$225 million construction loan arranged by HFF for trophy office project in Seattle’s central business district

Madison Centre, 505 Madison Street, Central Business District, Seattle, WA

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $225 million construction loan for Madison Centre, a 37-story, 753,869-square-foot, trophy office project with ground floor retail space in Seattle’s central business district (CBD).

Jennifer Keller

HFF worked on behalf of Schnitzer West, LLC, a leading West Coast real estate investment and development company, and Cornerstone Real Estate Advisers, one of the largest global real estate investment managers, acting on behalf of an institutional client, to secure the loan through Blackstone Real Estate Debt Strategies.  This is the third construction financing HFF has secured on behalf of Schnitzer for Seattle-area development projects in the last year. 

Madison Centre broke ground in September 2014 at 505 Madison Street at the corner of 5th Avenue and Madison Street in Seattle’s CBD.  The property is adjacent to the Seattle Public Library and the Madison Renaissance Hotel and is within one mile of more than 1,000 retail stores, 13,916 hotel rooms and 250 restaurants.

Pam Hirsch

 Given the property’s proximity to numerous amenities as well as transit options including Interstate 5, the Ferry Terminal and more than 40 inbound, outbound and crosstown bus routes and light rail lines, the property has achieved a walk score of 98, one of the highest scores provided by Walkscore.com. 

Upon completion in 2017, the Class A office development will feature 746,041 square feet of office space, 7,828 square feet of retail space and seven levels of subterranean parking in a modern glass tower emphasizing exceptional amenities and collaborative space.

Geoff Goldstein

Madison Centre was designed to achieve LEED Gold certification and will maximize efficiency and visibility.  This starts with Schnitzer’s signature “Great Room” concept, a communal collaborative workspace with a variety of meeting rooms and “third-workplace” spaces built into the common areas.

 Madison Centre will also feature a state-of-the-art conference and training center with an adjoining catering kitchen for groups of 12 to 120 people; the Madison Rotunda, a  three-story gathering place overlooking the Nakamura Courthouse and the Seattle Public Library; the Madison Boardroom, a board room with an exterior deck; 

Also, the 5th Avenue Study; The Living Wall, a three story “living” wall and work of art designed to improve air quality, reduce noise and ease stress; a fireside lounge; personal concierge service; and a 5,200-square-foot fitness center with showers and locker rooms. 

“Madison Centre is a leading-edge office work and collaboration environment designed to enhance productivity and redefine tenant and employee expectations in the Seattle CBD,” said Pam Hirsch, managing partner, investment and development, at Schnitzer West.

  

The HFF debt placement team was led by Michael Tepedino, Geoff Goldstein, Tom Wilson and Jennifer Keller.

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

Kristen M. Murphy

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

www.cornerstoneadvisers.com.

  www.schnitzerwest.com.

HFF closes sale of Philadelphia, PA self storage property

 

Glenolden Self Storage, 407 South Chester Pike (Route 13), Glenolden, PA

Barbara Guffey

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Glenolden Self Storage, a 383-unit self storage facility located in the Philadelphia suburb of Glenolden, Pennsylvania.  

HFF marketed the property on behalf of the seller, Morris Realty and Investment LLC.  Sovran Self Storage, Inc. (Sovran) purchased the asset free and clear of existing debt in an all-cash transaction.

Glenolden Self Storage, a former lumberyard, was renovated and converted into a self storage facility by the seller in 2008.  The 37,700-rentable-square-foot storage center features a mix of climate controlled and non-climate controlled units along with covered surface parking spaces. 

Richard Schontz

The property is located at 407 South Chester Pike (Route 13), a heavily-trafficked thoroughfare in Glenolden.  Sovran, a publicly traded REIT, will rebrand the facility as Uncle Bob's Self Storage®.

The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.

“The density in the market, along with the solid rental rates, made this deal attractive despite the size of the property being less than 40,000 square feet,” Schontz said. 

“This was a highly-contested deal with several bidders using both private and institutional equity.  In the end, Sovran stepped up to the plate with an attractive offer and terms, as this property fits in well with Sovran’s existing holdings in the region.”

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

Kristen M. Murphy

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

2015 Momentum Positions Wyndham Hotel Group for Continued Growth in Latin America and the Caribbean

Paulo Pena

PARSIPPANY, NJ – Wyndham Hotel Group unveiled outstanding 2015 growth with the opening of 38 hotels and the addition of 5,089 rooms in Latin America and the Caribbean, a 90% increase versus the year before. The company’s system size in the region expanded to more than 18,917 rooms across 157 properties.

