Charles Dunn Company Completes $1.75 Million Sale of 8-Unit Multifamily Property in Los Angeles

  

12757 Mitchell Avenue, Mar Vista enclave, Los Angeles, CA

LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.75 million sale of a fully occupied, eight-unit multifamily property located near the cross street of Venice Boulevard and Washington Place at 12757 Mitchell Ave. in the Mar Vista enclave of Los Angeles.

Michel Hibbert

Michel Hibbert of Charles Dunn Company represented the seller, a private individual from Los Angeles. The 1031 exchange buyer was Los Angeles-based Norman Green Trust who was represented by Manual Galvan of Chris Walker Realty. The transaction closed at a cap rate of 4.2 percent and $292 per square foot, a favorable price for a property built in 1957.

“This transaction was sold for one of the lowest cap rates in the area,” said Hibbert. “The buyer assumed an existing loan with an interest rate of 3.85 percent fixed for four years, then converting to a variable rate for the remaining 25 years. Mar Vista has had and will continue to have strong rental and appreciation growth in the future.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

Lincoln Property Company Sees Potential; Continues Phoenix Industrial Push With Second Major West Valley Business Park

  

Add caption

                                        Aerial of planned 10 Lincoln Development, Phoenix, AZ

PHOENIX, AZ – Just two weeks after unveiling its plans to develop a major new business park in Goodyear, Ariz., Lincoln Property Company (LPC) has announced another new business park project, 10 Lincoln.

David Krumwiede

10 Lincoln will total more than 1 million square feet on 72 acres. The development consists of five buildings ranging in size from 500,000 square feet to 80,000 square feet, with anticipated uses of distribution, e-commerce, manufacturing assembly and retail.

Together with LPC’s just-announced Goodyear AirPark, the firm now offers approximately 340 acres of active West Valley industrial opportunities, with the potential to bring more than 5,000 new jobs to the Phoenix market.

“Phoenix’s West Valley submarkets are becoming increasingly well known as convenient, cost effective sites for some of the nation’s largest distribution and e-commerce firms,” said Lincoln Property Company’s Executive Vice President, David Krumwiede.

“We expect this demand to only continue, and will approach these new business parks accordingly. Ultimately, we see both as multi-year projects—ones that will allow us to offer local and national clients with the best shovel-ready land in the Southwest.”

Marc Hertzberg

10 Lincoln is located at 83rd Avenue in Phoenix, directly fronted by Interstate 10 to the north and bordered by Van Buren Street to the south.

The project is Foreign Trade Zone capable, offering the potential for a 75 percent reduction in real and personal (equipment) property tax. Immediate corporate neighbors include Amazon, PetSmart, Cardinal Health, Target, Bose, Home Depot, Costco, Living Spaces and Sysco.

 Butler Design group has provided the project site plans. The site sits at a full diamond interchange.

“This is one of the West Valley’s last close-in, still undeveloped industrial parcels,” said Jones Lang LaSalle Managing Director Marc Hertzberg, who along with Jones Lang LaSalle Managing Director Anthony J. Lydon serve as the exclusive marketing coordinators for the project.

 “It is surrounded by established commercial and residential development, giving incoming companies a built-in employment and amenities base, and allowing 10 Lincoln to immediately begin serving and employing those who live and work nearby.”

Anthony J. Lydon

The announcement of 10 Lincoln falls just two weeks after plans were unveiled for Goodyear AirPark, a 267-acre business park located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, and directly south of the Goodyear Airport.

LPC is the exclusive developer for the project, which is a joint venture with Carefree Partners Investments.

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

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Inching Along: Minor Improvement for Retail in the Third Quarter

  

 ATLANTA, GA – Going into the fourth quarter, the recovering retail market can be described by one word: tepid. Fundamentals are slowing improving, but no drastic changes in vacancy or rent occurred during the third quarter.

Michael Bull

Those were a few of the points made during the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty. Bull and his guests discussed vacancy, tenants and the investment market.

