Marcus and Millichap Sells a 150,210-SF Shopping Strip

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tampa Plaza, (top right photo) a 150,210-square foot Kmart anchored shopping center located in Tampa, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $4,412,000. Les Aron (bottom left photo) and David Goldstein, Vice Presidents, Investments and Dan Wolf, Investment Specialist in Marcus & Millichap’s Tampa office represented both the seller, a private investor based out of Minnesota, and the buyer, a Limited Liability Company (LLC), out of New York in this transaction.

“The center sits on over sixteen acres of very desirable retail property in Tampa, a key component to the future development plans of the buyer. The out-of-town seller has owned the property since the early nineties. The sale demonstrates the continued strong demand for reasonably priced Florida commercial real estate despite the economic downturn,” says Wolf.

Located at 8303 N. Florida Avenue in Tampa, Florida, this 150,210-square foot shopping strip was built in 1968.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa(813) 387-4700

Paul Bouldin Joins Marcus & Millichap's Tampa, FL Office

TAMPA, FL – Paul Bouldin, (top right photo) a 30-year veteran of the commercial real estate industry, has joined Marcus & Millichap’s Tampa office according to Steven M. Ekovich, First Vice President/Regional Manager.

Prior to joining Marcus & Millichap as a senior land broker, Mr. Bouldin’s experiences included all aspects of real estate business, development, investment banking, underwriting and structured finance.

During his career, Mr. Bouldin has built, operated and sold shopping centers, warehouses, office buildings and more than $1.2 billion in residential land.

Just in the last two years, he sold over $100 million worth of golf course communities and residential properties.

Paul will specialize in residential and commercial land acquisitions at Marcus & Millichap, focusing on transactions throughout Florida. Paul earned a degree with dual majors in Economics and Business Management at Rollins College in Winter Park, Florida.

Paul resides in Oldsmar with his wife, Wanda. They have five grown children all of whom are in college. In his spare time Paul enjoys off-shore sailing, travel and golf.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa (813) 387-4700

Cambridge Provides $3.1M Insured Loan to Refinance Hannibal, MO Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies reports it has provided a $3.1 million FHA-insured permanent first mortgage loan to refinance Willow Care Center, (top right photo) a 111-bed skilled nursing home facility in Hannibal, Mo.

The loan was arranged for the property’s owner, a Missouri limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD Section 232 healthcare loans. Interest rate for the fully-amortized, 30-year term loan was not disclosed.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611

E-Mail: ew@cambridgecap.com

12-Property NAPA Auto Parts Portfolio Sale in 11 States Brokered by Marcus & Millichap

SAN FRANCISCO, CA, Oct. 3, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 12 freestanding Napa Auto Parts stores net leased to Genuine Parts Co.

The assets are located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington.

Although the sales price was not disclosed, the portfolio was listed at $18.65 million.

John Glass,(top left photo) a senior vice president investments in the San Francisco office of Marcus & Millichap, represented the seller. Rob Fox, a senior associate in the firm’s Atlanta office, represented the buyer.

Glass and Fox closed the portfolio sale in conjunction with John Leonard, (bottom right photo) Marcus & Millichap’s broker of record in Alabama, Steve Ekovich, (bottom left photo) Marcus & Millichap’s broker of record in Florida; Tim Rios, broker of record in Illinois; Brent Yurtkuran, (middle right photo) broker of record in Mississippi; Edward Jordan, broker of record in New York State; James Allen Smith, broker of record in North Carolina; Tim speck, (middle left photo) broker of record in Texas; Ramon Kochavi, broker of record in Virginia; and Gregory Wendelken, the firm’s broker of record in Washington State.

The portfolio includes locations in Bessemer, Ala.; Fontana, Calif.; Florida City, Fla.; St. Augustine, Fla.; Lake City, Ga.; Champaign, Ill.; Depew, N.Y.; Charlotte, N.C.; Stafford, Texas; Midlothian, Va.; Vancouver, Wash.; and Jackson, Miss.

“The new owner has acquired a national portfolio of 12 stable properties with a corporate guarantee by Genuine Parks Co, a firm boasting a net worth of $2.7 billion,” says Fox.

Each lease has six 5-year renewal options at fair-market value. Stores range in size from 5,000 square feet to 11,000 square feet and were constructed between 1986 and 2007.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Regency Centers Contributes Four Properties to Co-Investment Partnerships

JACKSONVILLE, FL--(BUSINESS WIRE)--Regency Centers Corp. (NYSE:REG) announced today that it has contributed four Regency-developed properties into its co-investment partnerships.

