Regency Centers Prices Offering of $250 Million of Ten-Year Senior Unsecured Notes

 JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that its operating partnership, Regency Centers, L.P., priced an offering of $250 million of 4.80% 10-year senior unsecured notes under its existing shelf registration statement.

The offering is scheduled to close on October 7, 2010. The notes are due April 15, 2021 and were priced at 99.860%. Interest on the notes will be payable semiannually on April 15th and October 15th of each year, beginning on April 15, 2011.

 The net proceeds will be used to repay a portion of our outstanding indebtedness that matures in 2011 and 2012, including a portion of our $250 million of 6.75% notes due January 15, 2012 and our $173 million of 7.95% notes due January 15, 2011.

 We intend to use approximately $35 million of the net proceeds to settle an existing interest rate swap. We intend to use the remaining portion of the net proceeds, if any, for general corporate purposes, including the repayment of our line of credit.

Contact: Regency Centers Corporation, Lisa Palmer, 904-598-7636. http://www.regencycenters.com/

Lennar Acquires About $740 Million of Loans and Real Estate From Three Large Financial Institutions

 MIAMI, FL /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced that it completed the acquisitions of approximately $740 million of distressed real estate assets, in separate transactions, from three large financial institutions.

 The acquired assets include loans with a total unpaid principal balance of approximately $529 million and real estate properties ("REO") with an appraised value of approximately $211 million.

 The real estate assets in these transactions were purchased at a discount and paid for with a combination of cash and senior unsecured financing provided by one of the selling financial institutions.

 The combined portfolio includes approximately 397 loans and 306 properties. 

The assets consist primarily of non-performing residential and commercial acquisition, development and construction loans and REO relating to land, lots, and single-family and multi-family residential communities at varying stages of completion.

 The acquired assets are located in 17 states, primarily in the Mid-Atlantic and Southeast regions of the United States.

  In the combined portfolio, 65% of the assets are residential and 35% are commercial.  Lennar's Rialto Investments segment will be responsible for the oversight and day-to-day management and workout of the combined portfolio.

Stuart Miller (top right photo), President and Chief Executive Officer of Lennar Corporation, said, "Rialto is uniquely positioned to underwrite and purchase pools of distressed assets and generate earnings from the resolution of those assets, one asset at a time.

“It is a wholesale to retail process driven by a hard-working group of professionals who have time-tested loan and asset workout skills."

 Mr. Miller continued, "These ground breaking transactions, sourced by Eric Feder, Head of Strategic Development for Lennar and Rialto, represent the first major purchases from the private sector.

“ We worked hand-in-hand with three large financial institutions to help them maximize the value of their distressed assets, while creating an excellent investment opportunity for our shareholders.

Contact: Diane Bessette, Vice President and Treasurer, Lennar Corporation, +1-305-229-6419 . Web Site: http://www.lennar.com/

HFF closes $26.5 million sale of BJ’s Wholesale Club in Falls Church, VA

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of BJ’s Wholesale Club (lower right photo), an 87,000-square-foot warehouse chain store in Falls Church, Virginia.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo) represented the buyer, Zuckerman Gravely Development, in the transaction.  Zuckerman Gravely purchased the property from JBG Rosenfeld Retail for $26.5 million all cash. 

BJ’s Wholesale Club, the third largest warehouse chain in the United States, leases the entire 8.4-acre site through a 20-year ground lease with six five-year options.

 

 Completed in 2010, the property is located at 6607 Wilson Boulevard close to Seven Corners about seven miles southwest of Washington, D.C. in Falls Church, Virginia.

Based in Chevy Chase, Maryland, JBG Rosenfeld Retail (JBGR) specializes in the leasing, development, acquisition, construction and management of retail properties throughout the mid-Atlantic region.  JBGR’s portfolio contains more than five million square feet of shopping centers, freestanding store sites and mixed-use retail sites.

 Zuckerman Gravely Development, Inc. is a privately held firm that owns and manages numerous office buildings in the central business district, and apartments and retail in Montgomery County and northern Virginia.

Contacts:  

James A. Meisel, HFF Senior Managing Director, (202) 533-2500, jmeisel@hfflp.com

Stephen  ‘Dek’ Potts Jr., HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Closes $3.15 Million Fannie Mae DUS® Loan for Northbrook Apartments in Bridgeport, CT

 UNIONDALE, NY  - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,150,000 loan under the Fannie Mae DUS® product line for the 66-unit complex known as Northbrook Apartments (top left photo) in Bridgeport, CT.

The seven-year loan amortizes on a 30-year schedule.

