HFF arranges $13 million in construction and mezzanine financing for Fountain Residential student housing project at Oregon State University

 DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $13 million for 7th Street Station (top left rendering), a 308-bed/82-unit student housing development at Oregon State University in Corvallis, Oregon.

HFF worked exclusively on behalf of the borrower, Fountain Residential Partners, to secure the construction loan through American Bank of Texas.  Nationwide Real Estate Investments provided the mezzanine loan. 

Due for completion in September 2012,  7th Street Station will feature 10 two-bedroom/two-bath and 72 four-bedroom/four-bath units averaging 1,321 square feet each.

 Located at the southwest corner of 7th Street and SW Western, the property is three blocks east of the Oregon State University campus in Corvallis.  7th Street Station will be the first purpose-built, off-campus student housing project developed in the Oregon State market, which has average multifamily occupancies of 99 percent. 

The HFF team representing Fountain Residential Partners was led by associate director Adam Herrin (middle right photo) and director Tom Wilson (lower left photo). 

According to HFF, this project represents a unique opportunity to develop a student housing community at a university with substantial enrollment growth and high barriers to entry. Oregon State University boasts a current enrollment of 24,977, with an increase of 5.1% this year. The investor appetite for this project once completed will be significant.

Fountain Residential Partners is a Dallas-based multifamily real estate development and asset management company specializing in student housing. 

  The team is led by Brent Little, Jon Clayton and Trevor Tollett who have extensive experience in developing student housing communities across the country. Earlier this year Fountain Residential commenced construction of The Vue on University Apartments one block from Texas Christian University in Fort Worth, Texas.

Contacts:

ADAM F. HERRIN                                THOMAS F. WILSON                 

HFF Associate Director                        HFF Director                                    

(214) 265-0880                                      (503) 224-0444                               

aherrin@hfflp.com                                  twilson@hfflp.com

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com                                      

HFF closes $20.4 million sale of Shops at Sea Island on St. Simons Island, GA

  

  ATLANTA, GA – HFF announced today that it has closed the sale of The Shops at Sea Island (above centered  photo), a 95,729-square-foot, grocery-anchored retail center on St. Simons Island, Georgia.

HFF exclusively represented Varner Properties in the sale of the property to an undisclosed buyer for $20.4 million.

The Shops at Sea Island is located at 600 Sea Island Road along the primary thoroughfare into Sea Island. 

Completed in 1995, the property is fully leased to tenants including Harris Teeter, Bank of America, Chico’s, GNC, Jos. A. Bank, Talbots and The UPS Store.

“The Shops at Sea Island is the dominant retail development that serves Sea Island and St. Simons Island, and it is anchored by the number one grocer on the islands,” said Hamilton.

The HFF investment sales team representing Varner Properties was led by managing directors Jim Hamilton (middle right photo) and Richard Reid (lower left photo).

Contacts:

JIM R. HAMILTON                                    RICHARD M. REID                           

HFF Managing Director                           HFF Managing Director                  

(404) 942-2212                                         (404) 942-2209                               

jhamilton@hfflp.com                                  rreid@hfflp.com                             

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com                                     

HFF secures $42 million financing for Phase IV of Homecoming at Terra Vista in Rancho Cucamonga, CA

IRVINE, CA – HFF announced today that it has secured a $42 million financing for the fourth phase of Homecoming at Terra Vista (top left photo), an 868-unit multi-housing community within the master planned community of Terra Vista in Rancho Cucamonga, California.

Working exclusively on behalf of Lewis Operating Corp., HFF placed the nine-year, fixed-rate loan with Prudential Mortgage Capital Company. 

The property was previously unencumbered with debt.  HFF also arranged prior financing for Phases I, II and III of the property through Freddie Mac. This is the third transaction HFF has arranged for Lewis Operating Corp with Prudential in 2011. 

Completed in 2010, the fourth phase of Homecoming at Terra Vista consists of 241 units that are 95.8 percent leased.  The first phase of the property began construction in 2005.  

The HFF team representing Lewis Operating Corp. was led by Don Curtis (middle right photo) and Charles Halladay (lower left photo)

.Lewis Operating Corp. is a member of the Lewis Group of Companies.  Founded in 1955, the Upland, California-based Lewis Group of Companies is one of the nation’s largest privately-held real estate organizations engaged in the acquisition, ownership, development and management of residential and commercial real estate throughout California and Nevada. 

The Lewis Group of Companies has developed more than 65,000 single family homes and apartments and more than 14 million square feet of retail, office and industrial space.

