PCCP Provides $14 Million Senior Loan to Finance Purchase of Stone Point, a Class A Office Building in Roseville, CA

SAN FRANCISCO, CA,  Jan. 10, 2012 - PCCP, LLC announced today it has provided a $14 million senior loan for the acquisition of Stone Point (top left photo), a three-story Class A office property totaling 96,000 square feet on behalf of the buyer, Basin Street Properties.

Basin Street Properties is a real estate investment, development, management and leasing organization with offices in Reno, Petaluma and Sacramento.

Built in 2005, the property is located at 1420 Rocky Ridge in Roseville, Calif. and was sold for $16.9 million as an REO by the lender, Belgium-based Dexia Bank. 

The $177 per square foot purchase price is just 59 percent of the prior owner’s basis of $295 per square foot, and 66 percent of its estimated replacement cost of $265 per square foot. 

The property is 95 percent occupied by tenants including Unify, Lennar Homes, Matrix Absence Management, Ameriprise and Exchange Bank, among others, and is located within Roseville’s central business district.

“Stone Point is an institutional quality asset and is one of the top three buildings in the 7.5 million square foot Roseville submarket,” said Jim Galovan, vice president with PCCP, LLC. “This is PCCP’s second participating loan transaction with Basin Street who is a hands-on operator with ownership experience in the local market.” 

Stone Point is well-located on a bluff and is situated less than a mile from Westfield’s Galleria Mall, the Fountains (a lifestyle center), and Creekside Town Center (a power center). The property is convenient to executive housing and also offers easy access to Highways 80 and 85.

 Learn more about PCCP at http://www.pccpllc.com/.

Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224

Sabre Springs Business Park in San Diego, CA Commands Nearly $12 Million Sale Price

SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is pleased to announce the sale of the Sabre Springs Business Park (top left photo), an 83,755-square foot multi-tenant light industrial/office park located at 13220-13240 Evening Creek Drive in San Diego.

 The park sold for $11,900,000, which equates to $142 per square foot.

  Sam Hanna, a senior associate in Marcus & Millichap’s San Diego office, represented the seller, GML Sabre Springs. The buyer, HG Fenton Co., represented itself.

“Our team’s targeted marketing efforts generated multiple offers for our client within 30 days of listing the property for sale,” says Hanna.

“The competitive bidding environment created by our strategic marketing and our firm’s unparalleled access to third-tier capital resulted in a timely and profitable sale for our client within 60 days of taking the property to market.”

The Sabre Springs Business Park consists of three freestanding multi-tenant light industrial/office buildings totaling approximately 83,755 square feet and situated on a 6.09-acre lot.

Each building is demised into small suites ranging in size from 835 to 6,024 square feet, giving the owner the flexibility to attract a myriad of different tenants. The buildings feature high-image concrete tilt-up construction; an extensive glass line and an above average office build-out percentage. 

The asset is strategically located in Central San Diego and easily accessed by both Interstate 15 and Highway 56.

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

Marcus & Millichap Hires Joseph French, One of Nation’s Top Retail Specialists; Thomas C. Dalzell, Schuyler Boylan and Amie Segel also join as associates.

  

  NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Joseph C. French Jr., (top right photo) CCIM and his team of investment specialists, according to J.D. Parker (middle left  photo), vice president and regional manager of the firm’s Manhattan and New Haven offices.

French will serve as a senior director of its National Retail Group (NRG).

 Prior to joining Marcus & Millichap, French was one of the top-producing agents at commercial real estate brokerage firm Sperry Van Ness, where he specialized in retail property sales.

“Joe has an outstanding track record of success and his expertise will be a tremendous asset to Marcus & Millichap,” Parker says. “Joe is one of the most respected brokers in the New York region. Therefore, it was a natural fit for him to join the top investment brokerage firm in the country – Marcus & Millichap.”

In his new post, French will continue to focus on multi- and single-tenant retail investment sales on behalf of institutional and private investors.

 French brings more than 25 years of experience in the real estate industry to his new position. Before joining Sperry Van Ness, he was a senior vice president of investment sales for the Hutensky Group. He was also an integral part of prominent real estate firms Landau & Heyman, Brandenberg Realty and C.S. Brown Associates.

