Essex Realty Group Brokers Sales of 2 Chicago Apartment Buildings

 Vintage Corridor-Style Apartment Building in Chicago Goes for $1 Million

 CHICAGO, IL-- Essex Realty Group, Inc. is pleased to announce the sale of a vintage apartment building the Rogers Park neighborhood of Chicago.  The property located at 1546 W. Jonquil Terrace consists of 27 units – 9 studios, 17 one-bedroom and 1 two- bedroom units.

Doug Fisher (top right photo) was the broker for the transaction. The sale price was approximately $1,007,825.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

 41-Unit Apartment Building in Chicago Sold for $1.64 Million

 CHICAGO IL-- Essex Realty Group, Inc. is pleased to announce the sale of a 41-unit vintage corridor apartment building in the Rogers Park neighborhood of Chicago.  6818 N. Wayne consists of 39 studio and 2 one-bedroom units.

 Doug Imber (bottom left photo) was the broker on the transaction. The sale price was approximately $1,645,000.

Contact:  Douglas S. Imber, Essex Realty Group, Inc., 773.305.4902

dougimber@essexrealtygroup.com

HFF secures $44 million financing for Two City Place in Fort Worth, TX

DALLAS, TX – HFF announced today that it has secured $44 million in financing for Two City Place (top left photo), a 315,225-square-foot, recently renovated office tower in Fort Worth.

Working exclusively on behalf of Spire Realty Group, Inc. HFF placed the five-year, 5.72 percent fixed-rate loan with JP Morgan Chase Bank, N.A.  Loan proceeds were used to acquire the property.  HFF will also service the loan.

Two City Place is located at 100 Throckmorton Street and is part of the City Place development, a 1.2 million-square-foot twin tower landmark formerly called Tandy Center that spans four blocks in Fort Worth’s central business district. 

The property was originally built in 1976 and was fully renovated in 2008.  The Class A office tower is 82 percent leased to tenants including Range Resources and First American Payment Systems.

The HFF team representing Spire Realty Group, Inc. included senior managing director Wally Reid (middle right photo), director Travis Anderson and real estate analyst Corby Chaffin.

Spire Realty Group, LP is a privately-held real estate investment and management company based in Dallas, Texas. The company currently owns and manages a diverse portfolio including commercial office buildings, retail centers, multifamily projects, parking facilities, and land development sites. 

Contacts:

Wallace Reid, HFF Senior Managing Director, (713) 852-3500 

wreid@hfflp.com

Travis Anderson, HFF Director, (214) 265-0880, tanderson@hfflp.com

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

Rhodes+Brito Architects Commissioned to Design New Gateway Monument to 125th Anniversary of Historical Eatonville

ORLANDO, FL. --- Rhodes+Brito Architects, based in Orlando, was recently commissioned to design the gateway monument that will mark the 125th anniversary of the historic Town of Eatonville.

Maximiano Brito,  co-founder and partner at Rhodes+Brito Architects, said $1.4 million in funding for the project will be provided by the Florida Department of Transportation.

The 60 foot gateway monument will feature a clock and the town seal, Brito said. A custom steel truss supported by brick pilings will span Kennedy Blvd. and welcome visitors to the Town of Eatonville’s historic district.

For more information contact:

Ruffin Rhodes (top right photo), Rhodes+Brito Architects, 407-648-7288 x103 ruffin@rbarchitects.com

Maximiano Brito, Rhodes+Brito Architects, 407-648-7288 max@rbarchitects.com

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 (fax: 4410)

TD Wood Brokers $6.35 Million in Loans for 2 Florida Shopping Centers

SARASOTA, FL, Mar. 21, 2011— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $6,350,000 for Shoppes of Atlantis and Tamarac Center.

Brad Cox (top right photo), Senior Vice President, CCIM, CPM, secured financing for the Shoppes of Atlantis through Thomas D. Wood and Company's correspondent relationship with The Standard in the amount of $3,400,000.

 The borrower needed to refinance his current CMBS loan that had matured.  The fixed-rate loan has a term of 10 years, based on a 25-year amortization and an interest rate of 6%.

 The 70,104 square-foot retail center was built in 1987, and is home to tenants You Fit, Rosalita's Mexican Restaurant, and Atlantis Bar and Grill.  The Shoppes of Atlantis is located at 5805-5949 South Congress Avenue, Atlantis, Florida.

