Voit Real Estate Services Announces Two Key Appointments

 Donald Morrow  Named  Managing Director of Phoenix Office

 Phoenix, AZ  (Mar. 01, 2012) – As part of an ongoing initiative to ensure the continued strength of its regional leadership team, Voit Real Estate Services has appointed Donald Morrow as Managing Director of the firm’s Phoenix operations, according to Robert D. Voit (top right photo), Chief Executive Officer of Voit Real Estate Services.

“Over the past year, Voit’s Phoenix office has more than doubled the size of its brokerage to meet the increasing demand of new assignments,” said Voit.

“The addition of Don will enable us to continue to produce real solutions for our clients, while further integrating our brokerage and asset services platforms in order to meet the needs of real estate owners, operators, buyers and tenants in the Phoenix market.”

In his new role, Morrow will oversee all aspects of Voit’s operations in the Phoenix market, including brokerage, asset and property management.

Prior to joining Voit, Morrow served as a partner at Biltmore Holdings.

Mark Read Hired as Executive Managing Director in Irvine, CA

 IRVINE, CA (Mar. 1, 2012) – As part of Voit Real Estate Services’ strategic initiative to further strengthen its regional leadership team, Mark Read (middle left photo) has been named to the position of Executive Managing Director.

Mark’s primary responsibility will be managing and leading Voit’s Irvine office, though he will also oversee the company’s Orange County, Los Angeles  and Inland Empire operations, according to Robert D. Voit, Chief Executive Officer of Voit Real Estate Services.

“Mark’s experience in integrating business lines across multiple divisions will be beneficial to our brokers and asset services providers, as well as our clients,” said Voit.  “He will be a vital asset in fueling the ongoing success of our teams in Orange County, Los Angeles and the Inland Empire.”

Read brings more than 30 years of experience in the commercial real estate industry to Voit.  In his new role, he will spearhead Voit’s brokerage, asset and property management operations in each of his assigned markets.

 Further information is available at www.voitco.com.

Contact: 

Judith Brower/Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Chatham Lodging Trust Announces Distributions of $13.1 Million from Joint Venture

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced  that the joint venture between Chatham and Cerberus Capital Management LP, which owns 64 hotels with 8,329 rooms/suites, closed on a $130 million mortgage loan secured by 10 previously unencumbered hotels comprising 1,707 rooms.

 Eastdil Secured, L.L.C. arranged the $130 million first mortgage and mezzanine non-recourse financing with lenders Citibank, N.A., Wells Fargo Bank, National Association and an affiliate of Starwood Property Trust, Inc. 

The maturity of the facilities is three years with two one-year extension options and carries an all-in interest rate of 6.9 percent.

 In addition to net proceeds from the financing, additional cash generated from operations was distributed to the partners, resulting in a distribution to Chatham of approximately $13.1 million, or more than $1 per share. 

The $13.1 million distribution represents 35 percent of the company’s initial $37 million investment.  Chatham will use part of the distribution to pay down borrowings outstanding on its senior secured credit facility.

“We believe the joint venture is going to be very successful for Chatham, Cerberus and our shareholders, and this is a first step toward optimizing our equity investment returns in the joint venture,” said Dennis Craven, Chatham’s chief financial officer. 

 “The joint venture has now returned over $1 per share in cash to Chatham.  Our remaining equity investment in the joint venture is approximately $24 million, and we are excited about the expected future returns to Chatham shareholders from this remaining investment.”

Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Dennis Craven (Company),

 Chief Financial Officer,

 (561) 227-1386

                                                                                                

Jerry Daly or Carol McCune,

Daly Gray (Media),  

(703) 435-6293

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

RealtyTrac® Reports Pre-Foreclosure Sales Volume Up From Year Ago; REO Sales Volume Down; More Than 907,000 Foreclosure-Related Sales For All 2011

IRVINE, CA – Mar. 1, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q4 and Year-End 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all U.S. residential sales during the fourth quarter — up from 20 percent of all sales in the previous quarter, but down from 26 percent of all sales in the fourth quarter of 2010.

