Jones Lang LaSalle Completes 19,010 SF Office Lease with Cie Studios in Long Beach, CA

  

LONG BEACH, CA — Jones Lang LaSalle represented Cie Studios in a 19,010-square-foot lease at Landmark Square (top left photo), a 24-story, 443,480-square-foot, LEED Certified and ENERGY STAR labelled office property located at 111 W. Ocean Blvd. in Long Beach, Calif. 

The lease represents a renewal and expansion of the company’s headquarters.  Cie Studios previously occupied 13,201 square feet of space.

Jones Lang LaSalle Managing Director Tony Morales, Executive Vice President Tom Turley and Vice President Jason Fine represented Cie Studios in the transaction.  The property owner, Brookfield Properties, was represented in-house by Toliver Morris and John Barganski.

“We were able to secure expansion space for Cie Studios within their current building at favorable lease terms, allowing them to maximize spatial efficiencies and take advantage of the current market conditions to reduce their operating costs,” said Fine.

Contact: David Ebeling, Phone: +1 949 278 7851, Email:

 david@ebelingcomm.com

Arbor Promotes Ken Fazio to Senior Vice President, National Production Manager

Uniondale, NY (Jan. 18, 2011) - Arbor Commercial Mortgage, LLC (“Arbor”) announces the promotion of Ken Fazio (top right photo) to Senior Vice President, National Production Manager. Mr. Fazio previously held the title of Vice President, National Sales Manager.

Mr. Fazio will continue to oversee Arbor’s overall loan production through the management of the company’s National Sales Team and corporate accounts.

During his nearly four years with Arbor, Mr. Fazio collaborated in the expansion of the company’s origination infrastructure and has also helped develop numerous management policies affecting corporate sales, travel and expenses.

He has worked in connection with the Marketing, Underwriting, Capital Markets and Closing departments to help raise Arbor’s profile in the lending industry and has contributed to refining and growing Arbor’s business processes, loan volume and customer service.

Prior to joining Arbor in 2007, Mr. Fazio was a President/Partner at First Eagle Mortgage, Inc., a boutique brokerage firm focusing on residential transactions.

Previously, he held positions as Regional Manager for Champion Mortgage, Vice President of Sales for Mailnet, Inc. and Area Manager for TNT Worldwide Inc. In his career, he has also held sales posts with Curtis 1000, Inc. and US Sprint.    

Mr. Fazio earned a Bachelor of Science Degree in Marketing from the State University of New York at Old Westbury. He resides in Wantagh, NY.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Closes Nine Fannie Mae DUS® Loans Totaling $31.6M In New York

Uniondale, NY (Jan. 20, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of nine loans totaling $31,648,200 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across New York State.

These loans include:

 East Village Portfolio, New York, NY (top left photo) – The five-building, 52-unit portfolio received $15,243,200 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loans amortize on 30-year schedules.

Brookhaven Apartments, Lancaster, NY (top right photo) – The 84-unit complex received $7,030,000 funded under the Fannie Mae DUS® Loan product line. The seven-year loan amortizes on a 30-year schedule.

Willow Wood Apartments, Lafayette, NY (middle left photo) – The 80-unit complex received $4,070,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Apple Ridge, Lafayette, NY (lower right photo) – The 56-unit complex received $2,755,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Belmont Ridge, Tully, NY – The 66-unit complex received $2,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Ronen Abergel, Vice President, in Arbor’s full-service New York, NY, lending office.

 “Even amidst the current lending environment, we continue to execute transactions on time and as promised to the satisfaction of our clients,” Abergel said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Interstate Hotels & Resorts has Opened and is Now Managing the New Crowne Plaza Charleston Airport Convention Center Hotel

  

 CHARLESTON, S.C./ARLINGTON, VA,  Jan. 19, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has opened and is now managing the new 166-room Crowne Plaza Charleston Airport Convention Center (top left photo) in South Carolina. 

