Charles Dunn Company Completes $2 Million Sale of Multifamily Property in Santa Monica, CA

  

Kimberly Roberts Stepp

 LOS ANGELES, CA, July 2, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2 million sale of a fully occupied eight-unit multifamily property located near Michigan Avenue at 1811 19th Street in Santa Monica, Calif.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the sellers, two Los Angeles-based family trusts. The buyer was a private investor from Los Angeles who was represented by Wes Wellman of Wellman Realty Company. The transaction closed at a 4.3 percent cap rate and a per-unit price of $250,000. 

“The Santa Monica apartment market is strong with investors waiting on the sidelines to buy assets such as this one,” said Stepp. “This property offered the buyer a significant upside and a value-add opportunity to reposition the property over the next few years.”

Built in 1960, the property includes seven two-bedroom/one-bathroom units and one studio unit. It is located near the future terminal of the much-anticipated light rail line which is expected to be completed in 2015.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Hold-Thyssen Lands Three New Tenants at TD Bank Building in Winter Garden, FL

Therese Taylor

Winter Park, FL and Winter Garden, FL --- Hold-Thyssen, Inc., a commercial real estate services firm based in Winter Park, recently negotiated three new leases in the TD Bank Building at 12200 W. Colonial Drive in Winter Garden.

 R. Anthony Fisher, vice president of Hold-Thyssen, Inc. said Leasing Agent Therese Taylor negotiated all three transactions representing the landlord, 12200 W. Colonial Drive LLC based in Portland, Ore.

 Tenant Scholastic Insurance of Florida LLC leased 2,050 square feet.  

 Two of the new lease agreements include executive suite tenants – Lotus Financial Services Group and Statewide Permit Service, Inc. who assists builders and contractors obtain permits.

Earlier this year Taylor completed ten other lease agreements in the TD Bank Building at 12200 W. Colonial which is currently 85 percent leased, up from 70 percent under Hold-Thyssen’s watch.

 Hold-Thyssen provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

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

HFF arranges $5 million financing for newly completed Pacific Beach, CA mixed-use development

Aldon Cole

SAN DIEGO, CA – HFF announced it has arranged $5 million in financing for The Point @ Ingraham, a newly-built, mixed-use residential and retail project in Pacific Beach (San Diego), California.

               HFF worked on behalf of the borrower, Veritas Urban Properties, to secure the 4.17 percent, ten year, fixed-rate loan through HFF’s life insurance company correspondent Aegon USA Realty Advisors, Inc.

 Loan proceeds are taking out the existing construction loan and providing cash out to the borrower. The loan proceeds and interest rate were locked in advance of the project’s lease-up and prior to any property operating history, an advantage unique to life insurance companies.

“HFF was great to work with, and helped produce excellent value on an expedited schedule,” said Russ Murfey of Veritas Urban Properties.

Bryan Clark

               The Point @ Ingraham is located at 3805 Ingraham Street a few blocks south of Garnet Avenue, a major retail and entertainment thoroughfare, in the heart of Pacific Beach, and within 10 miles of downtown San Diego. 

Completed in January 2014, the property consists of a three-story residential building with 21 one- and two-bedroom units averaging 756 square feet per unit, plus 2,266 square feet of ground floor retail.  The retail component is fully leased to The Promiscuous Fork. 

               The HFF debt placement team representing the borrower was led by senior managing director Aldon Cole and associate director Bryan Clark.

The Point@Ingraham, Pacific Beach, CA

               Veritas Urban Properties was founded to fill a growing need for creative solutions in the urban landscape.  

The company has development experience that includes more than 1,000 residential units and 60,000 square feet of commercial space and was recently recognized by San Diego Magazine as one of San Diego’s Next Generation of Civic Leaders.  The builder on the project was Murfey Construction, Inc.

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 sale of Winn Dixie and Kmart-anchored retail center in West Palm Beach, FL

Danny Finkle

MIAMI, FL – HFF announced it has closed the sale of Cross County Plaza, a 357,537-square-foot, grocery-anchored retail center in West Palm Beach, Florida. 

 HFF represented the seller, Kimco Realty Corp. in the transaction.  Alliance Private Capital Group, LLC purchased the asset free and clear of existing debt.