Third parties purchased a total of 204,080 residential properties in some stage of pre-foreclosure (NOD, LIS, NTS, NFS) or bank-owned (REO) during the fourth quarter, down 8 percent from a revised third quarter total and down 2 percent from the fourth quarter of 2010.

That brought total foreclosure-related sales in 2011 to 907,138, down 2 percent from 2010 and accounting for 23 percent of all sales during the year.

The average sales price of homes in foreclosure or bank owned was $164,944 in the fourth quarter, nearly identical to the average foreclosure-related sales price in the previous quarter and down 5 percent from the fourth quarter of 2010.

The average price of a foreclosure-related sale was 29 percent below the average price of a non-foreclosure sale during the quarter, down from a 34 percent foreclosure discount in the third quarter and down from a 35 percent foreclosure discount in the fourth quarter of 2010.

“Sales of foreclosures in the fourth quarter continued to be slowed by questions surrounding proper foreclosure paperwork and procedures,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.

 “Even so, foreclosures accounted for nearly one in every four sales during the quarter and for the entire year. We expect to see foreclosure-related sales increase in 2012, particularly pre-foreclosure sales, as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months.”

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

Media Contacts:

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Order Custom Data:

Tyler White

949.502.8300, ext. 158

tyler.white@realtytrac.com

Lincoln Property Company Southeast Inks Slew of Leases at PerimeterOffice Complex in Atlanta

ATLANTA, GA (Feb. 29, 2012) – Lincoln Property Company Southeast recently brokered seven leases totaling nearly 27,000 square feet at Eleven Seventeen Perimeter (top left photo), located in the Perimeter submarket of Atlanta.

The transactions closed in fourth-quarter 2011, and Leigh Braswell (middle right photo) and David Danhof (middle left photo), both vice presidents of Lincoln, represented the landlord in each deal.

 

In the biggest transaction, Hospice Preferred Choice leased 8,686 square feet in the building. John Thornton of CB Richard Ellis represented the tenant.

In the other deals:

• TekStream, represented by Patrick Braswell of Scotland Wright Associates, leased 5,929 square feet.

• York Claims, represented by Todd Smith of The Acclaim Group, leased 3,485 square feet.

• Pathbuilders, represented by Jud Bass of Bass Commercial, leased 3,210 square feet.

• BF Benefits leased 1,937 square feet. No agent represented the tenant.

• GPD Group, represented by Taylor Smith of Lee & Associates, leased 1,933 square feet.

• Compass Supply LLC, represented by Adam Richards of Resource, leased 1,632 square feet.

 

“We are tremendously pleased by the amount of activity at Eleven Seventeen Perimeter,” said Tony Bartlett (lower right photo), senior vice president of Lincoln Property Company Southeast. “Leigh and David continue to bring our client outstanding value in their leasing efforts.”

Contact:

Stephen Ursery

Wilbert News Strategies

404-965-5026

sursery@wnspr.com

please visit www.lpcsoutheast.com.

To check out the blog, go to http://blog.lpcsoutheast.com.

Lincoln Property Company Southeast Brokers Gilbert RV Insurance’s Lease Renewal in Orlando, FL

ORLANDO, FL (Feb. 29, 2012) – Lincoln Property Company Southeast has brokered Gilbert RV Insurance’s five-year renewal of an 8,525-square-foot lease at Global Business Center (top left photo) in Orlando, Fla.

Jay Dixon (lower right photo), vice president of Lincoln’s Office Group, represented the landlord and was the only agent involved in the transaction.

Global Business Center is located near the Orlando International Airport, as well as hotels and restaurants. The center features four parking slots for every 1,000 square feet of space.

“We are proud of efforts in making Global Business Center a top-notch office/flex facility,” Dixon said. “Gilbert’s renewal is a great example of our ability to bring value to our clients.”

