Wednesday, January 12, 2011

HFF arranges $20.25 million refinancing for office/lab building at Dow AgroSciences global headquarters in Indianapolis

 INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $20.25 million refinancing for a recently constructed office/laboratory building on the campus of Dow AgroSciences’ global headquarters in Indianapolis. (top left rendering)

HFF senior managing director David Keller (middle right photo) and managing director Jon Everson (lower  left photo)  worked exclusively on behalf of Red Diamond Associates LLC, an entity controlled and managed by Browning Investments, to secure the 18-year fixed-rate loan through John Hancock Life Insurance Company, a correspondent life insurance company lender.

 The loan will be serviced by HFF. 

“The borrower was motivated to maximize the benefit of a new long-term credit lease, and was able to lock in a competitive fixed interest rate through a life company early rate lock prior to the recent rise in treasuries,” said Everson.

Browning Investments is a leading Indianapolis-based developer engaged in the acquisition, ownership, development, construction, leasing, management and disposition of investment real estate properties since 1977.

David B. Keller, HFF Senior Managing Director, (317) 632-7500
Jonathan P. Everson, HFF Managing Director, (317) 632-7505
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Post Properties Announces Estimated Income Tax Characteristics of 2010 Dividends

ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today how it expects its 2010 dividends to be classified for federal income tax purposes.

 The dividend classifications are shown on the attached chart (Please contact Chris Papa, 404-846-5000, for chart information).

Of special note is that for tax reporting purposes, the common stock dividend payable on January 14, 2011 is taxable in year 2011. This release is based on the preliminary results of work on the Company’s tax filings and is subject to correction or adjustment when the filings are completed.

The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company’s dividends. No material change in these classifications is expected.

Cortland Partners Acquires Marietta Apartments in Marietta, GA

ATLANTA, GA (Jan. 12, 2011) – Cortland Partners, an Atlanta-based multifamily real estate firm, is starting the new year by acquiring Highland Court apartments (top left photo) from a Florida-based lender that foreclosed on the property last year.

On Jan. 7 it acquired the property, a 152-unit apartment community in Marietta, GA, for $2.6 million. The firm will spend another $800,000 to make targeted improvements to the property.

“This property, which is 99% occupied, fits perfectly in Cortland’s strategy of making opportunistic acquisitions that are in the path of growth, on a large piece of land with future development potential, and in a great submarket,” said Brad Brown (lower right photo), Cortland’s Chief Acquisitions Officer. “The Marietta market has high barriers to entry for new developments, so this represents a solid buy in a solid submarket.”

The community has a mix of two-bedroom and three-bedroom townhomes. The two-story townhomes are popular with families.

One of the best characteristics of the property is that it is a large and a parklike setting, which helps make the community very appealing to residents.

Located on Allgood Road, adjacent to I-75, Highland Court has great access to Atlanta’s Northwest corridor.

Renovation plans include new roofs, exterior paint, landscaping, signage, and utility repairs. MetroBank in Douglasville financed the acquisition. 
Highland Court is the sixth recent addition to Cortland’s portfolio.  Since July of 2010, Cortland has acquired 1,515 units and built 222.

For more information, visit

Contact: Terri Thornton, 404-932-4347,   

MBA Files Suit to Overturn Labor Department's Interpretation on Overtime for Loan Officers

 WASHINGTON, D.C. (Jan. 12, 2011) - The Mortgage Bankers Association (MBA) today filed suit against the U.S. Department of Labor (DOL) in the United States District Court for the District of Columbia under the Administrative Procedure Act (APA). 

 The suit seeks to set aside DOL's Wage and Hour Division Administrator's Interpretation No. 2010-1 (March 24, 2010) that reversed and withdrew a 2006 opinion letter from DOL to MBA.

The 2006 opinion letter interpreted DOL's own regulations and concluded that typical loan officers were exempt from Fair Labor Standards Act (FLSA) requirements for overtime payments under the "administrative exemption."  

 "In 2006, the department issued a clear opinion to MBA interpreting DOL regulations that exempted typical mortgage loan officers from overtime pay," said MBA's President and CEO John A. Courson (top right photo).

 "If the department wanted to reverse that opinion, it should have provided notice and an opportunity for public comment.  In issuing this administrative interpretation, the department ignored that statutory requirement."

 The mortgage lending industry has relied on the 2006 DOL opinion letter to MBA and the underlying regulations indicating that a loan officer can qualify for the administrative exemption under the FLSA.   MBA claims that the abrupt reversal of this ruling subjects mortgage lenders to unnecessary litigation.

