Dale Holzer Joins Greystone’s Sales Team

Dale Holzer

New York, NY – Feb. 11, 2013 – Greystone, a leading national provider of multifamily and health care mortgage loans, today announced the addition of Dale Holzer to the firm’s multifamily lending group.

He will report up to Rick Wolf, Senior Managing Director of Greystone’s West Coast Production, and will serve out of the firm’s soon to be opened Newport Beach office.

 In his role as Director, Holzer will work to further strengthen the firm’s West Coast presence and production capabilities. Prior to joining Greystone, Holzer served as a Vice President of Originations at Alliant Capital, LLC, where he closed in excess of $50MM in new loan production in 2012.

Richard Wolf

“Dale’s market expertise and relationships within the industry will be a valuable resource to Greystone as we expand our West Coast operations”, said Wolf. “We believe that the addition of new personnel, such as Dale, will be crucial as we continue to expand through the region and look to better serve our growing customer base.”

 Additionally, Holzer previously served as a Vice President at George Smith Partners, where his responsibilities included underwriting new transactions, cash flow analysis, structuring debt/equity transactions and capital markets.

 Holzer holds a BS in Economics from The Wharton School of Business at the University of Pennsylvania.

Contact:

Loretta Mock/Jessica Kleinman

Cognito

+1 646 395 6300

Greystone@cognitomedia.com

EagleBridge Capital Arranges $6,240,000 Mortgage for Net Leased Boston Verizon Facility

Verizon facility, 173 Boston St., Boston, MA

Boston, MA -- EagleBridge Capital, working exclusively on behalf of its client, has arranged permanent mortgage financing in the amount of $6,240,000 for the Verizon facility located at 173 Boston Street, Boston, Massachusetts.

The mortgage financing was arranged by EagleBridge principals Ted. M. Sidel and Brian D. Sheehan who stated that the loan was provided by a leading financial institution.

Ted M. Sidel

The facility is net leased to Verizon New England which has been a tenant at 173 Boston Street for more than 38 years.  The complex serves as an important hub for Verizon within the City of Boston. Its location offers convenient road access to the City’s neighborhoods and downtown area.

Verizon occupies a mix of office and service space including a carport and a warehouse/service building with multiple drive-in doors.  The buildings total 56,870 square feet including 20,000 square feet of office space. 

Brian D. Sheehan

The 3.72 acre secure site offers ample parking for Verizon’s fleet of service vans and cherry pickers used to service, repair, and install telephone and internet service throughout the City of Boston.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging  debt and equity financing as well as joint ventures for industrial, office, and r & d buildings,  shopping centers, apartments, hotels, condominiums and mixed use properties as well as special purpose buildings.

Contact:

Ted Seidel,

(617) 292-7177

Extension 10

FAX: 617.292.7575

33 Broad St., Boston, MA 02109  

 www.eaglebridgecapital.com

RockBridge and Concord Hospitality Acquire the Renaissance Meadowlands Hotel in Rutherford, NJ

  

Renaissance Meadowlands Hotel
Rutherford, NJ

 RUTHERFORD, N.J., Feb. 11, 2013— RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America, today announced the acquisition of the 167-room Renaissance Meadowlands Hotel in Rutherford, NJ for an undisclosed amount. 

Both companies have a history with this asset, with Concord having developed the hotel in 2000 and managed it through two subsequent ownership changes, and RockBridge having provided first mortgage financing for the hotel upon its opening.

James T. Merkel

The hotel will embark on a $5.25 million major renovation that will include the guest rooms and bathrooms, public space upgrades, expanded fitness center, and the Renaissance Great Room concept which will be a redesign of the common spaces within the hotel like the lobby, check in area, and restaurant. The concept of the great room will be to create “more fluid, organic spaces where individuals and small groups of travelers can enjoy "relaxing work" and "social business."

Mark Laport

“The property has an excellent location and, with the planned renovation, we look forward to improving this Renaissance’s leadership position in the market,” said Jim Merkel, President and CEO of RockBridge.  “RockBridge and Concord have a long, successful history investing together and we are pleased to have them as our partner.”

