Social Security Building in Port St. Lucie, FL Gets $3.435M Loan

ORLANDO, FL, April 12, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,435,000 for the Social Security Administration office building in Port St. Lucie, Florida.


Doug Rozzell, (top right photo) Company Principal, financed the Social Security Administration office building through Thomas D. Wood and Company’s relationship with a regional bank in the amount of $3,435,000.

The construction period is interest-only for 12 months, followed by a mini-permanent loan based on a 20-year amortization. The interest rate is LIBOR + 300 basis points, floor of 6.75%. The Lender waived its normal pre-payment penalty.

The loan-to-value is 80% and loan-to-cost is 90%. The 14,960 square-foot single-tenant office will be built on 1.49 acres at 6810 S. US Highway 1, Port St. Lucie, Florida.

For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

HFF arranges $9.47M refinance of student housing complex near UNC Charlotte

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $9.47 million refinancing for the University Club, a 520-bed student housing complex near the University of North Carolina at Charlotte, North Carolina.

Working on behalf of Harrison Street Real Estate Capital and The Priess Company, HFF director Tim Joyce (top right photo)  placed a 10-year, 5.97% fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program.

University Club, located at 10035 Dabney Drive, is situated one-half mile from the the campus of the University of North Carolina at Charlotte.

The 94% leased property, purchased by the borrowers in 2006, has 130 four-bedroom/four-bathroom units. Community amenities include a clubhouse, fitness center, computer center, swimming pool, basketball and volleyball courts and tanning beds.

“University Club has an excellent location, approximately one-half mile from the UNC at Charlotte campus and offers a top-of-the-line amenity package at a great value to the students and renters at the property,” said Joyce.

Harrison Street Real Estate Capital, LLC, is a real estate private equity firm founded in 2005. The firm, on behalf of Harrison Street Real Estate Partners I and II, currently owns 177 properties equating to approximately $2.4 billion in real estate assets which includes over 12,900 student housing beds, 3,900 senior housing / assisted living units, over 61,000 self-storage units, 2,800 dry & wet boat storage slips and 900,000 square feet of medical office space.

 For more information on Harrison Street Real Estate Capital please visit http://www.harrisonst.com/.

Contacts:
Timothy J. Joyce, HFF Director, (312) 528-3650, tjoyce@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF named to market for sale former Circuit City property in Melbourne, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been named to market for sale a 22,723-square-foot former Circuit City building located in Melbourne, Florida.

HFF managing director Brad Peterson (bottom right photo) will lead the marketing efforts on behalf of the seller, GE Commercial Finance Real Estate. The property is offered for $1.6 million or $86 per square foot.

Completed in 1992, the property was most recently occupied by a regional appliance retailer after Circuit City vacated the building in 2006. The property is situated on 3.6 acres at 2730 West New Haven Avenue in Melbourne and is also shadow-anchored by Target.

“The former Circuit City building may present an opportunity for a retailer or other user to purchase a prime location along US-192, the most dominant corridor in Brevard County with a daily traffic count of nearly 40,500 cars per day, at a discount to replacement cost,” said Peterson.

Contacts:

H. Bradley Peterson, HFF Managing Director, (407) 286-5224, bpeterson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Sells 7,648-SF Former Hops Restaurant in Tampa, FL

 

TAMPA, FL, April 12, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of  a 7,648-square former Hops Restaurant (top left photo) located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The sales price of $515,000 represents $70 per square foot.

Paul Bouldin, (bottom right photo) senior investment specialist and Dan Wolf, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa-based financial institution.

The buyer, a limited liability company also based in Tampa, was secured and represented by Mike Modha, investment specialist in the firm’s Tampa office.

“This Former Hops Restaurant went dark several years ago, when the economy began to falter” says Wolf.

“The buyer is relocating his wholesale business to this new facility and expects his business to increase substantially when it opens in approximately 90 days. Part of the facility will be used for the sale of tobacco, cigarettes and cigars and the remaining 4,500 square foot is rented to Taste of India, an Indian restaurant” says Modha.

