Condo and Apartment Market Roundup

· Bargain hunters scoop up discounted units in Southwest Florida.


· South Beach, FL a sellers’ market as inventory shrinks sharply.


· Atlanta buyer pays $31M for 37-year-old Sunny Isles Beach, FL apartment complex.


· Non-gaming Planet Hollywood Towers Westgate opens in Las Vegas.


· Providence, RI mayor buys into struggling condo project to save local market.

· Canadians buy 78 units at stalled condo conversion in East Phoenix, AZ.


· Summit at Copper Square owners in Phoenix fight to stop lender from foreclosing 74 remaining unsold units

(SARASOTA, FL)—Deeply discounted prices have turned Southwest Florida markets into a buying frenzy, according to local brokers.

The median price in the Sarasota-Bradenton hub was down 20 percent from a year ago to $141,000 in November. In Punta Gorda-North Port, the media dipped 22 percent to $80,000.

Sarasota broker Perry J. Corneau (top left) tells the Sarasota Herald-Tribune, “A lot of people have been wanting to buy – they were just waiting for the price to come down.

“Now they are down to 2003 levels, where they were before the boom started – and people are thinking they don’t need to wait any more. Everything is on sale.”

Sales are also hot throughout the state. November sales in Orlando were up 301 percent; in Fort Myers-Cape Coral, up 174 percent; in Tallahassee, up 150 percent; and in Tampa Bay, up 80 percent.

But closing on a bargain-basement deal isn’t easy, cautions broker Charles H. “Charlie” Bray (top right photo)  of Surfside Realty in Englewood, FL.

“Right now, you’ve got to have cash to buy a condo,” he tells the Sarasota Herald-Tribune. “If you go to a bank, they will put you through the ringer.”

(MIAMI BEACH, FL)—The re-sale market in South Beach is shrinking.

Less than two percent of the South Beach inventory in condo projects with at least 30 units are available for resale in Miami Beach's internationally acclaimed neighborhood, far less than the industry standard of 10 percent typically found in a normal market, according to a new report from CondoVultures.com.

There are currently 258 units available for resale in the 25-block stretch of South Beach from South Pointe Drive north to 24th Street, the Atlantic Ocean west to Biscayne Bay.

The area is home to nearly 16,400 units located in 147 projects with at least 30 units, according to the newly released Condo Vultures® Official Condo Buyers Guide To South Beach™.

"The rule of thumb is, in a normal market some 10 percent of the units in a project are available for resale at any given time," says Peter Zalewski, (middle left photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"If a condo has more than 10 percent of its units available for resale, the buyers have the negotiating advantage. On the flip side, if less than 10 percent of the units are listed for resale, the sellers have the advantage.”

Zalewski adds, "South Beach is definitely a seller's market considering the current inventory levels available for resale. By comparison, several other areas in South Florida have resale rates of 20-percent plus of the available condo inventory."

(SUNNY ISLES BEACH, FL)-- CondoVultures.com reports an Atlanta group has acquired Vistaview Apartments, (middle left photo) a 37-year-old, 308-unit complex in the barrier island city of Sunny Isles Beach for $31.3 million or $92 per square foot.

The newly created entity, JTCI5 Sunny Isles LP, along with Matt M. Bronfman, (middle right photo) acquired nearly 340,000 square feet of livable space in the four-building complex situated on seven acres, according to the CondoVultures.com report based on Miami-Dade County records.

"This is a four-decades old property on a great piece of dirt situated between luxury high rise condominiums, retail space, and high-end rental complexes," notes Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The fact that the project is an apartment complex and not a condominium makes this an interesting situation for a number of reasons."

More than 18,000 condominium units -- including a new tower still under construction today -- exist in the Sunny Isles Beach submarket of Miami-Dade County, according to preliminary research for the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

The seller, Vistaview Apartments Limited with Yizhak Toledano of Aventura, deeded over the complex on Dec. 16, 2009. Toledano signed the deed, according to Miam-Dade County records.