The hotel has completed a major, $13 million renovation and reflagged to become the first Crowne Plaza-branded hotel in Charleston.  The hotel is owned by Barclay Hospitality Services Inc., a subsidiary of Inland American Lodging Group Inc.

“This brings to 12 the number of hotels we now manage for Inland, and we consider this contract a gratifying vote of confidence in our ability to continue generating superior returns for them,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.  “We look forward to building on our relationship with Inland with additional developments in the future.” 

“Interstate helped shepherd the hotel through the transition to a new brand,” said Craig Lambert, senior vice president asset management, Inland. 

 “The property has re-opened with a strong book of business, and, as the first Crowne Plaza hotel in Charleston, we expect it to rapidly assume a leadership position.”

Located at 4831 Tanger Outlet Blvd. in North Charleston, S.C., the five-story Crowne Plaza Charleston Airport Convention Center is convenient to the Performing Arts Center, Charleston Convention Center and Tanger outlets.  The hotel also is a short distance from Charleston’s beautiful beaches, world-class golf, historic homes and plantations. 

Additional information about Interstate is available at the company’s website:  http://www.ihrco.com/

For information about the new Charleston Crowne Plaza, visit the hotel’s website, www.crowneplaza.com/charlestonsc, or call the hotel direct at (877) 747-7301.

Contact:

Jerry Daly, Carol McCune, Media, Daly Gray, Inc., (703) 435-6293,                                                                                                                jerry@dalygray.com

Carrie McIntyre SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com

23rd Hunter Hotel Investment Conference to Examine How to Take Full Advantage of Rebounding Hotel Economy

ATLANTA, GA,  Jan. 19, 2011—Officials of the upcoming Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences, today unveiled its agenda noting that it will focus primarily on strategies hoteliers can use to take full advantage of the rebounding hotel economy. 

The 23rd annual event will take place on March 6-8, 2011, at the Atlanta Marriott Marquis (lower right photo) in Georgia.

“Registration is strong, reflecting the rebounding hotel economy and the resultant positive attitude,” said Bob Hunter (top right photo), CEO of Hunter Realty and conference co-chair.

 “Owners are telling us they are anxious to step away from their hotels, where they have been hunkered down to survive the hard downturn. 

“They want to talk to other owners and hear industry experts help them determine how best to proceed to take full advantage of what they anticipate to be the beginning of a long-awaited turnaround. 

“In most sectors of the industry, there are growing signs of new activity; renovations are being considered and more real estate deals are getting done. 

“After two years of kicking the can down the road, people are ready to kick-start their hotels and acquisition activities.  We believe this will spark more deals to be initiated at this year’s conference than any in the past few years.”

“We are getting particularly strong positive response to the topics of hotel real estate values and finance,” said Lee Hunter (middle left photo), Conference co-chair.  “The speakers and timely topics, plus the networking opportunities, are very compelling at this phase of the cycle.”

 “Our conference is targeted to, and draws the greatest percentage of hotel owners of any of the major hotel investment conferences,” he noted.

 “The Conference content this year is especially targeted to that group to provide them with the creative strategies to take optimum advantage of the rebound.”

The Hunter Hotel Investment Conference will present more than 100 speakers from 27 states in 25 sessions.

For more information on the program and to register, please visit the conference website at http://www.hunterconference.com/

or contact Bob Hunter or Nancy Petenbrink, Conference Director, at 770-916-0300 or by email at nancy.petenbrink@hunterhotels.net

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The conference headquarters are located at 300 Galleria Parkway, S-620, Atlanta, Ga. 30339.

Contact: Jerry Daly, Chris Daly,  Daly Gray Public Relations, (703) 435-6293

Central Florida Commercial Association of Realtors hosts monthly luncheon to discuss Immigration and Real Estate

  

ORLANDO, FL - CFCAR members gathered at the Dubsdread Golf Club for their monthly luncheon to discuss Immigration and Real Estate — EB-5.

