Thursday, September 30, 2010

Plaza Advisors Announces the Sale of Northside Centre in Miami, FL

MIAMI, FL--Plaza Advisors is pleased to announce the sale of Northside Centre (top left photo)  in Miami, Florida for $18,000,000.

This shopping center is situated at the intersection of NW 27th Avenue and NW 79th Street in unincorporated Miami-Dade County.

 Northside Centre totals 475,579 square feet of gross leasable area and features a long list of prominent tenants including Walgreens, Presidente Supermarket, Payless Shoes, Citibank, Foot Locker, Rainbow Fashions, CitiTrends, Simply Fashions and Dots.

 Northside Centre was built in 1960 and renovated in 2005.  The property was 80% leased at the time of sale.

 Plaza Advisors exclusively represented an entity affiliated with Urban America in the transaction and co-managing partners Anthony Blanco and Jim Michalak, together with Senior Financial Analyst, Lenard Williams were involved in the engagement.

The buyer was represented by Gene Snyder & Company out of North Miami.

 This sale marks the third shopping center sale by Plaza Advisors in Miami in 2010.

Contact:
Miami office:  Anthony Blanco, 305-629-3606; fax 647-6441,  
Anthony.blanco@plazadvisors.com 

Tampa office:  Jim Michalak, 813-837-1300, fax 813-831-2627,  
 Jim.michalak@plazadvisors.com                          

MBA Commends Extension of Loan Limits and Increase in FHA Multifamily Commitment Authority

WASHINGTON, D.C. (Sept. 30, 2010) - Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, today issued the following statement commending passage of legislation that would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration's multifamily programs with additional commitment authority.

"Both of these items are extremely important, given the fragile nature of our housing market.

"Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today's struggling economy.  The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage.

"Likewise, providing the FHA with additional  multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country. 

"This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."    

H.R. 3081, which passed the Senate and House last night, will continue funding for the federal government through Dec. 3, 2010. 

 It contains broadly supported provisions to extend the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (including FHA reverse mortgage products, or HECMs) through September 30, 2011, and to provide $20 billion in loan commitment authority for FHA's General and Special Risk Insurance Funds.   

CONTACT:  John Mechem, (202) 557-2924,  jmechem@mortgagebankers.org


Commercial/Multifamily Real Estate Fundamentals Show Firmer Stabilization in Second Quarter 2010

The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010.

The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.

For a complete copy of the news release, please contact Carolyn Kemp at (202) 557-2727 or ckemp@mortgagebankers.org.


Wells’ Newest REIT: Wells Core Office Income REIT

  NORCROSS, Ga. (Sept. 30, 2010) – Wells Real Estate Funds today announced the launch of its latest investment offering: Wells Core Office Income REIT.

The new offering intends to qualify as a real estate investment trust, investing primarily in high-quality office properties nationwide.

 Wells Core REIT will issue up to $5 billion in shares and be publicly registered with the Securities and Exchange Commission. 

It will not be traded on the stock market; investment is through licensed financial professionals.

 Minimum investment is $4,000, at a price of $25 per share.  Complete information is contained in the fund’s prospectus, available at http://www.wellscorereit.com/.

Wells Real Estate Funds is a national real estate investment company founded in suburban Atlanta in 1984. 

Media Contact: Margot Olcay Rubenstein Associate, (212) 843-8284, molcay@rubenstein.com
http://www.wellscorereit.com/

HFF closes loan sale on behalf of Mutual Life of New York

  
NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a $35 million mezzanine loan on behalf of Mutual Life Insurance Company of New York (MONY), a wholly-owned subsidiary of AXA Equitable Life Insurance Company.

The mezzanine loan is secured by an ownership interest in 280 Park Avenue (top left photo), a 1.2-million-square-foot, Class A office building in Midtown Manhattan.

  The property is 96% leased to tenants including General Electric Capital Corporation, Credit Suisse, Deutsche Bank and the National Football League. 

(Mutual Life Insurance Co. tower, lower right photo)

“Comprising the entire western blockfront of Park Avenue between 48th and 49th Streets, the building occupies a central location in one of the premier office submarkets in Midtown Manhattan,” said Wilcox. 

Contacts:
Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425, wwilcox@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
                  

Regency Centers Announces Debt Tender Offer


JACKSONVILLE, FL.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE: REG) announced today that its operating partnership, Regency Centers, L.P. (the “Company”), has commenced a cash tender offer (the “Tender Offer”) for up to $100 million in aggregate principal amount (the “Maximum Tender Offer Amount”) of its 6.75% Notes due 2012 (the “6.75% Notes”) and 7.95% Notes due 2011 (the “7.95% Notes”) (collectively, “the Notes”) on the terms and conditions set forth in the Company’s Offer to Purchase dated September 30, 2010 (the “Offer to Purchase”).