 The total retail vacancy rate for the United States is currently 9.3 percent, said Jesse Tron, communications manager at the International Council of Shopping Centers (ICSC). “Community and neighborhood shopping centers are experiencing the highest vacancy rates,” he said.

Ron Wheeler

The national vacancy rates for community centers and neighborhood centers are 11.3 percent and 9.4 percent, respectively, Tron said. Comparatively, the vacancy rate for power centers is only 5.7 percent. “Retail has rebounded quite nicely from the recession, when total vacancy peaked at 11 percent,” he added.

 Discount retailers, medical users and fast-casual restaurants are the most active tenants when it comes to looking for retail space, said Ron Wheeler, CEO of Sembler. “We have probably leased more dollar stores during the past few years than in the history of our company,” he said.

Jack Halpern

As vacancy continues to decline, tenants are getting more creative with and flexible about the location and configuration of their space, said Jack Halpern, chairman of Halpern Enterprises. “For tenants that are interested in infill space, those locations often require a different format than what they are used to in the past,” he added.

 Though retail is experiencing slow and steady improvement, investors are still only looking at high-quality retail properties, guests said. “Generally speaking, it’s not a favored property type at the moment,” said Ryan Severino, senior economist at Reis. “Volumes have been lower than office and apartments because of the slow recovery in vacancy and rent.”

Ryan Severino

The entire episode on the U.S. retail market is available for download at www.CREshow.com. The next “Commercial Real Estate Show” will be available on Oct. 31 and will examine the multifamily market.

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

Stephen Ursery

The Wilbert Group

404.405.2354

sursery@thewilbertgroup.com

Trick or Treat? ZipRealty Names the 15 Best Places for Halloween Treats

  

EMERYVILLE, CA /PRNewswire/ -- ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation's most prominent online technology-powered residential real estate brokerage firm and real estate marketing solutions provider, has released a list of the 15 best zip codes nationwide for trick-or-treating this Halloween season.

Jamie Wilson

"Selecting the top cities for trick-or-treating is a great place for families to start, but cities are massive areas with several distinct and dynamic neighborhoods," said Jamie Wilson, SVP of Technology for ZipRealty.

"So we've fine-tuned our list to uncover the best neighborhoods for trick-or-treating based on a much more micro level, using zip-code specific housing data.

Since ZipRealty has an abundance of data to help buyers find their dream homes all year round, we wanted to use this data to help kids find an abundance of dream candy this Halloween season!"

The 15 Best Zip Codes for Trick-or-Treating are:

Metro

 Neighborhoods/Suburb

 Zip Code

Houston

 Bellaire

 77401

Boston

 Wellesley: Wellesley Hills

 02481

Chicago

 Glencoe

 60022

San Jose, Calif.

 Los Gatos, Monte Sereno

 95030

New York City

 Westchester County: Rye

 10580

Houston

 Spring Branch East, Spring Valley Village, Hilshire Village

 77055

Washington, DC

 Arlington: Westover Village, Highland Park,

Overlee Knolls

 22205

San Francisco

 West of Twin Peaks 

 94127

St. Petersburg, Fla.

 Historic Old Northeast, Greater Woodlawn, Allendale Park/Five Points

 33704

Los Angeles

 Mid-City

 90019

Los Angeles

 Encino

 91436

Minneapolis

 Edina: Golf Terrace Heights, Country Club, Concord, White Oaks, Sunnyslope and Minnehaha Woods

 55424

Chicago

 Western Springs

 60558

Sacramento

 Granite Bay

 95746

Boston

 Needham

 02492

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

Stacey Corso

510.735.2667

scorso@ziprealty.com  

www.ziprealty.com

KeyBank’s E. J. Burke Sworn in 2014 MBA Chairman

                   

E.J. Burke

Washington DC -- E. J. Burke, Executive Vice President and Group Head, KeyBank Real Estate Capital and Corporate Banking Services, was sworn in as Chairman of the Mortgage Bankers Association (MBA) during the association’s 100th Annual Convention & Expo in Washington, DC.

