Marcus & Millichap Lists $17.9M Retail Property in Las Vegas

LAS VEGAS, NV-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 104,397-square foot Harley-Davidson/24 Hour Fitness (top left photo)  in Las Vegas. The listing price of $17,905,000 represents $172 per square foot.

Jeremy Foley and Ray Germain, both net-leased property investment specialists in the firm’s Las Vegas office, are representing the seller, a private investor.

“Las Vegas Harley-Davidson has been in this location since 2003 and is the world’s largest Harley-Davidson dealership,” says Foley. “24 Hour Fitness has been there since 1988 and has completed more than $2 million in tenant improvements since 2005.”

“Below-market assumable financing of $10.9 million is available for the property at 5.69 percent interest, fixed, due February 2016,” says Germain.

The property is located at 2605 South Eastern Avenue in Las Vegas, just north of West Sahara Avenue, in a well-established retail corridor with traffic counts in excess of 82,000 vehicles per day. Nearby tenants include CVS, Food 4 Less, Panda Express, Burger King, 7 Eleven, Kmart, Ross and Starbucks.

The property is 100 percent leased by the two tenants. 24 Hour Fitness’s triple-net lease expires in 2016. Harley-Davidson’s triple-net lease expires in 2013 and has two five-year options to renew.

A total of $637,800 has spent on recent capital improvements, which include roof replacement, exterior paint and parking lot resurfacing. These were completed in 2005, 2006 and 2008.

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

Cambridge Says Loan Origination Requests Rise Modestly in February

CHICAGO, IL--Cambridge Realty Capital Companies reports the number of senior housing/healthcare loan origination requests processed by the company rebounded modestly in February but the dollar volume was up a robust 21.6 percent over the same month last year.

Cambridge Chairman Jeffrey A. Davis  (top right photo) said the company processed 28 loans totaling $478.2 million in February. This compares with 25 loans totaling $393.1 million for the same month last year.

For the year-to-date, Cambridge has processed 50 loan requests, compared with 52 loans during the first two months of 2009. However, the $852.1 million dollar volume for this year is running about 12 percent ahead of the $757.7 million volume for the same period last year.

Davis points out that lenders close a relatively small percentage of loan requests received, but thinks it’s useful to track this information as an indication of market direction.

“All things considered, the results to date are encouraging. Cambridge is predicting a rebound in funding activity in 2010 if the economy continues to improve,“ he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders with more than 300 closed transactions totaling more than $3 billion since the mid-1990s, when the firm began specializing in senior housing/healthcare financing. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders in the country.

Davis says Cambridge has been privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties. The company today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

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

Two Luxury Home Sales at Turtle Creek in Dr. Phillips Area Sold for $741,000

ORLANDO - Sally Taylor and Emily White, a sales associate team in Stirling Sotheby’s International Realty’s Windermere/Dr. Phillips office recently represented both buyers and sellers of two luxury homes at Turtle Creek in the Dr. Phillips area that totaled $741,000.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the two homes, located at 10625 and 10626 Woodchase Circle respectively, sold for $355,000 and $386,000.

Soderstrom said Taylor and White formed a special team in the firm’s Dr. Phillips office. “Sally Taylor and Emily White are originally from the U.K., and they extensively market their properties both locally and internationally,” Soderstrom said. “They have excellent contacts with European investors and they are very meticulous in their presentations and strategies,” he said.

Soderstrom added that the luxury homes market is coming back strong in southwest Orlando.

“The luxury homes market is coming back strong because the opportunities throughout Central Florida are abundant, and especially in southwest Orlando” Soderstrom said.

For more information contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Spring Hill Suites by Marriott opens at Tampa Palms Professional Center

TAMPA - Sun Development and Management Group of Indianapolis has opened the Spring Hill Suites by Marriott (top left photo) on a 2.5-acre site at the Tampa Palms Professional Center, located in Tampa Palms on Commerce Center Blvd. off Bruce B. Downs Blvd.

Paula Buffa,  (bottom right photo) RPA, CCIM, senior vice president at Grubb & Ellis Commercial Florida in Tampa, said the 127-suite hotel complex with meeting rooms, a fitness center and heated pool plans to cater to business travelers in the Tampa Palms Professional Center area as well as area visitors to nearby Busch Gardens, the University of South Florida and the New Tampa Recreational Center.