 The loan was originated by Edward Petti (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

  “This was an acquisition where the client needed to close quickly,” Petti said. “Arbor worked with the client to address several capital items. We closed with an appropriate amount of capital to complete the work and bring the property to its full cash flow potential.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Funds $83.1 Million Refinance Loan For Sand Castle Apartments in Queens, NY

Uniondale, NY  – In partnership with Fannie Mae, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of $83,100,000 in refinancing for the 917-unit complex known as Sand Castle Apartments (top left photo) in Queens, NY.

 Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender.

 The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20.

 The loan was originated by John Kelly (middle right photo), Vice President, in Arbor’s Broad Street, Boston, MA, lending office.

 “The historically 100-percent-leased complex in the burgeoning Far Rockaway area of Queens, NY, is well-managed, is in excellent physical condition and features commercial space as well as units that are being renovated on a continual basis,” Kelly said.

 “Arbor looks forward to growing our financial partnership with the property’s sponsorship group going forward.”

 The local sub-market conditions further established the refinancing as an attractive proposition, as the local population is projected to grow steadily during the next decade along with the average household income level.

 In addition, the property’s neighborhood is well-served by public transportation, good schools, numerous retail stores and various medical facilities. It is also located adjacent to several other affluent neighborhoods.

 According to John Caulfield, (lower left photo) Arbor’s Executive Vice President, Director of Operations, “This deal is further evidence that for the right property and borrower, Arbor has the ability and liquidity to fund any transaction across the country.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Marcus & Millichap Sells 14,273-SF Assisted Living Facility in Pinellas Park, FL

PINELLAS PARK, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Country Inn (top left photo), a 14,273-square foot limited mental health facility located in Pinellas Park, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,000,000.

Kenneth J. Carriero, (lower right photo)  Director, National Seniors Housing Group and Vice President Investments in Marcus & Millichap’s Tampa office had the exclusive listing to market the facility on behalf of the seller and as a transaction broker procured the buyer, a limited liability company based out of Washington.

 

 The building consists of 23-units/42-beds and is located at 7600 78th Avenue North.  The facility is 14,273 square feet and is situated on 3.08 +/- acres.   

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Crossman & Company Negotiates Renewal and Expansion Lease totaling more than 35,000 square feet on S. Woodland Blvd. in DeLand, FL

  ORLANDO, FL. – Crossman & Company recently negotiated a ten-year lease agreement with Florida Technical College for the renewal and expansion of classroom and administrative office space totaling 35,424 square feet. 

 Katherine Rush, associate at Crossman & Company, negotiated the transaction representing the landlord RSRCA DeLand, Ltd.

 The tenant, Florida Technical College, renewed its existing lease for the 27,094 square feet  and expanded its space with the lease of an additional 8,330 square feet at the facility located at 1199 S. Woodland Blvd. in DeLand.   

 Campus Real Estate Solutions represented the tenant.

 For more information, contact

Katherine Rush, Associate, Crossman & Company 407-581-6232; Krush@crossmanco.com;

Molly Delahunty, Crossman & Company 407-481-6220 mdelahunty@crossmanco.com;

 John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com.

Grubb & Ellis|Commercial Florida Negotiates New Lease of 3,600 square feet for new Internet Café at Post Commons Shopping Center

 MELBOURNE, FL. --- Grubb & Ellis|Commercial Florida, associated with 130 offices worldwide, recently negotiated a three-year lease agreement for 3,600 square feet of retail space in the Post Commons Shopping Center (bottom left photo) at 4100 N. Wickham Rd. in Melbourne.

 Cheryl Harrington (top right photo), vice president of retail development for Grubb & Ellis|Commercial Florida in Melbourne, negotiated the transaction representing the landlord, Fort Lauderdale-based Post & Wickham Corporation, Inc.

 Tenant Mobile Entertainment Group LLC d/b/a Mr. Sweeps, an Indian Harbour Beach firm, leased the space to open an Internet café, joining Post Commons’ current tenant roster including Publix, Stein Mart, Bealls, Panera Bread, Hallmark, Hair Cuttery, GNC and Firehouse Subs.

 The Internet café will accommodate approximately 60 patrons and is slated to open within the next 30 days, Harrington said.

Contact: Cheryl Harrington, VP Retail Development. 2108 W. New Haven Ave., West Melbourne, FL 32904, PH 321.984.1957     

Stirling Sotheby’s International Realty Commercial Group Negotiates New Lease Agreement for Miami-based Financial Planning Firm at 500 Delaney Ave. Office Building in Orlando

ORLANDO, FL --- Stirling Sotheby’s International Realty Commercial Group recently negotiated a new office lease for 3,932 square feet of space at 500 Delaney Ave. just south of downtown Orlando.             

