Tuesday, September 14, 2010

Arbor Closes $2,320,700 Fannie Mae DUS® Military Housing Loan for Boston Cove in Newport News, VA

Uniondale, NY (Sept. 14, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,320,700 loan under the Fannie Mae DUS® Military Housing product line for the 34-unit complex known as Boston Cove (top left photo) in Newport News, VA. The 10-year loan amortizes on a 30-year schedule.

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

 “This transaction was for town homes that were newly constructed within the past five years,” Kelly said. “This deal involves a great asset, great location and great sponsor. Arbor was pleased to work with this repeat client to take out the construction loan and replace it with long-term, low-interest, non-recourse permanent debt.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF secures $19.4 million in debt and equity for Newark, New Jersey multi-housing complex

 FLORHAM PARK, NJThe New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $19.4 million in debt and equity for Aspen Riverpark Apartments (top left photo) , a 258-unit multi-housing complex in Newark, New Jersey.
Working exclusively on behalf of Treetop Development, HFF managing director Jim Cadranell (top right photo) placed the $14.48 million, five-year, fixed-rate loan with Investors Savings Bank and arranged $4.94 million in joint venture equity through Latus Partners.  The proceeds were used to acquire the property and fund future capital improvements.
Originally built in 1930, Aspen Riverpark Apartments, which is 94% occupied, has 12 six-story buildings with five ground-floor retail spaces.  Floorplans are available in studio, one-, two- and three-bedroom layouts. 
 100 of these units are reserved for senior housing (55+ years of age) and the entire complex is subject to a Section 8 Housing Assistance Program contract.  Aspen Riverpark Apartments is located at 17 Oxford Street in the Ironbound district of Newark,  close to two New Jersey Transit bus stops that provide access to employment centers in New Jersey and Manhattan.
“It was a pleasure to assist Treetop Development in providing a quality residential experience to the affordable housing market,” said Cadranell.
Treetop Development is a multi-faceted real estate company that has earned a strong reputation for redeveloping value-driven, residential buildings in key urban centers throughout the New York Metropolitan area.  Treetop and its principals have owned and self-managed more than 2,000 residential units in New York and New Jersey.
Latus Partners LLC is the sponsor of Latus Real Estate Partners I, LP.  Latus Partners is a real estate private equity fund, which seeks to selectively invest in a variety of complex, opportunistic, distressed, and/or transitional real estate transactions using equity, debt and hybrid structures. 
James A. Cadranell,  HFF Managing Director,    (973) 549-2007,  jcadranell@hfflp.com    
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,  krmurphy@hfflp.com

Marcus & Millichap Lists $29.1M Vacant Land Parcel in Las Vegas

 LAS VEGAS, Sept. 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Centennial Parkway at Grand Montecito, 37.2 acres of vacant land in Las Vegas.

The listing price is $29,176,000.
 Art Macaraeg, (top right photo)  a senior associate in the firm’s Las Vegas office, is representing the seller.
“The property is within the city’s fast-growing Town Center District planning area,” says Macaraeg. “Currently, the area is experiencing significant commercial development of office and retail projects. This parcel could be developed as a power center for big box retail tenants or as an outlet mall.”
Located at a signalized intersection on the northwest corner of Centennial Parkway and Grand Montecito Parkway in Las Vegas, the property has highway visibility along Interstate 215 and Interstate 95 with accessibility via the Durango turnoff of Interstate 215.
The property is zoned Tourist Commercial (TC).

HFF secures $81.5 million refinancing for a four-property office portfolio in Princeton, NJ

 NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured an $81.5 million refinancing for a four-property office portfolio totaling 456,000 square feet in Princeton, New Jersey. (top left photo)

HFF senior managing directors Mike Tepedino (top right photo)  and Jon Mikula (middle left photo)worked exclusively on behalf of the borrower, a joint venture between RXR Realty and affiliates of Marathon Asset Management, to secure the five-year, fixed-rate loan on a pari-passu basis through Cigna Investments and AIG Global Investment Group.

