Beech Street Capital Provides $16 Million to Acquire Florida Apartments

  

JUNE 22, 2011, BETHESDA, MD – Beech Street Capital, LLC announced today that it has provided a $16 million Fannie Mae conventional loan for the acquisition of Sawgrass Cove Apartments (top left photo), a 336-unit property in Bradenton, Florida. 

Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) and LEAN lender.

 “This transaction exemplifies Beech Street’s ‘Above and Beyond’ philosophy,” noted Grace Huebscher (lower right photo), Beech Street’s president and CEO.  “As soon as we received the loan request for the acquisition, we took action to expedite the process because we appreciated that time was critical for the borrower.”

 Even before the loan application was executed, the Beech Street underwriting team—consisting of Jeff Lee, Brian Hayes, and Gerald Tremblay—had made plans to conduct a site visit.

 “Beech Street Capital was a pleasure to work with.  Their team was extremely nimble and accommodating, and exceeded our expectations on time.  I would strongly recommend the Beech Street Capital team to any multifamily borrowers in the market,” commented Arvind Chary, a key principal on the deal from Atlas Real Estate Partners—a real estate investment firm that specifically seeks multifamily and note acquisitions in New York, Massachusetts, Florida and Texas.

Built in 1991, Sawgrass Cove is conveniently located a short distance from the Gulf of Mexico, close to the DeSoto Square Mall and the Pinebrook-Ironwood Golf Course. 

The complex is built around a central lake, and units feature screened balconies, patios with storage closets, floor-to-ceiling windows, and fireplaces.  Residents can use the fitness center, the resort-style pool, and lighted tennis courts, among other amenities.

 The fixed-rate loan has a term of 10 years, five years interest-only, with 9.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

 Contact: Jenifer Bernardi, jbernardi@beechstcap.com

 Web site: www.beechstcap.com

Avalonpark Texas’ Community of Walnut Creek in North Austin sees David Weekley Homes set to open eight New Homes priced from the Low $200s in 4th Quarter

AUSTIN, TX--- Avalonpark Texas has reported that David Weekley Homes will start construction of eight new single-family homes priced from the low $200s this August at The Springs of Walnut Creek, located near I-35 and Yager Lane in North Austin.

Richard Kunz (top right photo), a principal at Avalonpark Texas, LP which is developing The Springs of Walnut Creek, said two of the single family homes are model homes (a one-story model home and a two-story model home), and six are ready-to-move-in homes.  

All eight new homes are slated for completion in the fourth quarter of 2011.

Kunz said The Springs at Walnut Creek recently launched a new web site that tracks the progress of the new home construction. To learn more, visit www.facebook.com/TheSpringsAtWalnutCreek

For more information, contact

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356, richardk@avalonparkgroup.com

Stephanie Hodson, Marketing Director, Avalon Park Group 407-658-6565

Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, LP 407-658-6565

Larry Vershel, Larry Vershel Communications 407-644-4142, Lvershelco@aol.com

Marcus & Millichap Facilitates Sale of 32,800-SF Self-Storage Facility in Port Charlotte, FL for $1.75 Million

PORT CHARLOTTE, FL, June 22, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of All Store Self Storage (top left photo), a 32,800 rentable square foot self-storage facility located in Port Charlotte, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,750,000.

Michael A. Mele (middle right photo), first vice president investments, and senior director of the National Self-Storage Group and Adam Wides (lower left photo), associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an institutional owner based out of Washington, DC who had purchased the loan and foreclosed on the property.  The California-based buyer was also secured by Mele and Wides. 

All Store Self Storage was built in 2006 and is located at 7001 Gasparilla Road.  Situated on 7.6 acres of land, this investment has 352 self-storage units, of which 36 spaces are covered RV parking and 120 are outside parking spaces. 

The facility consists of four climate controlled storage buildings, one covered RV storage with electric access and one free-standing office building.

“This transaction represents a noticeable trend in the self-storage industry; financial institutions are more willing to dispose of troubled assets rather than modify current loans. In the next six months, we anticipate a sizeable increase in REO offerings” says Mele.