“Spring Hill Suites by Marriott will draw increased attention to office suites available at Tampa Palms Professional Center,” said Buffa, who represents the professional office complex.

Tampa Palms Professional Center offers 460,000 square feet of Class A office, medical, commercial, restaurant, retail and hotel space in a natural setting that overlooks conservation areas, lakes and ponds. Buildings range from 2,000 to 18,000 square feet of customized space.

CONTACTS:
Paula Buffa, CCIM, RPA 813-830-7887;
Jeffrey Sweeney, SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142

RiskMetrics Group Recommends Lodgian Stockholders Vote “FOR” Proposed Merger with LSREF Lodging Investments, LLC

ATLANTA, Ga., March 26, 2010—Lodgian, Inc. (NYSE Amex Equities: LGN), one of the nation’s largest independent hotel owners and operators, today announced that RiskMetrics Group, Inc. (formerly Institutional Shareholder Services), a leading independent proxy advisory firm, recommends that Lodgian stockholders vote “FOR” Lodgian’s proposed merger with LSREF Lodging Investments, LLC (“LSREF”), an affiliate of Lone Star Funds.

As previously announced, under the terms of the merger agreement, LSREF will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction, which represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15, 2010.

Lodgian urges stockholders to follow the recommendation of RiskMetrics by signing, dating and returning the company’s proxy card today. Lodgian stockholders who have questions or require assistance voting their shares should contact the company’s proxy solicitor, Innisfree M&A, toll-free at (888) 750-5834 (banks and brokers may call collect at (212) 750-5833).

The vote of Lodgian’s stockholders is very important regardless of the number of shares of common stock they own. Whether or not stockholders are able to attend the special meeting of the stockholders (the “Special Meeting”) in person, to ensure their votes are counted, stockholders are urged to vote by telephone or Internet as soon as possible.

 If stockholders fail to return their proxy cards, fail to register their vote by telephone or Internet, fail to attend the Special Meeting and vote in person, or fail to instruct their broker on how to vote, it will have the same effect as a vote against approval of the merger and the merger agreement.

Contact:
Debi Neary Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719. dethridge@lodgian.com
Jerry or Chris Daly, DalyGray Public Relations, jerry@dalygray.com
chris@dalygray.com

Meet the Money Conference Set for May 3-5 in Los Angeles

LOS ANGELES, CA—Encouraging signs of a thaw in the worst recession in decades are the rationale behind this year’s optimistic theme, “Unlocking the Game-changers for the Coming Recovery,” for the 2010 Meet the Money® conference.

This year’s event, which marks its 20th consecutive year, will be held May 3-5, 2010, at the Sheraton Gateway Los Angeles Hotel (top left photo)  near LAX in California.

“We expect attendees at this year’s conference to fall into two distinct categories,” said conference founder Jim Butler, (middle right photo) author of www.HotelLawBlog.com and chairman of the Global Hospitality Group® of Jeffer, Mangels, Butler & Marmaro LLP.

 “There will be investors with cash who are gearing up for an active acquisition run over the next several years. We expect to see a large number of opportunity funds, especially as the bid-ask spread is narrowing.

“On the sell side will be troubled hotel owners who are seeking ways to work through these unprecedented economic times,” he noted.

 “Rounding out the group will be representatives from dozens of banks, institutional lenders and private investors who will update attendees on the availability of capital. Industry experts suggest that it will take at least three to five years to resolve the significant number of hotel work-outs in process and the tsunami of CMBS loans coming due.

"This will be a period of both tremendous opportunities and a tremendous amount of pain.”

Meet the Money® will feature some 100 industry leader speakers, in more than 25 sessions. Major emphasis will be placed on CMBS loans, receivership, financing and investment strategies, revenue management, repositioning, public-private partnerships, timeshare and asset management.

“In the past two decades, the conference has seen two major economic cycles,” Butler said.

 “The world of finance and the issues associated with ownership have become increasingly complex, which is reflected in the way the format of the conference has changed over the years. We began as an extended breakfast meeting sitting around a table in 1990.

" We now are a three-day event attracting more than 400 people from throughout the U.S., as well as overseas. This will be the most dynamic group we’ve had in the conference’s history.”

Registration fee for the conference is $950. For more information about the conference, to register or learn how to become a Meet the Money® sponsor or exhibitor, please visit http://www.meetthemoney.com/  or contact Diane Phillips at (310) 785-5320 or at dphillips@jmbm.com.