“This transaction represents Concord’s continued confidence in the north Jersey market,” said Mark Laport, President of Concord.  “We currently are developing two other hotels in Northern New Jersey in addition to the 7 that Concord has in its current managed portfolio. 

“Major metro areas like northern New Jersey typically present significant barriers to entry, but as the industry continues its rebound, the right projects with the right partners increasingly making sense.

"  RockBridge has been a trusted, valued partner in several ventures over the past 10 years, and I am certain that this asset will be a strong addition to both of our portfolios.”

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

  Chris Daly, Lauralee Dobbins

(703) 435-6293

Lauralee@dalygray.com

Assisted Living Community in Monroe Township, NJ Sells for $7.1 Million

                 The Residence at Forsgate

                 Monroe Township, New Jersey

TAMPA, FL (Feb. 11, 2013)…Cassidy Turley is pleased to have represented the seller of The Residence at Forsgate.

Chelsea Senior Living and Focus Healthcare Partners, in its joint venture with Artemis Real Estate Partners,purchased the 117-unit assisted living and memory care facility located in Monroe Township, NJ for $7,100,000 via a court-ordered receivership sale.

Allen McMurtry

The 69,000 square foot property was developed in 1996 and was 64% occupied at the time it was acquired. The three-story property has 89 units of assisted living and a separate 28 unit memory care wing. Chelsea, who operates 12 senior housing facilities in New Jersey, is managing the project.

The new owners are undertaking a significant capital improvement plan to upgrade the facility’s physical plant which they expect to complete within the next 12 months.

Allen McMurtry and his team have sold 136 senior housing communities in 29 states with aggregate sales volume of over $1.6 billion since 1986.

 Contact:

Allen McMurtry

• 813.349.8349

• allen.mcmurtry@cassidyturley.com

www.cassidyturley.com

MG Properties Group Acquires Terracina Apartments in Ontario, CA for $95 Million

 

Terracina Apartments, Ontario, CA

 ONTARIO, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has provided representation in the sale of Terracina Apartments, a 736-unit multifamily property located in southeast Ontario. The sales price of $95 million equates to $130,000 per unit.

            IPA executive vice president investments Greg Harris and directors Kevin Green and Joseph Grabiec advised the buyer, MG Properties Group, a private San Diego-based real estate investor and operator in a partnership with Rockwood Capital. The seller is an Archstone affiliate.

Greg Harris

 “Investors in the Inland Empire apartment market this year will be in an excellent position to benefit from the robust apartment market recovery that began here in late 2010,” says Harris. “The area is on track to record one of the largest vacancy declines in the nation.”

“Terracina Apartments’ prime Ontario location provides residents with access to major employment centers in Los Angeles and Orange, San Bernardino and Riverside counties,” adds Green. “Renewed job growth in these areas places the property in an excellent position to experience high occupancy and increased revenue.”

Kevin Green

“Terracina also provides the new owner with the ability to enhance rents through capital improvements,” concludes Grabiec.

The apartment complex is located at 3303 South Archibald Ave. in Ontario near the Ontario Mills shopping mall and within proximity of the LA/Ontario International airport. It is also within 10 minutes of Ontario’s industrial/warehousing district, which is a major local employment center.

Joseph Grabiec

            Terracina Apartments was built in 1988 on 41 acres featuring numerous streams and water features. Community amenities include controlled access gates, four swimming pools, two spas, four lighted tennis courts, a well-equipped fitness center, indoor racquetball courts, laundry facilities, covered parking and garages.

Units include full-size washers and dryers or washer and dryer connections, wood- burning fireplaces, abundant closet and storage space, private patio or balcony and bay windows.

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

Public Relations

(925) 953-1716

The RADCO Companies Purchases the Pavilion at Decatur, GA

Norman Radow

ATLANTA, GA /PRNewswire/ -- The RADCO Companies, the nation's leading real estate turnaround specialist, recently closed its eighth multifamily purchase in the past two months. The announcement was made by Norman Radow, President and CEO of The RADCO Companies.

The Pavilion at Decatur, which consists of 144 units near Emory University and Dekalb Medical Center in Decatur, GA, is RADCO's most recent acquisition.

 This deal comes on the heels of a very active November and December, during which time the firm closed on seven other properties comprised of 983 units. The acquisition of Pavilion will be the sixteenth for RADCO since September 2011, bringing its total unit count to over 3,000.

