Tuesday, September 14, 2010
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, firstname.lastname@example.org
NJ – The 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.
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).
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 . (top left photo) Princeton, New Jersey
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 , the New Jersey Turnpike, Interstates 95 and 295 and the Princeton Junction train station. Princeton University
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 , email@example.com
Jon Mikula, HFF Senior Managing Director, (973) 549-2000, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
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.
William S. Barrett of Mandelbaum Salsburg headquartered in
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. West Orange, New Jersey Bruno Genova of Allegiance Title in facilitated the complicated disbursement flawlessly. Westfield
John N. Taylor, HFF Director, (973) 549-2000, firstname.lastname@example.org
Kristen M. Murphy. HFF Associate Director, Marketing, (713) 852-3500, email@example.com
Robert W. Bell Joins 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 . In addition, he will be responsible for recruiting and overseeing the managing directors who oversee the local offices throughout the state. California
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, , and Christopher Stallings, managing director, Houston. Los Angeles
“I’ve known Bob for many years and am delighted to have such an outstanding leader at the head of our
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.” California
Contact: Julia McCartney, Phone: 714.975.2230, Email: firstname.lastname@example.org
EastGroup Properties Announces Presentation at 2010 BMO Capital Markets North American Real Estate Conference
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
Jack Hanson, LCAM and Ellen Lumpkin, LCAM co-founders and principals at Melrose-Sovereign Companies, said Taylor Morrison awarded the management contract.
Daniels Parkway in , Villa Tortuga includes 130 Caribbean-style villa homes. Fort Myers
, Melrose-Sovereign Companies has eight offices throughout the state. Orlando
For more information, contact:
Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, email@example.com;
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, firstname.lastname@example.org;
Larry Vershel or
Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com
MAITLAND, FL - NAI Realvest recently negotiated the acquisition of a 3.94 acre vacant oceanfront parcel at
1110 N. Atlantic Ave. in for $3,150,000. Daytona Beach
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 area since 2007,” said Butera. Daytona Beach
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
, respectively. Ormond Beach
For more information, contact:
Chris Butera, Associate NAI Realvest 386-453-4789 email@example.com;
Patrick Mahoney, Principal/Chief Operating Officer, 407-875-9989;
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
located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs. University of Central Florida Business Incubation Program
For more information, contact:
Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 firstname.lastname@example.org;
Esther Vargas-Davis, Site Manager,
, 407-278-4881, UCF Incubator-Seminole County email@example.com;
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
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:
Larry Vershel or
Beth Payan, Larry Vershel Communications 407-644-4142