“This year, the CFCAR Board is making a diligent effort to continue to be relevant to our members,” says Chere Roane (top right photo), President of CFCAR.

“We are hosting monthly luncheons as a way to educate our members in ways that will help them become more effective real estate professionals.

“This month we focused on how visas and immigration trends are affecting our business. Other ideas for events include economic development initiatives that are being enacted, real estate accounting practices, and finding tenants, where no tenants seem to be.”

 February's speaker will be Edgar Kidd with the IRS to further educate our members on their investments and taxes. 

Highlighted by guest speakers were Richard Asta (top left photo), President and COO of CommerCenters, LLC and Richard Hostetter, General Counsel and Sr. Vice President of Capital Markets, CommerCenters LLC

Richard Hostetter revealed, “There were 1885 EB-5 Visas awarded in 2010. Capital raised over the last five years exceeds $2.5 billion.”

Also mentioned by George Livingston (lower right photo):  “In the capital stressed environment in which commercial real estate in the U.S. is operating, the EB-5 program is providing foreign capital for U.S. developers and creating much needed jobs”.

CFCAR Luncheons are held the 2nd Tuesday of the month at Dubsdread Country club. Details are at http://www.cfcar.net/

For more information,  contact:

Chere R. Roane,	CCIM, CIPS — Principal & Broker — Nicole Hudson Realty CFCAR — 2011 President(407) 872-0062 - Broker@NicoleHudson.com
Nicholas E. Ledvora,	CCIM, Managing Director - Equity Investment Services CFCAR — Vice President of Operations — Marketing & Press Release Chair(407) 573-0711 - NLedvora@EISRE.com
Whitaker Leonhardt,	Associate — Crossman & Company CFCAR — Vice President of Admin — Marketing & Press Release Co-Chair(407) 423-5400 - mailtop:WLeonhardt@CrossmanCo.com

Essex Realty Group Inc. Celebrates 20th Anniversary and Appointments of Principals to the Firm

CHICAGO IL, Jan. 18, 2011--.Essex Realty Group, Inc. is proud to announce it is celebrating its 20th anniversary successfully serving the Chicago-area investment real estate market.

Essex is also pleased to announce it has named James Darrow, Douglas Fisher  Matthew Welke as principals of the firm.

 James J. Darrow  (top right photo) is a third generation investment real estate professional and is a past President of the Commercial Real Estate Forum. He has more than 15 years of investment real estate experience and has been with Essex since 1998.

Doug Fisher (middle left photo) a former commercial and investment banker, has over 20 years of commercial real estate experience and joined Essex Realty Group in 2002 as a Managing Director.

 Matthew Welke (lower right photo) joined Essex Realty Group as Managing Director in March 2004. He was recently honored by GlobeSt.com and Real Estate Forum as a national 40 Under 40 award recipient.

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

Since it’s founding in 1990, Essex has carved a unique niche, focusing exclusively on the brokerage of investment properties valued between $1 million and $30 million, with a strong emphasis in multi-family, retail and shopping center sales.

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

dougimber@essexrealtygroup.com

Grubb & Ellis Represents Strada Investment Group in Acquisition of Berkeley Crossing for $15 Million

  

WALNUT CREEK, CA (Jan. 18, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Steve Golubchik (top right photo) and Nicholas Bicardo (top left photo), both vice presidents of the company’s Investment Services group, represented Strada Investment Group in its acquisition of Berkeley Crossing, a Class A office building in Berkeley. 

 Strada Investment purchased the note, originally valued at $28 million, and worked with both the lender, New York Life Investment Management LLC, and the previous owner to take ownership of the property in a deed-in-lieu-of-foreclosure transaction.

 Located at 1608 4th St., Berkeley Crossing offers 131,694 square feet of space and was approximately 30 percent leased at the time of the acquisition.  Renovated in 2000, the property is designed for technology use with open floor plans for flexible layouts.