The Pavilion at Decatur, GA Apartments

 RADCO will spend $4.8 million to completely renovate all of the units and to build a first class amenity package on the property. Upon completion, Pavilion's units, comprised of mostly three-bedroom apartment homes, will all boast the highest quality residential finishes in the area.

The amenity package will feature a new, ground-up construction clubhouse, fitness center, pool and playground. Pavilion is adjacent to a brand new park under construction by DeKalb County.

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

Roxanne Donovan - roxanne@greatink.com

Eric Gerard - egerard@greatink.com

Alyson Grala - alyson@greatink.com

Great Ink Communications - tel. 212-741-2977

IPA Arranges the Sale of 306 Units in San Antonio, TX

The Manor at Castle Hills, San Antonio, TX

 SAN ANTONIO, TX– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Manor at Castle Hills, a 306-unit apartment community in the Castle Hills enclave of San Antonio.

            Will Balthrope, an IPA executive director, Scott Lamontagne, a director, and Drew Kile, an associate director advised both buyer and seller.

Will Balthrope

“San Antonio remains one of the strongest apartment markets in the U.S. due to its explosive job growth,” says Balthrope. “The Manor at Castle Hills’ position within the submarket is further strengthened by a high-barrier-to-entry infill location that is insulated from new development.”

“The property features quality-of-life amenities and historic stability in rent growth and occupancy, and also presents the new owner with a value-add opportunity via unit interior improvements,” adds Lamontagne.

Scott Lamontagne

Located at 1835 Lockhill-Selma Road, the lushly landscaped, 236,220-square foot asset is near major retail opportunities and several of San Antonio’s strongest employment centers.

Standout employers include the world headquarters of USAA, a Fortune 500 insurance and financial services organization that employs more than 14,700 people at its 4 million-square foot campus, and the South Texas Medical Center, home to 45 medically related institutions, 11 hospitals and five specialty institutions anchored by the University of Texas Health Science Center.

Drew Kile

Approximately 56,000 medical and nonmedical employees currently work at the South Texas Medical Center, and this count is expected to rise since medicine is San Antonio’s fastest-growing industry.

When driving, residents of The Manor at Castle Hills can easily access Loop 410, San Antonio’s inner loop; Highway 281, San Antonio’s main north-south thoroughfare; and Interstate 10, which runs north-south along the west side of town.

These main arterial roadways connect the asset not only to major employment but to San Antonio’s central business district. The Riverwalk, Fort Sam Houston and the San Antonio International Airport are all five-to-10 minutes away.

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

Public Relations

(925) 953-1716

Fine Arts Building in Manhattan, NY Sells for $34 Million

  

Tanya Siegel

 NEW YORK, NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the historic Fine Arts Building located at 232-236 East 59th St. in Manhattan for $34 million.

            Tanya Siegel and Kailin Zhu, investment specialists in Marcus & Millichap’s Manhattan office, exclusively represented the seller, 232 Battaglia Realty LLC. 

The buyer is a foreign investment fund. Howard Morrel, a senior vice president at Brown Harris Stevens, referred the buyer to Marcus & Millichap.

Fine Arts Building, 232--236 East 59th Street
Manhattan, NY

“The Fine Arts Building was built circa 1908 as a carriage house to Bloomingdale’s Flagship Store a block away,” says Siegel. 

“The Battaglia family purchased the building from the Bloomingdale heirs in the 1950s and has been diligently upgrading it throughout the years to incorporate modern conveniences while maintaining its historic and architectural charm.”

Situated on the south side of 59th Street between Second and Third avenues, this cast iron six-and-half-story elevator building has 75 feet of frontage and 92 feet of depth. 

  “Being three doors from the world-famous Decoration & Design Building in the heart of New York’s design center, The Fine Arts Building’s 47,000 square feet of loft showrooms is home to some of the most prestigious European and American firms in the high-end luxury home furnishing and interior design industry,” adds Zhu. “The building is centrally located in Manhattan’s East Midtown with access to everything.”

Decoration and Design Building entrance
Manhattan, NY

Due to high demand for quality investment properties in Manhattan, Siegel and Zhu were able to negotiate for the seller an all-cash transaction that closed two weeks after contract signing.

