Thursday, August 12, 2010

'N Sync and Dancing With the Stars' Joey Fatone Says 'Bye Bye Bye' to $6.5M Estate on Millionaire's Row in Orlando


ORLANDO, Fla. – ‘N Sync pop-star Joey Fatone (top right photo)  says “Bye Bye Bye” to Paradise Found - a 12,000 square-foot home and 4.36 acre lakefront estate on Butler Chain of Lakes in Orlando.

On Sept. 11 the $6.5 million property will be up for bid by Worldwide Auction Realty Services in conjunction with broker Stirling Sotheby’s International Realty; showings are available by appointment only.

Fatone, who has resided in the home for 10 years, celebrates Orlando and plans to stay in the city by moving to a new area residence.

For more information about the property and auction, please contact:
Jon Chipps, Managing Director, Worldwide Auction Realty Services, Tel: 800-327-1048
Roger Soderstrom, Owner/Founder, Stirling Sotheby’s International Realty, Tel: 407-581-7890
 

Grubb & Ellis Tapped for Disposition of Fully Leased Airport Logistics Center in Indianapolis


ROSEMONT, IL– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has been selected to market 6450 W. Hanna Ave. in Indianapolis, a 220,835-square-foot logistics center located adjacent to Indianapolis International Airport (top left photo).

Erik Foster, CCIM, senior vice president, and Mike Wilson, associate vice president, both of the Institutional Capital Markets group, are marketing the property on an exclusive basis along with Grubb & Ellis’ local affiliate in Indianapolis, Grubb & Ellis Harding Dahm & Company.

 The facility is leased on a long-term basis to Regal-Beloit, which utilizes the facility as its North American logistics center.

“With a multi-billion-dollar credit tenant fully occupying the building on a long-term basis, this is a tremendous opportunity for investors,” said Foster.

 “We’ve experienced strong buyer response for similar well-leased core assets, particularly given market conditions.”

The facility is an institutional-quality asset that offers convenient access to I-465/1-74, I-70 and the Indianapolis Airport.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Daniel J. Mercer joins Grubb & Ellis  as senior vice president in Phoenix, AZ

PHOENIX (Aug. 12, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Daniel J. Mercer (bottom right photo)  has joined the company’s Financial Services Asset Management group as senior vice president, effective immediately.

With 37 years of experience, Mercer will oversee the company’s distressed asset services in the Phoenix region, including business development and account management. He will also serve as a court-appointed receiver.

“Dan is an exceptional talent with a vast array of experience in the banking and mortgage brokerage industries,” said Pete Bolton, (bottom left photo)  executive vice president and managing director of Grubb & Ellis’ Phoenix office. “He is the absolute perfect fit for the position and I am very pleased he has joined the company and our rapidly expanding office.”

Mercer joins Grubb & Ellis from Mercer Financial Group Ltd., a mortgage banking company he founded in 1985. Concurrently, he was a senior partner and founding member of Title Management Agency of Arizona LLC from 2003 until joining Grubb & Ellis.

Prior to Title Management Agency of Arizona, Mercer spent four years with AMI Capital Inc., where he established the company’s southwest regional mortgage banking office, serving as the managing director.

 During his career, he also held senior positions with CB Richard Ellis, Finova Realty Capital, Wells Fargo Bank, National Bank of Arizona and Sun State Savings and Loan Association. He began his career with First Federal Savings and Loan Association in 1973.

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

Entitled Aspen development parcel purchased by joint venture led by Alcion Ventures


BOSTON, MA – Alcion Ventures, in conjunction with Golub & Company of Chicago and Aspen based operating partner, Bald Mountain, announced this week that it has purchased a 2.4-acre parcel of land on South Aspen Street in Aspen, Colorado.

The acquisition of the land site was made in collaboration with the former owner Centurion Partners for $15 million.

The property is currently entitled for 14 luxury townhomes and 17 affordable housing units.

 The partnership is currently reviewing all development options including the viability of continuing with the previous owner’s plans for a 120,000-square-foot five-star luxury hotel project.

“Aspen is a unique and durable resort market and we pursued this parcel for several years before purchasing it at distressed pricing during its foreclosure.