“2015 was a record breaking year for Wyndham Hotel Group in Latin America and the Caribbean, we opened more hotel rooms, introduced more new brands and experienced the largest growth in Wyndham Rewards membership than ever before,” said Paulo Pena, president and managing director for Wyndham Hotel Group in Latin America and the Caribbean.

“The strength of our portfolio in the region resonates among our partners, global travelers and sets a solid foundation for our continued growth.”

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-7927

paula.carreiro@wyn.com

HFF secures $12.5 million permanent financing for newly-built mixed-use project in San Diego, CA

Mr. Robinson residential-retail development, Hillcrest Neighborhood, San Diego, CA

 

Aldon Cole

SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $12.5 million in permanent financing for Mr. Robinson, a newly-constructed, 42,923-square-foot, mixed-use residential and retail project in San Diego’s Hillcrest neighborhood.

HFF worked on behalf of the borrower and developer, Jonathan Segal FAIA & Development Company, in arranging the 15-year, 4.52 percent, fixed-rate loan with five years interest only through one of HFF’s correspondent life company lenders, Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.  Additionally, HFF will service the loan.

  

Mr. Robinson was designed and developed by the borrower, renowned San Diego architect and developer Jonathan Segal. 

Completed in 2016, it features 36 luxury apartment units, two ground floor retail units with large outdoor patio spaces, one of which is leased to TRUST Restaurant, and a parking garage.

 The property received certificate of occupancy in 2015.  The residential units, averaging 1,080 square feet each, range from lofts to two- and three-bedroom units to penthouses and feature custom fabricated steel stairs with glass handrails and high-end flooring and finishes. 

Mr. Robinson’s location at the corner of Park Boulevard and Robinson Avenue in Hillcrest provides residents with access to Balboa Park, award-winning restaurants, shopping and a 3,000-square-foot community center.  The property is two blocks north of downtown San Diego and has access to the Cabrillo Freeway via Robinson Avenue.

Jonathan Segal

HFF’s debt placement team representing the borrower was led by senior managing director Aldon Cole.

“We were uniquely able to lock the interest rate and proceeds last year while the property was still under construction, which enabled the borrower to take interest rate risk and market volatility off the table, as well as allowing them to plan for other investment strategies,” Cole said.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $265 million financing for luxury condominium development in Manhattan’s West Village

 

                                                 (Rendering by Herzog & De Meuron Architects)

Rendering of Planned 160 Leroy Street Condominiums,
West Village, Manhattan, NY

Michael Tepedino

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $265 million in financing for the development of 160 Leroy Street, a fully-entitled, 12-story, 49-unit luxury condominium building overlooking the Hudson River in Manhattan’s West Village.

Working on behalf of Ian Schrager Company in conjunction with Ares Management, Weinberg Properties and William Gottlieb Real Estate, HFF placed the construction loan with the Children’s Investment Fund Management (UK) LLP.

Designed by renowned Pritzker Prize-winning architecture firm Herzog & De Meuron, the property will feature a curvaceous glass exterior inspired by Brazilian architect Oscar Niemeyer. 

The 49 one-of-a-kind homes provide spacious floor plans with expansive views of The Freedom Tower, Hudson River, north to the George Washington Bridge and city views east. 

The property will have an arched entry with private landscaped courtyard and garden, designed by Madison Cox, which leads into the lobby designed with curving, specially-imported glass walls and fluted mahogany panels.  Off the lobby will be a private 70-foot swimming pool and whirlpool spa with floor-to-ceiling glass.

 Other amenities include a recreation lounge with state-of-the-art kitchen for private events; kid’s clubhouse ideal for birthday parties; and gourmet take-out and delivery restaurant.  The project’s below-grade space will feature a state-of-the art fitness center with yoga room; sauna; steam room with changing rooms; and private massage room.

Eric Anton

The amenity-rich units include wide-plank Larch wood floors imported from Scandinavia; 11- to 13-foot ceilings; floor-to-ceiling operable, triple-glazed and insulated windows sound rated to 40 decibels for 100-percent exterior noise reduction; custom designed bathrooms; blackened steel, double-sided, wood-burning fireplaces with floating hearths; and kitchens designed using Bulthaup’s state-of-the-art products. 

The social kitchen blends into the living area and is complemented by a chef’s kitchen outfitted for everyday use with features including a Miele-integrated coffee/espresso machine, steam oven and wine refrigerator. 

Due for completion in 2017, the property will span the entire block of West Street between Leroy and Clarkson Streets in the West Village.

  

HFF’s debt placement team was led by Michael Tepedino, Eric Anton, Christopher Peck and Geoff Goldstein.

