Grubb & Ellis|Commercial Florida to handle Leasing for the Wachovia Building at 20 N. Orange Ave. in Downtown Orlando

 

ORLANDO, Fla. --- Grubb & Ellis|Commercial Florida has been named exclusive leasing agents for the Wachovia building (top left photo) at 20 N. Orange Ave. in downtown Orlando.

Jeff Sweeney, president and managing principal of Grubb & Ellis|Commercial Florida, said the 16-story building is now 85 percent occupied with 262,500 square feet of office space. 

Robert Kellogg and Sweeney will represent the owner, Cabot Investments, in the leasing of the building.

Contact:

Jeff Sweeney SIOR President 407-481-5387

Larry Vershel Communications 407-644-4142

NAI Realvest Negotiates Sale of 10,100 square foot Sanford, FL Industrial building for $636,000

ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a 10,100 square foot industrial building at

130 Keyes Court

in Sanford for $636,000.

NAI Realvest principal Michael Heidrich (top right photo) negotiated the transaction representing the seller, Debary-based RNB Holdings, LLC.    The buyer, Quality Moon Land Holdings, LLC of Orlando, was represented by Joe Abascal and Matthew McKeever of Cushman & Wakefield.

For more information, please contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 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  

HFF arranges $36.5 million refinancing for four self storage properties in Queens and Bronx, New York

NEW YORK, NY – The New York and Pittsburgh offices of HFF (Holliday Fenoglio Fowler, L.P.) have arranged a $36.5 million refinancing for four self storage properties totaling 4,981 units in Queens and the Bronx, New York.

HFF director Steven Klein (middle right photo), managing director Claudia Steeb and executive managing director and managing member John Pelusi, Jr  (lower left photo). worked exclusively on behalf of the borrower, Storage Deluxe, to secure the 10-year, fixed-rate loan through a national bank.

The portfolio consists of 257,884 net rentable square feet of self storage space that is approximately 90% occupied.  

 Two properties in the portfolio are located in Long Island City, Queens (39-25 21st Street and 38-01 47th Avenue) and two properties are located in Crotona Park East, Bronx (1810 Southern Boulevard and 1816 Boston Road). 

“Each property is located within highly dense urban infill residential areas with limited supply of self storage properties,” said Klein.

Storage Deluxe is a real estate company specializing in the acquisition, development and management of self-storage properties.

The company owns, has interests in, and manages twenty-nine facilities containing over three million square feet of storage space. http://www.storagedeluxe.com/

. 

Contacts:   

Steven J. Klein, HFF Director, (212) 245-2425, sklein@hfflp.com

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

Sale of Long Island office and retail development closed by HFF

 FLORHAM PARK, NJ – The New Jersey and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of 1300 Franklin Avenue (top left photo), a 125,495-square-foot, Class A office and retail development in Garden City, Long Island, New York.

The HFF investment sales team was led by senior managing directors Jose Cruz (middle right photo)  and Andrew Scandalios (lower left photo) and directors Kevin O’Hearn and Jeff Julien, who marketed the property on behalf of the seller, Alfred Weissman Real Estate, Inc., a New York-based owner and developer. 

Intercontinental Real Estate Corporation purchased the property for an undisclosed price.  

Originally built in 1962, 1300 Franklin Avenue was completely redeveloped in 2008 into a two-story office and retail complex that is fully leased. 

Key tenants include Winthrop University Hospital, Healthtrax, Morgan Stanley Smith Barney and Walgreens.  1300 Franklin Avenue is between 13th and 14th Streets in downtown Garden City approximately 30 minutes from Manhattan.

“The property benefits from a desirable location in Nassau County, which is one of the most dynamic markets in the country, as well as a high occupancy rate with no lease rollover in the next five years,” said Cruz.

Contacts:     

Jose  R. Cruz, HFF Senior Managing Director, (973) 549-2000, jcruz@hfflp.com

Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425 ascandalios@hfflp.com

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

 krmurphy@hfflp.com

HFF secures $48.5 million refinancing for Port Charlotte Town Center in Port Charlotte, FL

 MIAMI, FL – The Miami and Pittsburgh offices of HFF (Holliday Fenoglio Fowler, L.P.) have secured $48.5 million in permanent first mortgage financing for Port Charlotte Town Center (top left photo), a regional mall in Port Charlotte, Florida.