Contact:

Stephen Ursery

Wilbert News Strategies

sursery@wnspr.com

  

please visit www.lpcsoutheast.com.

To check out the blog, go to http://blog.lpcsoutheast.com.

Beech Street Capital Provides $9.5 Million Fannie Mae Loan to Acquire Miami, FL Aparrtments

 BETHESDA, MD – Beech Street Capital, LLC announced it has provided a $9.5 million Fannie Mae conventional loan for the acquisition of Oak Grove Apartments (top left photo), a 369-unit apartment complex located in Miami, Florida.

The transaction was originated by David Hayum of Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. 

Beech Street was able to satisfy the borrower’s request of a short sale acquisition with great efficiency.  The company completed the underwriting package and was positioned to rate lock prior to the 15 day due diligence period after approval from the special servicer, a requirement of a short sale acquisition. 

“The entire process was incredibly smooth,” comments Mose Popack, one of the key principals on the deal. 

 “It would have been great for a savings bank and is remarkable for an agency loan.”  Hayman adds, “Beech Street was also able to provide the borrower with their revised request loan term of five years at the original application amount of $9.5 million versus a 10-year loan term.”

Over the past four years, the property has undergone over $2 million in capital improvements and the current borrower plans to make renovations to units upon turnover.

Located in North Miami, the property is surrounded by a public park with recreational activities, multifamily properties and other neighborhood serving retail and services. Common amenities include an on-site leasing office, gated access, three swimming pools, barbeque / picnic area, and 24-hour emergency maintenance.

 The fixed-rate loan has a term of five years with 4.5 years of yield maintenance, 30-year amortization, and actual/360 interest accrual.

 Contact:

Jenifer Bernardi    

jbernardi@beechstcap.com

Web site: www.meridiancapital.com

Web site: www.beechstcap.com

T5 Data Centers Welcomes a Fortune 50 User in Kings Mountain, NC

Charlotte, NC - T5 Data Centers today announced that a Fortune 50 Company would join T5’s other like-kind data center operations in the 280-acre T5@Kings Mountain Data Center Park (top left photo).

 T5@Kings Mountain will sell approximately 130acres to this company for them to immediately begin construction of their custom enterprise data center.

T5 Data Centers, launched in 2008, is an owner/operator of wholesale data centers and developer of purpose-built facilities. 

T5@Kings Mountain is a 280-acre Data Center Park located in Kings Mountain, NC, a suburb of Charlotte.

 T5@Kings Mountain offers data center users robust utility infrastructure in a hazard-free area that has some of the best incentives on the East Coast. 

Located within a 30-minute drive of the Charlotte-Douglas International airport, T5@Kings Mountain boasts a 180 mega-watt substation, redundant water supply, and abundant fiber connectivity, which now will include additional fiber bandwidth available to all users in the park.

 In addition to a number of pad-ready sites available for further development, T5@Kings Mountain offers a speed-to-operation advantage with its a new purpose-built “Powered Data Center Shell” available containing 147,720 sf, expandable to over 450,000 sf.

“We’re thrilled to add this company to our roster of Data Center operations in our T5@Kings Mountain Data Center Park,” said Pete Marin (lower left photo), President of T5. “This is yet another example of a major user’s endorsement of the infrastructure and operational benefits T5 purposely created in the data center park setting.” 

For more information, visit http://www.t5datacenters.com or contact them at 404-239-7144.

Contacts:

Tony Wilbert

Wilbert News Strategies, LLC

404-965-5022 / 404-405-3656

twilbert@wilbertnewsstrategies.com

 Jason Chartrand

T5 Data Centers

404-239-7144 / 404-933-5996

jchartrand@t5datacenters.com

Krunali Parekh

Wilbert News Strategies 

C:  404.901.4433   D: 404.965.5024

E: kparekh@wnspr.com

George Smith Partners Arranges $25 Million in Financing for Carriage Square Shopping Center in Oxnard, CA

LOS ANGELES, CA (Feb. 28, 2012)—Commercial real estate investment banking firm George Smith Partners has successfully arranged two loans, totaling $25 million in financing for Upside Investments, LP., for its Carriage Square Shopping Center (top left aerial and lower left photo)) in Oxnard, Calif. according to Principal and Managing Director, Steve Bram (middle right photo) and Senior Vice President, David Pascale (middle left photo).