“In order to provide superior service to my investor clients who transact business well beyond the Tri-State Area, I decided to join Marcus & Millichap,” says French.

“The firm has unparalleled access to a nationwide pool of private, institutional and 1031 exchange capital. Also, the company’s commitment to expanding its market share in the retail brokerage sector in a still unstable economy was very appealing. To be part of this exciting growth, particularly east of the Mississippi River where the bulk of my team’s transactions close, was a welcome opportunity.”

 French received his bachelor’s degree from Southern Illinois University and a real estate professional diploma from New York University.

French sits on the board of directors of the Afro American Real Estate Professionals, the Real Estate Associates Program (REAP) and Habitat for Humanity of Westchester.  He is also a member of the International Council of Shopping Centers (ICSC) and the Real Estate Board of New York (REBNY).

Also joining French as associates of Marcus & Millichap are Thomas C. Dalzell, Schuyler Boylan and Amie Segel. Combined, the new agents have more than 60 years of real estate investment sales experience. 

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

Sperry Van Ness International Retired CEO Mark Van Ness Brokers Million Books for Kids to End book Poverty in Portland, OR

 PORTLAND, OR – Sperry Van Ness International, a national commercial real estate brokerage franchisor, today announced the launch of the “Million Books for Kids” project (top left photo).

 One million books are being donated by Better World Books in 2012 to promote literacy among low-income children by providing books to the 100,000 kids with no books to read in their home.

As a partner with Social Venture Partners, Mark Van Ness (middle right photo), also founder and former CEO of Sperry Van Ness, recently learned the alarming statistic that there is only one book for every 300 children living in poverty locally and decided to do something about it. 

He “brokered” the deal involving donations between Better World Books for one million books, CENTERCAL for the former Borders Book Store space at Bridgeport Village (lower left photo) and PacTrust for a 9,000-square-foot warehouse nearby.

“I think everyone is inspired by the fact that this is one problem children have that we can actually solve in 2012,” says Van Ness.  “It’s hard to imagine growing up without a single book to read in your home.”

The Million Books for Kids Bookstore was opened at Bridgeport Village as a social enterprise with Friends of the Children to help raise funds to pay for shipping and make the project sustainable.

Books are free to shoppers with a suggested donation of $1 for paperbacks and $5 for hardbacks.  Local Sperry Van Ness affiliates volunteered alongside community members to stock the shelves and prepare the store for opening.  In its first two weeks of operation the store already covered the cost of shipping the first 20 tons of children’s books.

“The ‘Million Books for Kids’ projects is a collaborative effort involving dozens of non-profits led by Social Venture Partners, and made possible by the generous donations of goods, services and prime real estate from business leaders,” said Kevin Maggiacomo (lower right photo), CEO and president of Sperry Van Ness International.

“Not to mention the dedication of volunteers, which includes members of our local affiliate office,” said “We are thrilled to be part of this community-driven effort to support children’s literacy and end book poverty for local kids in 2012.”

Van Ness, who identified the former Borders space at Bridgeport Village, said when approached with the idea of the “Million Books for Kids” project, the landlord generously agreed to donate the space for free until it is leased.  The landlord is also covering the bookstore’s utilities.

“It has been inspiring to find that everyone we’ve turned to with a need has said yes,” said Van Ness.  “All we need now is a shipping company to donate the delivery of the books.”

Better World Books has committed to donating 20 tons of books per month going forward so the collaborative can continue to get books to all the kids who need them in 2012. 

“Our long-term goal is to establish a sustainable collection and distribution ecosystem in this region so we don’t have to ship books across the country.  We plan to set up collection stations around town to gather books locally.  Once we are sustainable, we will repeat the process in other regions, promoting child literacy in more communities,” said Van Ness.

Contact:  Megan Morales,  (714) 273-2472, megan.morales@svn.com

Brian Mulvaney, SIOR, CCIM; Bruce Sanders; and Matthew Bean Achieve High Sale Price for Office Building at 11610 Iberia Place in San Diego, CA

 SAN DIEGO, CA – Voit Real Estate Services’ San Diego office has completed the $2.375 million sale of a 12,292 square-foot office property located at 11610 Iberia Place (top left photo) in San Diego, Calif.

