HFF arranges $114.7 million construction and equity financing for multi-housing development along Rose Kennedy Greenway in Boston, MA

One Greenway rendering planned along southern end of Rose Kennedy Greenway
in Boston's Chinatown neighborhood

 

Riaz A. Cassum

 BOSTON, MA – HFF announced today that it has arranged $114.7 million in financing for One Greenway, a to-be-built, Class A multi-housing property located along the southern end of the Rose Kennedy Greenway in Boston’s Chinatown neighborhood.

               HFF worked on behalf of the borrower, an affiliate of New Boston Fund, Inc., Urban Strategy America Fund LP, and the Asian Community Development Corporation to secure the $104 million construction loan through PNC Bank, People’s United Bank, and Boston Private Bank & Trust. 

HFF also arranged a $10.7 million equity investment from National Real Estate Advisors.

               Due for completion in Summer 2015, One Greenway’s North Building will consist of the following  components: a 21-story, 217-unit market-rate rental unit tower portion, a 10-story, mid-rise portion with 95 affordable-rate rental units, a 135-space, below-grade parking garage, and approximately 3,300 square feet of retail and 5,000 square feet of community space. 

Also included in the development is a new 1/3 of an acre public park.  The 1.5-acre site is located at the intersection of Kneeland and Hudson Streets adjacent to the Rose Kennedy Greenway and close to the Financial District and South Station. 

Porter Terry

               The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Porter Terry.

               “HFF was thrilled to be involved with One Greenway given the transformative nature of this development,” said Cassum.  “It took a tremendous amount of effort and coordination to bring together the various capital sources for the project.”

               Founded in 1993, New Boston is a real estate investment management firm based in Boston, MA that manages more than $1.2 billion in private equity capital on behalf of high net worth and institutional investors.  

With nearly $3.5 billion in cumulative investment and development activity through eight successful private equity real estate funds, New Boston's value-added investment strategies focus on middle market investment opportunities in the Eastern United States.

Rose Kennedy Greenway park, Boston, MA

               Asian CDC is a nonprofit developer that specializes in affordable housing development, having built over $110 million of real estate in the Downtown and Greater Boston area over the last 24 years.  

The firm has experience taking complex, mixed-use development proposals through multi-agency, multiple stakeholder public approval processes.  

Among a multitude of other public subsidies, Asian CDC has successfully secured tax credit allocations and maintained program compliance for previously awarded projects.

  

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.twitter.com/hff.    

Marcus & Millichap Arranges Sale of Sandy Creek Apartments in Waycross, GA for $1.55 Million

  

Sandy Creek Apartments, 600 Summit Street, Waycross, GA

John E. (Jay) Brigel

WAYCROSS, GA,  Dec. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sandy Creek Apartments, a 80-unit apartment property located in Waycross, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $1,550,001.

John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a government agency.  Brigel also represented the buyer of the property, a Georgia-based partnership.

 Michael Fasano, vice president and regional manager of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia.

Sandy Creek Apartments is located at 600 Summit Street in Waycross, Ga.  

The property was built in 1973 and consists of ten, two-story buildings.  Sandy Creek Apartments is located in a very desirable location, approximately one half-mile from the Mayo Clinic Hospital. 

Michael Fasano

Property amenities include a sparkling pool, an on-site courtesy officer and a laundry facility. 

“The asset was gifted to a local University three years ago and subsequently rents were never raised and capital maintenance items were allowed to mount,” says Brigel.

 “The University Foundation’s president is very excited about the final sales price and the buyer is equally excited about acquiring a nice value-add property.”

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

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700

Steve Gabbert, CSBA, CBCP, LEED® AP of Snyder Langston is Elected to Board of Directors for U.S. Green Building Council Orange County Chapter

  

Steven Gabbert

IRVINE, CA (Dec. 27, 2013)— Snyder Langston, one of Southern California’s largest and most respected builders, is pleased to announce that its Director of Sustainability, Steve Gabbert, CSBA, CBCP, LEED® AP, has been elected by the Orange County Chapter of the U.S. Green Building Council (USGBC-OC) to serve on its Board of Directors for the 2014-2015 term.

