HFF closes sale of and arranges financing for 196-unit apartment and townhome community in Yardley, PA

Jose Cruz

PHILADELPHIA, PA – HFF announced today that it has closed the sale of and arranged acquisition financing for Yardley Crossing, a 196-unit multi-housing community situated along the Delaware River in Yardley, Pennsylvania.

HFF marketed the property exclusively on behalf of the seller, Fairfield Belmondo LLC.  Relative Properties, a new venture led by principles Devin Aronstam and Paul Aschkenasy, purchased the asset.  HFF also worked exclusively on behalf of the buyer to secure Fannie Mae financing for the property.

Yardley Crossing is located at 1800 Kathy Drive in Yardley along the Pennsylvania/New Jersey border, offering views of the Delaware River.  

Situated on 23.68 acres, the transit-oriented property is approximately 35 minutes from Center City Philadelphia and 55 minutes from New York City.

Mark Thomson

 The asset is predominantly comprised of two- and three-bedroom townhome-style units averaging more than 1,200 square feet, and also includes 12 one-bedroom flats that are 775 square feet.  Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room.

The HFF investment sales team representing the seller was led by senior managing directors Zac Pierce, Mark Thomson and Jose Cruz.

HFF’s debt placement team was led by managing directors Ryan Ade and James Conley. 

According to Pierce, “Yardley Crossing generated a significant amount of investor demand due to the property’s convenient location proximate to several major cities, and its upside potential.  All parties involved executed flawlessly and epitomized professionalism throughout the course of the transaction.”

Zac Pierce

“The HFF team has a track record of roughly $500 million in transactions with Devin Aronstam, and we are excited to have been involved in the first acquisition of the new Relative Properties venture,” Thomson said.  “We look forward to the opportunity to work with their team again in the future as they expand their market share in the region.”

Fairfield Residential (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States.  

Fairfield consistently ranks among the leading multi-housing developers, builders, redevelopers, managers and owners in the United States and is active in over 40 geographically diverse markets. 

Fairfield employs approximately 1,600 people in offices strategically located throughout the country.

  

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.fairfieldresidential.com.

George Smith Partners Secures $172.3 Million in Bridge Financing for 36-Property National Portfolio

J.Jay Brooks

LOS ANGELES, CA (Nov. 3, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $172.3 million bridge loan for a portfolio of 36 properties located in 17 states nationwide, according to George Smith Partners’ Senior Vice President J. Jay Brooks.

            “This portfolio had been mired in complex litigation for many years as a result of a loan maturity default that took place during the recent recession,” explained Brooks.

“George Smith Partners was intimately involved in the finance process for this portfolio from beginning to end.

“ By keeping our client in front of the best capital providers during a volatile time, the client was able to negotiate the terms of the bankruptcy exit and ultimately secure the bridge financing needed to maintain their ownership of this portfolio.”

            The portfolio includes regional malls, office buildings, industrial properties and mobile home parks located in both secondary and tertiary markets from Louisiana to Alaska.

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Marcus & Millichap Lists Four-Story Office Building for Sale at $19.5 Million in Queens, New York City

48-02 25th Avenue, Astoria Neighborhood
Queens, New York City

NEW YORK, Nov. 3, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has retained the exclusive listing to market for sale 48-02 25th Ave., a four-story, 95,000-square-foot office building in the Astoria neighborhood of Queens in New York City.

The listing price is $19,500,000.

Mark Gjonbalaj and Andrew Watson, both in Marcus & Millichap’s Manhattan office, are representing the seller, a Queens-based owner/investor.

Mark Gjonbalaj

“The building offers an excellent opportunity to capture rent growth in the near future from surging demand for office space in the Astoria/Long Island City office marketplace,” says Gjonbalaj.

“The property’s high-tech industry tenants are part of a growing trend of tech companies that need proximity to Manhattan without paying Manhattan’s premium rents.”

“Long Island City and Astoria are enjoying a residential redevelopment renaissance, yet there are very few new or competitive commercial developments in the area,” adds Watson.