Three were contributed to Regency's partnership with the Oregon Public Employees Retirement Fund (OPERF) in a transaction valued at $83.4 million representing a weighted average cap rate of 7.14%.

The fourth was contributed to Regency's open-end fund, Regency Retail Partners ("the Fund"), at a price of $74.5 million, representing a cap rate of 6.83%.

The three Regency-completed developments contributed to OPERF were: John's Creek Center, a Publix-anchored center in Jacksonville, Florida; Signal Hill Shopping Center, Shoppers Food Warehouse-anchored center in Manassas, VA (top right photo) ; and, Hollymead Town Center, Harris Teeter and Target-anchored center in Charlottesville, VA.

Silver Spring Square (bottom left photo) in Harrisburg, PA, a Wegmans and Target-anchored center, was contributed to the Fund. This represents the tenth contribution since the inception of the fund in December 2006.

CONTACT: IRinfo@regencycenters.com

Post Properties Announces Closing of $185M Secured Portfolio Financing

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today the closing of six, cross-collateralized mortgage loans with Wachovia Multifamily Capital, Inc., pursuant to the Federal Home Loan Mortgage Corporation (Freddie Mac) loan program.

The loans were secured by mortgages on the following six Post® communities: Post Parkside™(bottom left photo) and Post Spring™ located in Atlanta, GA, Post Legacy and Post Worthington™ (top right photo) located in Dallas, TX, and Post Ballantyne and Post Gateway Place™ located in Charlotte, NC.

The mortgage loans have an aggregate principal amount of approximately $184.7 million, require fixed interest-only payments at 6.09% and mature in six years on November 1, 2014.

The mortgage loans are also pre-payable without penalty beginning after October 2012.

Post expects to use $100 million of the net proceeds from these secured financings to fully pay down the current outstanding balance on its $600 million unsecured revolving line of credit and expects to use the remaining net proceeds for general corporate purposes

CONTACT: Post Properties Inc., Christopher Papa, 404-846-5028

Forest City Military Communities Opens First New Privatized Homes for Navy Families

MILLINGTON, TN, Oct. 3 /PRNewswire/ -- Together with the United States Navy, Forest City Military Communities, LLC, today welcomed local officials and community leaders to celebrate the completion of the first new privatized homes (top right photo) for navy families at Mid-South.

"These new homes create much needed places for our nation's sailors to live," said Forest City Military Communities' Michael Defferding.

"Our partnership with the United States Navy has enabled us to bring the best of private sector business practices to our military and greatly improve the quality of life for some of the most deserving families in America.

"Their contribution to our nation during these times of difficulty is a true inspiration to us all."

Made possible by the Military Housing Privatization Initiative - the 50-year partnership agreement between the U.S. Navy and Forest City - provides families with the high-quality, affordable housing options that have been lacking in recent years.

A public/private venture (PPV) with the U.S. Navy, the housing redevelopment project will include a combination of demolition, renovation and new construction, resulting in a total of 318 military family homes.

Included in the total are 73 new homes and 58 renovated homes."This is the biggest change in our base infrastructure since BRAC '95.

But instead of widespread demolition, this project will revitalize the most important part of our Sailors' lives: A high-quality home for their families," said Capt. William McMasters, (top left photo) commanding officer, Naval Support Activity Mid-South.

Chamberlain-McCreery of Cordova, Tennessee is the project's general contractor. They are responsible for building the new homes.

Renovation work to homes is being completed by Atherton Construction, based in Las Vegas, Nevada. Rose Integrated Services of Covington, Tennessee is performing site work. Forest City has also retained MACTEC Engineering and Consulting to handle civil engineering and land design.

Forest City Military Communities, LLC, a wholly-owned subsidiary of Forest City Enterprises, Inc. focuses on developing, managing and maintaining high-quality communities for military members and their families.Forest City Enterprises, Inc. is a $10.9 billion NYSE-listed national real estate company.

The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.

CONTACTS:

Susan Moore, Forest City Military Communities, office:+1-202-496-6629, cell: +1-301-512-8639; or

David Crenshaw, Public AffairsOfficer, Naval Facilities Engineering Command, +1-901-974-7978

Web site: http://www.forestcity.net/

Marcus & Millichap Sells Two Apartment Communities in Middletown, CT for $75M

MIDDLETOWN, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two Class A multi-family complexes – Chestnut Hill Apartments (bottom left photo) and Northwoods Apartments (top right photo) – in Middletown.

The sales price of the portfolio is $75 million, which represents $115,385 per unit.