Mr. Burke recently served as Chairman of MBA's Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) and is a member of the association’s Board of Directors. He serves as Chair of the COMBOG Risk Retention Task Force and is a former Chair of the COMBOG Investor Council.

OTHER HAPPENINGS AT MBA:

---The Mortgage Bankers Political Action Committee (MORPAC) awarded Julie Piepho CMB, President - National Operations of Cornerstone Home Lending, with the 2013 Schumacher-Bolduc Award at the association’s 100th Annual Convention and Expo held in Washington, DC.  The award was given to Piepho in recognition of her dedication and prominent service to MORPAC and the mortgage lending industry.

Julie Piepho

---Bill Cosgrove, CMB, President and CEO of Union Home Mortgage Co. of Strongsville, OH,  was was sworn in as Chairman-Elect of the Mortgage Bankers Association (MBA) during the association’s 100th Annual Convention & Expo in Washington, DC.

---MBA Education, the Mortgage Bankers Association’s educational initiative, presented E. Michael Rosser, CMB, with its inaugural MBA Education Lifetime Achievement Award, which will be named after Mr. Rosser when it is presented to future winners. Mr. Rosser received the award in a ceremony held at MBA's 100th Annual Convention & Expo in Washington, D.C.

---Bill Emerson, Chief Executive Officer of Quicken Loans, Inc., today was sworn in as Vice Chairman of the Mortgage Bankers Association (MBA) during the Association’s 100th Annual Convention & Expo in Washington, DC.

Bill Emerson

---The Mortgage Bankers Association (MBA) awarded J. David Motley, CMB, with its Andrew D. Woodward Distinguished Service Award. The award is presented in recognition of dedication and prominent service to MBA and the mortgage lending industry in a variety of capacities involving both legislative and regulatory activities. Mr. Motley was presented the award in a ceremony held at MBA's 100th Annual Convention & Expo in Washington, DC.

---The Mortgage Bankers Association (MBA) announced J. David Motley, CMB, President of Colonial National Mortgage, a division of Colonial Savings, F.A. in Fort Worth, TX as Chairman of its 2014 Residential Board of Governors (RESBOG) and Michael S. Malloy, Deputy General Counsel & Mortgage Policy and Counterparty Relations Executive of Bank of America Home Loans in Calabasas, California as the Vice-Chairman of RESBOG, at the association’s 100h Annual Convention & Expo.

---Jamie Korus, CMB, President and Principal of Alliance Financial Resources, LLC, was awarded the “MBA Opens Doors Foundation Community Champion Award” by the Mortgage Bankers Association (MBA). This award recognizes an individual who has dedicated significant time and effort to advance the foundation’s mission to enable families with a critically ill or injured child to keep their home, even in the face of significant medical bills.

Jamie Korus

---The Mortgage Bankers Association (MBA) announced that it expects to see $1.2 trillion in mortgage originations during 2014, a 32 percent decline from 2013.  While MBA expects purchase originations to increase 9 percent, it expects refinance originations to fall 57 percent.

---The Mortgage Bankers Association (MBA) today announced the election of Rodrigo Lopez, CMB, President and Chief Executive Officer of AmeriSphere Multifamily Finance, L.L.C. as the new Chair of its Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) at the association’s 100th Annual Convention & Expo in Washington, DC.  R. Paige Hood, Managing Director of Prudential Mortgage Capital Company and Robert M. Stout, CRI, President and Chief Executive Officer of Q10 Capital, LLC will serve as Vice Chairs.

---The Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA) released a new report entitled “Mortgage Banking in the United States, 1870-1940” authored by Professor Ken Snowden of the University of North Carolina – Greensboro.