The properties in the portfolio include
University Square
and 100, 104 and
115 Campus Drive
.  Completed in 2008,
University Square
is a five-story, 324,000-square-foot, Class A+ office building. 

The three additional properties are single-story office buildings totaling 132,000 square feet.  In total, the portfolio is 95% occupied by tenants including Blackrock, Axis Insurance and Otsuka. 

 Located at the intersection of Route 1 North and
Alexander Road
, the portfolio is adjacent to Carnegie Center about two miles east of downtown Princeton.  This location is close to Princeton University, the New Jersey Turnpike, Interstates 95 and 295 and the Princeton Junction train station.

University Square
is one of the preeminent office assets in the Princeton market and was designed to capture the ‘best of class’ tenants through a combination of trophy quality office space, advanced technology and connectivity infrastructure and first-class amenities.  
"As a result, the loan was highly sought after, and both AIG and CIGNA provided exceptional service within a tight timeframe for the borrower,” said Tepedino.
RXR Realty is a vertically-integrated 160-person organization with significant experience in property management, leasing and construction operations in the New York Tri-State area.
Marathon Asset Management is a global credit manager with approximately $10.5 billion of capital under management, including commitments, investing opportunistically in credit and fixed income markets and real estate.       


Michael Tepedino,   HFF Senior Managing Director, (212) 245-2425 , mtepedino@hfflp.com

Jon Mikula, HFF Senior Managing Director,  (973) 549-2000, jmikula@hfflp.com

Kristen Murphy,  HFF Associate Director, Marketing,   (713) 852-3500,  krmurphy@hfflp.com


HFF arranges $4.3 million refinancing for Alfa Wasserman headquarters in West Caldwell, NJ

FLORHAM PARK, NJ The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $4.3 million refinancing for
4 Henderson Drive
, which serves as the US headquarters for Alfa Wasserman in West Caldwell, New Jersey.
HFF director John Taylor (middle right photo)  worked exclusively on behalf of A.T. Realty Holdings #3, LLC to secure the 10-year, fixed-rate loan through a bank relationship.  
Following the acquisition, subsequent gut-renovation and environmental remediation of the then vacant property in 2000, A.T. Realty Holdings #3 managing member, Mark Javello of Spin Vision LLC, successfully secured Alfa Wasserman for the entire property.  Spin Vision LLC has been a viable buyer of distressed assets with financial and physical challenges within the New Jersey, New York and Connecticut market places during the past 15 years.

4 Henderson Drive
has 49,442 square feet of office, laboratory, and assembly/warehouse space that is fully leased to Alfa Wasserman, a multi-national pharmaceutical and biotechnology company.  The property is located between Interstates 80 and 280 approximately 18 miles northwest of Manhattan in West Caldwell, Passaic County, NJ.
William S. Barrett of Mandelbaum Salsburg headquartered in West Orange, New Jersey provided legal representation for the borrower and with a full team effort, this loan closed within a specified time frame to accommodate multiple deadlines for property upgrades and brokerage agreements.  Bruno Genova of Allegiance Title in Westfield facilitated the complicated disbursement flawlessly.

John N. Taylor, HFF Director,  (973) 549-2000, jtaylor@hfflp.com
Kristen M. Murphy. HFF Associate Director, Marketing,  (713) 852-3500, krmurphy@hfflp.com


Robert W. Bell Joins Grubb & Ellis Landauer Appraisal & Valuation as Senior Managing Director, California

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Robert W. Bell, (top right photo)  MAI, 32-year veteran of the appraisal industry, has joined Grubb & Ellis Landauer Appraisal & Valuation as senior managing director, California.

In this role, Bell will be responsible for the newly created firm’s business development and expansion throughout California.  In addition, he will be responsible for recruiting and overseeing the managing directors who oversee the local offices throughout the state.

In June, Grubb & Ellis announced the launch of Grubb & Ellis Landauer Appraisal & Valuation, a national appraisal business, under the leadership of industry veterans Douglas W. Haney and Eduardo Alegre.  In addition to Bell, the company has hired Michael Miller, senior managing director, Texas and local market leaders, Michael Mason, MAI, managing director, Los Angeles, and Christopher Stallings, managing director, Houston.

