Tuesday, October 12, 2010
ALTAMONTE SPRINGS, FL– Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for RJK Consulting Services, LLC, dba AOK Networking, LLC.
AOKNetworking provides corporate IT managed services for small to medium businesses as a high-quality alternative to obtaining in-house IT resources, and offers complete technology solutions from leading hardware and software vendors such as Apple, IBM, VMware, and Microsoft.
Their clients use AOK’s managed service programs (Proactive Care) as their complete IT strategy to reduce operating costs, improve productivity and minimize unexpected costs.
“I am very pleased with Mercantile Capital Corporation,” stated owner, Bob Knoerzer (top right photo).
“We were able to obtain excellent financing with great terms. MCC’s extensive experience processing SBA loans enabled me to continue running my business rather than get bogged down with the process of obtaining a loan.
“I was impressed by the knowledge and efficiency of their staff, and their team made this purchase happen for me on a very tight timeline.”
The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like AOK Networking, LLC have an opportunity to create wealth and financial freedom.
Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Bob, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.
For more information, visit http://www.thesmartchoiceloan.com/
Chris Hurn, Mercantile Capital Corporation, 407-786-5040
Robin Lashley, Mercantile Capital Corporation, 407-786-5040
Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando, FL Worth Over $5.7 Million
ALTAMONTE SPRINGS, FL./ Oct. 12 – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for Quest Airport Hotel, LLC, dba Ramada Suites Orlando International Airport (middle right photo) recently for $5,777,000 in total project costs.
PCCP LLC and Lincoln Property Company Announce Joint Venture to Acquire Calabasas Corporate Center in Calabasas, CA
EL SEGUNDO, CA, Oct. 12, 2010 – PCCP, LLC, a full-service real estate investment firm and lender, announced today it has formed a joint venture with Dallas-based Lincoln Property Company to acquire a vacant and newly constructed, 51,654-square-foot two-story Class A suburban office building with two levels of parking within Calabasas Corporate Center (top left photo).
The property is located in Calabasas, Calif. which is within the Conejo valley submarket of the greater Los Angeles office market.
This transaction provided PCCP with the opportunity to partner with Lincoln Property Company to purchase the building in a short-sale with the existing construction lender for a quarter-end closing.
The low purchase price will allow the new, well-capitalized ownership to pursue leases that the prior ownership was unable to pursue given its cost basis.
“This transaction is consistent with PCCP’s business model of investing in distressed situations in which the existing ownership’s lack of liquidity and the existing lender’s capital pressure creates an opportunistic situation,” said Greg Galusha (middle right photo), a partner with PCCP.
“We were able to purchase this property in an off market transaction below market price from a highly motivated seller in an expedited time frame.”
The property, which has never been occupied, was built in 2008 and features a 5.5 per 1,000 parking ratio, 59 percent of which are covered in podium and subterranean parking levels with direct elevator access to the two office floors.
The building is approximately one-half mile from Las Virgenes Road, making it one of the most convenient office buildings in the Conejo Valley to executives residing in Malibu, which is about a 20-minute drive.
Galusha added: “Given the property’s new construction, covered parking, visibility and proximity to a diverse labor pool, we believe the property should be able to attract mid-size tenants currently seeking Class A office space in the area.”
With 33 investment professionals and 55 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 www.pccpllc.com.
ATLANTA, GA – Few could argue that the real estate market has gone to the dogs. Banks have shuttered due to bad lending practices and hoards of developers have faced foreclosures. So how does a developer tackle this dog-eat-dog market?
If you can’t beat ‘em, join ‘em seems to be the mantra for Castleberry Hill developer Jerry Miller (middle right photo), who donated a two-acre tract of land to the neighborhood for a dog park, set to open Monday, October 18 .
In the dog days of 2008, Miller had high expectations of building a mixed use development on this tract along the railroad tracks.
He was more than qualified for the task -- as half of Miller Gallman Developers, he helped pioneer the rehabilitation of historic urban buildings throughout the city.
When Atlanta's stock of historic buildings waned, he turned his attention to neighborhood-compatible infill development, primarily around buildings he had rehabilitated for loft apartments. Atlanta’s only true art and loft district, Castleberry Hill, was ideal.
Yet while the location was right, the timing was not. Financing for new construction had dried up and Miller was left lying with the dogs.
In the meantime, the neighborhood was in desperate need of a dog park. So Miller opted to loan the Castleberry Hill Neighborhood Association the land until the real estate market rebounds.
