Mercantile Capital Corp. Provides Commercial Real Estate Loan in Oviedo, FL

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 RJK Consulting Services, LLC, dba AOK Networking, LLC.

AOKNetworking provides corporate IT managed services for small to medium businesses as a high-quality alternative to obtaining in-house IT resources, and offers complete technology solutions from leading hardware and software vendors such as Apple, IBM, VMware, and Microsoft.

 Their clients use AOK’s managed service programs (Proactive Care) as their complete IT strategy to reduce operating costs, improve productivity and minimize unexpected costs.

 “I am very pleased with Mercantile Capital Corporation,” stated owner, Bob Knoerzer (top right photo).

 “We were able to obtain excellent financing with great terms.  MCC’s extensive experience processing SBA loans enabled me to continue running my business rather than get bogged down with the process of obtaining a loan.

“I was impressed by the knowledge and efficiency of their staff, and their team made this purchase happen for me on a very tight timeline.” 

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like AOK Networking, LLC have an opportunity to create wealth and financial freedom.  

Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Bob, 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.

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

 and http://www.504blog.com/

.

Contacts:

Chris Hurn, Mercantile Capital Corporation, 407-786-5040

Robin Lashley, Mercantile Capital Corporation, 407-786-5040

 Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando, FL Worth Over $5.7 Million

 ALTAMONTE SPRINGS, FL./ Oct. 12 – 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 Quest Airport Hotel, LLC, dba Ramada Suites Orlando International Airport (middle right photo) recently for $5,777,000 in total project costs.

 This loan allows owner, Dinyar Mehta to purchase and renovate an existing 128-suite AmeriSuites Hotel (lower left photo), which will be converted to Ramada Suites, located at 7500 Augusta National Drive.

 “Mercantile Capital Corporation was very easy to work with and helped me close my loan very quickly,” said owner, Dinyar Mehta.

 “Particularly in this current banking environment, it was fantastic to find a lender willing and able to help.  We are off to a great start due to the expedited processing that Mercantile was able to provide.” 

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Ramada Suites Orlando International Airport, have an opportunity to create wealth and financial freedom.

  Their specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Dinyar Mehta, 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.

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

 and http://www.504blog.com/

Contacts:

Chris Hurn, Mercantile Capital Corporation, 407-786-5040

Robin Lashley, Mercantile Capital Corporation, 407-786-5040

PCCP LLC and Lincoln Property Company Announce Joint Venture to Acquire Calabasas Corporate Center in Calabasas, CA

EL SEGUNDO, CA, Oct. 12, 2010 – PCCP, LLC, a full-service real estate investment firm and lender, announced today it has formed a joint venture with Dallas-based Lincoln Property Company to acquire a vacant and newly constructed, 51,654-square-foot two-story Class A suburban office building with two levels of parking within Calabasas Corporate Center (top left photo).

The property is located in Calabasas, Calif. which is within the Conejo valley submarket of the greater Los Angeles office market.

This transaction provided PCCP with the opportunity to partner with Lincoln Property Company to purchase the building in a short-sale with the existing construction lender for a quarter-end closing. 

The low purchase price will allow the new, well-capitalized ownership to pursue leases that the prior ownership was unable to pursue given its cost basis.

“This transaction is consistent with PCCP’s business model of investing in distressed situations in which the existing ownership’s lack of liquidity and the existing lender’s capital pressure creates an opportunistic situation,” said Greg Galusha (middle right photo), a partner with PCCP.

 “We were able to purchase this property in an off market transaction below market price from a highly motivated seller in an expedited time frame.”

The property, which has never been occupied, was built in 2008 and features a 5.5 per 1,000 parking ratio, 59 percent of which are covered in podium and subterranean parking levels with direct elevator access to the two office floors.

 The building is approximately one-half mile from Las Virgenes Road, making it one of the most convenient office buildings in the Conejo Valley to executives residing in Malibu, which is about a 20-minute drive.

Galusha added: “Given the property’s new construction, covered parking, visibility and proximity to a diverse labor pool, we believe the property should be able to attract mid-size tenants currently seeking Class A office space in the area.”

  PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. 

 PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. 

With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. 

 Learn more about PCCP at www.pccpllc.com.

Contact:  darcie@dagicomm.com

Castleberry Hill Neighborhood in Atlanta Takes Developer’s Land to the Dogs - Literally

  

 ATLANTA, GA – Few could argue that the real estate market has gone to the dogs.  Banks have shuttered due to bad lending practices and hoards of developers have faced foreclosures.  So how does a developer tackle this dog-eat-dog market? 

 If you can’t beat ‘em, join ‘em seems to be the mantra for Castleberry Hill developer Jerry Miller (middle right photo), who donated a two-acre tract of land to the neighborhood for a dog park, set to open Monday, October 18 .

  In the dog days of 2008, Miller had high expectations of building a mixed use development on this tract along the railroad tracks.

He was more than qualified for the task -- as half of Miller Gallman Developers, he helped pioneer the rehabilitation of historic urban buildings throughout the city.

 When Atlanta's stock of historic buildings waned, he turned his attention to neighborhood-compatible infill development, primarily around buildings he had rehabilitated for loft apartments.  Atlanta’s only true art and loft district, Castleberry Hill, was ideal. 

 Yet while the location was right, the timing was not.  Financing for new construction had dried up and Miller was left lying with the dogs.

 In the meantime, the neighborhood was in desperate need of a dog park.  So Miller opted to loan the Castleberry Hill Neighborhood Association the land until the real estate market rebounds. 

 The collaboration proved to be win/win.  The Castleberry Hill Neighborhood Association is fundraising toward a goal of $25,000 to enable off-leash recreation for small and large dogs in two separate play areas.

 The park, set to open on Monday, October 18, and will undoubtedly become an amenity for Miller’s current endeavor, Castleberry Point, an all brick building with soaring windows and an open-air courtyard.

 The access-controlled building features a rooftop swimming pool with sweeping downtown views, rooftop owner’s lounge and a fitness center.  FHA financing and down payment assistance are available, as well as developer-paid closing costs. 

Featured home pricing starts at just $99,900, an unbeatable value in downtown Atlanta.

 To learn more contact LaCressa or Katie in the sales center at 404-688-9900 or visit http://www.castleberrypoint.com/

Contact: Lapidus Public Relations, LizLapidus/ Traci Buch, 404.688.1466

traci@lizlapiduspr.com

Bank Repos Double To 17,200 Properties In South Florida In Q3 2010

  MIAMI, FL--Bank repossessions more than doubled in the tricounty South Florida region in the third quarter of 2010 as lenders took ownership to nearly 17,200 properties, according to a new report from CondoVultures.com.

The number of properties in Miami-Dade, Broward, and Palm Beach counties that were repossessed between July and September of 2010 is more than twice as many on a year-over-year basis as the nearly 8,250 properties that were taken back in the third quarter of 2009, according to the report based on the Condo Vultures® Foreclosure Database™.

"Bank repossessions - also known as REOs - are skyrocketing in South Florida in 2010," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. "Lenders have taken back just about as many properties in the third quarter of 2010 as were repossessed in the third quarters of 2009, 2008, and 2007 combined. The repossessions are finally starting to flow after several months and years of delays in the court process.

"It is still uncertain what effect the announcement by several large lenders about freezing foreclosure proceedings due to administrative irregularities will have on bank repossessions in South Florida going forward. "

Lenders repossessed 7,100 South Florida properties in the third quarter of 2008 and an additional 3,000 in the third quarter of 2007, according to the report compiled using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

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

HFF arranges $10.5 million refinancing for retail center in Rancho Cucamonga, CA

 LOS ANGELES, CA – The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $10.5 million refinancing for Haven Village (top left photo), a 45,697-square-foot retail strip center in Rancho Cucamonga, California.

HFF director Chris Vittetoe (middle right photo) and senior managing director Paul Brindley (bottom left photo) worked on behalf of the borrower to secure the five-year, fixed-rate loan through Ladder Capital Finance. 

