Saturday, October 2, 2010

Associated Estates Announces Construction on Downtown Nashville Apartment Community

CLEVELAND, OH /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC, Nasdaq: AEC) announced that it will begin construction of Vista Germantown (top left photo), a 242-unit apartment community located in downtown Nashville, Tennessee. 

The property will be developed by a joint venture controlled by Associated Estates, which acquired the property and development rights from Bristol Development Group, who will have a minority interest in the ongoing project.  Merit Enterprises, Inc. ("Merit"), a wholly owned subsidiary of Associated Estates, will act as general contractor.

 "We have identified Nashville as a market where we want to grow," said John Shannon (middle right photo), Senior Vice President of Operations.

  "It is an exciting town which has provided remarkable support to Associated Estates and Merit during the pre-development process. 

“The diverse economic base and solid demographic trends in Nashville should bode well for the apartment market for years to come.  Merit will be able to provide important construction efficiencies for this urban infill development," Shannon added.

 The project, which will be managed by Associated Estates, will include structured parking, a fitness center and an outdoor pool.  Many units will have dramatic views of the downtown Nashville skyline. The estimated completion date of the project is spring 2012. 

Merit Enterprises, Inc., a wholly owned subsidiary of Associated Estates, is a full service construction company.  In addition to ground up construction, Merit also performs value-added rehabilitation services for Associated Estates' portfolio of apartment communities, as well as for third party owners. 

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 51 properties containing 13,234 units located in eight states.

For more information about the Company, please visit its website at

  Media Contact: Kimberly Kanary, 216) 797-8718
  Investor Contact: Jeremy Goldberg,  (216) 797-8715

Regency Centers Prices Offering of $250 Million of Ten-Year Senior Unsecured Notes

 JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that its operating partnership, Regency Centers, L.P., priced an offering of $250 million of 4.80% 10-year senior unsecured notes under its existing shelf registration statement.

The offering is scheduled to close on October 7, 2010. The notes are due April 15, 2021 and were priced at 99.860%. Interest on the notes will be payable semiannually on April 15th and October 15th of each year, beginning on April 15, 2011.

 The net proceeds will be used to repay a portion of our outstanding indebtedness that matures in 2011 and 2012, including a portion of our $250 million of 6.75% notes due January 15, 2012 and our $173 million of 7.95% notes due January 15, 2011.

 We intend to use approximately $35 million of the net proceeds to settle an existing interest rate swap. We intend to use the remaining portion of the net proceeds, if any, for general corporate purposes, including the repayment of our line of credit.

Contact: Regency Centers Corporation, Lisa Palmer, 904-598-7636.

Lennar Acquires About $740 Million of Loans and Real Estate From Three Large Financial Institutions

 MIAMI, FL /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced that it completed the acquisitions of approximately $740 million of distressed real estate assets, in separate transactions, from three large financial institutions.

 The acquired assets include loans with a total unpaid principal balance of approximately $529 million and real estate properties ("REO") with an appraised value of approximately $211 million.

 The real estate assets in these transactions were purchased at a discount and paid for with a combination of cash and senior unsecured financing provided by one of the selling financial institutions.

 The combined portfolio includes approximately 397 loans and 306 properties. 

The assets consist primarily of non-performing residential and commercial acquisition, development and construction loans and REO relating to land, lots, and single-family and multi-family residential communities at varying stages of completion.

 The acquired assets are located in 17 states, primarily in the Mid-Atlantic and Southeast regions of the United States.

  In the combined portfolio, 65% of the assets are residential and 35% are commercial.  Lennar's Rialto Investments segment will be responsible for the oversight and day-to-day management and workout of the combined portfolio.

Stuart Miller (top right photo), President and Chief Executive Officer of Lennar Corporation, said, "Rialto is uniquely positioned to underwrite and purchase pools of distressed assets and generate earnings from the resolution of those assets, one asset at a time.

“It is a wholesale to retail process driven by a hard-working group of professionals who have time-tested loan and asset workout skills."

 Mr. Miller continued, "These ground breaking transactions, sourced by Eric Feder, Head of Strategic Development for Lennar and Rialto, represent the first major purchases from the private sector.

“ We worked hand-in-hand with three large financial institutions to help them maximize the value of their distressed assets, while creating an excellent investment opportunity for our shareholders.

Contact: Diane Bessette, Vice President and Treasurer, Lennar Corporation, +1-305-229-6419 . Web Site:

HFF closes $26.5 million sale of BJ’s Wholesale Club in Falls Church, VA

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of BJ’s Wholesale Club (lower right photo), an 87,000-square-foot warehouse chain store in Falls Church, Virginia.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo) represented the buyer, Zuckerman Gravely Development, in the transaction.  Zuckerman Gravely purchased the property from JBG Rosenfeld Retail for $26.5 million all cash. 