 For more information about Lewis Operating Corp. and the Lewis Group of Companies visit http://www.lewisop.com/.

Contacts:

 DONALD J. CURTIS                                      KRISTEN M. MURPHY

 HFF Senior Managing Director                     HFF Associate Director, Marketing

(949) 253-8800                                                (713) 852-3500

dcurtis@hfflp.com                                            krmurphy@hfflp.com                                      

Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter, MBA Reports

 Washington, DC (Dec. 14, 2011) - The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). 

 The $2.4 trillion in commercial/multifamily mortgage debt outstanding was just $533 million lower than the second quarter 2011 figure. Multifamily mortgage debt outstanding rose to $806 billion, an increase of $4.1 billion or 0.5 percent from the second quarter.

 "Three of the four leading investor groups increased their holdings of commercial and multifamily mortgages during the third quarter," said Jamie Woodwell (top right photo) MBA's Vice President of Commercial Real Estate Research.

 "Life insurance companies, banks, and Fannie Mae/Freddie Mac/FHA each increased their investments in commercial/multifamily mortgages during the period.

“The CMBS market, which was sidelined during the quarter by US and European sovereign debt struggles and other capital markets disruptions, saw $7.4 billion more in loans pay-off and pay-down than was added.

"The net effect was no appreciable change in the amount of commercial/multifamily mortgage debt outstanding."

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

Matt Robinson, (202) 557-2727,  mrobinson@mortgagebankers.org: http://www.mortgagebankers.org/

HFF arranges $40.8 million in construction and mezzanine financing for Circle Ninth Street in Durham, NC

DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $40.8  million for the development of Circle Ninth Street (top left rendering), a to-be-built, 303-unit, Class A multi-housing community in Durham, North Carolina.

HFF worked exclusively on behalf of the borrower, Crescent Resources, LLC, to secure a $32.7 million construction loan through US Bank.  Pearlmark Real Estate Partners, LLC provided an $8.1 million mezzanine loan.  The initial term of each of the loans is three years. 

Inclusive of Circle Ninth Street, HFF has arranged financing for three construction projects on behalf of the borrower in 2011 for a total of $115.3 million.

Circle Ninth Street will be located on a 6.1-acre site at the northeast corner of Main and Ninth Streets within walking distance to Duke University and close to the Research Triangle. 

Set to deliver the first units in fall of 2012, the property will include several four-story buildings with various architectural styles surrounding a structured parking garage. 

The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, pool and fitness courtyard, and a dog park.

The courtyards will be interconnected and the streetscape areas have been designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center. 

The HFF team representing Crescent Resources, LLC was led by director Travis Anderson (middle right photo) and senior managing director Tim Jordan (middle left photo).

Crescent Resources, LLC is a real estate development company with interests throughout the southeastern United States.  Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities.  Crescent also owns and manages business and industrial parks and shopping centers. 

Visit http://www.crescent-resources.com/ for more information.

Contacts:

TIM JORDAN                                   TRAVIS ANDERSON                    

HFF Sr. Managing Director             HFF Director                                      

(214) 265-0880                                 (214) 265-0880                                

tjordan@hfflp.com                             tanderson@hfflp.com 

                   

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

PCCP, LLC Provides $38.72 Million Senior Loan to Recapitalize Burr Ridge Village Center in Southwestern Chicago Suburb

NEW YORK, NY, Dec. 14, 2011 - PCCP, LLC announced today it has provided a $38.72 million senior loan to finance the note purchase and provide funds for completion and leasing costs for Burr Ridge Village Center (top left photo), a mixed-used property located at 1000 Village Center Drive in Burr Ridge IL, a southwestern Chicago suburb. The owner of the property is an entity managed by Founders Properties.

Burr Ridge Village Center consists of 196 residential condominiums (62 of which have not yet been sold), 37,000 square feet of office condominiums, and 195,441 square feet of retail space which was completed in November 2007 and is leased to major tenants such as Banana Republic, Victoria’s Secret, Kohler Spa, Bath and Body Works, and Aeropostale.

“The loan proceeds PCCP has provided will recapitalize the original construction loan and provide capital for the completion costs associated with leasing of the retail portion and finishing construction of the residential condominiums. The owner will now be able to offer the retail and residential condominiums at market rates,” said Barrie Bloom (middle right photo), vice president with PCCP, LLC.

 “This investment gives PCCP the opportunity to originate a loan at an attractive basis on a unique retail and residential condominium property. The asset is also supported by strong retail tenants and a healthy residential condominium sales market in an affluent Chicago submarket.”

