Expedia.com Now Accepts Bitcoin to Give Travelers More Choice and Flexibility in Hotel Payments

Michael Gulmann

BELLEVUE, WA – Expedia.com®, the world's largest full service online travel site*, announced it is now accepting bitcoin as a form of payment for hotel purchases.

 Offering travelers another way to book online, customers can now shop from the world-class inventory of more than 290,000 bookable properties available on Expedia.com, and for the first time ever beginning today, easily pay for their hotel accommodations using bitcoin.

 “Expedia, Inc. is in a unique position, as one of the world’s leading online travel agencies, to solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies,” said Michael Gulmann, Vice President, Expedia Global Product.

“We’re continually looking at ways consumers want to pay for their travel; bitcoin is a great example of how Expedia is investing early in an array of payment options to give our customers and partners more choice in the ways they interact with us.”

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

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Chatham Lodging Completes Largest Acquisitions in Company History:

  

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded, select-service hotels, announced that it completed the previously announced acquisition of a 51-hotel, 6,848-room portfolio from a joint venture comprised of Cerberus Capital Management LP and Chatham in two separate transactions. 

The combined total purchase price was $1.3 billion, before capital expenditure reserves credited to the buyers of $39.7 million. 

Barclays Capital served as exclusive financial advisor to Chatham.  Wachtell, Lipton, Rosen & Katz and Hunton & Williams served as legal advisors to Chatham.

Chatham acquired four Residence Inns by Marriott® in Silicon Valley, comprising 751 rooms, as part of the sale of the 51-hotel portfolio for a net cash purchase price of $272.6 million, or approximately $363k per room. 

The transaction consists of the gross purchase price of $341.5 million less reserve credits of $15.1 million, resulting in a net purchase price of $326.4 million. 

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

 Jerry Daly                                                                                   

Daly Gray Public Relations                                                   

(Media)                                                                                        

chris@dalygray.com

(703) 435-6293                                                                           

HFF arranges $24.6 million refinancing for 250 Summer Street in Boston’s Seaport District

250 Summer Street, Seaport District, Boston, MA

BOSTON, MA – HFF announced  it has arranged a $24.6 million refinancing for 250 Summer Street, a 104,709-square-foot office building in Boston’s Seaport District.

HFF worked on behalf of the borrower, a partnership between Synergy Investments and Independencia Asset Management to secure the long-term, fixed-rate loan through Eastern Bank.  

Loan proceeds refinanced an acquisition loan on the property from HSBC Bank USA, which HFF arranged in 2012.   

250 Summer Street is located across the Fort Point Channel from Boston’s Financial District and South Station.  Originally built in 1903, the property has eight stories of office space that is 100 percent leased to tenants including Morrison Mahoney LLP.

The HFF team representing the borrower was led by managing director Greg LaBine.

Greg Labine

“Synergy did a tremendous job in executing their business plan for this asset,” said LaBine.  “Synergy completed significant upgrades to the building and tenant spaces and leased up the remainder of the building. 

"  As such, it was now time to employ an asset/liability management strategy that took advantage of the favorable long-term rate environment.  Eastern was attracted to the strength of the asset’s location, the durability of the cash flow and the track record of the sponsorship.”

Synergy Investments is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail and residential assets, and their associated debt.

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

HFF closes $29 million sale of leasehold interest in Secaucus, NJ

Michael Nachamkin

FLORHAM PARK, NJ – HFF announced it has closed the $29 million sale of the leasehold interest at 1 Emerson Lane, a 340,000-square-foot light industrial property in Secaucus, New Jersey. 

               HFF marketed the property exclusively on behalf of the seller, Trinity Place Holdings, Inc. (“Trinity”). 

               1 Emerson Lane (also known as 1 Syms Way) is situated on an 18.64-acre site in the Meadowlands submarket less than five minutes from the New Jersey Turnpike; Routes 1, 3, and 9; and Interstate 495.  

