Tuesday, March 29, 2011
LOS ANGELES, CA – HFF announced today that it has arranged an $8.9 million refinancing for Lanikai Lane Mobile Home Park (top left aerial), a fully-occupied, 146-pad site in Carlsbad, California.
Working on behalf of Irvine, California-based Core Capital Investments, HFF placed the four-year, 6.55 percent fixed-rate, interest-only loan with ING Investment Management.
Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years. The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park.
Lanikai Lane is located at 6550 Point Drive across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the COASTER rail line providing access into downtown San Diego. The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa.
The HFF team representing the borrower was led by director Tina Derderian (lower right photo)
Tina K. Derderian, HFF Director, (310) 407-2100, email@example.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
Mercantile Capital Corp. Partners with San Diego and Atlanta Firms to Increase Liquidity to Small Business Lending Marketplace
ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, has formed partnerships with firms in San Diego and Atlanta to provide funding for SBA 504 loans eligible for the SBA’s new First Mortgage Pool (FMP) Program.
Geof Longstaff (top right photo), chairman of Mercantile Capital Corporation said the firm’s new partners are CDC Direct Capital, the San Diego based subsidiary of non-profit lender CDC Small Business Finance, and FIG Partners, LLC of Atlanta.
Chris Hurn, (lower left photo) chief executive officer of Mercantile Capital Corporation said, “The SBA’s new FMP Program is meant to provide liquidity to the small business lending marketplace. $3 billion was allocated to provide government-guarantees on SBA 504 loans for the first time ever.”
Mercantile will be providing interim second mortgage financing, as it currently does, along with interim first mortgage financing until these FMPs are sold to institutional investors.
Longstaff and Hurn expect these loans to become a meaningful part of Mercantile’s business over the next two years. A dedicated website on this FMP Program is forth coming from Mercantile.
For more information, contact:
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040, glongstaff@MercantileCC.com
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040 ChrisHurn@MercantileCC.com
SAN DIEGO CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Travis R. Trautvetter (top right photo) to associate vice presidents investments.
This designation represents excellence in the development and servicing of long-term client relationships, according to Kent R. Williams, senior vice president and regional manager of the firm’s San Diego office.
Most recently, Trautvetter was a senior associate.
“Travis continues to excel as an investment specialist in the Southern California commercial real estate market and we are proud to recognize him as our top office and industrial investment specialist nationwide for 2010,” says Williams.
“Travis’s ability to execute transactions over the past few years – a challenging time for the industry – demonstrates his tenacity and dedication to providing superior client service.”
Trautvetter began his career at Marcus & Millichap in May 2005. He was named an associate a year later and in May 2008, he was promoted to senior associate. He has received eight internal sales awards from the firm, including one National Achievement Award in 2010.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
"The South Florida condo resale environment is increasingly becoming a tale of two markets," said Peter Zalewski (top right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"The average asking price for a condo resale near the coast is nearly $406,000 more expensive than the cost of a unit in suburbia. South Florida's double-digit unemployment rate - which is higher than the national average - is at the root of the price differential.
"Contributing to the price discrepancy is the fact that condo owners in suburbia are struggling to hold on to their homes while the coastal market has received an infusion of all-cash investors and second-home buyers who are somewhat less vulnerable to the economic downturn."
South Florida is a tricounty region with a population of nearly 5.5 million people living from south to north in Miami-Dade, Broward, and Palm Beach counties. Interstate 95 bisects each county with the coast to the east and the suburbs to the west.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org
ORLANDO, FL – NAI Realvest recently negotiated a new lease agreement for 10,500 square feet at Airport Industrial Center on Narcoossee Road in Orlando.
Michael Heidrich (top right photo), a principal at NAI Realvest, brokered the transaction representing the landlord, Columbus, Ohio-based Airport Investment Properties LLC.
The tenant who has leased Unit 100A-E in the industrial center at 7480 Narcoossee Rd. is Ultimate Power Martial Arts & Fitness Center of Orlando.
For more information, contact:
Michael Heidrich, Principal, NAI Realvest, 407-875-9989 email@example.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 firstname.lastname@example.org
Beth Payan or Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com
C&W industrial group negotiates new 30,000 SF warehouse lease for Event Productions, Inc. in Orlando
Orlando, FL – Mar. 29, 2011– Cushman & Wakefield of Florida, Inc. (C&W) Industrial Brokerage team of Lee Morris (top right photo) and Jared Bonshire negotiated a 6-year lease on behalf of land lord Princeton Oaks, FL, LLC.
The tenant, Event Productions was represented by Greg Stake of Commercial Realty of Central Florida.
Event Productions leased 30,000 SF at 1930 Commerce Oak Avenue in the Silver Star submarket.
Contact: Brook Hines,Tel: 407-541-4401, email@example.com
JACKSONVILLE, FL – Mar. 29, 2010 - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, today announced that it honored 15 of the region’s top commercial real estate brokers at its 15th Annual Broker Dinner on Thursday, March 24 in Jacksonville.
Mike Heise (top right photo), vice president and city manager and along with Dan Santinga, senior leasing representative, Greg Letnaunchyn, senior property manager and Susan Roberts, marketing assistant at Liberty, hosted this year’s event at Ruth’s Chris Steakhouse in Jacksonville.
Each broker received an award honoring them as one of the “Platinum” brokers who brought new deals to Liberty in 2010.