Stirling Commercial Group associates James Mincy (top right photo)  and John Kurtz (lower left photo) negotiated the transaction representing the landlord, Brian C. Canin and the tenant, American Financial Lifeline, LLC, a Miami-based financial planning firm who leased suite 303 for three years.

Kurtz and Mincy are handling the leasing of the four-story building on the outskirts of Orlando’s central business district. 

For more information, contact:

James A. Mincy or John Kurtz, Sales Associate, Stirling Commercial Group 407-581-5550;

Roger Soderstrom, Owner/Founder Stirling Commercial Group, 407-581-7890;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

NAI Realvest Negotiates New and Renewal Leases totaling 5,625 square feet at Hanging Moss and Carter CommerCenters in Orlando area

ORLANDO, FL. – NAI Realvest negotiated three industrial lease agreements for 1,875 square feet each – two at the Hanging Moss CommerCenter in Orlando and one at Carter CommerCenter in Winter Garden.

Michael Heidrich (top right photo), principal at NAI Realvest brokered all three transactions on behalf of the landlords and tenants. 

O-Town Motors, LLC signed a new lease for suite 330 with 1,875 square feet and El Neato Inc. d/b/a Kona Ice renewed its lease of suite 320 with 1,875 square feet at 6124 Hanging Moss Rd. in Orlando.   Maitland-based COP-Hanging Moss, LLC is the landlord.  

Floridian Liquid Assets, LLC d/b/a Tropical Liqueurs of Florida renewed its lease of suite 240 with 1,875 square feet at 902 Carter Rd. in Winter Garden.  COP-Carter LLC is the landlord.

For more information, contact

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

 Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com

 Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

BDG Construction Services Awarded Contract to Build-Out Sprint Retail Store by UCF Campus in Orlando

WINTER SPRINGS, FL - BDG Construction Services, LLC was recently awarded a contract to provide interior build-out services at

3402 Technological Ave.

, near the University of Central Florida campus (top left photo), for a new Sprint Retail Store.

Kevin Guffee, principal with BDG Construction Services, LLC, said the interior build-out service involves 1,680 square feet.  Construction is already underway and the project is expected to be completed by mid-October.

BDG is a client company of the University of Central Florida Business Incubation Program located at the Seminole County/Winter Springs Incubator on E. State Road 434 in Winter Springs.

For more information,  contact:  

Kevin Guffee, Principal, BDG Construction Services, LLC, 407-729-5832 kguffee@bdgcs.com; 

Esther Vargas-Davis, Site Manager, UCF Incubator-Seminole County, 407-278-4881, evargasd@mail.ucf.edu; 

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142  

Crossman & Company Negotiates Long Term Lease Agreements Totaling Over 12,430 Square Feet at Orlando Medical and Professional Complex

ORLANDO - Crossman & Company, one of the largest third-party leasing and management firms in the Southeast, negotiated two long term lease agreements totaling 12,439 square feet at the Orlando Medical and Professional Complex on

S. Semoran Blvd.

in Orlando

Katherine Rush (top right photo)  leasing associate at Crossman & Company negotiated both  transactions representing the landlord. 

Rush negotiated a seven-year renewal and expansion lease with Orlando Family Physicians, Inc. for suites A-D with 4,992 square feet at 1130 S. Semoran Blvd. and a five-year expansion lease with Advanced Interventional Pain Clinic for 7,447 square feet at 1170 S. Semoran Blvd.  Advanced Intervention expanded from 1,746 square feet. 

For more information, contact:  

Katherine Rush, Associate, Crossman & Company 407-581-6232; Krush@crossmanco.com; 

Molly Delahunty, Crossman & Company 407-481-6220 mdelahunty@crossmanco.com;

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

  

Plaza Advisors Announces the Sale of Northside Centre in Miami, FL

MIAMI, FL--Plaza Advisors is pleased to announce the sale of Northside Centre (top left photo)  in Miami, Florida for $18,000,000.

This shopping center is situated at the intersection of NW 27th Avenue and NW 79th Street in unincorporated Miami-Dade County.

 Northside Centre totals 475,579 square feet of gross leasable area and features a long list of prominent tenants including Walgreens, Presidente Supermarket, Payless Shoes, Citibank, Foot Locker, Rainbow Fashions, CitiTrends, Simply Fashions and Dots.

 Northside Centre was built in 1960 and renovated in 2005.  The property was 80% leased at the time of sale.

