HFF expands Los Angeles debt placement team with multi-housing specialist Marc Schillinger

Marc Schillinger

LOS ANGELES, CA – HFF announced today that Marc Schillinger has joined the firm as a director in its Los Angeles office.  Mr. Schillinger will specialize in multi-housing debt and equity placement transactions primarily in Los Angeles. 

                Prior to joining HFF, Mr. Schillinger was a senior vice president with George Smith Partners where he originated, marketed and closed debt and equity transactions with a focus on multi-housing transactions 

During 2012-2013 he closed approximately 112 transactions, which included office, retail, and industrial properties.

                Also joining the firm with Mr. Schillinger is Andrew Hornblower, who will be a real estate analyst for the firm’s debt placement group.  Mr. Hornblower previously worked with Mr. Schillinger as a real estate investment banking analyst at George Smith Partners and is a graduate of the University of Southern California.

                “HFF’s west coast offices have grown tremendously over the past year and with the addition of Marc and Andrew, we now add multi-housing debt specialization to our Los Angeles office.

Paul Brindley

“ This team will complement the platforms and specialties HFF already has in place and will continue to assist with building upon all HFF has accomplished across Southern California,” said Paul Brindley, senior managing director and co-head of HFF’s Los Angeles office.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $25 million construction loan for multi-housing development in Boston’s northwest suburbs

Construction site for planned 200-unit Princeton Westford Apartment Homes, Westford, MA

Lauren O'Neil

BOSTON, MA – HFF announced today that it has arranged a $25 million construction loan for the development of Princeton Westford Apartment Homes, a 200-unit, garden-style multi-housing development in Westford, Massachusetts.

                HFF worked exclusively on behalf of the borrower, an affiliate of Princeton Properties & Guggenheim Real Estate LLC, to secure the three-year, floating-rate construction loan through First Niagara Bank’s Boston office.  The loan has two one-year extension options.

                Princeton Westford Apartment Homes is located on 90 acres at 16 Littleton Road in Westford, a northwest suburb of Boston.

 Due for completion in 2014, the property will feature four different floor plans of one- and two-bedroom units averaging 1,128 square feet each.

 Each apartment will have granite countertops, under mount dual-bowl kitchen sinks, gooseneck faucets, and espresso stained wood cabinetry. Community amenities will include a 3,800-square-foot clubhouse offering fitness, business and social centers with a resort-style pool and play area. 

Riaz A. Cassum

There will be private garages available for lease and surface parking. The development also has the potential for a 6,000-square-foot retail building along the access driveway housing a farmer’s market-style tenant. 

The property is close to State Route 110, Interstate 495, Nashoba Valley Ski Area, Kimball Farm, and Great Brook Farm State Park, which offers 1,000 acres for hiking, biking, horseback riding, canoeing and fishing.  It is also situated within three miles of one million square feet of office space with firms such as Red Hat, IBM, Netscout and Juniper Networks.

                The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Lauren O’Neil.

                “Princeton and Guggenheim are building an exciting project in a strong market that has seen little new supply,” said O’Neil.  “The attractive financing provided by First Niagara will ensure a quick and timely completion, with the project delivering at the perfect time in the cycle.”

                Founded in 1973 by James Herscot, Princeton Properties of Lowell, Massachusetts acquires, builds, renovates, leases and manages apartment communities and corporate furnished apartments.  Currently, Princeton Properties owns and manages more than 6000 apartment homes for rent in Massachusetts, New Hampshire, Maine and Georgia.

James Herscot

                Guggenheim Real Estate, founded in 2001, invests across a wide spectrum of the real estate market including: direct real estate investments, REIT securities, private funds, secondary market funds and partnership units, preferred equity and mezzanine debt financing, and commercial mortgage backed securities.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of Shops at 95th & Cicero in Chicago, IL

Shops at 95th & Cicero, Evergreen Park/Oak Lawn Neighborhood, Chicago, IL

Amy Sands

CHICAGO, IL - HFF announced today that it has closed the sale of the Shops at 95th & Cicero, a 77,468-square-foot retail center in Chicago.

HFF represented the seller in the transaction to ACF Property Management, Inc. arranged by GDA Companies who purchased the asset free and clear of debt.

The Shops at 95th & Cicero is located in Chicago’s Evergreen Park/Oak Lawn neighborhood, which is a first ring suburb of Chicago about 15 miles south of the city center.

 Renovated in 2006, the property is 100 percent leased to tenants including Sports Authority, Staples, Men’s Wearhouse, Corner Bakery Café and Verizon.

