Tuesday, November 2, 2010

Shoppes of Village Pointe in Boca Raton, FL Gets $3.6 Million Loan

MIAMI, FL—Nov. 2, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,600,000 for the Shoppes of Village Pointe in Boca Raton, Florida.

Marshall Smith (top right photo), Company Executive Vice President, secured financing for the Shoppes of Village Pointe through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

 The fixed-rate loan has a term of five years, with a rate adjustment every five years, based on a 25-year amortization and interest rate of 5.25%.  The loan-to-value is 30%. 

The 73,000 square-foot retail center was built in 1985 and is home to major tenant Outback Steakhouse. 

The Shoppes of Village Pointe is located at 6018 SW 18th Street, Boca Raton, Florida.

For further information, please contact:
Marshall Smith, (305) 447-7825, msmith@tdwood.com
Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

Hendricks & Partners Negotiates $4.05 Million Sale of Park Hamilton Apartments in Orlando

ORLANDO, FL - Hendricks & Partners, which ranks as the nation’s largest and most active multi-family property advisory and real estate company,  recently negotiated the sale of the 330-unit Park Hamilton Apartments on
Silver Star Rd.
in Orlando for $4,050,000.00.

Cole Whitaker (bottom left photo), who heads Hendricks & Partners Southeast Division, said associate partner Hal Warren (top right photo) negotiated the sale representing the seller along with receiver Hold-Thyssen LLC of Winter Park.

La Esperanza Orlando, LLC, of Santa Monica, Calif. acquired the property located at
5900 Park Hamilton Blvd.

Whitaker said Park Hamilton Apartments was built in 1974. The community was 41 percent occupied at the time of sale.

LNR Properties in Miami was the seller in the transaction.

For more information, contact:  

Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881 hwarren@HPAPTS.com;
Cole Whitaker, Southeast Partner, Hendricks & Partners 407-218-8880 cwhitaker@HPAPTS.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Boston’s Copley Square Hotel Honored With the AAA Four Diamond Award for Excellence in Hospitality

 BOSTON, MA – Nov. 2, 2010 – The Copley Square Hotel (top left photo) is pleased to announce it has received AAA’s Four Diamond Award for 2011.

“It is an honor to receive such a celebrated award of excellence, and a testament to our entire staff who deliver exceptional service every day to our guests,” said General Manager John Maibach.

Copley Square Hotel will be celebrating this tribute throughout the year, starting with a special Fourth Night Free promotion available for guests that book three consecutive nights at the hotel for new reservations made now through December 31, 2010 with stays through 2011.

To reserve the Fourth Night Free promotion, visit http://www.copleysquarehotel.com/ and use Promo Code “4th” or call 1-800-225-7062.

 The Copley Square Hotel is located at 47 Huntington Avenue at the corner of Exeter Street and Huntington Avenue, in Boston, MA 02116.  (Copley Square, bottom right photo)

Contact:  John Maibach, General Manager, 617-421-1424 

Wyndham’s China Growth Continues in the Heart of Xixi National Wetland Park

 PARSIPPANY, NJ (Nov. 2, 2010) – Following the recent signings for three new luxury hotels in Boao, Wyndham Hotel Group (NYSE:WYN), the world’s largest hotel company based on number of hotels, today announced its continued expansion in China with the signing of a management agreement to open a luxury Wyndham Hotels and Resorts® property in Hangzhou’s Xixi National Wetland Park (top left photo).

The 251-room Wyndham Hangzhou Xixi Resort, owned by Hangzhou Xixi Wetland Management Company Limited, will become part of a large sustainable tourism development and has been approved by the government to be the second official State Guest House in Hangzhou.

The announcement strengthens Wyndham Hotel Group’s position as the largest U.S.-based hotel company in China with 270 hotels representing over 42,000 rooms under the Wyndham Hotels and Resorts, Ramada®, Howard Johnson®, Days Inn® and Super 8® brands.

With the addition of these new signings, there are now 12 Wyndham® branded properties currently open or under development in China.

Contact: Evy Apostolatos, +1 (973) 753-6590, evy.apostolatos@wyn.com

Southern Commercial Completes 66,386-SF Expansion Renewal in Orlando

ORLANDO, FL--Principal Moses Salcido (top right photo), SIOR of Southern Commercial Real Estate Advisors completed a 16,368 square foot expansion and a 50,018 square foot renewal at 2425 E Landstreet Road.  Salcido represented the Landlord, DCT Boggy Creek FL LP.  The Tenant was Entertainment Retail Enterprises.
Media contact:  Celeste MacKenzie, 321 281 8503

Cousins Sells 110 Units in One Year at 10 Terminus Place in Atlanta

 ATLANTA, GA – Despite an overall sluggish residential sales market regionally, Cousins Properties has sold 110 units at 10 Terminus Place (top left photo) from September 2009 to September 2010. Only eight units remain.