Prof. Ken Snowden

---The Mortgage Bankers Association (MBA) swore in its Board of Directors for the 2014 membership year at MBA's 100th Annual Convention & Expo in Washington, DC. The Board of Directors will be chaired by E.J. Burke, Executive Vice President and Group Head of KeyBank Real Estate Capital, a nationwide commercial real estate lender and servicer headquartered in Cleveland, Ohio.

The new members of MBA's Board of Directors are:

Rick Aneshansel, U.S. Bank Home Mortgage

Barrett Burns, VantageScore Solutions, LLC

C. William Griffin, Lender Processing Services, Inc

Jerome Lienhard, SunTrust Mortgage, Inc

Anand Nallathambi, CoreLogic, Inc

Kevin Watters, JPMorgan Chase

Members remaining on the Board of Directors are:

Debra W. Still

Debra W. Still, CMB, Pulte Mortgage LLC, Immediate Past Chairman

E.J. Burke, KeyBank Real Estate Capital

William Cosgrove, CMB, Union Home Mortgage Co., Chairman-Elect

William C. Emerson, Quicken Home Loans, Detroit, Michigan, Vice Chairman

Brian F. Stoffers, CBRE Capital Markets

Hugh Frater, Berkadia Commercial Mortgage, LLC

Chris George, CMG Financial

Michael J. Heid, Wells Fargo Home Mortgage

R. Paige Hood, Prudential Mortgage Capital Company

Brian Lancaster, Stern School of Business, New York University

Rodrigo Lopez, CMB, AmeriSphere Multifamily Finance, LLC

Michael S. Malloy, Bank of America

William J. McCue, McCue Mortgage Company

J. David Motley, CMB, Colonial Savings, F.A.

Kurt Pfotenhauer, First American Title Insurance Company

Julie Piepho, CMB, Cornerstone Home Lending Inc.

Robert Stout, Q10 Capital, LLC

David H. Stevens, Mortgage Bankers Association (ex-officio member)

William M. Walker, Walker & Dunlop, LLC

  

---The Mortgage Bankers Association (MBA) today recognized 33 mortgage professionals in a graduation ceremony for MBA’s Future Leaders Program held at MBA's 100th Annual Convention & Expo in Washington, DC.

Peter Ansari, Vice President-Cash Management, RoundPoint Mortgage Servicing Corporation

Christine Benson, Vice President, Mortgage Loans, Arvest Mortgage Company

Christopher Benson, Vice President-Controller, Starkey Mortgage, LLP

Don Blea, VP-IT Info Structure, Information Security & Support, Pulte Mortgage LLC

Rhiannon Bolen, Regional Account Manager, Radian Guaranty Inc.

David Bridges, Senior Loan Officer, Lender Service Provider, LLC

Ashley Crosslin, VP Warehouse Lending Group, ViewPoint Bank

Scott Crutcher, Regional Manager, Cobalt Mortgage, Inc.

Amber Elwell, Vice President, Guild Mortgage Company

Greg Geenen, Mortgage Banker, Citywide Home Loans/CHL Mortgage

AJ George, Operations Manager, CMG Financial

Jim Glennon, Analyst, Secondary Interactive, LLC

Stacie Hawkins, Director of Client Relations & Communication, Clarifire

Marc Hernandez, V-Regional Sales Manager, FirstMerit Mortgage

Joshua Kotin, Attorney, BuckleySandler, LLP

Carlos Mancero, Vice President-REO Analytics, Wells Fargo Home Mortgage

Tracy Maynard Cole, Production Branch Operations Manager, Colonial National Mortgage

Cari McCue, Chief Operating Officer, Guardian Mortgage Co., Inc.

Marcus McCue, EVP & CMO, Guardian Mortgage Co., Inc.

Ginger Moore, AVP, Compliance Officer, PrimeLending,

Stetson Nunes, Consultant, Treliant Risk Advisors, LLC

Nick Pabarcus, Correspondent Lending-Western, Stearns Lending, Inc.