The HFF investment sales team representing the seller was led by associate director Amy Sands and director Daniel Kaufman.  

“The Shops at 95th & Cicero has arguably the best retail location within its submarket, situated at the intersection of 95th Street and Cicero Avenue.  The intersection sees the highest daily traffic counts along Cicero Avenue,” said Sands. 

Daniel Kaufman

“In addition, the property benefits from its dense infill location with over 500,000 people within a five-mile radius of the property,” said Kaufman.

                GDA Companies is a commercial real estate acquisitions company based in Greenwood Village, Colorado that owns and operates more than 84 properties in Arizona, California, Colorado, Oregon, Washington, South Carolina, Ohio, Georgia, Kansas, Missouri and Texas.

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

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $48.6 million sale of two GSA leased office buildings in Rockville, MD

12420 Parklawn Drive, Rockville, MD

WASHINGTON, D.C. – HFF announced today that it has closed the sale of two office buildings totaling 148,742 square feet in Rockville, Maryland.

5630 Fishers Lane, Rockville, MD

HFF marketed the properties exclusively on behalf of the seller, The JBG Companies.  NGP V Fund LLC purchased the properties for a total of $48.6 million in two separate transactions. 

Both buildings are located near the intersection of Twinbrook Parkway less than one half mile from the Twinbrook Metro Station (Red Line) south of downtown Rockville. 

Fully renovated in 2009, 12420 Parklawn Drive is a four-story, 93,014-square-foot office building that is 100 percent leased to the General Services Administration (GSA) through December 2020.  Situated on 2.4 acres, the building is LEED Gold certified. 

Renovated in 1997, 5630 Fishers Lane is a two-story, 55,728-square-foot building that is 100 percent leased to the GSA through February 2023. 

Jim Meisel

The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel, Dek Potts and Andrew Weir along with executive managing director Stephen Conley.

Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. 

The company has more than $10 billion in assets under management and development in the Washington metropolitan area.  Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact. 

Dek Potts

More information can be found by visiting the company's website: www.JBG.com, or by calling 240.333.3600.

The NGP V Fund is managed by NGP V Management, a private real estate firm whose principals have vast experience in the commercial real estate business, including 20+ years in the highly specialized government real estate business.

Andrew Weir

NGP's latest endeavor, the NGP V Fund, represents the current government real estate program managed by the firm's principals. NGP funds have acquired, developed and managed government-leased assets totaling 12.5 million square feet and valued at more than $2.5 billion. 

More information can be found by visiting the company's website www.ngpv.com.  

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of 12012 Wickchester in Houston’s Energy Corridor

Woodbranch Building, 12012 Wickchester, Houston, TX

Dan Miller

HOUSTON, TX – HFF announced today that it has closed the sale of the Woodbranch Building, a 109,471-square-foot office building located at 12012 Wickchester in Houston’s Energy Corridor submarket.

HFF marketed the property on behalf of the seller, an affiliate of Parkway Properties, Inc.  CapRidge Partners, LLC purchased the building for an undisclosed amount free and clear of debt.

12012 Wickchester is situated on approximately 3.7 acres near the northwest corner of Kirkwood and Interstate 10 in the quickly growing Energy Corridor submarket.  Since 2002, the property has undergone significant capital improvements and is 100 percent leased to a variety of tenants.

The HFF team representing the seller was led by senior managing director Dan Miller and director Marty Hogan.

Marty Hogan 

CapRidge Partners, LLC, is a value office investor and manager headquartered in Austin, Texas, and serving the major markets throughout the state.

Founded in 2012 by Steve LeBlanc and Tom Stacy, two proven leaders in real estate, investments and commercial operations with nearly 40 years of combined experience, the company is dedicated to providing superior services to its investors and clients.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Capital Corp. Arranges $10.6 Million Retail Power Center Acquisition Loan in Joliet, IL

North Ridge Plaza, Joliet, IL

Erin Patton

 JOLIET, IL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $10,612,000 of debt for North Ridge Plaza, a 238,000-square-foot retail power center in Joliet, Ill.

            Richard Lynn, a director in MMCC’s Chicago Oak Brook office, arranged the loan. 

            Robert Horvath and Todd Tremblay in Marcus & Millichap’s Boston office represented the buyer, North Windham Properties LLC. 

Scott Wiles and Craig Fuller in the firm’s Cleveland office, along with Sean Sharko and Austin Weisenbeck, both in Marcus & Millichap’s Chicago Oak Brook office, and Erin Patton in the firm’s Columbus office, represented the seller.

