PCCP LLC Provides Loan to East River Partners LLC for Purchase and Renovation of Three Buildings in Upper West Side of New York, NY

                                          272, 274 and 276 West 86th Street,
                                          Upper West Side of New York, NY 

 New York, NY, April 19, 2013 - PCCP, LLC announced today it has provided a senior loan to an affiliate of East River Partners, LLC for the acquisition and renovation of three multifamily buildings.

John Randall

The buildings total approximately 21,500 square feet and are located in the Upper West Side of New York, NY at 272, 274 and 276 West 86th Street.

“East River Partners is an experienced real estate investment and development firm focused on purchasing existing buildings in New York City and rehabbing them into rental or condominium homes,” said John Randall, senior vice president with PCCP, LLC out of the firm’s New York City office.

 “The opportunity is a good match with our lending appetite, and this loan represents a favorable basis for PCCP in the highly desirable Upper West Side where there is a scarce amount of newer housing product.”

The property consists of three architecturally attractive, contiguous mid‐block buildings built in 1909. The buildings are situated between Broadway and West End Avenue on the south side of the two‐way West 86th Street. Two of the three buildings are currently vacant and the third building has minimal occupancy.

Morrison & Foerster LLP represented PCCP, LLC.  Cooper-Horowitz arranged the financing.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.pccpllc.com.

Charles Dunn Co. Completes $1.95 Million Sale Multifamily Property in Los Angeles

                                    1616 South Bundy Street, West Los Angeles, CA

Kimberly Roberts Stepp

LOS ANGELES, CA, April 19, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.95 million sale of a 7-unit multifamily property located at 1616 South Bundy near the major cross street of Santa Monica Blvd. in West Los Angeles.

Kimberly Roberts Stepp of Charles Dunn Company represented the seller, 1616 South Bundy, LLC from Los Angeles. The buyer was Judmarc, LLC from Los Angeles and was represented by Hamid Soroudi. The closing cap rate was 4.8 percent. 

“This property was on the market for just one week,” said Soroudi. “With current rental vacancy rates at two to three percent and very little inventory on the Westside, pricing for multifamily properties is very strong and available properties are hotly contested.”

Hamid Soroudi

Soroudi and Stepp are part of Charles Dunn Company’s Soroudi Group, the most successful and active group of brokers involved in selling and exchanging of prime Westside properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

www.charlesdunn.com

$19 Million Luxury Apartment Complex Sale Brokered by IPA in La Habra, CA

                                      Il Pompeii Apartments, La Habra, Orange County, CA

LA HABRA, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Il Pompeii Apartments, a 111-unit luxury apartment complex in La Habra, Orange County, Calif.

Stewart I. Weston

The $19,000,000 sales price equates to approximately $171,000 per unit and $204 per square foot.

IPA senior director Stewart I. Weston, IPA associate director W. Michael Cavner and Marcus & Millichap vice president investments John L. Nguyen advised the seller. The buyer is a local capital buyer.

“Il Pompeii Apartments is atypical of many properties within its vintage,” says Weston. “The seller and original developer incorporated a number of forward-thinking key amenities and construction features into the original plan.” 

W. Michael
Cavner

“The investment appeal of this asset is driven by strong submarket occupancy and rental growth trends,” adds Nguyen. “All units in this community are commanding market-rate rents.”

“The property has been delivered free and clear, allowing the new owner to take advantage of historically low interest rates,” Cavner concludes.

Situated on five acres and consisting of 11 separate buildings, the two-story residential community is made up of one-, two- and three-bedroom townhouse-style apartment homes.

John L. Nguyen

Constructed in 1969, Il Pompeii Apartments is accentuated with a stucco siding and pitched tile roofs.  Amenities include a swimming pool with sundeck, a community room, large grass courtyards and greenbelts, beautiful fountains and water features, and barbecue and picnic areas. Select units have been renovated with new flooring, two-tone paint, new appliances, cabinetry, lighting and faucet fixtures.

Key amenities and construction features that were incorporated into the original plan include central air conditioning and heating, copper piping throughout, lead-free paint inside and out, and building materials manufactured without asbestos.

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

.Ben Johnson

 Marketing Director

(925) 953-1736

324-Unit Luxury Multifamily Complex Trades Hands in Northern San Antonio, TX

The View at Encino Commons, San Antonio, TX

SAN ANTONIO, April 18, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The View at Encino Commons, a 324-unit luxury multifamily community in northern San Antonio.

Will Balthrope

            Will Balthrope, an IPA executive director, and Scott Lamontagne, an IPA associate director, advised the seller. The buyer is McCann Realty Partners.

            “The View at Encino Commons has many unique features that distinguish it from the nearby rental competition,” says Balthrope, “including its trademarked ‘big house’ design with large units; private, ground-level entries; no breezeways or exterior stairways, and 50 percent attached direct-access garages.” 