 The Tender Offer is subject to certain conditions including a financing condition as more fully described in the Offer to Purchase.

For a complete copy of the company's news release and further details on the tender offer, please contact Lisa Palmer, 904-598-7636.

Grubb & Ellis Represents CQ-Roll Call, Inc., in lease of 71,500 Square Feet on Capitol Hill


 WASHINGTON, DC – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it represented CQ-Roll Call, Inc., in the lease of 71,500 square feet of Class A office space at 77 K St. N.E. on Capitol Hill. 

The transaction was the NoMa neighborhood’s largest to date in 2010 involving a private sector tenant.

Elyse Wolford, vice president, Office Group, facilitated the lease on behalf of CQ-Roll Call, while Zeke Dodson of Cassidy Turley represented the landlord, Brookfield Properties Management. 

The lease follows Roll Call’s acquisition of Congressional Quarterly in 2009 and represents the consolidation of the two companies’ operations into a single facility.

“There were a number of factors that converged to find CQ-Roll Call a new home that is locationally desirable, economically viable and deliverable within our timeframe,” said Wolford. 

 “As a 24/7 operation, the company has very specific technological requirements, and a new building was an obvious choice to meet their needs. 

"Also, when action on the Hill is high, the employees work long hours and will benefit from the numerous Class A amenities and a vibrant surrounding environment. 

"Finally, the landlord was able to accommodate an early partial relocation for some departments prior to CQ-Roll Call’s official move-in on April 1, 2011, ultimately providing significant additional value for the company.”

The building also features large floor plates, excellent access to public transportation and a fitness center, adding to the quality of life and accessibility for CQ Roll Call employees, said Wolford.

About CQ-Roll Call

CQ-Roll Call is a legislative media company that provides essential intelligence and grassroots advocacy resources to take action.

 As the premier source of timely news, objective facts and analysis, and coverage of elections and the politics of legislation, we keep our fingers on the pulse of the legislative process and give our clients the tools they need to maximize their influence.

We are the ultimate insider, and our unmatched network of relationships and expertise has powered the productivity of those who rely on us since 1945. Visit us at cqrollcall.com.


Contact:           Erin Mays                                
Phone:              312.698.6735                         
Email:              erin.mays@grubb-ellis.com

Crossman & Company to Award Two Full Scholarships at Florida State University Real Estate Conference Nov. 4-5

ORLANDO, Fla. --- Crossman & Company, the commercial real estate firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, will present two full scholarships at the FSU Real Estate Network’s 16th Annual Real Estate Trends & Networking Conference at Florida State University on Nov. 4 and 5.
John Crossman, president of Crossman & Company, said the scholarships will be awarded to real estate students Mary Beale and Serina Nguyen-Ho. 
“One of the best ways to improve the real estate marketplace is to encourage the participation of the best of the next generation of professional participants,” Crossman said. “At Crossman & Company we take that responsibility very seriously,” Crossman said.
Crossman will host the conference opening and lead a panel discussion entitled, “If I Were 21.”
Other conference speakers include former Florida Senator Mel Martinez (lower left  photo) and Todd Buchholz (top right photo), a former Director of Economic Policy at the White House and a frequent commentator on ABC News, PBS, and CBS who recently hosted his own special on CNBC.
For more information about the conference, visit www.fsurealestate.com.
For more information about this press release, contact:
 Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  
 

Marcus & Millichap Capital Corp. Arranges $19.5M Loan

 SAN PEDRO, Calif., Sept. 29, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $19.5 million refinancing loan for Pacific Place, a Class A office building in San Pedro, Calif.
Michael Derk (top right photo), a senior director/vice president capital markets in the firm’s Long Beach office; Jake Roberts (lower left photo), a senior director/vice president capital markets; and Anita Paryani, a senior director, both in the firm’s West Los Angeles office, arranged the loan.
“The largest tenant in the building had a short term remaining on its lease and then halfway through the transaction the tenant gave notice,” says Derk.