“Just as Ian Schrager redefined Bond Street, he is now transforming the West Village waterfront with this latest venture.  The irreplaceable location will soon be home to an iconic project with detail and finish that will bring luxury living to a new level,” Anton said.

“It was a privilege to work alongside this partnership in procuring a capital solution best suited to bring this project to life,” Peck added.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing totaling $98.403 million for 11-property New Jersey and New York multi-housing portfolio

Thomas Didio

FLORHAM PARK, NJ -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing totaling $98.403 million for an 11-property multi-housing portfolio totaling 1,300 units located in various New Jersey and New York locations.

HFF worked exclusively on behalf of Tower Management Service, L.P. to place 11 separate 10-year, interest only, fixed-rate loans with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

  The securitized loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to refinance existing Freddie Mac debt.

The garden-style properties are 95 percent occupied overall.  The New Jersey properties encompass five communities totaling 354 units in Bergen County, two communities totaling 231 units in Union County, one 176-unit community in Mercer County and one 317-unit community in Middlesex County.  The two New York properties are located in Orange County and total 222 units. 

The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio.

“The borrower has a terrific management organization and Freddie Mac was happy to provide the financing to such a strong owner,” Didio stated.  “In addition, the HFF Freddie Mac underwriting team did a great job underwriting and closing these loans allowing for a smooth process overall.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.towermgt.com.

HFF secures $130 million permanent financing for iconic mixed-use tower in downtown Portland, OR

  

     Park Avenue West, Downtown Portland, OR                              (Photo by TVA Architects)                                

   PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $130 million in permanent financing for Park Avenue West, an iconic, 30-story, 391,795-square-foot, mixed-use tower in downtown Portland, Oregon.

HFF worked with TMT Development (TMT) on behalf of the borrower to secure the 20-year, fixed-rate, non-recourse loan through MetLife.  Loan proceeds will be used to pay off the existing construction loan.

Casey Davidson

Situated along Southwest Park Avenue between Southwest Yamhill and Morrison Streets, the building is one block west of Pioneer Square and directly across from Nordstrom in the heart of Portland’s central business district.

 The LEED Platinum certified tower is situated above a six-story subgrade parking garage and encompasses 24,233 square feet of first- and second-floor retail; 202 residential units totaling 173,648 square feet on the third through 17th floors; and 193,914 square feet of Class A office space on the 18th through 30th floors. 

The office component is 92 percent leased to tenants, including Portland’s oldest and largest law firm, Stoel Rives; Washington Trust Bank; Morgan Stanley; and Charles Schwab.

 The residential component has a mix of studio, one- and two-bedroom floor plans averaging 860 square feet each with amenities, including a private lobby with controlled access; lounges with indoor and outdoor gathering spaces; outdoor terrace with fireplace and grilling stations overlooking Director Park; electric car charging station; fitness center; and 360-degree views from nearly every floor.

The HFF debt placement team representing the borrower was led by managing director Casey Davidson.

“Park Avenue West is Portland’s most prominent mixed-use tower, and the project will most certainly stand the test of time,” Davidson said.  “TMT and MetLife performed flawlessly throughout this transaction, and it was an honor to be involved with the project.”

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.tmtdevelopment.com.

Waterton Assumes Management of The Aloft Beachwood in Suburban Cleveland, OH

  

Mark Zettl

CHICAGO, IL  – Waterton, a U.S. real estate investor and operator, announced it has been appointed manager of The Aloft Beachwood, a 135-key hotel in Beachwood, Ohio – approximately 12 miles east of downtown Cleveland. The management agreement is the first between Waterton and the hotel’s owner, Boutique Hotel LP, which built the property in 2013.

“We look forward to leveraging our experience with the Aloft brand as we enter into this new partnership with Boutique Hotel LP,” said Mark Zettl, chief operating officer at Waterton.

“Aloft Beachwood’s contemporary flair, reflected in its colorful interiors and vibrant social atmosphere, make it a unique offering in Cleveland’s suburban hotel market. By making strategic improvements to the property, we’re confident we can maintain its position as the go-to destination for in-the-know travelers who want their hotel to be more than just a place to sleep.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.spg.com.

www.waterton.com.

www.aloftbeachwood.com.

New Model Opens at Brighton Mews in Park Ridge, IL

Jerry S. James

CHICAGO, IL — Glenview, Ill.-based homebuilder Edward R. James Companies announced it has opened a model home at Brighton Mews, a 29-unit townhome community in the heart of downtown Park Ridge. Located at 305 S. Northwest Highway, the Andover model is among four floor plans available.

