Berger Commercial Realty Corp. Closes Transactions Totaling More Than $3 Million in April

  

FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers  Judy Dolan (top right photo) and Steve Hyatt (lower left photo) closed three transactions totaling more than $3 million in April.

Hyatt and Dolan represented BMR Funding LLC in a fractured condo sale for $2.5 million to Club Cortile LLC. The 48-unit, multifamily property is located at 700 Lyndhurst St. in Dunedin, Fla. The deal closed April 15.

 Hyatt and Dolan also represented Miami D Properties LLC in the $450,000 sale of a 16-unit apartment building, located at 451 NW 7th St. in Miami, to Manhattanville LLC. The deal closed April 12.

Additionally, Hyatt represented Lloyd Berger, who was acting as receiver for Green Square Investments, in the $500,000 sale of a 19-unit, multifamily apartment building located at 5624 LaSalle Court in New Port Richey, Fla., to LaSalle Properties LLC.

 Dolan, Vice President of Berger Commercial Realty Corp., has more than 12 years of experience in commercial real estate brokerage and is a licensed attorney with expertise in real estate transactions.

 Hyatt serves as Senior Vice President of Berger Commercial Realty Corp and has more than 28 years of experience in commercial real estate and investment sales. He specializes in turn-around situations and distressed asset sales for banks and other institutional clients. 

 For more information, visit www.bergercommercial.com

 Contact:

Marielle Sologuren

Pierson Grant Public Relations

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL 33309

Phone: (954) 776-1999, ext. 226

Fax: (954) 776-0290

msologuren@piersongrant.com

http://piersongrant.com/

HighImpactDigital.com

Hartman Simons Assists in $20 million Purchase of Crescent Centre

 ATLANTA, GA (June 08, 2011) – Hartman Simons, a leading commercial real estate law firm, recently provided legal representation for Levin Properties, Inc. on the purchase of Crescent Centre at Northlake (top left photo) for almost $21 million.

The 12-story Class A office building and adjacent parking deck, located at 100 Crescent Centre Parkway in Tucker, Ga., is located near Northlake Mall and a variety of restaurants, banks and hotels.

The 247,040-square-foot building was built in 1986 and has suites available for lease from 1,082 square feet to 11,002 square feet.

Levin Properties, an established real estate investment company in Atlanta for over 20 years, purchased this building due to its easy access to Interstate 285 and Interstate 85. It offers tenants opportunities for high visibility and signage identity.

“At Hartman Simons, we are as experienced in all facets of commercial real estate as any other law firm in the country,” said partner Jeremy Cohen (middle right photo), who with the assistance of Stephanie Skidmore (lower left photo) and Diane Haeger, represented Levin Properties on this transaction.

 “With extensive experience representing both buyers and sellers, we are able to understand both sides of a transaction and, as a result, are able to provide valuable insight for clients such as Levin Properties. We were pleased to help finalize the purchase and financing of this well-located and highly visible asset.”

Based in Atlanta, Hartman Simons & Wood LLP is respected for its integrity, experience and value-driven results that continue to exceed expectations. Businesses of all sizes count on its team of attorneys and paralegals for sound, practical and effective legal solutions.

Hartman Simons & Wood is recognized for its proven expertise in the following practice areas: commercial real estate, construction & sustainable development, corporate & tax, creditor’s rights and bankruptcy, environmental, investment & finance, land use & government relations and litigation.

For more information, check out our website at http://www.hartmansimons.com

 and our bloghttp://hartmansimons.typepad.com

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

Jeffrey Wysong Joins Grubb & Ellis as Senior Vice President, Investment Services in Phoenix

  PHOENIX, AZ  (June 8, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeffrey Wysong (top right photo) has joined the company as senior vice president, Investment Services, focusing on multi housing properties. 

 “We are very fortunate to have Jeff join our team, he brings in-depth experience in every facet of multi housing investment sales, development and financing,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office. 

 Wysong joins the Multi Housing team of David Cravath (lower left photo), vice president, Karl Abert, vice president, and Kersta Bohrman, associate.

Prior to joining Grubb & Ellis, Wysong spent 13 years in private Multi Housing development working with different entities, including Ethos Property Group, where he was a principal.