 This Class B, two-story office building was built in 1980 and has undergone  extensive renovation, according to Brian Mulvaney (middle right photo), SIOR, CCIM in Voit’s San Diego Office.

Mulvaney worked with Bruce Sanders (lower left photo) and Matthew Bean (lower right photo), also of Voit’s San Diego office, to represent the seller, Parkside Plaza, LLC.

“The Voit team, with the assistance of cooperating brokers, was strategic in locating an owner-user buyer that would benefit from this partially occupied, yet well parked quality building,” said Mulvaney.

“The buyer plans to operate its business in a portion of the facility, while retaining the tenants who are currently leasing the remaining space.

“Our team successfully demonstrated the property’s benefits from both an operational and investment perspective, and ultimately secured an excellent sale price for our client in the current market.”  

The buyer, Boatracs Inc., a company that specializes in wireless maritime information solutions, acquired the property as an owner-user and also achieved a good value for a high quality property, according to Voit. 

Boatracs Inc., was represented by Doug Ceresia and Matt Midura of NAI San Diego.

The property is located off the I-15 across from Webb Park in the heart of Rancho Bernardo.

Contact: 

Judith Brower

Brower, Miller & Cole

(949) 955-7940

JBrower@browermillercole.com

American Healthcare Investors Expands Senior Management Team with Key Hires

 NEWPORT BEACH, Calif. (Jan. 10, 2012) – American Healthcare Investors, a commercial real estate investment firm that specializes in the acquisition and management of healthcare-related properties, and that serves as the co-sponsor of Griffin-American Healthcare REIT II, announced today the hiring of several division heads and other key executives:

 Stefan Oh, senior vice president of acquisitions; Chris Rooney, senior vice president of asset management; Shannon Johnson, senior vice president of finance and accounting; Trevor Drummond, vice president of finance and accounting; and Cora Lo, senior vice president, securities counsel.

 In December, the company announced that Damon Elder had joined as senior vice president of marketing and communications. 

“We couldn’t be more pleased to welcome this extraordinarily talented and experienced group to our senior management team,” said Danny Prosky (top right photo), principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT II.

 “Each of these professionals has worked together, and with me and the other two principals of American Healthcare Investors, Jeff Hanson (middle left photo) and Mathieu Streiff (middle right photo), for more than half-a-decade.  During this time they helped us build two leading non-traded healthcare REITs and acquire nearly $3 billion of healthcare properties on behalf of thousands of investors.” 

Prosky added: “They each have extensive expertise in the specialized field of healthcare-related real estate investment and we are honored that they have elected to join our organization to continue building one of the best performing non-traded REITs in the nation.”

 Stefan Oh’s 18-year career in commercial real estate began as an auditor within Ernst & Young LLP’s EYKL Real Estate Group in Los Angeles, California in 1993 during his career. Oh received a bachelor’s degree from Pepperdine University and is a certified public accountant.

 As senior vice president of asset management, Chris Rooney directs the strategic asset and portfolio management function of the rapidly growing Griffin-American Healthcare REIT II portfolio. 

 Shannon Johnson serves as senior vice president of finance and accounting for American Healthcare Investors, as well as chief financial officer of Griffin-American Healthcare REIT II, a role she has filled since the REIT’s inception in 2009.

Trevor Drummond serves as vice president of finance and accounting, as well as controller of Griffin-American Healthcare REIT II, a role he has served in since the REIT’s inception in 2009.

 Cora Lo serves as senior vice president, securities counsel of American Healthcare Investors. She began serving as an officer and secretary of Griffin-American Healthcare REIT II in November 2010, having previously served as assistant secretary since March 2009.

 

 For more information regarding American Healthcare Investors, please visit http://www.americanhealthcareinvestors.com/.

 For more information regarding Griffin Capital, please visit http://www.griffincapital.com/.