In unison with the deed transfer, Utah-based Capmark Bank assigned the remaining outstanding balance of a $48.7 million loan secured by the complex over to Vista Sunvest LLC of Wilmington, Del.

Capmark Bank provided the loan in November 2007, but just 20 months later in July 2009 filed to foreclose on Vistaview Apartments, according to Miami-Dade County records.

The Vistaview Apartments have a 2009 assessed value of $31.5 million with $18.6 million, or $61 per square foot, allocated to the land, and $12.9 million, or $38 per square foot, allocated to the value of the 1972 buildings.

In 2008, the property had an assessed value of $29.8 million, according to the Miami-Dade County Property Appraiser.

(LAS VEGAS, NV)—When a non-gaming residential and hotel high-rise opens in Las Vegas, that’s news, say local brokerage sources.

The first phase of the planned two-tower, 52-story, 2,700-unit Planet Hollywood Towers by Westgate(middle right photo) has welcomed its first 20 owners who plan to use the premises as vacation homes and traditional hotel rooms, according to Westgate Resorts chief operating officer Mark Waltrip.

The top five stories of the first tower consist of 40 penthouse units sized from 4,000 square feet to 12,000 square feet. Eighty percent of the tower will be used as hotel rooms, Waltrip says.

The condo-hotel project’s partners are Planet Hollywood and Orlando-based Westgate Resorts. Westgate owns the property; Planet Hollywood is the marketing and operating partner.

(PROVIDENCE, RI)—Providence, RI mayor Joseph R. Paolino Jr., (bottom right photo)  who is also the general partner of Paolino Properties, has teamed with Boston-based Winn Development Co. to purchase the remaining 233 unsold condos at the five-year-old, 330-unit 903 Residences. (bottom left photo)

The transaction saved the property from going to a foreclosure auction the same week, according to the Providence Business News. The Athena Group LLC of New York City had defaulted on a $69 million acquisition loan.

The price was not disclosed. However, Winn Development president and managing partner Lawrence H. Curtis confirmed Winn helped financed the deal with a $17 million loan from Columbus Bank and Trust Co. of Georgia.

Paolino Properties, which had managed 903 Residences, had previously invested in the property. Winn Development will now manage the asset.

“I think by us buying it and stepping in, we not only bought a good asset, but I think we helped cushion any other potential problems other condo projects might have had,” Paolino told the Providence Business News.

(PHOENIX, AZ)-Three Canadian investment groups have teamed to buy 78 units for $4.875 million or $62,500 per unit at the 240 unit Riverwalk at Papago Park community.(bottom left photo)

The Calgary, Alberta-based buyers are Optimus Riverwalk LLP, Japhda Riverwalk LP and Strongwater Investments America. The seller was Riverwalk 240 LLC, a Delaware-registered company based in Miami, FL.

Mark Forrester, a partner in Phoenix-based Hendricks & Partners, told the Phoenix Business Journal some of the units at Riverwalk are privately owned; others have been leased out as apartments.

Forrester says Canadian investors are playing a prominent role in the current Phoenix condo sales market. Hendricks & Partners of Phoenix represented the seller. SiteWest of Phoenix negotiated for the buyers.

(PHOENIX, AZ)—In a metro area that didn’t produce its first high-rise condominium community until 1990, the fate of the two-year-old, 165-unit Summit at Copper Square is grabbing the attention of players in the local condo sales market.

The 23-story Summit at Copper Square (bottom right photo)  is the tallest residential development in metro Phoenix.

The owners of the development are fighting to stop the lender from foreclosing on 74 of the unsold units and selling them at fire-sale prices – a move that could lower the value of the entire condo market in Phoenix, they argue.

The three corporate owners are W Developments LLC with a 30 percent stake; Summit Investors LLC, also with a 30 percent stake; and Diamondstar Partners III LLC, a Wheaton, IL firm with a 40 percent equity investment.