Constructed in 2009, the building is located at 48-02 25th Ave. in New York, right off the Brooklyn-Queens Expressway (Interstate 278) with immediate access to the Grand Central Parkway and full-block exposure on 25th Avenue between 47th Street and 48th Street.

The location provides easy access to LaGuardia Airport, the Robert F. Kennedy Bridge and major roadways leading to other points in Queens, Manhattan, Brooklyn and the Bronx.

Andrew Watson

         The building is situated on a 34,055-square-foot lot. The ground floor level is approximately 27,000 square feet, the second floor is an approximately 34,000-square-foot parking level with 136 surface spaces, and the third and fourth floor levels are approximately 17,000 square feet each.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Thomas D. Wood and Company’s Boca Raton Office Secures $8,215,000 in Commercial Mortgage Transactions

Patrick Madore

Boca Raton, FL – Nov. 3, 2014 – The Boca Raton Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,215,000 in commercial mortgage transactions for properties throughout the states of Missouri, Illinois, Louisiana, and Florida. 

  Interest rates continue to stay as low as 4.0%, contributing to the increase in successful closings.

Senior Vice President Patrick Madore, accepted the challenge in securing financing in the amount of $660,000 for the Popeye’s Restaurant in Raytown, Missouri.  The borrower was purchasing a sale lease-back property through a 1031 exchange and needed financing. 

Madore secured financing through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company, providing the borrower with a competitive fixed rate, and closed the loan on the date specified for the 1031 exchange.

Madore secured financing for the CVS Pharmacy in the amount of $2,850,000 through Symetra Life Insurance Company.  The permanent non-recourse loan has a term of 20 years, based on a 25-year amortization.  The 13,824 square-foot single-tenant retail building is located in Baton Rouge, Louisiana.

Madore obtained financing for the Checkers Drive-In Restaurant and Billboard in the amount of $715,000 through Symetra Life Insurance Company.  

The borrower was purchasing the property through a 1031 exchange.  Madore secured a permanent non-recourse loan with a term of 15 years, based on a 25-year amortization.  The restaurant is located in Maywood, Illinois.

  

Madore secured financing for Canterbury Place Apartments in the amount of $2,250,000 through Thomas D. Wood and Company’s correspondent relationship with Ameritas Investment Partners.  Madore obtained long-term financing for the borrower with a very favorable interest rate.  The permanent fixed-rate loan has a term of 15 years, based on a 20-year amortization.  The 80-unit multi-family property is located in Vero Beach, Florida.

Madore obtained financing for Chesnutt Plaza in the amount of $1,740,000 through Thomas D. Wood and Company’s relationship with a national bank. 

  The permanent fixed-rate loan has a term of 10 years, based on a 20-year amortization and a loan-to-value of 80%.  The 15,000 square-foot mixed-use medical office and retail building is located in Vero Beach, Florida.

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

Jessica Kinnee

Director of Marketing & Public Relations           

Thomas D. Wood & Co.           

 (407) 374-0251              

jessica@tdwood.com

    

CBRE Brings New Tenants to The Plaza in Boca Raton, FL

Michael Erickson

BOCA RATON, FL,  Nov. 3, 2014 -- CBRE has signed Imperial Finance & Trading, LLC, a subsidiary of specialty finance company Imperial Holdings, Inc. (NYSE: IFT),  to an 11,000 square foot lease at MetLife’s The Plaza in Boca Raton. The firm moved into their new office space this month.

Antony Mitchell, CEO of Imperial, commented, “We are thrilled to move to our new Boca Raton location at The Plaza. This new space satisfies our operating needs while meaningfully lowering our annualized rental costs.”

Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife. Imperial was represented by co-brokers Ryan Nunes, Scott Allen and Shay Pope of CBRE’s South Florida Occupier Services Group.

 Other recent leases included Weingarten Realty Investors (NYSE: WRI) 5,000 square foot lease for the company’s South Florida regional office.

