Crump Tops Team @ Linda Craft & Team, REALTORS® Earns Agent of the Month Honors for August

Raleigh, NC, Oct. 08, 2011 --(PR.com)-- Linda Craft & Team, REALTORS® announces that Kim Crump (top right photo) has earned the Agent of the Month honors for the month of August 2011, narrowly nudging out teammate Juan Matta (middle left photo) in a tie-breaker based on overall sales volume. Crump joined the team in the early part of 2011, continuing her four year Real Estate Career.

“We enjoy a friendly competition each month among the team,” said Broker in Charge Katherin Burnette (bottom right photo). “It’s usually a tight race down to the final days of the month. It is unusual to have to invoke a tie-breaker, however, this is the 2nd time agents have done gone down to the wire this year.”

Kim’s varied career includes growing up in a family with a custom builder (her father), Fashion, Design and Small Business studies and time as a dancer with production companies throughout southeast Asia and her native Australia. Kim and her family have called North Carolina her home since 2003.

Linda Craft & Team, REALTORS®, the Triangle’s Top Ranking real estate firm and Corporate Real Estate Sponsor for the Carolina Hurricanes has been helping individuals and families find a place to call home in all price ranges for over 26 years.

A Certified Distressed Property Expert (CDPE), Certified Investor Agent Specialist (CIAS) and Certified Residential Specialist (CRS), Linda Craft has helped over 5,000 people maximize profits and minimize costs in the sale or purchase of a home.

Whether you are buying your first home, dream home, investment property or need to sell for the highest value, the Linda Craft Team has the experience you need to achieve your real estate goals in the Greater Raleigh Area.

For more information, please call 919.235.0007 or visit http://www.lindacraft.com/.

Contact:

Linda Craft & Team Realtors

Cameron Knowles

919-408-9672

www.lindacraft.com

Katherin Burnette, 919-235-0007

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Augusta, GA Worth Over $3.7 Million

Altamonte Springs, FL, Oct. 08, 2011 --(PR.com)-- Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Masters Hotel Group, LLC dba Comfort Inn & Suites recently for $3,733,800 in total project costs.

This Comfort Inn & Suites has 61 rooms, includes a large lounge area, business center and laundry center that is free of use for the guests, as well as complementary breakfast. It is located just outside the main gate of Fort Gordon, a signal center of the U.S. Army with over 20,000 soldiers on active duty, which greatly affects hotel occupancy.

“With things the way they are in the economy right now, I was unsure if this project would even be possible," said co-owner, Ravi Murugappan. “But Andie Shato [of Midwest Business Capital] and the people at Mercantile Capital Corporation pulled it off and all worked together to make this happen for us.”

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Comfort Inn & Suites, have an opportunity to create wealth and financial freedom.

Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Ravi Murugappan and Shan Sundaram, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information, visit http://www.thesmartchoiceloan.com/ and http://www.504blog.com/.

Contact:  Mercantile Capital Corporation, Chris Hurn, 407-786-5040

www.504experts.com

WNC Provides $10 Million in Tax Credit Financing for Development of New Jersey’s New Brunswick Wellness Plaza in “Food Desert”

Irvine, CA, Oct. 08, 2011 --(PR.com)-- WNC & Associates, Inc., a national investor in urban renewal and affordable housing projects, has provided $10 million in New Market Tax Credit (NMTC) financing to Ferren Urban Renewal Associates, LLC for the development of the 1.6 acre New Brunswick Wellness Plaza in downtown New Brunswick, N.J.

The $103 million project, to be located in a federally designated “food desert,” will include the area’s only full-service supermarket, a community fitness center and a 1,275-space public parking facility. The project will bring more than 700 jobs to the city.

A “food desert,” which the location has been designated by the U.S. Department of Agriculture, is defined as an industrialized area lacking options for healthy, affordable food.

The 49,000 square-foot supermarket will be operated by The Fresh Grocer, a chain of grocery stores dedicated to providing quality, healthy food at affordable prices.

The 62,000-square-foot RWJ Fitness & Wellness Center will include state-of-the-art fitness equipment, an aquatic center, and dance and fitness studios. The facility also will offer free preventative health and wellness-related community events to local residents, including healthy cooking, diabetes management, obesity prevention, and parenting.

“The NMTC program was designed to bring favorable financing to low-income communities that do not have readily available access to capital,” said David Shafer, executive vice president of WNC, who oversaw the development of the transaction.

 “WNC is honored to have participated in this very important development that will bring needed employment, health services, and a full-service supermarket to New Brunswick.”