Professionals attending from the broker community (alphabetical order by firm) include: Joe Ayers (CBRE); Lou Nutter (CBRE); Deborah Royal (CBRE); Chris Eyrick (Castlerock Realty); Pate Foshee (Castlerock Realty); Carmen Mantay (Coldwell Banker Commercial Benchmark); Jason Hinson (Colliers International Northeast Florida Commercial Real Estate); Glenn Palmer (Colliers International Northeast Florida Commercial Real Estate); Peter Crolius (Graham & Company); Bob Hillis (Hillis Properties); Kaycee Gardner (Jones Lang LaSalle); Joe Russell (KW Commercial); Jacob Horsley (NAI Commercial Jacksonville); Robert Lawrence (NAI Commercial Jacksonville); and Don DePietto (Watson Commercial Realty).
General Inquiries: Mike Heise, Liberty Property Trust, 904/281-5454
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653
For more information please visit http://www.libertyproperty.com/
NDIANAPOLIS, IN –HFF announced today that it has arranged a $5.85 million refinancing for Oakbrook Village Apartments (top left photo), a 384-unit multi-housing community in Indianapolis, Indiana.
Working on behalf of the owner, Oakbrook Village, LLC, HFF placed the 10-year, 5.43 percent fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF executed the loan as a streamline refinance through its Freddie Mac Program Plus® Seller/Servicer program.
In addition to a significant reduction in the interest rate, the loan provides additional proceeds for property repairs and upgrades.
Oakbrook Village Apartments is located at 6098 Georgetown Road in northwest Marion County, Indianapolis. The property is managed by an affiliate of the owner; Wilds Property Management.
The HFF team representing the borrower was led by senior managing director Dave Keller (bottom right photo).
David B. Keller, HFF Senior Managing Director, (317) 630-3191, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
NORWALK, CA--Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed Hi Fashion $5.99 Clothing to a 5-year lease for 5,355 square feet of space at Norwalk Plaza (top left photo) , a 119,685-square foot neighborhood retail center located at 11660 Firestone Blvd. in Norwalk, Calif.
The landlord, Watt Commercial, was represented by Peter Kay of Watt Commercial. The tenant was represented by Vlady Jacoby of Jacoby Commercial.
Norwalk Plaza is 79 percent leased to several tenants including Northgate Market, TJMaxx, Starbucks, Subway and Metro PCS.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851, email@example.com
Holman-Gomez is a Senior Vice President for Originations, Operations and Asset Management for Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders.
“More likely than not, focusing on a currently owned property will be more rewarding than taking on the unknown challenges of a new property,” he suggests.
The PulsePoints blog posts on the www.cambridgecap.com website. Holman-Gomez further observes that any improvement in a senior housing business’ ability to produce a steady income will improve its value nearly tenfold (when based on property valuations per dollar of income).
“Empty units are potential goldmines of profitability. Adding some new excitement and energy to the things that seem mundane about your business by re-training staff, marketing and making cosmetic improvements can be the map that leads you to the pot of gold,” he said.
Phone: (312) 521-7604
Fax: (312) 357-1611
ATLANTA, GA – The retail sector has hit bottom, and retailers are starting to expand again, according to experts on the most recent episode of the Commercial Real Estate Show. For companies willing to add locations, there are good real estate deals to be had.
“There are still pockets of weakness going forward, but my feeling is that the worst is most likely already behind us,” Ryan Severino, a senior economist at Reis, told radio show host Michael Bull (top right photo).
“I would characterize the environment as still challenging, but again keeping with the theme from before, we’re not seeing the massive deterioration we once saw in the sector.”
National retailers such as Blimpie are hopeful the market will continue to turn in their favor. Paul Gwin, a Blimpie franchisee and guest on the show, explained the company is promoting growth.
“We’re striving in the next three years to get to 200 locations in Georgia,” said Gwin.
In an effort to reach its goal, Blimpie has implemented the Blueprint 47 plan, which reduces franchise fees from $18,000 to $47 for veteran owners.
Guest Jon Neville, a partner at Arnall Golden Gregory, said national retailers should take advantage of a more tenant-friendly market. “Developers want to get in their centers the best tenant possible, if it has to mean making some concessions to get a national brand like a Blimpie in there, they are willing to do that,” he said.
The retail show aired Saturday on Biz 1190 WAFS in Atlanta and is available for download.
The next Commercial Real Estate Show will air April 2 and include a national office update, as well as a focus on office tenant/user strategies. Guests will include Andrew Zezas, president of Real Estate Strategies Corporation; Philip Skinner, a partner at Arnall Golden Gregory; and Rick Ferguson, a vice president in the corporate office services group at Bull Realty.
Contact: Midd Read, firstname.lastname@example.org
Uniondale, NY (Mar. 29, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today the appointment of Timothy Magnussen (top right photo) to Director in Arbor’s New York City office.
Mr. Magnussen is responsible for originating loans nationwide using Arbor’s complete product portfolio with a special focus on Fannie Mae DUS® and Federal Housing Administration (FHA) transactions. He reports to Ken Fazio, Senior Vice President, National Production Manager.
Mr. Magnussen is a dedicated commercial real estate professional with 10 years of diversified experience in loan originations, specializing in Fannie Mae DUS® transactions and construction financing.
Prior to joining Arbor, Mr. Magnussen worked as a Commercial Real Estate Loan Officer at Kearny Federal Savings Bank.
Previous to that role, Mr. Magnussen was a Consultant/Loan Officer at Capital Source Mortgage, where he was responsible for consulting clients and associates on their mortgage financing needs. While there, he expanded the client base and network of financial institutions to improve originators’ profitability and efficiency.
Contact: Christopher Ostrowski, email@example.com