Scott
 Lamontagne

“This distinctive property is in an irreplaceable, highly visible location in one of the most prolific growth corridors in the city,” adds Lamontagne. 

Built in 2001 on 21 acres, the property is located just northeast of the U.S. Highway 281 and Evans Road interchange at 21303 Encino Commons in San Antonio.

The View at Encino Commons’ apartment units feature fully equipped kitchens with microwave ovens, ceramic tile entries, private patios or  balconies with French doors, bay windows and fireplaces with stone mantles, nine-foot ceilings with designer crown molding, computer niche, ceiling fans in all bedrooms, private first-level entries, and outside storage units.

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

.Ben Johnson

 Marketing Director

(925) 953-1736

Luxury Student Housing Community Hits the Market in Austin, TX

  

Longhorn Lux student housing community, Austin, TX

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for Longhorn Lux, a 243-bed luxury student housing community in Austin, Texas. The property is being offered on a “price to be determined by market” basis.

Joe James

Joe James and Kent Myers, senior associates, and Hector Granado, an associate, all in Marcus & Millichap’s Austin office, are representing the developer of the project.

            “Longhorn Lux is located in West Campus, which borders of the University of Texas to the west,” says James. “West Campus is the most prized student market for the university and the opportunity to buy new student mid-rise product is rare.”

Kent Myers

            “The University of Texas at Austin posted a 2.2 percent increase in enrollment last year and Longhorn Lux is currently 97 percent occupied,” adds Myers. “The property will be fully leased in the upcoming school year.”

            “As the preferred location for student living for more than 50 years, this unique asset offers investors long-term stability,” Granado concludes.

University of Texas,
Austin, TX campus

Built in 2012, the 62,808-square foot property is located at 2401 Longview St. in Austin. Longhorn Lux is a three-story mid-rise that includes 213 underground parking spaces. All units are furnished with beds, desks, chairs, dressers, flat-screen televisions, nightstands and couches.

Community amenities include a swimming pool, private study rooms, lounge areas with couches and flat-screen televisions, laundry rooms on each floor, electronic entry and door locks, a game room with billiards, fitness center, concierge service and a gaming center with PS3 and Wii.

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

.Ben Johnson

 Marketing Director

(925) 953-1736

Integrity Home Loan Appoints Residential Loan Originator in Tampa Bay Area Branch Office

 Tampa, FL. -- Integrity Home Loan of Central Florida, which ranks as Florida’s largest and most active privately-held residential mortgage company, recently appointed veteran residential mortgage officer Darrin J. Bosin as residential mortgage loan originator in its Tampa Bay Regional Office at 3030 N. Rocky Point Drive West in Tampa.

Matt Malloy, president of Integrity Home Loan of Central Florida, Inc., said Bosin earned his B.A. degree in Finance from the University of Florida and formerly served as a loan officer and branch owner of Gold Star Mortgage Financial in Tampa.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Integrity Home Loan of Central Florida to open new offices in Illinois, Virginia this year and expand Detroit office

 LAKE MARY, FL --- Integrity Home Loan of Central Florida plans to open new offices in Chicago area and Fairfax, Va. this year and to expand its Detroit-area office in Southfield, Mich.

Matt Malloy, president of Integrity Home Loan of Central Florida, said his staff of seven loan officers in Southfield will grow to more than 25 loan officers this year.

Integrity Home Loan provided more than 2,700 mortgage loans last year totaling more than $600 million from 11 branches including the Central Florida headquarters in Lake Mary, and locations in Coral Springs, West Palm Beach, Jacksonville, Orlando, Tampa, and in the Detroit suburb of Southfield, Mich.     Malloy projects Integrity will serve up more than 3,200 residential mortgage loans in 2013.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Rhodes+Brito Architects earn Continuing Services Contract from U.S. General Service Administration

Ruffin Rhodes

ORLANDO, FL -- Rhodes+Brito Architects based in Orlando, has earned a five year continuing services contract from the U.S. General Services Administration (GSA).

Ruffin Rhodes, co-founder and partner at Rhodes+Brito, said the continuing services contract authorizes Rhodes+Brito Architects to provide architectural design services to be requested by the GSA with fees not exceeding $1 million per year during the five year contract period.

The U.S. General Services Administration develops, manages and maintains non-military buildings and other facilities owned by the U.S. Government.

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

Ruffin Rhodes, Rhodes+Brito Architects, 407-648-7288 x103 ruffin@rbarchitects.com

Maximiano Brito, Rhodes+Brito Architects, 407-648-7288 max@rbarchitects.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

Integrity Home Loan Appoints Win Thomas as Senior Loan Originator in Jacksonville, FL Office

  

Matt Malloy

 Jacksonville, FL-- Integrity Home Loan of Central Florida, which ranks as Florida’s largest and most active privately-held residential mortgage company, recently appointed Win Thomas as senior loan originator in its Northeast Florida Regional Office at 8130 Baymeadows Way in Jacksonville.