Steve Witten and Victor Nolletti, both vice presidents investments and senior directors of Marcus & Millichap’s National Multi Housing Group in New Haven, represented the seller, a local limited partnership. Witten and Nolletti also represented the buyer, a limited liability company.

“This centrally located portfolio, which provides the new ownership with efficiency of management, consists of two luxury garden-style multi-family communities in supply constrained markets with significant barriers to entry,” says Witten.

Located at 5 Town Colony Drive, the 314-unit Chestnut Hill Apartments includes seven 3-story buildings situated on 29.44 acres. The multi-family community includes 140 one-bedroom units, 26 two-bedroom units, 104 two-bedroom/two-bath units and 44 three-bedroom/two-bath units with fireplaces.

Located at 1 Dove Lane, the 336-unit Northwoods Apartments consists of five three-story buildings situated on 17.37 acres.

The complex includes 186 one-bedroom units, 48 two-bedroom units and 102 two-bedroom/two-bath units

.
Both properties feature such community amenities as a clubhouse, business center, billiards room, library, tennis and racquetball courts, indoor Jacuzzi and large swimming pool, state-of-the-art fitness center and pet-friendly community

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Sells $10.7M Office Building in Lisle, IL

LISLE, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Corporate Lakes I (top right photo), a 79,211-square foot three-story office building in Lisle.

The sales price is $10.7 million.

David Tarnoff, a vice president investments in the Chicago office of Marcus & Millichap, and Howard Wiese, (top left photo) a vice president investments and a senior director of the firm’s National Office and Industrial Properties Group, represented the seller. The team also represented the buyer.

“Corporate Lakes I is a well-maintained, fully leased office building and 70 percent of the property is occupied by national or credit tenants in a high-growth corridor,” says Wiese.

Located at 2525 Cabot Drive, the office building is situated on 6.63 acres, along Warrenville Road with convenient access to both Interstates 88 and 355, as well as many retail businesses, including more than 20 restaurants and numerous full-service and limited-service hotels.

Press Contact: Stacey Corso, Communications Department , (925) 953-1716

Hodges Ward Elliott Completes $55M Financing for Denver Ritz-Carlton

DENVER, CO/PRNewswire/ -- Hodges Ward Elliott (HWE), the nation's premier hotel brokerage and investment banking firm, has completed a $55 million mortgage loan for the Ritz-Carlton Denver (top right photo) , a 202- room luxury hotel.

HWE represented the owner, CJS Hotel, LLC, in the transaction.

"Despite the recent turmoil in the market, financing for upscale and luxury hotels remains available," said Mark Elliott, (top left photo) principal of Hodges Ward Elliott.

"Current economic concerns dictate that new financing will require more expertise and creativity to bring these loans to completion. We have more than two decades of financing experience and expect to continue to be a major player in this segment in the coming months, especially when the current logjam in transactions begins to resolve itself."

Located at 1881 Curtis Street in downtown Denver, the Ritz-Carlton boasts the largest number of guest rooms in the city.

The hotel's signature restaurant, (bottom left photo) Elway's, named for Denver Bronco quarterback and NFL Hall of Fame inductee John Elway,(middle right photo) offers an exceptional food and wine experience and is popular with both locals and hotel guests. In addition, the hotel has 13,000 square feet of flexible meeting space.

Founded in 1975, HWE is the world's leading hotel brokerage and investment firm, completing more than $20 billion in hospitality real estate and investment banking transactions over the past 11 years.

The company provides brokerage and investment banking services through four divisions: the HWE Full-Service/Luxury Hotel and Resort Division, which concentrates on assets valued at greater than $10 million; the International Division, which provides hospitality real estate services through its London office, the Focused- Service Division, which concentrates on hospitality transactions up to $10 million and the Golf Division.

Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations, (703) 435-6293.

CB Richard Ellis Represents The Sembler Company in Sale of $1.14M-SF Open-Air Shopping Center in Orlando

CBRE CAPITAL MARKETS ARRANGES FINANCING FOR TRANSACTION

MIAMI, FL– Oct. 2, 2008 – CB Richard Ellis, the world's leading commercial real estate services provider, arranged the sale of Winter Garden Village, (top right photo) a 1.14 million-sq.-ft. regional shopping center located at the interchange of Orlando's Western Beltway (State Road 429) and Winter Garden Vineland Road (State Road 535) in Winter Garden, Fla.

The area included in the sale totaled 759,459 sq. ft. of leasable area.

Dennis Carson, (top left photo) senior vice president with CB Richard Ellis' Miami-Downtown office, and George Good, (middle right photo) executive vice president with the Oakbrook, Ill., office of CB Richard Ellis, exclusively represented the seller, an affiliate of The Sembler Company, headquartered in St. Petersburg, Fla.