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

Michael Erickson, CBRE, (561) 393-1616 michael.erickson@cbre.com

Fred Pieretti, MetLife, (212) 578-2631 fpieretti@metlife.com

David Sasso, Imperial  561.995.4300 IR@imperial.com

www.imperial.com.

JLL Named Exclusive Leasing Agent for New Industrial Park in South Metro Atlanta

Rendering of Lambert Farms Logistics Park, Henry County, GA

ATLANTA  - JLL’s Atlanta office announced it was named exclusive leasing agent for Lambert Farms Logistics Park, a Class A, 447-acre industrial park being developed by MetLife Inc. and Panattoni Development Company, Inc. in Henry County, Georgia, approximately 25 miles south of downtown Atlanta.

Wit Truitt

Executive Vice President Wit Truitt, Senior Vice President Chris Tomasulo, Vice President Rodney Davidson and Associate Reed Davis will lead the JLL leasing team.

“The Lambert Farms Logistics Park is perfectly poised to thrive for years to come,” Truitt said. “Large blocks of Class A industrial space already are in short supply in metro Atlanta, and as the economy improves and distribution activity picks up, the demand for these kinds of properties will only rise.

“This assignment represents a tremendous opportunity for our team.”

Panattoni just broke ground on the master-planned industrial park’s first phase, which will consist of a 750,000-square-foot spec distribution center on 183 acres.

Chris Tomasulo

The state-of-the-art building will feature 36-foot clear heights, abundant parking for tractor-trailers and cars to accommodate both e-commerce and traditional bulk tenants, and will be built to LEED standards. The building is slated to be delivered by July 2015.

Site plans allow the spec building to expand to up to nearly 1.5 million square feet. Overall, Lambert Farms Logistics Park will be able to accommodate up to seven million square feet of total distribution space and individual buildings up to two million square feet in size.

The industrial park sits on the east side of the intersection of I-75 and SR 155.

Rodney Davidson

“Panattoni has been an active developer in the Southeast with nine projects under construction totalling more than 5.8 million square feet,” said Dayne Pryor, Partner at Panattoni. “Nationwide, Panattoni is currently under construction on 39 projects totalling more than 16.5 million square feet.”

“We are excited to have JLL as the exclusive leasing agent for Lambert Farms,” said Whitfield Hamilton, Partner at Panattoni. “We have a long, successful history with JLL, including currently pursuing about four million square feet of build-to-suit opportunities in Nashville, Miami, Memphis and Greenville, South Carolina.”

For more news, videos and research resources on JLL, please visit JLL’s U.S. Media Center web page.

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

Stephen Ursery       

Phone: +1-404-549-7150

Email:  sursery@thewilbertgroup.com

         

www.jll.com.

HFF arranges $80 million financing for development of luxury residential tower in Midtown Miami, FL

                                   

Jennifer L. Keller 

NEW YORK, NY – HFF announced it has arranged $80 million in financing for the development of Midtown 5, a 24-story, 400-unit luxury residential tower in Midtown Miami. 

HFF worked on behalf of the borrower, a joint venture between an institutional investor, Magellan Development Group and Midtown Development, to secure the construction financing through TD Bank and Mercantil Commercebank.  

Midtown 5 will be situated at 3301 NE 1st Avenue, approximately four miles west of Miami Beach and surrounded by the highly sought-after neighborhoods of Wynwood, Edgewater and the Design District. 

Designed by Chicago-based Loewenberg Architects, the LEED Silver project is slated for completion in the fall of 2016.

 In addition to the 365,000 square feet of residential space, Midtown 5 will also include 21,500 square feet of ground floor retail, 2,600 square feet of office space and a 450-space parking garage. 

Mike Tepedino

Residential units will offer one-, two- and three-bedroom floor plans averaging 1,058 square feet.  

The 51,000 square feet of community amenities will include a 24-hour door person, several outdoor lounges with grilling stations, swimming pool and cabanas, spa, state-of-the-art fitness center with steam room and sauna, game room, dog run, bike room, extensive business center and interior gallery.