 During this time he sourced and negotiated more than $200 million in debt, equity, mezzanine and bridge financing.  Previously, he spent three years with CB Richard Ellis.  From 1990 to 1995, Wysong was a top commercial real estate agent of CBS Investment Realty Inc., which was later acquired by The Koll Company.  He began his career in 1986.

During his 25-year career, Wysong has completed transactions in more than 100 properties offering in excess of 5,000 units, representing clients in the acquisition, disposition, financing, brokerage, redevelopment and conversion of conventional, institutional, governmental and distressed properties. 

 Wysong holds a bachelor’s degree from Washington State University. 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

HFF closes sale of suburban Chicago Class A multi-housing community

CHICAGO, IL – HFF announced today that it has closed the sale of Deer Valley Apartments (top left photo), a 224-unit, Class A multi-housing community in the affluent northern Chicago suburb of Lake Bluff, Illinois.

HFF marketed the offering on behalf of the seller, Stockbridge Capital Group, LLC.  Prime Property Investors purchased the property on an “all cash” basis.

Deer Valley Apartments is located at 30011 North Waukegan Road close to Interstate 94 about 32 miles north of downtown Chicago. 

The 13.5-acre site has 13 residential buildings plus a clubhouse.  Apartment homes average 847 square feet each and community amenities include garages, a clubhouse, swimming pool, fitness center and business center.

The HFF team representing Stockbridge Capital Group, LLC was led by executive managing director Matthew Lawton (lower right photo) and managing directors Sean Fogarty and Marty O’Connell.

Contacts:  

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650 mlawton@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

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Bank of Ireland appoints Holliday Fenoglio Fowler to advise on sale of US property business

DUBLIN, IRELAND--Bank of Ireland today announced that it has exclusively engaged Holliday Fenoglio Fowler (HFF) to advise on the disposal of its US property business.

 HFF will be working closely with the Bank to identify a buyer for the business which consists of approximately $1.5 billion in performing commercial real estate loans primarily in New York City, Washington D.C. and Boston.

 The sale will include the seven-person team whose expertise has built the unit into a leading real estate lending business.

 Commenting on the announcement, Paul McDonnell (top right photo), Head of the Global Property Finance Book, Bank of Ireland said:  "The US property finance business is a high performing and profitable book of assets to leading sponsors and is managed by a talented group of experienced professionals". 

 Contact:

Anne Mathews

Media Relations Manager

Group Corporate Communications

Tel. 00 353 76 623 4771

Mobile:  00 353 87 246 0358

Fax. 00 353 76 623 4790

www.boi.com/pressroom

E-mail:  anne.mathews@boimail.com

Arbor Closes Five Fannie Mae Loans Totaling $58M Across Midwest

 Uniondale, NY (June 8, 2011) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of five loans totaling $58,010,900 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Dedicated Student Housing Loan product lines across the Midwest.

These loans include:

 309 East Green, Champaign, IL (top left photo) – The 416-unit complex received $33,620,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Wood Creek Apartments, Oak Creek, WI (top right photo) – This 216-unit complex received $12,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Southwind Prairie Apartments, Lake Geneva, WI (middle left photo) – This 96-unit complex received $7,210,900 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

Country Cove Apartments, Young America, MN (middle right photo) – This 48-unit complex received $1,280,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

El Patio Apartments, Louisville, KY – This 117-unit complex received $3,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

The loans were originated by Patrick McNulty (lower left photo), Vice President in Arbor’s full-service Chicago, IL, lending office.

With regard to the 309 East Green property, McNulty stated, “Fannie Mae is clearly committed to student housing deals and will compete for this business, especially on well-located, high-quality assets at major universities.

"The asset at 309 East Green is a high-end, Class A student housing deal situated within close proximity to a Big Ten campus with local, experienced sponsorship.”    

 Elaborating on these most recent deals further, McNulty added, “There has been a bit of a misconception in the marketplace that Arbor is strictly a small balance shop.

"While we are indeed extremely active and successful in that space, we have had and continue to have a great deal of success on larger deals as well.

"We have been able to win deals of various sizes throughout the Midwest over the past few months and that is consistent across many other areas of the country.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

MBA Says Commercial and Multifamily Mortgage Delinquency Rates Mixed in

 WASHINGTON, D.C. (June 8, 2011) - Delinquency rates among different commercial and multifamily mortgage investor groups were mixed in the first quarter of 2011, according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report.