Matt Malloy, president of Integrity Home Loan of Central Florida said Thomas earned his B.S. degree in Accounting from the University of North Florida and formerly served as a loan originator with Merrill Lynch Home Loans in Jacksonville.

“We are building a staff of the most experienced residential mortgage professionals in northeast Florida to serve our clients in the Jacksonville region and Win Thomas will play an important role in our continued growth in the region,” Malloy said.

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

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268 matt.malloy@inthomeloan.com NMLS #- 161433

Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618 jason.scott@inthomeloan.com;

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

FrontDoor Communities Bolsters its Florida Operations with Two New Hires

Bill Fox

ATLANTA, GA -- FrontDoor Communities announced it has expanded its central / south Florida office with the addition of Mike Taylor as division vice president and Bill Fox as project manager. Both Taylor and Fox are industry veterans who bring extensive experience in real estate and construction to their new roles.

“We are extremely excited to welcome these two dynamic industry veterans to the FrontDoor team,” said Terry Russell, CEO and partner. “Expanding our presence and capabilities in the vibrant central and south Florida markets is a priority for us, and I’m confident Mike and Bill will be invaluable assets to our company.”

Mike Taylor

As division vice president, Taylor will oversee real estate acquisitions, development, sales and homebuilding throughout Florida.

 He brings more than 25 years of experience to FrontDoor. Previously, Taylor served as chief operating officer at Charter Restoration where he sourced new business opportunities within the multi-family, commercial real estate and hospitality markets.

He holds a bachelor’s degree in marketing from Indiana University and is an active member of the Northeast Florida Builders Association and Urban Land Institute. Taylor has also served as chair of the Northeast Florida Sales and Marketing Council.

Terry Russell

 In Fox’s new role as project manager, he will provide executive hands-on management for several FrontDoor development projects. Before joining FrontDoor Communities, Fox was a general manager at Grayhawk Homes of Iowa, Inc. In this role, he was responsible for restructuring the company for expansion into other markets.

 Fox oversaw plan development, lot acquisitions, construction, sales and more. Throughout his career, he has been responsible for several facets of development.

Fox has a bachelor’s degree in construction technology and an A.A.S. degree in architectural technology from Purdue University. He has served in the United States Marine Corps.

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

Leigh Taylor

The Wilbert Group

404-263-9415

HFF closes sale of CityCenter of CityNorth in Phoenix, AZ

CityCenter of CityNorth, Phoenix, AZ 

Ryan Gallagher

IRVINE, CA – HFF announced today that it has closed the sale of the CityCenter of CityNorth, an approximately 630,000-square-foot mixed-use project in Phoenix’s Desert Ridge master planned community.

CJ Osbrink

HFF marketed the property on behalf of the seller.  Portland-based private real estate firm ScanlanKemperBard and a private investment fund managed by Wayzata Investment Partners LLC (“Wayzata”) through the newly-formed City North Associates LLC purchased the asset.

Lee & Associates acted as the local market leasing team on the transaction. 

Ryan Fitzpatrick

CityCenter of CityNorth is located at 5310-5455 High Street along Loop 101 in northeast Phoenix. 

Completed in 2008, the property includes 99 condominium rental units, approximately 330,000 square feet of Class A office space, approximately 175,000 square feet of retail space, nearly five acres of undeveloped land and a six-level parking structure. 

The HFF investment sales team was led by senior managing director Ryan Gallagher and associate director CJ Osbrink along with director Ryan Fitzpatrick, managing director Bryan Ley, senior managing director Jim Batjer and managing director Mark Wintner. 

Bryan Ley

The Lee & Associates team representing the buyer was led by principals Chris Krewson and Mike Garlick.

ScanlanKemperBard Companies (“SKB”) was established in Portland, Oregon in 1993 with the intent of capitalizing on the real estate experience, skills and vision of its founders.

 Since that time, SKB has become one of the region’s leading real estate private equity firms specializing in projects ranging in total capitalization from $5 million to $100 million located throughout the western United States.

Mark Wintner

Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. 

The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state.  Each of the 47 nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

. 

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

Olivia Hennessey

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $29 million sale of development site on Biscayne Bay in Miami, FL

 4.5-acre development site along Biscayne Bay in Miami, Florida.

MIAMI, FL – HFF announced it has closed the sale of a 4.5-acre development site along Biscayne Bay in Miami, Florida.

Mannuel
de Zarraga

                HFF marketed the property exclusively on behalf of the seller, Equity Residential.  The Related Group purchased the site for $29 million. 

