Arbor Closes $62.7M in Fannie Mae & Bridge Deals Across the Southeast

UNIONDALE, NY (July 10, 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 closing of 13 loans totaling $62,668,200 across Virginia, North Carolina and Georgia under the Fannie Mae Delegated Underwriting and Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Arbor Bridge Loan product lines.

These loans include:

·         Woodland Trail Apartments, LaGrange, GA (ltop left photo) – This 236-unit multifamily property received $17,140,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Woodland Trail was constructed in 2009 and has quickly become the highest-quality asset in its market. Site amenities include a clubhouse with a computer-equipped business center, a saltwater swimming pool with a sundeck, picnic areas and a nature preserve area featuring a nature trail. The Kalikow Group was the borrower.

·         Ashbury Square Apartments, Mebane, NC (top right photo)– This 192-unit multifamily property received $10,779,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Ashbury Square is a Class A property that was built in 2005, and its amenities include a swimming pool and clubhouse. The Kalikow Group was the borrower.

·         A 112,880-square-foot retail property in Chapel Hill, NC  received a $10,000,000 acquisition loan with a 60-month term under Arbor’s Bridge Loan product line.

·         Chase on Commonwealth Apartments, Charlotte, NC (middle left photo) – This 132-unit multifamily property received $4,739,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Chase on Commonwealth’s amenities include an in-ground swimming pool and a fitness center.

·         The Landing on Farmhurst, Charlotte, NC  (middle right photo)– This 125-unit multifamily property received $3,700,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is currently undergoing renovations and includes such amenities as an in-ground swimming pool, a fitness center and a sauna.

 ·         The Oaks Apartments, Raleigh, NC (lower left photo) – This 88-unit multifamily property received $3,150,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Oaks Apartments is currently undergoing renovations that will yield new appliances for units as well as new site amenities, including an in-ground swimming pool and a clubhouse.

 ·         Sharonridge Apartments, Charlotte, NC – This 75-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Sharonridge is undergoing renovations, and its site amenities include an extensive clubhouse and a swimming pool with a surrounding sundeck.

·         930 Providence Road, Chesapeake, VA (lower right photo)– This 32-unit multifamily property received $1,800,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2011 and now includes remodeled kitchens, bathrooms and common halls as well as a refurbished laundry room.

·         710-722 East 29th Street, Norfolk, VA – This 28-unit multifamily property received $1,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2010, yielding significant interior and exterior improvements, including new roofs, air conditioners, windows and gutters. The parking lot was also resurfaced.

·         1507 O’Keefe Street, Norfolk, VA (bottom left photo) – This 24-unit multifamily property received $1,095,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2010 to update numerous interior and exterior aspects.

·         2011 Chesapeake Drive, Chesapeake, VA – This 24-unit multifamily property received $1,044,900 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property underwent significant renovations in 2008 and achieved many improvements including new roofs, windows and shutters on all buildings and new air conditioner wall units and appliances in each apartment.

·         811-819 East 29th Street, Norfolk VA (bottom right photo) - This 24-unit multifamily property received $1,020,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property underwent significant renovations in 2010.

All of the loans were originated by Brian Scharf, Vice President in Arbor’s Uniondale, NY, office.

Contact: 

Christopher Ostrowski, costrowski@arbor.com

The Banks Launches New Website; Focuses on Visitor Experience at Cincinnati’s Premier Riverfront Destination

Cincinnati, OH (July 10, 2012) — The Banks master development team of Carter and The Dawson Company and equity partner USAA are proud to announce the re-launch of http://www.thebankscincy.com/.

Designed from a visitor perspective, the website is more consumer-friendly making information more accessible and easier to navigate for users. 

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

Sarah Whitley

404-965-5025

Wilbert News Strategies

1720 Peachtree St, Suite 1040

Atlanta, GA 30309

swhitley@wnspr.com | www.wnspr.com

www.thebankscincy.com

Bridgeport Investments Secures $25 Million of Equity Financing for Industrial Acquisitions in California

 ORANGE COUNTY, Calif., (JULY 10, 2012) – Bridgeport Investments, an Orange County-based real estate investment banking and advisory firm, has successfully secured a commitment for $25 million of equity financing for several future acquisitions of  industrial properties in California, according to the firm’s founding principal Randy Bramel (top right photo), a 30-year veteran of the real estate industry. 

The $25 million equity commitment was raised by Bridgeport Investments from an institutional investor on behalf of CapRock Partners, a private investment firm headquartered in Orange County, California.

 This is a second equity commitment that followed a $12.5 million commitment that Bridgeport raised in 2011, which CapRock used to acquire six buildings throughout California. 

CapRock will use the additional funds to acquire  industrial properties in California, which can include buildings, land, or non-performing loans secured by such property. 