“It is an honor to be elected to this position,” said Gabbert. “I am looking forward to serving on the USGBC-OC Board and will focus on building a stronger engagement within the organization, as well as further develop a culture of sustainability within our community.”

 This new board position is an extension of Snyder Langston’s passion for leading its sustainability initiative.  The firm has a deep-rooted philosophy and culture to be an advocate for green building and promoting the value of sustainability to its clients and their projects. 

 The USGBC-OC Chapter has more than 400 members which include developers, designers, investors, manufacturers, architects, facility managers, engineers and builders who work together to foster more sustainable, healthy and prosperous communities in Orange County. 

 The Chapter organizes regular events, workshops, meet-ups, and study groups to provide numerous opportunities for education, advocacy and networking.

A 10-year employee of Snyder Langston, Gabbert holds a Bachelor of Science, Regional Development, from University of Arizona, and is a LEED® Accredited Professional, a Certified Sustainable Building Advisor and Certified Building Commissioning Professional.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

Related Plans 1,200 Miami Condos Across From Its 1,800-Unit ICON Brickell

ICON Brickell condominiums, Downtown Miami, FL

Jorge Perez

MIAMI, FL -- As the South Florida condo market rebounds from the devastating real estate crash of 2007, Miami billionaire Jorge Perez of the Related Group - the tricounty region's most prolific vertical residential developer - is proposing to build three towers with 1,200 condo units across the street from one of his earlier three condo tower projects - the 1,800-unit ICON Brickell - in Greater Downtown Miami, according to a new report from CondoVultures.com.

For the Related Group, the newly proposed project - dubbed the One Brickell and slated to go up at 444 Brickell Ave. - represents the 27th, 28th, and 29th new condo towers with a combined 7,500 units slated to be developed by the Miami-based company in the coastal tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

By comparison, the Related Group developed 24 new condo towers with more than 9,125 units in South Florida's seven largest coastal markets during the last boom-and-bust cycle that began in 2003, according to the Condo Vultures® Official Condo Buyers Guide™ series.

Peter Zalewski

With the new Related Group project, developers are now proposing at least 45 new towers with more than 13,400 condo units in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, at least 182 new condo towers with more than 24,675 units are now proposed, planned, under construction, or recently completed in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach as of December 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

(It is worth noting, real estate expert Peter Zalewski - founder of CraneSpotters.com in conjunction with the Miami Association Of Realtors - narrates weekly Official Preconstruction Condo Project Tours of South Florida's hottest coastal market, including Greater Downtown Miami, on Saturdays and Sundays during the winter tourism season.)

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

 Condo Vultures®

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

PH: 800-750-0517.

Zip Realty Reports Housing Market Feels the Effects of Wintertime’s Chill

EMERYVILLE, CA -- Heading into one of the slowest times of year in the real estate market, it’s no surprise that median sales price growth has slowed, while the median days homes spend on the market have risen.

Lanny Baker

Although still in the healthy double-digit range, price growth in the 24 metros analyzed in ZipRealty’s Housing Trends Report dropped to its lowest level of the year at 11.3%.

 As of Nov. 30, the median sales price was $266,524. Yet in spite of this cooling off, western metros continue to outperform other regions in price growth, with Sacramento (+30%), Las Vegas (+30%) and the San Francisco Bay Area (+24%) leading the pack.

“We’ve just started to see that homes are also staying on the market longer, which may give buyers a bit of breathing room in what’s still a competitive housing market,” said ZipRealty CEO Lanny Baker.

 Of the homes analyzed in the report, the median days on market fell to 37, a 16% year-over-year decline.

Homes were selling at their fastest pace in mid-July of this year, when the median days on market for a home in ZipRealty’s study averaged 27, and the median selling period has now lengthened by about 37% or the equivalent of one-and-a-half weeks longer on the market.

“Metros on the West Coast, where we saw homes selling at a very rapid rate earlier this year, are now experiencing some of the biggest increases in median days on market,” Mr. Baker noted.

Markets with the largest increases in median days on market year-over-year as of Nov. 30 include Phoenix (+65%), Sacramento (+50%) and the San Francisco Bay Area (+9%).