            “The Boston-based 1031 exchange buyer needed prompt local financing to complete the acquisition of this value-add opportunity asset,” says Lynn. “MMCC worked with a Chicago-based community bank to provide the loan and the entire process was completed in less than five weeks.”

Richard Lynn

              The four-year fixed loan amortizes over 25 years at 4.5 percent. The loan-to-value is 75 percent.

“North Ridge Plaza is an institutional-quality asset located along Joliet’s most heavily trafficked retail corridor,” says Wiles. “The new owner plans to reposition the property and add several new anchor tenants.”

The power center was built in 1985 on 29 acres. Current tenants include Ultra Foods, Office Max, Hobby Lobby, Burlington Coat Factory, GameStop, Fashion Bug, Home Choice and Sally Beauty and Supply.

 “The completion of this transaction is a testament to the power of Marcus & Millichap’s collaborative culture and the benefits that a national commercial real estate services firm with a powerful financing contingent can provide to clients,” adds Charles Krawtiz, MMCC’s central region vice president.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

Rick John Named 2014 President of SIOR Inland Empire/Orange County Chapter

  

Rick John

ORANGE COUNTY, CA (Jan.  22, 2014) – Rick (RJ) John, Executive Vice President and Branch Manager of Daum Commercial Real Estate Services, has been elected the 2014 President of the Society of Industrial and Office Realtors, Inland Empire/Orange County Chapter.  This is John’s second term as president, having previously held this position in 1998.

“Our chapter is comprised of 60 highly motivated commercial real estate professionals who, in 2013 alone, completed transactions totaling more than $3.5 Billion.  This is truly an extraordinary group of industry leaders in this market,” John noted.

Real estate professionals who have earned the SIOR designation are recognized by corporate real estate executives, commercial real estate brokers, agents, lenders, and other real estate professionals as the most capable and experienced brokerage practitioners in any market, according to John.

John has over 34 years of commercial real estate experience. With top salesman accolades the last eleven of thirteen years, John’s thirty year plus career has been focused in the San Bernardino/Riverside County markets. He is a member of the Society of Industrial and Office Realtors (SIOR).

During his career, John has been responsible for the marketing of 38 million square feet of buildings over 5,000 acres of industrial land with a transaction volume of well over one billion dollars.

DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, tenant representation, corporate services and the management of assets, construction, projects and properties. 

  Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company.  DAUM has nine offices throughout Southern California and Arizona.

DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network.  ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. 

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

Amanda Alenick/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Aalenick@browermillercole.com

www.daumcommercial.com.  

www.oncorintl.com.  

Faris Lee Completes $54 Million Sale of Foothill Crossing Regional Power Center in Rancho Cucamonga, CA

  

Foothill Crossing,  12181-12357 Foothill Boulevard, Rancho Cucamonga, CA

Jeff Conover

 IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $54 million sale of Foothill Crossing, a 312,307-square-foot regional power center located at 12181-12357 Foothill Blvd. in Rancho Cucamonga, Calif.

Built in 2004 and 2006, the property sits on just over 31 acres and is 90 percent occupied by a strong national credit tenant lineup including Sears Grand, Total Wine & More, and Office Depot.

 Jeff Conover of Faris Lee Investments represented the seller and the developer of the property, Foothill Crossing, LLC from Los Angeles. Dennis Vaccaro of Faris Lee Investments represented the 1031 Exchange buyer, Tivoli Square Apartments, LP.

 “We targeted both private and intuitional investors in our marketing strategy for Foothill Crossing,” said Conover. “Additionally, the intrinsic value of the center and its cash-on-cash return were key factors that garnered a strong amount of interest and multiple offers.

“ We selected Tivoli Square Apartments, LP, an investment group coming out of an apartment complex sale in a 1031 Exchange. This buyer was also a logical fit as it already owns a number of nearby retail properties.”

Dennis Vaccaro

“The buyer was attracted to Foothill Crossing because the retail center has remained successful despite the recent recession, proving its ability to attract and retain tenants. To that point, a vast majority of tenants are renewing their leases as they roll,” said Vaccaro.

“The property also offered the buyer one of the best retail locations in the Inland Empire as it is situated at the on/off ramp of Foothill Boulevard and Interstate 15, and is directly across from the 1.5-million-square-foot Victoria Gardens lifestyle mall.”

 Victoria Gardens is anchored by Macy’s, JCPenney, AMC Theaters, and Bass Pro Shops, and is one of the top performing retail centers in California, providing excellent tenant synergy and strong crossover shopping.

Foothill Crossing also benefits from unobstructed retail frontage of nearly a half-mile along Interstate 15, and approximately 1,600 feet of frontage along Foothill Boulevard. The average household income is in excess of $89,000 within a 5-mile radius.

