Tuesday, April 5, 2011

Marcus & Millichap Capital Corp. Arranges 7-Year, Fixed-Rate Loan for Mixed-Use Property in Brooklyn, NY

 BROOKLYN, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged a seven year fixed rate loan for a mixed use property located at 808 Prospect Avenue in Brooklyn, New York. 

Sean Mooney, an associate director in the firm’s Brooklyn and Manhattan offices, arranged the financing.

“The property was in great need of rehabilitation, with multiple violations, extensive deferred maintenance, and a certificate of occupancy that did not match the current use,” says Mooney.

 Mooney assisted the borrower in correcting the certificate of occupancy issue, cured the violations and negotiated a draw schedule for the rehabilitation that needed to be done. 

“Things are defiantly starting to loosen up with respects to financing for rehab and construction,” states Mooney.

The loan is for seven years, amortized over 30 years with a fixed interest rate of 4.875 percent.  The loan to cost is 70 percent.

5-Year, Fixed-Rate Loan Arranged for 461 St. John’s in Brooklyn

BROOKLYN, NY-- Sean Mooney and Christopher Marks of Marcus & Millichap Capital Corporation (MMCC) have arranged $350,000 in refinancing for a multifamily property located at 461 St. Johns in Brooklyn, NY.

Sean Mooney an Associate Director of the firm’s Brooklyn & Manhattan office and Christopher Marks, an Associate in the Manhattan office, have arranged the financing for the building.

The loan is for five years, amortized over 30 years with a fixed interest rate of 4.75 percent.  The loan to value is 75 percent.

Press Contact: J.D. Parker, Vice-President and Regional Manager, Manhattan
(212) 430-5100

Lincoln Property Company Acquires 55 Allen Plaza in Atlanta on Behalf of Pension Fund Client

ATLANTA, GA (April 5, 2011) –Lincoln Property Company, one of the most respected and diversified real estate service firms in the U.S., said today it has acquired 55 Allen Plaza (top left photo) on behalf of a pension fund client.

Lincoln has taken over leasing and management of the landmark office tower situated prominently overlooking the Downtown Connector on downtown’s northern edge.

The location of 55 Allen Plaza makes it an attractive option for companies seeking space with easy access to Atlanta’s intown markets.

The office tower’s location on the Allen Plaza mixed-use development means tenants are surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, shopping and Centennial Olympic Park.

“55 Allen Plaza is a top-quality office tower with unparalleled access and name recognition,” said Tony Bartlett (middle right photo), senior vice president of Lincoln’s Southeast Region.

 “Its tenant roster, which includes Ernst & Young, Skanska, Cushman & Wakefield and ASD, is filled with excellent companies. Lincoln intends to focus on leasing the remaining 80,000 square feet of available office space and providing top-quality management for the existing tenants at 55 Allen Plaza.”

The 350,000-square-foot Class A office tower opened in May 2007.

The addition to 55 Allen Plaza fortifies Lincoln’s already-strong position in Atlanta’s downtown and Midtown submarkets, increasing the company’s presence there to more than 1.2 million square feet.

Lincoln Vice Presidents David Danhof (middle left photo) and Leigh Braswell (lower right photo) are in charge of leasing at 55 Allen Plaza.

“The office tower at 55 Allen Plaza is the newest Class A multi-tenant building downtown” Danhof said. “Its efficient floor plates, accessibility, amenities and views make it an attractive office location.”

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/  or http://www.lpcsoutheast.com/

For more information, contact

Tony Wilbert, Wilbert News Strategies,  404-965-5022 or 404-405-3656

43 Flamingo South Beach Condos Go Into Foreclosure In Q1 2011

MIAMI, FL--Foreclosure actions have been filed against the owners of 43 units in the Flamingo South Beach (top left photo) condominium conversion project in the first three months of 2011 by the complex's association, according to a new report from CondoVultures.com.

The project's condominium association is seeking nearly $760,000 in past-due monthly maintenance fees used to operate the trendy South Beach condo project fronting Biscayne Bay, according to an analysis of the Condo Vultures® Foreclosure Database™.

The surge in foreclosure filings at the Flamingo South Beach comes at a time when South Florida Lis Pendens actions - the first step in the repossession process - are down by two-thirds on a year-over-year basis to about 6,800 filings in the first quarter of 2011, according to the report. 

"At the peak of the market, the Flamingo South Beach condominium was one of the most popular projects for investors," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Buyers were willing to pay a premium for the units in the refurbished 1960s structure as lease rates in the complex achieved some of the highest rents per square foot in South Beach. The condo market has since changed with an increasing number of renters heading across the causeway to the new condos in Greater Downtown Miami."   

Located at 1500 Bay Road on the west side of Miami Beach, the Flamingo South Beach condominium units that are in foreclosure with the association have a combined "value" of more than $4.6 million, according to Miami-Dade County records.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

CB Richard Ellis Central Florida Multi-Housing Group Closes 2 Sales Valued Over $60 Million

ORLANDO, FL--The CB Richard Ellis Central Florida Multi-Housing Group is pleased to announce two more Central Florida multi-housing sales – Marina Grande (top left photo) and Quiet Waters (lower right photo).

The transactions totaled more than $60,000,000, and are a further testament to the recovery of the multi-housing sector.

Built in 2007, Marina Grande features twin luxury high-rise residential towers on the Intracoastal Waterway in the Daytona Beach area. This 486-unit asset was built as condominiums, and the remaining 414 units were sold in bulk.

Quiet Waters, which is located in the Sanford suburb of Orlando, sold to another buyer in a separate transaction.

That rental community was completed in 1965 and features barrel tile roofs and wood floors in unit interiors. Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively advised the sellers on both deals.

CBRE continues to generate strong interest in the Orlando market, and has sold more than $110,000,000 in local multi-housing assets thus far in 2011.

Shelton Granade, T 407.839.3103, shelton.granade@cbre.com
Luke Wickham, T 407.839.3130, luke.wickham@cbre.com