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

Stacey Corso

 Public Relations Manager

ZipRealty, Inc.

Office: 510.735.2667

Cell: 415.672.6460

www.ziprealty.com

Follow us on Twitter: @ZipRealty

Rhodes+Brito Architects Earn three-year Continuing Services Contract to Provide Architectural Services to City of Oviedo, FL

ORLANDO, FL-- Rhodes+Brito Architects in Orlando was recently awarded a three-year Continuing Services Contract from the City of Oviedo in Seminole County.

Ruffin Rhodes

Ruffin Rhodes, co-founder and partner at Rhodes+Brito Architects, said the firm will provide design, engineering and project coordination services on a per-project basis as the city requests.

Projects covered under continuing services contracts are typically small in scope and often involve renovations or planning studies, Rhodes said. The City of Oviedo contract stipulates a $2 million cap.

Rhodes+Brito, which opened in Orlando in 1996, currently employs a staff of 20, including eight registered architects. The firm has exceptional experience providing architectural services to municipal government agencies.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Marcus & Millichap Special Report Notes Healthcare Demand Rises as American Care Act Phased-In

WALNUT CREEK, CA – Marcus & Millichap’s latest Medical Research Report notes the individual health insurance mandate remains slated to take effect in early 2014 despite the rocky rollout of the online health insurance marketplace.

Government forecasts predict the American Care Act (ACA) will reduce the uninsured, non-elderly population by 14 million individuals in its first year despite relatively light individual non-compliance penalties.

Over the following two years, forecast reductions to the uninsured population rise sharply alongside penalties, reaching 25 million individuals by 2016.

Expanded health insurance coverage will increase demand for medical services, as will the aging of baby boomers into their traditional retirement years.

The segment of the population aged 65 years and older, which accounts for an estimated one-third of all U.S. healthcare expenditures, will grow by more than 18 million individuals over the next 10 years.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Cleveland-Area Shopping Center Sells for $17.79 Million

North Olmsted Towne Center, Brookpart Road, North Olmsted, OH

Erin E. Patton

NORTH OLMSTED, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the North Olmsted Towne Center, a 95,446-square-foot shopping center located along Brookpark Road in North Olmsted, Ohio, approximately 17 miles southwest of Cleveland.

The $17,790,000 sales price equates to $186 per square foot.

            Scott Wiles and Craig Fuller in Marcus & Millichap’s Cleveland office, along with Erin Patton in the firm’s Columbus office, represented the seller, a local Cleveland investment group.

Wiles, Fuller, Patton and Dustin Javitch, who is also in the Cleveland office, advised the buyer, an out-of-state private investor.

Scott Wiles

            “Multi-tenant property transaction velocity in the Cleveland metropolitan area has nearly doubled over the past four quarters as local investors became much more active in the market,” says Wiles.

“Well-located, high-quality centers such as the North Olmsted Towne Center attract attention from local investors and out-of-area buyers from throughout the investor spectrum.”

            The property is located in the center of North Olmsted’s commercial district at 25100 Brookpark Road, State Highway 17, just east of the intersection of Brookpark Road and Great Northern Boulevard.

Great Northern Mall, a 1.2 million-square-foot super regional mall anchored by Macy’s, J.C. Penney, Dillard’s, Sears, Regal Cinema and Dick’s Sporting Goods, is across the street.

Craig Fuller

            Shadowed by Target and a Walmart Supercenter, tenants at the North Olmsted Towne Center include David’s Bridal, The Tile Shop, Jimmy John’s, La-Z-Boy, Men’s Wearhouse, Moe’s Southwest Grill, Party City and Pearle Vision.

            The property has its own signalized entrance with dedicated turning lanes, signage and landscaping. Other features include quality masonry construction, fascia molding, pitched roof façades, bay windows, stamped and stained concrete walkways and wrought-iron window decorations.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

200-Unit Luxury Multifamily Trades Hands in Far West Houston, TX

 The Palms at Cinco Ranch apartments, near State Highway 99
at 23600 Farm-to-Market 1093 Road  Richmond, Texas,
within the Katy, TX independent school district.