Contact:  Damon Elder,  (714) 356-1460, damon@ahinvestors.com

Shale Natural Gas Fueling Pennsylvania Hotel Industry

Philadelphia, PA, Jan. 10, 2012  – While the vast majority of U.S. lodging markets were suffering from declines in revenue during the recent recession, hotels in northeastern Pennsylvania bucked national trends and achieved significant growth in RevPAR each and every year from 2007 through 2011. 

During this period, RevPAR for hotels located in the Pennsylvania counties of Bradford, Lycoming, Susquehanna and Tioga has grown at an estimated average annual rate of 14.8 percent.  This compares to the 1.7 percent average annual decline in RevPAR experienced by the overall U.S. lodging industry during the same time frame.

“When we present these data, most people think it is a misprint,” said Tony Biddle (top right photo), senior consultant in the Philadelphia office of PKF Consulting USA.  “The remarkable RevPAR growth observed in northeastern Pennsylvania is largely attributable to the exploitation of an old resource through the birth of a new industry: natural gas extraction from the Marcellus Shale.”

  

To learn more about the impact of shale drilling on the lodging industry, please contact Tony Biddle at tony.biddle@pkfc.com or (215) 563-5300, ext 29.

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

Tony Biddle                                                 Chris Daly

PKF Consulting USA                                  Daly Gray Public Relations

Tel: 215 563 5300, ext 29                           Tel: 703 435 6293

Email: tony.biddle@pkfc.com                      Email: chris@dalygray.com

http://www.pkfc.com/                                      http://www.dalygray.com/

Atlanta’s Commercial Real Estate Show Explores Powerful Research and Analytical Tools

 ATLANTA, GA– In commercial real estate, it pays to do your homework, and the right tools make all the difference when it comes to location and investment decisions.

 The most recent episode of the “Commercial Real Estate Show” provided a comprehensive overview of the beneficial informational sources available to lenders, brokers, developers and business owners.

 Guests Carol Campbell (top right photo) of Site to Do Business and Mike Overley (top left photo) of Xceligent Inc. detailed powerful analytical and research tools that can help businesses and commercial real estate advisors serve their clients and prospect for business.

The Site to Do Business website is a product of CCIM Tech, a subsidiary of the CCIM Institute. Built on a geographical information system (GIS) platform, the site “allows us to understand and visualize data in many ways,” Campbell said.

 The site’s Business List feature allows users to identify business types located within a certain area. Users can also pinpoint businesses in a certain area by name.

“If you want to find all of the Home Depots in the state of Florida … you can do that,” Campbell said. Additionally, the feature can provide a list of all the businesses at a certain location.

 The site’s Retail Marketplace Profile Report feature can provide a detailed gap analysis that will inform retail professionals on the demand for their store types in a certain area. Other services available on the site include property comparison reports, a tool that rates the “walkability” and transit options available within a certain area, and the Tapestry Segmentation service, which presents a detailed breakdown of the lifestyles of the residents of a certain area.

 “I think the number one thing that people are surprised by [on the site] is the depth of the data,” Campbell said. The site is available to those who are not CCIMs (Certified Commercial Investment Members).

Overley emphasized the importance of studying local market data, as the performance of different markets can vary widely. He also urged listeners to use research and data to be “proactive, whether you’re digging up contacts, leads, prospects, buyers, sellers – whomever you may be targeting.”

 Subscription-based services such as those provided by Xceligent and REIS are sources of in-depth information about lease trends and lease comps, Overley said. Economic development corporations also are a potential source of free lease information, he added.

America’s “Commercial Real Estate Show” is a national talk radio show about commercial real estate. New shows are available every Thursday at the show website, http://www.creshow.com/. Shows are also broadcast on AM stations, including Atlanta station Biz 1190 on Saturday at 10 a.m. Show podcasts are available on-demand on iTunes and the show website.

 The show host is 30-year commercial real estate veteran Michael Bull (lower right photo) CCIM. Michael is the founder of Bull Realty, Inc, a regional commercial brokerage firm with three offices headquartered in Atlanta, Georgia.

Contact:  Stephen Ursery, sursery@wnspr.com

HFF New Jersey hires Tom Graziano as director in debt placement group

FLORHAM PARK, NJ – HFF announced that Tom Graziano has joined the firm as a director in its New Jersey office. 