According to independent data provided by SmartNumbers, this fast pace of sales in the 32-story luxury condominium tower has earned 10 Terminus Place the top spot among new condo sales, when ranked by volume. In 2010, sales volume at 10 Terminus totals more than $16.9 million, an average of $414,029 per unit.

Closed contracts in 2010 have ranged from $180,000 to $1.26 million, a range that highlights the perfect blend of units offered at 10 Terminus Place and is unmatched in the market.

This mix of unit types and prices has been a key factor in Cousins’ ability to capture buyers in a challenging market.

“The positive response to the values at 10 Terminus Place is encouraging,” said Cousins President and CEO Larry Gellerstedt (middle right photo).

 “While an excess amount of inventory continues to weigh on the Atlanta housing market, this is the most positive sign we’ve seen in this environment.

“With just eight units left to sell, Cousins has proven that we can work with buyers to close sales  and that 10 Terminus Place provides the quality intown home at a price point that can motivate buyers.”

Gellerstedt said 10 Terminus Place is unmatched in the Atlanta market for high-quality finishes, strong backing by the developer and large floor plans.

The luxury tower is located at the intersection of Peachtree and Piedmont roads in Buckhead.

10 Terminus Place buyers have included young professionals, second home buyers, full-time residents and empty nesters.

“One of the positive differences we’re seeing in this market is that there are very few investors buying condos,” Gellerstedt said. “This provides confidence for every buyer that 10 Terminus Place will have long-term stability and a strong sense of community.”

Contact: Bryan Long, Jackson Spalding, (404) 724-2501; blong@jacksonspalding.com

HFF arranges $19.4 million refinancing on behalf of Trammell Crow Residential for northwest Houston multi-housing community

 DALLAS, TX – The Dallas and Houston offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $19.4 million refinancing for Wynhaven at Willowbrook (top left photo), a 372-unit, Class A multi-housing community in northwest Houston, Texas.

Working exclusively on behalf of Trammell Crow Residential, HFF secured the 10-year, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds are retiring existing construction financing.

Wynhaven at Willowbrook is located at 9611 Grant Street close to State Highway 249 and FM 1960 in northwest Houston.  Completed in 2008, the property has one- and two-bedroom units averaging 1,175 square feet each.  Community amenities include a resort-style lap/beach pool, resident café, club room, bbq/picnic area and gated access. 

Founded in 1977, Trammell Crow Residential (TCR) is a national multifamily real estate firm.  TCR’s portfolio includes numerous properties located in major markets across the country under such prestigious brand names as Alexan and Wynhaven.

John Ahmed, HFF Associate Director, (214) 265-0880                                                                                          
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF secures $36 million in first mortgage financing for two senior living communities in Colorado

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced  has secured $36 million in first mortgage financing for Mackenzie Place Union (middle left photo) and Mackenzie Place Oakridge, two senior living communities totaling 316 units in Colorado Springs and Fort Collins, Colorado.

Working on behalf of the Fidelity Real Estate Group, a unit of Pyramis Global Advisors, and HJ Sims Investments, LLC, an affiliate of Herbert J. Sims & Co., Inc., HFF senior managing director Dana Brome and senior real estate analyst Carlos Febres-Mazzei placed the five-year, fixed-rate loan with an account advised by the U.S. real estate business of UBS Global Asset Management.
The proceeds from this loan, together with $24 million of subordinated financing provided by an institutional investment fund managed by the Fidelity Real Estate Group, will be used by the existing borrower, HJ Sims, to complete a discounted payoff of the properties’ construction loan. 

“We are very pleased to now have a flexible capital structure that provides sufficient time for the projects to achieve stabilization.  The UBS debt secured by HFF was a key component of this complicated financing,” said James Scribner (bottom right photo), vice president of Herbert J. Sims & Co., Inc.

Completed in 2008, Mackenzie Place Union and Oakridge are 65% occupied and include 60% independent living, 23% assisted living and 17% memory care units. 

Dana E. Brome, HFF Senior Managing Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing(713) 852-3500,

H. Michael Schwartzman Joins Grubb & Ellis as Vice President, Office Group

WASHINGTON, D.C. (Nov. 2, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Schwartzman (top right photo), a 20-year veteran of the commercial real estate industry, has joined the company as vice president, Office Group, effective immediately. 

Schwartzman will work with Executive Vice Presidents Bruce McNair (middle left photo) and William Morris in serving the needs of owners and users of office space in the Washington, D.C., metropolitan area.