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

Jenn Quader / Judith Brower

 Brower, Miller & Cole

(949) 955-7940

jquader@browermillercole.com

U.S. Urban Realty and GNP Realty Partners Launch new Midwest firm

 CHICAGO, IL July 10, 2012 – U.S. Urban Realty LLC and GNP Realty Partners are combining their expertise, network and resources to launch a full service international commercial and residential real estate firm looking to reinvent the property management business.

The new firm will take the name U.S. Urban Realty, and will initially focus on the Midwest United States and Latin America, with the intention of expanding into other key markets in the future.

 “For too long, property management has been babysitting a building for a fee. We are changing that model and making it truly about service,” says Tony DiBiase (top right photo) international director of U.S. Urban Realty.

“There is a need for high quality property management service. Property owners have complained about management companies that are unresponsive, with too many layers of bureaucracy. I guarantee that won’t happen with U.S. Urban Realty.”

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

Jodie Cantrell,

For  U.S. Urban Realty

Jodie@reputationpartners.com

312-428-3755

Berger Commercial Realty Completes Construction of Department of Highway Safety and Motor Vehicles Facility in Lauderdale Lakes, FL

FORT LAUDERDALE, FL (July 9, 2012) – Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, recently completed construction of the Department of Highway Safety and Motor Vehicles’ new 12,500-square-foot facility in Lauderdale Lakes.

 The firm's construction management team oversaw the build-out of the facility, located 3718 W. Oakland Park Blvd., which now houses the Division of Drivers License, Broward County Clerk of Court and Bureau of Administrative Reviews.

 “We are extremely proud of the new Department of Highway Safety and Motor Vehicles’ facility,” said Berger Commercial President Lloyd Berger. “Its efficient new design is being used as a model for future DMV offices around the state.”

Contact: 

Marielle Sologuren

Pierson Grant Public Relations

(954) 776-1999, ext. 226

http://www.blogger.com/msologuren@piersongrant.com

Ribbon Cutting and Grand Opening Set for July 12 at Two Itasca Place Luxury Apartment Community in Itasca, IL

ITASCA, il --The Marquette Companies is hosting a grand opening and ribbon cutting celebration for Two Itasca Place (top left photo), a 70-unit apartment community the developer recently purchased and converted from condominiums to high-end apartments in northwest-suburban Itasca, Ill., just two blocks west of Medinah Country Club, home of the 2012 Ryder Cup Golf Tournament.

The event is scheduled for Thursday, July 12 from 3 to 6 p.m. Drinks and hors d’oeuvres will be served. The ribbon cutting ceremony will take place at 3 p.m. The event is open to media and the public.

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

Julie Grange 

Administrative Assistant

TAYLOR JOHNSON

Public Relations :: Social Media :: Internet Marketing

d. 312.267.4518  p. 312.245.0202  f. 312.245.9205

jgrange@taylorjohnson.com  

www.taylorjohnson.com

Kathryn Kjarsgaard,

kkjarsgaard@taylorjohnson.com,

 (312) 267-4528

Emily Johnson,

ejohnson@taylorjohnson.com,

 (312) 267-4522

 www.twoitascaplaceapartments.com

224/244-9200

www.marquettecompanies.com,

 www.marquettemanagement.com.

IPA Arranges Sale of Beacon Mill Village in Beacon Falls, CT for $21.7 Million

  

BEACON FALLS, CT– Institutional Property Advisors (IPA), a multifamily brokerage firm serving the needs of institutional and major private investors, has arranged the sale of Beacon Mill Village (top left photo), a 188-unit condominium-style multifamily asset.

Located along the banks of the Naugatuck River in Beacon Falls, the property was originally constructed as a mill during the Industrial Revolution.

Steve Witten (middle right photo) and Victor Nolletti (middle left photo), first vice presidents investments, represented the seller, BMV Associates LLC. The buyer was UOB Eagle Rock Multifamily Property Fund LP.

 “The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in an excellent location with significant upside potential,” says Witten.

“The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 Corridor. In addition, this property has fully amenitized units and a historically low resident-turnover rate.” 

Located at Two North Main St., the 184,188 square-foot multifamily complex includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. Conversion of the buildings to residential units occurred in 1988. Since then, the ownership retained the original brick exteriors, interior exposed brick walls, high ceilings and exposed heavy timber beams in the design of the common areas and apartment units.

Amenities include a resort-style swimming pool, large sun deck, tennis court and health club with an exercise room, sauna and men’s and women’s locker rooms. Residents also have access to private, secure storage areas, 24-hour tenant services and ample parking.

 Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

New 18-Story Condo Tower Planned For Ocean Drive Site In South Beach, FL

 MIAMI, FL --A private equity group is reviving plans to construct a condo tower on the famous Ocean Drive in the South Beach neighborhood of Miami Beach as the coastal market increasingly shows signs of recovering from the dramatic South Florida real estate crash that began in 2007, according to a new report from CondoVultures.com.