According to court documents, they defaulted in August 2008 on interest payments for an original $64 million loan.

The owners seek Chapter 11 protection and have submitted a reorganization plan to an Illinois bankruptcy court judge. Judge Eugene Wedoff is expected to rule on the plan at a possible January hearing, according to the Arizona Republic.

The current lender is Stearns Bank of Scottsdale, AZ. Stearns bought a number of bundled notes from the Federal Deposit Insurance Corp. after the FDIC had taken over the original lender, FNBN or First National Bank of Nevada in Reno, NV in July 2008.

According to WeKnowUrban, a Phoenix-based brokerage firm that closely monitors the Phoenix condo market, two acquisition loans totaling $64 million were involved in the acquisition of The Summit at Copper Square by the three owners.

But when FNBN went under, the value of the $64 million notes was about $28 million. Stearns bought that note for $6.4 million, according to WeKnowUrban.

Andrew Daitch of Marcus & Millichap Promoted to Senior Director of National Multi-Housing Group

DETROIT, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Andrew Daitch (top right photo) a senior director of the firm’s National Multi-Housing Group, according to Linwood Thompson, senior vice president and managing director of the firm’s National Multi Housing Group.

Daitch joined Marcus & Millichap in 2000. During his career at Marcus & Millichap, Daitch has closed more than 243 transactions, valued at more than $288 million.

Daitch arranges the sale of multifamily assets in the firm’s Detroit office.

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

The St. Joe Company Announces Increased Commitments on Its Revolving Credit Facility to $125M

JACKSONVILLE, FL--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE), one of Florida's largest real estate development companies and Northwest Florida's largest private landowner, today announced that it has increased the commitments on its revolving credit facility from $100 million to $125 million.

Deutsche Bank has joined Branch Banking and Trust Company as an additional lender to the facility which remains undrawn and has a maturity date of September 19, 2012.

“We are pleased to have Deutsche Bank provide a $25 million commitment to our corporate revolver,” said William S. McCalmont, (top right photo)  St. Joe’s Executive Vice President and Chief Financial Officer. “Our balance sheet remains solid and, although we have no current plans to draw on the facility, the increased financial flexibility provides us great strength to help position the Company for the next decade of growth.”

Additional information can be found in a Form 8-K to be filed with the U.S. Securities and Exchange Commission today.

The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. The Company is primarily engaged in real estate development and sales, with significant interests in timber. More information about St. Joe can be found on the Company’s web site at www.joe.com.

Contacts:
 Jerry M. Ray, 904-301-4430, jray@joe.com
David Childers, 904-301-4302, dchilders@joe.com

Mercantile Capital Corp. Provides Commercial Real Estate Loan to Engineering Firm in Maitland, FL worth more than $520,000

ALTAMONTE SPRINGS, Fla. – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Florida Bridge and Transportation, Inc. for $524,000 in total project costs.

Florida Bridge and Transportation is a structural engineering firm founded by Mike Hebert  (top right photo) and Mark Niedermann. (middle left photo) The company’s success is due to the holistic approach it takes to designing safe and reliable transportation systems.

“Mercantile Capital Corporation surpassed any expectations I had left for the lending industry. I am excited for the future they have made possible for Florida Bridge & Transportation,” said co-owner Michael Hebert.

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Florida Bridge and Transportation, have an opportunity to create wealth and financial freedom.

Their specialization in SmartChoice Commercial Loans, also known as SBA 504s, allow borrowers, like Mark Niedermann and Mike Hebert, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information, please  visit http://www.thesmartchoiceloan.com/

 and http://www.504blog.com/.