The HFF debt placement team was led by senior managing director Mike Tepedino, managing director Elliott Throne, director Jennifer Keller and associate director Scott Wadler.

“The project is being developed, leased and managed by Chicago-based Magellan Development Group, a firm that has developed 4,950 residential units including the Lakeshore East community, a 28-acre master planned development in downtown Chicago,” said Tepedino.

Since its inception in 1996, Magellan has evolved as one of the most prolific and highly respected developers of large-scale mixed-use properties in Chicago.

Elliott Throne

  Magellan’s expertise spans the interrelated fields of real estate design, development, development consultation, architecture, leasing, sales and marketing.  This strong combination enables Magellan to manage the entire development process from conception to completion.

Magellan’s principal project, the award-winning, 28-acre Lakeshore East, is halfway completed and already home to thousands. 

 When completed, the ‘village in the heart of the city’ will include 4,950 residences, 2.5 million square feet of gross commercial space, 1,500 hotel rooms and a planned elementary school surrounding a magnificent six-acre botanical park.

 For more information please visit magellandevelopment.com or email jtaylor@magellandevelopment.com.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

$12 million permanent financing for 285-unit apartment community in Orange Park, FL arranged by HFF

Zach Koucos

SAN DIEGO, CA – HFF announced it has arranged $12 million in permanent financing for Bluff House, a 285-unit apartment community in Orange Park, Florida.

                Working exclusively on behalf of Pacifica Companies, HFF placed the five-year, fixed-rate loan with BankUnited.  Loan proceeds will refinance existing debt on the property.

                Bluff House is situated on 18.32 acres at 2020 Wells Road in Orange Park along the St. Johns River, approximately 18 miles southwest of downtown Jacksonville. 

In addition to the 285 one-, two- and three-bedroom homes included in this transaction, the property also encompasses seven privately-owned condo units.

 Community amenities include two swimming pools, a fitness center and picnic area.  Renovated in 2012, the property has a historical occupancy of approximately 90 percent.

                The HFF team representing the borrower was led by directors Zach Koucos and Michael Weinberg and analyst Akhil Israni.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges joint venture equity for View at Waterfront in Washington, DC

                 

Sue Carras

 WASHINGTON, D.C. – HFF announced it has brokered  a  relationship for the purchase and development of the View at Waterfront, a two-tower, 256-unit apartment complex with two future development sites in Washington, D.C.

HFF worked on behalf of Mill Creek Residential to procure John Hancock as their development partner in the transaction. 

Designed by I.M. Pei in 1960 and fully renovated in 2008, the property is 93.6 percent leased with existing units averaging 688 square feet each.

 The existing building amenities include a swimming pool, outdoor fire pits and grill areas, Bark Park and fitness center. 

Planned development includes two new apartment buildings with approximately 250 additional units and new amenities, including a rooftop terrace with wet bar and grilling space, state-of-the-art fitness center with yoga studio, business center and 8,900 square feet of retail space. 

Walter Coker

The property is located at 6th Street SW and M Street SW in Washington, D.C.’s Southwest submarket.

The HFF equity placement team was led by Walter Coker, Brian Crivella, Sue Carras and Dave Nachison.

”This project represents a great team effort by Mill Creek and John Hancock to provide a complicated capital solution to a very large complex transaction.  We were pleased to be involved in the process,” said Coker.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of and arranges financing for Modera Pembroke Pines in South Florida

Manny de Zarraga

MIAMI, FL – HFF announced it has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multi-housing community totaling 700 units in Pembroke Pines, Florida. 

HFF marketed the property on behalf of the seller, a joint venture between affiliates of Mill Creek Residential and Clarion Partners.  AVR Realty Company purchased Phase I for $95.5 million. 

AVR separately engaged HFF to arrange the acquisition loan through New York Life Real Estate Investors.

In addition, HFF also arranged binding agreements with AVR for the sale and financing of Phase II of the property with closing slated upon completion of construction in 2015.

 New York Life Real Estate Investors will also provide acquisition financing for Phase II of the project. 