Cross County Plaza is located at 4340 Okeechobee Boulevard close to Interstate 95, The Florida Turnpike, downtown West Palm Beach and the Palm Beach Lakes office submarket.

 Completed in 1998, the property is 99.4 percent leased to tenants including Winn Dixie, Kmart, Madrag, Ross Dress for Less, David’s Bridal and Party City. 

The HFF investment sales team representing the seller was led by senior managing directors Danny Finkle and Brad Peterson and managing director Luis Castillo.

Brad Peterson

 For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

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 $11.2 million sale of and arranges $8.6 million financing for Lilburn Corners in Atlanta, GA

  

Jim Hamilton

ATLANTA, GA – HFF announced it has closed the sale of and arranged financing for Lilburn Corners, a 105,161-square-foot, grocery-anchored retail center in Lilburn, Georgia.

HFF represented the seller, Philips Edison & Company, in the sale of the property to BDB Realty LLC.  BDB purchased the asset for $11.2 million and obtained acquisition financing through Jefferies LoanCore, which was also arranged by HFF.

 The $8.6 million securitized loan has a 10-year term and a fixed-rate for the duration of the loan.

Lilburn Corners is located at 375 Rockbridge Road NW at the confluence of Lawrenceville Highway (U.S. 29) and Rockbridge Road in the northeast area of the Atlanta MSA. 

The property is 92.4 percent leased and is anchored by Publix.  Additional tenants include H&R Block, The UPS Store, Snap Fitness and Marco’s Pizza. 

 The HFF investment sales team representing the seller was led by managing directors Jim Hamilton and Richard Reid. HFF’s debt placement team was led by director Chip Sykes.

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.jlcre.com.

            

The World’s Best-Reviewed Hotels: Expedia.com Releases 2014 Insiders’ Select™ Top 100 List

John Morrey

BELLEVUE, WA, July 1, 2014 – Today Expedia.com®, one of the world’s largest full-service online travel sites*, announced the Expedia® 2014 Insiders’ Select™ rankings, an annual crowd-sourced list of the world’s best-reviewed hotels.

The Insiders’ Select™ list recognizes the top-ranked hotels available worldwide on Expedia.com, as judged by nearly two million annual verified guest reviews and in-house experts. 

Hotels that consistently deliver value, in the form of competitive pricing, pristine amenities and superior customer service, will see that commitment rewarded in their ranking.

The exclusive 2014 list designates only 650 hotels as Insiders’ Select™ properties, from among the more than 290,000 bookable properties available on Expedia, Inc. websites worldwide.

Lakehouse Hotel and Resort, a four-star property in San Marcos, topped the 2014 Insiders’ Select list, followed closely by Blue Karma Resort in Seminyak, Bali. Last year, Mexico dominated the top ten with six properties but this year, the United States takes that honor with six listed in the top ten.

 The top 10 hotels in this year’s ranking include:

Lakehouse Hotel and Resort, San Marcos, CA

1.       Lakehouse Hotel and Resort (4 stars, San Marcos, CA, USA)

2.       Blue Karma Resort (5 stars, Seminyak, Bali)

3.       Dar Al Masyaf Madinat Jumeirah (5 stars, Dubai, UAE)

4.       Homestead Cottages (3 stars, Awahnee, CA, USA)

5.       Apache Casino Hotel (3.5 stars, Lawton, OK, USA)

6.       Cocomar Residences & Beachfront Hotel (3.5 stars, Parrita, Costa Rica)

7.       I Hotel And Conference Center (3.5 stars, Champaign, IL, USA)

8.       Fairmont Pittsburgh (4.5 stars, Pittsburgh, PA, USA)

9.       Almond Tree Inn (3.5 stars, Key West, FL, USA)

10.   Epoque Hotel (5 Stars, Bucharest, Romania)

“Every year we celebrate the Insiders’ Select list to honor the hotels and our commitment to giving customers a resource to make informed and confident hotel booking decisions that will fit any budget,” said John Morrey, Vice President and General Manager, Expedia.com.