The collaboration proved to be win/win. The Castleberry Hill Neighborhood Association is fundraising toward a goal of $25,000 to enable off-leash recreation for small and large dogs in two separate play areas.
The park, set to open on Monday, October 18, and will undoubtedly become an amenity for Miller’s current endeavor, Castleberry Point, an all brick building with soaring windows and an open-air courtyard.
The access-controlled building features a rooftop swimming pool with sweeping downtown views, rooftop owner’s lounge and a fitness center. FHA financing and down payment assistance are available, as well as developer-paid closing costs.
MIAMI, FL--Bank repossessions more than doubled in the tricounty South Florida region in the third quarter of 2010 as lenders took ownership to nearly 17,200 properties, according to a new report from CondoVultures.com.
The number of properties in Miami-Dade, Broward, and Palm Beach counties that were repossessed between July and September of 2010 is more than twice as many on a year-over-year basis as the nearly 8,250 properties that were taken back in the third quarter of 2009, according to the report based on the Condo Vultures® Foreclosure Database™.
"Bank repossessions - also known as REOs - are skyrocketing in South Florida in 2010," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC
. "Lenders have taken back just about as many properties in the third quarter of 2010 as were repossessed in the third quarters of 2009, 2008, and 2007 combined. The repossessions are finally starting to flow after several months and years of delays in the court process.
"It is still uncertain what effect the announcement by several large lenders about freezing foreclosure proceedings due to administrative irregularities will have on bank repossessions in South Florida going forward. "
Lenders repossessed 7,100 South Florida properties in the third quarter of 2008 and an additional 3,000 in the third quarter of 2007, according to the report compiled using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.
Contact: Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at email@example.com
LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $10.5 million refinancing for Haven Village (top left photo), a 45,697-square-foot retail strip center in Rancho Cucamonga, California.
HFF director Chris Vittetoe (middle right photo) and senior managing director Paul Brindley (bottom left photo) worked on behalf of the borrower to secure the five-year, fixed-rate loan through Ladder Capital Finance.
The securitized loan refinanced an existing CMBS loan.
Haven Village is located at 6311, 6321, 6331, 6371 Haven Avenue directly off Interstate 210 in northern Rancho Cucamonga. The property is 83% leased and shadow-anchored by Von’s and Trader Joe’s.
“Haven Village benefits from being the only retail option north of the 210 Freeway in an affluent neighborhood of Rancho Cucamonga. The retail center includes strong demand drivers and is highly accessible,” said Vittetoe.
Christopher Vittetoe, HFF Director, (310) 407-2100, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, email@example.com
ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Savannah Apartments (top left photo), a 19-unit apartment property located in St. Petersburg, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $450,000.
Casey Babb (middle right photo), CCIM and senior associate in Marcus & Millichap’s Tampa office, acted as a transaction broker and facilitated the sale on behalf of the seller, a Miami-based financial institution and the buyer, a private, local investor.
Savannah Apartments was built in 1966 and sold near the height of the real estate market for nearly $1,200,000. Most recently, the property had fallen into disrepair before being foreclosed earlier this year and was only 16 percent occupied as of the October rent roll.
“This transaction is indicative of what we’re seeing in the marketplace,” says Babb.
“Lenders are becoming more aggressive in foreclosing against delinquent and all-cash buyers and are able to purchase fundamentally sound real estate at a fraction of the previous sale price.
“In this case, the buyer will put the necessary cash into the property to stabilize operations and either hold for cash-flow or sell the asset.”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
Uniondale, NY (Oct. 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,866,500 loan under the Fannie Mae DUS® Small Loan product line for the 70-unit complex known as Village Place Apartments (top left photo) in Mankato, MN.
The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Patrick McNulty (bottom right photo), Director, in Arbor’s full-service Chicago, IL, lending office.
“This was a solid deal for our small balance program,” McNulty said. “It was a zero-cash-out refinance with a high-quality asset and strong sponsorship.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
NORCROSS, GA – Wells Core Office Income REIT announced its Board of Directors has declared a distribution for the period of Oct. 18 through Dec. 15, 2010, totaling $0.20 per share for the 59-day period.
The distribution, calculated on a daily basis, will be paid in December to shareholders of record during the period from Oct. 18 to Dec. 15.
Wells Core REIT is a nontraded, public investment program from Wells Real Estate Funds, focused primarily on core office real estate, leased to creditworthy tenants.