For more information about this press release, please contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Robin Lashley, Mercantile Capital Corporation, 407-786-5040

150 Single-Family Homes to Start Construction at Yager Lane in North Austin, TX

AUSTIN, TX- - Developers of Yager Lane, a planned community located east of I-35 across from Walnut Creek Metropolitan Park in Austin, TX and in the Pflugerville school district, plan to start construction of the first 55 home sites in the community before March 30. The community will have 110 single family detached and 40 townhomes at built-out.

Richard Kunz,  (top right photo) who heads Avalon Park Texas, L.P., a Texas Joint Venture of Orlando, Fla.-based Avalon Park Group, said he is currently negotiating with six local and national home builders to start construction of single-family homes at Yager Lane. The 50-foot home sites will feature uniquely-styled homes priced from the high 100s to the high 200s

Avalon Park Group is well known in Florida for development of Avalon Park, an award-winning 1,800-acre neotraditional community that is now home to more than 3,500 families and a thriving downtown area with its own elementary, middle and high schools.

For more information, please  contact:

Richard Kunz Avalonpark Texas, L.P. 512-695 3356 rkavalonaustin@aol.com
 Beat Kahli, CEO Avalon Park Group / Avalonpark Texas, L.P. 407-658-6565
Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565
Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com

Historic Times Square Building Gets $267M Infusion for New Broadway Future

(NEW YORK, NY)—The largely vacant Times Square Building, one of the best-known commercial sites in the world has been given a new lease on life.

The owners, Africa Israel and its subsidiary, AFI USA, have received new five-year refinancing totaling about $267 million and access to a revolving line of credit from Banco Inbursa SA.

Five Mile Capital Partners LLC of Stamford, CT is converting its existing debt to equity to become a 50 percent equity partner in the property.

The 25 story, 807,000-sf former headquarters of The New York Times at 229 W. 43rd St. (42nd and Broadway) (top left photo) has had no tenants above the retail floors since the current owners bought the building in 2007.

When it was built in 1905, it was the second tallest building in the world, according to Wikipedia. The building has had several owners since The Times sold the building in 1961.

The digital signs on the building (top right photo)  are considered to be the most valuable in the world. They can often be rented by the day or by the hour for product launches or other special events. The rental rates can be as high as $10,000 per hour.

“We applaud the flexibility, creativity and determination of Inbursa, our other lenders and our new partner, Five Mile Capital, for working so hard with us to restructure the debt on the Times Square Building,” says Richard A. Marin, (middle right photo) Chairman and CEO of AFI USA.

Marin is the former chairman and CEO of Bear Stearns, a New York City-based global investment bank and securities trading and brokerage that collapsed in 2007 and was sold to JPMorgan Chase in 2008

“The renewed commitment of equity and involvement by our chairman Lev Leviev (middle left photo)  has made this all possible,,” he says. “As a result, we are proud to unveil today new plans for the property that will allow us to create the most value and make the greatest contribution to the Times Square neighborhood.”

AFI USA achieved the successful restructuring of the financing of the Times Square Building by settling the $236 million mezzanine debt with a group made up of BlackRock, CIT Lending Services Group, Five Mile Capital and Column Financial; securing a five-year extension of the senior debt; eliminating over $70 million in guarantees and transforming the entire project to being off-balance-sheet.

Jonathan Geanakos, Managing Director of Houlihan Lokey, advised AFI USA on the restructuring.

According to Marin, the financial restructuring of this property will result in a write-back of $370 million to the equity of AFI USA.

“This sets us on a course of renewal and success for our company, for our partners going forward, and for the Times Square Building,” Marin says.

AFI USA’s original plans after acquiring the building in 2007, called for the 365-foot tall building to offer 622,000 square feet of office space and 128,000 square feet of retail space.

The new plans call for an increase in retail space from 17% to over 38% of the total square footage.

In addition, AFI USA will sell or lease seven floors totaling approximately 330,000 square feet to a hotel operator for a high-end hotel property; and redevelop the remaining four top floors into a select number of luxury condominium penthouse residences.

The Times Square Building will offer exclusive landmarked signage opportunities.