“While very well connected, none of the borrower’s lender relationships were able to close on a loan with the largest tenant vacating, but MMCC was able to structure around the risk, packaging the deal in such a way that lenders were able to get comfortable with the transition and move past the vacancy concerns.”
“We are seeing increasing numbers of transactions with leasing events and property issues that many lenders don’t want to accommodate,” adds Roberts. “MMCC’s strong lender relationships aid us in guiding lenders through the issues and we provide problem-solving mitigates that allow us to close complex financing transactions.”
“We are quite capable of financing ‘down the fairway’ deals at the best and most aggressive terms possible and MMCC adds tremendous value in financing more structured loans in the current lending environment, as can be seen through the funding of this loan,” notes Paryani.
The loan is for three years, interest only, with a loan-to-value of 60 percent and a 5 percent adjustable interest rate.
Contact: Stacey Corso
Public Relations Manager
(925) 953-1716

Wednesday, September 29, 2010

Fitch: iStar Facing Inevitable Default; IDR Downgraded to ‘C’

NEW YORK, NY–29  Sept. 29,  2010:  Absent a significant improvement in commercial  real  estate fundamentals which would result in iStar Financial
Inc. (iStar) 
receiving  a  substantial amount of loan repayments from its borrowers, it is inevitable that the company will need to effect a coercive debt  exchange  (CDE) with its second lien noteholders to avoid bankruptcy,
according to Fitch Ratings.

A CDE is considered a default as outlined in Fitch’s global criteria report
'Coercive Debt Exchange Criteria', published on March 3, 2009. In response,
Fitch  has  downgraded  iStar’s  Issuer  Default  Rating  (IDR) and certain
outstanding debt ratings.

For a complete copy of Fitch Ratings' news release and its ranking of iStar, please contact:

Primary Analyst
Steven Marks
Managing Director
+1-212-908-9161
Fitch, Inc.
One State Street Plaza
New York, NY 10004

$15 Million Multifamily Asset Trades in Miami

 
MIAMI, Sept. 29, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Palm Lake Apartments, (top left photo)  a 300-unit, 211,500-square foot multifamily property in Miami. The sales price of $15 million represents $50,000 per unit and $71 per square foot.

            Still Hunter III, (middle right photo) a senior vice president investments, and Evan P. Kristol (lower left photo), also a senior vice president investments, in the firm’s Fort Lauderdale office, exclusively represented the seller, an entity controlled by The Related Group.
Hunter and Kristol also represented the San Francisco-based buyer, The Reliant Group.
            “The property was unique due to an annual U.S. Housing and Urban Development (HUD) Program housing assistance payment (HAP) contract for the elderly and disabled in place at the time of the sale, which created significant value,” says Kristol.
“There are very few remaining HAP contracts and even fewer on larger assets like this one in South Florida.”
            The property is located at the corner of NW 27th Avenue and NW 115th Street in unincorporated Miami-Dade County. The community is accessed by a gated entrance on NW 27th Avenue, a heavily trafficked north/south corridor. The north campus of Miami Dade College is directly across the street from the property and the 180-acre, 18-hole Westview Country Club golf course borders the property to the east.
            Built in 1967, Palm Lake Apartments features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units.
           
Contact: Stacey Corso
Public Relations Manager
(925) 953-1716

Cohen Commercial Properties Announces the Acquisition of Former McRae's Department Store in Birmingham, AL

NEW YORK, NY /PRNewswire/ -- Cohen Commercial Properties is pleased to announce that its affiliate, American Commercial Realty, has purchased a 64,000 square foot former McRae's Department Store (top left photo) located in Birmingham, Alabama.

The non-contingent contract had a firm closing date of 30 days from contract signing and American Commercial Properties closed with cash.

The former McRae's (a division of Saks) is a 64,000 square feet free standing building with two floors of retail. The store is located in Roebuck Marketplace (middle right photo) in a 167,140 square foot community shopping center shadow anchored by Super Wal-Mart.

Roebuck Marketplace is a true community shopping center currently owned by an affiliate of Cohen Commercial Properties and managed by American Commercial Realty.

 Formerly anchored by Winn Dixie and Goody's, the center has been re-tenanted by Cititrends, It's Fashion Metro, and Rainbow Shops.

In addition, a full redevelopment is planned for the shopping center including the addition of several outparcels in addition to the renovation of the former McRae's.

Cohen Commercial Properties has owned the Roebuck Marketplace shopping center since 2004 and has been actively repositioning the property with the continual growth spurred by the Super Wal-Mart traffic to the area.

 The center is going through a renaissance has seen tremendous leasing interest in the retailing of soft goods and now hard goods in the center.

Cohen Commercial Properties, with its affiliates, Cohen Asset Advisory, LLC and American Commercial Realty Corp., own and operate properties throughout the United States.