Norman Eastwood

RICHMOND, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Palms at Cinco Ranch, a 200-unit, 218,388-square-foot multifamily apartment complex in Richmond, Texas, approximately 15 miles southwest of Houston. The terms of the sale were not released.

            Norman Eastwood, senior vice president investments in Marcus & Millichap’s Dallas office,  Jerry Goldstein, first vice president investments and Juan Cuevas, associate, both in the firm’s Houston office, represented the seller, an out-of-state private investor, and the buyer, Hudson Capital Investments based in Charleston, S.C.

            “The Houston metro’s apartment sector is riding tailwinds generated by one of the nation’s strongest and fastest-growing economies,” says Eastwood.

Jerry Goldstein

 “Broad-based hiring across multiple industries enhances the metro’s stature as a magnet for recent graduates from local and regional colleges, further expanding the pool of prospective renters.”

“West Houston and its surrounding suburbs have become an affluent white-collar area with strong entertainment and business sectors,” adds Cuevas. “The area is home to numerous restaurants, retail centers, shopping malls and businesses.”

            The property is located near State Highway 99 at 23600 Farm-to-Market 1093 Road in Richmond, Texas, within the Katy, Texas, independent school district. George Bush Intercontinental Airport is 20 miles northeast of the complex.

            Constructed in 2010 on 13-plus acres, The Palms at Cinco Ranch features a wide selection of one-, two- and three-bedroom floor plans ranging from 801 square feet to 1,496 square feet. The units have gourmet kitchens with deluxe appliances, including self-cleaning ovens, frost-free refrigerators with icemakers, built-in microwaves, multi-cycle dishwashers, garbage disposals and spacious pantries.

Juan Cuevas

Other apartment amenities include crown moldings, nine-foot ceilings, double vanities in the master bathrooms, separate showers, private patios or balconies, ceiling fans, built-in computer desks, walk-in closets and intrusion alarms.

            The Palms at Cinco Ranch is a gated, pet-friendly community that features shared amenities such as a state-of-the-art clubhouse, a business center with a conference room, a game lounge, a 24-hour fitness center, a resort-style pool with a large sundeck and Jacuzzi, a barbecue grilling area and 34 detached garages.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Beech Street Capital Closes $7.4 Million Fannie Loan to Acquire Tampa-Area Apartment Complex

                           

Ashton Oaks Apartments, New Port Richey, FL

Chad Thomas Hagwood

BETHESDA, MD – Beech Street Capital announced it provided a $7.4 million Fannie Mae conventional loan for the acquisition of Ashton Oaks Apartments, a 168-unit, garden-style apartment complex in New Port Richey, Florida, in the Tampa MSA.

Chad Thomas Hagwood, executive vice president for originations in Beech Street’s Birmingham, Alabama, office, originated the transaction. 

Brandon Pate of the Birmingham deal team managed the loan process.  This is the third transaction that the borrower, with over 30 years of commercial real estate experience in Florida markets, has completed with Beech Street.  

“The transaction underscores Beech Street’s deep knowledge of the evolving Florida market,” Hagwood says. “This is the second community we’ve financed for the borrower in a 20-mile radius.”

 Ashton Oaks was built in 2005 and is considered in excellent condition.  It was originally constructed as an age-restricted (55+) senior community with elevators in each building. It was converted to a market apartment community in 2007. 

Brandon Pate

 All of the units have a carpeted living area and vinyl/ceramic tile kitchen floors, wood cabinetry, balconies/patios, ranges, dishwasher, washer/dryer, and refrigerators. 

 The fixed-rate loan has 10-year term, 9.5 years of defeasance, and a one-year interest-only period, followed by 30-years amortization payable on an actual/360 basis.

Beech Street Capital, a Capital One company, is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily, manufactured housing, student housing, senior living properties and long-term care facilities nationwide. 

Our multifamily and seniors housing experts customize each transaction to meet the needs of our borrowers with Fannie Mae, Freddie Mac, FHA, and non-agency lending sources. Beech Street is headquartered in Bethesda, Maryland, Beech Street has offices in Alabama, California, Florida, Georgia, Illinois, Massachusetts, New York and Texas.