 Plaza Advisors exclusively represented an entity affiliated with Urban America in the transaction and co-managing partners Anthony Blanco and Jim Michalak, together with Senior Financial Analyst, Lenard Williams were involved in the engagement.

The buyer was represented by Gene Snyder & Company out of North Miami.

 This sale marks the third shopping center sale by Plaza Advisors in Miami in 2010.

Contact:
Miami office:  Anthony Blanco, 305-629-3606; fax 647-6441,  
Anthony.blanco@plazadvisors.com 

Tampa office:  Jim Michalak, 813-837-1300, fax 813-831-2627,  

 Jim.michalak@plazadvisors.com                          

MBA Commends Extension of Loan Limits and Increase in FHA Multifamily Commitment Authority

WASHINGTON, D.C. (Sept. 30, 2010) - Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, today issued the following statement commending passage of legislation that would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration's multifamily programs with additional commitment authority.

"Both of these items are extremely important, given the fragile nature of our housing market.

"Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today's struggling economy.  The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage.

"Likewise, providing the FHA with additional  multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country. 

"This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."    

H.R. 3081, which passed the Senate and House last night, will continue funding for the federal government through Dec. 3, 2010. 

 It contains broadly supported provisions to extend the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (including FHA reverse mortgage products, or HECMs) through September 30, 2011, and to provide $20 billion in loan commitment authority for FHA's General and Special Risk Insurance Funds.   

CONTACT:  John Mechem, (202) 557-2924,  jmechem@mortgagebankers.org

Commercial/Multifamily Real Estate Fundamentals Show Firmer Stabilization in Second Quarter 2010

The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010.

The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.

For a complete copy of the news release, please contact Carolyn Kemp at (202) 557-2727 or ckemp@mortgagebankers.org.

Wells’ Newest REIT: Wells Core Office Income REIT

  NORCROSS, Ga. (Sept. 30, 2010) – Wells Real Estate Funds today announced the launch of its latest investment offering: Wells Core Office Income REIT.

The new offering intends to qualify as a real estate investment trust, investing primarily in high-quality office properties nationwide.

 Wells Core REIT will issue up to $5 billion in shares and be publicly registered with the Securities and Exchange Commission. 

It will not be traded on the stock market; investment is through licensed financial professionals.

 Minimum investment is $4,000, at a price of $25 per share.  Complete information is contained in the fund’s prospectus, available at http://www.wellscorereit.com/.

Wells Real Estate Funds is a national real estate investment company founded in suburban Atlanta in 1984. 

Media Contact: Margot Olcay Rubenstein Associate, (212) 843-8284, molcay@rubenstein.com

http://www.wellscorereit.com/

HFF closes loan sale on behalf of Mutual Life of New York

  

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a $35 million mezzanine loan on behalf of Mutual Life Insurance Company of New York (MONY), a wholly-owned subsidiary of AXA Equitable Life Insurance Company.

The mezzanine loan is secured by an ownership interest in 280 Park Avenue (top left photo), a 1.2-million-square-foot, Class A office building in Midtown Manhattan.

  The property is 96% leased to tenants including General Electric Capital Corporation, Credit Suisse, Deutsche Bank and the National Football League. 

(Mutual Life Insurance Co. tower, lower right photo)

“Comprising the entire western blockfront of Park Avenue between 48th and 49th Streets, the building occupies a central location in one of the premier office submarkets in Midtown Manhattan,” said Wilcox. 

Contacts:

Whitney H. Wilcox, HFF Senior Managing Director, (212) 245-2425, wwilcox@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

krmurphy@hfflp.com

                  

Regency Centers Announces Debt Tender Offer

JACKSONVILLE, FL.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE: REG) announced today that its operating partnership, Regency Centers, L.P. (the “Company”), has commenced a cash tender offer (the “Tender Offer”) for up to $100 million in aggregate principal amount (the “Maximum Tender Offer Amount”) of its 6.75% Notes due 2012 (the “6.75% Notes”) and 7.95% Notes due 2011 (the “7.95% Notes”) (collectively, “the Notes”) on the terms and conditions set forth in the Company’s Offer to Purchase dated September 30, 2010 (the “Offer to Purchase”).

 The Tender Offer is subject to certain conditions including a financing condition as more fully described in the Offer to Purchase.

For a complete copy of the company's news release and further details on the tender offer, please contact Lisa Palmer, 904-598-7636.

