Saturday, April 9, 2011
SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has reported that on April 7, 2011, it was notified by the New York Stock Exchange that it is not currently in compliance with the NYSE’s continued listing standards, which require a minimum average closing price of $1 per share over 30 consecutive trading days.
Subject to providing required notice and an ongoing assessment by the NYSE, the company is permitted up to a six-month period, from the date of the notification to cure this deficiency.
During this period, Grubb & Ellis common shares will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards, and a “.BC” indicator will be affixed to the GBE ticker symbol.
As required, the company intends to notify the NYSE that it intends to cure the deficiency. The company’s business operations, SEC reporting requirements and debt instruments are unaffected by the notification.
On March 21, Grubb & Ellis announced that it had engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the company.
Grubb & Ellis also announced on March 30, that it had received an $18 million financing commitment from Colony Capital, LLC, in the form of a senior secured term loan facility, which gives Colony 60 days to evaluate the possibility of making a larger strategic investment.
Contact: Janice McDill, Phone, 312.698.6707
$3.9 Million First Mortgage Arranged for Multi-Family and Retail Mixed-Use Complex in Lancaster, NY
Financing for this transaction was provided by an insurance company at the rate of six percent. Terms of the loan are for 10 years and the loan to value is 72 percent.
Gerald Kray, a senior director in the firm’s Manhattan office, arranged the financing.
$2.185 Million First Mortgage Closed on East 83rd Street Multi-Family Apartment Building in New York City
NEW YORK, NY– Marcus & Millichap Capital Corporation (MMCC) has arranged $2,185,000 in refinancing for a 16-unit multifamily property located in the Upper East Side of Manhattan, New York.
Gerald Kray (lower right photo), a senior director in the firm’s Manhattan office, arranged the 10-year financing with a New Jersey based Savings Bank. The interest rate was 4.75 percent with 75 percent loan to value.
Press Contact: J.D. Parker, Vice President and Regional Manager, Manhattan
Jeff Oram and Nat Gambuzza Named Top Investment Specialists in New Jersey Office
ELMWOOD PARK, N.J., April 4, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named its top producers for 2010, according to Michael J. Fasano, vice president and regional manager of the New Jersey office. Jeff Oram (top right photo) and Nat Gambuzza (top left photo) ranked as the top two agents in the office, closing a combined 22 transactions last year totaling $62 million.
Jeff Oram, a director of the firm’s National Office and Industrial Properties Group (NOIPG), joined Marcus & Millichap in 2009 and specializes in the sale of office and industrial buildings.
Oram closed 10 transactions last year, including the sale of the underlying senior debt on a 287-unit multifamily complex in Bergen County. In another stand-out deal, he represented a New Jersey industrial developer in the $9 million disposition of two triple-net-leased assets. Oram also closed on the sale of a single-tenant triple-net lease office building in Ridgewood.
Nat Gambuzza, a vice president investments with the firm and a director of its National Multi Housing Group, joined Marcus & Millichap in 2002 and focuses on multifamily investment sales.
Gambuzza brokered 12 transactions in 2010. He worked with Oram to sell the underlying debt on a 287-unit multifamily asset in Bergen County; the disposition of Hampshire Court, a 54-unit apartment building in Plainfield; and 41 apartment units on West Englewood Avenue in Teaneck.
“There was a call to action among buyers and sellers to execute transactions in 2010,” explains Fasano. “This was fueled in part by historically low interest rates, but also recognition that for the most part, prices had bottomed and it was time to execute. Investors demonstrated a strong appetite for quality assets. Both private and institutional investors competed for quality, which created momentum that still exists in the current marketplace.”
Jake S. Roberts is Top Loan Originator in West Los Angeles Office
NEWPORT BEACH, CA– Marcus & Millichap Capital Corporation (MMCC) has named its top loan originators of 2010, according to William E. Hughes, senior vice president and managing director of MMCC. Jake S. Roberts, (middle right photo) a senior director/vice president capital markets in the West Los Angeles office, ranked No. 5 nationwide.
“It gives me great pleasure to recognize Jake as the firm’s No. 5 loan originator of 2010,” says Hughes. “Through each market cycle, Jake has consistently ranked as one of MMCC’s top performers because of his commitment to providing superior financing and advisory services to his clients.”
Roberts joined MMCC in April 2004. He was promoted to vice president capital markets in 2010. While with MMCC, Roberts has earned four National Achievement Awards and seven sales recognition awards.
Roberts graduated from Texas A&M University with a Bachelor of Science degree in business finance.
Brian Adams is New Associate Director in MMCC Dallas Office
DALLAS, April 8, 2011 – Marcus & Millichap Capital Corporation (MMCC) has named Brian Adams as an associate director in the firm’s Dallas office, according to William E. Hughes (lower left photo), senior vice president and managing director of MMCC.
“Brian has an impressive track record of arranging commercial real estate financing on a national scale,” says Hughes. “He brings a wealth of knowledge in arranging debt and equity finance transactions for multifamily, office, retail, industrial and hospitality properties to his new position.”
Adams has more than 10 years of commercial real estate finance experience. Prior to joining MMCC, he was a loan acquisitions team leader with Beal Bank.
Press Contact: Stacey Corso, Marcus & Millichap Capital Corp.,
As part of Ardaman’s corporate engineering group, Zamani will serve client needs from both its Tampa and Orlando, Fla., offices. He is a Florida licensed professional engineer, and holds a Bachelor of Science and a Master of Science in Chemical Engineering from the University of South Florida.
“We are very pleased to welcome a professional of Sam’s experience, ability and reputation, with such a strong industrial background,” said Dr. Nadim F. Fuleihan, Sc.D., P.E. president, Ardaman & Associates, Inc. “He is well known and respected in Florida and brings environmental and regulatory experience that complements our staff’s worldwide capabilities.”
Previously, Zamani served 35 years with the Florida Department of Environmental Protection as Agency’s statewide phosphate management program administrator.
Please visit http://www.ardaman.com/ for more details on services and experience.
Contact: Mark Mongeau, 407 855-3860, firstname.lastname@example.org