“I’ve known Bob for many years and am delighted to have such an outstanding leader at the head of our California operations,” said Haney, president, Grubb & Ellis Landauer Appraisal & Valuation.  “As we near the launch of our company, the addition of talented and experienced professionals like Bob and others we have recruited leave me confident as we seek to fill the booming demand for services like ours in the commercial real estate sector.”

Contact:  Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com     

EastGroup Properties Announces Presentation at 2010 BMO Capital Markets North American Real Estate Conference

 JACKSON, MS– EastGroup Properties (NYSE-EGP)  is scheduled to present at the BMO Capital Markets North American Real Estate Conference. EastGroup's presentation is scheduled for Thursday, September 16, 2010 at 8:15 a.m., CDT. The presentation will be live via web cast and is accessible at www.bmocm.com/conferences/NARealEstate2010/Webcasts/ the day of the conference.

David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555

Melrose Sovereign Companies Awarded Contract to Manage The Villas of Tortuga in Fort Myers, FL

ORLANDO, FL - Melrose Sovereign Companies, which ranks as one of the largest condominium and home owner association management companies in Florida, was recently awarded a contract to manage Villa Tortuga in Fort Myers.

Jack Hanson, LCAM and Ellen Lumpkin, LCAM co-founders and principals at Melrose-Sovereign Companies, said Taylor Morrison awarded the management contract.

Located on
Daniels Parkway
in Fort Myers, Villa Tortuga includes 130 Caribbean-style villa homes.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state.

For more information, contact: 
Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com
  Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com 

NAI Realvest negotiates $3.15 Million Purchase of Daytona Beach Oceanfront Parcel

MAITLAND, FL - NAI Realvest recently negotiated the acquisition of a 3.94 acre vacant oceanfront parcel at
1110 N. Atlantic Ave.
in Daytona Beach for $3,150,000.

Chris Butera (top right photo), associate at NAI Realvest, negotiated the transaction representing the buyer, Bayshore Capital of Ontario, Canada.

“This transaction along with Bayshore Capital’s purchase of
1751 S. Atlantic Ave.
three weeks prior, represent the first significant sales of vacant oceanfront property in the Daytona Beach area since 2007,” said Butera.

The seller, Cincinnati-based Fifth Third Bank was represented by Paul Hoffman and Bob Rand of Coldwell Banker NRT in Maitland and Coldwell Banker Benchmark in Ormond Beach, respectively.

For more information, contact:  
Chris Butera, Associate NAI Realvest 386-453-4789 cbutera@realvest.com;
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989;  
Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142  

BDG Construction Services Awarded Contract to Build-Out Marco’s Pizza Facility in Orlando

WINTER SPRINGS - BDG Construction Services, LLC was recently awarded a contract to provide tenant build-out construction at Marco’s Pizzeria, located at
Town Center Blvd.
in south Orlando.

Kevin Guffee, principal with BDG Construction Services, LLC said interior construction of the 1,400 square foot facility will be completed in time for the facility’s opening by Nov. 1

BDG is a client company of the University of Central Florida Business Incubation Program located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs.

For more information, contact:  
Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 kguffee@bdgcs.com
Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881, evargasd@mail.ucf.edu;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Stirling Sotheby’s International Realty Appoints Kim Tillett Sales Associate to Work Out of Merritt Island, Serving Brevard County Properties

ORLANDO – Stirling Sotheby’s International Realty has appointed Merritt Island resident Kim Tillett (top right photo) a sales associate to focus on Brevard County Properties.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty said Tillett is a graduate of the University of Central Florida, has seven years experience as a teacher and  was also an award winning pharmaceutical sales representative. She was nominated Teacher of the Year three years running.

 Tillet  most recently was an associate with Century 21 Realty in Brevard County.

At Stirling Sotheby’s Tillett will focus on sales of luxury residential properties in Brevard County with a specific focus on Merritt Island.

For more information about this press release, contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142