Chad Thomas Hagwood, executive vice president of originations, manages the southeastern region for Beech Street Capital and is based in the company’s Birmingham office.  Hagwood is actively involved in the origination of multifamily, manufactured home communities and commercial real estate debt financing throughout the nation.   Over the course of his career, Hagwood has closed in excess of $5 billion in commercial real estate transactions and was Beech Street's Top Direct Originator in 2011 and 2012.  Web site:

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

Courtney Lewis at 240-507-1948 or

 Jenifer Bernardi at 240-507-1946.

www.beechstcap.com

Berger Commercial Realty Brokers Close Lease for 14,000 Square Feet of Flex Space at Eastport Center in Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL (Dec.  23, 2013) - Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan and St. George Guardabassi represented landlord Eastport Center Joint Venture in leasing more than 14,000 square feet of flex space, located at 1881 W. State Rd. 84 in Fort Lauderdale, to Patterson Dental Supply, Inc., represented by Alex Brown of CRESA South Florida.

The 108,500-square-foot Eastport Center was built in 2000 and features industrial and flex space fronting State Road 84, near the Fort Lauderdale International Airport and Port Everglades with easy access to highways and centrally located in the tri-county area.

 For more information on available space and custom build-outs at the Eastport Center, contact Berger Commercial Realty at 954-358-0900.

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

www.bergercommercial.com

W Financial Closes $12 Million Acquisition Loan for 12,000-SF Commercial Condo on Park Avenue on Manhattan’s Upper East Side

Park Avenue, Upper East Side, Manhattan, NY

David Heiden

NEW YORK, NY--W Financial has closed a time-sensitive acquisition loan for the $21,750,000 purchase of a well-located, nearly 12,000 square foot commercial condominium located on a prime corner of Park Avenue on Manhattan’s Upper East Side.

Although the borrower had already lined up conventional financing, and there was a new 15-year triple-net lease with a long-established medical practice in place, the bank was not yet ready to close, and a 1031 tax-free exchange deadline created the urgency to close with a bridge lender in order to preserve the favorable tax treatment for the buyer. 

It is expected that the bridge loan will be refinanced upon the closing of the conventional financing.

W will also consider providing construction loans in Manhattan or Brooklyn for experienced developers, as well as mezzanine loans, preferred equity or joint venture equity on well-located, cash-flowing properties.

Manhattan Upper East Side

On select transactions W Financial is pricing its bridge loans as low as 8%, with terms as long as five years depending on the usual factors such as location, loan-to-value ratio, cash flow and quality of the sponsorship. 

Click here to see recent bridge loans closed by W, and read our home page to get a better sense of which of your prospective loan scenarios might be in our "strike zone".

Call me to discuss or contact my partner David Heiden | david@w-financial.com (212) 684-8484, or contact our Senior Loan Officer Jarret Schochet | jarret@w-financial.com (212) 684-2205 to discuss your new bridge loan scenarios.

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Winter & Co. Retained to Structure New $20 Million Financing for Upper East Side Manhattan, NY Building

21-story, 150-unit luxury cooperative building on East End Avenue
 on Upper Side of Manhattan, NY

 NEW YORK, NY -- Winter & Company was retained by the board of directors to advise and structure a new $20,000,000 underlying mortgage and revolving credit facility for this 21-story, 150-unit, full-service luxury cooperative building with a rooftop pool, full gym, garden and garage located on East End Avenue on the Upper East Side of Manhattan.

Gregg Winter

The borrower's main focus was on obtaining a new, 10-year, fixed-rate, interest-only mortgage with a 3.25% interest rate to replace their old 6.12% mortgage.

In addition, the borrower also required a $2,000,000 unsecured line of credit to provide flexibility to address unforeseen future capital improvements and repairs.

The unsecured, revolving credit facility saved the borrower $56,000 ($2,000,000 x 2.8%) in NYC mortgage recording tax (compared to a secured facility like a credit line mortgage).

 The co-op board reached a consensus quickly and moved decisively in order to lock in a forward commitment for this exceptional rate in a rising interest rate environment.