“The team led by Bruce and Bill brings together a blend of diverse skills and proven record of success representing companies throughout the Washington, D.C. metropolitan area, and Mike enhances their capabilities,” said Paul Adkins (lower right photo), executive vice president and managing director of Grubb & Ellis’ Washington, D.C., and Baltimore offices. 

 “He has tremendous relationships within the business community, and his extensive experience developing office properties provides tenants with a unique perspective.”Schwartzman joins Grubb & Ellis from Ross Development & Investment, where he spent the past six years, most recently as vice president and director of development. 

Contact:         Erin Mays                                            
Phone:            312.698.6735                                       
Email:             erin.mays@grubb-ellis.com                

Post Properties Announces Third Quarter 2010 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $21.7 million, or $0.44 per diluted share, for the third quarter of 2010, compared to $50.2 million, or $1.13 per diluted share, for the third quarter of 2009.

The Company also announced a net loss attributable to common shareholders of $16.9 million for the nine months ended September 30, 2010, compared to a net loss of $0.1 million for the nine months ended September 30, 2009.

On a diluted per share basis, the net loss attributable to common shareholders was $0.35 for the nine months ended September 30, 2010, compared to a net loss of less than $0.01 for the nine months ended September 30, 2009.

For a complete copy of the company's news release and statistics, please contact: Chris Papa, 404-846-5028

Interstate Hotels & Resorts Names Aaron Greenman Senior Vice President of Development for Europe

 ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, announced that Aaron Greenman has been named senior vice president, development - Europe.

 He previously served as head of business development for JHM Interstate, Interstate’s management joint venture in India. 

In his new position, Greenman will be responsible for spearheading the company’s growing business development initiative in Europe.  He will be based in Brussels, Belgium, and will report to Leslie Ng, Interstate’s chief investment officer.

“Our international expansion initiative has gained momentum in the last few years, especially in Europe where we now manage 11 properties in four countries—Russia, Belgium, England and Ireland,” said Thomas F. Hewitt (top right photo), Interstate’s chairman and chief executive officer.

 “The establishment of a regional business development presence will allow us to build on the operating momentum we have established there, and Aaron is eminently qualified for this important position, with his broad range of experience in real estate, brand relations, hotel development, international travel and strong leadership skills. 

“With Aaron spearheading our business development efforts, supported by our recent strategic alliance with Harte Holdings, we expect to take full advantage of the management contract opportunities there.”

  For more information about Interstate Hotels & Resorts, visit the company’s Web site: www.ihrco.com. 

Jerry Daly, Carol McCune,  Media, Daly Gray, (703) 435-6293, jerry@dalygray.com
Carrie McIntyre SVP, Treasurer,  Interstate Hotels & Resorts,  (703) 387-3320

HEI Hotels & Resorts Sells Embassy Suites Irvine – Orange County Airport

 IRVINE, CA., Nov. 2, 2010—Officials of HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company has sold the 293-suites Embassy Suites Irvine – Orange County Airport (top left photo), in southern California, for an undisclosed price.

 HEI will maintain management of the hotel under terms of the transaction, brokered by Mark Elliott (middle right photo) of Hodges Ward Elliott.

“With the comprehensive renovation completed in 2008, we have achieved our long-term ownership vision for this hotel,” said Steve Mendell (middle left photo), president—acquisitions and development.

 “Combining our intimate knowledge of both the hotel and the market, however, we believe we will continue to add value to this asset as a third-party operator.”

Located at 2120 Main Street, the newly renovated Embassy Suites Irvine – Orange County Airport is less than a mile from John Wayne/Orange County Airport and proximate to Disneyland® Resort, University of California at Irvine and Angel Stadium of Anaheim.

 Guest suites offer the Embassy Essentials® Bedding Collection and deluxe environment; exclusive Bloom® Energy™ bath and body products; and high-speed wireless Internet access.

  The hotel features an indoor swimming pool, whirlpool, fitness center, business center and onsite Ha' Penny Pub and Grill.  The property provides complimentary cooked-to-order breakfast every morning and beverages and light snacks every evening at the Manager's Reception in the atrium.

“HEI continues to build relationships with an ever expanding group of hotel owners,” said Anthony Rutledge (bottom right photo), HEI chief financial officer. 

“We look forward to working with the new owner in the future and hope to draw on the best qualities of the hotel, including its ideal location, to positively support both companies.”

For more information about HEI, visit the company’s website, http://www.heihotels.com/

Media Contact: Stephen Chan, Vice President, Acquisitions and Development,
(203) 849-8844, schan@heihotels.com