"The property is the last major development parcel up against the mountain and we look forward to working with local constituents to have a lasting positive impact,” said Mark Potter, (middle right photo)  co-founder of Alcion.

Alcion is collaborating with Golub & Company and Bald Mountain Development, LLC, a local operator/developer with extensive knowledge in resort and residential real estate development.

The collective team is working with the Aspen City Community Development staff in finalizing its plans for the site. Golub & Company has been active in Aspen and Snowmass for decades.

“Our deep history in this region, combined with our 15-year relationship with Alcion principals, makes this opportunity a great fit,” said Michael Newman, (middle left photo)  President and CEO of Golub & Company. “We look forward to working with our partners and the Aspen community to create a vibrant and dynamic development.”

“Alcion has a thesis driven investment approach, and once Mark and I decided to focus our attention on the resort segment of the real estate industry, we quickly realized that Aspen was a unique place where we found multiple drivers of demand, constraints on supply and pricing power,” said Martin Zieff, (lower right photo)  Co-founder of Alcion.

“Since launching our search for a suitable investment more than a decade ago, we have reviewed or controlled almost every major parcel in downtown Aspen.

"With Bald Mountain, we undertook the development of the Hyatt Grand Aspen in 2000. We believe the Aspen Street land parcel will present us with an opportunity to produce superior risk adjusted returns.”

Contacts:
Mark Potter, Founding Partner, Alcion Ventures, 617.603.1002 mpotter@alcionventures.com
Mary Cerio, Associate, Alcion Ventures, 617.603.1020, mcerio@alcionventures.com
Laurie Fish McDowell, goFish! Communications, 617.875.5070, lkfish@hotmail.com

Gensler DC Welcomes Summer Intern Class 2010


WASHINGTON,, DC  – For more than 40 years, Gensler has been committed to nurturing the best and brightest emerging talent.

The DC office is proud to announce its 2010 Summer Internship Program – welcoming five aspiring professionals who will gain first-hand work experience at one of the leading architecture and design firms.

Gensler was recently awarded the American Institute of Architects (AIA) Internship Development Program (IDP) 2010 – 2013 “Outstanding Firm Award,” one of three firms honored in the country.

The IDP “Outstanding Firm Award” is the highest honor given to a firm that comprehensively and consistently demonstrates a commitment to licensure, early-career professional development and NCARB’s IDP process.

Interns were selected based on educational performance, degree and professional certifications and on an application and interview process. Gensler’s interns are in various stages of educational and professional development.

Introducing the Gensler Summer Intern Class of 2010:

Rachel Finkelstein, Tulane University, Masters of Architecture, Graduating 2012
Stephen Ramos, University of Maryland, Bachelor of Science, Mechanical Engineering; George Washington University, MFA Interior Design, Graduating Fall 2010
Leila Schey, University of Virginia, Bachelor of Science in Architecture, Graduated 2009
Thabo Lenneiye, University of Toronto, Bachelor of Arts and Fine Art History, 2007; University of Pennsylvania, Masters of Architecture, Graduating Fall 2010
Shannon O’Malley, Liberty University, Bachelor of Science, Marketing and minor in Fashion Textiles, Graduating Spring 2011

Contact: Julia Chappell, Director of Communications, +1 202.721.5341 Direct, +1 202.359.7949 Cell, +1 202.351.0541 eFax

Marcus & Millichap Capital Corp. Names William F. Wein Jr. to Vice President


ENCINO, CA., Aug. 11, 2010 –Marcus & Millichap Capital Corp. (MMCC) has named William F. Wein Jr. (top right photo)  to the position of vice president, according to William E. Hughes (top left photo), senior vice president and managing director of MMCC.

Working from the Chicago Downtown office, Wein will assist in managing the firm’s day-to-day operations, including working with MMCC’s loan originators in Texas, the Midwest, Southeast and East to arrange debt transactions for all types of commercial real estate.

In addition, he will assist these loan originators in developing and expanding their business.

“Bill’s capital markets expertise, combined with his institutional background, will make him an asset to expanding MMCC’s lines of business,” says Hughes.

Most recently, Wein was a managing director of Paine/Wetzel – Oncor International, Worldwide Real Estate Services, where he was responsible for daily operations and growth of the firm. From 2001 to 2007, Wein was executive vice president of Cohen Financial where he was responsible for running the 12 offices that comprised the capital markets unit.