“We believe in this project and are confident that the new leadership of AFI USA will bring the project to a successful completion,” says James G. Glasgow Jr., (bottom right photo) , a Partner of Five Mile Capital. “We are glad to be a partner in a redevelopment that offers so much unique value, even in a challenging real estate market.”

Glasgow says the new Times Square Building will meet the needs of Times Square’s most ardent users: the over 37.6 million tourists who visit each year.

The property’s location – just 500 feet from where the ball drops each New Year’s Eve and across from Broadway’s Schubert Alley – makes it attractive to many restaurateurs and retailers, Glasgow says.

This, in combination with its unique architectural features – historic façade, high-ceilings, and oversized windows – and access from 43 rd and 44 th Streets, makes it an ideal hotel asset, he adds.

Marin says the retail space at the Times Square Building is already 55-percent leased in two deals totaling 134,000 square feet.

The first deal, with Discovery Times Square Exhibitions, occupies the sub-lower, lower and ground floors, and houses traveling exhibitions such as Titanic, the Artifact Exhibition and King Tut.

The second transaction, with the operator of Bowlmor Lanes, will offer bowling, entertainment and seven separate dining/bowling areas (fashioned after iconic New York neighborhoods) on floors three and four.

AFI USA’s plans call for the hotel to occupy floors five through 11 of the property.

The sky lobby, with double-height ceilings and arched windows, will be reached from its own entrance and elevator bank.

In addition to the 397 oversized hotel rooms, the property can deliver a spa, gym (complete with pool), restaurant and other amenities.

Marin says AFI USA will sell or lease this space to a hotel operator, and is currently in negotiations with a number of interested parties.

The final portion of the repurposing of the Times Square Building is the redevelopment of floors 12 through 16 into approximately 26 luxury condominium residences, and the marketing of the property’s grandfathered rooftop signage rights.

33rd Bulk Condo Sale Recorded in Miami in Past 18 Months

(MIAMI, FL)—Bulk condo buyers continue to rule the roost in Miami-Dade County’s high-rise shelter market.

CondoVultures.com reports a newly created South Florida entity has purchased 20 units in a new Greater Downtown Miami condo tower for $2.9 million, or an average $169 per square foot---one of the lowest prices in the past two years.

The price represents a 59 percent discount off of the average closed sales price in the project up to that point, according to a new report from CondoVultures.com.

The Aventura-based Kypros Holdings LLC with principals Ramon Cierco and Blanca Palau purchased nearly 17,400 square feet of space in the 18-story Gallery Art condominium  (top right photo) on Northeast 24th Street in Greater Downtown Miami's Biscayne Boulevard Corridor.

The 20 units have an assessed value for tax purposes of $5.6 million, according to the Miami-Dade County Property Appraiser's Office.

The seller was Gallery Art Condominium LLC with Harvey Hernandez as principal. Hernandez signed the deed, which was recorded Dec. 8, 2009, according to Miami-Dade County and Florida Secretary of State records.

"On the surface, the price seems attractive compared to previous closed sales in the building," says Peter Zalewski, (middle  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.



However, "after a closer review, the bulk buyer ended up paying a premium over another investor who purchased a bundle of 50 units for only $4 million in a project located just two blocks down the street,” Zalewski points out.

"The quality of the two new projects differs but it is up for discussion if the differences are worth the premium," he adds.

In November, a South Florida entity called 2200 NE 4th Avenue LLC with David Garfinkle and Adam N. Pollock paid $4 million for more than 40,400 square feet of space in the Edgewater Lofts condominium (top left photo) located on Northeast 22nd Street, according to a recent CondoVultures.com report based on Miami-Dade County records.

Mercantil Commercebank assigned its outstanding debt on the original $12.3 million loan for construction of the Edgewater Lofts to the bulk buyer, 2200 NE 4th Avenue LLC, in October 2009. No price was recorded for the transaction with Miami-Dade County, according to government records.