Matthew Lawton

                Modera Pembroke Pines is located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the Broward County suburb of Pembroke Pines.

 Situated on 27.2 acres, the project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community.

 Phase I of the project was completed in early 2014 and includes 422 units, which are 95 percent leased.  Due for completion in second quarter 2015, Phase II of the project will include 278 units.

 Both phases of the property include a mix of one-, two- and three-bedroom units in both flat and townhome configurations. 

Community amenities will include two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and available private garages and storage units. 

Jaret Turkell

                The HFF investment sales team representing the seller was led by executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif.  

                HFF’s debt placement team was led by managing director Elliott Throne.

De Zarraga said, “Modera Pembroke Pines represents one of the premier residential communities in South Florida with state-of-the-art design features and a highly central location serving the intense employment nodes of northern Miami-Dade and Southwest Broward Counties, coupled with the desirable Pembroke Pines community retail, school and community amenities.  

"Modera Pembroke Pines is another signature development of Mill Creek, one of the country’s top developers of multi-housing communities."

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.clarionpartners.com.

HFF secures $24 million financing for multi-housing development in suburban Minneapolis, MN

Josh Simon

DENVER, CO – HFF announced it has secured $24 million in financing for the development of Gabella at Parkside, a 196-unit, Class A multi-housing community in the Minneapolis suburb of Apple Valley.

                Working exclusively on behalf of the borrower, an affiliate of IMH Financial Corporation, and developer, Titan Investments, HFF placed the three-year construction loan with a national bank.

                Due for completion in February 2016, Gabella at Parkside will include a mixture of 196 one-, two- and three-bedroom units totaling 205,544 rentable square feet.

 Situated on a 5.2-acre site, the property will be the first of a five-phase residential component located within Central Village, a 60-acre master planned development encompassing hotel, retail, office and multi-housing in downtown Apple Valley. 

The transit-oriented property will be within walking distance of the Apple Valley Transit Station along the Minneapolis-St. Paul Metro Red Line. 

Brock Yaffe

Community amenities will include a resort-style swimming pool, hot tub, sun deck, grilling area, indoor/outdoor gaming area, state-of-the-art fitness center, yoga studio, theater room, lounge and internet café.

                The HFF team representing the borrower was led by director Josh Simon, associate director Brock Yaffe and analyst Matt Gangaware.

IMH Financial Corporation (“IMH”) is a real estate company based in Scottsdale, Arizona, with extensive experience in various facets of commercial real estate.  

Titan Investments is a privately-owned real estate firm that specializes in creating value through the development and ownership of high-quality multifamily, student housing, assisted living and mixed-use properties on a national basis. 

  Since its inception, Titan has developed thirteen projects with a market value of approximately $250 million.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Post Properties Announces Third Quarter 2014 Earnings and Development of Second Phase of Post Parkside™ at Wade in Raleigh, NC

Dave Stockert

ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $132.8 million, or $2.44 per diluted share, for the third quarter of 2014, compared to $18.1 million, or $0.33 per diluted share, for the third quarter of 2013.

Net income available to common shareholders for the nine months ended September 30, 2014, was $192.9 million, or $3.54 per diluted share, compared to $64.0 million, or $1.17 per diluted share, for the nine months ended September 30, 2013.

“The third quarter was a productive and successful one,” said Dave Stockert, the Company’s CEO and President. 

 “Highlights included another double-digit increase in per share adjusted core funds from operations and a highly profitable sale of assets, providing the Company with substantial low-cost capital to fund future investments.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

FrontDoor Communities Opens Sales at Two Metro Atlanta Communities

Terry Russell

ATLANTA, GA – FrontDoor Communities announced that sales have begun at both The Enclave at Nash Springs and CopperLeaf, two housing communities located in metro Atlanta. 

The homebuilder is continuing its penetration of the Atlanta market with four communities currently under development in the area.

The Enclave at Nash Springs delivers 45 homes on nearly half-acre lots to Gwinnett County, an area starved for finished homes. Located in the top-rated Brookwood High School district, the community consists of 3,000- to- 4,000-square-foot homes featuring quality timeless architecture, porches and basements.

