Monday, October 11, 2010

NAI Realvest Appoints Veteran Commercial Realtor Ray Kennedy to Handle Receivership Opportunities

 ORLANDO, FL – NAI Realvest has appointed veteran commercial real estate professional Ray Kennedy  associate broker to focus on REO-Receivership work.

 Patrick Mahoney (top right  photo), president of NAI Realvest, said Kennedy has more than 33 years of experience in commercial real estate.

 Kennedy, a licensed mortgage broker, will focus on REO, special asset and receivership opportunities.  

 Kennedy’s experience includes more than 10 years as a developer of multi-family, industrial and office properties and six years as an FDIC administrator managing and liquidating real estate portfolios. 

 “Ray Kennedy has tremendous experience in areas where NAI Realvest sees major opportunities,” Mahoney said.  “We expect he will play a major role in our growth.” 

 For more information, please contact:  

Ray Kennedy, Associate Broker, NAI Realvest 407-875-9989;
 Patrick Mahoney, President, NAI Realvest 407-875-9989;
Beth Payan, Larry Vershel Communications 407-644-4142

Avison Young opens new office in Boston

TORONTO,/PRNewswire/ - Mark E. Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that the firm has acquired Boston-based Essex River Ventures, Inc. (ERV) and opened a new office in the Massachusetts city.

ERV is a real estate investment and property management company founded by John Fenton (bottom left photo) (CEO) in 2003. Effective immediately, Fenton becomes a Principal of Avison Young and Managing Director of the company's newest office.

The Boston office represents Avison Young's sixth location outside of Canada and gives the leading Canadian commercial real estate firm a presence in the New England market. Terms of the acquisition were not disclosed.

"The New England market, particularly the Greater Boston area, is critical to Avison Young's U.S. expansion. Avison Young's acquisition of Essex River Ventures is the first step in creating a new and vibrant competitor that will, over time, obtain a significant market share," comments Rose.

"The strategic location and the addition of John Fenton and the rest of the ERV team, with their vast experience and valuable client relationships in the Boston and New England markets, will allow Avison Young to further expand its commercial real estate footprint across the U.S. The purchase underscores our commitment to serving communities and clients across the nation," he says.

The following ERV members also join Avison Young: K. Beth O'Donnell (Director, Client Services), Tom Palmer (Senior Property Manager), Brian Hodess (Director, Construction Services) and Kathy Shepherd (Administrative Manager).

 For further information/comment/photos, contact:  
Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959;
Mark Rose, Chair and CEO, Avison Young: (416) 673-4028;
 Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237;
John Fenton, Principal and Managing Director, Boston, Avison Young: (978) 729-9010;

Community Association Management Experts oversee more than 200 Florida Communities and see more on the Horizon

 ORLANDO, FL - Jack Hanson, LCAM, and Ellen Lumpkin (top right photo), LCAM co-founders and principals merged their companies in 2007 to form Melrose-Sovereign Companies, specializing in management of condominium and homeowner associations and community development districts throughout Florida and now this company ranks as one of the largest management firms in Florida.

 Hanson launched the Melrose Company in 1992 to focus on managing homeowner and condominium associations and community development districts for owners.  Lumpkin specializes in condo-conversions, third party leasing and asset management.

Today, Melrose-Sovereign Companies has served more than 200 communities with more than 80,000 units. The firm provides homeowner and condominium management, third-party leasing and management, condominium leasing and management, and asset management.

 “We are successful because we work so well together,” Hanson said. “That sense of shared responsibility extends to all of our key professionals in all our offices throughout Florida,” he said.

 “We offer a wide range of community management resources so that we can meet the needs of practically every development project and every community in Florida,” Lumpkin said.

For more information, please contact:  

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181,;
 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181,;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

D & A Building Services hires new client service coordinator

 LONGWOOD, FL,  Oct. 11, 2010 — Robert “Randy” White (top right photo) has been hired by D & A Building Services Inc. as Client Services Coordinator.

His responsibilities include serving as client liaison, performing quality control field inspections as well as assisting with marketing and operations.

White, with nearly a decade of management experience in customer service, has a Bachelor of Business Administration from the University of Florida in Gainesville, Florida. White was previously a manager with Unique Creative Concepts Inc. in Casselberry, Fla.

“With customer relations as the lynchpin of our management philosophy, we are very pleased that Randy has joined our team in this pivotal position, “said Al Sarabasa, Jr. (middle left photo), president/CEO, D & A Building Services.

D & A Building Services Inc. is a privately owned facility maintenance provider founded in 1985. Headquartered in Longwood, Florida, full service offices are located in Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis. and Dallas, Texas.

A staff of 700 provides services to property managers, building owners, local and state governments, Federal agencies, and the military. The veteran-owned company is an Hispanic-Owned Business Enterprise, and a graduate of the Small Business Administration’s 8(a) program.

For additional information, please visit

PR Contact: Elaine Ingra, (407) 384-1344

AMB Property Corporation® Leases 124,700 SF in Miami Development

SAN FRANCISCO, CA /PRNewswire/ -- AMB Property Corporation® (NYSE: AMB), a leading owner, operator and developer of global industrial real estate,  announced that the company signed leases in the third quarter for approximately 124,700 square feet of AMB Beacon Lakes Building 12 in Miami, Florida.

The 189,700 square foot building is now stabilized and the newly leased space will be used by two freight forwarding companies.