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

Sarah Gavin                                        Dayna Sason

Expedia.com                                      HL Group (for Expedia)

(425) 679-8917                                   (646) 375-4018

sgavin@expedia.com                     dsason@hlgrp.com

Related Midwest Unveils Experiential On-Site Leasing Center and Kara Mann-Designed Model Residences at OneEleven in Chicago, IL

Curt Bailey

CHICAGO, IL – Related Midwest announces it has unveiled and opened its experiential on-site leasing center and six Kara Mann-decorated models at OneEleven, offering the first look inside the much-anticipated 60-story ultra-luxury rental tower at 111 W. Wacker Drive as it welcomes first move-ins July 1.

 Featuring 504 apartment residences and a prominent address overlooking the Chicago River, OneEleven brings a sophisticated new rental lifestyle to Chicago’s Loop with its mix of exceptional amenities, hotel-level services and notable design.

“It is always a proud moment when we unveil a new building, but this is especially true with OneEleven,” said Curt Bailey, president of Related Midwest.

“We introduced Chicago to the rental lifestyle Related is known for last year with the opening of 500 Lake Shore Drive, and now we’re bringing that same residential experience to a beautiful, unique location on Chicago’s riverfront.

With our leasing center and models open and first residents moving in, we’re excited to be able to showcase what the building offers inside and out.”

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Trepp Reports US CMBS Delinquencies Continue to Fade at Mid-Year Mark

Manus Clancy

NEW YORK, NY  – Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its June 2014 US CMBS Delinquency Report. 

Half way through 2014, CMBS issuance has disappointed and uncertainty persists in the fixed income and equity markets but one thing that has remained constant is the improving delinquency rate in CMBS.

June marks the 13th straight month of improvement in the delinquency rate for US commercial real estate loans in CMBS. Dropping 22 basis points to 6.05% in June, the reading is 260 basis points lower year over year and 429 basis points below the all-time high from 2012.

“A few days ago, we saw the six year anniversary of the beginning of the CMBS Ice Age – a stretch where there would be no CMBS issuance for 21 months,” said Manus Clancy, Senior Managing Director at Trepp. “As we reach the halfway point of 2014, the thaw is nearly complete. New issue spreads continue to fall and legacy defaulted CMBS loans continue to be resolved at a steady pace.”

 Industrial loans saw the most improvement in June, dropping 55 basis points, after being the only property type to worsen in May. Retail still holds the crown of lowest delinquency of the five major property types while multifamily remains highest.  

 Loan resolutions tallied $900 million in June and loans that cured offset new delinquencies. 

There are currently $32.4 billion in delinquent loans, which is down from $33.6 billion last month. There are $40.9 billion in loans with the special servicer representing over 2,400 loans.

For additional details, such as delinquency status and historical comparisons, request the June 2014 US CMBS Delinquency report at www.trepp.com/knowledge/research. For daily CMBS commentary, follow @TreppWire on Twitter.

 

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

Carl Gaines

Account Director

Great Ink Communications

27 Union Square West, Suite 205

New York, NY 10003

w: (212) 741-2977

c: (917) 202-0771

Avex Homes Names Veteran Builder Heath Short Project Superintendent at Westyn Bay in Ocoee, FL

Heath Short

ORLANDO, FL --- Avex Homes, Central Florida’s premier traditional homebuilder, has appointed veteran home builder Heath Short project superintendent at Westyn Bay in Ocoee.

Eric Marks, president of Avex Homes, said Short has more than 25 years of experience as a home builder, including 10 years in concrete and masonry and 15 years building single family and townhomes. 

“We are pleased to welcome Heath to the Avex Homes Team,” said Marks. “He brings a wealth of knowledgeable into the workings of the homebuilding industry that we are eager to tap into.”

The Avex Homes Westyn Bay sales center is located at 634 Fortanini Drive, Ocoee, FL 34761.  For additional details and directions to the community, visit AvexHomes.com.

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

NAI Realvest Names Tom Miller Director of Property Management

Tom Miller

 ORLANDO, FL -- NAI Realvest, one of central Florida’s largest commercial real estate services companies, recently named Tom Miller as director of property management.

Patrick Mahoney, president and chief operating officer at NAI Realvest, said Miller has more than 19 years of experience in commercial real estate. 

