Berger Commercial Realty Corp. Awarded New Assignments

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 broker Reese Stigliano (top right photo), SIOR, has been awarded an exclusive sales listing from City National Bank for a portfolio of two properties in Coral Springs.

 Additionally, Lloyd Berger (lower left photo), president and founder of the firm, has been appointed receiver of two properties in Delray Beach and Hallandale.

 City National Bank awarded Stigliano the exclusive sales listing for a portfolio of industrial warehouse buildings in Coral Springs. The portfolio consists of a 5,600-square-foot industrial flex space built in 1999, located at 11820 Wiles Road, and a 7,200-square-foot industrial flex space built in 2005, which is located on adjacent property at 11830-11834 Wiles Road. The portfolio is listed at $1,099,000.

Additionally, Lloyd Berger has been appointed receiver of two properties-- Delray Estates, a 111-residential-unit property located within Lucaya Delray Estates in Delray Beach, and Surfside Apartments, a 28-residential-unit property located on 82nd St. in Miami Beach. Berger Special Assets will manage and lease both properties.

  Contact:  Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, msologuren@piersongrant.com

Super Shuttle Leases 17,100 SF of Warehouse Space in Orlando

                                                             

 WINTER PARK, FL (July 11, 2011) --Super Shuttle has leased the 17,100 square foot warehouse at 800 W. Landstreet Road from Sheropa, LLC.  Greg Rebman of Rebman Properties, Inc. represented the Landlord.  Bill Bywater of The Bywater Company represented the Tenant.

Contact: Greg Rebman, SIOR, CCIM, 407.875.8001,

Arbor Closes $40.7M Fannie Mae Affordable Housing Loan In Newark, NJ

Uniondale, NY (July 11, 2011) –Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, has announced the funding of a $40,700,000 loan under the Fannie Mae DUS® Affordable Housing Loan product line in Newark, NJ.

 The Arbor loan refinances First King Apartments (top left photo) in Newark, NJ, a 654-unit complex. The 10-year loan amortizes on a 30-year schedule.

 First King Apartments operates in the strong residential market of Northern New Jersey in which vacancy rates are currently hovering around five percent. Job losses in the immediate area have also been on a steady decline since 2009 and rental demand in the market is expected to grow moving forward.

Originating the loan for Arbor was Stephen York (lower right photo), Director, in Arbor’s New York City office.

 “Our client in this transaction significantly improved the physical condition and operations of the property over a four year span in order to take advantage of attractive long-term fixed rate financing,” York said. “In an environment where most lenders are shying away from large transactions, Arbor thrives and continues to deliver liquidity to the market.”

Contact: Christopher Ostrowski, http://www.blogger.com/costrowski@arbor.com

EagleBridge Capital Arranges $10 Million Financing for Natick, MA Shopping Center

Boston, MA --Ted M. Sidel (middle right photo) and Brian D. Sheehan (lower left photo) of EagleBridge Capital have arranged long term, fixed rate mortgage financing in the amount of $10,000,000 for the 9/27 Shopping Center (top left photo) located in Natick, Massachusetts.  EagleBridge arranged the financing with a leading insurance company.

The 9/27 Shopping Center is an 85,060 square foot retail center anchored by a Super Stop & Shop Supermarket located at the intersection of Routes 9 and 27.  Route 9 is a major retail corridor especially along the portionwhich extends through Natick and Framingham.

The center is 100% leased.   In addition to Super Stop & Shop, other tenants include Panera Bread, Aspen Dental, Music Go Round, Five Guys Burgers, Boston Tan, The UPS Store, Haircuts, LTD, and Scottrade, Inc.

The 9/27 Shopping Center is professionally managed by Finard Properties and was developed in the late 1970’s by an affiliated entity.  The center has been continuously updated over the subsequent years and has been a consistently strong performer.    

Mr. Sidel and Mr. Sheehan stated, “This is an outstanding property with a great location. Average daily traffic count is 55,000. There was a great deal of interest in this center from insurance companies, CMBS lenders, and banks. The potential lenders were extremely impressed with the quality of the center and its management.”

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for retail buildings, shopping centers, condominiums, apartments, office, industrial, and r & d buildings, hotels, and mixed use properties as well as special purpose buildings.

Contact: Ted Sidel, (617) 292-7177, Ext. 10

http://www.eaglebridgecapital.com/

   

Distressed Property Expert Guides Homeowners Through Avoiding Foreclosure

GRAND RAPIDS, MI, July 09, 2011 --(PR.com)-- Local CDPE-designated agent, Donna Tashjian (top right photo) of Keller Williams has released a new report that provides information regarding the steps that can be taken to avoid the costly effects of foreclosure.