Built in 1986, this former Hops Restaurant is located at 1241 E. Fowler Avenue. The lot contains approximately 1.5854 acres and has ample surface parking. The property is across from the University Square Mall, Florida's largest enclosed mall and is approximately one mile west of the University of South Florida.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

McCarthy Building Cos. Honored With Prestigious National Award

(left to right) J. Doug Pruitt, AGC President; Timothy Mikolajewski, Liberty Mutual Agency Markets and President of Liberty Mutual Surety; Sylvia Botero, Principle RBB Architects; Todd Foos, Project Manager McCarthy; Mark Bucknam, Project Manager St. Joseph Health System; James Ho, Regional Manager St. Joseph Health System.



NEWPORT BEACH, CA,  April 9, 2010 -- McCarthy Building Companies Inc., one of the nation’s leading healthcare builders, was selected as a winner of the Associated General Contractors (AGC) of America 2009 Marvin M. Black Excellence in Partnering Awards for the $153 million Patient Care Tower at Mission Hospital. (middle left and right photos)

The award was presented on March 18, 2010 at the AGC’s 90th Annual Convention in Las Vegas, Nev. The Patient Care Center was one of just three projects receiving a Partnering award.

The AGC Marvin M. Black Excellence in Partnering Award recognizes successful partnerships and collaborations that work to improve construction projects.

Contractors honored with this award stand out for their ability to achieve common goals, resolving conflict and improve communication on the project with all audiences.

“McCarthy was selected for the award because of its success building the partnerships needed to complete a new patient care tower at Mission Hospital while working at an operational medical facility,” said Doug Pruitt, (lower left photo) President of AGC of America.

“McCarthy had to find ways to connect the new tower to the existing hospital while working around an active parking lot, underground tunnel and countless utility lines. If it wasn’t for the company’s approach to partnering, the project would not have been the success it is today.”

Designed by RBB Architects Inc., the new four-level patient care tower at Mission Hospital features a patient-centered design along with next-generation advancements in healthcare technology and seismic building safety.

The Mission Hospital Patient Care Tower project team tackled numerous challenges and overcame all of these through a spirited partnering approach coupled with an integrated project delivery method.

As a result of this collaborative team effort, the project was built with exceptional quality and was delivered on-time, within budget, and with zero claims.

Throughout design and construction, the 94,000-square-foot Patient Care Tower project encountered a host of potential budget and schedule threatening challenges such as unusually complex mechanical, electrical and plumbing systems and the very stringent seismic requirements for California healthcare projects.

Beyond those, additional complications entailed: multi-level connections to the existing hospital; a tight site adjacent to the existing operational hospital; a highly complex building skin; complicated bridge construction, as well as the design and installation of the latest Imaging equipment technology.

The success of this project was optimized through the team’s collaborative partnering efforts, including reaching out to all of the stakeholders from the crafts workers to project executives, end-users, and even the local community. The project was completed ahead of schedule and opened in November 2009.

“Throughout the Mission Hospital Patient Care Tower project, the team established focused objectives and routinely challenged themselves to surpass previous benchmarks of project goals,” said James Ho, (bottom right photo)  Regional Director of Construction for St. Joseph Health Systems.

“We are extremely proud to have been a part of this successful and distinguished project. The level of commitment and partnership has set a new precedent for excellence and a model for partnering on future projects.”

Contact:

Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies Inc.), (314) 968-3300

Four More Luxury Hotels to Join Wyndham Brand in China

PARSIPPANY, N.J., April 9, 2010 – Following the recent addition of three luxury hotels in the key markets of Shanghai, Changsha and Hangzhou, Wyndham Hotel Group, part of the Wyndham Worldwide family of companies (NYSE: WYN), today announced its continued expansion in China with agreements to open four additional new luxury Wyndham® hotels in the cities of Chengdu, Suzhou, Shanghai and Kunming.

Soon to join the brand’s prestigious Wyndham Grand Collection are the 420-room Wyndham Grand Plaza Royale Palace Chengdu, the 311-room Wyndham Grand Plaza Royale Jingsi Garden Suzhou and the 374-room Wyndham Grand Plaza Royale Colorful Kunming.

Also joining the brand is the 321-room Wyndham Shanghai Bund East. All four hotels, which are currently under construction, will be managed by Greater China Hospitality (H.K.) Limited.