Cox also secured financing for the Tamarac Center with The Standard in the amount of $2,950,000.

 The borrower needed to refinance his current CMBS loans that had matured.  The fixed-rate loan has a term of 10 years, based on a 25-year amortization and an interest rate of 6%.

 The 66,403 square-foot retail center was built in 1982 and is home to tenants American Jewelry and Diamonds and University Fitness.  Tamarac Center is located at 7118-7186 North University Drive, Tamarac, Florida.

The website may be accessed through http://www.tdwood.com/

.For further information, please contact:

Brad Cox, CCIM, CPM (941) 552-9731   bcox@tdwood.com

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

 

Sceptre Hospitality Resources Names Will Loughran VP of Revenue Management & eCommerce Solutions

   

DENVER,  CO,  Mar. 21, 2011—Officials of Sceptre Hospitality Resources, a leading revenue generation and eCommerce firm specializing in the hospitality industry, today announced that Will Loughran (top right photo) has joined the company as vice president of revenue management.

 He is responsible for optimizing top line revenues for the more than 500 Sceptre client hotels through cutting-edge revenue management programs.  

“Revenue management arguably is the most complex and fastest changing component of hotel operations,” said Bill Linehan, (middle left photo) Sceptre’s chief operating officer. 

 “With the industry recovering at a steady pace, top-line revenue gains are critical, especially an improving room rate.

“ Will is a key addition to our team, bringing more than 20 years marketing and revenue management experience at the property, regional and corporate levels. 

“We will continue to add significantly to this department as we build on our competitive advantage of being the only ‘one-stop shop’ that provides a full range of sales and marketing services worldwide.”

Previously, Loughran was vice president of revenue for Sage Hospitality Resources, where he was responsible for the highest market share gains and performance in company history.  Prior to Sage he spent 17 years with Marriott Corporation rising to market and area leadership roles in sales and revenue management.

Additional information about Sceptre and hospitality industry marketing trends and tools may be found at the company’s website:  http://www.esceptre.com/

.

 Contact:  Jerry Daly, Patrick Daly or Chris Daly, (703) 435-6293

Marcus & Millichap Sells 51-Room Hotel in Norcross, GA for $1.36 Million

NORCROSS, GA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Country Inn & Suites (top left photo), a 51-room hotel located in Norcross, Ga, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,365,000.

Jonathan S. Ruprai, a hospitality specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a financial institution.  

 John Leonard (bottom right photo)  broker, in the firm’s Atlanta office, assisted in closing this transaction.

The Country Inn & Suites is located at 5970 Jimmy Carter Boulevard.  This 51-room interior-corridor hotel was built in 1999 and upgraded in 2007. 

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

Jamie B. May Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

 ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Jamie B. May (top right photo), a senior director in Tampa, ranked No. 6 out of more than 1,200 investment specialists nationwide

“We are proud to recognize Jamie as one of our top investment specialists nationwide,” says John J. Kerin (lower left photo), president and chief executive officer of Marcus & Millichap. “Jamie’s accomplishments in the multifamily sector reflect his superior transaction expertise and unwavering commitment to client service.”

May is a senior director of the firm’s newly formed boutique brokerage platform, Institutional Property Advisors (IPA), which serves the needs of institutional and major private investors. He provides investment advisory and brokerage services exclusively within the multifamily sector. Focused primarily on Florida and the Southeastern United States, he and his team have closed an aggregate value exceeding $5 billion.

May has received eight internal sales awards from the company, including one of the firm’s top honors, the Chairman’s Club award, in 2010. Prior to joining the firm, May was founder, chairman and CEO of JBM Realty Advisors Inc. His experience draws upon three generations of May family apartment brokerage and development business dating back to 1939.

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

Cohen Real Estate Capital Participates in 4 Central Florida Deals Valued at $86 Million

Pacifico Place Apartments Secures $9.5 Million Loan Purchase

ORLANDO, FL--Todd Cohen, founding Principal of Orlando-based Cohen Estate Capital, LLC  represented and advised the purchaser of a defaulted loan having a UPB of $9,500,000. 