The Wellness Plaza will provide direct access to the New Brunswick Train Station (lower left photo), accessible from both local and regional bus routes. It is designed to strengthen connectivity among mass transit, jobs and housing; increase local economic activity; improve health and well-being; and enhance sense of place and community.

Job projections for the development include approximately 350 direct construction jobs and approximately 370 permanent jobs for New Brunswick.

The developer, Ferren Urban Renewal Associates, LLC, is a partnership of New Brunswick Development Corporation, a non-profit development company, and Pennrose Properties, LLC, one of New Jersey’s premier developers. NMTC allocations for the development totaled $35 million and were funded entirely by Wells Fargo & Company.

Additional information is available at http://www.wncinc.com/.

 Contact: WNC & Associates, Inc., Jessica Fix, 714.662.5565

Inland Real Estate Corp. Issues Shares of 8.125% Series A Cumulative Redeemable Preferred Stock

OAK BROOK, IL--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC) today announced that on October 6, 2011, it issued 2,000,000 shares of its 8.125% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock) at a public offering price of $25.00 per share, for net proceeds of approximately $48.4 million, after deducting the underwriting discount but before expenses.

 The Company offered and sold the shares pursuant to an effective registration statement under the Securities Act of 1933.

The Series A Preferred Stock has been approved for listing on the New York Stock Exchange under the symbol “IRCPrA,” and admission to trading is expected to occur on October 10, 2011.

Wells Fargo Securities and BofA Merrill Lynch acted as joint book-running managers for the offering. BMO Capital Markets and KeyBanc Capital Markets acted as senior co-managers for the offering, and Deutsche Bank Securities, Janney Montgomery Scott and Macquarie Capital acted as co-managers for the offering.

Contacts

Inland Real Estate Corporation (Investors/Analysts):

Dawn Benchelt, Investor Relations Director

(630) 218-7364

benchelt@inlandrealestate.com

or

Inland Communications, Inc. (Media):

Joel Cunningham, Media Relations

(630) 218-8000 x4897

cunningham@inlandgroup.com

DDR Executing on Redevelopment Strategy with Walmart at Four Shopping Centers

BEACHWOOD, OH /PRNewswire/ -- DDR Corp. (NYSE: DDR) has announced plans to redevelop four shopping centers by adding two new Walmart stores in Florida and expanding two existing stores in Ohio and Puerto Rico.

"These projects will deliver desired growth opportunities to the world's most successful retailer and further strengthen DDR's relationship with its largest tenant," said Paul Freddo (top right photo) senior executive vice president of leasing & development for DDR.

 "This is another example of our strategy to align with best-in-class retailers and focus on redevelopment as a significant driver of corporate growth."

DDR is making a combined gross investment in these projects of approximately $20 million. The company expects the return on investment to exceed the 10 percent return threshold for redevelopment projects. These projects will be funded with retained cash flow and recycled capital from the continued disposition of non-prime assets.

At DDR's The Shops at Midtown Miami (middle left photo), a 645,000 square-foot mixed-use center in Miami, Florida, Walmart plans to build a 160,000 square-foot store on a currently undeveloped five-acre parcel adjacent to the existing center which currently features Target, Marshalls, HomeGoods, PetSmart, Ross Dress For Less and The Sports Authority. The addition of Walmart at this prime center will further establish Midtown Miami as a dominant shopping and entertainment destination in the city.

At DDR's Tarpon Square (middle right aerial photo) in Tarpon Springs, Florida, located in the Tampa-St. Petersburg MSA, Walmart has purchased a former Kmart location and will open an 85,000 square-foot store. The replacement of an underperforming Kmart with a new Walmart featuring a full line of grocery products will significantly drive traffic and improve leasing and co-tenancy at the center.

Walmart also plans to expand their existing stores at Southland Crossings (bottom left aerial photo) in Boardman, Ohio, and Plaza Palma Real in Humacao, Puerto Rico, to include a full line of grocery products driving significant additional traffic and business at the centers.

DDR is an owner and manager of 546 value-oriented shopping centers representing 126 million square feet in 41 states, Puerto Rico and Brazil.

The company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value.

 DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the company is available at www.ddr.com.

Contact:: Marty Richmond, Vice President, Marketing and Corporate Communications, or Samir Khanal, Senior Director of Investor Relations, +1-216-755-5500, both of DDR

Web Site: http://www.ddr.com

The Lightstone Group Announces 10-Year Lease Renewal at Martintown Plaza in North Augusta, SC

NORTH AUGUSTA, S.C., Oct. 1 /PRNewswire/ --The Lightstone Group, one of the largest private real estate owners in the country, announced today that Joon Enterprises (d/b/a North Augusta Wine and Beverage) has signed a 10-year extension of term for retail space at Martintown Plaza (top left photo) in North Augusta, S.C.