For further information, please contact
Arun Singh, Acquisitions Director, 212.803.5781, asingh@cohenco.com

Arbor Closes $4,800,000 Fannie Mae DUS® Loan for Pastorius Court Apartments in Philadelphia, PA

Uniondale, NY (Sept. 29, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,800,000 loan under the Fannie Mae DUS® product line for the 42-unit complex known as Pastorius Court Apartments (top left photo) in Philadelphia, PA. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by John Kelly (lower right photo), Vice President, in Arbor’s full-service Boston, MA, lending office.

“Arbor was pleased to provide permanent financing for this project,” Kelly said. “Our client had finished a major renovation, exceeded lease-up expectations and the asset is positioned for long-term success. We look forward to growing this financial partnership with this repeat client.”

Contact:  Christopher Ostrowski, costrowski@arbor.com


NAI Realvest Negotiates $425,000 Acquisition of Professional Office in Downtown Orlando Area

MAITLAND, FL – NAI Realvest recently negotiated the acquisition of a 2,445 square foot medical/professional building on a .32-acre site at 1517 E. Robinson Street in the downtown Orlando area.

The NAI Realvest team of Kevin O'Connor (top right photo), Matt Cichocki, (bottom left photo) principals and associate Faith Thompson negotiated the transaction representing the buyer, Degas Holdings, LLC of Winter Park.

The property will be used as a doctor’s office.

The seller, Orlando-based Thomas Osborne & Associates, PA, was represented by Sherri Dyer of Kelly Price & Company.  

For more information, contact:
Matt Cichocki,  NAI Realvest, 407-875-9989, mcichocki@realvest.com
Kevin O’Connor,  NAI Realvest, 407-875-9989, koconnor@realvest.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Concord Hospitality Enterprises Adds Record 18 Hotels to Portfolio Year-to-date


CHARLOTTE, N.C., Sept. 29, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it has signed contracts to manage a record 18 hotels year to date and is fast approaching its goal of being ranked one of the 10 largest U.S. hotel management companies.  The company’s portfolio now exceeds 75 hotels.

“Our rapid, but planned, expansion reflects our three-pronged growth strategy, which includes pure third-party management, joint-ventures and wholly owned acquisitions and development,” said Mark G. Laport (top right photo), president and CEO of Concord Hospitality. 

“We are fortunate to have the financing and relationships to continue to grow aggressively, despite the downturn.  With an improving outlook, we believe our diversified platform will continue to generate significant growth.”

Laport said the company will continue expanding its full-service hotel portfolio, noting that 30 percent of the company’s rooms growth during this recent period of expansion has been in the full-service segment. 

 In 2010, Concord also added two new brand families, Hyatt and Sheraton, to its existing portfolio of Marriott, Hilton and InterContinental hotel brand groups. 

 “With more than 75 properties in the U.S. and Canada, we are geographically diversified and of a size that offers owners the benefits of extensive economies of scale, proprietary systems and management depth,” he said. 

Development
           
The company has opened four new built hotels this year and has five properties under development, including the first LEED-Certified Courtyard by Marriott (middle left photo), which will open in Pittsburgh next week.  The design will be the “green” prototype for all future Courtyards.  The company has committed to developing only LEED-Certified properties for all future ground-up development projects. 

Joint Venture Investment
Concord has established relationships with several investor and ownership groups to expand its investment and joint venture activity.  “We continue to partner with organizations that share our values of quality, integrity, community and profitability,” he noted.  “Different groups have different criteria and needs, which translates into a diverse mix and timetable for ownership.  We established a number of new relationships this year and look forward to creating new ones.”


Third-party Management
Third-party management now accounts for approximately 60 percent of the company’s overall portfolio, with the remaining properties either joint ventures or wholly owned properties.    “We always will co-invest because we believe in the benefits of ownership.  However, as we grow, third-party management as a percentage of our business will probably expand at a faster rate,” he said.

Outlook

Looking at the remainder of the year, Laport said the company has a very active pipeline in all of its growth avenues.  “Development has slowed somewhat, with financing hard to come by and the economy still sluggish, but we are finding great locations,” he said, noting a recent announcement to develop a Springhill Suites by Marriott in Latrobe, Pa., in a joint venture with golfing legend Arnold Palmer (bottom left photo). 

 “Construction and land costs both are noticeably lower, helping some projects get off the drawing board.” 