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

Liberty Property Trust Receives Toby Award for Centurion Plaza in Jacksonville, FL

JACKSONVILLE, FL-- Liberty Property Trust (NYSE:LRY) today announced it has received a TOBY Award from the Jacksonville Building Owners and Managers Association (BOMA) for its Centurion Plaza Building (top left photo) The award recognizes excellence in property management.

“Receiving this award from BOMA is a true honor,” said Mike Heise, (lower right photo)  vice president and city manager at Liberty. “We feel that this award is recognition of the unique amenities of Centurion Plaza and a testament to the dedication and professionalism of our staff.”

The award, presented to Liberty last week for its building located at 10245 Centurion Parkway North, was received in the office category for buildings under 100,000 square feet. Centurion Plaza is a 51,974 square foot three-story building that has qualified to be Energy Star rated.

The local BOMA chapter sponsors the annual performance and criteria include all facets of a building's operations, including tenant relations, community involvement, emergency evacuation processes, continuing education for building personnel and overall exceptional service.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Engler Financial Group Markets Loan Backed by Oxford Creek in Georgia

ATLANTA, GA--Engler Financial Group has been engaged on an exclusive basis to market for sale the multifamily mortgage loan collateralized by Oxford Creek (top left photo)

 Bid Due Date is tentatively set for Wednesday, April 7th.

Oxford Creek is a 232-unit Class “A” all townhouse apartment community located at the northwest corner of McDonough Parkway and Bridges Road in McDonough, Henry County, Georgia.

As one of the fastest growing counties in Georgia, many top corporations have located facilities in Henry County including Ford Parts and Distribution, Nestle' USA and BellSouth Services.

The submarket's proximity to Hartsfield-Jackson International Airport will continue to attract new businesses and households.

All floor plans offered at Oxford Creek are desirable two-story townhouses which provide residents with private direct-unit entrances. The two-story townhouse design of the Property's units gives the community a more "single family" feel unlike other garden apartment properties. The community's townhouse units have been well received in the submarket as evidenced by the strong occupancy trend at the property.

If you have an interest in pursuing this opportunity, please follow the link below to view the asset teaser for Oxford Creek and execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Oxford Creek, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Contacts:
Greg Engler, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, 678/992-2000, ext. 4, kmikkelsen@efgus.com

CLW Health Brokers $9.5M Sale of Alabama Retirement Community

TUSCALOOSA, AL--CLW Health Care Services Group of Tampa, FL  is pleased to have represented Capstone Village, Inc. in the 9.5 million sale of Capstone Village, (top left photo)  an Entrance Fee Continuing Care Retirement Community located on the campus of The University of Alabama in Tuscaloosa, Alabama.

The 159-unit, 24-acre  Capstone Village includes 22 Independent Living Garden Homes, 108 Independent Living Apartments, and a 29-unit Health Center (13 Assisted Living and 16 Memory Care units).
Tuscaloosa News.com reports the university  will not be responsible for about $51 million in mortgage bonds. The university will assume payback of deposits and owe $800,000 immediately and another $2.1 million when vacant units are resold.

Sale will be official once a court order is obtained. Trustees approved buying Capstone Village, on the eastern edge of campus, for about 20 cents on the dollar.

“Given the location of Capstone Village and the fact that many of the residents, if not most of the residents, are friends of the university, it’s important for us to protect this piece of property and our relationship with the inhabitants,” UA President Robert  E. Witt told trustees.

Built in 2005, Capstone Village sits on 24 acres of UA’s campus and has 159  units in a 228,000-square-foot facility, with 22 patio homes totaling 35,000 square feet behind it. It’s valued at $40 million, said Lynda Gilbert, (middle left photo)  UA vice president for financial affairs.

Under the sale terms, UA will pay $9.5 million to Capstone’s lenders but will not be responsible for about $51 million in mortgage bonds. In other words, UA would own the community outrightwhile Capstone’s lenders will take a loss.

“The bondholders have decided they no longer want to be in the retirement community business, so they’re moving away from those type of investments, and this is one of their last commitments to these types of facilities,” Gilbert told trustees. “They are just cleaning up financial statements, and we were able to take advantage of their changes of philosophy.”

UA officials first floated the idea of a retirement community on campus in the early 1990s, and in 1998, trustees leased 24 acres off Fifth Avenue East to Cooperative Retirement Services  of America, based in Memphis, Tenn.