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

Asset Management Meetings at Cambridge Realty Capital are All About Relaltionship-Building, Says Senior VP Brent Holman-Gomez

 CHICAGO, IL--When Cambridge Realty Capital Company’s asset management group schedules business meetings involving ownership principals or property operations managers, participants are expected to bring along their party shoes.

The company’s philosophy embraces the idea that asset management meetings are primarily about creating opportunities for relationship-building. Informal time for socializing is just as valuable as the agenda of formal business issues and should be given equal priority when planning the agenda, Cambridge Senior Vice President Brent Holman-Gomez (top right photo) maintains.

“Along with many scholars, Cambridge recognizes the need for organized and planned meetings in person between the asset management group and ownership or the operating management company. Regularly scheduled meetings seek to not only enhance communications but also align the interests of participating parties in order to achieve common goals,” he said.

Meetings between ownership principals and the Cambridge asset management group are held on a monthly basis. Those who have a management agreement with Cambridge meet with the company about every six weeks, and property tenants with a leasing agreement meet with the asset manager and ownership at least once a year.

Contact:

Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611 E-Mail:  ew@cambridgecap.com

Community Foundation of Broward Moves to Provide “Town Square” for Community Conversations

  

FORT LAUDERDALE, FL (June 21, 2011) – The Community Foundation of Broward has found a new and larger home in downtown Fort Lauderdale to offer Broward residents a place to work together to improve their community.

 The 10,000-square-foot property located at 910 E. Las Olas Blvd will be the Foundation’s new home for the next decade. The move allows the Foundation to expand its role in addressing pressing issues in Broward and provides for larger training and education facilities that reduce the expense of renting external space.

 “We know we will continue to grow during the next ten years and wanted to find a great space and a great deal before conditions changed,” said Linda Carter, president and CEO of the Community Foundation.

 “From this new home the Foundation will act as the town square for community conversations.  It is in the heart of the business community and provides easy access and great facilities to all those we serve.”

Berger Commercial Realty Corp. broker Steve Hyatt closed the agreement for the Community Foundation of Broward for the office space managed and owned by The Las Olas Company, Inc.

  For more information about the Community Foundation of Broward, visit cfbroward.org or call 954-761-9503.

For more information, visit www.bergercommercial.com

.

Media Contacts: 

Thor Barraclough, Chief Communications Officer

Community Foundation of Broward

(954) 761-9503, ext. 105

TBarraclough@cfbroward.org

For Berger Commercial Realty. Corp:

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

msologuren@piersongrant.com

University Buyers Club adds Executive Vice President to expanding online student based business

  

 Charlotte, NC – June 21, 2011 - Jamie Swick has joined UClub as Executive Vice President. 

UClub is an innovative online based opportunity that allows owners and operators of Student Housing properties to directly leverage their student tenant base.  UClub increases properties NOI with minimal effort in a one-time push from onsite staff during lease-up. 

 Swick brings expertise in student housing from over ten years of participation in the industry. Five years of onsite management experience was spent initially as a leasing agent while working on her BA in Advertising from the University of Florida in Gainesville.

 Later Swick was promoted to Vice President of Acquisitions within The Collier Companies of Gainesville where she closed over $500 million in disposition, acquisitions and refinances as well as participated in the asset management of several properties.

 Following the freeze of the financial markets, she accepted the position of National Director of Sales for Blue Furniture Solutions, LLC, a furniture provider specializing in student housing.

 In less than 18 months the furniture industry was transformed.  Swick brought a fanatic approach to customer service and revolutionized the niche by forming partnerships and working with customers to structure financial models that helped increase operators’ ROI.  

UClub offers Swick the opportunity to continue creatively servicing the student housing industry in ways that dramatically benefit the bottom line of owners and operators.

Contact:

Steve Helfrich, Chief Operations Officer, University Buyers Club                                                                                                                                                                                                                                                                                  Jamie Jamie Swick, Executive Vice President, University Buyers Club                                                                                                                                                                    

M: (704) 886-4389 |  steve@shopuclub.com  |  www.shopuclub.com

M: (980) 226-6787 |  jamie@shopuclub.com  |  www.shopuclub.com

200 Unionville-Indian Trail  |  Indian Trail, NC 28079 |  U.S.A.                                                                                                    

HFF closes $14.775 million sale of Century Town Center in Vero Beach, FL

  

MIAMI, FL – HFF announced today that it has closed the sale of Century Town Center, a 106,976-square-foot community shopping center in Vero Beach, Florida.