HFF executive managing director Manny de Zárraga, director Luis Castillo (middle right photo) and managing director Danny Finkle (lower left photo), in conjunction with managing director Claudia Steeb and executive managing director and managing member, John Pelusi, Jr. of the Pittsburgh office of HFF, worked exclusively on behalf of Simon Property Group. 

The HFF team secured the 10-year, fixed-rate loan through RBS Securities, Inc., which replaced a maturing facility on the property.

Port Charlotte Town Center is anchored by Dillard’s, JCPenney, Macy’s, Sears, Bealls and a high-volume, 16-screen Regal Cinema. 

 National tenants at the property include Old Navy, DSW, Charlotte Russe and Victoria’s Secret, among others.  The property is located at 1441 Tamiami Trail (US 41) in an established commercial and residential area.

“Port Charlotte Town Center is the dominant enclosed retail mall in the market with no direct competition within 30 miles,” said Castillo.  “The mall benefits from an extended trade area and receives more than 8.4 million visitors annually.”

 Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. 

 The company currently owns or has an interest in more than 393 properties comprising in excess of 263 million square feet of gross leasable area in North America, Europe and Asia.

Contacts:    

Luis Castillo, HFF Director, (305) 448-1333,  lcastillo@hfflp.com

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

HFF closes senior promissory note sale secured by oceanfront condominium complex in Daytona Beach Shores, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed a loan sale secured by the Islamorada Condominiums (top left photo), a 53-unit, luxury condominium complex in Daytona Beach Shores, Florida.

HFF executive managing director Manny de Zárraga (middle right photo), managing director George Vail (middle left photo)  and director Jaret Turkell exclusively represented the seller.

  Bayshore Capital purchased the senior promissory note for an undisclosed amount.

The Islamorada Condominiums is located directly on Daytona Beach at 2071 South Atlantic Avenue close to US Route 1 and Interstate 95 in Daytona Beach Shores. 

The property was completed in 2008 and is currently vacant.  All of the units are three bedroom layouts that average 1,865 square feet. 

Amenities at the 11-story property include a heated oceanfront swimming pool, fitness center, clubroom with bar, billiards table and underground parking garage.

“The fact that none of the units had sold yet was appealing to Bayshore in that it allows them to control the condominium association and grants significant flexibility in execution strategies,” said de Zarraga.

“The Islamorada Condominium is a class A property located on the ocean in Daytona Beach Shores–it is a prime candidate for a condominium sell-out execution,” added Turkell. 

Contacts:

Manuel de Zarraga, HFF Executive Managing Director, 305-448-1333, mdezarraga@hfflp.com

George Vail, HFF Managing Director, 305-448-1333, gvail@hfflp.com

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

HFF completes sale of $11.4 million loan secured by 12-property self storage portfolio in Indiana

CHICAGO, IL –HFF (Holliday Fenoglio Fowler, L.P.) has completed the sale of an $11.4 million, first-mortgage loan secured by a 12-property, self storage portfolio in Indiana.

HFF managing director Bill Mitchell  and senior managing director Stuart Salins in Chicago along with senior managing director Aaron Swerdlin (top right photo) and managing director Doug McCarron (bottom left photo) of HFF’s self storage group, represented the seller, a major Midwest insurance company.

  An affiliate of First City Commercial Corp. purchased the loan for an undisclosed amount. 

The loan has a 6.37% coupon and seven-year remaining life. The loan sales process took 43 days from launch to closing, 53 firms performed due diligence and ten firms bid on the loan.

 The self storage collateral, located throughout central and southern Indiana, totals 3,320 storage units and is owned and operated by affiliates of Storage Express.

Contacts:

William G. Mitchell, HFF Managing Director, 312-980-3607, wmitchell@hfflp.com

Stuart M. Salins, HFF Senior Managing Director, 312-528-3678, salins@hfflp.com

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

HFF expands New York/New Jersey area investment sales group with addition of industry veteran Michael Nachamkin

 FLORHAM PARK, NJ – HFF (Holliday Fenoglio Fowler, L.P.) announced that Michael Nachamkin (top right photo) has joined the firm as a managing director in the New York/New Jersey metro investment sales group and will office out of its Florham Park, New Jersey location.