Burr Ridge Village Center is one block south of Interstate 55 and is approximately 22 miles southwest of downtown Chicago. It is surrounded by the affluent communities of Hinsdale, Indian Head Park, Western Springs, Willowbrook, and Willow Springs.

The population within a five-mile radius of the property is approximately 190,000. Adjacent to Burr Ridge Village Center is one of the most successful Lifetime Fitness facilities, which has more than one million visitors per year.

 Learn more about PCCP and Founders Properties  at www.pccpllc.com and

www.foundersproperties.com.

Media contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949-278-6224

           

Lincoln Arranges Sale of Former OUC Headquarters in Downtown Orlando, FL

  

ORLANDO, FL (Dec.14, 2011) –Lincoln Property Company has successfully brokered the sale of the former Orlando Utilities Commission (OUC) headquarters (lower left photo) in downtown Orlando. In a deal that officially closed Nov. 30, GDC Properties, LLC purchased the eight-story property for $2.8 million with plans to convert the 44-year-old building into a loft style hotel.

 Lincoln Property Company, exclusively representing the seller (OUC), put the property under contract, assisted through due diligence and closed on the building within a three month timeframe. The property had been marketed for a number of years with Lincoln taking over the assignment about five months ago. 

Joe Rossi (top right photo), senior vice president of investment services at Lincoln, handled the sale and was the only broker involved on either side in the negotiations.

 “OUC is pleased to have a buyer who will preserve the exterior shell of the building and make a significant capital investment in the neighborhood,” said Mr. Rossi, “especially since this will provide an outstanding amenity for OUC’s new headquarters building next door.”

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/ or http://www.lpcsoutheast.com./

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wnspr.com

Marcus & Millichap facilitates sale of a 52,465-SF Self-Storage Facility in Brandon, FL for $2.125 MIllion

  

BRANDON, FL, Dec. 13, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Brandon Mini Storage (top left photo), a 52,465-square foot self-storage facility located in Brandon, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,125,000.

Michael A. Mele (lower right photo), first vice president investments and senior director of the National Self-Storage Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Brandon, Florida.  The listing agent also represented the buyer, a partnership based out of California.

 Brandon Mini Storage is located at 203 Providence Road.  The property was built in 1978 and final expansions were completed in 1997.  Situated on approximately 4.35 acres of land, this investment has 545 self-storage units, 46 are climate controlled, 432 are non-climate controlled and 67 are RV/boat parking spaces.  Amenities include security cameras, wide driveways, perimeter fencing and a manager’s office.

“Brandon Mini Storage was a non-distressed deal that traded at an aggressive price. This transaction highlights a positive outlook in the Florida self-storage industry. We anticipate more market rate deals like this one in 2012” says Mele. 

Press Contact: Bryn D. Merrey,Vice President/Regional Manager, Tampa

(813) 387-4700

Two New Faces at Grubb & Ellis

Jeremy Roy Joins Grubb & Ellis as Vice President, Office Group in Boston

 BOSTON, MA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jeremy Roy (top right photo) has joined the company as vice president, Office Group.  He will focus on tenant and landlord representation in the downtown Boston office market.   

 “I got to know Jeremy while we were working together more than a decade ago and have consistently been impressed with his ability to grow his business and meet the needs of his clients,” said Michael Edward (lower left photo), executive vice president, managing director of Grubb & Ellis’ Boston office.  “His experience is broad, and his success has been helped along by his passion for the business.  I am thrilled he has joined our team.”

 With more than 14 years of commercial real estate experience, Roy joins Grubb & Ellis from Charterhouse Development, where he spent four years as a vice president specializing in retail real estate development, landlord representation and property management throughout northern New England.

Previously, he spent five years as an assistant vice president of Jones Lang LaSalle, focusing on the downtown Class A and B office market space.  Roy began his real estate career in 1997 with The Boulos Company in Portland, Maine.  He has represented a wide variety of clients from the technology, finance, legal, architecture, engineering, advertising and non-profit industries.   

 Roy holds a bachelor’s degree from the University of New Hampshire.


 John Rapp Joins Firm as Vice President, Retail Group, Petroleum Services in Newport Beach, CA Office

NEWPORT BEACH, CA. (Dec. 13, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Rapp (middle right photo) has joined the company as vice president, Retail Group, and a member of the company’s Petroleum Services Group. 

He will partner with Timothy Haves, vice president, Retail Group, and leader of the Petroleum Services Group. 