The buyer, Miami-based Pensam Capital, LLC, purchased the loan at a discount from a large national bank.  The loan is secured by Pacifico Place Apartments (top left photo), a 188-unit multifamily development in Orlando that is 98% occupied.

 The property was previously purchased in 2005 for $9,950,000  and has had over $2,000,000 in improvements since then.  Cohen was able to negotiate the purchase of the note, conduct due diligence and close in 20 days.

  

Marina Grande in Daytona Beach Sold for $60 Million

Cohen represented and advised the seller of 414 luxury condo units at Marina Grande On The Halifax in Holly Hill / Daytona Beach (middle right photo) for $60,000,000, or around $145,000 per unit. 

The seller was Miami-based Holly Hill Associates, which is an entity controlled by NY-based Cerberus Capital Management.  The building contains 486 condominiums in twin 25-story buildings. 

At the height of the market in 2007, the developer sold 72 units at an average price of over $550,000 per unit or over $300 per square foot.   Cohen acted as the Owner’s Representative for a period of six months preparing for and facilitating the sale to a Florida condo developer.

Grove Park in Orlando Refinanced for $1.525 Million

 Cohen represented Orlando-based Watson Real Estate & Management Inc. in the refinance of 89 condo units in Orlando for $1,525,000.  Grove Park (middle left photo) contains a total of 184 units, 125 of which were sold at an average price exceeding $125,000 per unit at the height of the market in 2006 and 2007. 

Since then, the developer has been acquiring previously foreclosed units at bargain basement prices from mostly Freddie Mac and Fannie Mae and now owns for the 50% of the project.  

Joint Venture Buys 375 Developed Lots for $15 Million

Cohen advised Charlotte-based Mountain Real Estate Capital in their $15 million joint venture with Shea Homes.

The joint venture purchased about 375 developed lots and excess land within the Cascades community (bottom right photo) located on U.S. Highway 27, just west of Orlando, from Bank of America.

 About 250 homes were previously developed and sold by Levitt Homes prior to their Bankruptcy.   Cohen was able to assist Mountain to underwrite and close the joint venture in 30 days.

 Cohen Real Estate Capital, LLC is a five-year old firm specializing in commercial real estate acquisitions, debt and equity financing, loan acquisitions and restructuring, asset management and valuations.

 Contact:  Todd Cohen, Principal, COHEN REAL ESTATE CAPITAL LLC

(407) 956-2544

TCOHEN@COHENRECAP.COM

Marcus & Millichap Sells 20-Unit Apartment Property in St. Petersburg, FL for $365,000

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sherwood Arms (top left photo), a 20-unit apartment property located in St. Petersburg, Fl-, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $365,000.

Michael P. Regan, an associate vice president investments, Francesco P. Carriera, a senior associate and Nicholas Meoli, a multifamily investment specialist all based in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer, a limited liability company was secured and represented by Regan, Carriera and Meoli.

Sherwood Arms was built in 1979 and is located at 2729 4th Street South.  “This property was a structured short sale and an all-cash transaction. Throughout the marketing process, we were able to procure over 10 offers” comments Meoli. 

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

Beech Street Capital Provides $4.55 Million in Financing for Manufactured Home Community in Mesa, AZ

BETHESDA, MD – In partnership with Fannie Mae, Beech Street Capital, LLC announced that it has provided $4.55 million in financing for the acquisition of Mesa Village (top left photo), a manufactured home community (MHC) in Mesa, Arizona. 

The age-restricted 55+ community consists of 201 single- and double-wide home sites.  Beech Street is a Fannie Mae DUS® lender, a Freddie Mac Program Plus® Seller Servicer, and an FHA Multifamily Accelerated Processing (MAP) lender.

“This is the first of many MHC transactions we hope to complete,” said Grace Huebscher (middle left photo), president and CEO of Beech Street Capital. “We have a great deal of experience in this area, a number of deals in the pipeline, and a real commitment to grow this business.”

 An occupancy rate of just 74.88% was a hurdle that Beech Street overcame in structuring the deal.

 “We made the case that the borrower is a veteran MHC operator who would bring experienced management to the property,” said Damon Reed, the loan’s originator. 

 “It’s potentially a very attractive community, with a host of amenities.”