Mr. Graziano will focus on debt, structured finance and joint venture equity transactions for office, retail, multi-housing and industrial properties throughout the northeastern United States.  

Prior to joining HFF, Mr. Graziano was a vice president in the Loan Portfolio Strategies Group of Keefe, Bruyette & Woods, Inc. in New York.  Prior to that, he worked as a director at The Ackman-Ziff Real Estate Group, LLC. 

Mr. Graziano began his career at Capmark Finance, and its predecessor company GMAC Commercial Mortgage, in the firm’s proprietary lending group.  He graduated with a Bachelor of Arts degree from Middlebury College in Vermont and is a FINRA Series 7 and Series 63 Registered Representative.

“HFF is excited to welcome Tom to the New Jersey office and expand upon our debt placement team in a continuing effort to serve our clients growing needs in this ever changing capital markets environment both locally and nationally,” said Jon Mikula (lower left photo), senior managing director in HFF’s New Jersey office.

Contacts:

JON MIKULA, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com                                                                                                          

 THOMAS R. DIDIO, HFF Senior Managing Director, (973) 549- 2000, tdidio@hfflp.com

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

                                                                                    

HFF arranges $17.1 million financing for Albany, NY area multi-housing community

 FLORHAM PARK, NJ – HFF announced today that it has arranged $17.1 million in financing for Elm Estates (top left photo), a 197-unit townhome and duplex community in Selkirk, New York.

HFF originated a seven-year, fixed-rate permanent loan for the borrower, Tower Management Service, L.P., purchased by Freddie Mac. 

The loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  HFF originated over $1 billion in new loan originations in 2011 as a Freddie Mac Program Plus seller/servicer. 

Elm Estates is situated on 34.7 acres close to Interstate 87 about 10 miles south of Albany in Selkirk.  Built in phases between 1978 and 2002, the property has 103 townhomes and 94 duplexes in two and three bedroom layouts averaging 1,297 square feet each.   The property also includes an additional 77.19 acres of surplus land.

The HFF team representing Tower Management Service, L.P. was led by senior managing director Thomas Didio (middle left photo) and real estate analyst Calvin Jones.

“I am pleased we could assist Tower Management Service, L.P. in securing such a favorable permanent loan for the Elm Estates property,” said Didio.

Tower Management Service, L.P. is a real estate operating company, which owns approximately 2,200 multi-family apartment units in garden-style apartment communities located in New Jersey and New York State.

Contacts:

THOMAS R. DIDIO, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com

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

                                                                                     

HFF closes $41.475 million sale of Ann Arbor, MI Class A multi-housing community

CHICAGO, IL – HFF announced today that it has closed the sale of Lake Village of Ann Arbor (top left photo), a 360-unit, Class A multi-housing community in Ann Arbor, Michigan.

HFF, along with Pankhurst Properties, marketed the property on behalf of the seller, Northwestern Mutual. 


An affiliate of The Habitat Company purchased Lake Village of Ann Arbor for $41.475 million on a free and clear basis. 

Lake Village of Ann Arbor is located at 101 Lake Village Drive, adjacent to the University of Michigan soccer complex and a short drive from the main campus in Ann Arbor.  The 29.2-acre site has 18 three-story buildings built in two phases in 1997 and 2002. 

Units are available in one-, two- and three-bedroom floor plans averaging 1,220 square feet each.  Community amenities at the fully leased property include a clubhouse, health club and tanning bed, heated pool with hot tub, tennis court and business center.

The HFF investment sales team was led by managing director Marty O’Connell, executive managing director Matthew Lawton and managing director Sean Fogarty.

“Lake Village of Ann Arbor’s proximity to the University of Michigan ensures consistent demand from graduate students, faculty and employees of the university, which is the largest employer in Ann Arbor,” said O’Connell.

Founded in 1971, The Habitat Company is a full-service real estate company, committed to the highest standards in management, service and development.  The company has offices in Chicago, Atlanta, Detroit and St. Louis.