BJ’s Wholesale Club, the third largest warehouse chain in the United States, leases the entire 8.4-acre site through a 20-year ground lease with six five-year options.
 Completed in 2010, the property is located at 6607 Wilson Boulevard close to Seven Corners about seven miles southwest of Washington, D.C. in Falls Church, Virginia.

Based in Chevy Chase, Maryland, JBG Rosenfeld Retail (JBGR) specializes in the leasing, development, acquisition, construction and management of retail properties throughout the mid-Atlantic region.  JBGR’s portfolio contains more than five million square feet of shopping centers, freestanding store sites and mixed-use retail sites.

 Zuckerman Gravely Development, Inc. is a privately held firm that owns and manages numerous office buildings in the central business district, and apartments and retail in Montgomery County and northern Virginia.

James A. Meisel, HFF Senior Managing Director, (202) 533-2500,
Stephen  ‘Dek’ Potts Jr., HFF Senior Managing Director, (202) 533-2500,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Arbor Closes $3.15 Million Fannie Mae DUS® Loan for Northbrook Apartments in Bridgeport, CT

 UNIONDALE, NY  - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,150,000 loan under the Fannie Mae DUS® product line for the 66-unit complex known as Northbrook Apartments (top left photo) in Bridgeport, CT.

The seven-year loan amortizes on a 30-year schedule.

 The loan was originated by Edward Petti (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

  “This was an acquisition where the client needed to close quickly,” Petti said. “Arbor worked with the client to address several capital items. We closed with an appropriate amount of capital to complete the work and bring the property to its full cash flow potential.”

Contact:  Christopher Ostrowski,

Arbor Funds $83.1 Million Refinance Loan For Sand Castle Apartments in Queens, NY

Uniondale, NY  – In partnership with Fannie Mae, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of $83,100,000 in refinancing for the 917-unit complex known as Sand Castle Apartments (top left photo) in Queens, NY.

 Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender.

 The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20.

 The loan was originated by John Kelly (middle right photo), Vice President, in Arbor’s Broad Street, Boston, MA, lending office.

 “The historically 100-percent-leased complex in the burgeoning Far Rockaway area of Queens, NY, is well-managed, is in excellent physical condition and features commercial space as well as units that are being renovated on a continual basis,” Kelly said.

 “Arbor looks forward to growing our financial partnership with the property’s sponsorship group going forward.”

 The local sub-market conditions further established the refinancing as an attractive proposition, as the local population is projected to grow steadily during the next decade along with the average household income level.

 In addition, the property’s neighborhood is well-served by public transportation, good schools, numerous retail stores and various medical facilities. It is also located adjacent to several other affluent neighborhoods.

 According to John Caulfield, (lower left photo) Arbor’s Executive Vice President, Director of Operations, “This deal is further evidence that for the right property and borrower, Arbor has the ability and liquidity to fund any transaction across the country.”

Contact:  Christopher Ostrowski,

Marcus & Millichap Sells 14,273-SF Assisted Living Facility in Pinellas Park, FL

PINELLAS PARK, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Country Inn (top left photo), a 14,273-square foot limited mental health facility located in Pinellas Park, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,000,000.

Kenneth J. Carriero, (lower right photo)  Director, National Seniors Housing Group and Vice President Investments in Marcus & Millichap’s Tampa office had the exclusive listing to market the facility on behalf of the seller and as a transaction broker procured the buyer, a limited liability company based out of Washington.
 The building consists of 23-units/42-beds and is located at 7600 78th Avenue North.  The facility is 14,273 square feet and is situated on 3.08 +/- acres.   

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Crossman & Company Negotiates Renewal and Expansion Lease totaling more than 35,000 square feet on S. Woodland Blvd. in DeLand, FL

  ORLANDO, FL. – Crossman & Company recently negotiated a ten-year lease agreement with Florida Technical College for the renewal and expansion of classroom and administrative office space totaling 35,424 square feet. 

 Katherine Rush, associate at Crossman & Company, negotiated the transaction representing the landlord RSRCA DeLand, Ltd.

 The tenant, Florida Technical College, renewed its existing lease for the 27,094 square feet  and expanded its space with the lease of an additional 8,330 square feet at the facility located at 1199 S. Woodland Blvd. in DeLand.   

 Campus Real Estate Solutions represented the tenant.

 For more information, contact

Katherine Rush, Associate, Crossman & Company 407-581-6232;;
Molly Delahunty, Crossman & Company 407-481-6220;
 John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Grubb & Ellis|Commercial Florida Negotiates New Lease of 3,600 square feet for new Internet Café at Post Commons Shopping Center

 MELBOURNE, FL. --- Grubb & Ellis|Commercial Florida, associated with 130 offices worldwide, recently negotiated a three-year lease agreement for 3,600 square feet of retail space in the Post Commons Shopping Center (bottom left photo) at 4100 N. Wickham Rd. in Melbourne.