Michael will focus on industrial investment sales in the northeastern United States in addition to being a member of HFF’s national industrial investment sales team led by Randy Baird and Jud Clements (bottom left photo) in Dallas.

Michael has more than 25 years of experience in the industrial real estate sector and has been involved in more than $1.2 billion of real estate transactions.

   Most recently, Nachamkin was regional partner and executive vice president of Oakmont Industrial Group, an Atlanta-based development and investment company.

Contacts: 

Jon Mikula, HFF Senior Managing Director, 973-549-2000, jmikula@hfflp.com

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

HFF arranges $9.75 million refinancing for four-property portfolio in San Diego’s Gaslamp Quarter

 SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $9.75 million refinancing for four mixed-use properties in San Diego’s Gaslamp Quarter (top left photo).

HFF associate director Patrick Burger and senior managing director Tim Wright (middle right photo)  worked exclusively on behalf of the borrower, Burni Enterprises, and its asset manager, Cardinal Group Investments, LLC, to secure the three-year, adjustable-rate, non-recourse loan through a major New York-based debt fund.

 Loan proceeds are retiring existing debt on the property in addition to funding the conversion of two assets to retail and residential loft uses.

The portfolio totals 48,065 square feet and includes retail, residential loft, office and specialty-use space along 4th and 5th Avenue in the historic Gaslamp Quarter of San Diego.

"This financing is part of a larger portfolio recapitalization and will enable the borrower to maximize the value of these trophy assets and of their portfolio," said Burger.

Burni Enterprises is a private real estate investor that has been investing in San Diego for more than 30 years.

Cardinal Group Investments, LLC is a full-service real estate investment, development and management firm specializing in opportunistic and value-added investments throughout the United States.

Contacts:

Patrick M. Burger, HFF Associate director, 858-552-7690, pburger@hfflp.com

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

HFF arranges $20 million refinancing for Orange County multi-housing community

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced has arranged a $20 million refinancing for Rose Garden Apartments (top left photo) Community, a 239-unit multi-housing community in Garden Grove, California.

HFF managing director David Bleiweiss (bottom right photo) worked on behalf of the borrower, Bertram Partners, Inc., to secure the 10-year, fixed-rate loan.  The Fannie Mae DUS loan replaced higher rate bond financing that was previously encumbering the property. 

“This allowed the borrower to significantly reduce his interest costs to today’s rates in the four percent range,” said Bleiweiss.

Rose Garden Apartments Community is located at 9645 Westminster Avenue and 11632 Stuart Drive close to the Garden Grove Freeway, Interstate 5, Huntington Beach and Santa Ana in Garden Grove.  The property is an affordable housing complex and maintains, on average, 97% occupancy. 

Irvine, California-based Bertram Partners, Inc. (BPI) currently is the owner and managing general partner of approximately 2,000 conventional and affordable apartment communities in both Southern California and Arizona and is actively seeking to acquire additional properties in both locations.

Contacts:
David A. Bleiweiss, HFF Managing Director, 949-253-8800, dbleiweiss@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, 713-852-3500, krmurphy@hfflp.com

 

HFF closes $15.05 million sale of 20,000 SF retail center in North Bethesda, MD

 WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 11503 Rockville Pike (top left photo), a 20,149-square-foot retail building in North Bethesda, Maryland.

The HFF investment sales team was led by senior managing directors Jim Meisel (middle right photo) and Dek Potts (middle left photo) who represented the seller, JBG Rosenfeld Retail.  Saul Centers, Inc. purchased the property for $15.05 million all cash.

11503 Rockville Pike is fully leased to Staples and Casual Male.  The property is situated on nearly two acres directly between the White Flint Mall and White Flint Metrorail Station within the White Flint Sector Plan redevelopment area of North Bethesda. 

 This program focuses on redeveloping the area around the White Flint Metro Station with potentially 9,800 residential units and 5.69 million square feet of commercial development.