Originally constructed in 1978 and expanded in 1996, the property also includes 35,712 square feet of two-story office space.  The building was sold vacant.

               The HFF investment sales team representing Trinity was led by managing director Michael Nachamkin along with associate director Steve Simonelli.

Steve Simonelli

Trinity currently has significant real estate holdings in three states, and a variety of consumer-sector intellectual property rights.  

Trinity’s assets include real estate holdings in such strong markets as Westbury, New York; Paramus, New Jersey; West Palm Beach, Florida; and “Trinity Place,” one of lower Manhattan’s premier development sites.

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

$80 million refinancing secured by HFF for Hoboken, NJ luxury multi-housing community

North Independence at The Shipyard Apartments
Hoboken, NJ

FLORHAM PARK, NJ – HFF announced it has secured an $80 million refinancing for North Independence at The Shipyard, a 185-unit luxury multi-housing community in Hoboken, New Jersey.

               Working on behalf of Ironstate Development, HFF placed the 12-year, fixed-rate loan with a life insurance company.  Loan proceeds were used to pay off an existing mortgage.

               North Independence at The Shipyard is located at One Independence Court along the Hudson River in Hoboken, between the Lincoln Tunnel and Holland Tunnel providing access to midtown Manhattan and all the major New Jersey highways. 

Thomas Didio

The property is situated within the Shipyard neighborhood, which consists of five multi-housing communities that share amenities, retail shops, a one-acre park, ferry stop and marina on the Hudson River. 

  North Independence has one-, two- and three-bedroom units averaging 1,174 square feet each.  The 95 percent leased property shares amenities including a fitness center, outdoor pools, residents lounge, indoor and outdoor child play areas and garage parking. 

               The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio and associate director Samuel Seiden.

“HFF was happy to assist Ironstate Development with this refinancing.  We are pleased we were able to secure a favorable interest rate for such a quality borrower and property,” stated Didio.

               Ironstate Development is a Hoboken, New Jersey-based development firm that is currently engaged in the development of more than $1 billion of residential, hotel and mixed-use properties in New Jersey and New York.

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

HFF secures $16.6 million construction loan for development of Aloft Raleigh in Raleigh, NC

Rendering of planned Aloft Raleigh, 2100 Hillsborough Street
Downtown Raleigh, NC

WASHINGTON, D.C. – HFF announced it has secured a $16.6 million construction loan for the development of the 135-room Aloft Raleigh in Raleigh, North Carolina.

               Working exclusively on behalf of a partnership between The Bernstein Companies, TME Investments and Michael Sandman, HFF placed the five-year construction loan with First Tennessee Bank.                

The Aloft Raleigh will be located at 2100 Hillsborough Street directly adjacent to North Carolina State University and two miles from downtown Raleigh.

  Upon completion in the Fall of 2015, the Aloft will feature a fitness center, swimming pool, outdoor deck and the Aloft’s signature Lobby and WXYZ Bar, Re:Mix (lounge), Re:Fuel (packaged and fresh foods) and In-Touch (business center). 

The HFF team representing the borrower was led by managing director Mark Remington. 

“The Aloft Raleigh will be one of the only branded lodging facilities with direct access to the University, allowing the hotel to capture market share from inferior competitors from travelers who demand convenience, accessibility and modern amenities at competitive nightly rates,” said Remington.

The Bernstein Companies, founded in 1933, has successfully owned, managed, developed and invested in all types of commercial and residential real estate throughout Washington, D.C. and the Mid-Atlantic area.

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

$34.5 million refinancing of Prana Apartment Homes in Boulder County, CO secured by HFF

Josh Simon

 DENVER, CO – HFF announced  it has secured a $34.5 million refinancing for Prana Apartment Homes, a 254-unit multi-housing property in Lafayette, Colorado. 