The two permanent loans replaced a construction loan which had allowed Upside Investments to complete a redevelopment of the 173,000 square-foot outdated shopping center. George Smith Partners had previously arranged the original construction financing for the center in November 2010.

Upside Investments Inc. used the original construction loan to redevelop the functionally obsolete 1960’s retail center, including razing most of the structures, repositioning in-line retail space, constructing new space, and creating a 151,000 square-foot retail pad for new tenant Lowe’s. Lowe’s then constructed a brand-new 120,000 square-foot store and 31,000 square-foot garden center on the property.

The permanent loans included a $21 million credit tenant lease financing and a $4 million life company forward commitment. The loans were provided by two different lenders and funded within seven days of each other.

“The combination financing structure allowed our longtime client, Upside Investments, to maximize their proceeds at the lowest possible rates by taking full advantage of the Lowe’s bond lease structure while also financing the noncredit pad income,” explained Bram.

The $21 million credit tenant lease bond financing was provided for the newly constructed Lowe’s. Upside owns the fee and leases it to Lowe’s on a 20-year ground-lease. This financing was arranged through an investment bank specializing in bond placements for large institutional investors. The 20-year loan had an amortization of 20.5 years. The leases’ bond structure and the tenant’s strong credit allowed the investment bank to underwrite to a 1.01 debt coverage ratio.

 

The $4 million life company forward commitment provided the permanent financing on the center’s retail pads and in-line stores surrounding the new Lowe’s.

The borrower had requested a permanent loan with a six month forward rate-lock to minimize interest rate risk. At the time, all the tenants had fully executed leases in place, but not all were yet operating. The 10-year loan had a 30-year amortization and a 50 percent loan-to-value.

“Steve Bram and David Pascale of GSP provided us with invaluable support during this redevelopment project.  They advised us on structure when we first put the property into contract and worked with us through the conceptual planning, lease negotiations, initial construction and permanent financing. Thanks to their expertise, we were able to transform this run-down center into a thriving shopping area for the community,” explained Gary Simons, of Upside Investments, LP.

 Information about George Smith Partners is located on the company Web site, www.GSPartners.com .

 Contact:

Corynne Randel/ Judith Brower

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

MyRentComps Launches Nationwide Interactive Internet Target Marketing for Apartment Industry

 ORLANDO, FL – MyRentComps.com (MRC) announces a new way for Apartment Suppliers to connect with onsite apartment property management. According to Robert E. Smith (top right photo), Founder of MyRentComps.com,

 “With the evolution of the internet many small businesses are stumped about the best way to reach their target audiences. They may end up spending several hundred or up to thousands of dollars per month on the internet and still may be missing their target audiences.

“We have built an Online Market Survey website that Property managers go to on a regular basis to get their Free Comp Reports. The website has partnered with over 21 apartment associations around the nation and now our Supplier Sponsors have another way of reaching their target market.

“The new interactive website allows the Apartment Supplier to giveaway prizes to anyone answering their questions correctly. We have sponsors giving away great prizes. Since the

onsite management must answer the questions correctly to have a chance to win, it is a great way to educate their target market on their products or services.”

 

 Mr. Smith also stated “This system is revolutionizing the way onsite property management get their market survey data while learning about the product and services that they need to run their properties.

Mr. Noel Myatt (top left photo), MyRentComps.com’s Account Manager adds “The Click, Play, Win concept was a hit from the very beginning.”

According to Mr. Myatt, “In the first two months, we had over 950 customer interactions representing over 85,000 apartment units and over 100 different Multifamily management companies entering to win everything from iPads to $500 Visa Gift Cards.