The report, titled Missing Mortgage Payments? It’s Not Too Late!, provides information every homeowner should know if they are about to or have already missed mortgage payments.

“So many people are devastated and embarrassed by their financial challenges they don’t ask for help,” Tashjian said. “The reality is that over 6 million Americans missed a mortgage payment in April, so people should understand they are not alone.”

This community resource is available at http://www.DonnaHelpsHomeowners.info.

In addition to providing more information about the alternatives to foreclosure, the report explains five steps a distressed homeowner can take to get the process started. It also lists each alternative to foreclosure, including options like loan modification or short sale.

A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.

 “There are many alternatives to foreclosure that a distressed homeowner can choose from,” Tashjian said. “I can help tailor a solution that best fits the needs of distressed homeowners and gets them back on track to financial stability.”

The CDPE Designation that Tashjian has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visit http://www.DonnaHelpsHomeowners.info

For more information about the CDPE Designation, visit www.CDPE.com.

For more information, please contact:

Donna Tashjian

Keller Williams

630 Kenmoor Avenue SE

Grand Rapids, MI 49546

616-803-9456

DonnaT@grar.com

 

http://www.donnahelpshomeowners.info/

Chesapeake Lodging Trust Acquires Hotel Adagio in San Francisco

ANNAPOLIS, MD.--(BUSINESS WIRE)--Chesapeake Lodging Trust (NYSE: CHSP) announced that it has acquired the 171-room Hotel Adagio (top left photo) located in San Francisco, California for a purchase price of $42.25 million, or approximately $247,000 per key.

The Company funded the acquisition with a borrowing under its revolving credit facility. The Company has assumed the existing management agreement with Joie de Vivre Hospitality to continue operating the hotel as a full-service, upper upscale boutique property.

James L. Francis (middle right photo), Chesapeake’s President and Chief Executive Officer, stated, “We are excited to have acquired our second asset in the highly sought after San Francisco lodging market.

“With its desirable location in the prominent Union Square area, our planned full repositioning of the hotel, and the boutique operating expertise of Joie de Vivre, the Hotel Adagio is a tremendous opportunity and valuable addition to our growing portfolio.”

Hotel Adagio, located at 550 Geary Street, is a 16-story, historic hotel originally constructed in 1929. The property is located in Union Square, the heart of San Francisco’s world-renowned shopping and entertainment district.

The hotel features large guestrooms that average over 400 square feet, approximately 2,000 square feet of dedicated meeting space with catering capacity to expand to over 5,000 square feet, a large 24-hour fitness center and a 24-hour business center.

The hotel contains an adjacent parking facility which offers valet services. Food and beverage is provided in Bar Adagio, comprised of three separate dining and lounge areas, which features small plates and handcrafted cocktails, ideal for pre- and post-theater dining.

The hotel is in close proximity to numerous retail outlets, restaurants, art galleries, entertainment and theater venues, including the Geary Theater and the Curran Theater, the Moscone Convention Center, Chinatown, and the Financial District, all of which provide numerous business and leisure demand generators.

“We are excited about the repositioning plans for the property,” continued Mr. Francis. “We will give the Hotel Adagio a new identity that draws upon its outstanding location in Union Square, the unique San Francisco culture and demand generators that surround this high-quality hotel.”

Additional information can be found on the Company’s website at http://www.chesapeakelodgingtrust.com/

Contacts: Chesapeake Lodging Trust, Douglas W. Vicari, 410-972-4142

Fisher Investments Nears Completion of New Office Project in Camas, WA

WOODSIDE, CA.--(BUSINESS WIRE)--Fisher Investments, a leading, independent investment management company, recently announced it is nearing completion of the first phase of a new office complex located in Camas, Washington.

The office is the third of Fisher Investments’ permanent US locations. The other offices are in San Mateo, CA and Woodside, CA.

The new Camas building is a five-story structure, located on about 200-acres on the south side of Southeast 20th Street. The facility is approximately 150,000 square feet and can house up to 800 employees. Roughly 400 Fisher Investments employees already work out of three satellite locations in nearby Vancouver.

The new facility took approximately 11 months to construct and the firm hopes to have all of its Washington employees moved into the building by the end of the year.

