Tuesday, September 21, 2010

HFF closes sale of two-property New York self storage portfolio on behalf of Storage Deluxe

HOUSTON, TX The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of two self storage facilities totaling 2,204 units in Brooklyn and Bronx, New York.
HFF senior managing director Aaron Swerdlin,(middle right photo)  managing director Doug McCarron (lower left photo) and associate director Barbara Guffey led the investment sales team exclusively on behalf of the seller, Storage Deluxe.  U-Stor-It was the purchaser of the two properties, which were sold free and clear of debt for an undisclosed price.
The portfolio totals approximately 114,452 square feet of self storage space and 15,530 square feet of retail and bulk warehouse space.   Individual property details are listed below:
395 Brook Avenue
, Bronx,   67,162  (Self Storage), 3,370 (Retail) 1,343
2887 Atlantic Avenue
, Brooklyn , 47,290  (Self Storage) 12,160  (Leased to Moving Co.) 861

 “This portfolio was an exceptional opportunity for an operator to expand a New York City presence.  Given that the properties were located in the boroughs and due to Storage Deluxe’s strong reputation we had very strong interest in the offering and we are very pleased with the outcome.  U-Store-It was an excellent buyer and performed extremely fast,” said Swerdlin.  

Storage Deluxe is a real estate company specializing in the acquisition, development and management of self-storage properties. The company owns, has interests in, and manages twenty-nine facilities containing over 3 million square feet of storage space. For more information, visit their website at www.storagedeluxe.comThe law firm of Cohen and Perfetto (http://www.cpllplaw.com/) represented Storage Deluxe’s legal interests in the transaction.
U-Store-It (NYSE: YSI) is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States.  The company owns, has interests in, and manages 483 facilities containing over 31.5 million square feet of storage space.  For more information, visit their website at www.u-store-it.com.


 Aaron A. Swerdlin,  HFF Senior Managing Director , (713) 852-3500, aswerdlin@hfflp.com

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


HFF arranges $19.9 million financing for a newly constructed suburban Miami office building

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $19.9 million in financing for a newly constructed, 150,000-square-foot, Class A office building in Doral, Florida.
HFF senior managing director Paul Stasaitis (middle right photo), executive managing director Manny de Zárraga (middle left photo) and senior real estate analyst Ignacio Portuondo worked exclusively on behalf of the borrower, a joint venture between the Codina Partners and institutional investors advised by J.P. Morgan Asset Management, to secure the two-year, floating-rate loan through Bank of  America Merrill Lynch.  
The property is located within Downtown Doral, formerly known as Doral Center, adjacent to the Doral Resort and in close proximity to The Palmetto, the 836 Expressway, the Florida Turnpike and Miami International Airport.

 The property is the first LEED certified office building in Doral and is 29% leased overall.
“Downtown Doral is in the midst of a significant redevelopment, which will transform it into a mixed-use, town-center concept and this premier addition is a key component to just that vision,” said Stasaitis.  “Further, the high level of sponsorship we have here, along with their commitment and vision for Downtown Doral, played strongly in gaining lender confidence in this loan placement.”

Formed in the fall of 2009, Codina Partners, LLC is Armando Codina’s (lower right photo)  latest real estate endeavor. Codina Partners, based in Coral Gables, Florida, is a boutique real estate investment and development firm focusing on complex real estate transactions.  
Codina Partners is comprised of a talented team of highly experienced and motivated real estate professionals with a track record that extends over three decades in real estate development and investments.
J.P. Morgan Asset Management  – Global Real Assets has approximately $44.6 billion in real estate and infrastructure assets under management, as of June 30, 2010.  With a 40-year history of successful investing and a staff of 362 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients. 
J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
 J.P. Morgan Asset Management is the marketing name for the asset management business for JPMorgan Chase & Co. and its affiliates worldwide.
 Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com
 Kristen Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF secures $8.4 million refinancing for Central Vermont grocery-anchored retail center