To his new post, Wein brings 30 years of experience in the commercial real estate industry. He spent the past 22 years financing commercial investment properties for life insurance companies and CMBS lenders.

Wein is a graduate of Denison University and has an M.B.A. from Syracuse University.

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

ProLogis Leases 189,000SF in Mexico


MONTERREY, Mexico, Aug 12, 2010 /PRNewswire via COMTEX News Network/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has signed a third-quarter lease agreement for 189,000 square feet in Mexico to a leading global manufacturer.

The manufacturer will occupy the space at ProLogis Park Apodaca Building One, located in Monterrey, Mexico. This transaction brings ProLogis' Monterrey portfolio to be approximately 92 percent leased.

"We are pleased to sign another significant lease at ProLogis Park Apodaca," said Silvano Solis, ProLogis managing director and head of Mexico operations. "The building amenities and location are suitable for both bulk distribution and light manufacturing/assembly, which have been a draw for new customers."

ProLogis Park Apodaca (top left photo)  is located in the primary industrial corridor in Monterrey, off the Miguel Aleman Highway and less than three miles from General Mariano Escobedo International Airport.

With four existing facilities totaling 822,000 square feet, the park has additional land available to accommodate a total of 16 buildings and 3.4 million square feet at full build out.

Of the 189,000-square-foot transaction, approximately 100,000 square feet was previously unleased since completion of the building.

ProLogis is a leading provider of industrial and distribution space in Mexico with an 18.6-million-square-foot portfolio in 11 markets throughout the country. Additional ProLogis customers in Mexico include Bose Corporation, Black & Decker and Whirlpool.
  
 ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia.

The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

For additional information about the company, go to http://www.prologis.com/.

Contact: Hadas Streit, Account Supervisor, Linden Alschuler & Kaplan, 1251 Avenue of the Americas, New York, NY 10020; 212.329.1406 direct, 201.723.6278 mobile, hstreit@lakpr.com

Wednesday, August 11, 2010

Arbor Closes $6M+ in New Fannie Mae DUS® Small Loans


Briarwood Village Apartments in Odessa, TX Gets $2.4M 

Uniondale, NY (Aug. 11, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,400,000 loan under the Fannie Mae DUS® Small Loan product line for the 74-unit complex known as Briarwood Village Apartments in Odessa, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

The loan was originated by Stephen York (top right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “We were pleased to work with the borrowers and broker on our third transaction together and deliver competitive financing terms in an overall challenging market,” York said. “We look forward to future opportunities together.”


Cedar Grove Apartments in Augusta, GA Obtains $2.76M 

Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,760,000 loan under the Fannie Mae DUS® product line for the 126-unit complex known as Cedar Grove Apartments in Augusta, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.83 percent.

“We were pleased to provide this Fannie Mae DUS® loan with favorable terms in a market that has developed into a center for medical, biotechnology and manufacturing business in addition to its well-known historic golf club,” said Ken Fazio (middle right photo) , Vice President and National Sales Manager, in Arbor’s full-service Uniondale, NY, lending office.


Applegate Trails Apartments in  Klamath Falls, OR Receives $950,000

Uniondale, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $950,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 49-unit complex known as Applegate Trails Apartments in Klamath Falls, OR.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.19 percent.

The loan was originated by Jay Porterfield (bottom left photo), Vice President, in Arbor’s full-service Plano, TX, lending office. “Arbor funded this loan for the acquisition of the property by an experienced apartment owner,” Porterfield said.

“The property is subject to a Land Use Restriction Agreement related to tax credits and is part of Fannie Mae’s Multifamily Affordable Housing program. Arbor continues to be very active in financing affordable properties.”


Contact:  COstrowski@arbor.com

Outrigger Enterprises Group Joins Forces With Holiday Inn in Hawaii


ATLANTA, Aug. 11 /PRNewswire-FirstCall/ -- Outrigger Enterprises Group, Hawaii's largest locally owned hotel operator, and IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, today announced the signing of a license agreement to rebrand the OHANA Waikiki Beachcomber hotel as the Holiday Inn Waikiki Beachcomber Resort.