“Brighton Mews delivers a high-quality lifestyle rooted in convenience, not only because it’s a maintenance-free community, but it’s also within walking distance to a variety of shops, restaurants and public transportation,” said Jerry S. James, president of Edward R. James Companies.

 “It’s ideal for buyers looking to maintain an urban lifestyle while enjoying the small-town charm, quality schools and advantageous pricing of an in-demand suburban location.”

In addition to its proximity to the Metra station, historic Pickwick Theater, and Shoppes of Uptown, Brighton Mews is also located directly behind Whole Foods. “According to Zillow, being this close to a Whole Foods has a tremendous positive impact on home values,” said James. “This is a major consideration for buyers who are seeking favorable resale value down the road.”

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.erjames.com

www.erjames.com/brighton-mews-of-park-ridge

The Summit at Fritz Farm Announces Cos Bar Luxury cosmetics retailer opens first-ever Kentucky location

Lily Garfield

BIRMINGHAM, AL — Bayer Properties announced Cos Bar, the first independent luxury cosmetics retailer in the U.S., has selected The Summit at Fritz Farm as its premier Southeastern location.

Cos Bar currently operates specialty boutiques in affluent markets such as Aspen, Vail, Scottsdale, and New York City. The Summit at Fritz Farm is a $156 million mixed-use experiential development opening in Lexington, Kentucky in March 2017.

“Attracting unique retailers such as Cos Bar to The Summit at Fritz Farm furthers our vision to create an unparalleled experience in Lexington,” said Jeffrey Bayer, president and CEO of Bayer Properties. “Our desire is for The Summit at Fritz Farm to complement the sophistication and charm of Lexington and become a one-of-a-kind gathering place for visitors and residents.”

Cos Bar offers a top tier assortment of global cosmetic and skincare brands traditionally only sold at luxury department stores, such as Tom Ford, La Prairie, By Terry, By Kilian and La Mer, to name a few.  

 “Lexington is an underserved market for better retail, and the affluent leisure traveler and residents seek a world-class experience when shopping,” said Lily Garfield, founder of Cos Bar. “The Summit at Fritz Farm will take shopping in Lexington to the next level, fitting perfectly with our brand model to cater to those looking for best-in-class products and services in the luxury cosmetics and skincare market.”

The Summit at Fritz Farm, a modern, walkable developmentwill combine national retail brands, local chef-driven concepts, the first food-hall concept in the region, Class A office space, luxury apartments and a fashion inspired boutique hotel.

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

Kristin Jones • The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

M: 630-363-5747  

@kayjay818

www.thewilbertgroup.com

www.bayerproperties.com.

www.cosbar.com.

BKM Capital Partners Announces Final Closing of Debut Institutional Fund with $105 Million in Equity Commitments and $300 Million in Buying Power

Brian Malliet

            ORANGE COUNTY, CA – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant industrial investments, has announced the final close of its debut institutional fund, BKM Industrial Value Fund I, L.P., with $105 million in equity commitments and $300 million in buying power.

The fund’s commitments come from both institutional investors as well as a small pool of high net worth investors.

            “We took an approach that is different than other first time funds,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners and Nima Taghavi, Executive Chairman of BKM Capital Partners.  “Rather than immediately pursuing institutional capital after launching our business, we invested our own capital to build out a real organization.”

            According to Malliet, BKM recruited and hired a highly experienced management team with a proven track record in operating in an institutional grade real estate investment fund business.  The firm also raised a friends and family round in order to acquire close to $100 million in seed assets

            “Through this strategy, we were able to demonstrate to our larger institutional investors that we can successfully acquire and generate value with our focused niche, and that it can be scaled,” Malliet says. 

Nima Taghavi

To date, BKM has acquired more than $150 million in assets for the fund (this includes four assets currently in escrow) throughout Las Vegas, Phoenix and Portland. 

The BKM Industrial Value Fund I, L.P. has $300 million of buying power that will be targeted for multi-tenant industrial properties throughout the Western U.S., with a focus on markets such as Washington, Oregon and California.

The vehicle is targeting assets that have significant value creation opportunity over the five year fund term. BKM has a deep pipeline of potential opportunities and is focused on efficiently investing the commitments.  After acquiring these properties, BKM plans to renovate, reposition, and re-tenant each property as needed in order to drive the maximum value for every asset.

“This value-add strategy, coupled with our ability to execute, was a major driver of investor interest during the fundraise period,” says Malliet.  “In addition, potential investors found value in the strength of our deeply tenured advisory board.”