CEO Ken Fisher (top right photo) said, “Our Washington office is a critical part of our organization, and we expect to continue growing our presence there.”

He continued, “It’s good for my employees because Washington doesn’t burden them with a state income tax (unlike California), it’s good for Camas because it moves our employees into the local community, and it’s good for the economy because it creates new high-paying jobs. We’re happy to be there. We like Camas a lot.”

Fisher Investments plans on maintaining its locations in California, but has made no decisions on moving its global headquarters from Woodside, CA. However, the firm continues to hire at all locations. For more information on career opportunities, visit http://www.fishercareers.com.

 For more information visit http://www.fisherinvestments.com/.

Contacts: Fisher Investments, David Eckerly, 800-851-8845, media@fi.com

Seagis Property Group Acquires 50,000 SF Industrial Building in Miami, FL

  

CONSHOHOCKEN, PA /PRNewswire/ -- Seagis Property Group announced that it has acquired a 50,000 square foot warehouse/distribution facility in the Airport West submarket of Miami Florida.

 The building, which is located at 1325 NW 78th Avenue in Doral fronts the Palmetto Expressway and is fully leased to multiple tenants.

Seagis Property Group LP owns and operates over 8 million square feet of industrial buildings in logistically driven locations along the Eastern Seaboard. 

Seagis is headquartered in suburban Philadelphia, with offices at One Tower Bridge, 100 Front Street, Suite 350, Conshohocken, PA 19428.  

 Contact:

Charles C. Lee, Jr., Principal, +1-484-530-9135, clee@seagisproperty.com, Investment:

John B. Begier, Principal, +1-484-530-9134, jbegier@seagisproperty.com, both of Seagis Property Group LP

Web Site: http://www.seagisproperty.com

Michael Buckner Rejoins Marcus & Millichap as Senior Associate in Austin, TX Office

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, is pleased to announce that Michael Buckner (top right photo) has rejoined the firm as a senior associate in the Austin office, according to J. Michael Watson (bottom left photo), regional manger of the Austin office.

 Buckner, a retail investment specialist, has rejoined the firm with more than 15 years of experience in the commercial real estate industry. 

“Michael Buckner has extensive experience in commercial real estate as an investment specialist and as a previous member of the firm’s National Retail Group,” says Watson.

 “His tremendous experience and exceptional reputation in the industry will be an asset to our clients and instrumental in expanding our national market-making capabilities to clients in Austin and throughout Texas.”

Buckner originally joined Marcus & Millichap in October 2003 as an agent specializing in retail property sales. In December 2004, he was promoted to associate and in 2006 he received a Sales Recognition Award from the firm.

Buckner is a member of the International Council of Shopping Centers (ICSC).  He received a Bachelor of Arts in History from Texas Tech University in Lubbock, Texas.

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

Uptown Grandeur and Downtown Style Meet on the TriBeCa Waterfront at 250 West Street, New York City

NEW YORK, NY--(BUSINESS WIRE)--In the heart of TriBeCa’s landmark historic district, 250 West Street (top left photo) – the monumental former warehouse built in 1906 – is being transformed into a unique collection of 111 luxury condominium residences by developer El Ad Group.

The unique residences at 250 West, designed by GNA Architects, start at $1.5M.

Overlooking the Hudson River and Hudson River Park’s new Piers 25 and 26, the building’s majestic exterior will return to its early 20th century origins through the restoration of its cornice, arched windows and grand entryways with 10-foot iron gates.

The residences at 250 West are ideal for those seeking waterfront living in one of the world’s most sought-after neighborhoods.

Directly across from 250 West, residents can enjoy miniature golf, beach volleyball, a children’s playground and much more at Hudson River Park’s exciting new Piers 25 and 26. 250 West is also central to TriBeCa’s renowned restaurants, art galleries and boutiques.

 “250 West Street is a dramatic follow-up to our landmark restoration of the Plaza Hotel—a downtown architectural treasure with the presence of a grand mansion.

"This building has extraordinary proportions, astounding views and offers residents enduring value, world-class amenities and an array of options to suit many lifestyles,” said Tom Elliott, Executive Vice-President of Sales and Marketing for El Ad Group.

For details, please contact exclusive sales and marketing agent Cantor & Pecorella at 212-343-2509 or visit www.250weststreet.com.