"We are pleased that Joon Enterprises has elected to stay at Martintown Plaza for the next 10 years," stated David Lichtenstein (lower  right photo), chairman of The Lightstone Group. "The center has a great tenant mix that is well received in the area."

 The 144,172-square-foot Martintown Plaza is located at 1115-1139 Knox Road at the northeast corner of Martintown Road. The heavily trafficked strip center lists Office Depot, Dollar General, Sonic and Ruby Tuesday among its tenants.

"Martintown Plaza is a prime retail location with a number of top-name tenants on the roster," said Jeffrey Dash, vice president of leasing for The Lightstone Group. "It is located on a coveted retail corridor that has a consistent flow of traffic."

To learn about leasing opportunities at Martintown Plaza or other retail centers owned by the Lightstone Group, please contact Jeffrey Dash at jdash@lightstonegroup.com or by calling 908-688-8300.

Media contacts: Christa Segalini, +1-201-465-8021, csegalini@beckermanpr.com, or Ryan Smith, +1-201-465-8023, rsmith@beckermanpr.com

Web Site: http://www.lightstonegroup.com/

Justin White Named Acting Regional Manager of Marcus & Millichap’s Seattle Office

SEATTLE, WA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Justin C. White (top right photo) acting regional manager of the Seattle office, according to John. J. Kerin (bottom right photo), president and chief executive officer of the firm.

White replaces former Seattle vice president and regional manager, Gregory Wendelken (middle left photo), who has left the firm.

“Justin brings a great deal of knowledge and expertise to his new managerial role, which he gained while overseeing other offices in the Pacific Northwest, as well as Long Beach and West Los Angeles,” says Kerin. “He will be a great resource for our clients and investment professionals as we continue to grow in the Puget Sound region.”

In addition to serving as acting regional manager of Seattle, White oversees the Portland, Ore.; Reno, Nev.; and Sacramento, Calif., offices of Marcus & Millichap as vice president of the Pacific Northwest, a position he has held since June.

White began his career with Marcus & Millichap in the fall of 1999 as an agent in the Long Beach office, specializing in multifamily investment properties. He was promoted to sales manager and then to regional manager of the firm’s Long Beach office in 2003. In April 2008, he was elected vice president. White was also the regional manager of Marcus & Millichap’s West Los Angeles office.

“I am very excited about the success we are having in the Seattle market,” explains White. “Our sales agents and loan originators are some of the finest real estate professionals in the Puget Sound region, and they are committed to providing the best value-added brokerage platform to our private and institutional investor clients,” continues White.

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

CLW Health Care Services Group Brokers Sale of Woodland Terrace in Cary, NC

TAMPA, FL -- CLW Health Care Services Group is pleased to have represented affi liates of Walton Street Capital, L.L.C. and Kisco Senior Living, LLC in the sale of Woodland Terrace (top left photo), a fully-stabilized Senior Housing property located in Cary, North Carolina.

The property was purchased by a Prudential-related entity and Kisco Senior

Living, LLC, who will continue to manage the property.

UNIT MIX

24 Independent Living Cottage Homes

80 Independent Living Apartments

36 Assisted Living Units

36 Memory Care Units

176 Total Units

PROPERTY SIZE

21.6± acres

BUILDING SIZE

221,290± total gross SF

YEAR BUILT

1999 (additions in 2008-2009)

Contact: Allen McMurtry • 813.349.8349 • amcmurtry@clwrg.com

Construction Completed On LEED-Designed L.A. County Martin Luther King, Jr. Center for Public Health

Los Angeles, CA (Oct. 7, 2011) – The design/build team of McCarthy Building Companies, Inc., and TAYLOR recently completed construction of the $20-million Martin Luther King, Jr. Center for Public Health (top left photo), located on the north end of the Martin Luther King, Jr. Medical Center Campus in Los Angeles.

The new building replaces the existing South Health Center which was originally constructed in the 1950s.  The first building to kick off the community redevelopment plan in the Willowbrook area, the new center will provide an additional 12,000 square feet of space for public health programs and services once it opens during a formal ribbon cutting ceremony on October 7, 2011. 

Designed to engage the local community, the form and materials of the MLK Public Health Center are welcoming.

 “Recognizing the important role that the clinic is destined to play in the revival of the entire district and in the health and wellbeing of the local residents, we conceived the building as a beacon — a source of guidance, help and inspiration,” said TAYLOR project designer and manager, Harbans Ghatoade (lower right photo).

Project consultants involved in the Martin Luther King, Jr. Center for Public Health project included KPFF for structural and civil engineering, GLUMAC for mechanical and electrical engineering and American Landscape as the landscape architect.