Through long-standing business relationships, BKM’s founders attracted a deeply accomplished group to join the firm’s board of advisors, including former Morgan Stanley CEO John Mack; Jeff Gehl, Managing Director of RCP Advisors; Paul Dolinoy, former Head of Equitable Real Estate National Marketing and Sales Pension Operation; as well as Nima Taghavi, Executive Chairman of the Board and Co-Founder of BKM Capital Partners.

According to Taghavi, “I felt very strongly that one of the components of successfully building our platform and executing on our long term vision and strategy would be to attract the caliber of professionals we have been able to attract to join our advisory board. They are active and involved members and have offered and will continue to offer us invaluable advice.”

BKM Capital Partners is well positioned to provide returns for investors over the long term, according to Malliet, who notes that closing a first-time fund is a noteworthy accomplishment in the current market climate.

“We would like to express our sincere appreciation to all of our investors who made our debut fund possible,” Malliet says.  “When we started our company, only seven percent of all the real estate capital raised went to first time fund managers. The difference for us has been the strong relationships we have forged in the institutional investment sector, as well as BKM’s ability to provide investors with what they value most - proven results.” 

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

Lexi Astfalk / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

LAstfalk@browermillercole.com

www.bkmcapitalpartners.com.

  

U.S. Residential Loan Originations Decrease 14 Percent in Fourth Quarter Driven by 24 Percent Drop in Purchase Loans, According to RealtyTrac

Daren Blomquist

IRVINE, Calif. –— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q4 2015 U.S. Residential Property Loan Origination Report, which shows 1.6 million (1,552,329) loans were originated on residential properties (1 to 4 units) in the fourth quarter of 2015, a 14 percent decrease from the previous quarter but still up 1 percent from a year ago.

The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by RealtyTrac in more than 950 counties accounting for more than 80 percent of the U.S. population.

“The 24 percent drop in purchase originations in the fourth quarter of 2015 was well above the average 15 percent seasonal slump in the fourth quarter over the past 10 years,” said Daren Blomquist, vice president at RealtyTrac.

“New mortgage rules implemented at the beginning of October likely contributed to the decrease, but weakness in some local economies could also be contributing to the decrease, most notably in oil producing markets such as Houston and Oklahoma City, both of which saw purchase originations decrease by double-digit percentages both quarterly and annually.”

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

jennifer.vonpohlmann@realtytrac.com

RealtyTrac Reports January 2016 Home Foreclosure Findings 11 Percent Below January 2015

IRVINE, CA – RealtyTrac reports there were 95,186 U.S. properties with foreclosure filings in January, down 8 percent from the previous month and down 11 percent from a year ago to the lowest level since July 2006, a nearly 10-year low.

·         Lenders completed foreclosure (REO) on 29,275 U.S. properties in January, down 26 percent from the previous month but still up 32 percent from a year ago – the 11th consecutive month with a year-over-year increase in REOs.

·         Lenders started the foreclosure process for the first time on 41,471 U.S. properties in January, down 1 percent from the previous month and down 18 percent from a year ago – the seventh consecutive month with a year-over-year decrease in foreclosure starts. Foreclosure starts continue to run at pre-recession levels.

State highlights

·         States with the highest foreclosure rates in January were New Jersey, Nevada, Maryland, Florida and Delaware.

·         22 states (and the District of Columbia) posted year-over-year increases in foreclosure activity in January, including Oklahoma (up 74 percent), Massachusetts (up 40 percent), New Jersey (up 39 percent), Alabama (up 35 percent), and Pennsylvania (up 17 percent).

·         34 states (and the District of Columbia) posted year-over-year increases in REOs in January, including New York (up 263 percent), Texas (up 198 percent), New Jersey (up 132 percent), Georgia (up 76 percent), and Maryland (up 72 percent).

·         12 states (and the District of Columbia) posted year-over-year increases in foreclosure starts in January, including Oklahoma (up 289 percent), Massachusetts (up 49 percent), New Jersey (up 18 percent), Pennsylvania (up 8 percent), and Indiana (up 7 percent).

Metro highlights

·         Metro areas with the highest foreclosure rates in January were Atlantic City, New Jersey, Trenton, New Jersey, Fayetteville, North Carolina, Tampa, Florida, and Las Vegas.

·         17 of the nation’s 50 most-populous metro areas posted a year-over-year increase in foreclosure activity in January, including Oklahoma City (up 143 percent), Buffalo, New York (up 103 percent), Louisville, Kentucky (up 89 percent), Birmingham, Alabama (up 47 percent), Pittsburgh, Pennsylvania (up 31 percent), Richmond, Virginia (up 25 percent), Boston (up 24 percent), New York (up 20 percent), Philadelphia (up 18 percent), and Portland, Oregon (up 18 percent).

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

jennifer.vonpohlmann@realtytrac.com