The securitized loan refinanced an existing CMBS loan.

Haven Village is located at 6311, 6321, 6331, 6371 Haven Avenue directly off Interstate 210 in northern Rancho Cucamonga.  The property is 83% leased and shadow-anchored by Von’s and Trader Joe’s. 

“Haven Village benefits from being the only retail option north of the 210 Freeway in an affluent neighborhood of Rancho Cucamonga.  The retail center includes strong demand drivers and is highly accessible,” said Vittetoe.

Contacts:

Christopher Vittetoe, HFF Director, (310) 407-2100, cvittetoe@hfflp.com

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

Marcus & Millichap Sells 19-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Savannah Apartments (top left photo), a 19-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 $450,000.

Casey Babb (middle right photo), CCIM and senior associate in Marcus & Millichap’s Tampa office, acted as a transaction broker and facilitated the sale on behalf of the seller, a Miami-based financial institution and the buyer, a private, local investor.

Savannah Apartments was built in 1966 and sold near the height of the real estate market for nearly $1,200,000.  Most recently, the property had fallen into disrepair before being foreclosed earlier this year and was only 16 percent occupied as of the October rent roll.  

“This transaction is indicative of what we’re seeing in the marketplace,” says Babb.

 “Lenders are becoming more aggressive in foreclosing against delinquent and all-cash buyers and are able to purchase fundamentally sound real estate at a fraction of the previous sale price.

“In this case, the buyer will put the necessary cash into the property to stabilize operations and either hold for cash-flow or sell the asset.”

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

Arbor Closes $2,866,500 Fannie Mae DUS® Small Loan For Village Place Apartments in Mankato, MN

Uniondale, NY (Oct. 12, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,866,500 loan under the Fannie Mae DUS® Small Loan product line for the 70-unit complex known as Village Place Apartments (top left photo) in Mankato, MN.

The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Patrick McNulty (bottom right photo), Director, in Arbor’s full-service Chicago, IL, lending office.

  “This was a solid deal for our small balance program,” McNulty said. “It was a zero-cash-out refinance with a high-quality asset and strong sponsorship.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

New Wells Core REIT Declares First Distribution

NORCROSS, GA – Wells Core Office Income REIT announced its Board of Directors has declared a distribution for the period of Oct. 18 through Dec. 15, 2010, totaling $0.20 per share for the 59-day period.

The distribution, calculated on a daily basis, will be paid in December to shareholders of record during the period from Oct. 18 to Dec. 15. 

Wells Core REIT is a nontraded, public investment program from Wells Real Estate Funds, focused primarily on core office real estate, leased to creditworthy tenants.

 It commenced operations and began issuing shares on Sept. 29 after raising the minimum offering amount, and acquired its first property on Thursday, an office building in suburban Dallas leased to JP Morgan Chase.

For more information on Wells Core REIT, visit http://www.wellscorereit.com/.

Media Contact: Margot Olcay Rubenstein Associates(212) 843-8284

molcay@rubenstein.com

              

NAI Realvest Appoints Veteran Commercial Realtor Ray Kennedy to Handle Receivership Opportunities

 ORLANDO, FL – NAI Realvest has appointed veteran commercial real estate professional Ray Kennedy  associate broker to focus on REO-Receivership work.

 Patrick Mahoney (top right  photo), president of NAI Realvest, said Kennedy has more than 33 years of experience in commercial real estate.

 Kennedy, a licensed mortgage broker, will focus on REO, special asset and receivership opportunities.  

 Kennedy’s experience includes more than 10 years as a developer of multi-family, industrial and office properties and six years as an FDIC administrator managing and liquidating real estate portfolios. 

 “Ray Kennedy has tremendous experience in areas where NAI Realvest sees major opportunities,” Mahoney said.  “We expect he will play a major role in our growth.” 