“We are delighted to continue our long time relationship with veteran hotelier Wilburt Chang and especially proud to welcome several outstanding properties to the Wyndham Grand Collection, our most distinguished ensemble of hotels,” said Eric Danziger (top right photo) , Wyndham Hotel Group president and chief executive officer. “The addition of these hotels strengthens our position as the largest U.S.-based hotel company in China.”

Wyndham Hotel Group’s 207 hotels in China represent 33,336 rooms in primary and secondary cities under the Wyndham, Ramada®, Howard Johnson®, Days Inn® and Super 8® brands. The Wyndham brand debuted in China in 2009 with the opening of the 588-room Wyndham Xiamen. The 337-room Wyndham Baolian Hotel is scheduled to open next year.

“Our hotels and the Wyndham Grand Collection are setting new expectations for luxury accommodations in China,” said Wilburt Chang, (lower left photo) chairman and chief executive officer of Greater China Hospitality (H.K.) Limited. “It is exciting to be at the leading edge of our country’s lodging industry at a time of incredible growth in our national economy.”

Contact: Evy Apostolatos, +1 (973) 753-6590, evy.apostolatos@wyndhamworldwide.com

NAI Realvest Appoints Robert A. Boyd, CSM, Senior Vice President for CommerCenters, LLC and NAI Realvest

MAITLAND - NAI Realvest and its real estate development affiliate Florida CommerCenters have appointed Robert A. Boyd (top left photo)  senior vice president for both CommerCenters, LLC and NAI Realvest.

George Livingston, (middle right photo)  chairman emeritus of NAI Realvest and CommerCenters, LLC, said Boyd earned his MBA Degree from Stanford University and has more than 30 years of experience in commercial property development, asset management and investment sales.

Throughout his career, Boyd has held senior level positions in the USA and Middle East, where he specialized in many areas of business and real estate including investment analysis, investment advisory services, acquisitions, asset management, business development, sales and marketing.

Most recently Boyd was president of Florida Arabco & International Solutions Collaborative and responsible for the site selection, acquisitions, design and development, management, leasing and sales of shopping centers, office towers and master planned communities.

Some of his clients have included CNL, Houston Pavilions, Emmitt Smith, Hines Interests, Hollywood Center Studios, Winter Park Mall/Village, Fields Automotive Group, Saudi Economic Development Company and Simon Properties.

“Bob Boyd is a highly experienced Real Estate and Investment executive and we are pleased to have Bob rejoin our management team. He will play an important role in our continued growth and have responsibility for international Business Development and Investment Advisory Services,” Livingston said.

NAI Realvest is a commercial real estate brokerage company whose core business includes land, retail, office, industrial and multifamily properties. Florida CommerCenters develops industrial warehouses, distribution centers and flex-space throughout Central Florida.

For more information, contact:
George Livingston, Chairman Emeritus, NAI Realvest 407-875-9989 glivingston@realvest.com;
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Commercial Real Estate Veteran Bruce Lyons to Lead Asset Management at Crossman & Co.

ORLANDO - Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, recently hired Bruce Lyons (top right photo)  to lead its asset management and receivership division.

John Crossman, (bottom left photo) president of Crossman & Company, said Lyons brings more than 40 years of experience in investment analysis, development, financing, construction, leasing, marketing, property management and investment sales to the Crossman organization.

For more than a decade, he managed and directed special assets, workouts and distressed property repositioning for financial institutions. His previous headquarters were in Chevy Chase, Maryland.

“Bruce Lyons is one of the most highly experienced real estate executives out there, and we are very proud he has joined the Crossman & Company team.” Crossman added, “He brings invaluable leadership and experience to our growing team.”

Contacts:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

Cotter-Ryan Commercial Awarded Contract to Expand Aloma Cinema Grill and Draft House

LONGWOOD - Cotter-Ryan Commercial LLC, based in Longwood, was recently awarded a contract to expand the 18,000 square foot Aloma Cinema Grill and Draft House  (top left photo) on Aloma Avenue off Lakemont Avenue in Winter Park.