Contacts:                

 MARTY O’CONNELL, HFF Managing Director,

(312) 528 3650 moconnell@hfflp.com 
 KRISTEN MURPHY,  HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com                                       

HFF closes sale of Avalon at Stratford Green in Bloomingdale, IL

                                       

 CHICAGO, IL – HFF announced today that it has closed the sale of Avalon at Stratford Green (top left photo), a 192-unit, Class A apartment and townhome community in Bloomingdale, Illinois.

HFF marketed the property on behalf of the seller, Avalon Bay Communities, Inc.   

Avalon at Stratford Green is situated on a 12.7-acre site at 492 Vinings Drive adjacent to the Stratford Square Mall in the western Chicago suburb of Bloomingdale. 

Completed in 1997, the property has one-, two- and three-bedroom units averaging 1,234 square feet and is 97 percent occupied. 

Community amenities include a clubhouse/leasing center, heated pool with sundeck, bbq/picnic areas and walking path.  Most units feature private direct-access garages.

The HFF investment sales team representing the seller was led by managing director Marty O’Connell (top right photo) executive managing director Matthew Lawton (middle left photo) and managing director Sean Fogarty (lower right photo).

“Avalon at Stratford Green is the newest apartment community in the Bloomingdale apartment submarket and is considered to be one of the very finest Class A communities in all of DuPage County,” said O’Connell.

AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.

Contacts:                

 MARTY O’CONNELL, HFF Managing Director, (312) 528-3650

moconnell@hfflp.com                              

KRISTEN MURPHY,  HFF Associate Director, Marketing,

(713) 852-3500, krmurphy@hfflp.com                                       

Behringer Harvard Summarizes 2011 Activities and Milestones

DALLAS, TX, Jan. 9, 2012 /PRNewswire/ -- Behringer Harvard's key milestones in 2011 were summarized today by Mr. Robert S. Aisner (top right photo), President and CEO of Behringer Harvard.

"We were pleased and gratified to celebrate the 10th anniversary of Behringer Harvard in 2011," said Mr. Aisner.

 "We are proud of our evolution thus far, which started with two predecessor organizations that began offering alternative investment opportunities in 1989.

“Although all our business units have faced economic headwinds, I believe we made significant progress during the last year in setting the stage for another decade of growth and expanded opportunity for Behringer Harvard and our various constituencies."

Behringer Harvard's multifamily platform received a boost in December 2011 via a new co-investment partnership with one of the world's largest pension funds, advised by Heitman LLC, a multinational real estate investment management firm with more than $23 billion in assets under management.

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

Barbara Marler of Behringer Harvard, bmarler@behringerharvard.com, +1-469-341-2312, or Jodi Phillip of Richards Partners for Behringer Harvard, jodi_phillip@richards.com, +1-214-891-5883

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

Arbor Closes $21.2M West Virginia University Student Housing Loan

UNIONDALE, NY (Jan. 9, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of a $21,250,000 refinance loan under the Fannie Mae DUS® Dedicated Student Housing product line for The Lofts Apartments (top left photo) in Morgantown, WV.

The 10-year loan for the 218-unit complex amortizes on a 30-year schedule.

 Servicing the student population of West Virginia University, The Lofts Apartments were constructed in 2010 by an experienced student housing real estate owner and contain 648 beds within its 218 units.

The property is currently 96-percent-occupied on a per-bed basis and features an outdoor pool, a hot tub, a campus shuttle, a fitness center, a game room, three tanning beds, a movie theater, a dog park and a community building.

The fully-furnished units offer such standard amenities as patios, fireplaces, dishwashers, washing machines, dryers, air conditioning, stainless-steel appliances and granite countertops. West Virginia University’s total student enrollment is 28,898.

 The loan was originated by John Kelly (middle right photo), Vice President, in Arbor’s full-service Boston, MA, office.

 “This deal demonstrates Arbor and Fannie Mae’s commitment to providing the best available financing terms within the student housing market,” Kelly said.

“The property’s owner and developer did an outstanding job building this asset in a university community that has a need for more off-campus housing units. The management has done an excellent job in all facets of the day-to-day operations. We look forward to continuing to actively finance student housing communities across the country.”

Contact:  Christopher Ostrowski, costrowski@arbor.com