Greystone Provides $34.6 million HUD Loan to Indianapolis Multifamily Property

Betsy Vartanian

New York, NY – March 18, 2012 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced it has closed a $34.6 million loan for Lake Castleton Apartments, a 1,261 unit multifamily apartment complex in Indianapolis, Indiana.

The deal was originated by Josh Sasouness, one of Greystone’s FHA originators based in New York City.

Greystone has 25 years of experience working with the U.S. Department of Housing and Urban Development (HUD) and is intimately familiar with the complexities associated with FHA insured financing.

Lake Castleton Apartments, Indianapolis, IN

 “It is important that borrowers seeking an FHA insured loan engage a lender with extensive HUD experience to ensure that the loan is underwritten in accordance with precise FHA guidelines. This will expedite a commitment and ensure an efficient closing process”, said Betsy Vartanian, head of Greystone’s FHA business.

 Greystone received a commitment from HUD for a Section 223(a)(7) loan to insure Lake Castleton just 44 days from submission. Greystone provided extremely favorable conditions, including a 35-year term and a self-liquidating loan. The property is located at 7601 Carlton Arms Drive in Indianapolis, Indiana.

Lake Castlton Apartments exterior

 “The Section 223(a)(7) program is an expedited way for a  borrower who already has a HUD insured loan to refinance its loan  for the purpose of lowering the interest rate. 

"We are proud of our experience working with HUD and delighted to be able to provide financing quickly and at the extremely attractive interest rates,” continued Ms. Vartanian.

 “This program is incredibly beneficial to borrowers and we look forward to continuing to provide them for clients across the county.”

 Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. For more information on Greystone’s financing solutions please visit

Contact:

Loretta Mock/Josh Gerth

Cognito

+1 646 395 6300

Greystone@cognitomedia.com

http://www.greyco.com/multifamily

Trepp Special Alert: A Dubious Distinction: 2007 Deal Becomes First Conduit to See Super Seniors Hit With Shortfall

NEW YORK, NY -- The MSC 2007-HQ13 deal earned the dubious distinction of becoming the first CMBS conduit deal to have interest shortfalls reach the super senior classes.

The HQ had stood for “High Quality” when the bonds were first issued, but bond owners might beg to differ.

The deal is one of the 25 CMBS issues that makes up part of the CMBX 5 Credit Default Swap Index.  Prior to the March remittance report which came out late Friday, shortfalls had reached the A-J class.  The latest remittance report had shortfalls hitting classes A-2, A-3, A-1A, and A-M, and X.

The deal is far from out of the woods and before all is said and done, losses could reach the tranches that were originally AAA.  Thus far, nine classes of bonds have been extinguished by collateral losses. That has made the F class – originally rated BBB plus – the first loss class.

 The F class’ balance has already been reduced by almost 75%. Still to be processed is a loss on the Pier at Caesars. 

That $80.5 million loan was carrying a $62.7 million appraisal reduction – enough to wipe out all bonds up to the A-J class. 

 This month that amount was bumped up to over $80 million – indicating a 100% loss (or more) is possible.  That would be enough to wipe out 25% of the A-J class.

The  interest shortfalls on the super seniors could be around for a while.  According to the March remittance report, the Pier loan still has $9.4 million in advances left to be reimbursed to the master servicer.  (We are not certain why any interest was paid to the super seniors at all, considering this number).

Contact:

Eric R. Gerard

Senior Vice President

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10001

(212) 741-2977

Net-Leased Grocery Store Portfolio Trades Hands in Texas

Stephen
Berchelmann

SAN ANTONIO, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a portfolio of 13 Lowe’s Markets located throughout Texas. The terms of the sale were not disclosed.

Chad Knibbe, a senior associate, and Stephen Berchelmann, an associate, both in Marcus & Millichap’s San Antonio office, represented the seller.

“The properties were brought to the market earlier this year and received multiple offers,” says Knibbe.  “The buyer, in an effort to jump ahead of the competition, put the portfolio under contract and closed the deal all cash within 10 days.”

Chad Knibbe

“This transaction shows the market’s appetite for quality net-leased assets,” adds Berchelmann. “Grocery stores are in especially high demand.”

Lowe’s Markets operates under a variety of names including Super S Foods, Super Save, Lowe’s Market, Big 8 Food Stores, Shop n’ Save, Lowe’s Pay N Save, Avanza Supermarket, Family Center, Fiesta Foods, Mercado, La Feria, Food Jet and Fiero.