The agreement is a testament to the strength of the $1 billion Holiday Inn® relaunch, which was established to create a more contemporary brand image, improving quality and driving consistency across the global portfolio.

Outrigger will continue to own and manage the rebranded resort, bringing its unparalleled reputation for delivering a high-quality guest experience coupled with distinctive "Hawaiian" hospitality to the power and global appeal of the Holiday Inn brand.

All employees will keep their jobs and will remain employees of Outrigger Hotels Hawaii. The rebranding is expected to be complete in November 2010.

"IHG and Outrigger Enterprises Group share a leadership position in the hospitality industry, which makes this an outstanding relationship," said Jim Abrahamson, president, the Americas, IHG.

 "The commitment of an industry leader like Outrigger continues to reinforce the strength of the Holiday Inn brand. With the right owners and in the right markets, we are completely elevating Holiday Inn."

Contact:  Nancy Daniels, APR, Director of PR, Outrigger Enterprises, Group, +1-808-921-6839, nancy.daniels@outrigger.com;
Caroline Sanfilippo, PR, Manager, IHG, +1-770-604-2495, caroline.sanfilippo@ihg.com
Web Site: http://www.ihg.com/

Michael Mason Joins Grubb & Ellis Landauer Appraisal & Valuation

LOS ANGELES (Aug. 11, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Mason, MAI, SRA, has joined Grubb & Ellis Landauer Appraisal & Valuation as managing director, Los Angeles.

With 30 years of experience, Mason will also serve as national director, Standards and Compliance, responsible for developing and implementing quality control operations companywide.

In June, Grubb & Ellis announced it was launching a national appraisal business and reinvigorating the Landauer brand under the leadership of industry veterans Douglas W. Haney and Eduardo Alegre.

 Mason joins Grubb & Ellis from Integra Realty Resources, where he served as the director of Litigation Support. Prior to joining Integra in 2008, he spent four years as managing director, Los Angeles, of First American Commercial Real Estate Services.

Previously he spent 14 years owning and operating Stephens-Mason Associates with Rolland Stephens, MAI. Mason began his career with Mason, Mason & Mason Real Estate Appraisers, a family-owned business, in 1980.

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

New GOALS “Dreamscape” Project Opens for Underserved Youth


NEWPORT BEACH, CA, Aug. 11, 2010 – Employees from McCarthy Building Companies, Inc., (www.mccarthy.com), Orange County’s largest construction firm, along with 33 subcontractors and suppliers, recently completed construction of a new 25,000-square-foot athletic facility for GOALS (Growth Opportunities through Athletics, Learning and Service) youth program.

Called “The GOALS Dreamscape,” the athletic facility is located in north central Anaheim adjacent to GOALS existing headquarters on La Palma Parkway.

 McCarthy has been involved with GOALS for over 14 years since the firm donated labor and rallied subcontractor support for the construction of the Disney GOALS Roller Hockey Skating Rink and headquarters facility in Anaheim.

“Almost half-a-million dollars of in-kind technical services, labor, equipment and building materials were contributed in order to bring this new venue from a dream to a reality,” said GOALS Executive Director Dave Wilk.

 “The outpouring of generosity combined with the quality of construction especially in these tough economic times has been an amazing experience for our staff, volunteers, and of course, the children.”

Donated entirely by local businesses and the city of Anaheim who provided the land along with support and guidance from the United States Tennis Association and Southern California Tennis Association, the athletic facility features two full-size, lit tennis courts; a 6,000-square-foot artificial turf arena for multiple sports.

Also a 100 meter warm-up walking/jogging track surrounding arena; 440 meter circumferential walking/jogging fitness track; a fruit and vegetable “GOALS Garden” which will be planted and tended by GOALS children; an adjoining indoor work-out center for aerobic and anaerobic fitness and a 1,500-square-foot “mini court” for additional sports play.

Like all of the GOALS not for profit efforts, all program activities, equipment, uniforms, transportation access and coaching at The GOALS Dreamscape will be made available free to the low income youth participating.

“The project began in 2008 when the City of Anaheim agreed to give GOALS the chance to attract development support for a vacant parcel of nearby land,” explained Wilk. GOALS board member Tom Tait (top right photo)  from Tait and Associates provided more than $65,000 of engineering and architectural support to propel the project.