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

J.D. Parker,

Regional Manager

(212) 430-5100

City of Refuge Breaks Ground on New Education Center in Atlanta, GA

ATLANTA, GA (Feb. 8, 2013) — City of Refuge, in conjunction with North American Properties (NAP), will break ground today on a  $750,000, 10,000-square-foot education center to house Bright Futures Academy.

Once complete in April, the facility will serve more than 100 middle and high school students — more than three times the capacity of the current facility — and also add elementary grades. In addition to schooling, students and their families have access to medical, dental, mental health services and vocational training free of charge.

 City of Refuge, the umbrella organization that partners with Bright Futures Academy, is dedicated to community development efforts that lead to the stability and sustainability of disadvantaged neighborhoods in Northwest Atlanta.

Started in 1970 as “Mission Possible,” the growing program was re-incorporated in 1997 as City of Refuge. In 2003, a 200,000-square-foot warehouse was donated in the heart of the struggling Vine City neighborhood. The relocation has allowed the organization to expand its services and reach more people.

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

Leigh Taylor

The Wilbert Group

770-630-7961

Industry leader David Linsmayer joins Avison Young in San Francisco

David Linsmayer

 SAN FRANCISCO, CA, Feb. 8, 2013 /PRNewswire/ - Nick Slonek, Avison Young Principal and Managing Director of the company's San Francisco office, announced today that veteran commercial real estate broker David Linsmayer has joined Avison Young's brokerage operations in San Francisco.

Effective immediately, Linsmayer joins Avison Young as a Principal. He will focus on brokerage services, including the representation of corporate tenants, investors and landlords, as well as capital markets and advisory services transactions in the San Francisco Bay Area and throughout the expanding Avison Young platform.

Nick Slonek

"We are pleased to have David Linsmayer join our growing operation in San Francisco," comments Slonek.

 "The addition of David to the downtown San Francisco office further emphasizes Avison Young's commitment to attracting top-tier talent to the company's already strong ranks.David's skill sets and overall sound fundamentals are widely appreciated  not only among his clients, but also his peers.”

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

:Media Relations:

Sherry Quan                 

(604) 647-5098 or (604) 726-0959 cell

email: sherry.quan@avisonyoung.com

Cousins Properties Expands in Texas and Affirms Commitment to Atlanta

Larry Gellerstedt

ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has completed the following series of off-market transactions:

Purchased the remaining 80% interest in Terminus 200 from a fund managed by Morgan Stanley Real Estate Investing.

Subsequently formed a 50%/50% joint venture with institutional investors advised by J.P. Morgan Asset Management for both Terminus 100 and Terminus 200, neighboring Class-AA office towers in Atlanta’s Buckhead submarket.

Terminus 100

Purchased a 100% interest in Post Oak Central, a Class-A office complex in the Galleria submarket of Houston, from institutional investors advised by J.P. Morgan Asset Management.

The off-market transactions provide Cousins with an attractive entry in Houston’s Galleria submarket and the retention of a substantial ownership interest in the Terminus office towers in Atlanta.

Cousins’ net investment is expected to be approximately $206 million, after a new non-recourse mortgage for Terminus 200 is secured. The Company funded the transactions using proceeds from recent non-core asset sales.

Terminus 200

Larry Gellerstedt, President and Chief Executive Officer of Cousins, noted, “The Post Oak Central transaction is an outstanding fit with our ongoing strategy of acquiring quality urban office towers in the best Sun Belt submarkets at valuations below replacement cost. 

"This investment also provides a rare combination of a significant future development opportunity and an attractive in-place yield.”

Gellerstedt added, “It’s very exciting to affirm our confidence in the steadily improving Buckhead submarket with the Terminus 100 and 200 transactions. Furthermore, our joint venture with J.P. Morgan Asset Management ensures that both towers will continue to reap the benefits of top-notch sponsorship.”

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

Cousins Properties Incorporated

Cameron Golden, 404-407-1984

Vice President of Investor Relations and Corporate Communications

camerongolden@cousinsproperties.com

Trepp January Payoff Report: Percentage of Loans Paying at Maturity Jumps to Second Highest Reading in Last Four Years

NEW YORK, NY -- According to the Trepp January Payoff Report, the percentage of loans paying off on their balloon date has exceeded 60% for the fourth time in the last five months.