The proposed 120 Ocean Drive project - originally dubbed the Kallisto - is envisioned to be an 18-story condo tower with 10 units immediately north of the popular steak restaurant Prime One Twelve, according to the Preconstruction Condo Projects list from the licensed Florida brokerage CVR Realty™.

The developer - an entity controlled by the Boston-based Congress Group - purchased the three-parcel site with a combined 17,250 square feet of land for $8 million in October 2005, according to Miami-Dade Property Appraiser records.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

$18.25 Million FedEx Freight Terminal Listed by Marcus & Millichap in Aurora, IL

  

 AURORA, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for FedEx Freight East (top left photo), a 63,740-square foot FedEx freight terminal in Aurora, which is the second-largest city in Illinois and part of Chicago’s Naperville/Aurora metropolitan trade area.

The listing price of $18,250,000 equates to $286 per square foot.

Nick Manganais, an associate vice president investments in Marcus & Millichap’s Chicago O’Hare office, is representing the seller, an Illinois family partnership.

 “This FedEx freight facility is one of just 17 FedEx Priority freight terminals in Illinois,” says Manganais. “The facility was a build-to-suit for FedEx in 2003 and has an absolute corporate triple-net 15-year lease that began in January 2004. The lease had a 13 percent rent increase in year six (2009) and there is another one in year 11 (2014),” adds Manganais. “This is an investment-grade property with long-term cash stream potential.”

The property is located at 3883 Butterfield Road and is close to two major highways, Interstate 88 and Illinois Route 59. There is a population of 400,000 people and 250,000 employees within a seven-mile radius of the facility.

The office and industrial area and heavy residential and employee base surrounding Chicago’s O’Hare International Airport is approximately 30 minutes away.

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

Stacey Corso

Public Relations Manager

(925) 953-1716

NAI Realvest Negotiates $680,000 Purchase of Three Acre+ Site for a Primrose School and Daycare Center in Longwood, FL

MAITLAND, FL – NAI Realvest recently negotiated the acquisition of 3.16 acres at 2715 W. SR 434 in Longwood that will be developed as a 12,000 square foot Primrose School and Daycare Center. 

 The NAI Realvest team of Matt Cichocki (top right photo) and Kevin O'Connor (lower left photo), principals, negotiated the transaction representing the local buyer and developer, Guepro, LLC who paid $680,000 for the property.  The seller is the Wekiva Presbyterian Church, Inc.  

 This is the second Primrose School site located by Cichocki and O’Connor and Primrose plans to develop five more schools in the Orlando area within the next two years.

For more information, contact:

Matt Cichocki, Principal NAI Realvest, 407-875-9989, mcichocki@realvest.com

Kevin O’Connor, Principal NAI Realvest, 407-875-9989, koconnor@realvest.com

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

Major Activity in the Cumberland/Galleria Submarket for Ackerman; Leased more than 10,000 SF in 2Q 2012

 Atlanta, GA, July 5, 2012 – Ackerman & Co.’s Corporate Forum has seen increased leasing activity in the last quarter.

The office complex, located in the Cumberland/Galleria submarket, has gained two new tenants and renewed three existing tenants.

 Most notably, long-term tenant, U.S. Air Force, expanded to more than 5,420 square feet.

“With this recent expansion, U.S. Air Force has increased its presence at Corporate Forum,” said Frank Farrell, vice president of leasing at Ackerman & Co. who represents the property.  

 “Some of the determining factors in their decision to expand included their own growth needs, the office’s proximity to the Dobbins Air Reserve Base and the many recent improvements at Corporate Forum,” he said. 

Ackerman acquired the Corporate Forum buildings (top left and middle right photos) in 2011 for $7.2MM and has since spent more than a million dollars in improvements, which include: HVA/mechanical, pressure washing and painting, roofing, and a tremendous amount of landscaping. Ready-to-go suites, starting at less than 1,000 square feet are now available.

Second quarter total leasing deals exceeded 10,000 square feet. Outside brokers who assisted in some of these deals include City Commercial’s Griff Sims and Ash Parker of Richard Bowers.

Contact: 

Fara Wilson,

VP of Marketing

770. 913.3904  |

 fwilson@ackermanco.net

www.ackermanco.net

$15 Million North Bay Multifamily Asset Sold by Marcus & Millichap in Santa Rosa, CA

  

 SANTA ROSA, CA, July 5, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Oak Creek Apartments (top left photo), a 100-unit apartment complex in Santa Rosa, the San Francisco Bay Area’s fifth-largest city.

The sales price of $15 million equates to $150,000 per unit and $189 per square foot.