Eddy Perez, President, Equity Loans LLC

Daniel Richards, Vice President-Marketing, Republic Mortgage Home Loans, LLC

Lisa Rogers, SVP/Operations Quality Assurance & Compliance, First Continental Mortgage, Ltd.

Kathleen Sanchez

Sandra Rowe, Mortgage Division Manager, VP, U.S. Bank Home Mortgage

Kat Sanchez, Director, Treliant Risk Advisors, LLC

Jason Sheppard, AVP Servicing Manager, Starkey Mortgage, LLP

Ross Steckelberg, Vice President of Production, Alliance Financial Resources, LLC

Bill Stock, Sr. Vice President, U.S. Bank Home Mortgage

Richard Weller, Product Manager, Genworth Mortgage Insurance

Joe Wilson, Strategic Account Executive, Ellie Mae, Inc.

Armando Zamora, Senior Business Controls Advisor, USAA Federal Savings Bank

 ---MBA Education, the award-winning education division of the Mortgage Bankers Association (MBA), recognized the 18 individuals who earned the Certified Mortgage Banker (CMB) designation at a ceremony held at MBA’s 100th Annual Convention & Expo in Washington, DC. Earning one’s CMB is the highest professional honor within the real estate finance industry.

Commercial CMB Designees:

Eric K. Ruch, CMB, Business Loan Officer, Coastal Federal Credit Union, Raleigh, NC

Residential CMB Designees:

Heather Bullard, CMB, AMP, Assistant VP & Client Services Consultant, Wells Fargo Bank, N.A., Denver, NC

Owen M. Edwards, CMB, AMP, Vice President, Midland Mortgage Corporation, Columbia, SC

Jeffrey B. Flory, CMB, AMP, Regional Sales Director, Interthinx, Agoura Hills, CA

Thomas C. Gillis, CMB, AMP, Regional Manager, PennyMac, Calabasas, CA

Kevin C. Pezzani, CMB, President/CEO-Elect, LSI Mortgage Plus, Johns Creek, GA

Steve Shoemaker, CMB, AMP, Vice President, Synovus Mortgage Corp., Birmingham, AL

Kim Starley, CMB, Chief Marketing Officer, LenderLive Network, Inc., Denver, CO

Thomas T. Tallent, CMB, AMP, Senior Vice President, Southwest Bank, Dallas, TX

Arun Tripathi, CMB, Director, USAA Federal Savings Bank, San Antonio, TX

Cathy S. Turner, CMB, Solution Executive , IBM, Charlotte, NC

CMB Designees from the Executive Certified Mortgage Banker program:

Mary F. Rzucidlo

Kenneth J. Block, CMB, Director and Senior Counsel, Discover Home Loans, Irvine, CA

John A. Cosculluela, CMB, President, American BancShares Mortgage LLC, Miami Lakes, FL

Paul A. Gawin, CMB, Director - New Business Development, Radian Guaranty Inc., Cincinnati, OH

Steve W. Hops, CMB, Senior Vice President, Guild Mortgage Company, San Diego, CA

Penny Reed, CMB, Vice President, Wells Fargo Home Mortgage, Saint Louis Park, MN

Mary F. Rzucidlo, CMB, Senior Vice President of Component Services, LenderLive Network, Inc., Glendale, CO

Mark A. Teteris, CMB, Executive Vice President – MN Division, Nations Reliable Lending, Edina, MN

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

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2799 

Shawn Ryan

sryan@mba.org

(202) 557-2727       

Colliers Honors Donna Abood for Leadership, Character and Performance

Florida State University inducted Donna Abood into its School of Business Hall of Fame in 2013,
in recognition of her years of mentoring its graduates and employing them as interns.

Donna Abood

MIAMI, FL - At this year's Colliers Americas conference, which took place last month in Atlanta, Donna Abood received the highest award bestowed on an individual by the international full-service commercial real estate firm; the Tom Richardson Award. Abood is Chairman - Founding Partner of Colliers International South Florida.

The prestigious award is presented to the individual within Colliers International who best exemplifies the personal character displayed by the late Tom Richardson, former Vice Chairman of Colliers USA.