HFF represented the seller, CRF Panther IX, LLC, an entity controlled by Lakeland, Florida-based Odyssey Diversified Properties, Inc (“Odyssey”).  Cole Real Estate Investments purchased Century Town Center for $14.775 million. 

Century Town Center is situated on 18.4 acres at 5915-5975 State Road 60 close to Interstate 95 and Federal Highway in Vero Beach.  Completed in 2008, the property is 93.3 percent occupied.  Major tenants include HomeGoods, Marshalls, Petco, JoAnn’s Fabrics and Olive Garden.

The HFF team representing the seller included managing directors Danny Finkle (top right photo) and Brad Peterson (middle left photo) and director Luis Castillo (lower right photo). Thomas Falatko, vice president of acquisitions, represented Cole.

“Century Town Center is one of the premier community shopping centers in the Vero Beach trade area with a prime location on SR 60 and a strong combination of national retailers.  The continued growth of the Vero Beach market and the long-term commitment of the property’s tenancy ensure the long-term success of Century Town Center,” said Finkle.

Odyssey develops, leases and manages a variety of retail projects from small strips to large, neighborhood centers with national tenants such as Publix, Marshalls, Save-A-Lot, Starbucks and Bealls among many more.  Odyssey was organized in 2004 for the purpose of developing and leasing retail projects in Florida, Georgia, Alabama and the Carolinas.

Founded in 1979, Cole Real Estate Investments is one of the most active investors in core commercial real estate assets, managing one of the country’s largest portfolios of retail properties. Today, Cole owns or manages 47 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $8 billion.

Contacts: 

Daniel Finkle, HFF Managing Director, (305) 448-1333,

dfinkle@hfflp.com

Luis Castillo, HFF Director, (305) 448-1333, lcastillo@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500                                        

krmurphy@hfflp.com

Cuhaci & Peterson Architects completes design contract on Southlake Family Health Center in Groveland in Lake County, FL

ORLANDO, FL --- Cuhaci & Peterson Architects, LLC, based in Orlando’s Baldwin Park, completed design work on South Lake Family Health Center on E. Broad St. in Groveland in Lake County.

Lonnie Peterson, chairman at Cuhaci & Peterson, said the Southlake Family Health Center offers 13,800 square feet of professional office space.

The contractor was Rieker Duley of Orlando.

Construction is completed on the facility, Peterson said.

For more information, contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,  lvershelco@aol.com

  

Marcus & Millichap Capital Corp. Arranges $6 Million Mixed-Use CMBS Loan in Los Angeles

 LOS ANGELES, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $6,050,000 refinancing loan with a CMBS lender for a shopping center in Los Angeles. The center includes 85 multifamily units that were not included in the loan.

Rick Padilla (top right photo), a senior director in the firm’s Long Beach office, arranged the financing.

“The property is a low-income development with backing from HUD, City Council District 9 and nonprofit organizations,” says Padilla. “It was developed to provide a portion of South Central Los Angeles with affordable housing, a grocery store and other retail. The 85 multifamily units located above the shopping center were not included in our collateral and can be sold separately in the future,” adds Padilla.

“The property presented some challenges,” continues Padilla. “The largest tenant is not currently regarded as investment grade and some of the stores were not open for business at the time of the closing. Most CMBS lenders require an investment-grade grocery store anchor and are looking for more straightforward transactions,” adds Padilla.

“MMCC sourced a CMBS lender and arranged 10-year fixed debt with a 30-year amortization that other lending sources could not offer,” Padilla says. “The loan covered the borrower’s preexisting past-due construction loan.”

Press Contact: Stacey Corso, Marcus & Millichap Capital Corporation

(925) 953-1716

 www.mmCapCorp.com

Marcus & Millichap Names Michael Hoffman National Director of National Self-Storage Group

DENVER, CO June 20, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Hoffman (top right photo) national director of the firm’s National Self-Storage Group (NSSG), according to John J. Kerin (lower left photo), president and chief executive officer. Hoffman is also first vice president and regional manager of the firm’s Denver office.