” An interaction on the site; is a user who clicks the Click Play Win button on the sponsors banner ad and answers a question correctly. Each question gives the hint that allows the player to readily get the answer and then is entered into their drawing.

  

Contact:

MyRentComps.com

350 East Pine Street

Orlando, Florida 32801

Phone: (407) 206-3791

Fax: (866) 206-5930

Web: www.myrentcomps.com

Robert E. Smith Ext. 101

rsmith@myrentcomps.com

Noel Myatt Ext. 111

nmyatt@myrentcomps.com

Benjamin West Opens Office in Miami to Serve Latin America

 MIAMI, FL and BOULDER, CO,  Feb. 28, 2012—In response to the rapid growth in hotel development in Latin America and the Caribbean, Benjamin West, the hotel industry’s largest global purchasing firm for furniture, fixtures and equipment (FF&E) and operating supplies and equipment (OS&E), today announced that the company will open a new office in Miami.

 The new operation will be led by Liliane Stacishin-Moura (top right photo), who has joined the company as Director-Latin America & Caribbean. 

The new office brings to six the number of locations the company has opened to serve its clients worldwide.  In 2011, Benjamin West worked on projects in 23 countries on four continents. 

“Latin America has reached the tipping point of hotel development, with international and regional brands, as well as independents, ramping up to serve these rapidly growing economies,” said Alan Benjamin (middle left photo), president of Benjamin West.

 “According to Lodging Econometrics, three of the top 20 development markets—Brazil, Mexico and Argentina--are in that region.  All but one country has shown quarter-over- quarter improvements in the development pipeline since the bottom of the cycle in late 2009.

“ Renovations, which were delayed because of the economy, have been accelerating since the recovery began in the region in 2010.    Chile and Columbia have great potential and the Caribbean’s primary economic driver is tourism which requires on-going investment to introduce new product and upgrading existing hotels." 

 

 Stacishin-Moura, a Brazilian native and educated in the U.S., has an extensive background in design and real estate development, as well as environmental science.

  Prior to joining Benjamin West, she was founder and partner in Find Development Resources International headquartered in Los Cabos, Mexico.  She led the company’s international business development, brokering and financing for the company’s hospitality and retail segments. 

 Additional information about the company may be found at its Web site:  www.benjaminwest.com.

Contact:

Jerry Daly, Chris Daly                               

Media                                                              

Daly Gray                                                       

(703) 435-6293                                               

jerry@dalygray.com                                         

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Interstate Hotels & Resorts Announces Management Agreement for First Franchised DoubleTree by Hilton Hotel in China

  

ARLINGTON, VA, Feb. 28, 2012—Interstate Hotels & Resorts today announced that Interstate China has signed an agreement to manage the 850-room DoubleTree by Hilton Shanghai-Pudong (top left photo), the first Hilton Worldwide-franchised hotel in China. 

The hotel, owned by Shanghai Jin Jiang International Hotels (Group) Co. Ltd., converted to the DoubleTree by Hilton Shanghai-Pudong on Feb. 28, 2012 and will immediately begin a multi-million dollar comprehensive renovation to be completed in 2013. 

“It is extremely gratifying to be the first hotel operator of a franchised DoubleTree by Hilton hotel in China,” said Jim Abrahamson (top right photo), Interstate’s chief executive officer.

  “Interstate China, our joint venture with Jin Jiang Hotels, is a business model that we have successfully implemented in other regions globally.  Interstate has a long history as a franchisee/operator in multiple countries.  Our outstanding reputation as a quality operator of leading international brands and our highly experienced Interstate China executive team, combined with our depth of resources and scale, position us well for continued growth in China.”

Formerly the Sofitel JJ Oriental Hotel, the two-tower, 850-room hotel is located in Shanghai’s dynamic Pudong district (middle left photo), offering convenient access to Pudong International Airport and the Shanghai New International Exposition Center (SNIEC). 