CRSA set up Capstone Village Inc., the nonprofit company that developed and marketed the $45 million complex. Although several prominent current and former UA staff members serve on the company’s board of directors, the community has been independent of the university and pays rent to UA.

“It’s a major accomplishment for our long-term plans,” trustee chairman Finis St. John said. Capstone will continue to operate as a retirement community, said Debbie Lane (lower right photo), UA spokeswoman.

“We plan to make sure (it)continues to be a vibrant retirement community for a long time,” she said.

UA plans to keep Capstone Village as a nonprofit, but there has been no decision on whether its staff will become university employees, Lane said.

UA will pay the $9.5 million from cash reserves, but, under the resolution approved by trustees, there is an option to include up to $14 million for the purchase in a future bond issue. The $4.5 million padding between the purchase price and the potential bond is in case UA has to spend any more on renovations or upgrades once it becomes owner of the facility, Lane said.

“We don’t anticipate needing it, but it will give us wiggle room if we do,” she said.

As part of the sales terms, UA will take over paying back residential deposits, which as long as vacancies are filled will not cost UA money long term.

Before residents can move in, they must pay an entrance fee, or deposit, which is 90 percent refundable when they move out and the unit is resold. Under the proposed sale terms, UA will assume payback of deposits and owe $800,000 immediately, which UA will pay from reserves, and another $2.1 million when vacant units are resold. The occupied units now have about $14 million in deposits that will become a revolving liability for UA.

The trustees’ executive committee approved the action Thursday by conference call. The committee can act on behalf of the full board so no other action is needed.

A court order approving the sale is still needed, but UA and Capstone’s lenders hope to close the sale before the end of the year.

Contact:
Allen McMurtry, CEO (lower left photo) CLW Health Care Services Group, 4301 Anchor Plaza Parkway, Suite 400, Tampa, FL 33634, (813)-349-8349, CLW Health Care Services Group

J.D. Parker Named Regional Manager of Marcus & Millichap's Manhattan and New Haven Offices

NEW YORK, N.Y.,  – Marcus & Millichap, the nation’s largest real estate investment services firm, has promoted J.D. Parker (top right photo)  to regional manager of the Manhattan and New Haven offices, according to Harvey E. Green (top left photo), president and chief executive officer of the firm.

“J.D.’s success as the manager of our Brooklyn office and his achievements as an investment specialist make him an invaluable resource to our clients and agents in New York City and in Connecticut.”

Since April 2007, Parker has served as the regional manager of the Brooklyn office, a position he will continue to hold in addition to his new duties as regional manager of the Manhattan and New Haven offices.

Parker joined Marcus & Millichap in April 2004 and was named Rookie of the Year in the Manhattan office. As an investment specialist, Parker has mentored several successful agents in the Manhattan and Brooklyn marketplace. In October 2005, he was promoted to associate status. He was soon promoted to the management team, taking over as sales manager of the Manhattan office in May 2006.

Parker received his bachelor’s degree in Operations and Information Systems Management from Penn State University.

Mark Ruble Promoted to Associate Vice President Investments in Phoenix

PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, announces the promotion of Mark Ruble (lower right photo)  to associate vice president investments in the Phoenix office, according to regional manager David A. Guido.

“Mark has extensive experience as an investment sales specialist in the Phoenix office, focusing on net-leased investment transactions,” says Guido. “Throughout his career with Marcus & Millichap, Mark has matched numerous private and institutional investors with investment real estate in the Phoenix area and throughout the United States. Mark has been instrumental in driving our business forward and developing new business leads.”

Ruble joined the firm in December 2004 and was promoted to senior associate in June 2009. He holds a bachelor’s degree in business real estate from Arizona State University.

Brooklyn, NY Building Listed for Sale at $11.75M

BROOKLYN, N.Y., – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for 752-760 and 762-770 60th St., (lower left photo) a 9,200-square foot combined apartment building in Brooklyn.

 The listing price of $11.75 million represents $146,875 per unit and $169 per square foot.

Multifamily investment specialists Dolly Amigon and Jon Taubes of the firm’s Brooklyn office are representing the seller.

“This is a rare opportunity for an investor to acquire a large building in the heart of Brooklyn’s thriving Chinatown,” says Amigon.

Located between Seventh and Eighth Avenues in Brooklyn, the properties include 200 feet of frontage on 60th Street.