 For more information, please contact:  

Ray Kennedy, Associate Broker, NAI Realvest 407-875-9989 RKennedy@realvest.com;

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

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

  

Avison Young opens new office in Boston

TORONTO,/PRNewswire/ - Mark E. Rose (top right photo), Chair and CEO of Avison Young, Canada's largest independently-owned commercial real estate services company, announced today that the firm has acquired Boston-based Essex River Ventures, Inc. (ERV) and opened a new office in the Massachusetts city.


ERV is a real estate investment and property management company founded by John Fenton (bottom left photo) (CEO) in 2003. Effective immediately, Fenton becomes a Principal of Avison Young and Managing Director of the company's newest office.

The Boston office represents Avison Young's sixth location outside of Canada and gives the leading Canadian commercial real estate firm a presence in the New England market. Terms of the acquisition were not disclosed.

"The New England market, particularly the Greater Boston area, is critical to Avison Young's U.S. expansion. Avison Young's acquisition of Essex River Ventures is the first step in creating a new and vibrant competitor that will, over time, obtain a significant market share," comments Rose.

"The strategic location and the addition of John Fenton and the rest of the ERV team, with their vast experience and valuable client relationships in the Boston and New England markets, will allow Avison Young to further expand its commercial real estate footprint across the U.S. The purchase underscores our commitment to serving communities and clients across the nation," he says.


The following ERV members also join Avison Young: K. Beth O'Donnell (Director, Client Services), Tom Palmer (Senior Property Manager), Brian Hodess (Director, Construction Services) and Kathy Shepherd (Administrative Manager).

 For further information/comment/photos, contact:  

Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098; cell: (604) 726-0959;

Mark Rose, Chair and CEO, Avison Young: (416) 673-4028;

 Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237;

John Fenton, Principal and Managing Director, Boston, Avison Young: (978) 729-9010; www.avisonyoung.com

Community Association Management Experts oversee more than 200 Florida Communities and see more on the Horizon

 ORLANDO, FL - Jack Hanson, LCAM, and Ellen Lumpkin (top right photo), LCAM co-founders and principals merged their companies in 2007 to form Melrose-Sovereign Companies, specializing in management of condominium and homeowner associations and community development districts throughout Florida and now this company ranks as one of the largest management firms in Florida.

 Hanson launched the Melrose Company in 1992 to focus on managing homeowner and condominium associations and community development districts for owners.  Lumpkin specializes in condo-conversions, third party leasing and asset management.

Today, Melrose-Sovereign Companies has served more than 200 communities with more than 80,000 units. The firm provides homeowner and condominium management, third-party leasing and management, condominium leasing and management, and asset management.

 “We are successful because we work so well together,” Hanson said. “That sense of shared responsibility extends to all of our key professionals in all our offices throughout Florida,” he said.

 “We offer a wide range of community management resources so that we can meet the needs of practically every development project and every community in Florida,” Lumpkin said.

For more information, please contact:  

Jack B. Hanson, LCAM, Partner/co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;

 Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;

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

 

D & A Building Services hires new client service coordinator

 LONGWOOD, FL,  Oct. 11, 2010 — Robert “Randy” White (top right photo) has been hired by D & A Building Services Inc. as Client Services Coordinator.

His responsibilities include serving as client liaison, performing quality control field inspections as well as assisting with marketing and operations.

White, with nearly a decade of management experience in customer service, has a Bachelor of Business Administration from the University of Florida in Gainesville, Florida. White was previously a manager with Unique Creative Concepts Inc. in Casselberry, Fla.

“With customer relations as the lynchpin of our management philosophy, we are very pleased that Randy has joined our team in this pivotal position, “said Al Sarabasa, Jr. (middle left photo), president/CEO, D & A Building Services.

D & A Building Services Inc. is a privately owned facility maintenance provider founded in 1985. Headquartered in Longwood, Florida, full service offices are located in Jacksonville, Fla., Tampa, Fla., Kansas City, Mo., Madison, Wis. and Dallas, Texas.

A staff of 700 provides services to property managers, building owners, local and state governments, Federal agencies, and the military. The veteran-owned company is an Hispanic-Owned Business Enterprise, and a graduate of the Small Business Administration’s 8(a) program.