               Working exclusively on behalf of the borrower, LLJ Stratford Prana, LLC, HFF placed the 10-year, 4.74 percent, fixed-rate loan with Fannie Mae through HFF’s correspondent relationship with M&T Realty Capital Corporation. 

The forward rate lock refinance replaced a significantly higher rate HUD loan, which was closed to prepayment until May 2014. 

  The new Fannie Mae loan provided the borrower with a lower overall interest rate and five years of interest-only amortization, as well as some cash-out proceeds above the existing loan balance.  

               Prana Apartment Homes is situated on an 11.1-acre site at 550 Viridian Drive adjacent to the Exempla Good Samaritan Medical Center and Kaiser’s Rock Creek Medical Offices in southeastern Boulder County.  

Eric Tupler

The property is a short drive from downtown Denver and downtown Boulder and is close to US-36 and Northwest Parkway.  Competed in 2010, Prana Apartment Homes has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each. 

  Each unit also features a full-size single car garage.  The 96.4 percent leased property offers residents a clubhouse with cyber café, 24-hour health club, Junior Olympic swimming pool, heated pet washing station, and entertainment areas with billiards and foosball. 

               The HFF team representing the borrower was led by director Josh Simon, senior managing director Eric Tupler and real estate analyst Chad Murray.

               “The borrower executed their business plan to perfection with this refinance,” said Simon, “They bought the property in December 2012 at a great price with the plan to put more accretive financing in place once the assumable HUD loan opened to prepayment.  Not only did they lower their borrowing costs with this refinance, but they were able to return some of their equity as part of this financing.”

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

HFF closes $19.95 million sale of Class A distribution center in California’s Inland Empire

Anthony Brent

IRVINE, CA – HFF announced it has closed the $19.95 million sale of Rialto Distribution Center, a 247,226-square-foot, Class A distribution center in Rialto, California.

HFF marketed the property on behalf of Thackeray Partners.  Industrial Property Trust Inc. (“IPT”) purchased the unencumbered asset for $19.95 million.

Rialto Distribution Center is located at 181 South Larch Avenue just north of Interstate 10 in Rialto.  Completed in 2009, the facility is 100 percent leased to Bissell, Inc.

The HFF team representing the seller was led by senior managing directors Anthony Brent and Brett Tremaine and managing director Ryan Martin. 

Formed in 2005, Thackeray Partners invests in real estate through a series of private equity funds. 

  Since inception, Thackeray has closed or committed to transactions totaling more than $2 billion, representing equity placements of approximately $600 million. 

Ryan Martin

Total investment activity includes 146 separate transactions representing more than 14,000 apartment units, almost 10.6 million square feet of industrial space and just under 4.4 million square feet of retail space.

IPT is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers.  

IPT's core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs.  

IPT has operated and elected to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the taxable year that ended on December 31, 2013, and IPT intends to continue to operate in accordance with the requirements for qualification as a REIT.

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

Marcus & Millichap Sells South Florida Retail Center for $11.6 Million

  

Plaza Del Rey, Miami, FL

MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Plaza Del Rey, a 50,186-square-foot shopping center in Miami.      

     The $11,600,000 sales price equates to $231 per square foot.

            Drew A. Kristol and Kirk Olson, both vice presidents investments in Marcus & Millichap’s Miami office, represented the seller, a Miami-based LLC. Kristol and Olson also represented the buyer, another locally based LLC.

Drew A. Kristol

            “Situated within a densely populated infill area in the heart of Miami-Dade County, Plaza Del Rey has a diverse tenant mix, strong historical occupancy and solid cash flow,” says Olson.  “Our marketing campaign produced multiple offers and the sale closed at list price.”

            “The Plaza De Rey transaction is a good indication of strong investor demand for infill Miami-Dade shopping centers,” Olson concludes.

            The property is located on 4.5 acres at the corner of West Flagler Street and SW 102nd Avenue at 10000 West Flagler St. in Miami, one mile from Florida International University. 