The award honors individuals who maintain a balanced perspective of business, family, friends and community, as well as impeccable integrity, a passion for sharing, and extraordinary spirit.

The award recognizes lasting personal character, not short-term performance, and its purpose is to raise the entire character of the Colliers team by acknowledging true leaders whose example helps the team strive to meet the standards of Tom Richardson.

Tom Richardson

Abood, who has leased over 50 million square feet of office buildings during her career, is a member of the Colliers US Manager's Steering Committee.

She has served on the executive committee of the Beacon Council for 12 years, and is a former chair of the Coral Gables Chamber of Commerce and the Rotary Club of Coral Gables.

 She is active with CREW-Miami (Commercial Real Estate Women), and has served on the board of the Lighthouse for the Blind, helping to raise funds for more than 20 years.

Her professionalism and community involvement are corroborated by numerous other awards and honors including Champion of Minority Businesses (Greater Miami Chamber of Commerce 2013), Top 50 Women-led Businesses (The Commonwealth Institute 2013), National Women of Influence (Real Estate Forum 2013 and 2009), and Most Influential Women (South Florida Business Journal 2012) to name the most recent. 

Florida State University inducted her into its School of Business Hall of Fame in 2013, in recognition of her years of mentoring its graduates and employing them as interns.

In response to the recognition Abood said, "I am so humbled. The people who have received this honor before me are exceptional leaders."

She went on to note that "our behavior with our clients as well as with peers is important. Giving freely of our assistance, advice and time--really stands out in clients' minds.

“Putting their needs first is exceptional service, and they do not forget it. The rewards may come your way in the form of dollars, referrals, respect, credibility, positive energy (love), and friendship... when you least expect it."

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

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com

Equity Partners Announces 20,098 RSF of New Leases and 97% Occupancy at Alafaya Corporate Center in East Orlando, FL

Alafaya Corporate Center, East Orlando, FL

Faith Thompson

ORLANDO, FL -- Equity Partners (Equity) has brokered two long-term office leases totaling more than 20,000 square feet in East Orlando in the Research Park/University Submarket.

The details on the leases are as follows:

·           Orion Technologies, LLC (recently featured in the OBJ) leased 5,956 rentable square feet, relocating from Merritt Island to the University/Research Park market in order to be closer to the type of specialties they want to bring on board.

Michael Fess

·            Community Based Care of Central Florida, Inc. represented by Chris Sproles of CBRE, leased 14,542 rentable square feet.

With these executed leases, Alafaya Corporate Center has reached 97% Occupancy. Alafaya Corporate Center is a 148,807 rentable square foot business park on Alafaya Trail and Challenger Parkway in East Orlando.

 Michael Fess and Faith Thompson of Equity Partners represented the landlord in both transactions.

Chris Sproles

“We are excited to add Orion Technologies and CBC of Central Florida to our high profile tenant mix at Alafaya Corporate Center and are happy to announce we are now 97% occupied,” said Fess.

“Located at a major traffic light with over 1,200 feet of Alafaya Trail frontage, the ownership of Alafaya Corporate Center takes pride in professional property management and tenant satisfaction.”

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

Faith Thompson

Leasing Manager

Equity Partners, Inc.

www.equitypartners.net

Licensed Real Estate Broker

20 North Orange Avenue

Suite 605

Orlando, Florida 32801

407.660.4949 phone

407.808.2656 cell

407.660.4995 fax

Greystone’s Chicago Production Office Posts Strong Lending Activity for Third Quarter

Lofton Place Apartments, Tampa, FL

New York, NY– Greystone, a leading national provider of multifamily and healthcare mortgage loans, today announced that the firm’s Chicago office has closed 12 transactions in the third quarter of 2013, for a total of over $30 million in volume.

Dan Rosenberg

The success builds upon Greystone’s production momentum in the Midwest for the first half of the year - which saw an outstanding 35 deals originated, including 16 in Q2 - and brings the total number of loans closed in 2013 to 47, for approximately $154 million.