“Bulk deals have been closing at a rapid pace, making it a challenge to stay apprised of the latest pricing,” says Zalewski.

The Gallery Art bulk purchase is the second deal to close in December, and the 15th transaction this quarter in the tricounty South Florida area.

Since July 2008, buyers have closed on 33 bulk deals (including five note sales) for more than 2,900 units and 3.47 million square feet, according to the Condo Vultures® Bulk Deals Database™.

At Gallery Art, the Kypros Holdings' bulk purchase represents only a fraction of the units that have closed at the condominium that recorded its first recorded sale in February 2008.

Of the 119 closings recorded in the 176-unit tower, 58 units -- including the 20 units in the bulk purchase -- have closed since November 2009, according to Miami-Dade County records compiled by CondoVultures.com.

At the end of the third quarter, only 35 percent of the units in the Gallery Art had been recorded as sold, with pricing averaging $331,000 per unit and $410 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

With the flurry of closings in the last month, the average closed sales price for the project is $301 per square foot. The average closed sales price since November is $191 per square foot, according to the Condo Vultures

To date, the Gallery Art condominium has generated nearly $29 million in transactions.  (Biscayne Bay bottom left photo)

Mercantil Commercebank in Coral Gables provided a $40.3 million construction loan to the project in June 2006 that has not yet been repaid or assigned, according to Miami-Dade County records.

Contact:  Peter Zalewski, Condo Vultures® Realty LLC, Office: 305-865-5629, Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com,   http://www.condovultures.com/

Marcus & Millichap Sells $10.2M Multifamily Complex in Orlando, FL

ORLANDO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Riverfront Apartments, (top left photo) a 356-unit, 335,892-square foot former Section 42 Low-Income Housing Tax Credit (LIHTC) property in Orlando.

 The sales price of $10,279,000 represents $28,874 per unit and $31 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the buyer and the seller in the transaction. The Tax Credit Group is led by Robert L. Sheppard, (middle right photo) a senior vice president investments, along with Armand W. Tiberio (middle left photo) and Spencer H. Hurst, (bottom right photo)  vice presidents investments.

Providing representation from Orlando were investment specialists Patrick Skinner and Kevin Yaryan. In Fort Lauderdale, Evan P. Kristol, a senior vice president investments, and Still Hunter III, a first vice president investments, provided representation.

“We collaborated as a team to access thousands of investors nationwide and ultimately generated more than 30 offers on the property,” says Skinner. “The area around the University of Central Florida (UCF) has proven to be somewhat resilient to the recession and the new owner will benefit from the ability to move rents to market.”

Located on 17.8 acres at 9201 Nelson Park Circle, the property is close to UCF.

Riverfront Apartments was constructed in 1998 and features 32 one-bedroom/one-bath, 140 two-bedroom/two-bath and 184 three-bedroom/two-bath apartment homes. Community amenities include an on-site leasing office, clubhouse, swimming pool, children’s playground, fitness center and basketball area.

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

CFCAR Seeks Sponsors for 2010 Real Estate Outlook Conference on Jan. 27

ORLANDO, Fla. --- The Central Florida Commercial Association of Realtors (CFCAR) is seeking sponsors for the 2010 Real Estate Outlook conference, scheduled for Wednesday Jan. 27 at the Marriott Hotel in downtown Orlando.

G. Geoffrey Longstaff, (top right photo) chairman of Mercantile Capital Corporation, one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation will be a featured panelist at 2010 Real Estate Outlook.

Dr. Sean Snaith (top left photo)  of the University of Central Florida’s Institute for Economic Competitiveness will be the keynote speaker.

The panel discussion on financial trends will include moderator David Patten of Commercial Mortgage Advisors, Longstaff, Susan G. Hostettler of CNL Bank Central Florida, and Andy Johnson of RBC Bank.