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

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

AMB Property Corporation® Leases 124,700 SF in Miami Development

SAN FRANCISCO, CA /PRNewswire/ -- AMB Property Corporation® (NYSE: AMB), a leading owner, operator and developer of global industrial real estate,  announced that the company signed leases in the third quarter for approximately 124,700 square feet of AMB Beacon Lakes Building 12 in Miami, Florida.

The 189,700 square foot building is now stabilized and the newly leased space will be used by two freight forwarding companies.

 "The business park is in a prime location for these customers," said Jay Cornforth (middle right photo), AMB's managing director, East Region. "AMB Beacon Lakes is just five miles from Miami International Airport, which handles more international air freight than any other U.S. airport."

Beacon Lakes, a joint venture project of AMB and Flagler, is a 478-acre business park located west of Miami International Airport and northwest of the intersection of State Road 836 and the Florida Turnpike.

Miami is an important gateway hub for goods flowing from Europe and the Far East to Latin America, and for goods from Latin America into the United States.

As of June 30, 2010, AMB's portfolio in the Florida market totaled approximately 8.5 million square feet of operating and development properties, with more than 6.9 million square feet of that in Miami, including a facility on-tarmac at Miami International Airport.

Contact:

 Tracy A. Ward, Vice President, IR & Corporate Communications, +1-415-733-9565, http://www.blogger.com/tward@amb.com, or

Jon M. Boilard, Director, Media and Public Relations, +1-415-733-9561, jboilard@amb.com, , both of AMB

Web Site: http://www.amb.com/

RealtyTrac Adds 2.5 Million Recently Sold Properties

IRVINE, CA – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the release of an exclusive recently sold feature that allows users to see detailed information for all properties that sold in the last three, six and nine months in any given area.

“The new recently sold feature will help our users determine what buyers have recently paid for properties in any neighborhood nationwide,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac.

 “That knowledge is extremely useful for many different types of users for different reasons.

“ It will help homebuyers determine how much to offer; it will help sellers determine how much to ask; it will help homeowners determine how much their property is worth; and it will help investors determine the profit and cash flow potential of a neighborhood.”

RealtyTrac is the only real estate website that combines recently sold data with foreclosure properties and Multiple Listing Service (MLS) information. RealtyTrac users can search 2.5 million recently sold properties.

 Subscribers also have access to more than 2 million properties in some stage of foreclosure, and can also view another 1.5 MLS listings for sale. Collectively, these three data sets — recently sold listings, foreclosure properties and MLS listings — account for 6 million properties.

Media Contact: Michelle Sabolich, Atomic Public Relations, (415) 593-1400 ext. 1233, michelle.sabolich@atomicpr.com

Remington Capital Expects Financing Markets to Begin 'Thawing' in Fourth Quarter 2010

SCOTTSDALE, AZ /PRNewswire/ --Remington Capital is gearing up for an expected "thawing" in the nation's financing markets by dramatically increasing its global network of active lenders and investors, particularly alternative sources of commercial capital.

"With the nation's credit crisis worsened by the on-going closure of hundreds of 'problem banks,' the rapid expansion of alternative sources of capital by Remington is good news for owners of commercial real estate and corporate projects in need of financing," according to Andy Bogdanoff, (top right photo) chairman of the international capital services company.

 Since 2007, nearly 300 banks have been closed by government regulators, with another 829 banks on the regulators' "problem" watch list. "All of which means that thousands of commercial property owners may be unable to obtain needed financing through traditional banking sources," Bogdanoff said.

Remington's capital network of active lenders and investors is nearing 700, with additions doubling annually. About 70% are alternative capital sources, including private investors, pension funds, life insurance companies, mortgage REITs, endowments and others.

"This available pool of alternative capital represents a unique opportunity for real estate and corporate communities to step outside their normal comfort zone to explore alternative avenues of commercial financing in these challenging times," Bogdanoff said.

"Remington's alternative financing sources represent billions of dollars in private capital ready to step in to finance, refinance or recapitalize all types of commercial property having intrinsic value." Since 1993, Remington Capital has arranged more than $5 billion in financing across the capital stack for all types of commercial property.