 Faris Lee has conducted multiple transactions with Foothill Crossing’s buyer and seller due to the firm’s solid track record and experience in marketing multi-tenant regional and community shopping centers throughout the Inland Empire over the years.

Faris Lee’s most recent Inland Empire retail center transaction was in late 2013 with the $13.2 million sale of The Monet at Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center located across the street from Foothill Crossing and fronting the mall. Tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza, Pacific Dental and others.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224     

www.farislee.com.

John Marr Joins Greystone as Managing Director to Boost Loan Origination in Northeast and Midwest

John Marr

New York, NY, Jan. 21, 2014 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced the addition of John Marr to the firm’s production team.

 As a Managing Director, Marr will focus on origination for debt-financing solutions across Fannie Mae, Freddie Mac, FHA, CMBS, as well as Greystone’s proprietary lending platforms.

 Marr brings over 30 years of experience financing various types of real estate projects to Greystone. Based in Connecticut, he will report to Joe Mosley, Executive Vice President and Head of Agency Production.

 “We are excited for John to join the team at Greystone,” said Mosley. “An industry veteran, his experience in commercial, mortgage and investment banking and broad expertise in project finance will be a valuable resource as we continue to expand our offerings.”

 Marr joins Greystone from Alliant/ACRE Capital LLC, where he served as Senior Vice President and was responsible for originating new multifamily loans across the Northeast and Midwest. Previously, Marr held roles at PaineWebber and Citibank, where he arranged financing for healthcare facilities and multifamily housing.

Joseph Mosley

Marr received a Bachelor’s Degree in Economics from Hartwick College and an MBA in Finance from the Wharton School of the University of Pennsylvania.

Greystone was the number one FHA lender in 2013 and is ranked as a top-10 Fannie Mae lender. For more information about Greystone’s multifamily financing solutions please visit http://www.greyco.com/multifamily.

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

Greystone

Karen Marotta

212 896 9149

KMarotta@Greyco.com

www.greyco.com

 Cognito

Loretta Mock/Jessica Kleinman

646 395 6300

Greystone@cognitomedia.com

Merrill Industrial Center Signs Three Leases Totaling Nearly 49,000 Square Feet in Fort Lauderdale, FL

  

Merrill Industrial Center, 3400 SW 26th Terrace, Fort Lauderdale, FL

Judy Dolan

FORT LAUDERDALE, FL (Jan.  21, 2014)- Berger Commercial Realty Vice President Judy Dolan brokered three leases at the Merrill Industrial Center in Fort Lauderdale.

 Postal Center International renewed its lease and expanded its warehouse space to 32,568 square feet, located at 3406 S.W. 26th Terrace.

 World Wide Metric, Inc. also renewed its lease and expanded its warehouse space to 12,213 square feet, located at 3402 S.W. 26th Terrace.

 Additionally, Bearings & Drives, Inc., a Georgia Corp., signed a new lease for 4,071 square feet of warehouse space at 3400 S.W. 26th Terrace.

Dolan represented Merrill Industrial Center in all three transactions.

 Merrill Industrial Center features 20-foot clear height ceilings, dock and grade-level loading, ample parking, and close proximity to the Fort Lauderdale-Hollywood International Airport.  For information on available space, 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.

Mixed-Use, Five-Story Property in Heart of SoHo District, New York City, Listed for $10.9 Million

  

178 Spring Street, SoHo District, New York City, NY

Barbara Dansker

NEW YORK,  NY – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is exclusively listing the five-story, mixed-use walkup building, located at 178 Spring St. in New York City. The listing price is $10,900,000.

            178 Spring St. is a 5,049 square feet mixed-use building that will be delivered vacant. The property is located between West Broadway and Thompson Street in the heart of SoHo.

            The building has five units comprised of one ground floor retail unit with a rear garden and four full floor apartment units. It has a 2A tax status and is located in a world famous shopping corridor. The property is in close proximity to subway lines C, E, N and R.

Barbara Dansker and Zachary Ziskin, both in Marcus & Millichap’s Manhattan office, are representing the seller, a longtime owner of 178 Spring St.

Interested parties should call Barbara Dansker or Zachary Ziskin of the Marcus & Millichap Manhattan office at: 212-430-5100.

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

Gina Relva,

Public Relations Manager

(925) 953-1716

NAI Realvest negotiates three new leases totaling 5,300 square feet in Altamonte, Maitland and Baldwin Park, FL

Jeff Bloom

ORLANDO, FL --- NAI Realvest recently negotiated three new lease agreements totaling 5,300 square feet at office and retail facilities in Altamonte, Maitland and Baldwin Park.