 McCarthy donated more than $120,000 to the project and formed the subcontracting team that provided another $150,000 in goods and services.

The team went on to complete the facility within eight months. The U.S. Tennis Association worked with AmeriCorps Vista volunteers to create the design of the tennis courts.

“This project represents a tremendous example of coordination and partnership between the private, public and not-for-profit sectors,” commented Tom Tait.

“The GOALS program was conceived with one act of kindness by Disneyland over 17 years ago, and this initial benevolence has become contagious among the GOALS staff and volunteers as well as through the longtime support of companies like McCarthy and the subcontractors who have helped make this project a reality.”

The project’s contributors, dubbed “The Dream Team” by GOALS, included: McCarthy Building Companies, The City of Anaheim, Tait & Associates, United States Tennis Association, Southern California Tennis Association, SOCALGEO Soil Engineering, The Murray Company, Ahern, J.B. Lumber, Anaheim Disposal, Bapko, Berg Electric, Premiere Engineering;

Also: United Rentals, Nolan’s Equipment Rentals, Crown Fence, Conco Pumping, Cal Portland, GPS Painting, J&M, CEMEX, Catalina Pacific/Cal Portland, Rebar Engineering, Western Paving, White Cap, Shaw & Sons, Athletica, Preferred Paving, H&E Rentals, NJP Sports, Zaino Tennis Courts, PlexiPave, LA Steelcraft, Precision Surfacing, Schmitz Foam Products, DOMO Turf and FlexSand.

McCarthy Vice President, Operations Tracy MacDonald; MIS Engineer Ray LaTour; Project Superintendent Ray Stiffler and Engineer Aaron Rosenhaus led The GOALS Dreamscape project for McCarthy and several other McCarthy employees donated labor and technical services for the project.

Contact:

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

Colliers PKF Consulting USA Expands Southeast Presence


Atlanta, GA, Aug. 11, 2010 – Colliers PKF Consulting USA (PKFC), the leading hotel and hospitality consulting and research firm in the United States, has merged their practice with Jacksonville, Florida-based Atlantic Hospitality Advisors (AHA).

 The three partners of AHA, Hank Staley, (top left photo) Jill Bidwell and Tony Jenkins, along with industry veterans Chuck Ross and Rachel Falkner, all joined the firm effective August 1, 2010.

PKFC now operates in a total of 20 cities across the nation, including five offices in the Southeast - Atlanta, Georgia, Tampa, Orlando, and Jacksonville, Florida, as well as Asheville, North Carolina.

Founded in 1995, AHA specializes in market analysis, appraisal and dispute resolution services for a broad spectrum of lodging industry participants, including lenders, owners, developers and hotel chains.

 Staley, Bidwell and Jenkins are also designated Members of the Appraisal Institute and increase the bench strength of the firm’s valuation teams already resident in Atlanta, Bozeman, Philadelphia, Los Angeles and San Francisco.

 “The coming together of PKFC and AHA is also a reunion,” said Mark Woodworth (top right photo) , executive vice president for PKFC in Atlanta.

 “Many of us had the good fortune of working with Hank, Jill and Chuck for many years back in the 1980’s,” Woodworth noted. “Their commitment to excellence and sizeable portfolio of dedicated clients furthers PKFC’s reach in the Southeast. We are fortunate to have such a talented, well-respected group join our firm.”

Hank Staley, the senior member of AHA and now a senior vice president of PKFC based in Jacksonville, cited the benefits that will come with the extensive nationwide resources of PKFC and their sister company, Colliers PKF Hospitality Research.

“PKFC, like our firm, has a long-standing commitment to the value of a rigorous approach to research. I look forward to leveraging the experience and expertise of our firm and to collaborating with the PKFC experts across the nation in the months ahead.”