The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) reached the highest level since the series began in 1997, but the climb was slower than in recent quarters. Delinquency rates for other groups remain below levels seen in the last major real estate downturn during the early 1990s -- some by large margins.

 Between the fourth quarter of 2010 and first quarter of 2011, the 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts remained the same at 4.18 percent.

To view the complete report, please visit the following Web link: www.mortgagebankers.org/files/Research/CommercialNDR/1Q11CommercialNDR.pdf

 For additional information, visit MBA's Web site: www.mortgagebankers.org

.

Contact: Matt Robinson,  (202) 557-2727, mrobinson@mortgagebankers.org

Cuhaci & Peterson Architects to Design Renovations of Ale House in West Orlando, New Ale House in New Jersey

ORLANDO, FL --- Cuhaci & Peterson Architects, LLC of Orlando’s Baldwin Park, was recently awarded a contract to design renovations to an Ale House facility at Apopka Vineland Rd. and S.R. 535 in Orlando and a new Ale House facility in Mount Laurel, N.J.

Jed Downs (top right photo), president of Cuhaci & Peterson Architects, said the Ale House, in New Jersey will be 9,350 square feet and seat 314.  The Ale House on Apopka Vineland road will seat 365 in its interior and patio upon completion.   

For more information, contact:  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

  

Mattamy Homes U.S. Group Reports Sales of 203 New Homes for $48 Million in Biggest Quarter since 2005

WINTER PARK, FL. --- Mattamy Homes U.S. Group, the U.S. division of Canada’s largest home builder, reports it sold 203 new homes in the Orlando, Jacksonville, Charlotte, Minneapolis / St. Paul and Phoenix markets during its second quarter which ended May 31.

Steve Parker (top right photo), president of Mattamy Homes U.S. Group, said the sales totaled more than $48 million.

“Our second quarter sales were the highest for a single quarter since 2005,” Parker said.

Mattamy Homes U.S. Group sold 80 homes that totaled more than $21 million in May, Parker added.

 The home builder’s Orlando division sold 18 homes during May for a dollar volume of more than $5 million.

Mattamy Homes www.mattamyhomes.com expanded into the U.S. in 2003 and is headquartered in Winter Park, Fla. with divisions in Orlando, Jacksonville Phoenix, Minneapolis and Charlotte.

The homebuilder, the largest and most active in Canada with annual revenues exceeding $1.3 billion was ranked among the highest of all homebuilders in the greater Toronto and Ottawa areas in a nationwide customer satisfaction survey conducted by J.D. Power Associates.  

For more information, contact:

Steve Parker, President Mattamy Homes U.S. Group 407-599-9994

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

  

Crossman & Company’s Richard Crotty Earns Life Group Leadership Legacy Award and James B. Greene Award

 ORLANDO, Fl --- Former Orange County Mayor Richard Crotty (top right photo) who joined Crossman & Company in Orlando as Executive Vice President late last year, recently received the Legacy Award by Lifework Leadership, “for the quiet leadership and lasting legacy of faith that has changed the spiritual contour of our city.”

 John Crossman, president of Crossman & Company said Crotty earned the award for his long history of Christian leadership and service to the community.

Also noted at the ceremony, Whitaker Leonhardt (bottom left photo) leasing associate at Crossman & Company graduated from the 2010-2011 Lifework Leadership class.

 Metro Orlando Economic Development Commission awarded Crotty the James B. Greene Economic Development award for his outstanding contribution to economic opportunity in Central Florida, during his “decade of success” as mayor. 

Governor Rick Scott recently appointed Crotty to the University of Central Florida’s Board of Trustees, where he will serve as chairman of the advancement committee.

 “Rich Crotty has given so much to the Central Florida community, and we are honored he is playing an increasingly important role here at Crossman & Company,” Crossman said.

For more information,  contact:

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com

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

Barbara Bushnell Joins Grubb & Ellis as Vice President, Office Group

 SAN ANTONIO, TX (June 7, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Barbara Bushnell, CCIM, (top right photo) has joined the company as vice president, Office Group. 

 “Barbara joins us with a reputation as a top professional who provides the highest level of client service, and I couldn’t be more pleased to have her as part of our team,” said Ernest Brown, CCIM, executive vice president and managing director of Grubb & Ellis’ San Antonio office.  “She has developed many relationships throughout her more than 32 years of experience.” 