 "The business park is in a prime location for these customers," said Jay Cornforth (middle right photo), AMB's managing director, East Region. "AMB Beacon Lakes is just five miles from Miami International Airport, which handles more international air freight than any other U.S. airport."

Beacon Lakes, a joint venture project of AMB and Flagler, is a 478-acre business park located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike.

Miami is an important gateway hub for goods flowing from Europe and the Far East to Latin America, and for goods from Latin America into the United States.

As of June 30, 2010, AMB's portfolio in the Florida market totaled approximately 8.5 million square feet of operating and development properties, with more than 6.9 million square feet of that in Miami, including a facility on-tarmac at Miami International Airport.

 Tracy A. Ward, Vice President, IR & Corporate Communications, +1-415-733-9565,, or
Jon M. Boilard, Director, Media and Public Relations, +1-415-733-9561,, , both of AMB

RealtyTrac Adds 2.5 Million Recently Sold Properties

IRVINE, CA – RealtyTrac® (, the leading online marketplace for foreclosure properties, today announced the release of an exclusive recently sold feature that allows users to see detailed information for all properties that sold in the last three, six and nine months in any given area.

“The new recently sold feature will help our users determine what buyers have recently paid for properties in any neighborhood nationwide,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 “That knowledge is extremely useful for many different types of users for different reasons.

“ It will help homebuyers determine how much to offer; it will help sellers determine how much to ask; it will help homeowners determine how much their property is worth; and it will help investors determine the profit and cash flow potential of a neighborhood.”

RealtyTrac is the only real estate website that combines recently sold data with foreclosure properties and Multiple Listing Service (MLS) information. RealtyTrac users can search 2.5 million recently sold properties.

 Subscribers also have access to more than 2 million properties in some stage of foreclosure, and can also view another 1.5 MLS listings for sale. Collectively, these three data sets — recently sold listings, foreclosure properties and MLS listings — account for 6 million properties.

Media Contact: Michelle Sabolich, Atomic Public Relations, (415) 593-1400 ext. 1233,

Remington Capital Expects Financing Markets to Begin 'Thawing' in Fourth Quarter 2010

SCOTTSDALE, AZ /PRNewswire/ --Remington Capital is gearing up for an expected "thawing" in the nation's financing markets by dramatically increasing its global network of active lenders and investors, particularly alternative sources of commercial capital.

"With the nation's credit crisis worsened by the on-going closure of hundreds of 'problem banks,' the rapid expansion of alternative sources of capital by Remington is good news for owners of commercial real estate and corporate projects in need of financing," according to Andy Bogdanoff, (top right photo) chairman of the international capital services company.

 Since 2007, nearly 300 banks have been closed by government regulators, with another 829 banks on the regulators' "problem" watch list. "All of which means that thousands of commercial property owners may be unable to obtain needed financing through traditional banking sources," Bogdanoff said.

Remington's capital network of active lenders and investors is nearing 700, with additions doubling annually. About 70% are alternative capital sources, including private investors, pension funds, life insurance companies, mortgage REITs, endowments and others.

"This available pool of alternative capital represents a unique opportunity for real estate and corporate communities to step outside their normal comfort zone to explore alternative avenues of commercial financing in these challenging times," Bogdanoff said.

"Remington's alternative financing sources represent billions of dollars in private capital ready to step in to finance, refinance or recapitalize all types of commercial property having intrinsic value." Since 1993, Remington Capital has arranged more than $5 billion in financing across the capital stack for all types of commercial property.

Contact:  Neil Wintle,, +1-480-905-3239, or +1-877-597-4458 - toll free

Senior Housing/Healthcare Borrowers to Intensify Efforts to Take Advantage of Low Interest Rates, Funding Expert Predicts

 CHICAGO, IL--Although frustrated by the credit squeeze that continues to curtail lending activity, senior housing/healthcare borrowers are expected to intensify efforts to take advantage of interest rates as low as they’ve been in decades, one senior housing/healthcare finance expert is predicting.

“Funds for new construction projects are limited and acquisition activity has slowed dramatically. But many borrowers should be motivated to refinance existing loans with rates at current levels,” Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) believes.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders.

Davis makes the point that bond prices and the economy behave a lot like entangled particles in quantum physics. When the economy weakens and loses forward momentum, bond yields sympathetically move lower, which instantaneously causes bond prices to “spin” higher in the opposite direction.

Lower bond yields also equate to lower borrowing rates. Last spring, as the economy slowed amid fears of a pending double-dip recession, interest rates retreated and had some analysts predicting that 10-year Treasury bills could challenge levels not seen since the Eisenhower years.

“And then we got to mid-September and some mildly encouraging reports on the economy, for a change. We learned of a drop in first-time unemployment claims during the month of August and also about a slight rise in wholesale prices that is helping to quash deflation fears.

“After sinking to 2.59 percent earlier in the month, on the strength of these reports, 10-year Treasury notes rebounded to yield 2.76 percent later in September. The optimistic assessment is that the economy may be emerging from a soft patch,” Davis said.

Whatever the outcome, senior housing/healthcare borrowers can look forward to relatively attractive interest rates for the foreseeable future, he suggests.

He points out that the 10-year Treasury note serves as a bench mark for a number of things, including the popular FHA-insured HUD Lean loans that have been the only consistent source of funding for long-term care healthcare borrowers since the economy tanked in 2008.

“If a borrower is able to profitably refinance, this is a better time than most, with interest rates flirting with what may well be the low point for this cycle,” he added.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: