Arbor Closes $3.88M Fannie Mae DUS® Loan for Lakepointe Apartments in Brewerton, NY

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,880,000 loan under the Fannie Mae DUS® Loan product line for the 72-unit complex known as Lakepointe Apartments in Brewerton, NY.

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

The loan was originated by Ronen Abergel, (top right photo)  Director, in Arbor’s full-service New York, NY lending office. “This was a new borrower for Arbor, and we look forward to growing this relationship and partnering with them on future projects,” said Abergel.

Contact:  Ingrid Principe, Iprimcipe@arbor.com

TD Wood Brokers $2.95M Loan in Reno, NV

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on March 1, 2010, in the amount of $2,950,000 for McCarran Buildings D1, D2 and F, located at 6490 S. McCarran Boulevard, Reno, Nevada.


Steve Wood, (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed McCarran Buildings D1 and D2 through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial in the amount of $2,375,000.

The interest rate is fixed at 7.25% for a ten-year term, based on a 25-year amortization and a loan-to-value of 65%. The 27,734 square-foot office was built in 1990.

Together they also financed McCarran Building F through Symetra Financial in the amount of $875,000. The interest rate is fixed at 7.25% for a ten-year term, based on a 25-year amortization and a loan-to-value of 45%. The 11,426 office was built in 1991.

For further information, please contact:
Steve Wood (305) 447-7820 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Apartment Realty Advisors Facilitates Sale of 248-Unit Fractured Condominium Property in Boca Raton, FL

BOCA RATON, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multi-housing industry, announces that ARA’s Florida division facilitated the sale of the partially-completed 248-unit Eden Condominiums multifamily community located in exclusive Boca Raton, FL.

The transaction was arranged by ARA Florida’s Boca Raton-based team of Hampton Beebe (top right photo),  Avery Klann (middle left photo) and Marc deBaptiste (bottom right photo).

West Palm Beach, FL-based Priderock Capital Partners purchased the property from Ceebraid-Signal Corporation.

š“This property will be completed and marketed as the standard of luxury rental living in Boca Raton,” said Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal.š “Priderock has approved plans in place for an extensive rehab, including completing the clubhouse and re-construction of the unfinished apartment buildings.”

Beebe is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

“This exclusive listing assignment was an ideal fit for our team,” said Marc deBaptiste, one of ARA’s founding partners. “Our experience encompasses multifamily development, capital and financial structuring, and distressed asset solutions. This combination of talents paved the way for the successful marketing of this unique investment sales assignment.”

Contacts: Marti Zenor, Amy Holland or Lisa Robinson, (561) 988-8800 ext. 112, (404) 495-7300

mzenor@arausa.com, aholland@ARAusa.com, lrobinson@ARAusa.com

Colorado Medical Office Building Commands $18.6M

ENGLEWOOD, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Hampden Place Medical Center, (top left photo) a 66,339-square foot three-story Class A medical office building in Englewood, just south of central Denver.

The sales price of $18.6 million represents $271 per square foot.

John Smelter, a first vice president and senior director of the firm’s Healthcare Real Estate Group in San Diego, represented the seller. Smelter also represented the buyer, Health Care Trust of America Inc. Adam Christofferson,  (bottom right photo) a first vice president and broker of record for Colorado, also provided representation.

“The property was thoughtfully planned under the direction of Development Solutions Group by the physician owners, in conjunction with the participating hospital system, to facilitate the ongoing profitability and sustainability of the tenant businesses,” says Smelter.

Built in 2004 on 2.81 acres, the property is located at 401 W. Hampden Place in Englewood, a few blocks from the Swedish Medical Center and Porter Adventist Hospital campuses in an area known as the Englewood City Center, a city center transit-oriented, mixed-use redevelopment.

Hampden Place Medical Center houses an ambulatory surgery center, medical imaging, physiotherapy and medical offices for orthopedic, hematology-oncology and other physicians.

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

Florida Hospital to Host Open House to Showcase New 3,000-SF Women’s Wellness Center in Deltona, FL

DELTONA, FL - Florida Hospital DeLand will host an open house on March 11 to showcase its new Women’s Wellness Center at 777 Deltona Blvd. in Deltona.

The facility is perfect for a healthcare center, explained John Crossman (bottom left  photo) , president of Crossman & Company, the real estate company that leased the 3,000 square feet of space to Florida Hospital.

“The Women’s Wellness Center is an all-woman OB/GYN practice that offers everything from teen exams to prenatal care to menopausal care,” Crossman said.

“The facility’s convenience, high visibility and security bring a nice complement to the Greater Deltona community,” Crossman said. In addition, the building offered an interior floor plan and accommodations to accommodate patients’ needs for privacy and medical care, Crossman said.

A ribbon cutting ceremony is slated for 5:30 p.m. The facility will be open for tours from 10 a.m. to 5 p.m., Crossman added.

For more information, contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Three new tenants signed on by Crossman & Co. opening at the Shops at Stoneybrook Hills in Mount Dora, FL

MOUNT DORA, FL– Crossman & Company, one of the largest property management and leasing firms in the southeast who handles the Shops at Stoneybrook Hills in Mount Dora, leased retail space at the center to three businesses who announced they will be opening this spring at the retail center located at the southeast corner of US 441 and Stoneybrook Hills Parkway in Mount Dora.

John Crossman,  (bottom right photo) CCIM, president of Orlando-based Crossman & Company, said the following each leased 1,200 square feet at the 21,100 square foot Publix-anchored center.

---Wok N Roll, a Chinese take-out restaurant that will seat 15-plus guests, plans to open in early April and will serve from 10 a.m. to 9 p.m. daily.

---Elegant Nails plans to open in early April with hours ranging from 10 a.m. to 9 p.m.

---Robert Blakeley Insurance will be open for business by early April from 9 a.m. to 5 p.m. daily. Their office line is 352-383-4800.

For more information, contact:
Daniel Germano, Associate, Crossman & Company, 407-423-5400 or 407-581-6223;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Melrose-Sovereign Companies Awarded Contracts to Manage Two Eustis, FL Communities

ORLANDO, FL - Melrose-Sovereign Companies, which ranks as one of Florida’s largest community management firms, was recently awarded contracts to manage two residential communities in Eustis.

Jack Hanson, LCAM, co-founder and partner at Melrose-Sovereign Companies, said real estate developer Hanover Capital Partners, LLC of Orlando awarded both contracts. Together, the two communities total 235 home sites, Hanson said.

Ellen Lumpkin,  (top right photo) co-founder and partner at Melrose-Sovereign, said the contracts include Blue Lake Estates, located off S.R. 44 and Blue Water Street in Eustis, and Spring Ridge Estates, located off S.R. 44 and Cypress Grove Drive.

Hanover Capital Partners LLC, with operations in the six-county Central Florida market and Western North Carolina, is a full service real estate development company that specializes in residential, commercial and resort land development.

Headquartered in Orlando, Melrose-Sovereign Companies now has eight offices throughout the state.

For more information,  contact:

Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;
 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Place/BV Student Housing Fund Closes on $58.8 Million Project

ATLANTA, GA  /PRNewswire/ -- Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announces the closing of the construction loan for Tailor Lofts in Chicago, Illinois.

Tailor Lofts will serve the students of more than 20 Chicago area colleges and universities, including the University of Illinois at Chicago, Kent College of Law, Columbia College, Robert Morris University, Roosevelt University, and DePaul University.

The project is scheduled for delivery in August 2010. BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, an affiliated group of companies and Chicago-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.

Situated in the heart of Chicago's West Loop, (shopping area photos top right and bottom left)  one block from Greek Town and only two blocks from the Blue Line CTA, Tailor Lofts is a redevelopment of a historic landmark that is conveniently located near many area schools.

When completed, Tailor Lofts will have 477 beds in 135 fully-furnished units with full kitchens including dishwashers, private bathrooms, and beautiful views of downtown Chicago.

Bob Clark, (bottom right photo)  Executive Vice President, Place Management Group, LLC, said "Downtown Chicago is a vibrant student housing market and Tailor Lofts will fill the void of quality, purpose-built student housing in the market. The project is exceptionally located to serve the metro Chicago colleges and universities."

Blue Vista Capital Management, LLC is a leading national real estate investment management firm with in excess of $550 million in capital under management. Blue Vista has participated in joint ventures representing over $3 billion in total capitalization.

Place Properties, an affiliated group of companies, is one of the country's largest multifamily development and management organizations in the country. Since 1995, Place Properties has developed more than $1.4 billion of student and military housing communities and currently manages more than 21,000 beds.

Contact:  Jessica H. Nix, National Director of Marketing, +1-404-495-7591, jnix@placeproperties.com
Web site: http://www.placeproperties.com/

Hodges Ward Elliott Represents Seller in $95M Sale of Hotel Sofitel Washington, DC to LaSalle Hotel Properties

ATLANTA, GA-– Hodges Ward Elliott, Inc. (HWE) announced  it acted as the seller’s exclusive financial advisor and arranged the $95 million sale of the Sofitel Washington, D.C. Lafayette Square (top right photo)  to LaSalle Hotel Properties.

The sale price equates to approximately $400,000 per room.

Hodges Ward Elliott is the nation's leading hotel brokerage and hotel investment banking firm. Since 1990, HWE has sold or financed more hotels than any other brokerage company in the world. HWE has been ranked the #1 hotel broker in the United States for each of the last three years by independent organizations.

Contact: Timothy K. Southard,CFA, 404-231-6880 direct, 404-964-8450 cell,tsouthard@hwehotels.com

ING Clarion To Brand Miami Hotel As Hyatt Miami At The Blue

MIAMI, FL – ING Clarion Partners announces the branding of The Blue, (centered photo below)  a recently opened 240-room luxury condo hotel in suburban Miami, as “Hyatt Miami at The Blue” with the engagement of Davidson Hotel Company as the hotel’s new operator.

The hotel is owned by ING Clarion Development Ventures II (CDV II), a fund advised by ING Clarion Partners. The property is Davidson’s first project with ING Clarion and its third property licensed under a franchise agreement with Hyatt and managed under the full-service Hyatt brand.

The 17-acre self-contained resort in Doral, Florida, is located among some of the most famous golf courses in the United States, just minutes from Miami International Airport.
“This luxury condo hotel has already become the premier choice for the hundreds of international corporations headquartered in Doral, thanks to superior access to both the airport and world-class golf. Recent events in Miami, like Art Basel and the Super Bowl, have filled our hotel with vacationers from around the world,” says ING Clarion Managing Director and CDV II Portfolio Manager Doug Bowen.

“Hyatt Miami at The Blue benefits from a strategic location for both leisure and business travelers. Its oversized luxury accommodations are perfectly suited to executives, families or golf buddies,” said John Belden,  (top right photo) Davidson’s president and chief executive officer."

“This is an extraordinary resort hotel, a niche where we have strong operating experience,” said Patrick F. Lupsha, (bottom left photo) Davidson’s chief operating officer.

“Through branding and applying our operating procedures and systems, we will raise public awareness of the resort, and we will implement our proven proprietary marketing and management programs that will help attract more guests and provide outstanding service levels when they arrive.”

Davidson will oversee hotel operations, the condo association, as well as the integration with the Hyatt Vacation Club.

Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155, cnorwood@davidsonhotels.com
Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Grubb & Ellis Represents Frontier Logistics in 300,000-SF Warehouse Lease in Pasadena,TX

 HOUSTON, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Doug Nicholson, executive vice president, SIOR, CRE, Industrial Group, and John Nicholson, senior vice president, SIOR, Industrial Group, represented Frontier Logistics L.P., a third party logistics company, in a 300,000-square-foot lease of warehouse space at 3005 Highway 225 in Pasadena.

Taking occupancy March 1, Frontier Logistics will use the space for packaging and distributing plastic resin.

“This is a rail-served property excellently located at the northwest corner of Beltway 8 and Highway 225, with close proximity to the Port of Houston,” said John Nicholson.

Brian Gammill and Darryl Noon of Transwestern represented the property’s landlord, ING Clarion, in the transaction.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

 Healthcare REIT II Declares Distribution Through Second Quarter 2010

SANTA ANA, CA (Mar.  8, 2010) – Grubb & Ellis Healthcare REIT II, Inc. announced today that its board of directors has authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on March 1, 2010 and ending on June 30, 2010.

The distributions will be calculated based on 365 days in the calendar year and will be equal to an annualized distribution rate of 6.5 percent, assuming a purchase price of $10.00 per share.

 These distributions will be aggregated and paid in cash monthly in arrears. The distributions declared for each record date in March, April, May and June would be paid in April, May, June and July, respectively.

For more information, please contact  Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

 Preferred Stock Dividend of $3 Per Share Announced

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced  its board of directors has declared a dividend of $3.00 per share on the company’s 12% Cumulative Participating Perpetual Convertible Preferred Stock to stockholders of record as of March 19, 2010.

 The dividend is for the quarterly period from Jan. 1, 2010 and is payable on March 31, 2010.

Contacts: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

HFF arranges $12M construction loan for 154-unit multi-housing community in Stoughton, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12 million construction loan for Alta at Indian Woods Apartments, a 154-unit, to-be-built multi-housing community in Stoughton, Massachusetts.

HFF director Anthony Cutone worked on behalf of the borrower, Wood Partners, LLC, to secure the loan through Wainwright Bank & Trust Company.

Wood Partners is a national multi-housing real estate firm that develops, constructs and acquires high-quality multi-housing rental and for-sale condominiums throughout the United States.

The local director for Wood Partners is Richard Dickason, who has been in the multi-housing industry for 25 years and leads the New England office in Concord, Massachusetts.

Due for completion in July 2011, Alta at Indian Woods Apartments will have one-bedroom/one-bath and two-bedroom/two-bath units averaging 865 square feet each. Community amenities will include a clubhouse with fitness center, clubroom, bbq area with gas grills and business center. As a 40B project, 25% of the units will be affordable to persons of low and moderate income. Alta at Indian Woods is situated on an 8.6 acre site along Washington Street (Route 138) in Stoughton, approximately 20 miles southwest of downtown Boston.

Wainwright Bank (NASDAQ: WAIN), a leading socially progressive bank, is headquartered in Boston with assets of more than $1 billion and 12 branches throughout Greater Boston. Over 50% of the bank’s commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental protection to name a few. http://www.wainwrightbank.com/.

Contacts:

Anthony Cuton, HFF Director, 617) 338-0990, acutone@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, ( (713) 852-3500, krmurphy@hfflp.com

HFF closes $4.3M sale of suburban Chicago office and warehouse building

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of 7100 Madison, a 50,157-square-foot office and warehouse distribution building in Willowbrook, Illinois.

HFF managing directors Jaime Fink top right photo) and Jeffrey Bramson (top left photo)  and director Kenneth Glomb led the investment sales team on behalf of the seller, a subsidiary of Prime Group Realty Trust. CenterPoint Properties purchased the property for $4.3 million free and clear of debt.

7100 Madison was completed in 1998 as a build-to-suit for Trane Company, an international supplier of HVAC equipment, which leases the entire property through December 2015.

 The property consists of 60 percent office and 40 percent warehouse space and serves as a regional sales and service office and parts distribution facility.

 Situated on 4.5 acres at 7100 Madison, the property is close to Interstates 55 and 294 approximately 18.5 miles southwest of downtown Chicago in Willowbrook.

Contacts:
Jaime M. Fink, HFF Managing Director, (312) 528-3650, jfink@hfflp.com
Jeffrey M. Bramson, HFF Managing Director,   (312) 528-3650, jbramson@hfflp.com
Kenneth J. Glomb,  HFF Director, (312) 528-3650, kglomb@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Walker & Company picks Palmer Electric for Orlando school project

WINTER PARK, FL — Palmer Electric Company was selected by general contractor Walker & Company to handle electrical contracting for the renovation of the 940 Building at Lake Highland Preparatory School in Orlando, Fla.

Under the terms of it’s nearly $100,000. contract, Palmer Electric is providing building wiring, fire alarm and low voltage systems for the two-story, 16,000-square-foot project. Completion is scheduled for August 2010 to accommodate the opening of the next school year.

Powell Design Group of Orlando, Fla., is the architect. Orlando, Fla.,-based Peninsula Engineering Incorporated is the electrical engineer.

Palmer Electric Company is a provider of electrical contracting and service to commercial, institutional and residential customers since its founding in 1951. The Company employs a staff of 160. Headquartered in Winter Park, Fla., the Company has residential division offices in Lakeland, St. Cloud and Jacksonville, Fla. For additional information, visit www.palmer-electric.com.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Foster Conant selected to design landscape for Winter Garden, FL beautification project

ORLANDO, FL — Foster Conant & Associates has been selected by the City of Winter Garden, Fla., to provide landscape architectural design services for the beautification of four miles of Highway 50 from Avalon Road to State Road 429-Western Beltway.

 Under the scope of services, Foster Conant is providing design, construction documents and construction observation for the landscape, hardscape and irrigation of the medians.

According to Rick Conant, (top right photo) FASLA, principal of Foster Conant & Associates, the Firm selected a rustic red brick for the hardscape within the medians to reflect the historical values of Winter Garden.

The project is being designed and constructed under the authority of the Florida Department of Transportation and City of Winter Garden.

Foster Conant & Associates is an award-winning, site-specific landscape architectural firm that practices throughout the U.S. and abroad.

Public and private clients afford the firm a varied portfolio of expertise that includes hotels, resorts and themed entertainment complexes, timeshare resorts, airports, large-scale residential land developments, mixed-use complexes, office buildings, business parks and apartment complexes.

Headquartered in Orlando, Fla., the 11-person firm is managed by principals Richard R. “Rick” Conant, FASLA, Keith Oropeza, ASLA and René A. Ramos, RLA. For an extensive presentation of projects, please visit www.fosterconant.com.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com