 "This abrupt reversal by the department not only opens lenders up to lawsuits for past actions, but also could require them to make costly changes to their internal operations and compensation structure, costs that will ultimately be borne by the consumer," continued Courson.

 "Requiring loan officers to be paid overtime will not increase their compensation and asking them to now track and report their hours will deprive them of the flexible schedules they and their customers have enjoyed."

  "What we are asking the court to do is to set aside this ruling, effectively requiring that, if the department wants to reverse the 2006 ruling, it follow the APA and issue a proposed rule for public comment.  If the department were to do that, we are confident it would find that the existing ruling providing an administrative exemption for loan officers from overtime should remain."

 In its suit, MBA asks the court to declare that the department violated the APA, vacate and set aside the Administrator's Interpretation (AI) and prevent enforcement, application and implementation of the AI.  

 The suit also urges that, because the DOL's interpretation in the AI is contrary to the plain language of the regulations and the preamble interpreting them, the AI is arbitrary, capricious, an abuse of discretion, and otherwise contrary to law.

John Mechem, (202) 557-2924,

Palmer Electric Completes Medical Office Building

WINTER PARK, FL, Jan. 12, 2011 — Palmer Electric Company has completed its $175,000 contract for electrical contracting for the new Florida Hospital DeLand Victoria Medical Park (top left photo)

Under contract with general contractor Freese Construction Company Inc., Palmer Electric provided site and building wiring along with fire alarm systems for the one-story, 25,000-square-foot facility that comprises space for outpatient imaging, women’s diagnostics, sports medicine and rehabilitation, a laboratory and physician offices.  

Owned by Adventist Health Systems, the building was designed by Lillibridge Healthcare, Chicago, Ill. Electrical engineering was provided by the Fort Lauderdale, Fla., office of Meinhardt Consulting Engineering.

Contact: Elaine Ingra, 407 384-1344,

Thomas D. Wood Brokers $7.5 Million in Loans for Two Orlando Retail Centers

ORLANDO, FL, Jan. 12, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of  $7,500,000 for the International Outlet Shopping Center (top left map) and the Gallery Center (middle right photo).

Doug Rozzell (lower left photo), Company Principal, secured financing for the International Outlet Shopping Center through Thomas D. Wood and Company’s relationship with a national bank in the amount of $4,500,000. 

 The borrowers were refinancing a property in which the loan was maturing, as well as recouping equity that was used for improvements to the shopping center. 

The mini-permanent loan has an interest rate of 30-day LIBOR + 3.35% with no floor.  The loan-to-value is 70%. 

The 32,423 square-foot unanchored retail center was built in 1985 and is home to major tenant Factory Brand Shoes.  International Outlet Shopping Center is located at 5532 International Drive, Orlando, Florida.

Joe Dear (lower right photo), Company Vice President, secured financing for the Gallery Center through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $3,000,000.

 The borrower wanted to refinance into a self-liquidating loan as he did not want to have to refinance the property again in the future.  The fully-amortizing loan has a term of 15 years, based on an interest rate of 6.25%. 

The 102,250 square-foot retail center was built in 1986, and is home to major tenant Gallery Furniture.  Gallery Center is located at 9421 S. Orange Blossom Trail, Orlando, Florida.

For further information, please contact:
Doug Rozzell,  (407) 937-0470,
Joe Dear, (407) 937-0470,
Jessica Kinnee, (407) 937-0470,

Hendricks & Partners, Dowd Properties Negotiate $650,000 Sale of 72-Acre Eagle Ridge Mall Site in Lake Wales, FL

ORLANDO, FL --- Hendricks & Partners and Dowd Properties recently co-listed and negotiated the sale of the 72-acre Eagle Ridge mall site, located on the south side of Chalet Suzanne Rd. east of U.S. 27 in Lake Wales.

Cole Whitaker,  who heads Hendricks & Partners in the southeast, said Jim Dowd (top right  photo) handled the marketing and negotiations with the buyer, Dania based Lake Wales Realty Investors, LLC who paid $650,000 for the site.

Hendricks & Partners-Florida, LLC and Dowd Properties, located in Celebration, represented the seller, Capstone Resdev, LLC of Boston.

 For more information,  contact:  

Cole Whitaker, Southeast Partner, Hendricks & Partners 407-218-8880
Hal Warren, Associate Partner, Hendricks & Partners 407-218-8881
Jim Dowd, Principal / Owner Dowd Properties, Inc. 407-592-2352
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142