Contacts:

LAKPR

Shannon Lynch, 212-575-4545

slynch@lakpr.com

Prudential Mortgage Capital and Perella Weinberg Partners affiliate create commercial mortgage joint venture

NEWARK, N.J. and NEW YORK--(BUSINESS WIRE)--Prudential Mortgage Capital Company and affiliated funds of Perella Weinberg Partners’ Asset Based Value strategy have formed a joint venture to originate commercial mortgages for future securitization, the companies announced today.

Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The joint venture combines Prudential Mortgage Capital Company’s strong credit culture and finance expertise with Perella Weinberg Partners’ Asset Based Value strategy’s real estate lending and principal investing experience.

 Loans will be originated through Prudential Mortgage Capital Company’s origination platform, then warehoused and securitized by the joint venture, and serviced by Prudential Asset Resources, one of the largest commercial/multifamily servicers in the industry.

The new venture enables Prudential Mortgage Capital Company to provide its borrowers with access to the commercial mortgage backed securities market without creating a new CMBS warehouse, following the divestiture of Prudential’s commercial mortgage securitization business in 2008.

The joint venture, which is structured to adapt to potential regulatory changes, is initially targeting more than $1 billion a year in fixed rate mortgages for stabilized commercial properties across all asset classes.

 The venture will create a branded vehicle and partner with third parties to issue commercial mortgage backed securities. The joint venture is accepting applications through Prudential Mortgage Capital Company loan officers, effective immediately.

“Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena,” said David Twardock (top right photo), president of Prudential Mortgage Capital Company.

 “This is an excellent opportunity to leverage our national origination network and expand the financing options we provide for our borrowers. We are proud of our relationship with Perella Weinberg and look forward to working with them through this joint venture to better meet our clients’ needs.”

Said David Schiff, partner at Perella Weinberg Partners and portfolio manager of the Asset Based Value strategy, “Today’s announcement reflects our continued commitment to partnering with proven teams and businesses to provide specialty finance solutions to underserved capital markets. This joint venture, which unites two like-minded credit cultures, will leverage each entity’s core competencies to bring additional liquidity to borrowers and high-quality securities, secured by conservative underwriting on quality assets, to bond investors.

The joint venture will be led by Richard Flohr, Sean Beggan and Jean Baker at Prudential Mortgage Capital Company, along with David Schiff, Billy Jacobs and Roger Nussenblatt of the Perella Weinberg Partners’ Asset Based Value strategy. This team brings a wealth of commercial real estate industry experience.

For more information, please visit http://www.news.prudential.com/.

Contacts

Prudential:

John Chartier, 973-802-9829

john.chartier@prudential.com

or

For Perella Weinberg Partners:

Kara Findlay, 212-287-3197

or

Sard Verbinnen & Co.

Denise DesChenes/ Renée Soto, 212-687-8080

Oviedo-Winter Springs Chamber members name Paul P. Partyka, Best Commercial Realtor, NAI Realvest Best Commercial Property Firm

MAITLAND, FL– Members of the Oviedo-Winter Springs Regional Chamber of Commerce recently named Paul P. Partyka (top right photo), the area’s best commercial Realtor and NAI Realvest in Maitland the area’s best commercial property company.

The 2011 Fan Favorites Ovation, an annual poll of Oviedo-Winter Springs Chamber of Commerce members sponsored by the biweekly Seminole Voice newspaper, cited Partyka and NAI Realvest as the best in the commercial real estate arena.

Partyka, past president of the Oviedo-Winter Springs Chamber of Commerce and the former mayor of Winter Springs, is managing partner at NAI Realvest.

Partyka will moderate a chamber business roundtable conference Tuesday July 19 on commercial development in Oviedo-Winter Springs that features speakers John Jones of Land Design Innovations; Bryan Cobb, development services director at the City of Oviedo; and Randy Stevenson, community development director at the City of Winter Springs.

The breakfast conference, sponsored by NAI Realvest, is scheduled from 7:30 to 9 a.m. in the chamber training room at the UCF Business Incubator in Winter Springs.

For more information, contact:

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 ppartyka@realvest.com;  

Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;

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

Equity Investment Services Successfully Sells and Lists Distressed Bank Assets in Q2

ORLANDO, FL— Nicholas Ledvora (top right photo), Director of Investment Sales and Managing Director with Equity Investment Services (EIS), is pleased to announce the successful sale of four bank owned properties and the listing of 3 additional bank owned assets in the second quarter of 2011.

These bank owned assets are located in three states and consist of retail, office, industrial and single tenant properties.