An affiliate of Cole Real Estate Investments, based in Phoenix, Ariz., was the buyer. Michael Strober, (bottom left photo) senior vice president, with the Tampa office of CBRE Capital Markets, arranged acquisition financing for this transaction from Northwestern Mutual.

"Winter Garden Village is among the highest quality, and best-located mixed-use regional power and lifestyle retail centers developed in the nation," Mr. Carson said.

"And the role of CBREMelody in arranging financing for this deal was absolutely critical to the success of the transaction - especially in light of the nation's ongoing credit crunch, and its disproportionate impact on all sectors of the real estate business."

Completed in phases between 2007 and 2008, the project encompasses more than 161 acres and is home to 16 anchor tenants, including SuperTarget, Lowes Home Improvement, Best Buy, Barnes & Noble, Marshalls and Staples.

The property also includes a 180,000-sq.-ft. lifestyle center that is home to tenants such as Victoria's Secret, Cacique, Lane Bryant, Chico's, Bonefish Grill and Jos A. Banks.

Areas not included as part of the sale were the SuperTarget and Lowe's Home Improvement stores, each of which are tenant owned, and a 25-acre tract reserved for future residential development.

Contact: Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com

Arbor Closes $11M on Loans in New York, Texas and Utah

Arbor Closes $6,671,000 Fannie Mae DUS® Loan on Renaissance Park in Austin, TX

UNIONDALE, NY, Oct. 2, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,671,000 loan under the Fannie Mae DUS® product line to refinance the 210-unit complex known as Renaissance Park(top right photo) in Austin, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.45 percent.

The loan was originated by Matt Norman, (middle left photo) Director, in Arbor’s full-service Dallas, TX lending office. “Arbor’s underwriting team rose to the challenge by structuring suitable acquisition financing for a well-capitalized foreign investment group looking to make its first acquisition in Texas,” said Norman.

Arbor Closes $3,086,500 Fannie Mae DUS® Small Loan at 507 W 139th St. in New York

UNIONDALE, NY, Oct. 2, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,086,500 loan under the Fannie Mae DUS® Small Loans product line to refinance the 21-unit complex known as 507 W 139th Street in New York, NY. (site map bottom left)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.29 percent.
The loan was originated by Patrick McGovern, (middle right photo) Director, in Arbor’s full service New York, NY lending office.

“Arbor was pleased to provide cash out refinancing to a first-time borrower in the Washington Heights area of Manhattan,” said McGovern.

“The additional proceeds will allow the borrower to invest in future opportunities in the area.”

Arbor Closes $1,167,000 Fannie Mae DUS® Small Loans on Barbara Worth Apartments in Salt Lake City, UT

UNIONDALE, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,167,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 34-unit complex known as Barbara Worth Apartments (middle right photo) in Salt Lake City, UT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.36 percent.

The loan was originated by Felipe Rael, (bottom left photo) Director, in Arbor’s full-service Albuquerque, NM lending office.

“This is a feather in our cap given the timing pressure put on by the servicer on the retired note,” said Rael.

“We went one business day over a very aggressive processing timeline. The borrowers and broker were very motivated to close, which helped us out tremendously.”

Contact: Ingrid Principe, iprincipe@arbor.com Tel: (516) 506-4298

SPECIAL REPORT: New Deal at FHA Introduces Private Industry Ideas to Revolutionize HUD Section 232 Funding Program

CHICAGO, IL--The bold administrative changes that have radically changed the way FHA-insured healthcare loans work their way through HUD’s Section 232 funding process are giving thoughtful people everywhere a reason to rethink presumptive ideas about bureaucratic efficiency and resolve, funding expert Jeffrey A. Davis (top right photo) believes.

Davis is Chairman of Chicago-based Cambridge Realty Capital Companies(r), one of the nation’s leading HUD 232 lenders.

He points out that the last thing anyone might expect to emerge from a lame duck administration that has shown little enthusiasm for regulatory processes of any kind is a blueprint that has the potential to revolutionize the way government agencies dispense services of all kinds.

“For this surprising development we can thank FHA Commissioner Brian Montgomery (top left photo) and his colleagues at HUD for having the audacity to believe that management methods that have proved themselves in private industry could be used to effectively eliminate bureaucratic red tape and dramatically reduce the time it takes to apply, qualify for and obtain HUD financing.

“If the changes at HUD become the impetus for a trend impacting other government agencies, comparisons with FDR’s New Deal and other significant developments that have radically altered the role of government in society would not be far-fetched,” he said.