  In addition to a clubhouse with exercise room and billiards area, Mesa Village features a swimming pool, spa, and miniature golf course. 

 The fixed-rate loan has a term of seven years, 6.5 years of yield maintenance and a 30-year amortization schedule payable on an actual/360 basis.

  Web site: http://www.beechstcap.com/

Contact: Jenifer Bernardi,   jbernardi@beechstcap.com
  

Charlie Engel Joins RealtyTrac as Director of Business Development—Real Estate

IRVINE, CA – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the hiring of real estate veteran Charlie Engel  (top right photo) as the new Director of Business Development – Real Estate. Engel will lead the company’s efforts driving additional real estate professional partnerships.

“We are delighted that Charlie has joined the RealtyTrac family,” said James J. Saccacio (middle left photo), chief executive officer of RealtyTrac.

 “Charlie brings the kind of forward-thinking, fast-paced decision making qualities that we look for in our senior management.

“He has the national sales experience and business development know-how we are always seeking in talented professionals.

“Charlie will help us expand the RealtyTrac brand among our real estate professional partners who are a key component of our growing customer base. His sales experience will help us expand our affiliate partnership programs with the nation’s leading real estate franchises.”

Engel brings more than 10 years of sales management and business development experience to RealtyTrac.

He has held senior sales positions in a diverse group of companies, including Oodle.com, Network Communications and UBM Canon. He most recently was vice president of real estate sales at Oodle.com, the second largest online classified website. Prior to Oodle.com, Engel was the director of business development at Network Communications, where he was responsible for developing and increasing online sales for the largest fully integrated real estate media company in North American.

 “I am excited about joining an industry leader like RealtyTrac,” said Engel, who will spearhead new business development and sales activity with the leading real estate franchises. “I look forward to building relationships and expanding new business opportunities with senior management at the leading real estate brokerages nationwide.”

Engel earned a Bachelors degree in Economics from the University of Arizona in Tucson.

Media Contact: Michelle Sabolich, Atomic Public Relations.

(415) 593-1400 ext. 1233, michelle.sabolich@atomicpr.com

Wilson Commercial Real Estate Complete 12,000-SF Lease to Dollar Tree in Palm Desert, CA

PALM DESERT, CA– Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed a 12,000-square-foot lease with Dollar Tree Stores, Inc. at Monterey Shore Plaza located at 72630 Dinah Shore Road in Palm Desert, Calif. 

In the past two years, Wilson Commercial has completed approximately 30 Dollar Tree leases in Southern California.  Dollar Tree Inc., with over 4,000 stores, is the nation's leading operator of discount variety stores selling everything for $1 or less.

Scott Burns (middle right photo) of Wilson Commercial Real Estate and Lea Clay Park of Studley Retail Services represented the Dollar Tree in the transaction.  The landlord, STB Properties, was represented by Abraham Kahen of Medallion Investment & Development Co.

Built in 1990, Monterey Shore Plaza is ideally located at the I-10 Freeway and Dinah Shore Drive, one of the area’s busiest intersections.  The center is anchored by PetSmart, Ethan Allen and Arizona Tile.

 For more information, please visit http://www.wcre.net/.

Contact:  David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

Carter to Complete Interiors Projects for Kilpatrick Townsend, LLP

ATLANTA, GA – When Kilpatrick Townsend & Stockton, LLP decided to renovate 10 floors in the Atlanta office at 1100 Peachtree (top left photo), the firm called on Carter, one of the country’s leading commercial real estate service providers, advisors and investors, to complete the six phase project.

A 24 month project, the design phase was completed in September 2010, and Carter began the construction and implementation that is scheduled to be finished in November 2011.

With LEED certification in mind, Carter is managing Kilpatrick Townsend’s restack consolidation. Once completed, the firm will occupy a 10 floor 206,000-square-foot space instead of its current 13 floor 270,000-square-foot space.

Kilpatrick Townsend’s new layout will include seven practice floors, one floor for administrative support and two client special function floors that include a dining room, library and conference center.

Carter has also begun work on Kilpatrick Townsend’s new Raleigh, N.C. office. The design phase has been completed and construction is scheduled to begin this month.

“Carter has been working with Kilpatrick Townsend since 1991,” said Nan Loudon, senior vice president with Carter. “It is exciting to continue our relationship with the firm and work on these two projects.”