 Cheryl Harrington (top right photo), vice president of retail development for Grubb & Ellis|Commercial Florida in Melbourne, negotiated the transaction representing the landlord, Fort Lauderdale-based Post & Wickham Corporation, Inc.

 Tenant Mobile Entertainment Group LLC d/b/a Mr. Sweeps, an Indian Harbour Beach firm, leased the space to open an Internet café, joining Post Commons’ current tenant roster including Publix, Stein Mart, Bealls, Panera Bread, Hallmark, Hair Cuttery, GNC and Firehouse Subs.

 The Internet café will accommodate approximately 60 patrons and is slated to open within the next 30 days, Harrington said.

Contact: Cheryl Harrington, VP Retail Development. 2108 W. New Haven Ave., West Melbourne, FL 32904, PH 321.984.1957     

Stirling Sotheby’s International Realty Commercial Group Negotiates New Lease Agreement for Miami-based Financial Planning Firm at 500 Delaney Ave. Office Building in Orlando

ORLANDO, FL --- Stirling Sotheby’s International Realty Commercial Group recently negotiated a new office lease for 3,932 square feet of space at 500 Delaney Ave. just south of downtown Orlando.             

Stirling Commercial Group associates James Mincy (top right photo)  and John Kurtz (lower left photo) negotiated the transaction representing the landlord, Brian C. Canin and the tenant, American Financial Lifeline, LLC, a Miami-based financial planning firm who leased suite 303 for three years.

Kurtz and Mincy are handling the leasing of the four-story building on the outskirts of Orlando’s central business district. 

For more information, contact:

James A. Mincy or John Kurtz, Sales Associate, Stirling Commercial Group 407-581-5550;

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-581-7890;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

NAI Realvest Negotiates New and Renewal Leases totaling 5,625 square feet at Hanging Moss and Carter CommerCenters in Orlando area

ORLANDO, FL. – NAI Realvest negotiated three industrial lease agreements for 1,875 square feet each – two at the Hanging Moss CommerCenter in Orlando and one at Carter CommerCenter in Winter Garden.

Michael Heidrich (top right photo), principal at NAI Realvest brokered all three transactions on behalf of the landlords and tenants. 

O-Town Motors, LLC signed a new lease for suite 330 with 1,875 square feet and El Neato Inc. d/b/a Kona Ice renewed its lease of suite 320 with 1,875 square feet at 6124 Hanging Moss Rd. in Orlando.   Maitland-based COP-Hanging Moss, LLC is the landlord.  

Floridian Liquid Assets, LLC d/b/a Tropical Liqueurs of Florida renewed its lease of suite 240 with 1,875 square feet at 902 Carter Rd. in Winter Garden.  COP-Carter LLC is the landlord.

For more information, contact

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or
 Patrick Mahoney, President, NAI Realvest 407-875-9989
 Beth Payan, Larry Vershel Communications 407-644-4142

BDG Construction Services Awarded Contract to Build-Out Sprint Retail Store by UCF Campus in Orlando

WINTER SPRINGS, FL - BDG Construction Services, LLC was recently awarded a contract to provide interior build-out services at
3402 Technological Ave.
, near the University of Central Florida campus (top left photo), for a new Sprint Retail Store.

Kevin Guffee, principal with BDG Construction Services, LLC, said the interior build-out service involves 1,680 square feet.  Construction is already underway and the project is expected to be completed by mid-October.

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
Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881,
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Crossman & Company Negotiates Long Term Lease Agreements Totaling Over 12,430 Square Feet at Orlando Medical and Professional Complex

ORLANDO - Crossman & Company, one of the largest third-party leasing and management firms in the Southeast, negotiated two long term lease agreements totaling 12,439 square feet at the Orlando Medical and Professional Complex on
S. Semoran Blvd.
in Orlando

Katherine Rush (top right photo)  leasing associate at Crossman & Company negotiated both  transactions representing the landlord. 

Rush negotiated a seven-year renewal and expansion lease with Orlando Family Physicians, Inc. for suites A-D with 4,992 square feet at 1130 S. Semoran Blvd. and a five-year expansion lease with Advanced Interventional Pain Clinic for 7,447 square feet at 1170 S. Semoran Blvd.  Advanced Intervention expanded from 1,746 square feet. 

For more information, contact:  
Katherine Rush, Associate, Crossman & Company 407-581-6232;
Molly Delahunty, Crossman & Company 407-481-6220;
John Crossman, CCIM, President, Crossman & Company, 407-581-6218,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,