Another panel discussion that includes the region’s top commercial real estate brokers will include moderator Robin Webb  (middle  right photo) of Coldwell Banker Commercial, John Crossman (bottom right photo) of Crossman & Company, David Murphy of CB Richard Ellis, Jay Ballard of Cushman & Wakefield, and Greg Morrison (bottom left photo) of Morrison Commercial Real Estate.

 Registration for the conference will start at 7 a.m. Breakfast will be served at 7:30 a.m. and the program will start at 8:30 a.m. at the Marriott located at 400 W. Livingston St.

Sponsorship opportunities include event sponsorship, table sponsorship and program advertising opportunities.
 
Mercantile Capital Corporation ranks as one of the most active providers of SBA 504 loans nationwide, providing owners of small and mid-sized businesses the option to own commercial property with up to 90 percent loan-to-cost financing. Visit www.504Experts.com or www.504blog.com for more information.

For more information, please contact:

Geof Longstaff, Chairman Mercantile Capital Corporation, 407-786-5040 glongstaff@mercantilecc.com
 Dale Donovan, VP Sponsorships, CFCAR 407-491-0005; ddonovan@realvest.com
Steve Neveleff, President CFCAR 407-767-6475; sneveleff@stewartrealtyadvisors.com
 Larry Vershel, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

NorthStar Realty Finance Corp. Announces Sale of a Portfolio of Assisted Living Facilities for $95 Million

NEW YORK, NY-- NorthStar Realty Finance Corp. (NYSE:NRF)  has completed the sale of 18 assisted living facilities containing approximately 1,300 beds located in North Carolina to a private investor group for $95 million.

The sale is expected to generate approximately $36 million of cash proceeds to NorthStar after transaction costs and repayment of $56 million of mortgage debt and related accrued interest.

The sales price represents an approximate $11 million premium to NorthStar's undepreciated cost basis and an approximate $17 million premium to NorthStar's carrying value at September 30, 2009.

NorthStar Realty Finance Corp. is an internally managed REIT that primarily originates and invests in commercial real estate debt, real estate securities and net lease properties. For more information about NorthStar Realty Finance Corp., please visit http://www.nrfc.com/.

CONTACT: Investor Relations, Joseph Calabrese, for NorthStar Realty Finance Corp., +1-212-827-3772
Web Site: http://www.nrfc.com/

Clear Capital Appoints Mike Ousley to Lead Appraisal Team

TRUCKEE, CA– Dec. 22, 2009 – Clear Capital (www.clearcapital.com), a premium provider of data and solutions for real estate asset valuation, investment and risk assessment, today announced the appointment of Mike Ousley (top right photo)  as the company’s Executive Vice President, Appraisal Group, reporting to Duane Andrews,  (bottom left photo) Clear Capital CEO, and Kevin Marshall, Clear Capital President.

Working from company headquarters in Truckee, Calif., Ousley will oversee the direction and continued growth of Clear Capital’s Appraisal team responsible for providing reliable Appraisal-based and Value Reconciliation products nationwide to mortgage and lending industry customers.

 The Appraisal Group includes an internal team of 28 staff appraisers, quality assurance and customer service professionals; and an independent network of 10,000 licensed contract appraisers.

“Mike’s reputation throughout the industry fits who he really is: honest, innovative, hard working and most impressively, he puts the interests of others first,” said Andrews. “We're excited Mike has joined Clear Capital. He has built a successful career by finding ways to integrate technology to achieve efficiencies that benefit everyone in the loan transaction process.”

Ousley’s professional background spans more than 30 years of real estate collateral assessment and mortgage banking. Prior to joining Clear Capital, he founded Foster Ousley Conley in 1989 and Appraisal Enhancement Services (AES) in 1994.

In 2003, AES was acquired by a Fortune 500 company. He left Foster Ousley Conley after helping grow the company from two to more than 400 employees. Prior to Foster Ousley Conley, he served as Vice President at California Federal Savings Bank.