Carter has completed projects for Kilpatrick Townsend & Stockton at other locations including Charlotte, N.C. and Washington D.C.

For additional information on Carter, please visit http://www.carterusa.com/.

Contact: Laura Dudebout, (678) 642-4301,

ldudebout@wilbertnewsstrategies.com

Colliers International Completes the Investment Sale of the 66,800-square-foot Multi-Tenant Building for $4.15 Million in Fontana, CA

FONTANA, CA. – Colliers International, the second largest global real estate services organization, recently completed the investment sale of the 66,800-square-foot multi-tenant project located at 7888 & 7898 Cherry Ave. Fontana, Calif. to a Orange County-based investor, Heritage Business Center Investment Group, LLC.

The transaction is valued at $4.15 million.

 Rick Nunez (top right photo), senior associate based in Colliers International’s Inland Empire office and Whit Gifillan, associate also based in Colliers’ Inland Empire office, represented the seller, a Nevada-based developer, Shankle-Law, LLC. The buyer was represented by Windsor Investments.

“Besides its strategic location, one of the greatest advantages of this property is its commercial zoning which allows for a wide range of uses, including commercial activities such as wholesale / retail, distribution and even medical and administrative office uses, “ said Nunez.

Built in 2009 and comprised of 18 condo units, the business park was 50% leased at the time of the sale.

Contact:  Angela S. Hwang

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

http://www.colliers.com/

Follow us at www.twitter.com/colliersgla.

South Beach Heats Up As 2 New Condo Projects Launch Sales

MIAMI, FL--Competition for all-cash buyers is heating up in the trendy South Beach neighborhood of Miami Beach as a pair of new condo projects are facing off, according to a new report from CondoVultures.com. 

The developers of two new midrise projects located across the street from each other - and near the ultra-luxury Setai Resort and Residences and W South Beach Residences complexes - have both recently launched their sales campaigns in attempt to generate transactions before the winter tourism season ends in April.

Both projects were originally planned to come to market earlier but experienced delays due to the South Florida housing crash.

In late January, the Boulan South Beach (top left photo) - originally dubbed the Parc Place South Beach Residences - located on Collins Avenue initiated its sales efforts with asking prices starting at $351 per square foot but averaging $790 per square foot, according to an analysis by the licensed Florida buyer brokerage Condo Vultures® Realty LLC.

Earlier this week on March 14, the Artecity (middle right photo) complex - which is nearly complete - formally kicked off its sales campaign with opening asking prices of $346 per square foot but averaging $430 per square foot, according to information provided by the licensed Florida brokerage CVR Realty™. 

"South Beach is one of the most sought-after addresses for buyers looking to purchase new condos in South Florida today," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the right price, both of these developers are positioned to tap into the deep pool of all-cash buyers circling the market right now. The competition may keep both developers in check in terms of price increases going forward."

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

Mercantile Capital Corp. Provides Commercial Real Estate Loan in Orlando Worth Over $3.2 Million

ALTAMONTE SPRINGS, FL – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed a commercial loan for XL Soccer World Orlando, LLC recently for $3,203,100 in total project costs.

XL Soccer World Orlando will provide the premier indoor soccer facility in the Central Florida area.  The facility will be the only fully air conditioned multi-field indoor soccer facility in Central Florida and will be a fun, pleasant environment to play and watch soccer.  XL will be offering indoor leagues to players of all ages and abilities.

 “We are delighted to be finally breaking ground on this fantastic project, and everyone involved so far has been great to work with and very enthusiastic,” said owner Ciaran McArdle (top right photo).

  “It certainly helps when your lenders are huge soccer fans like Mercantile.  This allowed them to understand the project in fine detail and pulled together a very motivated team so we could get this through to the finish line.

“ Most of the staff are either players themselves or have children who will be playing in the facility, so I think we had our first customers lined up before the ink was dry!” 

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like XL Soccer World Orlando, LLC, have an opportunity to create wealth and financial freedom, said Chris Hurn, chief executive officer of Mercantile Capital Corporation.   

“Mercantile Capital Corporation’s specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers like McArdle to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster,” Hurn explained.