Prior to joining NAI Realvest Miller held leadership positions with Divisions Maintenance Group, Jones Lang LaSalle and National City Corporation.  

Miller has directed teams in managing a wide variety of property types, including commercial office, high-rise, flex/warehouse, critical operations/data center space and retail.  

Patrick Mahoney

Miller holds a Master of Business Administration and Management from the University of Akron and his specialized training, certifications and affiliations include Certified Facilities Manager (CFM), Facilities Management Administrator (FMA), Real Property Administrator (RPA) and Certified Property Manager (CPM).  

As Director of Property Management, Miller has bottom line responsibility and accountability for the comprehensive performance of the Property Management department at NAI Realvest.

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

Peachland Promenade Renovation in Port Charlotte, FL Enhances Shoppers’ Visits

Teri Young

PORT CHARLOTTE, FL -- Inland American Real Estate Trust, Inc. announced today that renovation has begun on Peachland Promenade, the shopping center located at 24123 Peachland Blvd. in Port Charlotte.

 Currently in progress, the work will include several phases of improvements, including a new building façade, sidewalk resurfacing, parking lot LED lighting, new landscaping, improved tenant signage, new asphalt pavement, seal coating of the parking lot and a new energy efficient white roof.

Spaces currently available for lease are completely built out, requiring only fixtures and décor for new tenants.  The renovation is scheduled for completion by mid-October.

“The improvements will refresh the visual appeal of the center and provide an updated shopping experience for customers and store owners alike,” said Teri Young, senior vice president of leasing and marketing for Inland American Management, LLC.

 All Peachland Promenade stores and businesses remain open during the renovation. 

Current tenants include Papa John’s Pizza, Charlotte’s Hallmark, Subway, Bon Worth, UPS, Dolphin Cleaners, Great Clips, Perfect Nails, Peachland Dental and Peach Garden Restaurant.  

Peachland Promenade is located at the intersection of King’s Highway and Veterans Boulevard.

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

Jennifer Morton-Riggs

Inland American Management, LLC.

 jennifer.morton-riggs@inlandgroup.com

630.368-2213

Capital One Bank Closes $14.6 Million FHA Loan to Refinance Palm Beach-Area Assisted Living Facility

Carolyn Whatley

BETHESDA, MD, JUNE 30, 2014 – Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, announced today that it has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living facility in Tequesta, Florida. 

The transaction was originated by Carolyn Whatley, Senior Vice President of originations, headquartered in the company’s Palm Beach office.  Tequesta Terrace is owned by Terrace Communities, which  also owns assisted living communities in Vermont, New Hampshire, Maine, and Florida.

“At Capital One, we first develop an  insightful understanding of our borrowers’ business objectives and goals for their properties,” Whatley says. 

“We then develop financing alternatives that meet their requirements in different ways.  Whenever possible, we want to offer alternatives.”  In this case, Whatley and her team presented the borrowers with various structures.

“After weighing the options, the partners chose HUD’s refinance program because it fits well with their strategy as long-term holders of the property.

" At the same time, the loan is assumable and can be prepaid, so it provides flexibility in the event their goals change.

“We are a Fannie Mae DUS® lender, a Freddie Mac Program Plus® lender and a MAP- and LEAN-approved HUD lender,” Whatley adds. 

“These programs, together with the bank products, make it possible for us to offer clients a broad array of  alternatives.”  

The transaction was financed under the HUD 232/223(f) program and was underwritten under the LEAN process.

Tequesta Terrace, Tequesta, FL

In addition to Tequesta Terrace, Capital One Multifamily is refinancing two other properties owned by Terrace Communities, both located in New Hampshire.

  Kate Heaton,  a partner of Tequesta Terrace, praised the group for the ease with which they handled all three transactions simultaneously. 

“The members of the Capital One team are consummate professionals, responsive and always accessible.  During the process, it seemed as though they are always working at most any time, day or night,” she says.  “At every turn, they went the extra mile to ensure our requests were met, providing for a most positive experience.”

  

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. 

Loews Hotels & Resorts Purchases The InterContinental Chicago O’Hare Hotel

InterContinental Chicago O'Hare Hotel

NEW YORK, NY (June 30, 2014) – Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the 556-room InterContinental Chicago O’Hare Hotel.  The acquisition is expected to close in late July.