As part of the announced reorganization, administrative responsibility for HUD Section 232 healthcare loans passes to the FHA’s Office of Insured Healthcare Facilities (OIHF), the group that also coordinates funding for HUD‘s Section 246 hospital mortgage insurance program.

Effectively, with this change, OIHF becomes a unified single-source for the HUD 232 program, which in the past had been administered unevenly by FHA housing professionals in HUD field offices scattered throughout the U.S.

“Logically, placing nursing home and assisted living loans with the same individuals who underwrite loans for other types of medical facilities seems like a good idea.

"But it’s the Commissioner’s decision to insert the highly touted “Lean” management concept pioneered by Toyota Motor Corp. into a moribund bureaucratic process that has excited everyone in the industry,” Davis said.

Simply, the “Lean” management process is driven by a few simple rules, he points out.

“With the ‘Lean’ process, all work should be highly specified as to content, sequences, timing and outcome, and every customer-supplier connection must be direct. Also, there needs to be an unambiguous “yes or no” way to send requests and receive responses.

“The pathway for every product and service must be simple and direct. And any improvements must be made in accordance with the scientific method under the guidance of a teacher at the lowest possible level in the organization,” he explained.

“Obviously, such an approach takes square aim at inefficiencies historically identified with bureaucratic procedures,” he noted.

The new process initiated by FHA for HUD 232 loans introduces an automated workflow and approval process, submission of applications via an electronic portal on the internet, electronic payment, and a standardized work product that includes a submission that can, in most cases, be reviewed by only one HUD staff person.

Applications now require fewer exhibits and conventional market-based appraisals are being used instead of HUD-specific reports.

“The bottom line is that the changes are dramatically impacting the process. Nursing home and assisted living borrowers may now move from application to closing in 40 days compared with the four to six month timetable that had been standard for the course,” he said, adding:

“In the larger picture, what’s at stake with this experiment are changes that could give us all cause to rethink the way we view the competency and creativity of those who are called upon to deliver government services in a timely and efficient fashion,. The hope is that a formula may have been found that will enable federal agencies to eliminate bureaucratic snarls and function more proficiently in an increasingly competitive world.”

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

CampusMBA Partners with Insurance Advisors to Offer Live Online Workshop Series for Commercial/Multifamily Originators and Servicers

WASHINGTON, D.C. - - CampusMBA, the award-winning education division of the Mortgage Bankers Association (MBA), has announced its partnership with Stamford, Connecticut-based Insurance Advisors LLC.

Under the agreement CampusMBA, in conjunction with Insurance Advisors, will offer a series of live online workshops addressing insurance issues for commercial/multifamily real estate loans.

"MBA is pleased to work with Insurance Advisors to offer our commercial and multifamily members the most comprehensive insurance education available," said Jan Sternin, (top right photo) MBA's Senior Vice President of Commercial/Multifamily and Industry Technology.

"Insurance Advisors is a leading provider of insurance consulting and outsourcing services to our industry. These workshops will focus on insurance principles and practices applicable for both the origination and servicing of commercial/multifamily real estate loans."

"The Commercial Insurance LIVE Online Workshop series is an excellent opportunity for our members to gain significant expertise and knowledge through CampusMBA and Insurance Advisors without having to leave their offices," said Paul Green, (middle left photo) Senior Vice President of Corporate Relations, Education and Business Development. "The live online workshops will run from November through May."

Each workshop will address both broad issues as well a specific topics that industry professionals deal with on a daily basis. The workshops will appeal to a wide spectrum of experience levels and are designed to provide practical information to loan originators, underwriters, as well as closers, attorneys and servicers.

The first workshop addressing blanket insurance coverage will be held on November 12. Bernie Brown, (bottom right photo)President of Insurance Advisors, will lead the in-depth program that will dive into issues surrounding blanket coverages.

Participants will be able to explore the risks associated with blanket policies and appropriate documentation of blanket insurance provisions. Loan servicers will specifically benefit from a discussion of compliance issues including an analysis of blanket coverage.

"By working in tandem with MBA and its education division, CampusMBA, Insurance Advisors is looking forward to educating industry professionals on a myriad of pertinent and timely insurance related issues," said Brown. "We are very excited to work with MBA and its members."

To learn more about the Commercial Insurance LIVE Online Workshops offered by CampusMBA and Insurance Advisors go to http://www.campusmba.org/ProductsbyFormat/Instructor-ledCourses/LIVEOnlineWorkshops/CommercialInsuranceLIVEOnlineConferenceSeries.htm or call (800) 348-8653.



CONTACT: Aleis Stokes
(202) 557-2741
astokes@mortgagebankers.org