FLORHAM PARK, NJ The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged an $8.4 million refinancing for Price Chopper Plaza (top left photo) , a 149,560-square-foot, grocery-anchored retail center in Berlin, Vermont.
Working exclusively on behalf of Redstone Investments, HFF senior managing director Thomas Didio (middle right photo) and associate director Michael Lachs placed the 10-year, fixed-rate loan with The Ohio National Life Insurance Company.  Loan proceeds will refinance existing debt and help fund a repositioning, renovation and lease-up of the center.
Price Chopper Plaza is located at 168 Ames Drive close to Interstate 89 and US Route 2 about three miles from downtown Montpelier and Barre in Berlin.  The property consists of a primary building and two outparcels.  Major tenants include Price Chopper, TJ Maxx, Dollar Tree, Kinney Drugs and Blockbuster.  The center has benefited from recent growth with the addition of TJ Maxx and the current expansion of Price Chopper from 46,508 square feet to 58,568 square feet.

“HFF is pleased to have secured the financing for Redstone Investments, a longtime client of the firm, with The Ohio National Life Insurance Company.  As a repeat borrower, Redstone has closed business many times over the years with Ohio National,” said Didio.
Redstone Investment is a privately-held, full-service commercial real estate development firm specializing in the acquisition, development and management of shopping centers.  Established in 1991, the company currently owns and manages more than 3.5 million square feet of retail space in 13 states along the eastern seaboard.

Contacts:                           THOMAS R. DIDIO                                    KRISTEN M. MURPHY
                                            HFF Senior Managing Director                 HFF Associate Director, Marketing
                                            (973) 549-2000                                               (713) 852-3500
                                            tdidio@hfflp.com                                         krmurphy@hfflp.com

Grubb & Ellis Securities Names Lavea Lancaster-Thomas Head of National Accounts

SANTA ANA, Calif. (Sept. 21, 2010) – Grubb & Ellis Securities, Inc. today announced that senior vice president Lavea Lancaster-Thomas (top right photo) has been named head of the firm’s National Accounts department.  Lancaster-Thomas joined Grubb & Ellis in 2007 to oversee national accounts efforts with broker-dealers based in the western United States.

“Since joining Grubb & Ellis Securities, Lavea has demonstrated professionalism and made tremendous strides in strengthening existing broker-dealer relationships and in establishing new ones,” said Richard Arnitz, (lower left photo) president and chief executive officer of Grubb & Ellis Securities. “She is a key member of our team, and we couldn’t be more pleased to have her assume greater responsibilities with our broker-dealer business partners.”

Lancaster-Thomas joined Grubb & Ellis from a national sponsor of private real estate investment programs, where she created and developed the firm’s broker-dealer relations department and served as its director.  Her efforts produced a tiered system to categorize broker-dealers and prioritize them in order to assess the level of focus and resources required to properly serve their needs.  This system has since been adopted by a number of investment program sponsors.

“As head of our National Accounts department, my priority is to ensure that we serve as true partners with our broker-dealers,” said Lancaster-Thomas.  “Our goal is to provide them with tools that they can use to grow and improve their business, which will in turn help Grubb & Ellis do the same.”

Lancaster-Thomas is a graduate of Boise State University and is a registered general securities principal.

Contact:  Damon Elder                                                                                                                      
Phone:      714.975.2659                                                
Email:        damon.elder@grubb-ellis.com

Arbor Closes $1 Million Fannie Mae DUS® Small Loan for Skyview Apartments in East Wenactchee, WA

Uniondale, NY (Sept. 21, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,000,000 loan under the Fannie Mae DUS® Small Loan product line for the 29-unit complex known as Skyview Apartments (top left photo)  in East Wenactchee, WA. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by Stephen York (bottom right photo), Director, in Arbor’s full-service New York, NY, lending office. “The borrower’s goal was to secure long-term, fixed-rate financing at an attractive interest rate,” York said.

 “We were pleased to provide him with attractive financing terms that accomplished his objective. We look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

NAI Realvest Negotiates $900,000 Sale of 23,000 Square Foot Industrial Building in Sanford, FL

ORLANDO – NAI Realvest recently negotiated the sale of a 23,000 square foot industrial building at
1600 E. Lake Mary Blvd.
in Sanford.