As is often the case, Winter & Company seeks to customize the loan structure to meet the specific needs of each client. In this co-op's case, two other special attributes of this financing are worth highlighting:

Forward Rate Lock:

The co-op's old mortgage had a large yield maintenance prepayment penalty. For them, a strategy of locking in a new, low rate for their new underlying mortgage but delaying the closing by six months would save the co-op a considerable amount of money on the cost of the pre-payment penalty on their old mortgage.

This is the approach that was taken, with rate lock occurring in May and the closing delayed until November.

Accelerated principal paydown option:

This cooperative also wanted to have the ability, should it decide to do so, of being able to utilize surplus cash flow to pay down up to 10% of their remaining principal balance per year without triggering a prepayment penalty.

 In the event of such principal reduction, the payments would also be adjusted accordingly going forward. Although this is a highly unusual and non-standard feature in the commercial mortgage marketplace, we were able to successfully structure this option for our client.

The many post-war, white brick, 60's-era buildings all over Manhattan's East Side are notoriously expensive to maintain.

This co-op wisely chose to take full advantage of the availability of very cheap capital, thus the co-op emerged from the recent refinancing with more than $6,000,000 of surplus cash which they can deploy to address a long list of future capital improvements and repairs, not to mention the $2,000,000 unsecured line of credit which will stand at the ready to provide for future contingencies.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing, multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

 Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties celebrating its 10th year of successful operations.

W Financial was recently profiled in Barron’s. The article. “Rock-Solid Real Estate”  is available here.

   

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

Annaly Capital Management, Inc. Announces 4th Quarter 2013 Dividend of 30 cents per Share

NEW YORK--(BUSINESS WIRE)-- The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the fourth quarter 2013 common stock cash dividend of $0.30 per common share. This dividend is payable January 31, 2014, to common shareholders of record on December 31, 2013. The ex-dividend date is December 27, 2013.

The Company distributes dividends based on its estimate of taxable earnings per common share, not GAAP earnings.

 Taxable and GAAP earnings will typically differ due to items such as unrealized and realized gains and losses, differences in premium amortization and discount accretion, and non-deductible general and administrative expenses.

Dividends may be reinvested through the Company's Dividend Reinvestment and Share Purchase Plan. Plan information may be obtained from the Plan Administrator, Computershare at 1-866-353-7849, at www.annaly.com, or by contacting the Company.

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

Annaly Capital Management, Inc.

Investor Relations, 1-888-8Annaly

www.annaly.com

HFF selected to market for sale 309,000-square-foot office complex in downtown San Jose, CA

Community Towers, 111 West St. John Street and 111 North Market Street
Downtown San Jose, CA

Steven Golubchik

SAN FRANCISCO, CA – HFF announced it has been selected to market for sale Community Towers, a two-building, 309,000-square-foot, transit-oriented office complex in downtown San Jose, California.

               Community Towers is a value-add investment opportunity with 63 percent of the rentable square feet expiring in the first three years with in-place rents approximately 27 percent below market rents at expiration. 

Located at 111 West St. John Street and 111 North Market Street, Community Towers is adjacent to the popular San Pedro Square and within close proximity to San Jose’s SAP Center (formerly HP Pavilion).

Nicholas Bicardo

The property provides immediate access to Highway 87 with connections to Interstates 280, 680 and 880, as well as US 101, and is a five-minute drive to San Jose’s Norman S. Mineta International Airport.  

The property was substantially renovated in 2007-2008 and is currently 94 percent leased with notable tenants including Kerio Technologies, Sunwize, Anatomage, and Rockwell Automation. 

The HFF investment sales team representing the seller is led by managing directors Steven Golubchik and Nicholas Bicardo and director John Simerlein.

“Community Towers provides investors the opportunity to acquire an asset with significant upside potential in a prime location,” said Simerlein.

John Simerlein

 “Downtown San Jose is one of the most rapidly evolving cities in Silicon Valley, with an abundance of restaurant and retail amenities, public transportation options including Caltrain, and a wide and growing list of  housing options all within walking distance to the property.”

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com