The stores are located in Texas, New Mexico, Arizona and Colorado and range in size from 2,000 square feet to 65,000 square feet.

Contact:

Ben Johnson,

Marketing Director

(925) 953-1736

Marcus & Millichap Capital Corp. Arranges $15.5 Million Time-Sensitive Multifamily Refinance in Anaheim, CA

Michael Derk

 ANAHEIM, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $15.5 million first trust deed to facilitate the purchase of an apartment community in Anaheim, Calif.

            Michael Derk, a vice president capital markets in MMCC’s Long Beach office, arranged the loan.

            “With interest rates at a historic low, the borrower wanted to take advantage of fixed debt to acquire a new property,” says Derk. “The deadline on the new acquisition was unusually tight at 40 days, and to add to the challenge, the underwriting and approval process ran through the holiday season when every day is at a premium with most lenders.”

            “MMCC leveraged its relationship with the lender to close the transaction by the required deadline,” adds Derk. “This resulted in the saving of more than $1 million in potential penalties and did so with better-than-market terms, in spite of the newly acquired asset’s history of mismanagement.”

            The 10-year loan amortizes over 30 years at a fixed rate of 3.5 percent.  The LTV is 77 percent.

Press Contact:

Marcus & Millichap Capital Corporation

(925) 953-1716

Alvin Mansour Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

Alvin Mansour

 CALABASAS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2012.

 Alvin Mansour of Marcus & Millichap’s San Diego office received the firm’s top multi-tenant award out of more than 1,000 investment specialists nationwide. He also received Marcus & Millichap’s top listing agent award for the third consecutive year.

“We are proud to recognize Alvin as one of the firm’s top agents, as our top multi-tenant retail agent and as our top listing agent nationwide for the third year in a row,” says John J. Kerin, president and chief executive officer of Marcus & Millichap.

John J. Kerin

“Alvin’s achievements on behalf of clients and his consistently high rankings demonstrate superior knowledge of the retail and net-leased properties markets and an exemplary commitment to client service.”

            Mansour began his career as an agent in Marcus & Millichap’s San Diego office in 2003. He earned the firm’s Rookie of the Year award that year and went on to become one of the most successful young agents in the history of the firm. Mansour has completed commercial real estate investment transactions valued in excess of $1 billion.

He has been recognized by Forbes magazine for his accomplishments in commercial real estate. Several real estate trade magazines, including Real Estate Forum, Real Estate Southern California and the California Real Estate Journal have also recognized Mansour for his accomplishments as a top investment broker nationally.     

  

Contact:

Ben Johnson,

 Marketing Director

(925) 953-1736

Berger Commercial Realty Closes $1.4 Million Sale in Fort Lauderdale, FL

Keith Graves

 FORT LAUDERDALE, FL  (March 15, 2013) - Commercial real estate brokers Keith Graves and  St. George Guardabassi of Berger Commercial Realty, a full service commercial real estate firm serving clients around the state, closed the $1.4 million sale of an industrial building that fronts I-95 in between the Sunrise and Oakland Park boulevards in Fort Lauderdale.

St. George
Guardabassi

Located at 1400 N.W. 23rd Ave, the 23,434-square-foot property was sold by Hofmann Family Real Estate Holding LLC, represented by Graves and Guardabassi, to 1400 NW 23rd Avenue Association LP.

 Media Contact:

  Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226

HFF arranges financing for Class A multi-housing property in northeast Houston, TX

Carrington at Park Lakes, Houston, TX

HOUSTON, TX – HFF announced today that it has arranged financing for Carrington at Park Lakes, a 252-unit, Class A multi-housing community in northeast Houston, Texas.

                HFF worked exclusively on behalf of Venterra Realty to secure the seven-year, 3.07 percent, fixed-rate loan through a national life insurance company.  Loan proceeds were used to acquire the property.  HFF will also service the loan.

                Carrington at Park Lakes is located at 4775 Wilson Road close to the Sam Houston Tollway (Beltway 8) and Redstone Golf Club in Humble, approximately 14 miles northeast of Houston’s central business district. 

Completed in 2012, the property has one-, two- and three-bedroom floor plans averaging 1,125 square feet each.  Community amenities include a pool, business center, cardio and strength training center, social room, arcade, foosball table and bbq area.  Carrington at Park Lakes is 94 percent leased.