 “John joins Grubb & Ellis with a 25-year career in the petroleum and retail industry, having worked for and with Exxon Mobil, Amerada Hess, Shell Oil, and Conoco Phillips, amongst others,” said Greg May (lower left photo), executive vice president, co-managing director of Grubb & Ellis’ Orange County offices.  “We couldn’t be more pleased to have him join our team and be expanding the petroleum service expertise we can offer to our clients.”

Rapp joins Grubb & Ellis from United Oil Company, where he was manager, Retail Sales, handling a diversity of duties, including: real estate acquisitions, rebranding new business service stations and facilitating the acquisition and streamlining of 80 Shell Oil Company service station locations.

 Previously, he was a senior vice president with KZ DevCo L.P. for five years, where he was responsible for retail shopping center acquisitions and development, with a primary focus on build-to-suit developments for CVS Pharmacy in Southern California.

Rapp holds a bachelor’s degree from San Diego State University. 

Contact:  Julia McCartney, Phone:  714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com          

HFF closes sale of and arranges $21.2 million financing for Ranch at Pinnacle Point in northwest Arkansas

DALLAS, TX – HFF announced today that it has closed the sale of and arranged financing for Ranch at Pinnacle Point (top left photo), a 392-unit, Class A multi-housing community in Rogers, Arkansas.

HFF marketed the property on behalf of the seller, Castle Hill Partners.  Hayman Woods purchased Ranch at Pinnacle Point free and clear of existing debt.  M&T (FNMA) provided the $21.2 million, seven-year fixed-rate loan, also arranged by HFF.

This is the second transaction HFF has sold to Hayman Woods and financed through M&T (FNMA) in the second half of 2011.  In August, Hayman Woods purchased Villas at Zaragosa, a 216-unit Class A multi-housing community located in El Paso, Texas.

The Ranch at Pinnacle Point is located at 5900 Stoney Brook Road close to Interstate 540, Pinnacle Hills Promenade and major employers including Wal-Mart, Tyson Foods and J.B. Hunt Transportation in northwest Arkansas. 

Completed in 2007, the property has 16 buildings with one-, two- and three-bedroom units averaging 924 square feet each. 

Community amenities include a swimming pool, game room, business center, 22-person movie theatre, jogging path, and attached and detached garages.  The Ranch at Pinnacle Point is 93.4 percent occupied.

The HFF investment sales team representing Castle Hill Partners was led by managing director Roberto Casas (top right photo).

 HFF’s debt placement team representing Hayman Woods was led by managing director Brian Carlton (lower left photo) and senior managing director Trey Morsbach (lower right photo)

Hayman Woods, LLC is an integrated real estate company focused on commercial and residential opportunities in the U.S. 

The firm is an SEC registered investment advisor and manages discretionary private equity funds, as well as discrete investment vehicles on behalf of institutions and high-net worth investors. 

The firm seeks to make opportunistic equity and debt investments on behalf of its investors in projects where it can leverage the acquisition, asset management, development, finance, and sales experience of the firm.

Contacts:  

             

ROBERTO CASAS                                   BRIAN CARLTON                     

HFF Managing Director                             HFF Managing Director                

(214) 265-0880                                          (214) 265-0880                             

rcasas@hfflp.com                                     bcarlton@hfflp.com                    

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

Stirling Sotheby’s International Realty Negotiates $1.5 Million sale of Tomoka Oaks Golf and Country Club in Ormond Beach, FL

ORLANDO, FL. – Stirling Sotheby’s International Realty’s Commercial Division recently negotiated the $1.5 Million sale of Tomoka Oaks Golf and Country Club (top left photo) at 20 Tomoka Oaks Blvd. in Ormond Beach.

 Mark Arnold (middle right photo), International Commercial Investment Specialist at Stirling Sotheby’s International Realty, negotiated the transaction representing the seller, Putnam State Bank, based in Palatka.

 Arnold said an Orlando area investment partnership purchased the property, which consists of an historic 18-hole golf course built in 1965 and 144 acres including 33 acres for future residential development. 

Tomoka Oaks is complemented by magnificent Oaks throughout the established residential community in Ormond Beach.  The prime location, in-town gentile and proximity to the beach have long attracted seasonal residents to the community, Arnold said. 

 “We fully expect the new ownership to bring the course and facilities back to the premier conditions of its storied past,” he said.

 Stirling Sotheby’s International Realty’s marketing efforts attracted extensive interest from area investors and developers as well as prospective buyers interested in golf course ownership and land development from across the country as well as international buyers, Arnold added.