 The InterContinental Chicago O’Hare will be the second hotel for Loews in the Chicago area and the third new hotel in the Midwest. 

Earlier this month, the company announced an agreement to purchase the Graves 601 Hotel in Minneapolis. Loews Chicago, a 400-room new build hotel, located downtown, will debut in February 2015. 

This is all part of Loews Hotels’ goal to add substantially to its portfolio of hotels over the next few years. The company continues to add properties in gateway cities and resort destinations.

Jonathan Tisch

 “The Midwest is an area where we were looking to increase our presence,” said Jonathan Tisch, Chairman, Loews Hotels & Resorts.  

“Adding the Loews Chicago O’Hare to our portfolio allows us to offer two Loews experiences in the Chicago area, one in the booming area of Rosemont, IL, and one downtown with the new Loews Chicago Hotel opening in early 2015.”

 Located less than two miles from O’Hare Airport and just 13 miles from downtown Chicago, the InterContinental Chicago O’Hare is across the street from the Donald E. Stephen’s Convention Center, adjacent to the newly opened Fashion Outlets of Chicago and a couple blocks from the Rosemont Entertainment district. 

The hotel features three restaurants and bars, more than 53,000 square feet of meeting and event space, and a curated art gallery.

“Loews Hotels has a strong reputation in the group meetings and conventions market and is known for delivering excellent customer service to our hotels,” said Paul Whetsell, President & CEO, Loews Hotels & Resorts.  “We look forward to bringing that expertise and stellar service to guests and meeting attendees visiting this hotel.”

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

Sarah Murov

Loews Hotels & Resorts                                                                   

(212) 521-2495                                                                          

SMurov@LoewsHotels.com

MBA Releases Commercial/Multifamily Quarterly DataBook for Q1 2014

  

 WASHINGTON, DC -- The Mortgage Bankers Association (MBA) released its first quarter 2014 Commercial Real Estate/Multifamily Finance Quarterly DataBook.

To download a free copy, click here.

The report includes a summary of major trends and detailed charts and tables that provide current and historical information on the economy and commercial/multifamily real estate markets.  

Among the findings covered in the DataBook:

Commercial and multifamily mortgage originations started 2014 at the same pace they started 2013.

The level of commercial/multifamily mortgage debt outstanding reached a new high in the first quarter – increasing $11.1 billion, or 0.4 percent, over the previous quarter.

The fourth quarter of 2013 and first quarter of 2014 marked the largest percentage point declines on record in CMBS delinquency rates. 

We also see continued improvement in the performance of commercial mortgages held by banks and very low delinquencies in loans held by life insurance companies and the GSEs.

MBA’s Quarterly DataBook compiles the most up-to-date information on topics of interest to commercial/multifamily real estate finance industry professionals, including trends in the economy, property sales, originations, delinquencies, and mortgage debt outstanding.

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

Shawn Ryan

sryan@mba.org

(202) 557-2727

Meridian Capital Group Arranges $9.9 Million in Acquisition Financing for a Multifamily Property Located in Jacksonville, FL

  

San Pablo Apartments, 14401 Jose Vedra Boulevard
Jacksonville, FL

Boca Raton, FL, June 30, 2014  – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $9.9 million loan for the purchase of a multifamily property located in Jacksonville, FL.

 The ten-year Fannie Mae loan, provided by an agency lender, features a loan-to-value ratio of 80%, a competitive fixed-rate of 4.69% and interest-only payments for a portion of the loan term.

 This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, and Senior Underwriter, Noam Kaminetzky, who are both based in the Company’s Boca Raton, FL office.

 The San Pablo Apartments is a two-story multifamily property totaling 200 units located at 14401 Jose Vedra Boulevard in Jacksonville, FL.

 “Meridian leveraged its strong agency lender relationships to secure a mortgage at 80% loan-to-cost with an interest-only feature in a Fannie Mae pre-review market,” said Mr. Brown. 

Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida, Arizona and California.

Jonathan Stern

 Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com

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

Jonathan Stern

Meridian Capital Group, LLC

212/972-3600

jstern@meridiancapital.com