 Greystone’s extensive relationship with Fannie Mae and real estate financing expertise has enabled the firm to provide borrowers with fast-closing, long-term loans at the most attractive rates available. Notable deals completed throughout Q2 and Q3 include:

$16.9 million Fannie Mae DUS® Loan for Lofton Place Apartments, a 280-unit apartment community in Tampa, Florida. Dan Rosenberg, of Cohen Financial, sourced the loan as a correspondent of Greystone.

Sujal Parikh

$7.675 million Bridge Loan for Azalea Apartments in Greenville, South Carolina, also sourced by Dan Rosenberg of Cohen Financial.

$6.06 million cash-out refinance for a 122-unit affordable housing complex in the Edgewater neighborhood on Chicago’s North Side. Joseph Schwimmer of Preferred Capital Group, a correspondent of Greystone, sourced the loan.

$3.6 million for Crestline Villa Apartments, a 144-unit property located in Alsip, Illinois. The deal provided cash-out financing, including funds to make improvements to the property. Tom Reckley, Director in Greystone’s Chicago office, closed the transaction.

Clint Darby

$3.3 million cash-out refinance, representing 100% loan-to-cost after 15 months of ownership, for a 59-unit property located in the West Rogers Park neighborhood, in Chicago, Illinois. The loan was also sourced by Joseph Schwimmer of Preferred Capital Group, as a correspondent of Greystone.

$2.468 million for 2515 W. Jerome, a 36-unit property located in the Rogers Park neighborhood on the North Side of Chicago, Illinois. The deal provided 80% acquisition financing.  Sujal Parikh, Director in Greystone’s Chicago office, closed the transaction.

Tom Reckley

“We are pleased with the Q3 production volume out of the Chicago office, especially considering the significant increase in rates that began earlier this year,” said Clint Darby, Managing Director in Greystone’s Chicago office.

“Our pipeline has been strong throughout the year.  We closed over $50 million in Q2 alone.  Rising rates impacted applications but we have seen strong activity throughout the third quarter, especially on the sale and acquisition side.” 

 Greystone is ranked as a top-10 Fannie Mae lender by volume nationally, and was the number one FHA lender for 2012. In addition to Fannie Mae and FHA products, Greystone also offers Bridge and CMBS loans. 

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

Karen Marotta

212 896 9149

KMarotta@Greyco.com

Cognito

Jessica Kleinman/Josh Gerth

646 395 6300

Greystone@cognitomedia.com

Meridian Capital Group Arranges $10.9 Million in Acquisition Financing for the Royal Properties Portfolio Located in North Miami, FL

Part of Royal Properties Portfolio, North Miami, FL

Boca Raton, FL – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $10.9 million mortgage for the purchase of the Royal Properties Portfolio composed of five multifamily properties located in North Miami, FL on behalf of a foreign national borrower.

 The seven-year, non-recourse loan was provided by a savings bank and features a fixed-rate of 3.25%. This transaction was negotiated by Meridian Capital Group Managing Director, Michael Brown, who is located in the Company’s Boca Raton, FL office. 

 The Royal Properties Portfolio consists of five properties, totaling 233 units including: the 51-unit Royal Village located at 13055 NE Sixth Avenue; the 55-unit Royal Place located at 14050 NE Sixth Avenue; the 59-unit Royal Vista located at 400 NE 137th Street; the 44-unit Royal Point located at 1525 NE 125th Street; and the 24-unit Royal Courtyard located at 13020 NE Sixth Avenue.

“Meridian was able to secure flexible financing at a 75% loan-to-value ratio with a lower interest rate than agency lenders for a foreign national buyer,” said Mr. Brown. “The financing we negotiated saves the client more than $950,000 over the loan term as compared with the next best available option,” he added.