“This property offers an investor a secure stream of income with a long-term lease to Staples, as well as tremendous long-term upside as a potential 315,000-square-foot urban infill redevelopment play in the up-and-coming White Flint mixed-use planning district,” said Potts.

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 six million square feet of shopping centers, freestanding store sites and mixed-use retail sites.

Saul Centers, Inc. (NYSE: BFS) is a self-managed, self-administered equity real estate investment trust, formed in 1993 and headquartered in Bethesda, Maryland.

Saul Centers operates and manages a real estate portfolio of 52 community and neighborhood shopping center and office properties totaling approximately 8.4 million square feet of leaseable area. Approximately 82 percent of their cash flow is generated from properties in the metropolitan Washington, D.C./Baltimore area.

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

AREA Property Partners Joint Venture Closes Multifamily Investment in Miami, FL

NEW YORK, NY /PRNewswire/ -- AREA Property Partners has closed on the acquisition of Terrazas River Park Village (top left photo), a 324-unit Class A property along the Miami River.

The property is located at 1861 N.W. South River Drive. The value of the off-market transaction was not disclosed.

AREA intends to lease the property as high quality apartments. The property was built as for-sale condominiums and will therefore offer tenants superior finishes and amenities at competitive rental price points. Leasing began at Terrazas in mid-July and almost all available inventory has been leased.

The property is located near Miami's major employment centers, including the Miami Medical Center (middle right photo), which has experienced unprecedented growth in recent years.

 A limited pipeline of rental inventory, coupled with improving demographic trends, supports strong apartment fundamentals in the Miami area.

"AREA's attractive basis well below replacement cost will allow us to benefit from our repositioning efforts and overall improvement in market fundamentals," said Richard Mack (lower left photo), North America chief executive officer of AREA.

AREA invested in the distressed property in partnership with Wood Partners, a national multifamily company which has developed and managed more than $4.5 billion in real estate since its founding in 1998.

AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals.

 Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States and globally.

 Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. The firm has offices in New York, Atlanta, Los Angeles, London, Paris, Luxembourg and Mumbai.

Contact:  Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051, mmanoff@rubensteinpr.com
Web Site: http://www.areapropertypartners.com/

HFF retained by DRA Advisors, LLC and Camden Property Trust to market for sale a 3,237-unit multi-housing portfolio in Kentucky and Missouri

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been retained to market for sale a nine-property, 3,237-unit multi-housing portfolio in Kentucky and Missouri.

HFF executive managing director Matthew Lawton (top right photo) and managing directors Sean Fogarty (middle right photo)  and Marty O’Connell  (middle left photo) are representing DRA Advisors, LLC and Camden Property Trust in the sale.  The assets are being offered for sale as a portfolio or on an individual or pool basis.

The portfolio includes nine properties all operating under the Camden name.

  Assets include the 420-unit Camden Cedar Lakes (lower left photo)  in Lake St. Louis, Missouri; the 276-unit Camden Cove West , the 591-unit Camden Cross Creek and the 160-unit Camden Westchase in Creve Coeur, Missouri; the 596-unit Camden Passage in Kansas City, Missouri; and the 224-unit Camden Brookside, the 400-unit Camden Meadows, the 432-unit Camden Oxmoor and the 138-unit Camden Prospect Park in Louisville, Kentucky.

“This is an exceptional opportunity for a purchaser to enter the Louisville, Kansas City and St. Louis apartment markets and establish a foothold, or for a current operator to expand upon their multi-housing portfolio with a critical mass of properties,” said Lawton.

 “The fundamentals are very strong in all of these markets with an abundance of equity and financing through the GSE’s and the life companies.”

DRA Advisors, LLC is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $9 billion in assets under management.

Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, development, acquisition, management and disposition of multifamily apartment communities. 

Camden owns interests in and operates 187 properties containing 64,074 apartment homes across the United States.  Camden was recently named by FORTUNE® Magazine for the third consecutive year as one of the “100 Best Companies to Work For” in America, placing 10th on the list.