Contact:  Chris Daly, Jerry Daly, Daly Gray Public Relations, (703) 435-6293

Arbor Closes Two NYC Fannie Mae DUS® Small Loans Totaling $4.2 Million

Uniondale, NY (Sept. 29, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS® Small Loan product line. These loans include:

  • 95-101 St. Marks Place Apartments (top left photo), New York, NY – The 83-unit complex received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year loan amortizes on a 30-year schedule.

  • 539 West 49th Street, New York, NY (Lower right photo) – The 20-unit complex received $1,200,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year loan amortizes on a 30-year schedule.

The loans were originated by Edward Petti, Director, in Arbor’s full-service New York, NY, lending office.

“These two loans were part of a three-loan portfolio that we closed. The other property is known as Haven Avenue,” Petti said.

 “These were all refinancings where the borrower reduced the existing rates significantly by going with our interest-only products.”

Contact:  Christopher Ostrowski, costrowski@arbor.com


Grubb & Ellis Names Michael Edward Managing Director of Boston Office

 SANTA ANA, Calif. (Sept. 29, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that commercial real estate veteran Michael Edward (top right photo), SIOR, will assume the role of executive vice president and managing director of the company’s Boston office, effective immediately. 

In this role, he will be responsible for the company’s Real Estate Services operations in the Boston area. 

“Mike is a great fit for us because of his reputation in the industry, deep relationships and demonstrated success in leadership roles,” said Shawn Mobley (lower left photo), president, Brokerage Services.  “Boston is a tremendously important growth market for Grubb & Ellis, and I’m confident that the experience, dedication to client service and integrity Mike brings to the table will help us build a better foundation for that growth.”


Edward, 50, has 28 years of commercial real estate experience and was most recently senior vice president with Lincoln Property Company, where he headed the company’s Boston brokerage operation since 2008. 

 During this time, the office secured 1.5 million square feet of additional agency leasing assignments and had success in strategically recruiting leading professionals to expand Lincoln Property Company’s presence in key submarkets. 

 Previously, Edward was a senior vice president and shareholder with Colliers Meredith & Grew for 14 years, where he focused on agency leasing in the CBD.  Prior to joining Colliers Meredith & Grew in 1994, he spent 12 years with several Boston-based boutique real estate brokerage firms. 


Contacts:         Janice McDill                                                  Erin Mays
Phone:             312.696.6707                                                  312.698.6735
Email:              janice.mcdill@grubb-ellis.com                        erin.mays@grubb-ellis.com



HFF retained by Walton Street Capital L.L.C. to market for sale the Houston Galleria Office Towers

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been retained to market for sale the Houston Galleria Office Towers (top left photo), three Class A office buildings totaling nearly 1.1 million square feet.

HFF senior managing director Robert Williamson (top right photo) will lead the marketing efforts on behalf of the seller, which is an affiliated entity of Walton Street Capital, L.L.C.  The portfolio is being offered without an asking price free and clear of debt.

The Galleria Office Towers are located at 2700 Post Oak Boulevard, 5051 Westheimer and 5065-5075 Westheimer close to Interstate 610 about five miles west of downtown Houston. 

 The properties are connected to the Houston Galleria,(lower left photo)  a mixed-used development that includes a mall with 2.3 million square feet of upscale retail, two Westin hotels and three office towers.

 Tenants at the 90% leased towers include Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santander and BBVA Bancomer.

“This offering represents a unique opportunity to own part of a world-renowned Houston landmark that is one of the largest and most successful mixed-use projects in the country,” said Williamson. 

 “Development of the Galleria helped define what has become Houston’s largest and most prestigious suburban office submarket.”

Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals.

Affiliates of Walton Street Capital have invested and/or committed to invest approximately $4.5 billion of equity in approximately 180 separate transactions.

Contacts: 
Robert E. Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges refinancing totaling $109 million on behalf of Cornerstone Real Estate Advisers

 BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged refinancing totaling $109 million for two Class A multi-housing communities on behalf of Cornerstone Real Estate Advisers.

 The properties, Pacific Place Apartments (top left photo) and Glenview House Apartments, (bottom right photo) are respectively located in Los Angeles, California and Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo), director Tina Derderian (middle left photo) and senior real estate analyst Carlos Febres-Mazzei secured a five-year, fixed-rate loan through MetLife Real Estate Investments for the Los Angeles property.  Loan proceeds took out an existing construction loan on the property.

 Brome and Febres-Mazzei placed a floating-rate loan for Glenview House Apartments through Freddie Mac’s capped adjustable-rate mortgage program.  Loan proceeds are also refinancing a construction loan.  HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program. 