More information about  McCarthy and Taylor is available online at www.mccarthy.com and www.TAA1.com

For a complete copy of the company’s news release,  please contact

  Laura Mickelson for McCarthy Building Companies

O: (949) 453-0851 or C: (949) 295-4452 / LauraMickelson@cox.net

or

Nancy Egan for Taylor, (310) 943-7194 / egan@newvoodou.com

African Animals at Lakefront Ranch near Lake Nona Medical City Create International Web Sensation

ORLANDO, FL. --- A 40 acre lakefront ranch for sale in Osceola County south of Lake Nona Medical City that includes zebras, Ankole-Watusi cattle, water buffalo and miniature donkeys along with horses has started an international web sensation for Orlando based Stirling Sotheby’s International Realty.  

The property, listed for sale at $4.25 million, received significant international exposure as it was featured in the International Herald Tribune through its affiliation with Sotheby’s International Realty who also featured the property on its web site home page.

 Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the exposure on the multiple sites garnered more than 15,000 views worldwide during the month of September.

Stirling Sotheby’s International Realty serves as the exclusive brokers for the property, which includes 1,224 feet of lake frontage on Lake Lizzie, part of a Chain of Lakes.

Dan Natoli (top right photo), International Luxury Home Specialist with Stirling Sotheby’s International Realty represents the award winning Spanish Mediterranean estate with 8,863 square feet of living space in the main house built in 2007.

 The property, which also features a waterside gazebo and private dock with jet-ski and boat lifts, is beautifully landscaped and fenced for pastures and corrals, according to Natoli.

A gourmet kitchen opens on the family entertainment area with views of a resort style pergola and tropical pool with splash pad, waterfall, water slide and stone bridge that is surrounded by lush tropical landscaping.

To see a brochure and video on the property, http://www.stirlingsir.com/eflyers/agents/lrteam/lr-team-bro.html

 “In addition to the main estate home the property includes a private pond with fishing pier, stable master’s suite and a spacious caretaker’s residence that could also be used as an in-law residence or guest house,” Natoli said.

The property has future development potential for lakefront lots, he added.

Media contact information:

 Dan Natoli, Sales Executive, LR Team Stirling Sotheby’s International Realty  407-864-0604

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;

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

Forest City Announces Agreement and Closing for Southern Group Air Force Bases

 CLEVELAND, OH, Oct. 7, 2011 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) announced today that a subsidiary, Forest City Military Communities, and the U.S. Air Force, through the Air Force Center for Engineering and the Environment, have signed a 50-year housing privatization agreement for the development and management of 2,185 family homes at four U.S. Air Force bases in the Southeast, bringing Forest City's military housing portfolio to more than 14,000 homes. 

As a part of the agreement and closing, Forest City will be managing an initial development period, valued at $308.1 million, for the construction of new family housing and community amenities. Forest City will also earn an on-going fee as a part of the Company's 50-year property management responsibility.

 The bases, collectively known as the Southern Group, are Joint Base Charleston in S.C.; Shaw Air Force Base in Sumter, S.C.; Keesler Air Force Base in Biloxi, Miss.; and Arnold Air Force Base in Tullahoma, Tenn. 

Construction at all four bases is anticipated to begin by early November and to last between 14 to 49 months, depending upon the base. 

For a complete copy of the company’s news release, please contact:

Robert O'Brien, Executive Vice President - Chief Financial Officer, or Jeff Linton, Senior Vice President - Corporate Communication, +1-216-621-6060

Web Site: http://www.forestcity.net/

Prudential Mortgage Capital Taps Marcus & Millichap to Market $13.9 Million Multi-Family Asset in Chandler, AZ

 CHANDLER, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been retained to sell Chandler Meadows (top left photo), a 200-unit apartment community located in Chandler.

Offered at a list price of $13.9 million, the property will be sold free and clear of any existing debt and can be purchased on an all-cash basis.

Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap’s Phoenix office, have been retained to market the property on behalf of the seller, Prudential Mortgage Capital Co.

“Chandler Meadows is a great opportunity to acquire a real estate-owned asset located adjacent to the Arizona State University Research Park (bottom left photo), a vibrant corporate community,” says David.

“The 324-acre park is one of the most highly improved business and industrial parks in Greater Phoenix and is home to more than 30 research and development companies, including corporate and regional headquarters and more than 3,000 employees.”

Located at 3175 North Price Road, Chandler Meadows was developed by A.G. Spanos Cos. in 1983 and offers five floor plans comprised of one-, two- and three-bedroom apartment homes. Exterior renovations were completed in 2007 and approximately 50 percent of the apartment interiors were upgraded in 2007-2008. Approximately $3.4 million was spent on upgrades during that time.