 “The level of interest speaks highly of the attractiveness and future of the Ormond Beach area,” said Arnold.

 For more information, contact:

Mark Arnold, International Commercial Investment Specialist, Stirling Sotheby’s International Realty, 407-588-1260 marnold@stirlingsir.com

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-588-1260;

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

CalPERS Selects PCA as Real Estate Consultant

SACRAMENTO, CA - The Board of the California Public Employees' Retirement System (CalPERS) has chosen Pension Consulting Alliance (PCA) Inc. to continue as its principal real estate consultant.

PCA has been the CalPERS Board of Administration's real estate consultant since 2009, but the contract was up for competitive review. The CalPERS Investment Committee made its selection after interviewing the top three finalists - PCA, Callan Associates Inc. and Courtland Partners Ltd - at its Dec. 12 meeting.

"PCA has provided the Board with valuable insight over the past few years as our real estate staff has worked to restructure our portfolio," said George Diehr (lower left photo) Chair of the Investment Committee and Vice President of the CalPERS Board. "We're confident their experience will continue to help us evaluate and assess potential investment opportunities in the future."

In February, the CalPERS Board adopted a new real estate strategy that focuses primarily on income-producing investments largely located in the United States. As of September 30, 2011, the market value of CalPERS real estate portfolio stood at $19.1 billion, up 26 percent from the same time a year ago.

"All the companies we interviewed for the role of Board real estate consultant had much to offer," said Rob Feckner (top right photo), President of the CalPERS Board. "PCA has shown they have the knowledge and skill to provide investment advice as we move forward with a strong, comprehensive real estate strategy."

The new contract is scheduled to take effect April 1, 2012.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Wayne Davis, Information Officer

pressroom@calpers.ca.gov

CalPERS Earns $695 Million Profit As First GI Partners Fund Closes

SACRAMENTO, CA – The California Public Employees’ Retirement System’s (CalPERS) has earned a profit of approximately $695 million from its investment in GI Partners Fund I, a 10-year-old fund that closed after selling its last asset.

CalPERS committed $500 million to GI Partners Fund I in 2001 as part of joint initiative between its real estate and private equity programs to invest in technology-related assets. The investment generated a 31 percent net annualized internal rate of return.

“These significant returns are a credit to GI Partners and CalPERS investment professionals’ performance over the past 10 years,” said Joseph Dear (top left photo), CalPERS Chief Investment Officer. “We have a long investing horizon, and the fund’s success is testimony to our commitment to an investment strategy that seeks superior risk-adjusted returns across all asset classes.”

GI Partners is a privately owned firm that invests in operating companies and assets in North America and Western Europe. CalPERS also has commitments of $500 million each to GI Partners Funds II and III, and GI Partners also manages more than $2 billion in assets in CalPERS CalEast real estate portfolio.

“We’re pleased that our investment in GI Partners Fund I has ended with such solid returns,” said Ted Eliopoulos (lower right photo), CalPERS Senior Investment Officer, Real Assets. “These strategic partnerships help us maintain our investment edge in a very competitive environment.”

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Wayne Davis, Information Officer

pressroom@calpers.ca.gov

The Mayfair Hotel & Spa---Miami’s Artful, Eclectic Enclave

Coconut Grove, FL  –- An urban oasis, worlds away from the hustle and bustle of South Beach, the Mayfair Hotel & Spa (top left photo) creates a tropical air of romanticism just steps from the “Grove,” as it’s known among those who favor and frequent it.

 As Miami’s tucked-away treasure, the Grove is known for funky art galleries, sidewalk cafes and sunset sailing on Biscayne Bay; one of the world’s most beautiful sailing bays.

Strolling through the tree-lined walking town, guests uncover century-old estates such as Villa Vizcaya and the Barnacle or encounter ghostly sightings on a ghost tour of the Grove.  Year round, fans cheer on college and professional sporting teams, including Marlins’ baseball, Dolphins and Miami Hurricanes’ football as well as Miami Heat’s basketball, plus golf at nearby Biltmore and Doral.

To experience Miami’s eclectic’s Eden for an impromptu getaway or corporate commitment, call the hotel at 305-441-000, toll free at 1-800-433-4555 or visit our website at http://www.mayfairhotelandspa.com/

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

   

Tony Novoa

Director, Sales & Ma

3000 Florida Avenue

Coconut Grove, FL 33133

T: 305-779-4532 / F: 305-779-4549

tony.novoa@mayfairhotelandspa.com