 The lot measures 200 feet by 100 feet; the block and lot numbers are 05785-0023 and 0028. The building is two blocks from an N express subway station, or approximately 30 minutes from Manhattan.

The asset is near the Eighth Avenue retail corridor, which is near many restaurants, public transportation and schools.

The four-story apartment building is zoned C1-3/R6. The property includes two one-bath studios, 48 one-bedroom/one-bath units and 30 two-bedroom/one-bath apartments. Average rents at the property are $1,100 per month.






North Florida Development Site Listed for $12.8M

GLEN ST. MARY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a development site consisting of approximately 3,660 acres of acres of timberland with merchantable and pre-merchantable planted pines and natural hardwoods.

Merchantable timber consists of trees that have attained sufficient size, quality and/or volume to make them commercially valuable. The sales price of $12.8 million represents approximately $3,497 per acre.

Paul Bouldin (lower right photo)  and Robert Jinks, both senior associates in Marcus & Millichap’s Tampa office, are representing the seller, a Florida real estate owner.

“The property was part of the Cedar Creek Development, a mixed-use residential golf community,” says Bouldin. “Currently, it is an excellent opportunity for cash flow with income from the management of the timber, until the market returns for future development.”

“Approximately 44 percent of the property is composed of merchantable planted pines, ranging in age from 15 to 35 years with substantial volume,” adds Jinks.

“Approximately 31 percent is pre-merchantable planted pine, from seven to 14 years of age and approximately 10 percent of the property contains natural stands of bottomland pine, hardwood and cypress. A variety of tree species are found in these natural stands, including slash pine, water oak, laurel oak, maple and sweetgum,” says Jinks.

The property is located approximately three miles north of Interstate-10 on County Route 125 in Glen St. Mary. Glen St. Mary is one mile west of the Baker County seat, Macclenny, and is approximately 20 miles west of Jacksonville.

 Glen St. Mary is part of the Jacksonville metropolitan statistical area (MSA).

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Grubb & Ellis Commercial Florida Appoints Wendy Supino Associate in Retail Group in Orlando

ORLANDO - Grubb & EllisCommercial Florida has appointed Wendy Supino (top right photo)  CCIM an associate in the firm’s Orlando Retail Group.

Jeff Sweeney, SIOR, president and managing partner of Grubb & Ellis
Commercial Florida, said Supino has more than 24 years of experience in commercial real estate.

Supino started her real estate career with Commercial Net Lease Realty in Orlando. She was the real estate epresentative for Batteries Plus in Wisconsin where she assisted with site selection and store development throughout the Southeast.

Most recently Supino served as a senior investments advisor at Sperry Van Ness in Orlando.

Sweeney said Supino will focus on retail property leasing and sales with Grubb & Ellis
Commercial Florida retail specialists Mark Sneed, Ray Hayhurst and Steven Tanner.

CONTACTS:
Jeff Sweeney, SIOR 407-481-5387
Larry Vershel Communications 407-644-4142

Crossman's Daniel Germano Closes Retail Leases in Winter Park and Eustis, FL

 Company negotiates new and renewal lease agreements at Winter Park, FL retail center totaling 4,068 SF

ORLANDO, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently completed two lease agreements – one new and one renewal – for a total of 4,068 square feet in the shopping center on Lee Road at the corner of Adanson Street in Winter Park.

Leasing Associate Daniel Germano (top right photo) negotiated  both lease transactions, representing the landlord Lee Road Partners LP.

Star Nails renewed its lease of 1,525 square feet for three years at the center; Beauty Alliance signed a new one-year lease for 2,543 square feet.

Company negotiates long-term renewal lease of 1,300 square feet of storefront space in Eustis, FL

EUSTIS, FL - Crossman & Company, one of the largest third-party retail leasing and management firms in the Southeast, recently negotiated a four year lease renewal agreement with Dr. Eric Meeker, DDS for 1,300 square feet at 228 West Ardice Ave. in the Eustis Square Shopping Center.

Leasing Associate Daniel Germano negotiated the transaction representing the landlord Eustis Square One.

For more information, please contact:
Daniel Germano, Leasing Associate, Crossman & Company, 407-423-5400 or 407-581-6223;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Plano, TX picks D & A Building Services of Longwood, FL for new contract

 LONGWOOD, FL — D & A Building Services Inc. was selected by the City of Plano, Texas, for a new contract.