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

Jonathan M. Stern

Managing Director

Meridian Capital Group, LLC

1 Battery Park Plaza, 26th Floor

New York, NY 10004

jstern@meridiancapital.com

Direct: 212.612.0181

Fax: 212.201.5181

www.meridiancapital.com

Construction Under Way by Consolidated Contracting Services on new QueensCare Health Centers Site in East Los Angeles, CA

  

Rendering of planned QueensCare Health Center, 4816 East Third Street, Los Angeles, CA

SAN CLEMENTE, CA – (Oct. 28, 2013) – Consolidated Contracting Services, Inc., a leading Southern California commercial builder, has construction under way for a new 24,000-square-foot QueensCare Health Centers (QHC) facility in East Los Angeles, located at 4816 E. 3rd Street, Los Angeles, Calif. 90022.

Barbara B. Hines

The two-story, structural-steel building will encompass 38 medical exam rooms, nine dental operatories for adult and pediatric dentistry, three counseling rooms and two meeting rooms.

 It will also contain a 1,000-square-foot conference room that will serve as a venue for hosting health events and community meetings.  Construction is slated for completion in August 2014, and the health center will be open to serve patients in early 2015.

Situated on a one-acre lot accessed along East 3rd Street, the new health center will be serviced by the Metro Gold Line, which stops just north of the site.  The new facility will record more than 55,000 patient visits a year -- double the organization’s current capacity in East Los Angeles.

Consolidated Contracting demolished the existing church structure last month and is now working on site grading and installation of underground utilities. An official groundbreaking celebration was held on September 24th.

Joe Troya

“This is the first major capital development project in the nearly century-long history of QueensCare Health Centers’ operations,” stated Barbara B. Hines, President & CEO of QueensCare Health Centers.  “We are pleased to have Consolidated Contracting building the new center due to its experience in health center development and its team-oriented approach.”

Joe Troya, principal of Consolidated Contracting Services, is serving as project executive, with Stephen Viscioni as project superintendent, Rod Tower as project manager and James Dixon as project engineer.

RBB Architects, Inc., Los Angeles, is the project architect; KPFF Consulting Engineers, Los Angeles, is the civil engineer; N A Cohen Group, Encino, is the electrical engineer; and Applied Earth Sciences, Los Angeles, is the environmental engineer.  Carter Romanek Landscape Architects, Los Angeles, is the landscape architect.

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

Bonnie Kutch

Director

619-299-1010

Kutch & Company

6434 Caminito Listo | Suite B-100 | San Diego, California 92111

Morrison Commercial Real Estate Negotiates Sale of 6925 Lake Ellenor Drive in Orlando, FL for $2.625 Million

6925 Lake Ellinor Drive, Orlando, FL

ORLANDO, FL (October 29, 2013):  Morrison Commercial Real Estate, a full-service brokerage firm specializing in office and industrial in Central Florida, recently negotiated the sale of 6925 Lake Ellenor Drive located in Orlando, FL for $2,625,000.

Lisa Bailey

Lisa Bailey, Senior Vice President of Morrison Commercial Real Estate, negotiated the sale representing the Seller, Land O’Frost, headquartered in Lansing, IL.

 6925 Lake Ellenor Drive, a six-building flex property built in 1975, has a total of 109,344 square feet of office and warehouse space on 8.75 acres.

 The buyer was Max King Realty based in Orlando, FL.

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

  Sarah Holodick

Phone: 407.440.6647

Email:  sholodick@morrisoncre.com

Palladium Building Sold in Orlando, FL

The Palladium building, 12124 High Tech Avenue, Orlando, FL

ORLANDO, FL, Oct. 29, 2013 -- CBRE, Inc. together with Ron Rogg is pleased to announce the sale of The Palladium building, a 71,812 square foot suburban office building located at 12124 High Tech Avenue, Orlando, near the University of Central Florida and the Central Florida Research Park.

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

Ronald J. Rogg, CCIM

Executive Vice President

+1 407 839 3194

ron.rogg@cbre.com