 Bushnell joins Grubb & Ellis from Corporate Realty Associates, where she served as an executive vice president of corporate services and client development. 

She previously owned and managed Bushnell Realty for two years, until merging the firm with Corporate Realty Associates in 2008.  Bushnell spent the majority of her career with Johnson-Rast & Hays Company Inc., now RealtySouth, where she began her career in 1979 and spent nearly 24 years and was consistently one of the top producers of the company. 

 Bushnell holds bachelor’s and master’s degrees from Birmingham-Southern College.  She serves on the board of directors of the CCIM Institute, where she is an instructor and was recognized as the Robert L. Ward Center for Real Estate Studies “Instructor of the Year” for 2010. 

Bushnell is a member of Commercial Real Estate Women and NAIOP and is an advisor on the board of Birmingham-Southern College, as well as fund-raising co-chair of the American Heart Association. 

 Contact: Julia McCartney,  Phone: 714.975.2230                                     

Email: julia.mccartney@grubb-ellis.com

          

Marcus & Millichap Names Brent Smith National Director of National Hospitality Group

HOUSTON, TX June 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brent Smith (top right photo) national director of the firm’s National Hospitality Group (NHG), according to John J. Kerin (middle left photo), president and chief executive officer. Smith is also regional manager of the firm’s Houston office.

 “Brent’s extensive knowledge of the national hospitality market will make him a valuable asset to our clients and hospitality investment specialists,” comments Kerin. “Under his leadership, the NHG will continue to provide unparalleled service to its clients.”

“The Houston office has dominated the mid-market hotel investment sales market in Texas,” says Smith. “As the new head of the NHG, I plan to expand upon our success and deliver the same dynamic and effective services for the acquisition and disposition of hospitality properties to our clients nationwide.”

Smith joined Marcus & Millichap in 2003 as an investment specialist focusing on shopping centers in southern Texas. During his first year as a broker, he generated marketing assignments in excess of $28 million and closed more than $17 million in transactions.

Also in 2003, Smith opened the firm’s San Antonio office. In 2004, he achieved associate status and in 2005, he was promoted to sales manager of the Houston office. Smith has been the regional manager of the Houston office since June 2009.

Prior to joining the firm, Smith spent eight years in marketing. He co-founded the Yehti Corp., a software company for which he helped raise more than $2 million in private startup capital. He also managed product marketing for Dell Computer Corp.’s $4.5 billion Dimension product line and served as an operations manager for United Parcel Service.

Smith received a bachelor’s degree in finance and an MBA from the University of Texas.

Bryn Merrey Promoted to Vice President

 TAMPA, FL, June 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Bryn D. Merrey (middle right photo) to vice president, according to John J. Kerin, president and chief executive officer. Merrey currently serves as the regional manager of the Tampa office, a position he will continue to hold.

“Bryn’s superior management skills, brokerage expertise and excellent knowledge of the investment sales market make him a tremendous asset to our clients and investment specialists in Tampa and throughout Florida,” says Kerin. “Bryn also provides tremendous value to clients and to the firm as an authority on whole loan sale transactions.”

Merrey joined Marcus & Millichap in June 2004 as an office and retail investment specialist in the firm’s Miami office. He was promoted to associate in April 2005. During his sales career, he closed more than $125 million in real estate transactions.

Merrey became sales manager of the Miami office in 2007 and in June 2008, he was promoted to regional manager of the Orlando office, a position he held until December 2009. Merrey has been in his current role as regional manager of the Tampa office since January 2009. Prior to joining the firm, he operated his own company providing various mortgage services.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716    

Bainbridge to Renovate, Manage Alexandria, VA Apartment Community

 $9.5 Million Renovation to Improve Quality of Life at CITYSIDE Huntington Metro

Wellington, FL/Alexandria, VA (June 7, 2011) – Bainbridge Companies has begun managing CITYSIDE Huntington Metro (top left photo), a 570-unit apartment community in Alexandria, Virginia.

 In addition, Bainbridge Construction will soon begin a $9.5 million renovation project on the property.

The Carlyle Group and AION Partners recently acquired the community, formerly known as Belle Haven Towers, and named Bainbridge to manage the property and do the renovation. The renovation will include upgraded interiors and exteriors, amenities and landscaping tailored to improve the quality of life at CITYSIDE.