 “Michael’s extensive knowledge of the national self-storage market will make him a valuable asset to our clients and self-storage investment specialists,” comments Kerin.

“Under his leadership, the NSSG will continue to provide unparalleled service to its clients. With specialists throughout the country, NSSG is the leader in self-storage transactions. Last year we closed more than 101 self-storage transactions valued at $415 million.”

 “By focusing on and thoroughly understanding the unique characteristics and requirements of self-storage, our investment specialists are better able to maximize value for our clients,” says Hoffman.

Hoffman began his career with the firm’s Newport Beach office in 1992 as an associate focusing on the multifamily market. As an agent, he received numerous distinctions for sales achievements. In 2001, Hoffman was named sales manager in the Ontario office, where he managed and trained the office’s sales force.

 He was promoted to vice president in April 2004 and first vice president in April 2008. He has been regional manager of the Denver office since December 2009. Hoffman has also served as regional manager of the Austin, San Antonio and Houston offices.

Hoffman received his bachelor’s degree in real estate finance from the University of Arkansas.

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

C&W negotiates new lease for investment bank locating in downtown Orlando

 Orlando, FL – June 21, 2011– Cushman & Wakefield of Florida, Inc. (C&W) Senior Director Richard Solik (top right photo), and Office Brokerage Associate Joe Abascal announced First Southwest Company has signed a new lease in CNL Center located downtown at 450 South Orange Avenue. 

 Mr. Solik and Mr. Abascal negotiated the 3,366 sf, 5-year deal on behalf of the tenant. CNL Real Estate Services Corporation represented the landlord.

 First Southwest Company is an investment bank providing financial advisory, underwriting, asset management and consulting services to public sector entities throughout the United States. 

Contact: Brook Hines, Tel: 407-541-4401, brookhines@cushwake.com

www.cushwake.com

Cambridge Realty Capital Reports Monthly Loan Origination Requests in May were Highest Since 2003

CHICAGO, IL--The economy may be slowing, but someone apparently forgot to tell senior housing/healthcare borrowers.

Cambridge Realty Capital Company reports reviewing 35 separate loan origination requests in May, the highest monthly total processed by the company since 2003.

“Incredibly, the dollar volume of loans processed was almost three times higher than the same month in 2010,” Cambridge Chairman Jeffrey A. Davis (top right photo) said.

In May, the dollar value of origination requests totaled $613.9 million, compared with $210.9 million in May 2010, when the company processed 25 requests.

Davis points out that lenders close a relatively small percentage of the origination requests received. But Cambridge routinely tracks this information as an indication of market directions.

“So far in 2011, we’ve processed fewer requests than last year, but this may be about to change,” he noted.

Davis said credit market restrictions have been impacting the types of loans the company can reasonably consider at this time, causing it to be more selective in the types of loans that are processed. As a result, processed loan requests through the first five months of the year are down, from 115 in 2010 to 109 this year.

The year-over-year comparison shows dollar volume is still down through the first five months of the year, from $1.7 billion in 2010 to $1.5 billion this year.

“However, demand for popular FHA-insured HUD Lean loans remains at a high level and is unlikely to trail off anytime soon. HUD is making an earnest effort to work on its high backlog of orders, and this effort has not gone unnoticed,” he added.

Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Commercial Real Estate Market is Rebounding in Certain Segments, Experts Find

  ATLANTA. GA (June 20, 2011) – Some areas of the commercial real estate market are showing healthy signs of growth, while others are still struggling — pointing to a very disparate recovery. 

 The “Commercial Real Estate Show” this week talked with some key commercial real estate players about the state of the market at the annual conference of NAREE, the National Association of Real Estate Editors, in San Antonio, Texas.

 John Leary (top right photo), board chair of The Counselors of Real Estate, described the current situation as “a two-tiered marketplace.”

“Strong, well-located assets are trading at prices close to where they were before, whereas assets 20 miles from those locations are not trading or are being held off the market because nobody wants to take that level of loss,” said Leary, president of New Haven, Conn.-based Leary Consulting & Valuation.

 Downtowns, in-town neighborhoods and inner-ring suburbs close to the city are capturing interest, while many suburban markets are still a tough sell, said experts. Demographic trends led by the Baby Boomers and Generation Y will continue to fuel demand for walkable, more urban environments.

