily Real Estate Finance Forecast at www.mba.org/research.

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

 Ali Ahmad

aahmad@mba.org

(202) 557-2727

Fuzzy’s Taco Shop opening first location in Fort Myers, FL

Danielle Crowther Robinson

Fort Myers, FL – Reflecting the rise in new-to-market fast casual restaurants in Southwest Florida, Fuzzy’s Taco Shop is opening its first area location in Fort Myers.

The restaurant is scheduled to open in early 2016, and the owners are scouting for as many as 10 other locations in Southwest Florida.

Known for its Baja-style Mexican food and quick service, Fuzzy’s Taco Shop will open in a 5,608-square-foot freestanding building and feature a full service liquor bar.

The Fuzzy’s Taco Shop chain has 78 locations nationally with three in Florida – in Sarasota, Altamonte Springs, and soon in Brandon.

The success of the chain, which started in Fort Worth, Texas, reflects the popularity of fast-casual restaurants, including those like Fuzzy’s Taco Shop that focus on using fresh ingredients.

Dannielle Crowther Robinson, Associate of Retail Services for Colliers International Southwest Florida, brokered the $900,000 transaction between the buyer, Mucho Taco 2, LLC, and the seller, Stilwell Enterprises & Restaurant Group, LLC.

The building, formerly home to Sunshine Cafe, is located at 8700 Gladiolus Drive in Fort Myers.

“The supply and demand for turnkey restaurant opportunities is limited across Southwest Florida,” said Robinson. “This space is a great location for Fuzzy’s Taco Shop because it is freestanding, is surrounded by a dense population, and has minimal competition in the area.”

The outparcel sold for $160.50 per square foot, which is in line with the current trend of $125 to $190 per square foot for restaurant space in Southwest Florida.

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

Juliette Lauer

B2 Communications

727-895-5030, ext. 107

juliette@B2communications.com

Twitter: @ColliersIntl

Multi Housing Advisors Brokers Portfolio Sale in Pearl, MS

Craig Hey

BIRMINGHAM, AL  — Multi Housing Advisors (MHA) has arranged the sale of two apartment communities, Colony Park and The Grande, located in Pearl, Mississippi. 

Jimmy Adams and Craig Hey of MHA’s Birmingham office represented The Park Companies, the seller, in the transaction. Maxus Realty Trust purchased the property.

“Maxus Realty Trust was able to acquire two performing properties in a tightening market with strong upside,” Adams said. “High barriers to entry will continue to propel Colony Park and The Grande’s performance upward and provide opportunity for unit upgrades and increased income.”

The two properties, consisting of 280 units, closed simultaneously. Built in 1999 and 2004, they represent two newer, high quality assets in the City of Pearl.

Maxus Realty Trust has combined the operations of the two properties, renaming the project The Grand at Pearl Apartments. Additional information can be found at www.RentGrandAtPearl.com.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Multi Housing Advisors Brokers Sale of Apartment Community in Birmingham, AL

Monte D'Oro Apartments, Birmingham, AL

 

Jimmy Adams

 BIRMINGHAM, A.L. (Oct. 27, 2015) — Multi Housing Advisors (MHA) has arranged the sale of Monte D’Oro, a 200-unit apartment community located in Birmingham, Alabama.

Jimmy Adams of MHA’s Birmingham office represented the seller, Merion Realty Partners, in the transaction. Hawthorne Residential Partners purchased the property, and plans to make significant renovations and rebrand the property as Hawthorne at Wisteria.

“Hawthorne Residential was able to acquire a performing asset in the highly desirable Hoover market,” Adams said. “High barriers to entry are causing demand to outstrip supply in the area, putting upward pressure on rental rates.”  

Monte D’Oro’s proximity to Interstate 65 and Highway 31 provides access to Birmingham’s three biggest employment nodes and a host of premier retail. The property features very large floorplans, a top tier amenity package, and access to the Hoover public school system.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Multi Housing Advisors Brokers $29.3 Million Sale of Apartment Community in Cary, NC

Marc Robinson

CHARLOTTE, NC — Multi Housing Advisors (MHA) has arranged the $29.3 million sale of The Reserve at Magnolia Ridge, located in Cary, North Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Greystone, in the transaction that was handled off market. 

The property was purchased by the Sterling Group, based in Mishawaka, IN. Sterling is an aggressive owner, operator, and buyer of multifamily assets throughout the Midwest and Southeast.

The Reserve at Magnolia Ridge was built in 1984 and its interiors were recently renovated. The property is comprised of 360 units and conveniently located at the junction of Interstate 40 and Interstate 440 in Cary, N.C.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

Crossman & Co. brings Publix-anchored center Cornerstone at Lake Mary, FL to 100% occupancy

  

 

Tyler Wilkins

ORLANDO, FL – Tyler Wilkins of Crossman & Company, one of the largest retail leasing, management and investment sales firms in the Southeast, recently negotiated a long-term lease at Cornerstone at Lake Mary and brought the 63,924 square foot shopping center to 100 percent occupancy.

Wilkins represented the Orlando-based landlord Cornerstone at Lake Mary, LTD in the transaction. 

Florida Autism Center is the new tenant who leased the 3,324 square foot outparcel building at the center located off of H.E. Thomas Parkway on Rinehart Road in Lake Mary. 

Tallahassee-based Florida Autism Center serves children with a variety of development disabilities and currently has five locations throughout central and north Florida.

Other major tenants at the Publix-anchored shopping center include Leslie’s Pools, Jersey Mikes and Giovanni’s Italian Restaurant & Pizzeria.