Scott Ryan, president of Cotter-Ryan Commercial, said the $150,000 project will add a third theater to the Aloma Cinema Grill which will expand the facility by 3,500 square feet. Once completed the Aloma Cinema Grill and Draft House will seat 195 patrons

For more information, contact:
Scott H. Ryan, President, Cotter Ryan Commercial, LLC, 407-786-7686 sryan@cotterryan.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com

Sonny O’Drobinak Joins Grubb & Ellis as Vice President, Office Group

WALNUT CREEK, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that Sonny O’Drobinak (top right photo) , CPM, has joined the company as vice president, Office Group from Colliers International. He will specialize in leasing and selling medical office properties.

O’Drobinak will be joined by Josh Scott,  (lower left photo) senior associate, Office Group, who also comes to Grubb & Ellis from Colliers International. O’Drobinak and Scott will be members of Grubb & Ellis’ Healthcare practice group.

“I have worked with Sonny for more than 10 years. He is an incredible asset for growing our medical office practice in the Walnut Creek office,” said Ed Del Beccaro, (bottom right photo)  executive vice president, managing director, Walnut Creek.

“He joins Grubb & Ellis with a proven track record, an in-depth understanding of the sector and many client relationships.”

O’Drobinak brings 27 years of commercial real estate experience to Grubb & Ellis, having spent the past 10 years as vice president, Medical Division, at Colliers International, where he developed the company’s East Bay Medical Division, as well as representing clients in the leasing, sales, acquisitions, development and management of medical office properties.

 Earlier, O’Drobinak spent six years as the regional manager of PM Realty Group, spearheading the company’s management and leasing of Columbia HCA’s medical office portfolio, which included a 2-million square-foot portfolio consisting of 50 buildings in 10 western states.

He began his career in 1983 with JMB Realty Corporation. O’Drobinak holds a bachelor’s degree from Purdue University.

Scott brings three years of commercial real estate experience to Grubb & Ellis. He holds a bachelor’s degree from Syracuse University.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Marcus & Millichap Hires Ron Blanton as Senior Associate in Fort Worth, TX

FORT WORTH, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Ron Blanton (top right photo) a leading office and industrial investment specialist in its Fort Worth office, according to David Luther, (bottom  left photo) regional manager of Marcus & Millichap’s Fort Worth office.

Blanton, who joins Marcus & Millichap as a director of the National Office and Industrial Properties Group, will focus on the sale of office and industrial properties throughout Texas and the South Central United States.

“We are excited to have Ron join our firm,” says Luther. “His advisory and sales team leadership has resulted in the closing of transactions with an aggregate value of more than $1.3 billion, representing greater than 11 million square feet of commercial real estate investment property.”

“Marcus & Millichap’s national brokerage and marketing platform will allow me to more effectively grow and serve my nationwide client base,” says Blanton. “The firm strives to be a long-term advisor to investors, which is very important in my business.”

Prior to joining Marcus & Millichap, Blanton served in leadership roles with Jones Lang LaSalle, The Staubach Company and The Stan Johnson Company. He has also supported the efforts of office and industrial property developers, tenants and investors through the use of sale- leaseback structured transactions with Anthem Blue Cross and Blue Shield, GSA-FBI, Magellan Healthcare, Diebold, Preferred Freezer, HSBC, Verizon, Hy-Vee Grocery and many others.

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

Equity Investment Services Brokers 815,000 SF-Plus in First-Quarter Leasing Activity

ORLANDO, FL--Nicholas E. Ledvora, (top right photo)  CCIM and Christopher M. Savino are pleased to announce Equity Investment Services successfully executed more than 815,000 square feet of exclusive landlord representation leasing assignments in the first quarter of 2010.

The new assignments include 9 shopping centers and 3 office buildings in the Greater Orlando market. Major tenants in the new assignments include Publix, Aldi, Winn Dixie, and Save-A-Lot.

During the first quarter Nathan R. Cutchin (middle left photo) and Sebastian M. Smith (bottom right photo) successfully executed 20 retail and office leases with a total base term rental amount of $1,750,000. Notable tenant leases include Pinch-A-Penny, Verizon Wireless, Snap Fitness, Dresses for Less and Ingram Financial Group.