“This is a great opportunity for Bainbridge to show its management and marketing skills to increase occupancy and resident satisfaction,” said Seth Kalinsky (middle right photo), Bainbridge’s Regional Vice President for the Washington, DC metro area. “We are very pleased to add this community to our portfolio and expect to generate great returns for the owners over the next few years.”

“CITYSIDE Huntington Metro has an excellent location near Old Town Alexandria,” said Jared Miller (lower left photo), Vice President of Marketing for The Bainbridge Companies. “The community will soon be enhanced with new amenities, as well as apartment interiors and exterior upgrades that will offer an elevated lifestyle and level of convenience.”

The community includes high-rise and mid-rise buildings at 6034 Richmond Highway near Old Town Alexandria with easy access to Washington, DC, Crystal City, Pentagon City and Maryland. The controlled access community has studio, one-, two- and three-bedroom apartments with fully-equipped kitchens, patios or balconies, ceiling fans and walk-in closets. Amenities include an Olympic size pool, playground and tennis courts.

Contact:

Terri Thornton

404-932-4347 (Cell)

http://www.territhornton.com/

CBRE Orlando Chalks up $216 Million in 2011 Multifamily Sales to Date

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Berkshires at Winter Haven (top left photo).

Built in 1973, this rental community features 460 units in the Winter Haven area of Central Florida. The property was 90% occupied at closing, and features two swimming pools, a fitness center, and tennis courts.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed over $216,000,000 in Orlando thus far in 2011 – more than the next three competitors combined.

Buyer interest in multi-housing assets in Central Florida has increased significantly.

 For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis:

Shelton Granade,T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, T 407.839.3130, luke.wickham@cbre.com

Oil Prices and Lodging Risk

When Will Oil Prices Impact The Lodging Industry?

ATLANTA,, GA, June 7, 2011 – Based on a recent analysis conducted by PKF Hospitality Research (PKF-HR), the U.S. lodging industry will see minimal disruption if oil prices reach $125 per barrel price in 2011.

 However, if prices surge to $150 a barrel, the recovery that U.S. hotels are currently enjoying could be severely curtailed.

 The results of the analysis have been published in a special report entitled Oil Prices and Lodging Risk.  John B. (Jack) Corgel (top right photo), the Robert C. Baker Professor of Real Estate at the Cornell University School of Hotel Administration and senior advisor to PKF-HR, and Jamie Lane, Research Associate, are the authors of the report.

 “As the price of oil has shot up, and then down, over the past few months, many U.S. hoteliers have worried about the impact that oil prices could have on their business,” said R. Mark Woodworth (middle left photo), president of PKF-HR.

 ”Our analysis found that when oil prices increase beyond normal levels, individual consumer and business spending power is reduced, which in turn has a negative multiplier effect throughout the economy in general and the lodging industry specifically. 

“Based on our study, oil prices above $125 a barrel exceed ‘normal’ levels and would have an increasingly negative effect on hotel operating performance.”

 

The PKF-HR Hotel Horizons® econometric forecasting model relies on economic data from Moody’s Analytics (Moody’s) to project future hotel demand levels.

 In April of 2011 Moody’s Analytics created two “oil spike” economic forecasts around a hypothetical future where prices increase to either a high of $125 or $150 a barrel by the fourth quarter 2011.  PKF-HR used these hypothetical economic scenarios to forecast RevPAR for the U.S. lodging industry through 2013.

 For comparison purposes, the March 2011 Hotel Horizons® forecast served as the baseline lodging forecast for the analysis.  This baseline forecast reflects Moody’s modeled fundamental price of oil ($93.53) coupled with a premium of around $5.00 to account for the supply uncertainty created by ongoing unrest in the Middle East.

 To download a complimentary copy of the Oil Prices and Lodging Risk report, please visit www.pkfc.com/oilpricesandlodgingrisk

.

For further information,  please contact:

Mark Woodworth, President, PKF Hospitality Research, Tel: 404 842 1150, ext 222   Email: mark.woodworth@pkfc.com  

www.pkfc.com

                                                      

Chris Daly, Daly Gray Public Relations, Tel: 703 435 6293,                            

Email: chris@dalygray.com

www.dalygray.com