Pacific Place Apartments is located at 5211 Pacific Concourse Drive in the Del Aire neighborhood of Los Angeles, close to Los Angeles International Airport, Interstates 405 and 105 and Pacific Beach. 

 Completed in 2008, the 96% leased property has two, four-story buildings with 430 studio, one-, two- and three-bedroom units averaging 900 square feet each. 

Community amenities include two swimming pools, barbeque pits, a fitness center, business center, media center, clubhouse, lounge and underground parking.

Located at 25 Glenbrook Road, Glenview House Apartments is within walking distance of Stamford’s central business district and close to mass transit via the New York MTA Metronorth railway, Amtrak and Interstate 95.

 The four-story property was completed in 2008 and has 146 residential units (14 are below market-rate) and 14,820 square feet of ground-floor retail space that is leased to Walgreens. 

 Glenview House Apartment is 99% occupied.  Residents have access to amenities including a business center, fitness center and resort-style pool.

Cornerstone Real Estate Advisers had over (US) $30 billion in assets managed or serviced as of June 30, 2010, and is one of the world’s largest global real estate investment organizations with capabilities in public and private debt and equity.

Contacts: 
Dana e. Brome, HFF Senior Managing Director, (617) 338-0990,
                                                                                                                        Kristen M. Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com            
                                            

Chatham Lodging Announces First Dividend


PALM BEACH, Fla., Sept. 29, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a common share dividend of $0.175 for the 2010 third quarter. 

Based on the company’s $20 IPO price in April and the closing price of the common shares at the close of business on September 28, the annualized dividend represents a yield of approximately 3.5 percent and 4.0 percent, respectively.

“As expected, our current hotels are producing sustainable cash flow that gives our Board of Trustees the confidence to start paying a dividend five months after our IPO,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer. 

 “We are on schedule to close on our $85 million line of credit and complete our 12th and 13th acquisitions, and our pipeline remains very active as we continue to source attractive opportunities.”

The common dividend is payable October 29, 2010, to shareholders of record on October 15, 2010.


Contact:    
Jerry Daly, Carol McCune,  Daly Gray Public Relations, (Media) (703) 435-6293   jerry@dalygray.com                                                                                                            Dennis Craven, Chief Financial Officer (Company) (561) 227-1386 
                                                          

Tuesday, September 28, 2010

Stirling Sotheby’s International Realty Appointed Exclusive Marketing Agents For $399,000 Waterfront Home Site on Merritt Island, FL

ORLANDO - Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a 1.28 acre luxury waterfront home site on Merritt Island in Brevard County that is listed at $399,000.

Stirling Sotheby’s International Realty Associate Kim Tillett (top right photo), a luxury home specialist who serves the upscale Brevard market, said the property is a one-of-a-kind opportunity.

Merritt Island is one of the most exclusive areas in Florida,” Tillett said. “It is a community of luxury homes and mango groves that is unlike any other in the state.”

 (Dragon Point on southern tip of Merritt Island, bottom left photo)

The property for sale is located in the Honeymoon Hill area of south Merritt Island on a high bluff overlooking the Banana River. The property will accommodate dock facilities for boats and jet skis and includes deeded access to Honeymoon Lake.

To view photos of the property and listing details, go to http://www.stirlingsir.com/index.php?action=listingview&listingID=880756

For more information,  contact:   
Kim Tillett, Luxury Home Specialist, Stirling Sotheby’s International Realty, 407-581-7890; KTillett@StirlingSIR.com;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 rsoderstrom@StirlingSIR.com
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 Lvershelco@aol.com
  


Bayrock Portfolio in Boca Raton, FL Gets $9.495 Million Loan

Boca Raton, FL—Sept. 28, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $9,495,000 for the Bayrock Portfolio, a portfolio of six single-tenant restaurant and bank properties.

Patrick Madore (top right photo), Company Vice President, secured financing for the Bayrock Portfolio through Thomas D. Wood and Company’s relationship with a local bank. 

 The variable line of credit has a five-year term, and is tied to the Wall Street Journal Prime Rate, adjusting as and when changed.  The full-recourse loan has a loan-to-value of 69%.  The Bayrock Portfolio includes major tenants Burger King, McDonald’s, Capital One Bank and SunTrust Bank, located in five different states.
 
For further information, please contact:
Patrick Madore (561) 338-9799   pmadore@tdwood.com
Jessica Kinnee  (407) 937-0470  jkinnee@tdwood.com