WNC Closes $135 Million Institutional LIHTC Fund

Christine Cormier

IRVINE, CA – WNC, a national investor in real estate and community development initiatives, announced it has closed WNC Institutional Tax Credit Fund 44, L.P. (WNC Corp. 44), a $135 million institutional low-income housing tax credit (LIHTC) fund.

WNC Corp. 44 includes 2,098 units of urban, suburban, and rural affordable housing for families and seniors scheduled for new construction and rehabilitation.

The properties are located in 18 states: Alaska, Arkansas, Arizona, California, Connecticut, Iowa, Illinois, Kansas, Louisiana, Minnesota, Mississippi, North Dakota, New Mexico, Rhode Island, Tennessee, Texas, Utah and Wisconsin.

“We are particularly excited about the closing of this fund due to several of its projects containing units built for individuals with special needs,” said WNC Senior Vice President of Investor Relations Christine Cormier.

“Additionally, WNC Corp. 44 will bring the first-ever affordable housing development to Kodiak, Alaska, expanding the program’s reach and delivering much needed, low cost housing options to families in need.

"WNC Corp. 44 also has a very high percentage of repeat development partners at 94 percent, speaking volumes of the fund’s quality of projects and the lasting partnership between WNC and each developer.”

For more information, please contact:

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

www.wncinc.com.

HFF announces $5.4M sale and $3.78M financing of Orlando-area retail center

Michael Weinberg

ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $5.4 million sale and the $3.78 million acquisition financing of the Shoppes of Lake Mary, a 38,495-square-foot shopping center in the Orlando-area community of Lake Mary, Florida.

The HFF team marketed the property on behalf of the seller, Cliff Stein and Reid Berman of Tower Realty Partners, Inc.  Galium Capital purchased the asset free and clear of existing debt.  Additionally, the HFF team worked on behalf of the new owner to place the five-year, floating-rate loan with Florida Community Bank, N. A. 

Shoppes of Lake Mary is home to 16 tenants, including Altamonte Pediatrics, Painting with a Twist, French Quarter Exchange, Dalli’s Pizzeria, Lighthouse Seafood and Lake Mary Dry Cleaners. 

Rebecca Van Reken

Situated on 4.67 acres at 101 North Country Club Road, the shopping center is in Lake Mary, a high-growth area in the northern part of the Orlando MSA, across the street from the new 200-unit Station House multi-housing community. 

Brad Peterson

Additionally, Lake Mary is home to 7.5 million square feet of office space, and 67,798 residents earning an average annual household income of $79,954 live within three miles of the center. 

The HFF investment advisory and debt teams representing the seller included senior managing director Brad Peterson, director Whitaker Leonhardt and associate Michael Brewster. 

The HFF debt placement team representing the borrower consisted of senior managing director Michael Weinberg and managing director Rebecca VanReken.  Andy Johnson, senior vice president at Florida Community Bank, N. A., represented the lender.

“Lake Mary is one of the most desirable submarkets in the Orlando MSA not only for retail but also for apartments and office investments as well,” Leonhardt said.  “Investors were thrilled with the opportunity to reposition Shoppes of Lake Mary given its location in downtown right next to City Hall and adjacent to the SunRail station.”

Whitaker Leonhardt

“We were pleased to source acquisition financing for a quality investor like Galium Capital,” VanReken added.  “The Galium team’s thoughtful approach and attention to detail will serve them well as the new owners of this charming neighborhood center.”

Tower Realty Partners, Inc. (Tower) is a privately held, commercial real estate investment and management company based in Orlando, Florida.  The company is a recognized leader in the value-add office investment community with an established 30-year track record of delivering exceptional risk adjusted returns for investors. 

 Founded in 1987 by principals Cliff Stein and Reid Berman, Tower has been involved for the acquisition, leasing and management of over 20 million square feet of real estate totaling in excess of $1.6 billion in transactions. 