For further information please contact:
Mark Woodworth, Executive Vice President, (404) 842-1150, ext 222, Email: Mark.Woodworth@pkfc.com, http://www.pkfc.com/

Chris Daly or Jerry Daly (media),   Daly Gray Public Relations, (703) 435-6293, Email: chris@dalygray.com, http://www.dalygray.com/

Hank Staley, Senior Vice President, Colliers PKF Consulting USA, Inc., (904) 610-9679, Email: Hank.Staley@pkfc.com, http://www.pkfc.com/

Chatham Lodging Trust Announces Second-Quarter Earnings, Executing Growth Plans



PALM BEACH, FL., Aug. 10, 2010 /PRNewswire-FirstCall/ -- Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced results for the quarter ended June 30, 2010.

FFO, Adjusted FFO, FFO per share, Adjusted FFO per share, EBITDA and Adjusted EBITDA are not generally accepted accounting principles (GAAP) financial measures and are discussed in further detail and reconciled to net income applicable to common shareholders later in this press release.

 Adjusted FFO, Adjusted FFO per share and Adjusted EBITDA exclude acquisition costs which are included as expenses in the Company's Consolidated Statement of Operations.

For a complete copy of the company's news release and financials, please contact

Jeff Fisher, Chief Executive Officer of Chatham Lodging Trust, +1-561-227-1309; or

Jerry Daly or Carol McCune, both of Daly Gray for Chatham Lodging Trust, +1-703-435-6293

Fitch Assigns Initial 'BBB+' IDR to Kimco Realty Corporation; Outlook Stable


NEW YORK, NY, Aug. 11, 2010--Fitch Ratings has assigned initial credit ratings to Kimco Realty Corporation (Kimco) as follows:

--Issuer Default Rating (IDR) 'BBB+';
--Senior unsecured notes 'BBB+';
--Unsecured revolving credit facilities 'BBB+';
--Preferred stock 'BBB-'.

The Rating Outlook is Stable.

For a complete copy of the news release, please contact Contact: Linda Hammel +1-212-908-0303 or Steven Marks +1-212-908-9161, New York.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com.

Tuesday, August 10, 2010

Chatham Lodging Trust Announces Senior Secured Credit Facility


PALM BEACH, FL, Aug. 10, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced that it has signed a commitment letter with a group of lenders for an $85 million senior secured credit facility.

Barclays Capital and Regions Capital Markets are the joint lead arrangers for the revolving credit facility, with Barclays Bank PLC serving as the administrative agent and Regions Bank acting as the syndication agent.

Other banks providing commitments for the credit facility include Credit Agricole Corporate and Investment Bank, UBS Investment Bank and US Bank National Association.

The revolving credit facility matures in three years and includes an accordion feature that would allow the company to increase the size of the facility to $110 million.

Borrowings will bear interest at a rate determined by a leverage-based pricing grid and will initially be set at LIBOR plus 325 basis points, subject to a LIBOR floor of 1.25%.

“We appreciate the support of these banks, and we expect to close on the credit facility during the third quarter subject to satisfaction of customary closing conditions,” said Julio Morales, Chatham’s chief financial officer. “This secured line of credit will help us continue to execute our growth strategy, including the pursuit and funding of further hotel acquisitions.”

Chatham Lodging Trust is a self-advised REIT that was organized to invest in upscale extended-stay hotels and premium-branded, select-service hotels.

The company currently owns eight hotels with an aggregate of 1,057 rooms/suites in seven states and has an additional four hotels under contract to purchase. Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Jeff Fisher (Company) Chief Executive Officer (top right photo), (561) 227-1309
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

HFF arranges $43.5M refinancing for Rosslyn Metro Center in Arlington, VA


WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $43.5 million refinancing for Rosslyn Metro Center, a 407,364-square-foot, mixed-use building in Arlington, Virginia.

Working exclusively on behalf of The Clover Companies, a development and management firm founded in 1979, HFF senior managing directors Bill Asbill (top right photo)  and Bob Donhauser (top left photo)  and managing director Cary Abod (middle right photo)  placed the 10-year, fixed-rate loan with Prudential Mortgage Capital Company.

Rosslyn Metro Center has 22 stories of retail and office space that is 89% leased, including about 176,000 square feet (43%) leased to the GSA.

The property is located at 1700 North Moore Street on top of the Rosslyn Metro Station and approximately three miles west of downtown Washington, D.C. in Arlington.

Contacts:

William S. Asbill, HFF Senior Managing Director, (202) 533-2500, wasbill@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, krmurphy@hfflp.com