Grubb & Ellis Represents CQ-Roll Call, Inc., in lease of 71,500 Square Feet on Capitol Hill

 WASHINGTON, DC – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it represented CQ-Roll Call, Inc., in the lease of 71,500 square feet of Class A office space at 77 K St. N.E. on Capitol Hill. 

The transaction was the NoMa neighborhood’s largest to date in 2010 involving a private sector tenant.

Elyse Wolford, vice president, Office Group, facilitated the lease on behalf of CQ-Roll Call, while Zeke Dodson of Cassidy Turley represented the landlord, Brookfield Properties Management. 

The lease follows Roll Call’s acquisition of Congressional Quarterly in 2009 and represents the consolidation of the two companies’ operations into a single facility.

“There were a number of factors that converged to find CQ-Roll Call a new home that is locationally desirable, economically viable and deliverable within our timeframe,” said Wolford. 

 “As a 24/7 operation, the company has very specific technological requirements, and a new building was an obvious choice to meet their needs. 

"Also, when action on the Hill is high, the employees work long hours and will benefit from the numerous Class A amenities and a vibrant surrounding environment. 

"Finally, the landlord was able to accommodate an early partial relocation for some departments prior to CQ-Roll Call’s official move-in on April 1, 2011, ultimately providing significant additional value for the company.”

The building also features large floor plates, excellent access to public transportation and a fitness center, adding to the quality of life and accessibility for CQ Roll Call employees, said Wolford.

About CQ-Roll Call

CQ-Roll Call is a legislative media company that provides essential intelligence and grassroots advocacy resources to take action.

 As the premier source of timely news, objective facts and analysis, and coverage of elections and the politics of legislation, we keep our fingers on the pulse of the legislative process and give our clients the tools they need to maximize their influence.

We are the ultimate insider, and our unmatched network of relationships and expertise has powered the productivity of those who rely on us since 1945. Visit us at cqrollcall.com.

Contact:           Erin Mays                                

Phone:              312.698.6735                         

Email:              erin.mays@grubb-ellis.com

Crossman & Company to Award Two Full Scholarships at Florida State University Real Estate Conference Nov. 4-5

ORLANDO, Fla. --- Crossman & Company, the commercial real estate firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast, will present two full scholarships at the FSU Real Estate Network’s 16^th Annual Real Estate Trends & Networking Conference at Florida State University on Nov. 4 and 5.

John Crossman, president of Crossman & Company, said the scholarships will be awarded to real estate students Mary Beale and Serina Nguyen-Ho. 

“One of the best ways to improve the real estate marketplace is to encourage the participation of the best of the next generation of professional participants,” Crossman said. “At Crossman & Company we take that responsibility very seriously,” Crossman said.

Crossman will host the conference opening and lead a panel discussion entitled, “If I Were 21.”

Other conference speakers include former Florida Senator Mel Martinez (lower left  photo) and Todd Buchholz (top right photo), a former Director of Economic Policy at the White House and a frequent commentator on ABC News, PBS, and CBS who recently hosted his own special on CNBC.

For more information about the conference, visit www.fsurealestate.com.

For more information about this press release, contact:

 Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com;

John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com;

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com  

 

Marcus & Millichap Capital Corp. Arranges $19.5M Loan

 SAN PEDRO, Calif., Sept. 29, 2010 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $19.5 million refinancing loan for Pacific Place, a Class A office building in San Pedro, Calif.

Michael Derk (top right photo), a senior director/vice president capital markets in the firm’s Long Beach office; Jake Roberts (lower left photo), a senior director/vice president capital markets; and Anita Paryani, a senior director, both in the firm’s West Los Angeles office, arranged the loan.

“The largest tenant in the building had a short term remaining on its lease and then halfway through the transaction the tenant gave notice,” says Derk.

“While very well connected, none of the borrower’s lender relationships were able to close on a loan with the largest tenant vacating, but MMCC was able to structure around the risk, packaging the deal in such a way that lenders were able to get comfortable with the transition and move past the vacancy concerns.”

“We are seeing increasing numbers of transactions with leasing events and property issues that many lenders don’t want to accommodate,” adds Roberts. “MMCC’s strong lender relationships aid us in guiding lenders through the issues and we provide problem-solving mitigates that allow us to close complex financing transactions.”

“We are quite capable of financing ‘down the fairway’ deals at the best and most aggressive terms possible and MMCC adds tremendous value in financing more structured loans in the current lending environment, as can be seen through the funding of this loan,” notes Paryani.

The loan is for three years, interest only, with a loan-to-value of 60 percent and a 5 percent adjustable interest rate.

Contact: Stacey Corso

Public Relations Manager

(925) 953-1716