The HFF team representing Venterra was led by director Cortney Cole.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

Foreclosure Starts Reach 17-Month High in Nevada, 31-Month High in Maryland; Florida Posts Top State Foreclosure Rate; Miami Posts Top Metro Foreclosure Rate

Daren Blomquist

 IRVINE, CA – March 14, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its U.S. Foreclosure Market Report™ for February 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 154,281 U.S. properties in February, an increase of 2 percent from the previous month but still down 25 percent from February 2012.

The report also shows one in every 849 U.S. housing units with a foreclosure filing during the month.

“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” said Daren Blomquist, vice president at RealtyTrac.

 “But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system.

“Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year.”

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

Jennifer von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com

Data and Report Licensing:

Data Sales Department

800.462.5193

datasales@realtytrac.com

HFF arranges $5.3 million supplemental financing for Signature Club Apartments in Ann Arbor, MI

Signature Club Apartments
Ann Arbor, MI

CHICAGO, IL – HFF announced today that it has arranged $5.3 million in supplemental financing for Signature Club Apartments, a 324-unit multi-housing community in Ann Arbor, Michigan.

HFF worked on behalf of Marquette Companies to secure the five-year, 3.97 percent financing through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.   The loan will supplement the first mortgage HFF arranged in 2011.

Signature Club Apartments is located at 3000 Signature Boulevard near Interstate 94 to the south of downtown Ann Arbor. 

Matthew Schoenfeldt

The property has one- and two-bedroom units averaging 1,048 square feet each and is 97.5 percent leased.  Community amenities include a 24-hour fitness center, dry sauna, indoor hot tub, outdoor swimming pool, tennis court, sand volleyball court, barbecue and picnic area, business center, library and clubhouse.

The HFF team representing the borrower was led by managing director Matthew Schoenfeldt and senior real estate analyst Jason Bond.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.marquettecompanies.com.

EverestAuctions.com Introduces Revolutionary Era of Online Commercial Property Leasing

   

Steve Winger

 LOS ANGELES, CA– Steve Winger, a 25-year veteran of the commercial real estate industry, has launched EverestAuctions.com, a revolutionary web portal designed to facilitate the auction of commercial real estate space available for lease. The company launches with 22 active auctions in five states.

Similar to the structure of existing online auction sites like ebay.com and auction.com for retailers and consumers, commercial landlords and brokerage professionals can post a suite of space for lease through EverestAuctions.com. 

The tenants can then participate in an active 45-day bidding process to win the space at the lease price to which they are willing to commit.

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

Jill Swartz

Spotlight Marketing Communications

949.427-5172, ext. 701 – direct

949.485.1552 – mobile

jill@spotlightmarcom.com

KW Property Management & Consulting Opens New Broward County, FL Office

  

Sawgrass Corporate Park, Broward County, FL

Fort Lauderdale, FL, March 14, 2013 - KW PROPERTY MANAGEMENT & CONSULTING (KWPM), a statewide leader in turnkey property management, has opened a new office location in Broward County to better serve its association clients in the tri-county area.

The Fort Lauderdale office has approximately 1,625 square feet and is located at 13790 NW 4th Street, Suite 107, in the 612-acre Sawgrass Corporate Park.

The company currently handles property management services for the following residential clients in Broward County - Hollywood Beach Resort, Silver Shores, Pembroke Shores and Tao Sawgrass Condominium Association.

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

Brittany Nguyen

Becker Public Relations

2506 Ponce de Leon Blvd.

Coral Gables, FL 33134

Telephone 305/444-2181 X 221

Email: bnguyen@beckerpublicrelations.com

ZipRealty Releases List of Most Affordable Housing Markets of 2013

EMERYVILLE, CA– ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online technology-enabled residential real estate brokerage company, has released a list of the 10 most affordable housing markets of 2013 based on ZipRealty’s analysis of two years of authoritative MLS data and U.S. Census Bureau information.

The evaluation compared median home sale prices in 30 metropolitan areas to median household income levels in those same cities. Those metropolitan areas with the lowest ratios of home price to household income were deemed to be the most affordable areas for purposes of the study.

 Below is a list of the Top 10 Most Affordable Housing Markets with the current ratio of median home sales prices to median household income. 

1)     Dallas-Fort Worth          5.27x

2)     Houston                        5.43x

3)     Minneapolis                  5.50x

4)     Orlando                        5.89x

5)     Las Vegas                    5.98x

6)     Raleigh, N.C.                 6.03x

7)     Austin                           6.13x

8)     Denver                          6.31x

9)     Nashville                       6.47x

10)  Phoenix                        6.59x

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

Stacey Corso

Public Relations Manager

ZipRealty, Inc.