In January, 66.9% of loans reaching their balloon date paid off--an increase of more than 12 percentage points from the December reading. The total was also the second highest total over the last four years. Only September's 68.2% reading was higher.

The January rate of 66.9% is well above the 12-month moving average of 49.2%. (This number sums the averages of each month and divides by 12, there was no balance weighting across the months.)

By loan count (as opposed to balance), 62.6% of loans paid off. The 12-month rolling average on this basis is now 57.9%.

Above centered chart shows the data for the last 54 months.

 The second column shows the percentage of loans (by balance) that paid off in the month of the maturity date. The third and fourth column contain the percentages that paid off (again by balance) after three months and six months, respectively.

 (After three 3 months, the percentage of loans that payoff really starts to level off.) In the last column are the percentage of loans, by count, that paid off in the balloon month.

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

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Marcus & Millichap Announces Sale of 22,000-SF Industrial Building in St. Petersburg, FL

        

Luke Elliott

St. PETERSBURG, FL, Feb.  7, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the 22,000-square foot industrial property located at 10597 Oak Street North East, in St. Petersburg, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $599,000.

Luke Elliott, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor and to the buyer, a limited liability company.

10597 Oak Street North East St. Petersburg, FL

“A local user was able to purchase a great facility in a good mid-county location,” says Elliott.   “This sale indicates the value that buyers see in the highly sought-after Tampa MSA.”

  

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

Richard D. Matricaria

Regional Manager, Tampa

(813) 387-4700

315 New Sunny Isles Beach Condos Unsold From South Florida Market Crash

.

As Sunny Isles Beach developers proceed with plans for nearly 1,200 new condo units, the barrier island city in Northeast Miami-Dade County still has 315 condo units unsold from the last South Florida boom-and-bust cycle as of Dec. 31, 2012, according to a new report from CondoVultures.com.

Developers sold more than 30 new units for nearly $19.3 million - an average of $385 per square foot - in Sunny Isles Beach between October and December of 2012, reducing the unsold boom-era condo inventory to less than five percent of the more than 6,300 units created since 2003 in this market, according to an analysis of Miami-Dade County records.

Jade Signature Condos Rendering
Sunny Isles Beach, FL

At the 2012 sales pace, the Sunny Isles Beach could be sold out in the first half of 2014,  just as the newly proposed condo towers - such as the 400 Sunny Isles, Chateau Beach, Jade Signature, Mansions at Acqualina, Porsche Design Tower, Regalia, St. Tropez On The Bay IV and V, and Unique - are slated to launch - and in some cases complete - construction, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.

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

Condo Vultures® LLC can be reached at 800-750-0517.

Tracy Wright Joins Marcus & Millichap Capital Corp. as Associate Director in Salt Lake City, UT

Tracy Wright

SALT LAKE CITY, Feb. 6, 2013 – Marcus & Millichap Capital Corporation (MMCC) has named Tracy Wright as an associate director in the firm’s Salt Lake City office, according to William E. Hughes, senior vice president and managing director of MMCC.

            In his new position, Wright will arrange debt financing for all types of commercial real estate assets, including multifamily, retail, and office and industrial properties.

William E. Hughes

“Tracy brings more than a decade of experience to MMCC and has helped close more than $568 million in real estate capital transactions,” says Hughes. “His network of commercial real estate relationships and proven ability to structure complex loans with low transaction expenses will empower him to serve MMCC’s Salt Lake City area clients well.”

            Wright joins MMCC with 12 years of experience processing real estate investment loans from application through closing, working closely with lenders, borrowers and outside consultants as well as legal counsel and 1031 accommodators. Most recently, he served as vice president of RealSource Commercial in Salt Lake City. He was also a commercial loan officer for Western Capital Finance in Salt Lake City.

            Wright graduated from the University of Utah, where he earned a Bachelor of Science degree in psychology, and Brigham Young University, where he earned a Master of Business Administration degree.

  

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

  

Marcus & Millichap Capital Corp.

(925) 953-1716