For more information, visit http://www.thesmartchoiceloan.com/

and http://www.504blog.com/

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Contacts:

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040 churn@mercantilecc.com

Ciaran McArdle, XL Soccer World Orlando, 407-641-4791

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

 

Nathanson and Mele Honored at Marcus & Millichap

 Brad Nathanson Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Brad Nathanson (top right photo) of the firm’s Philadelphia office ranked No. 9 out of more than 1,200 investment specialists nationwide.

Nathanson is also the firm’s top multi-tenant retail investment specialist.

“We are proud to recognize Brad Nathanson as one of the firm’s top agents and as the firm’s No.1 multi-tenant retail investment specialist,” says John J. Kerin (middle left photo), president and chief executive officer of Marcus & Millichap. “Brad’s accomplishments reflect his superior transaction expertise and unwavering commitment to client service.”

Nathanson, a vice president investments, specializes in the sale of retail investment real estate. He joined Marcus & Millichap in September 2003 and was promoted to senior associate in September 2006.

 In January 2008, he was promoted to associate vice president investments and in July 2009 achieved vice president investments status. Nathanson also serves as a senior director of the firm’s National Retail Group.

Nathanson facilitated transactions valued at more than $161 million last year.

            

Michael A. Mele Named Marcus & Millichap’s top Self-Storage Properties Investment Specialist

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael A. Mele (middle right photo) of the firm’s Tampa office as the top self-storage agent nationally.

“We are proud to recognize Michael Mele as the firm’s top self-storage agent nationally,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “Michael’s attainment of this high level of achievement reflects the depth of his market knowledge, his superior transaction skills and his commitment to client service.”

Mele is a vice president investments and a senior director of the firm’s National Self-Storage Group. He joined Marcus & Millichap in May 1999.

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

Sarabasa Honored with Service Award from Zoological Park

 LONGWOOD, Fla., Mar. 17, 2011 — D & A Building Services Inc. President and founder Albert Sarabasa Jr.(top right photo) was honored with the 2011 Joseph A. Oritt Service Award presented by the Central Florida Zoo & Botanical Gardens at the zoological park’s annual meeting in Sanford, Florida.

Sarabasa joined the Central Florida Zoo’s board of directors in 2009. This is the first time Mr. Sarabasa received this award.

The Joseph A. Oritt Service Award, whose late namesake set the standard for community volunteerism and served as an inspiration toward higher levels of achievement, is awarded to an individual and individuals that exemplify Mr. Oritt’s work for the Central Florida Zoo & Botanical Gardens.

For additional information, please visit http://www.dabuildingservices.com/.

 

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

Arbor Closes Five Fannie Mae DUS® Loans Totaling $43.2M In California

Uniondale, NY (Mar. 16, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of five multifamily loans totaling $43,242,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across California:

Tustin Portfolio, Tustin, CA (top centered photo) – The three-building, 117-unit portfolio received $15,500,000 funded under the Fannie Mae DUS® Loan product line. Located within Orange County, the assets are situated in an area near retail centers, thoroughfares, public transportation and community services. Tustin, CA, has also recently shown rising apartment demand, declining vacancy rates and increasing rents. The properties’ 10-year refinance loan amortizes on a 30-year schedule.

 Tuscany Villas, West Covina, CA (above centered photo) – The 165-unit complex received $13,600,000 funded under the Fannie Mae DUS® Loan product line. The garden-style property is located about 20 miles east of downtown Los Angeles, CA, in a submarket that has added no new multifamily assets within the past five years and is not scheduled to add to the supply until 2014. The 10-year refinance loan amortizes on a 30-year schedule.

Bayside Terrace Apartments, San Pedro, CA (above centered photo) – The 99-unit complex received $9,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Eddy Street Apartments, San Francisco, CA  (above centered photo)– The 19-unit complex received $2,442,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Sherman Grove Apartments, Sunland, CA (above centered photos)– The 71-unit complex received $2,100,000 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 Greg Gillam (lower right photo), Director, in Arbor’s full-service Manhattan Beach, CA, lending office.

“These loans are examples of Fannie Mae’s effort to provide financing for well-maintained properties that provide affordable market-rate housing for the California rental market,” Gillam said.

 Contact: Christopher Ostrowski, costrowski@arbor.com