                The property is located between NE 31st and NE 32nd Street in the Biscayne Corridor close to the American Airlines Center, Arsht Center and downtown Miami. 

The 3.1-acre south parcel abuts Biscayne Bay with 180 linear feet of water frontage.  The north parcel has 1.4 acres and can be developed with a maximum of 219 residential units.  

Jaret Turkell

Once developed, the units will feature direct views of Biscayne Bay, Miami Beach, downtown Miami and Brickell and the Atlantic Ocean.

                The HFF investment sales team representing the seller was led by executive managing director Manuel de Zárraga and director Jaret Turkell, and supported by real estate analysts Scott Wadler and Maurice Habif.

“This is a favorable transaction for both parties and further evidences the strength of the Miami real estate market,” said Turkell.   

Biscayne Bay, Miami, FL

HFF’s Florida multi-housing and land group has closed more than $780 million of multi-housing transactions for the 12 months ending December 31, 2012, and the firm was also ranked as a top capital markets intermediary nationally by the Mortgage Bankers Association for the past five years.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

HFF closes sale of and arranges financing for Class A office property in Dallas, TX area

MacArthur Center I and II, Irving, TX

DALLAS, TX – HFF announced it has closed the sale of MacArthur Center I & II, a 302,459-square-foot, Class A office complex in Irving, Texas on behalf of a specialty finance company for an undisclosed amount. 

HFF also represented the purchaser, JP Realty Partners, Ltd., in arranging acquisition financing with Capital One Bank.

MacArthur Center I & II is located at the intersection of State Highway 114 and MacArthur Boulevard in the Las Colinas submarket.

 The 300,000-plus, rentable square foot complex is situated on a 6.3-acre site and is more than 94 percent leased to tenants including OneSource VHR and Molina Healthcare.

The Las Colinas submarket, east of DFW International Airport, is one of the largest business centers in the Dallas market and is home to corporations such as ExxonMobil, Kimberly-Clark, Zales and Fluor.

   

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

$37.95 million financing for five-property multi-housing portfolio arranged by HFF

Willow Pointe Apartments, 1701 Salem Road, Burlington, NJ 

FLORHAM PARK, NJ - HFF announced it has arranged $37.95 million financing for five garden-style multi-housing properties totaling 727 units in various New Jersey locations.

Jon Mikula

                HFF worked exclusively on behalf of the borrower, The PRC Group, to secure the loans in two separate transactions.  The first $22.2 million loan for three of the properties was placed with The Provident Bank of Iselin, New Jersey.  The other $15.75 million loan for the remaining two properties was placed with Columbia Bank. 

                The portfolio is 100 percent leased.  Individual properties details are listed below:

• Grandville Towers 19 Morford Place, Red Bank  91 Units
• Clifton Arms  220-240 9th Street, Lakewood  64 Units
• Farmingdale Gardens 1 West Main Street, Farmingdale 176 Units
• Sunset Heights 1130 Sunset Road, Burlington 120 Units
• Willow Pointe1701 Salem Road, Burlington 276 Units

Jim Cadranell

                 The HFF team representing the borrower was led by senior managing director Jon Mikula and managing director Jim Cadranell. 

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com

www.prcgroup.com.

$150 million construction loan arranged by HFF for Los Angeles mixed-use development

Runway mixed-use project rendering, Playa Vista, CA 

LOS ANGELES, CA - HFF announced it has arranged $150 million in construction financing for Runway, an urban, mixed-use development in the West Los Angeles community of Playa Vista. 

David
Binswanger

                The development team of Lincoln Property Company and Phoenix Property Company has begun construction on the site, which will consist of 420 multi-housing units and approximately 250,000 square feet of mostly retail space. 

Scheduled for a grand opening in 2014, Runway will be anchored by a first-class slate of retail tenants that include Whole Foods, Cinemark Theaters and CVS.

                HFF worked on behalf of the borrower to secure the loan through a syndicate of banks led by Bank of America.  HFF also arranged the equity financing through Alcion Ventures, a Boston-based real estate private equity firm. 

Doug Bond

                David Binswanger, executive vice president of Lincoln Property Company, commented, “Our company has been involved with Playa Vista since 2006 when we developed more than 800,000 square feet of creative office space in Playa Vista.  

"We are excited to have partners who have the same vision as we do, and we look forward to continuing our commitment to the community by offering a visionary project that will be Playa Vista’s ‘Town Center.’”

                Runway will be the entertainment and retail hub of Playa Vista, the first new community to be established on the westside of Los Angeles in more than 50 years. 

                “We are very excited to have capitalized the development of Runway and look forward to seeing the energy and excitement that will follow its successful completion,” said Doug Bond, senior managing director of HFF in Los Angeles, who represented the sponsors in this transaction.

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

Kristen M. Murphy

Associate Director

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

krmurphy@hfflp.com