Contacts:

 

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650, mlawton@hfflp.com
   

                                      

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

New Condo Sales Slow In Greater Downtown Miami In Q3 2010

MIAMI, FL--New condo sales in Greater Downtown Miami slowed in the third quarter of 2010 as developers sold only 425 units, the fewest number of transactions in a July-to-September period since 2005, according to a new report from CondoVultures.com.

As part of the 425 units to change owners in the third quarter, a chunk of 155 condos with some 150,000 square feet in the Plaza at Brickell (top left photo) reverted back to the development partners at a nominal recording fee.

 The other 270 units with 300,000 square feet to transact in the third quarter generated $108.6 million in sales, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

In previous third quarters, developers sold 823 units for $223 million in 2009, 1,599 units for $667 million in 2008, 628 units for $253 million in 2007, and 503 units for $158 million in 2006. In 2005 as several new towers were beginning construction, developers sold a total of 308 units for $139 million, according to the report created using Miami-Dade County records.

"Only about 20 percent of the nearly 22,250 new condo units constructed in Greater Downtown Miami during the last boom remain unsold as of Sept. 30, 2010, compared to 36 percent unsold a year ago," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Deep discounts for new condos in Greater Downtown Miami are still available but becoming more challenging to locate as the lowest - priced units are being sold to individual and bulk buyers or reverting back to the construction lenders.

“Many market watchers are likely to be surprised at the rate at which the new condos have transacted in the last 18 months in Greater Downtown Miami, the epicenter of the Florida condo crash.

"The unknown going forward is how many more quarters it will take to sell the remaining developer inventory in Greater Downtown Miami given that several units are on the larger side and financing can still be a challenge."

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

Marcus & Millichap Names Felipe Echarte Associate Vice President Investments

 FORT LAUDERDALE, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Felipe Echarte (top right photo) to the position of associate vice president investments.

 The designation represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin (bottom left photo), president and chief executive officer.

Most recently, Echarte held the position of senior associate. He began his career with Marcus & Millichap in 2001, specializing in multifamily investment sales. Echarte is a director of the firm’s National Multi Housing Group.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Thomas D. Wood & Co. Brokers $4.82 Million Loan

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,820,750 for McLeod I, LLC, 6320-6330 McLeod, LLC, McLeod IV, LLC and South Tryon BK Realty, LLC.

Steve Wood (top right photo), Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital and Realty secured financing for McLeod I through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,000,000.

 The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.875%.  The loan-to-value is 75%.  The 25,030 square-foot office building was built in 1998, and is located at 6372, 6392 and 6396 McLeod Drive, Las Vegas, Nevada.

Wood, along with Castrignano, secured financing for 6320-6330 McLeod with The Standard Life Insurance Company in the amount of $950,000. 

The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.50%.  The loan-to-value is 68%.  The 15,665 square-foot office building was built in 1999, and is located at 6320-6330 McLeod Drive, Las Vegas, Nevada.

Wood and Castrignano also secured financing for McLeod IV with The Standard Life Insurance Company in the amount of $1,320,750.  The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.50%.

 The loan-to-value is 73%.  The 20,455 square-foot office building was built in 1999, and is located at 6380 McLeod Drive, Las Vegas, Nevada.

 Wood, along with Matt Fuller of Franklin Street Capital Advisors, secured financing for South Tryon BK Realty through Thomas D. Wood and Company’s correspondent relationship with Summit Investment Advisors in the amount of $550,000. 

The full-amortizing loan has a term of 15 years and an interest rate of 6.25%.  The loan-to-value is 45%.  The ground was leased to Burger King for 20 years and is located at 8943 S. Tryon Street, Charlotte, North Carolina.

The website may be accessed through www.tdwood.com.

For further information, please contact:

 Steve Wood, (305) 447-7836, swood@tdwood.com

 Jessica Kinnee, (407) 937-0470, jkinnee@tdwood.com

                       

Arbor Closes Three Florida Fannie Mae DUS® Loans Totaling $13,622,500

Uniondale, NY (Oct. 21, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines. These loans include:

 Hawaiian Palms, Lauderdale Lakes, FL (top left photo) – The 245-unit complex received $8,872,500 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Parkview Apartments, Tampa, FL (middle right photo) – The 100-unit complex received $2,750,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Solana Villas Apartments, Golden Gate, FL (bottom left photo) – The 44-unit complex received $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Alex Kaushansky Director, in Arbor’s full-service New York, NY, lending office.

