Thursday, August 26, 2010
IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $2.4 million refinancing for Elaine Station, (top left photo) a 39-unit, three-story multi-housing community in Portland, Oregon.
Working exclusively on behalf of Rael Development Corporation, HFF associate director Charles Halladay (middle right photo) placed the 10-year, 5.17% fixed-rate loan with M&T (FNMA). The loan was used to payoff existing debt.
Elaine Station is located at 123 NE 172 Avenue in Portland’s East Gresham submarket, east of downtown via Interstate 84. Rael Development purchased the property vacant and has since fully stabilized it as apartment rentals. Elaine Station was built in 2008.
Rael Development Corporation (RDC) acquires and develops a diverse mix of properties located in California, Oregon, Washington, Texas and Oklahoma. The company is headquartered in Irvine, California and maintains offices in the San Francisco Bay Area and Portland, Oregon. RDC was founded in 1977.
Charles W. Halladay, HFF Associate Director, (949) 253-8800, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
Michael Garbers Joins Cushman & Wakefield's Capital Markets Group as Head of Senior Housing Practice in Orlando
Mr. Garbers brings more than 17 years of experience as a real estate finance professional, specializing in both healthcare and retail properties.
“Mike brings the necessary expertise to lead the Senior Housing Practice within our Capital Markets Group, which includes Investment Sales, Investment Banking, and debt and equity finance through Cushman & Wakefield Sonnenblick Goldman, said Frank Liantonio, (top right photo) Executive Vice President of Capital Markets at Cushman & Wakefield. "His presence will allow us to provide clients with the resources and required solutions in this sector."
Contact: Brook Hines, Tel: 407-541-4401
Tolan represented the Buyer, SGPM Enterprises, LLC. The Seller, Wachovia Bank, National Association was represented by Keller Williams – Tampa Central.
Media Contact: Celeste MacKenzie, 321-281-8503, email@example.com
Uniondale, NY (Aug. 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,707,500 loan under the Fannie Mae DUS® Small Loan product line for the 32-unit complex known as Willoughby Apartments (top left photo) in Los Angeles, CA.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.
The loan was originated by Stephen York (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.
“The borrowers purchased this property in 2008 and substantially improved operations after implementing a major capital improvements plan,” York said. “We were pleased to deliver attractive financing terms. We look forward to future opportunities together.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
ATLANTA, GA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Paul Vetter (top right photo) to the position of vice president investments.
The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo) president and chief executive officer.
Vetter began his career with Marcus & Millichap in 2004, specializing in multifamily investment sales.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
SAN JOSE, CA (Aug. 25, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 25-year commercial real estate veteran Jeffrey S. Ball (top right photo) has joined the company as senior vice president, Industrial Group.
Ball joins Grubb & Ellis from Ball & Company Inc., a Carmel-based private commercial real estate company he founded in 2008, offering investment, office, R&D and industrial services.
Previously, he spent 10 years with Cushman & Wakefield.
Contact: Julia McCartney, Phone: 714.975.2230, Email: email@example.com