A large-scale retail development known as Fountain Square that features anchor tenants Target and Publix is underway across the street. West Flagler Street is a six-lane retail corridor with traffic counts of more than 40,000 vehicles per day. Florida State Road 836 and the Palmetto Expressway are nearby.

Kirk Olson

            At the time of the sale, Plaza Del Rey was 95 percent occupied. The center is anchored by a 14,000-square-foot Navarro Discount Pharmacy. Other tenants include Rent-A-Center, T-Mobile and Vicky Bakery.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Ackerman & Co. Sells Rainwater Restaurant in Alpharetta, GA to Ruth’s Chris Steakhouse

  

Steve Langford

 Atlanta, GA – Ackerman & Co. has brokered the sale of an 18,248-square-foot, turnkey restaurant building in Alpharetta, Ga. to Ruth’s Chris Steakhouse.

 Forgoing the option to lease, Ruth’s Chris purchased the land and two-story building at 11655 Haynes Bridge Road – formerly award-winning Rainwater restaurant – just off Georgia 400.

Built in 2001, the 2.3-acre property fronts Haynes Bridge for maximum visibility and is in close proximity to the Greater North Fulton Chamber of Commerce.

 “That alone should provide Ruth’s Chris with an immediate and consistent stream of business,” said Steve Langford, investment sales vice president at Ackerman. Langford, along Alan Shaw from the Shopping Center Group, represented the seller, J.D.F. Holdings, LLC, in the transaction.

Alan Shaw

Ruth’s Chris plans to relocate its Sandy Springs restaurant to the new Alpharetta location by the fall. The company will operate the restaurant on the first floor and use the second level for their corporate offices. 

This sale was a unique opportunity for a national owner/occupier to take advantage of current market pricing, expand and relocate an existing business, and be in one of metro Atlanta’s most affluent and sought after communities.

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

Fara Wilson, VP of Marketing

770. 913.3904  |  fwilson@ackermanco.net

Moseley Joins C&W as Firm's Management Portfolio Expands in Jacksonville, FL

  

Harry Moseley

JACKSONVILLE — Cushman & Wakefield of Florida is pleased to announce that Harry Moseley has joined the firm's Investor Services group as a Director of Engineering for the state of Florida.

Mr. Moseley will be based out of Cushman & Wakefield's quickly expanding Jacksonville office while servicing the firm's 9.0 million-square-foot Florida portfolio.

Mr. Moseley has more than 20 years of senior leadership experience managing 15 million square feet of commercial real estate. He spent the past 18 years at CBRE serving most recently as Operations Manager where he oversaw the direction of daily operations at 75 properties spanning the spectrum of office, retail and industrial.

"Harry will be a tremendous asset to both our firm and our clients," said Tim Rivers, Managing Director of Investor Services for the state of Florida. "He is uniquely qualified to ensure excellence of service across our growing state-wide portfolio."

Tim Rivers

Mr. Moseley studied General Studies and Technical Studies at Florida State College at Jacksonville. He is a National Glass Association Certified Glass Technician, certified Building Owners Managers Institute System Maintenance Administrator and is a universally certified EPA Section 608 technician.

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

Harry M. Moseley

Director of Engineering — Investor Services

harry.moseley@cushwake.com

O - 904.380.9085

M - 904.545.0158

Cushman & Wakefield of Florida, Inc.

121 West Forsyth Street

Suite 900

Jacksonville, FL 32202

904.731.9500

Lincoln Harris Wins Leasing and Property Management Assignment for SouthCourt in Durham, NC

  

Richie Faulkenberry

 CHARLOTTE, N.C. (June 10, 2014) — Lincoln Harris has won the leasing and property management assignment for SouthCourt, a six-story, 146,000-square-foot building in Durham, North Carolina, that includes approximately 131,000 square feet of Class A office space and 15,000 square feet of ground-level retail.