CopperLeaf is located in West Cobb County, another highly desirable area of Atlanta, placing it in the Kennesaw Mountain High School district. CopperLeaf boasts 24 homes from 2,800 to 4,000 square feet, featuring spacious lots, three-car garages and basements.

Copperleaf home, West Cobb County, GA

“As we continue to position FrontDoor Communities as a leader in the Atlanta market, we have sought out the best locations for new homes,” said Terry Russell, CEO of FrontDoor Communities.

 “We’ve seen a great deal of interest from potential homebuyers because our communities incorporate quality design, have superior amenities and foster an active lifestyle.”

Homes at The Enclave at Nash Springs range from the low $400,000s to the low $500,000s. At CopperLeaf, homes also start in the low $400,000s.

For more information on FrontDoor and its communities, visit www.frontdoorcommunities.com.

  

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

M.C. Rhodes •The Wilbert Group

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

O: 404-343-0274  • M: 678-983-5867

www.thewilbertgroup.com

IPA Arranges Sale of 240-Unit Apartment Complex in Emerging Phoenix, AZ Submarket

  

Level at Sixteenth Apartments, 1550 East Campbell Avenue, Phoenix, AZ

 PHOENIX, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Level at Sixteenth, a 240-unit apartment complex located on more than four acres at 1550 East Campbell Ave. in Phoenix. The terms of sale were not released.

Steve Gebing

            The seller, Cornerstone Real Estate Advisers, on behalf of a Cornerstone-managed fund, was advised by IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David.

“Level at Sixteenth was developed by Alliance Residential Co. in 2010 on a site previously occupied by a 1950s-era strip mall, marking a new era of redevelopment that has transformed the area,” says Gebing. 

“The property is adjacent to the city’s prominent Biltmore Quarter, and its proximity to the Central Avenue office corridor provides residents with direct access to the greatest concentration of employment in Arizona.”

Level at Sixteenth offers 20 floor plans and studio, one- and two-bedroom apartment homes. Interiors feature mountain or downtown city views, wood-style flooring throughout kitchen, bath, living and dining rooms, and deluxe appliance packages.

Cliff David

 Private laundry quarters are also featured in each home, along with multi-media access pre-wiring throughout.

Select apartment homes also have private enclosed sunrooms with French doors, spiral staircases to open lofts with 18-foot ceilings, exposed duct work and soaking tubs.

Community amenities include gated controlled access entry, a clubhouse with lounge and kitchen, a two-story, fully appointed athletic center with virtual personal training programs, outdoor ramada lounge with Wi-Fi connectivity, 100-inch multi-media video wall and billiard table, resort-inspired pool and Jacuzzi with water feature and temperature-controlled interior corridors.

There is also a reserved underground parking garage and 56 private attached garages.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Wyndham Hotel Group Opens First Ramada Hotel in Guatemala

Ramada Tikal Isla de Flores, Guatemala

PARSIPPANY, NJ -- Wyndham Hotel Group, the world’s largest hotel company with approximately 7,590 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), announced the opening of the Ramada Tikal Isla de Flores, the brand’s first property in Guatemala.

The launch of this full-service hotel, which features pools, a bar and restaurant and which is conveniently located near Lake Petén Itzá, coincides with a significant milestone for the Ramada® brand – its 60thanniversary.

Part of a two-year development agreement with Ivers Trade, Inc. to bring four Ramada® properties to Guatemala, the newly constructed property plays a key role in Wyndham Hotel Group’s strategy to grow the Ramada brand throughout Latin America.

"We are happy to partner with Ivers Trade, Inc. and to announce the launch of the first Ramada hotel in Guatemala,” said Paulo Pena, president and managing director of Latin America and the Caribbean for Wyndham Hotel Group.

“Ramada is a globally-recognized hotel brand and this new property reflects our commitment to growing our brands throughout the region by providing travelers with the brands they know and trust.”

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

paula.carreiro@wyn.com