Equity Investment Services employs a complete staff of experienced brokerage, leasing, and management professionals. EIS exclusively leases and manages approximately 2,000,000 square feet across the I-4 corridor in Central Florida.

Contact: Alana L. Champagne, Operations Manager, Director of Property Management, 820 North Thornton Avenue ♦ Orlando, FL 32803. Phone: 407.573.0711 ♦ Fax: 407.573.0710. Email: AChampagne@EISRE.com
 http://www.eisre.com/

Sean Peterson joins D & A as an account manager in Longwood, FL

LONGWOOD, FL — D & A Building Services Inc., a leading facility maintenance provider, is pleased to announce that Sean Petersen (top right photo)  has joined the Company as an Account Manager in its Landscape Division.

Peterson has more than ten years of experience in the landscape industry. He has an Associate of Applied Science in Turf Management from Abraham Baldwin Agricultural College in Tifton, Ga. Peterson was previously employed by Down To Earth Inc. in Apopka, Fla.

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, local and state governments, Federal agencies, 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.

D & A wins Jones Lang LaSalle contract for Class A Office Building in Orlando Central Park

LONGWOOD, FL — D & A Building Services Inc., a leading facility maintenance provider, has secured a new contract with Jones Lang LaSalle (NYSE:JLL) for 5900 Lake Ellenor (bottom left photo) , a Class A office building located in Orlando Central Park, Orlando, Fla.

Under its scope of services, D & A is providing full-service janitorial services for the eight-story, 128,000-square-foot building.

Since the early 1990s, D & A has provided facility maintenance services to the property management division of Jones Lang LaSalle, and currently performs a variety of services at seven properties in Florida.

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

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

Berger Commercial Realty Corp. Announces Promotions and New Hires

FORT LAUDERDALE, Fla. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the State of Florida, has announced the following two promotions and five new hires:

Promotions

Timothy Hackett (top left photo) has been promoted to Vice President of Property Management and will supervise and manage select client property portfolios. A resident of Fort Lauderdale, Hackett has 14 years of industry experience and previously was Senior Property Manager at Berger Commercial Realty Corp.

Marie Dunn (middle  right photo)  has been promoted to Property Controller. Previously, Dunn was Assistant Controller for Berger’s Fort Lauderdale office and accounting supervisor for its Pembroke Pines office. A resident of Davie, she has 15 years of experience in real estate finance. Dunn’s responsibilities include preparing financial statements for 15 properties on a monthly basis.

New Hires

Emilio Alvarez has been appointed Senior Property Manager and will manage specific client portfolios. Alvarez, formerly a property manager for Lincoln Property Company in Coral Gables, brings 15 years of experience to Berger Commercial Realty. Alvarez resides in Hollywood, Fla.

Joseph Hilton has been appointed Property Manager in Miami-Dade County for Berger Special Assets, the company division that serves as receiver, management company, leasing and sales agent for distressed commercial and multi-family properties on behalf of lenders. Hilton, who resides in Plantation, Fla., brings 10 years of experience to Berger Commercial Realty.

Rosie Rominger has been appointed Accounting Department Supervisor, responsible for providing monthly financials for a 30-property portfolio. Formerly with The Fitzgerald Group, Rominger, who is a resident of Plantation, brings 23 years of experience to Berger Commercial Realty.

Giselle Gordon has joined the company as a Property Manager, bringing 17 years of related experience to Berger Commercial Realty Corp. Gordon resides in Miami.

Jessica Lee has been named Receivership Controller, responsible for preparing financial reports for receiverships managed by the company. Lee has 10 years of experience, most recently with NAI Merin Hunter Codman in West Palm Beach, where she was Corporate Accounting Administrator. Lee is a resident of Pompano Beach.

Founded in 1998, Berger Commercial Realty Corp. is a full service commercial real estate firm. A local, independent and privately-owned firm, Berger can customize services and adapt to clients needs and the ever changing real estate market.

(Lloyd C. Berger, lower right photo), is president of Berger Commercial Realty Corp.)

Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory/investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions.

For more information, visit http://www.bergercommercial.com/.