Contact: Heather Pond, 415.402.0230, http://www.atomicpr.com/

NAI Realvest Negotiates $920,000 Sale of the former Whistle Junction Restaurant in South Daytona

SOUTH DAYTONA -- NAI Realvest recently negotiated a $920,000 sale price for the 10,500 square foot former Whistle Junction restaurant building at 1854 S. Ridgewood Rd. in South Daytona.

Paul P. Partyka, (top left  photo)  principal and managing partner at NAI Realvest with partners, Matt Cichocki (bottom right photo)  and Kevin O’Connor (bottom left  photo) , based in Maitland, negotiated the transaction representing the seller Sovereign Investment Company of Palo Alto, Calif.

The property was purchased by Titusville-based SBI Leasing, Inc.

Partyka said this is the fifth former Whistle Junction restaurant sale handled by NAI Realvest this year, including locations in Melbourne, Jacksonville, St. Cloud and Titusville.

For more information, please contact:

Paul P. Partyka, Managing Partner/Principal NAI Realvest, 407-875-9989, ppartyka@realvest.com

 Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

CB Richard Ellis Announces Grand Opening of Metro 24/7 Fitness in Oak Groves Shoppes Center, Altamonte Springs, FL

ORLANDO, FL – Dec. 22, 2009 – The Orlando office of CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, is pleased to have Jorge Rodriguez, CCIM, Senior Associate in Retail Properties, announce the opening of Metro 24/7 Fitness on December 17, 2009.

 The 17,249 SF fitness center is located at 995 West State Road 434 in Altamonte Springs, Florida.

The new facility includes a smoothie bar, tanning salon, sauna, and massage services. Classes have already begun. Jorge Rodriguez with CB Richard Ellis represented the landlord, Kitson & Partners. Jeff Tanner and Kim Brackett Manson with Coldwell Banker Commercial NRT represented the tenant.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Arbor Closes $13,987,000 Fannie Mae DUS ® Loan for Angelo’s Grove Apartments in Marion, AR

Uniondale, NY (Dec.  22, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $13,987,000 loan under the Fannie Mae DUS® Loan product line for the 256-unit complex known as Angelo’s Grove Apartments (top left photo)  in Marion, AR.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

The loan was originated by John Edwards, (bottom right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “In collaboration with Financial Federal of Memphis, TN, we were pleased with the opportunity to provide our client a refinance opportunity in this low-interest-rate environment,” said Edwards.

Press Contact:  Stacey Corso, Marcus & Millichap, (925) 953-1716

Marcus & Millichap Sells 160-Unit Apartment Complex in Philadelphia

PHILADELPHIA, Dec. 21, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Beechwood Gardens, (top left photo)  a 160-unit, 140,000-square foot apartment complex in Philadelphia.

The sales price of approximately $10.5 million represents approximately $65,000 per unit and $75 per square foot.

Ridge MacLaren, (top right photo) a vice president investments and senior director of the firm’s National Multi Housing Group, along with multifamily investment specialists Clarke Talone (middle left photo) and Andrew Townsend, (bottom right photo)  in Marcus & Millichap’s Philadelphia office, represented the seller, Home Properties. The buyer was a New York-based LLC.

“In this supply constrained, far northeast Philadelphia location, rental demand will remain strong for years to come,” states MacLaren. “Home Properties managed the property well, which makes this a turn-key investment for the buyer. Combined with the attractive financing terms available, this is an excellent acquisition.”

The property is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to Center City.

Built in 1967 on 5.7 acres, Beechwood Gardens contains 80 one-bedroom and 80 two-bedroom apartments. More than two-thirds of the units have been renovated by the seller. Marcus & Millichap’s marketing efforts produced nearly 30 property tours and 20 written offers.

“This transaction indicates that buyers are anxious to take advantage of the excellent agency debt available,” adds MacLaren. “Well-priced real estate in solid infill locations will continue to generate significant buyer interest in this market.”

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