Under the scope of services, D & A’s certified window-cleaning specialists will clean the windows of 31 municipal buildings that range in height from one- to three-stories on a periodic basis.

D & A Building Services Inc. is a privately owned facility maintenance provider founded in 1985. Headquartered in Longwood, Fla., full service offices are located in Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis., Dallas, Texas, and Detroit, Mich.

Services are provided by a staff of 650 to property managers, building owners, and local and state governments, Federal agents and the military. The veteran-owned company is an Hispanic-Owned Business Enterprise, and a graduate of the Small Business Administration’s 8(a) program.

For additional information, please visit http://www.dabuildingservices.com/

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

Holliday Fenoglio Fowler Closes $57.55M in New Loans

HFF secures $5.1 million refinancing for Newark self storage facility

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) secured a $5.1 million refinancing for a 63,813-square-foot self storage facility in Newark, New Jersey.

HFF senior managing director Jon Mikula (top right photo)  and associate director Michael Klein (top left photo)  worked exclusively on behalf of the borrower, The Hampshire Companies, to secure the three-year, fixed-rate loan through TD Bank.

Completed in 2007, the property has 816 climate controlled units and a 500-square-foot office and sales center. Hampshire Self Storage operates the facility and it is currently 84% occupied. The property is situated on nearly one acre at 320-324 Elizabeth Avenue close to Interstate 78 in Newark.

The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. www.hampshireco.com.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $26.55M  refinancing for The Village at Muller Park® near Indiana University

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.)  has arranged a $26.55 million refinancing for The Village at Muller Park®, a 248-unit / 668-bed luxury, off-campus student housing community serving students attending Indiana University in Bloomington, Indiana.

HFF managing director Jon Everson  (lower right  photo) worked on behalf of the borrower to arrange permanent financing that refinanced the borrower’s construction/mini-perm bank loan. The financing was secured through a 10-year fixed-rate loan through M & T Realty Capital Corporation – Fannie Mae. Debt service payments are based on interest-only for the first two years followed by a 30-year amortization.

Since opening for the 2008 Fall semester, the property has experienced strong occupancy and rent levels. Community amenities include a clubhouse with recreation room, fitness center, spa and tanning facility, computer/business center, swimming pool and basketball and volleyball courts. The Village at Muller Park® also provides residents with shuttle bus service to and from Indiana University’s campus.

Contacts:

Jonathan P. Everson, HFF Managing Director, (317) 630-3191, jeverson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $25.9M  refinancing for Sawyer Heights Lofts in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.)  has secured a $25.9 million refinancing for Sawyer Heights Lofts, (bottom right photo)  a 326-unit Class A multi-housing community in Houston, Texas.

Working on behalf of Martin Fein Interests, Ltd., HFF executive managing director Scott Galloway, director Matthew Kafka and real estate analyst Robert Wooten placed the 10-year fixed-rate securitized loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

Built in 2007, Sawyer Heights Lofts amenities include a clubhouse, conference room, library, billiards room, direct-access parking garage, fitness facility with Pilates studio, swimming pool and two Jacuzzis. The property is situated on nearly five acres at 2424 Sawyer Heights Street in the Washington Avenue area of Houston close to Interstate 10 and Houston’s central business district.

“Sawyer Heights Lofts benefits from a fantastic amenity package and great location in the Washington Avenue area, which has experienced tremendous growth and revitalization due to the influx of young professionals,” said Kafka.

Martin Fein Interests, Ltd. is a Houston-based real estate investment company engaged in the development of Class A multi-housing communities across the southwest United States. Fein was recently ranked as one of the top-50 multi-housing builders by Multifamily Executive magazine.

Contacts:

Matthew Kafka, HFF Director, (713) 852-3500, mkafka@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Sells 13,800-Squere-Foot Retail Building in Orange Park, FL

ORANGE PARK, FL, Mar. 24, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 57 Heaven Center,(top left photo)  a 13,800 square-foot retail property located in Orange Park, FL, according to Richard D. Matricaria, (middle right photo) Sales Manager of the firm’s Jacksonville office. The asset commanded a sales price of $1,325,000.

David Hsieh, Associate Vice President, and James Hoggatt, an investment specialist in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a partnership, was secured and represented by David Hsieh and James Hoggatt, in Marcus & Millichap’s Jacksonville office.

Press Contact: Richard D. Matricaria, Regional Manager, Jacksonville, (904) 672-1400