Jeff Bloom, senior director at NAI Realvest, brokered all three transactions representing landlords and tenants.

David’s Animal Clinic leased 3,000 square feet of retail space at 498 North S.R. 434 in Altamonte Springs from landlord Wallpaper Now, Inc. 

Bencor, Inc., a retirement planning firm, leased 1,027 square feet of office space in the Keewin Lexington Office Park at 175 Lookout Place off Maitland Ave. and Maitland Blvd.  The landlord is Maitland Law Centre, Inc.    

 Landlord T. Baldwin Center FL, LLC based in Dallas leased 1,272 square feet of retail space at 4832 New Broad St. in Orlando’s Baldwin Park to East Coast Floats.  The Orlando-based tenant will use the premises for a flotation therapy center.

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

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

Colliers International Promotes Richard King to Executive Vice President of Property Management Services

Richard King

MIAMI, FL - Colliers International South Florida is pleased to announce that Richard King, CPLS, has been promoted to Executive Vice President of the Real Estate Property Management Services Division. The 18-year operational expert will be at the helm of the South Florida property management division.

"Richard's extensive operational experience provides a critical element to the success of the performance of our client's assets," says Stephen Nostrand, CEO of Colliers International South Florida.

"His peers in the industry recognized his leadership abilities when they elected Richard President of BOMA Florida. Richard is a strategic thinker who has proven that plans only work when they are executed for the benefit of the client."

Throughout his career, Richard has been responsible for the growth and development of strategic property management plans throughout Florida and abroad.

His operational, hands-on expertise is second to none, as is evidenced by the success achieved at the properties he has overseen, including 444 Brickell Avenue, a 328,000-square-foot office building; Loehmann's Plaza, an 800,000-square-foot retail center in Aventura; and Beach Place, a 180,000-square-foot mixed use facility in Fort Lauderdale.

Stephen Nostrand

Richard previously served as Director of Facilities for Nortel Network Latin America, where he managed a three million-square-foot portfolio of international office assets.

 Richard earned a BA in Engineering from the University of San Diego and Mesa College. 

Prior to working with Colliers, Richard served and retired from the United States Marine Corps after 22 years.

"I have been with Colliers for 11 years, and I am excited to take this position with this supportive and dynamic company filled with great people," says King.

"I'm looking forward to servicing our existing portfolio and bringing even more clients on board to accelerate their success through the Real Estate Property Management Services platform."

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

1.4 Million U.S. Properties with Foreclosure Filings in 2013 Down 26 Percent to Lowest Annual Total Since 2007

IRVINE, CA – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties released its Year-End 2013 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,361,795 U.S. properties in 2013, down 26 percent from 2012 and down 53 percent from the peak of 2.9 million properties with foreclosure filings in 2010.

Daren Blomquist

The 1.4 million total properties with foreclosure filings in 2013 was the lowest annual total since 2007, when there were 1.3 million properties with foreclosure filings.

The report also shows that 1.04 percent of U.S. housing units (one in every 96) had at least one foreclosure filing during the year, down from 1.39 percent of housing units in 2012 and down from a peak of 2.23 percent of housing units in 2010.

“Millions of homeowners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years since the housing price bubble burst — both in the form of homes lost to directly to foreclosure as well as home equity lost as a result of a flood of discounted distressed sales,” said Daren Blomquist, vice president at RealtyTrac. 

“But the shadow cast by the foreclosure crisis is shrinking as fewer distressed properties enter foreclosure and properties already in foreclosure are poised to exit in greater numbers in 2014 given the greater numbers of scheduled foreclosure auctions in 2013 in judicial states — which account for the bulk of U.S. foreclosure inventory.

“The push to schedule these auctions is certainly coming at an opportune time for the foreclosing lenders,” Blomquist added.

“There is unprecedented demand from institutional investors willing to pay with cash to buy at the foreclosure auction, helping to raise the value of properties with a foreclosure filing in 2013 by an average of 10 percent nationwide.”

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

Jennifer Von Pohlmann

949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com

Post Properties Announces Estimated Income Tax Characteristics of 2013 Dividends

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced how it expects its 2013 dividends to be classified for federal income tax purposes.

Of special note is that for tax reporting purposes, the common stock dividend payable on January 15, 2014 is taxable in year 2014. 

This release is based on the preliminary results of work on the Company’s tax filings and is subject to correction or adjustment when the filings are completed.

The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company’s dividends. No material change in these classifications is expected.

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

 Post Properties, Inc.
Chris Papa, 404-846-5000