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Growing Atlanta Property Group Hires Austin Chase as Director of Leasing

 

Court Thomas

 ATLANTA, GA – Atlanta Property Group, a locally based real estate investment firm, experienced incredible leasing velocity in 2012 as occupancy jumped 15 percentage points at its six recently acquired properties and 10 percentage points in the remainder of the portfolio totaling 2.2 million square feet.

 “Our leasing velocity demonstrates our ability to achieve our overall goal, which is to position Atlanta Property Group as the go-to provider of quality office space for value-conscious small and mid-size tenants,” said Court Thomas, a partner in Atlanta Property Group. “We accomplished this increase in occupancy in a year that was generally a flat period for the local economy and office market.”

280 Interstate North, Atlanta, GA

To maintain the leasing momentum, APG has added veteran landlord representative Austin Chase to its team as Director - Leasing. The firm is bringing its leasing services in house as its portfolio continues to expand.

“We are continually seeking future investment opportunities across the metro Atlanta area,” Thomas said.

In the later part of 2012, APG closed on the acquisition of three buildings in Atlanta as part of its fund portfolio, including: Paces Cumberland, at the intersection of Paces Ferry Road and 1-285 in the Cumberland/Galleria submarket; 280 Interstate North, also in the Cumberland/Galleria submarket; and 1190 West Druid Hills in the Druid Chase Office Park.

 The acquisitions bring APG’s total portfolio to 2.2 million square feet. The firm continues to be an active buyer in the Atlanta market.

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

Tony Wilbert                                          

The Wilbert Group

404-965-5022 (O)

 404-405-3656 (C)

twilbert@thewilbertgroup.com

Orlando Office of Lincoln Property Company Southeast Honored in CoStar’s Annual Power Brokers Awards

  

Jay Dixon

 ORLANDO, FL – The Orlando office of Lincoln Property Company Southeast has received several honors in the CoStar Group’s annual Power Brokers Awards for the metro Orlando market.

Robert Kellogg

 The office was named to CoStar’s Top Leasing Firms list. Furthermore, both Jay Dixon and Robert Kellogg were named to the Top Office Leasing Brokers list; each has the title of vice president, office leasing, at Lincoln.

Joe Rossi, senior vice president, investment services, for Lincoln, was named to the Top Sales Brokers list.

Joe Rossi

“I am extremely proud of the recognition from CoStar that the Orlando office has received in the Power Brokers Awards,” said Scott Stahley, a Lincoln senior vice president who manages the Orlando office.

Scott Stahey

 “Jay, Robert and Joe are all extremely deserving of their honors, and these awards are a testament to the outstanding quality of services that we provide our clients.”

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

Stephen Ursery

Wilbert Public Relations

404-965-5026

sursery@wnspr.com

www.lpcsoutheast.com

http://blog.lpcsoutheast.com

Essex Realty Group Brokers the Sale Of 3 Apartment Buildings in Chicago, IL

  

Crescent Apartments, 1205 North Frolic
Waukegan, IL

 CHICAGO, IL – Thursday, March 14, 2013- Essex Realty Group, Inc. is pleased to announce the sale of 1205 N. Frolic also known as Crescent Apartments.

 The property consists of two, twenty-four unit apartment buildings as well as one, sixteen unit apartment building on an approximate 2.23 acre site. 

The three building, sixty-four unit complex was constructed by the current owners in 1990.  Each three-story building features exceptionally large apartments, passenger elevators, and a heated underground parking garage that offers one parking space per unit; additionally, the property includes sixty-four outdoor parking spaces.

Kate Varde

Crescent Apartments is located in Chicago’s north suburb of Waukegan.  Situated roughly two miles east of Skokie Highway (Route 41) and three miles west of Lake Michigan, Crescent Apartments offers residents easy access to nearby communities.

The Subject Property consists of a unit mix of (32) one bedroom/one bath, (32) two bedrooms/two baths, (64) Underground parking spaces and (64) Outdoor Spaces.

Douglas Imber

Doug Imber and Kate Varde of Essex were the brokers in the transaction.  The price was approximately $3,470,000.

 Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas S. Imber

Essex Realty Group, Inc.

773.305.4902

dougimber@essexrealtygroup.com

www.essexrealtygroup.com