Iser Rabinovitz

 In addition to real estate investments and property management, Tower offers a full spectrum of supplementary services including asset management, development, facilities management, construction management and brokerage services. 

For more information, visit towerrealtypartners.com.

Galium Capital is a real estate investment and development company based in Miami, Florida, with $250 million in assets under management.  Led by Jacques Bessoudo and Iser Rabinovitz, Galium is an active value-add investor in the residential and retail sectors.  Learn more atgaliumcapital.com.

 For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

RECI Finds Many Attractive Funding Choices From Pool of Lenders

John Oharenko

Chicago, IL - Last month's Fed rate hike was a result
of a stable and strong economy characterized by tight labor markets. As
short-term rates climb, long-term rates stay stubbornly low. Today's prime
rate, 4.75%, is often more costly than typical ten-year mortgages. As a
result, borrowers are rewarded with better pricing for securing long debt
instead of riding with floating rates. After adjusting for compressed
mortgage spreads and treasury rate hikes, mortgage rates are about the sameas January of last year. Given these "inverted term" mortgage marketconditions, the following observations are noted:

Volatility: Even as the Fed is expected to raise rates again throughout the year, global events dominate pricing beyond monetary policy control.
March's five and ten-year treasury movements in excess of 15 basis points
prove that less predictable rate behavior is now "normal." Also, the same
two treasury notes are only 18 basis points apart, historically out of
balance. 

Jeanne Peck

Tight spreads: Even as conduit pricing widened over recent weeks (nearly 20
basis points during the past quarter), relentless competition from other
sources and lack of product keep loan spreads from widening too much.
Mortgages still provide attractive pricing as compared to equivalent
corporate bond yields.

Creativity: Above and beyond pricing, lenders now generously offer
interest-only payments as part of the underwriting. Expect to see even more
"freebies" [or at substantially reduced costs] such as appraisals and
third-party fees incorporated into the loan closings. Bridge lending
programs prove to be popular forms of creative financing for value-add
properties with about a hundred funding sources targeting such
opportunities.

Variety: A multitude of lenders target different components of the capital
stack, offering many attractive funding choices. Banks stay on the short
end of the term curve; Life companies and conduits battle for longer-term
debt; Agencies target all types of multifamily opportunities and debt funds
provide higher proceeds. With so many sources, pricing consistency varies
as lenders continuously adjust offerings. Advertised pricing and terms will
often improve - at times dramatically-due to intense competition.

The Real Estate Capital Institute's(r) John Oharenko, recommends, "Loan
underwriting is evolving quickly as lenders juggle with finding winning
funding formulas. Commercial real estate is still a darling sector for
investment managers."


For more information, please contact: Jeanne Peck, Executive Director

director@reci.com 
www.reci.com

Rhodes+Brito Architectural Firm Names Marie F. Sarich Marketing Manager

Marie F. Sarich

ORLANDO, FL--- Rhodes+Brito, Inc., recently named Marie F. Sarich marketing manager at the award winning architectural firm in downtown Orlando.   

Ruffin Rhodes, co-founder, said Sarich is an accomplished creative and marketing professional with more than 20 years of experience at leading national and international companies across a range of industries and markets. 

Sarich has served the marketing design division at Walt Disney Company covering nearly two decades in various roles that more recently involved creative, art direction, graphic design and artistry.

At Rhodes+Brito, Sarich will be responsible for multiple disciplines in the realm of marketing, including art and creative direction, business proposals and presentations, and graphic design.

Ruffin Rhodes

“Marie brings a great deal of strength, focus and vision to our team,” said Rhodes “She is an experienced and knowledgeable marketing and creative expert and we are excited to have her on board.” 

Rhodes+Brito opened for business in downtown Orlando in 1996 and currently employs a staff of 22 including eight registered architects.   

For more information, contact:

Larry Vershel or Beth Payan Larry Vershel Communications Inc. 

407-644-4142 Lvershelco@aol.com