 “This is an outstanding property, and combining the appeal of this asset with our team’s experience and expertise will ensure that we deliver outstanding value and returns to our landlord client,” said Richie Faulkenberry, senior vice president at Lincoln Harris, based in the firm’s Charlotte office.

 Kaler Walker, vice president of office leasing in the firm’s Raleigh office, will oversee the leasing of the office space. Matt Larson, vice president of brokerage in the firm’s Raleigh office, will oversee the retail leasing.

Matt Larson

 Torchlight Investors is the owner of the building, which is located at the corner of Shannon Road and University Drive, and features panoramic views of Durham and neighboring Chapel Hill.

Providing easy access to interstates 40 and 85, SouthCourt is within minutes of Duke University, Duke Medical Center, Research Triangle Park, Raleigh-Durham International Airport and the University of North Carolina at Chapel Hill.

Amenities include a landscaped courtyard with a water feature, cherry wood paneling, bronze elevators, decorative wall coverings and granite finishes. A two-story lobby features a steel and bronze monumental stairway. Tenants include Wells Fargo Private Bank, Merrill Lynch and Neurocog Trials.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O) 404-405-2354 (C)

sursery@thewilbertgroup.com

Capital Square Realty Advisors Completes DST Investment Offering of CVS Pharmacy Store on Las Vegas Strip

  

Sky Las Vegas Condo Tower, Las Vegas, NV

 LAS VEGAS, NV  – Capital Square Realty Advisors, LLC announced today that its Delaware Statutory Trust investment offering, comprising an approximately 15,000-square-foot retail facility occupied by CVS Pharmacy on the Las Vegas Strip, has been fully subscribed by investors.

 Located at 2700 S. Las Vegas Blvd., the retail facility is situated on the ground floor of Sky Las Vegas, a 45-story high-rise luxury condo development.

 “This retail facility is 100 percent net leased to a CVS entity and benefits from its location on the north end of the Las Vegas Strip, presenting the store with high car and foot traffic,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors.

“There is growing demand from investors seeking to benefit from ownership of investment-grade real estate through the DST structure. Capital Square looks forward to continuing to provide investors with high quality investment options such as this CVS facility.”

Louis Rogers

The property is surrounded by new development activity, including the SLS Las Vegas currently under construction on the site of the former Sahara Hotel & Casino.

 This 1,600-room boutique resort with an estimated $300 million in construction costs is scheduled to open in 2014. The property is also near Resorts World Las Vegas, currently under construction at the previous site of the Stardust Hotel and Casino. The project is estimated to cost between $2 and $7 billion and is scheduled to open in 2016.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172, ext. 703

julie@spotlightmarcom.com

Trepp May Payoff Report: Percentage of Loans Paying at Maturity Increases

NEW YORK, NY -- Trepp reports the percentage of loans paying off on their balloon date jumped sharply in May to 77.1%. 

The rate is more than 13 points higher than the April reading of 63.6%. This month's increase broke a string of five straight months in which the payoff rate had fallen. 

From November 2013 to April 2014, the rate dropped from 81.3% to 63.6%.

The May payoff percentage was well above than the 12-month moving average of 70.9%. This number sums the averages of each month and divides by 12--there was no balance weighting across the months. The highest rate in the last five years was November 2013 when payoffs totaled 81.3%. (Trepp began measuring this statistic in August 2008.)

By loan count (as opposed to balance), 74.8% of loans paid off in May. That was an increase from April's level by loan count, as 67.0% paid off. The 12-month rolling average by loan count is now 70.1%.

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

Eric Gerard Eric@greatink.com

U.S. Foreclosure Starts at Lowest Level Since December 2005

Daren Blomquist

IRVINE, CA— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for May 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013 to the lowest monthly level since December 2006.

The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.

 “It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” said Daren Blomquist, vice president at RealtyTrac.

 “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”

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

Jennifer Von Pohlmann

949.502.8300949.502.8300, ext. 139

jennifer.vonpohlmann@realtytrac.com