Contacts:
Jane Grant, (954) 776-1999 ext. 224, jgrant@piersongrant.com
Marielle Sologuren, Pierson Grant Public Relations, 6301 Northwest 5th Way Suite 2600, Fort Lauderdale, FL 33309, v. (954) 776-1999 ext. 226, f. (954) 776-0290, msologuren@piersongrant.com, http://piersongrant.com/

Morrison Commercial Real estate Completes 2 office Building Transactions Totaling 23,420 SF in Orlando

ORLANDO, FL-- Greg Morrison, CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of two office building transactions totaling 23,420± square feet.

Damien Madsen (top right photo)  of Morrison Commercial Real Estate was successful in representing the buyer, New Missions, Inc. in closing the sale of the 11,000 square foot office building located at 2500 West Sand Lake Road in Orlando for $1,200,000.

In addition, Lisa Bailey (lower left photo)  and David Young of Morrison Commercial Real Estate represented the landlord, MVRL INVESTMENTS, L.P. in the negotiation of a 12,420 square-foot new lease with Fanueil, Inc. at 7800 Southland Boulevard, Orlando, Florida.

Founded by Greg Morrison, (bottom right photo) a 23-year veteran of the Central Florida commercial real estate market, Morrison Commercial Real Estate is a full-service brokerage firm specializing in the office sector.

Headquartered in Downtown Orlando, our professional experience and extensive knowledge of the Central Florida market enables us to achieve maximum transaction value, and optimal return on investment for our clients.

Morrison Commercial Real Estate provides landlord, owner and tenant representation services in leasing, buying, selling and site selection of commercial property in Central Florida.

Contact: Marylyn Tryon, 407.219.3500, 407.219.3501 fax, mtryon@morrisoncre.com, http://www.morrisoncre.com/

Senior Housing and Healthcare Borrowers Looking Forward to More of the Same as Fed Leaves Interest Rate Near Zero

CHICAGO, IL--Those senior housing/healthcare borrowers who've been wondering how long interest rates will continue to scrape bottom can't say the Federal Reserve Board hasn't been sending clear signals about its intentions.

While acknowledging that extended periods of low interest rates have led to excessive risk-taking in the financial markets in the past, the Fed has remained steadfastly committed to a strategy of keeping rates as low as possible for as long as possible to combat weakness in the U.S. economy, funding expert Jeffrey A. Davis (top right photo) observes.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders. He points out that Fed Chairman Ben Bernanke (middle left photo)  is a thoughtful student of the Great Depression of the 1930s, and has repeatedly warned that a much stronger recovery early in the course of that downturn was choked off by the Fed tightening monetary policy too soon.

“Apparently, the consensus view of central bank policymakers is that the recovery is in an early stage and still fragile,” he noted.

The federal funds rate is the rate banking institutions charge each other for overnight loans and is used as the benchmark for the interest paid on credit cards, home equity loans and many business loans.

Effectively, the rate was set by the Fed between zero and 0.25 percent in December 2008 and has remained in this range since then.

 Critics of the Fed’s policy say keeping the rate this low does not really help the economy and only succeeds in subsidizing bank profits. Others argue that the low rates are, in fact, the reason why banks have not been lending.

“But, so far, these are not the ideas that have been driving policy,” Davis observes.

He thinks it’s unlikely that the interest rate level is what’s keeping bankers on the lending sidelines. More likely, concerns about losses on previous loans, coupled with worries about the ability of borrowers to repay new loans in a soft economy, are the larger factors impacting banking decisions at this time.

In the company‘s senior housing/healthcare forecast for 2010, Davis predicts that debt markets will continue to be challenged over the next 12 months, with both lenders and investors continuing to fixate on how well transactions support underlying economics.

“The major national banks will not be in the picture, but regional and community banks could be stepping up to fill some funding gaps for senior housing/healthcare borrowers in the months ahead. And others, including insurance companies, credit companies, and private and institutional equity investors, could become more active as well.

“With demand through the roof, we also anticipate that HUD will have another banner year in 2010,” he said.

Because conditions invariably change, Davis says he is advising clients to take advantage of today’s low rates while they can.

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