Contact:  Neil Wintle, apply@RemingtonCapitalinc.com, +1-480-905-3239, or +1-877-597-4458 - toll free

Web Site: http://www.remingtoncapitalinc.com/

Senior Housing/Healthcare Borrowers to Intensify Efforts to Take Advantage of Low Interest Rates, Funding Expert Predicts

 CHICAGO, IL--Although frustrated by the credit squeeze that continues to curtail lending activity, senior housing/healthcare borrowers are expected to intensify efforts to take advantage of interest rates as low as they’ve been in decades, one senior housing/healthcare finance expert is predicting.

“Funds for new construction projects are limited and acquisition activity has slowed dramatically. But many borrowers should be motivated to refinance existing loans with rates at current levels,” Cambridge Realty Capital Companies Chairman Jeffrey A. Davis (top right photo) believes.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders.

Davis makes the point that bond prices and the economy behave a lot like entangled particles in quantum physics. When the economy weakens and loses forward momentum, bond yields sympathetically move lower, which instantaneously causes bond prices to “spin” higher in the opposite direction.

Lower bond yields also equate to lower borrowing rates. Last spring, as the economy slowed amid fears of a pending double-dip recession, interest rates retreated and had some analysts predicting that 10-year Treasury bills could challenge levels not seen since the Eisenhower years.

“And then we got to mid-September and some mildly encouraging reports on the economy, for a change. We learned of a drop in first-time unemployment claims during the month of August and also about a slight rise in wholesale prices that is helping to quash deflation fears.

“After sinking to 2.59 percent earlier in the month, on the strength of these reports, 10-year Treasury notes rebounded to yield 2.76 percent later in September. The optimistic assessment is that the economy may be emerging from a soft patch,” Davis said.

Whatever the outcome, senior housing/healthcare borrowers can look forward to relatively attractive interest rates for the foreseeable future, he suggests.

He points out that the 10-year Treasury note serves as a bench mark for a number of things, including the popular FHA-insured HUD Lean loans that have been the only consistent source of funding for long-term care healthcare borrowers since the economy tanked in 2008.

“If a borrower is able to profitably refinance, this is a better time than most, with interest rates flirting with what may well be the low point for this cycle,” he added.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Twitter: http://twitter.com/CambridgeCap

Universal Technical Institute Relocates Corporate Headquarters to Max at Kierland in Phoenix

 PHOENIX, AZ— Jones Lang LaSalle has completed an 85,000-square-foot lease commitment at the MAX at  Kierland (top left photo) for Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of post-secondary degrees for auto-related technicians and on the shortlist of Arizona-based public companies.

 The building is owned by a Trammell Crow Company/ING Clarion joint venture.

The new UTI home office will occupy two floors at the MAX, a 285,000-square-foot, six-story office building within the Kierland development, south of the Loop 101 on Scottsdale Road in Scottsdale, Ariz. 

The new UTI headquarters will house approximately 425 employees. UTI is currently headquartered at 20410 N. 19th Avenue.

“The MAX at KIERLAND is a high quality facility that reflects the UTI company image. We are pleased that our extensive search for new space has resulted in an exceptional location with tremendous amenities, while achieving a value that is consistent with current commercial real estate market conditions,” said Chad Freed, General Counsel and Senior Vice President Business Development for UTI.

“We are pleased to welcome UTI to MAX at KIERLAND and our growing base of national tenants and corporate headquarter companies,” said Jim Mahoney (middle right photo), Senior Managing Director of Trammell Crow Company’s Phoenix Business Unit.

“We are confident that MAX at KIERLAND will provide UTI with the environment it needs as it continues to seek new business opportunities with industries that will benefit its students and enhance their business model.”

Earlier this year, MAX at KIERLAND was awarded LEED® Certification by the U.S. Green Building Council, becoming one of a select few multi-tenant office buildings in Metro Phoenix to achieve such a designation.

Contact: Stacey Hershauer, focusAZ, Marketing & Public Relations, (480) 600-0195, http://www.focusaz.com/