 “Concerning all three of these transactions, we were able to deliver on the broker’s time constraints,” Kaushansky said.

“The borrowers were also pleased with the deal process and the rates they received.”

 Contact:  Christopher Ostrowski, costrowski@arbor.com

Cousins Properties Declares Fourth Quarter Common and Preferred Stock Dividends

ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a quarterly dividend of $0.09 per share, payable December 17, 2010, to common stockholders of record as of November 1, 2010.

The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

For a complete copy of the company’s news release, please contact:

Cameron Golden, 404-407-1984 CameronGolden@cousinsproperties.com

http://www.cousinsproperties.com/

$70.1 million sale of Washington, D.C. area luxury multi-housing community closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of The Courts at Fair Oaks (top left photo), a 364-unit, luxury multi-housing community in Fairfax, Virginia, known prior to the sale as The Point at Fairfax.

The HFF team of managing directors Dave Nachison (middle right photo) and Alan Davis (lower left photo)  along with senior real estate analyst Brenden Flood led the investment sales team on behalf of the seller, Panco Strategic Real Estate Fund I, LP, an affiliate of Pantzer Properties, Inc.

 Home Properties of New York, Inc. purchased the property for $70.1 million subject to the assumption of an existing $46 million fixed-rate mortgage. 

The Courts at Fair Oaks is located at 12101 Pine Forest Circle adjacent to Interstate 66 and close to Fair Oaks Mall, Fairfax Corner and Fairfax County Government Center approximately 18 miles west of downtown Washington, D.C. in Fair Oaks.

 The 95.1% leased property has studio, one- and two-bedroom units averaging 859 square feet each.  Property amenities include a community room, fitness center, swimming pool, exercise trail, onsite car wash facilities and tennis courts.

“Northern Virginia continues to consistently lead the DC metro area in job creation and is projected to capture nearly 60 percent of all new jobs in the region over the next five years, providing a stable renter pool for years to come.  Strong apartment performance includes the nation’s lowest vacancy and widespread expectation for continued rent growth,” said Nachison. 

“The Courts at Fairfax has consistently experienced market leading occupancy and rent growth and with the continued improvements planned by Home Properties, this trend should continue well into the future,” added Davis.

With offices in New York City and Rochelle Park, New Jersey, Pantzer Properties, Inc. is a fully integrated owner/operator of investment properties in the east coast of the United States.  Pantzer Properties’ proven track record of profitable investment performance spans its nearly 40 year history. 

Home Properties is a real estate investment trust (REIT) with operations primarily in selected Northeast and Mid-Atlantic markets that is traded on the New York Stock Exchange under the ticker symbol HME. The Company owns, operates, develops, acquires and rehabilitates apartment communities.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500,   dnachison@hfflp.com

 Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com

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

krmurphy@hfflp.com

C&W office broker announces 4 transactions totaling 23,033 sf in Central Florida

 ORLANDO, FL-– Cushman & Wakefield  Associate Director Betsy Owens (top right photo)  announced four transactions totaling 23,033 sf. Ms Owens represented the landlord in three of the deals, and represented the tenant in one.

• Nature’s Table renewed their 1,242 sf lease in Baldwin Point for five years. Ms. Owens represented Wells Real Estate Funds, the landlord in the deal. Ashley Dedekind of Lincoln represented the tenant.

• Finley Engineering Group took a new lease of 3,629 sf in Baldwin Point for three years. Owens represented Wells Real Estate Funds, the landlord in the deal. Lee Zerivitz of Bywater represented the tenant. 

• C&W represented Wimberly, Allison, Tong & Goo in their sublease of 15,812 sf in Landmark Center One, to Empower Software Solutions. Anne Deason Spencer of Grubb & Ellis represented the tenant. 

• Pella Windows took a new five-year lease for 2,350 sf at 558 West New England Avenue in Winter Park. C&W represented Pella Windows. The landlord, Sydgan Group was self-represented.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

www.cushwake.com