Recent Closings Include:

Brannen Road Industrial – Lakeland, FL – 9,000sf Industrial  Sold: 4/2011

Flowood Office Complex – Jackson, MS – 29,274sf Office  Sold: 5/2011

The Dove Restaurant – Satellite Beach, FL – 5,184sf Restaurant  Sold: 6/2011

Colonial Office Building – Orlando, FL – 1,904sf Office  Sold: 6/2011

Recent REO Listings Include:

Missouri Office Building – Clearwater, FL – 1,335sf

Forsyth Commerce Industrial – Orlando, FL – 9,100sf

Webberville Industrial – Webberville, MI – 80,000sf

  Equity Investment Services’ brokerage team advises sellers, banks, and institutions on dispositions throughout the Southeastern United States. Other divisions within the Equity Investment Services Platform include leasing, management, and real property tax advisory.

 For more information, visit: www.EISRE.com.

Contact:

Alana L. Champagne

Operations Manager

Director of Property Management

Phone: 407.573.0711 ♦ Fax: 407.573.0710

Email: AChampagne@EISRE.com

Website: www.EISRE.com

$167 million in financing secured by HFF for The Breakers Resort in Denver

IRVINE, CA –HFF announced today that it has arranged $167 million in first trust deed and mezzanine financing for The Breakers Resort (top left photo), a six-village, 1,523-unit, Class A multi-housing community in Denver, Colorado. 

HFF worked exclusively on behalf of the borrower, a joint venture between The Bascom Group and Koelbel and Company.

 The financing involved securing a $132 million floating-rate first trust deed through ING Real Estate Finance, and a $35 million mezzanine loan from Blackstone.  The non-recourse loan was interest-only and featured a combined interest rate of 4.6 percent.  Proceeds were used to pay off existing maturing debt and fund capital improvements.

Situated on 127 acres, The Breakers Resort is located at 9099 East Mississippi Avenue close to Cherry Creek, the Lowry Redevelopment and a new community shopping center.  The “strongly performing” property is 96 percent leased and is comprised of six interconnected communities, each with their own clubhouse, surrounding a 55-acre recreational lake.

  The project has an attractive low density of 14 units to the acre and has a master clubhouse featuring a large fitness center with views of the Rockies, restaurant, business center, community room and private theater.

 The property has 50 one- and two-bedroom floorplans averaging 1,019 square feet each.  Also included, is an 18.23-acre apartment development parcel, which is one of the best remaining infill apartment sites in Denver, according to HFF.

The HFF team representing the borrowers was led by director Mark Erland and associate director Charles Halladay (middle right photo) in Orange County, and senior managing director Mona Carlton (lower left photo) in Dallas.

 ”The loan structure was chosen because of the competitive interest rate, the low combined loan constant, prepayment flexibility, funds available to finance capital improvements, and certainty of execution,” said Erland.

 “ING Real Estate Finance and Blackstone provided a very competitive combined financing structure and were highly responsive to the loan request.

“ We had less than one month to close the refinance, and the good working relationship between the two lenders gave HFF confidence in making the recommendation to proceed. 

“The borrower closed in 29 days from application, which was a testament to the skill of the combined closing team.”

 For more information, visit www.koelbelco.com.

Contacts:

Mark J. Erland, HFF Director, (949) 253-8800, merland@hfflp.com  

Charles W. Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com

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

krmurphy@hfflp.com 

               

HFF closes $4.725 million sale of retail center in St. Augustine, FL

MIAMI, FL – HFF announced today that it has closed the sale of a 62,000-square-foot component of Riverside Centre (top left photo), a regional community center in St. Augustine, Florida.

HFF represented the seller, Kimco Realty Corporation.  Cole Real Estate Investments purchased the property, which was sold without existing debt, for $4.725 million in June.  Thomas Falatko, vice president of acquisitions represented Cole in the transaction.

Riverside Centre is situated at one of the most dominant retail intersections between Daytona Beach and Jacksonville; the intersection of US Highway 1 and State Road 312 in St. Augustine.

 The portion of the property that sold is 100% occupied by a 57,000-square-foot Hobby Lobby and 5,000-square-foot Color Wheel Paint.  Tenants within the larger center (not part of the collateral) include Big Lots and Bealls Outlet.

The HFF team representing Kimco Realty Corporation included managing directors Brad Peterson and Danny Finkle.

Contacts:

Brad Peterson, HFF Managing Director, (405) 286-5224, bpeterson@hfflp.com                        Daniel Finkle, HFF Managing Director, (305) 448-1333, dfinkle@hfflp.com                             Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com