Wilkins states, “Considering the strength of the market and the quality of Cornerstone at Lake Mary, it is no surprise that we reached 100% occupancy in such a short period of time.”

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

   

NAI Realvest negotiates investment sale of former Holiday House Restaurant property on N. Woodland Blvd. in DeLand, FL

Kimberly Manson

DeLand, FL --- NAI Realvest, based in Orlando, recently negotiated the sale of the retail / restaurant property formerly known as Holiday House at 1206 N. Woodland Blvd. in DeLand for $460,000.  

The NAI Realvest team of Jeffrey Tanner and Kimberly Manson negotiated the sale and purchase on behalf of the Dallas-based buyer, EYM Realty of Florida LLC.  

The local seller, Willa Louise Cook, Trustee, was represented by Bill Mancinik of Total Realty Corp.   

The property is located at the NW corner of N. Woodland Blvd. (Highway 17-92) and Mandarin Avenue.  The site consists of 53,695 square feet of commercial land and is improved with a 4,730 square foot restaurant building.  Over the next few months, the property shall be converted into a full service Denny’s restaurant.

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

   

NAI Realvest Negotiates Three Office Leases in Orlando, FL Totaling more than 6,100 Square Feet

  

Chris Adams

 ORLANDO, FL – NAI Realvest recently negotiated three lease agreements totaling 6,103 rentable square feet in Orlando.

Tom R. Kelley II, CCIM, principal at NAI Realvest, brokered two lease renewals at 8600 Commodity Circle on behalf of Miami-based South Park, LLC, the Landlord of the 58,000 square foot South Park Business Center.

The South Park tenants are Commercial Technology Services, LLC an IT Services firm who renewed their lease of Unit 120 with 3,123 square feet and Xprex, LLC, a national shipping company that renewed Unit 125 with 1,830 square feet.

In other office leasing, Associate Chris Adams, negotiated a new lease for 1,150 square feet at 1118 S. Orange Ave. representing Landlord WellMed Medical Management, Inc. of San Antonio, Texas. 

   Cranial Technologies, Inc. a Tempe Arizona-based medical firm is the new Tenant in Suite 201 of the 10,000 square foot medical professional building.     

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

   

NAI Realvest Negotiates Sale of Two Office Buildings in Eustis, FL with Adjacent One-Acre Corner Parcel for $596,650

 

Tom R. Kelley II

 ORLANDO, Fla. – NAI Realvest recently negotiated the $596,650 sale price for two 4,000 square foot office buildings at 2100 and 2130 Prevatt St. in Eustis and an adjacent one-acre vacant corner parcel at 2150 Prevatt St. 

Tom R. Kelley, II, CCIM, Principal at NAI Realvest and Associate Chris Adams, negotiated the sale on behalf of the seller Crescent Moon Properties, LLC of East Stroudsburg, Pa. 

The Buyer, Mid-Florida Properties Holdings, LLC of Mount Dora was represented in the transaction by Rick Gonzalez, CCIM of Crosby & Associates.

Several weeks before sale, when Crescent Moon Properties was the landlord, Kelley and Adams brokered a new lease at the property.  Madison, N.J. based Quest Diagnostics Clinical Laboratories, Inc. leased the 2,000 square foot suite B in the 2130 building of the professional office complex. 

The buildings were 25 percent leased at the time of the sale.

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

   

Del Webb Stone Creek Grand Opens 74 new Estate and Classic Home Sites at Sandalwood at Stone Creek in Ocala, FL

Sean Strickler

OCALA, FL --- Del Webb Stone Creek in Ocala recently (10/27) grand opened Sandalwood, the newest phase at Stone Creek, with 74 new Estate and Classic home sites.

Sean Strickler, president of Del Webb’s West Florida Division, said the gated, active-adult community’s new home sites, which include water views and several which include views of the 18-hole championship golf course, will feature home designs priced from $197,990.

Our new classic series homes at Del Webb Stone Creek range in size from 1,671 square feet of living space to 1,968 square feet with two to five bedrooms and two-car garages. Classic Series home buyers can also choose a second floor loft, Strickler said.

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

Winston James Development leases space at Beville Road Business Park in South Daytona , FL to South Florida Wellness Center

Winston Schwartz

South Daytona, FL – Winston-James Development, Inc., reports it recently completed a new lease agreement for 1,575 rentable square feet at Beville Road Business Center on Beville Rd. east of Nova Rd. in South Daytona.

Winston Schwartz, president of Winston-James Development, developers of Beville Road Business Center, said the South Florida Wellness Center leased the space for their first central Florida location. 

South Florida Wellness Center, with three locations in Florida, handles medication addiction treatment and counseling.      

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

Avanath Capital Management Acquires Portfolio Encompassing Four Apartment Building in Brooklyn, NY

 

John R. Williams

BROOKLYN, NY - Avanath Capital Management, LLC  , a private real estate investment manager, has acquired a multifamily portfolio encompassing four rent-stabilized apartment buildings in Brooklyn, New York in an off market transaction. The properties were acquired in joint partnership with Oak Tree Management for a total of $60 million.

The four-asset portfolio was purchased through Avanath Affordable Housing II, LLC, a fund with $200 million of equity commitments. 

"Brooklyn is a market with unbridled investment potential," says John Williams, President and CIO of Avanath Capital Management.  "Based on high growth throughout the region, rising market rents, and strong employment hubs both in Brooklyn and the surrounding boroughs, this acquisition is positioned to deliver strong risk-adjusted returns for our investors."

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

Lexi Astfalk/Jenn Quader

Brower, Miller & Cole

 http://www.browermillercole.com/

(949) 955-7940

lastfalk@BrowerMillerCole.com