NAI Realvest principal Michael Heidrich (top right photo)  brokered the transaction representing the seller, The Loxcreen Company, Inc. of Columbia, S.C. and the buyer, Skywater LLC of Glen Burnie, Md. who paid $900,000 for the property.

For more information, please contact:  
Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;  
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;  
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com  

Orlando Sanford International Airport Awards Contract to Design Extension of Runway 9l-27R to 11,000 Feet

SANFORD, FL - Orlando Sanford International Airport (top left photo)  recently awarded a contract to CPH Engineering of Sanford to design the extension of Runway 9L-27R to 11,000 feet.

Diane Crews, vice president of administration at Orlando Sanford International Airport, said CPH Engineers of Sanford was awarded the $1.2 million contract.

Wilbur Smith Associates and Avcon, Inc. are assisting CPH Engineers in the design project. Anticipated completion is June 2011. 

Currently Runway 9L-27R extends 9,600 feet.

For more information,  please contact:  
Diane Crews, VP of Administration, Sanford Airport Authority, 407-585-4010;  
Larry Dale, President, Sanford Airport Authority; 407-585-4002;  
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Mercantile Capital Corp. projects closing loans for a record $140 million in total project costs in 2010

ALTAMONTE SPRINGS - Mercantile Capital Corporation LLC, the seven- year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for small businesses, expects to finance a total of more than $140 million in total projects in 2010.

Christopher Hurn,(top right photo) chief executive officer of Mercantile Capital Corporation said the firm has closed more than $88 million in total projects since January.

“Our loan volume has grown dramatically this year,” Hurn said. During the first eight months of 2009, Mercantile Capital Corporation only closed on loans to finance projects valued at approximately $36 million.  Hurn said the firm will close on “our largest loan ever” later this month to finance a $9.3 million project for a New York City clothing retailer’s Broadway facilities.

“The substantial growth of our SBA 504 commercial loan volume is a reflection of our national marketing efforts and the lack of small business financing from banks and traditional commercial lenders,” Hurn explained. “We can offer small business owners the best terms on the market at a time when traditional lenders have significantly reduced their small business lending,” he said.

In late August, Mercantile announced its merger with Old Florida National Bank headquartered in downtown Orlando.

Visit www.504Experts.com and http://www.504blog.com/.

For more information about this press release, contact:  
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040;  
Geof Longstaff, Chairman Mercantile Capital Corporation, 407-786-5040;  
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142   

Crossman & Company and University of Florida Bergstrom Center For Real Estate Studies to Co-Host Tailgate Party at O’Dome in Orlando Oct. 9

ORLANDO - 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 sponsor a TailGator Party with the University of Florida’s Bergstrom Center for Real Estate Studies in the O’Dome parking lot on Oct. 9 before the LSU game.

John Crossman, president of Crossman & Company, said the occasion presents many important business opportunities.

“This is a great networking opportunity for real estate students, faculty and young professionals to share contacts and team spirit,” Crossman said.

Orlando attorney Stumpy Harris (top right photo) donated his prized parking lot spaces 746-749 for the occasion, Crossman added.

For more information, 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 

Stirling Sotheby’s International Realty offers nearly completed $5.8 million luxury estate in Winter Garden, FL for $695,000

 ORLANDO, FL - Stirling Sotheby’s International Realty is marketing an unfinished $5.8 million luxury estate in Winter Garden for a severely reduced price of just $695,000.
The property — originally appraised at $5.8 million — includes a four-acre homesite at Savannah Ridge, a private gated equestrian community in the Winter Garden area.

Roger Soderstrom, (lower left photo) founder and owner of Stirling Sotheby’s International Realty, said the luxury property survived the auction block recently when bidders were unable to meet the seller’s reserve price requirements.

“We have negotiated a substantially reduced asking price and we expect the property to sell within the next 30-60 days,” said Erin Wanner (top right photo), luxury home specialist with Stirling Sotheby’s International Realty.