 “Chandler has a young, well-educated population,” adds David. “More than 34 percent of its residents have earned a bachelor’s degree or a graduate degree. This desirable demographic contributes to a highly qualified employment base and helps make Chandler a desirable location for multifamily investment,” David concludes.

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

Foreclosure Actions On Rise Year After 'Robo-Signers' First Surfaced

MIAMI, FL --For the first time since the "robo-signer" controversy surfaced a year ago in September 2010, lenders are once again filing an increasing number of foreclosure actions - or Lis Pendens - in the tricounty South Florida region, according to a new report from CondoVultures.com.

More than 9,700 notices of default – the first step in the foreclosure process – have been filed against properties in Miami-Dade, Broward, and Palm Beach counties in the third quarter of 2011, according to an analysis based on the Condo Vultures® Foreclosure Database™.

 In previous quarters, 8,900 filings were initiated in the fourth quarter of 2010, 6,800 actions in the first quarter of 2011, and less than 7,200 in the second quarter of 2011, according to the report based on Lis Pendens filings recorded with the Clerks of the Court in all three South Florida counties.

Compare this to the third quarter of 2010 when more than 13,900 foreclosure actions were filed just as the “foreclosure freeze” was starting to make national headlines with allegations of “foreclosure mills” operating in South Florida. 

  

“The lenders are going back to work when it comes to foreclosure filings,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 “For several months, lenders were riding the brakes as they examined their internal policies and procedures related to the repossession process. A year later, the banks appear poised to up shift into a higher gear as it pertains to initiating foreclosure actions against borrowers in default in South Florida."

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Celebration Golf Club in Orlando, FL to host Veteran’s Day Golf Tourney; Swearing in of New U.S. Citizens

ORLANDO, FL --- Celebration Golf Club south of Orlando near Walt Disney World will host a unique event on Veteran’s Day Nov. 11 – a charity golf tournament followed by the swearing in of new American citizens.

Gene Garrote, president of Celebration Golf Management, said the event is sure to tug at the emotions.

“The golf tournament is sponsored by the Combined Federal Campaign, comprised of federal civilian, postal, and military employee donors that raises millions of dollars annually for charitable organizations throughout the world.” Garrote explained.

Many Federal Government Agencies from Central Florida will participate in the tournament, Garrote said, and the proceeds will benefit the Wounded Warrior Project, a non-profit organization that aids severely injured service men and women.

Garrote said this year’s event will include a special feature: the naturalization of U.S. Service members who have served their adopted country. U.S. Immigration law provides for the naturalization of immigrants who serve in the armed forces.

“This is really an honor for us at Celebration Golf Club,” Garrote said.

Since September 2001, U.S. Citizenship and Immigration Services has naturalized more than 64,000 servicemen and women, including those serving in Iraq and Afghanistan. The service members will take the Oath of Allegiance becoming the newest American citizens.

For information on participating, sponsorship opportunities or donations please contact the Combined Federal Campaign at three.cfc3@hfuw.org or call (407) 237-8810

 For more information, contact:  

Gene Garrote, President, Celebration Golf Management, 407-566-1045;  

Dorothy Benson, Sales and Marketing Celebration Golf Management, 407-566-1045 x4613

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142  

Marriott International Reports Third Quarter 2011 Results

 BETHESDA, Md., Oct. 5, 2011 /PRNewswire/ --Third-quarter Highlights:

    --  Adjusted diluted earnings per share (EPS) totaled $0.29, a 32 percent

        increase over prior year results;

  --  Worldwide comparable systemwide revenue per available room (REVPAR) rose  8.7 percent using actual dollars.  Average daily rate rose 5.3 percent

        using actual dollars;

   

    --  At the end of the third quarter, the company's worldwide pipeline of

        hotels under construction, awaiting conversion or approved for

        development increased to more than 105,000 rooms, including over 47,000

        rooms outside North America and more than 26,000 rooms in Asia;

    --  Nearly 6,000 rooms were added to the worldwide lodging portfolio during

        the third quarter, including approximately 3,000 rooms in international

        markets and nearly 1,100 rooms converting from competitor brands;

    --  Marriott repurchased 18.0 million shares of the company's common stock

        for $550 million during the quarter.  Year-to-date through September 9,

        2011, the company repurchased 36.5 million shares for $1.2 billion.

For a complete copy of the company’s news release, please contact:

Tom Marder, +1-301-380-2553, thomas.marder@marriott.com

Web Site: http://www.marriott.com/