 The multi-family sector is especially hot and money continues to be raised to build new multi-family developments, said experts on the show.

 REITs are another bright spot — showing a strong performance on Wall Street and an enviable ease of raising capital. From the REIT perspective, there is a lot of opportunity in the market, said Jay Rickey (lower left photo), publisher and editor of CityBizList.com.

 “There is capital flowing into the markets, so there seems to be a lot of optimism from the standpoint of acquisitions and the ability to really capitalize on some of the distress that is out there,” Rickey said.

 Leary expects to see this trend of a very disparate recovery continue as different places and segments of the real estate market will rebound at various times in the cycle.

For more Information, contact

Tony Wilbert, Wilbert News Strategies, 404.965.5022, twilbert@wilbertnewsstrategies.com

Thomas D. Wood Closes Three Florida Deals Valued at $3.8 Million

 MIAMI, FL, June 20, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,800,000 for Point East Office, the Residences at Grand, Canal and Linhart, and Dollar General.

Steve Wood (top right photo), Company Chief Operating Officer, along with Cooper Willis of Capital Advisors, secured financing for the Point East Office Complex in the amount of $1,515,000 through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

 The fully-amortizing, fixed-rate loan has a term of 15 years, based on an interest rate of 6.50%.  The loan-to-value is 57.3%.  The borrower refinanced the loan to secure a fixed-rate mortgage and pull out some equity.  The 35,039 square-foot office complex was built in 1983, 1984 and 2000, and is located at 1631, 1633 and 1637 E. Vine Street, Kissimmee, Florida.

Brad Cox (middle left photo), CCIM, CPM, Company Vice President, secured financing for the Residences at Grand, Canal and Linhart in the amount of $1,050,000 through Thomas D. Wood and Company’s correspondent relationship The Standard Life Insurance Company. 

The fixed-rate loan has a term of 20 years, based on a 25-year amortization and an interest rate of 6.75%.  The loan-to-value is 60%.  The borrower need to refinance a short-term loan as soon as possible. 

The 53-unit multi-family complex was built in 1959, 1973 and 1978, and completely remodeled in 2010.  The Residences at Grand, Canal and Linhart are located in Fort Myers, Florida.

Joe Dear (lower right photo), Company Vice President, secured financing for Dollar General in the amount of $1,235,000 through Thomas D. Wood and Company’s relationship with a regional  bank. 

The construction/mini-perm loan has a term of five years, based on a 25-year amortization.  The first six months are interest-only, and the interest rate is 30-day LIBOR + 3.25%, floor of 4.0%.  The loan-to-value is 75%, and loan-to-cost is 77%.  The 9,014 square-foot single-tenant retail store will be built on 1.45 acres in St. Petersburg, Florida.

The website may be accessed through www.tdwood.com

For further information, please contact:

Steve Wood, (305) 447-7820, swood@tdwood.com

Brad Cox, CCIM, CPM (941) 552-9731, bcox@tdwood.com

Joe Dear, (407) 937-0470, jdear@tdwood.com

Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

       

Grubb & Ellis Promotes Jeffrey Barton, Richard Luciani and Elizabeth Moore to Vice President Status

  

 LAS VEGAS, NV (June 20, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeffrey A. Barton (middle left photo) , Richard W. Luciani (lower right photo) and Elizabeth Moore (top right photo) have been promoted to vice president. 

 “Jeff, Richard and Elizabeth have worked tirelessly throughout their careers to foster long-term relationships with their clients,” said Joseph Kupiec, executive vice president and managing director of Grubb & Ellis’ Las Vegas office.

  “They demonstrate great leadership in the Las Vegas commercial real estate market and have been valuable contributors to our company as well as the industry.  They are very deserving of this promotion.”

 The team, which specializes in the sale and leasing of office and industrial properties, joined Grubb & Ellis in October 2007 from IPG Commercial Real Estate Services Inc. 

 Since then, they have been involved in more than 200 sale and lease transactions. 

A partial list of their clients includes Sun Life Financial, Guggenheim Partners, Zions First National Bank, The Walters Group, Rexford Industrial LLC, Helios LLC, CW Capital Asset Management LLC and Rialto Capital Advisors LLC. 

 Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com