Brad Pennington, a first vice president investments in Marcus & Millichap’s San Francisco office, represented the seller, a closely held limited partnership, and the buyer, a local family partnership.

“Oak Creek Apartments is a pride-of-ownership 100-unit residential condominium project,” says Pennington. “The previous owners acquired the property from the original developers in 1988 and have operated the project as a 100-percent rental community. The new owner saw Oak Creek as an opportunity to acquire a high-quality asset with a strong operating history and several options available for upside creation,” adds Pennington.

            Built in 1988, the 79,256-square foot complex is located at 174 South Boas Drive in Santa Rosa’s Rincon Valley neighborhood.

Oak Creek Apartments consists of four parcels of land with 16 two-story wood-frame buildings situated on approximately 8.35 landscaped acres that are fully irrigated by an on-site irrigation well and pump system.

The site is slightly rolling, affording many units with outstanding views of the nearby open space and hillsides. In addition to the attractive grounds, other common area amenities include a swimming pool, 24-hour fitness center, basketball court, sauna, community garden, children’s playground and on-site rental office.

The unit mix features 32 one-bedroom/one-bath units, 36 two-bedroom/one-bath apartments and 32 two-bedroom/two-bath units. Twenty-seven units have wood-burning fireplaces.

Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716

Voit Report: Orange County, CA Office Market Posts Highest Positive Net Absorption in 27 Quarters

 

 Orange County, CA, (July 05, 2012) – In the second quarter of 2012, the Orange County office market posted 955,283 square feet of positive net absorption - the most positive net absorption seen in a single quarter since the third quarter of 2005, according to the Second Quarter Market Report from Voit Real Estate Services.

In addition, both vacancy and availability decreased from the previous quarter.

 “The Orange County office market is showing significant improvement with strong indications that this recovery will continue,” said Jerry Holdner (top right photo), Vice President of Market Research at Voit. “Even after this quarter’s substantial positive absorption, we expect to see more positive absorption in Q3 and Q4 of this year.”

Orange County business expansions will contribute to this increase, according to Holder, who noted that major companies are currently growing their footprints in the market.

“There are already commitments which will affect office absorption in Q3,” explained Holdner.  “CoreLogic will move into a 170,000 square-foot office space in the Spectrum in August of 2012, while A to Z Development, which occupies 23,000 square feet in the same building, will expand to 82,000 square feet.”

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

Jenn Quader / Judith Brower

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Ramada Opens Newly Constructed Plaza Hotel in Orlando, FL

PARSIPPANY, N.J. (July 5, 2012) – Ramada®, one of the industry’s most well-known hotel brands with nearly 850 properties worldwide, advanced its domestic strategy to grow its Plaza tier with the opening of the Ramada Plaza Resort & Suites Orlando (top left photo).

The Ramada brand is focused on growing its premier Plaza tier in the U.S. by maintaining and attracting full-service properties in center-city locations, gateway airports and resort areas.

Equipped with the modern amenities that today’s travelers covet, including free Wi-Fi and multiple on-site food and beverage options, Ramada’s Plaza hotels appeal to discerning consumers looking for contemporary accommodations at an affordable price.

“Ramada Plaza properties are our brand’s upper-midscale tier and the Ramada Plaza Resort & Suites Orlando is a welcome addition to the nearly 80 Ramada Plazas we have globally,” said Mark Young (middle right photo), Ramada brand senior vice president.

Set along the banks of Sandy Lake on the popular International Drive in Orlando, Fla., the Ramada Plaza Resort & Suites Orlando showcases a brand new 131 all-suite tower that stands adjacent to the original 164-room Ramada hotel.

 In addition to the standard Plaza amenities, the new suite tower features unique offerings including a complimentary deluxe continental breakfast, a club level food and beverage outlet, an outside terrace overlooking the lake and a rooftop swim-in-place current pool and bar area called The Oasis.

 Totaling 295 guestrooms and suites between the two towers, this resort-style property is located within 10 minutes of Orlando’s major attractions.

Contact:

Joy Gulledge

Public Relations Manager

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

(973) 753-6590

joy.gulledge@wyn.com  

www.ramada.com

David Stevens to Stay at MBA

  

Washington, DC -- The Mortgage Bankers Association is pleased to announce that David H. Stevens (top right photo) has agreed to stay on as President and CEO.

 Recently, Stevens indicated he planned to leave the association in order to accept a position at SunTrust Mortgage, a long-standing active MBA member.

 Over the past several weeks, MBA’s leadership, members and staff impressed upon Dave the important role he was playing for the industry and his unique qualifications to lead the association.

"The importance and significance of MBA's voice during this critical time coupled with Dave's experience and talents encouraged us to do all we could to retain him,” said MBA Chairman Michael W. Young (lower left photo).

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

 John Mechem             

(202) 557-2924