 Amenities include more than 16,000 square feet of flexible meeting and special event space, a fitness center, spa with men’s and women’s sauna and steam facilities, outdoor tennis courts, indoor swimming pool and extensive retail shops. 

As part of the hotel’s upcoming refurbishment program, a new 8,000 square foot ballroom will be constructed, while all food & beverage outlets, meeting and banquet space, and retail offerings will be re-designed and revitalized to meet the high quality standards and contemporary style of the DoubleTree by Hilton brand.

 For more information, visit the DoubleTree by Hilton Shanghai-Pudong’s website: http://www.shangahaipudong.doubletree.com/. 

Interstate China Hotels & Resorts Company Limited (“Interstate China”) is a joint venture between Interstate and Shanghai Jin Jiang International Hotels Company Limited (“Jin Jiang Hotels”), China’s leading hotel operator and developer.

For additional information about Interstate, visit the company’s website:  www.ihrco.com.

  

Contact:

Jerry Daly, Carol McCune                             Carrie McIntyre

Media                                                              SVP, Treasurer

Daly Gray                                                       Interstate Hotels & Resorts

(703) 435-6293                                             (703) 387-3320

jerry@dalygray.com                                      carrie.mcintyre@ihrco.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Raintree Partners Acquires Two Luxury Condominium Projects in Los Angeles for $24 Million

LOS ANGELES, CA  (Feb. 28, 2012) – Raintree Partners, a Laguna Niguel, Calif.-based real estate investment and development company, has completed the acquisition of two luxury vacant condominium projects, Vista Paradiso (top left photo) and Villa Sofia (middle left photo), totaling 63 units in the county of Los Angeles, Calif. which the firm will, for the time being, hold and manage as condo units to be rented. 

This $24.2 million acquisition brings Raintree’s holdings in California to 15 multifamily communities, consisting of 2,057 units, according to Jeff Allen (top right photo), CEO of Raintree Partners.

“These two properties were originally built as for-sale condominiums but never made it to market, and therefore were 100 percent vacant when acquired,” explained Allen.

“Our business plan includes the acquisition and ongoing ownership of multifamily properties.  In line with this strategy, Raintree will offer these newly acquired condo units for rent as high-end multifamily units.”

Vista Paradiso is a luxury, Class A community built in 2011 and located at 11805 Laurelwood Drive in Studio City, Calif. The property includes 24 units, featuring two- and three-bedroom floor plans, averaging 1,600 square feet, according to Aaron Hancock, Director of Acquisitions for Raintree. 

“Vista Paradiso is a particularly strong investment opportunity for our firm. The property features panoramic views of the San Fernando Valley and is one of the few high-end condo properties available for rent south of Ventura Boulevard in Studio City,” Hancock explained.

“In fact, Vista Paradiso will be the highest-quality multifamily product available for rent within the San Fernando Valley market today.”

The second property, Villa Sofia, is also a luxury Class A condo project that was constructed in 2011.  The property is located at 4470 Woodman Ave. in Sherman Oaks.  The 39-unit community is made up of two- and three-bedroom floor plans averaging 1,234 square feet. 

Hancock explained, “When combined with our 2011 acquisition of Taiko Village in Burbank, this acquisition brings Raintree’s portfolio of Class A rental condominium properties within this submarket to 106 units.”

Hancock continued, “Because many former homeowners are now renting, and numerous would-be buyers have made the decision to postpone a home purchase, demand for luxury condo properties which are currently available to rent, like Vista Paradiso and Villa Sofia, is strong. 

"We expect that demand for these types of units will increase, and we anticipate that Raintree will acquire additional failed condominiums in the future.”

KW Commercial’s Senior Vice President Hirsch Sherman (lower right photo)  and Vice President Jared Levine (lower left photo) represented Raintree in the acquisition. Daron Campbell, also of KW Commercial, represented the seller.

Contact:

Corynne Randel / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

CRandel@browermillercole.com