By every measure, the property ranks as one of the biggest best deals in Central Florida real estate.

The home itself, with 13,044 square feet of living space and 19,760 square feet under roof, features seven bedrooms, seven full baths, four half baths, three fireplaces, a summer kitchen, a private theater, four two-car garages and an attached 2,000 square foot in-law suite with full kitchen.

“Additional construction work to complete the home is already bid out and comes to some $700,000,”  Wanner said. It will take contractors an estimated 90 to 120 days to complete construction which includes an elaborate infinity edge pool.” The deadline to submit offers is Oct. 22, but the seller is prepared to go with the first acceptable offer that comes in,” Wanner said.

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

PCCP, LLC Announces $20.2 Million Senior Loan Financing on Two Independent Living Communities in Georgia and New York

SAN FRANCISCO, CALIF., September 20, 2010 – PCCP, LLC has announced that it has provided senior loan financing totaling $20.2 million for the acquisition and recapitalization of two recently constructed independent living communities.

Both properties are owned by United Group of Companies.
They include The Lodge at Bridgemill, a 150-unit property built in 2007 situated in Canton, GA just 35 miles north of Atlanta, and Colonial Square (top left photo), a 144-unit property built in 2008 and located in Utica, New York.

 The assets are amenity-rich, maintenance-free rental properties for adults 55 years and older that are now leasing. Each community includes a large clubhouse and amenities such as a fitness center, pool, game room, media center, and meeting space.

“This investment offered PCCP the opportunity to provide attractively priced first mortgage financing on two newly built independent living facilities at a significant discount to replacement cost,” said Don Kuemmeler, (middle right photo)  founding partner of PCCP.

“The owner of the properties has a proven track record with similar senior living properties, and has achieved enough leasing on these two communities to provide a measure of debt yield to our financing.”

“The multifamily sector has offered promising returns for assets in hotspots across the United States as recovery begins to occur,” added Adam Zoger, a principal with PCCP. “Senior living in particular is a sub-sector we like as demand for well-maintained, well-managed facilities is strong and the target demographic continues to grow in number.” 

PCCP’s team of seasoned investment professionals and established lending platform has originated in excess of $3.5 billion of floating-rate loans over the past 12 years. 

About PCCP, LLC: PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors.  With 33 investment professionals and 50 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States.  

 Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto Spaulding Thompson & Associates, Inc.,

ACE Mentor Program Appoints 2010-2011 Board of Directors

ORLANDO, FL — Appointed to the 2010-2011 officers and board of directors of ACE Mentor Program of Central Florida, a nonprofit, are Charlie Barnard, operations manager for Hensel Phelps Construction Co. as chairman, Trudi Larson,  president of Central Florida Builders Exchange as secretary, Judy D'Angelo,  controller with Matern Professional Engineering as treasurer;

Directors include Nathan Butler, (top right photo) AIA, a principal with C.T. Hsu + Associates, Mark Jackson,  a senior vice president at Lykes Insurance, Sylvia Pond,  Seminole County School board member, Cindy McCree-Bodine,  vice president of human resources of McCree General Contractors & Architects, and Elaine Ingra,  the president of PR WORKS.
“We are fortunate to have an outstanding board dedicated to the continued development of this high school mentoring program,” said Chairman Barnard.
About Ace Mentor Program of Central Florida
            ACE Mentor Program of Central Florida, an affiliate of ACE Mentor Program of America, was established in 2008. The organization provides local high school students with the opportunity to work with design and construction professionals to learn about career opportunities through a hands-on program. To date, 61 high school students have completed the ACE Mentor Program with 26 local organizations providing mentors. For more information, please visit www.acementor.org/756.

About ACE Mentor Program of America
            The ACE Mentor Program of America Inc. is a nonprofit 501(c) (3) organization founded in 1992 to help prepare high school students for careers in design and construction through mentoring by industry professionals. The organization’s focus is to enlighten and motivate students toward careers in architecture, construction, engineering, and related fields. ACE chapters are located in all 50 states. For additional information, please visit www.acementor.org.
 Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com