 Additionally, Berkeley Crossing is equipped with a roof deck that provides views of the surrounding Bay Area and East Bay Hills.  The property is located within close proximity to Interstates 80 and 580 as well as State Route 123. 

 “This is a high quality property in a strong location that offers a tech type feel for tenants in the region looking for larger contiguous blocks of space that are rarely available in Berkeley,” said Golubchik.

 

Contact: Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Banks Repossess 54,400 South Florida Properties In 2010

MIAMI, FL--Banks repossessed more than 54,400 South Florida properties in 2010, representing a 79 percent increase on a year-over-year basis compared to 2009, according to a new report from CondoVultures.com.

Lenders took title through the foreclosure process to 23,000 properties in Miami-Dade County, 20,400 properties in Broward County, and 11,000 properties in Palm Beach County, according to an analysis by the licensed Florida brokerage Condo Vultures® Realty LLC.

Lenders have repossessed more than 121,000 properties since the real estate crash began in 2007. The year 2010 represents the single-greatest number of repossession in a year.

 By comparison, lenders repossessed 30,400 properties in 2009, 26,250 properties in 2008, and 10,100 properties in 2007, according to the analysis based on Clerk of the Court records in all three South Florida counties.

"The year 2010 proved to be a record year for bank repossessions in South Florida," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Nearly as many properties were taken back by lenders in 2010 as in the previous two years combined. It is worth noting that bank repossessions in 2010 are the result of a lengthy foreclosure process that probably began back in 2008 or 2009."

Foreclosures, repossessions, and rental rates are topics scheduled to be discussed at the upcoming Condo Vultures® 3rd annual "State of the South Florida Condo Market" event on Jan. 25 at the Miami City Club (lower left photo) at the top of the Wachovia Financial Center in Downtown Miami.

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

Crossman & Co. Names Mallory Ham and Britney Mroczkowski Research Analysts in Orlando and Tallahassee

ORLANDO, FL --- Crossman & Company, the Orlando-based commercial property firm that ranks as one of the largest third-party retail leasing and management firms in the Southeast and celebrating its 20th anniversary, has hired Mallory Ham (top right photo) and Britney Mroczkowski (middle left photo)i as research analysts. 

John Crossman, president of Crossman & Company, said Mroczkowski will graduate from Florida State University with Bachelor of Science degrees in Real Estate and Marketing in May 2011.  She is a member of the International Council of Shopping Centers.   Mroczkowski will be based in Tallahassee.

Ham graduated in December 2010 from Florida State University with a Bachelor of Science in Real Estate and Finance.  She is a member of the International Council of Shopping Centers.   Ham will be based in Orlando, Crossman said.

For more information, contact:

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

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

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

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New Faces at Holliday Fenoglio Fowler

 Michael Weinberg is senior real estate analyst in Miami commercial real estate capital markets group

MIAMI, FL – HFF (Holliday Fenoglio Fowler, L.P.) announced  that Michael Weinberg (top right photo) has joined the firm as a senior real estate analyst and will focus on equity and debt commercial real estate capital markets transactions in the hotel and retail sectors throughout Florida. 

Mr. Weinberg has more than five years of experience in the commercial real estate industry and prior to joining HFF, he was the director of real estate at Rida Development.  In this role, Mr. Weinberg sourced acquisitions for hotel, office, retail and land transactions throughout the Florida market.  Prior to that, he was an associate with Trammell Crow Company – CB Richard Ellis.

Contacts:   

Manuel A. DeZarraga, HFF Senior Managing Director, (305) 448-1333 mdezarraga@hfflp.com

Daniel C. Peek, HFF Senior Managing Director, (305) 448-1333 dpeek@hfflp.com

H. Bradley Peterson, HFF Managing Director, (407) 286-5224 bpeterson@hfflp.com

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

krmurphy@hfflp.com

K.C. Patel is New Director in National Hotel Group

NEW YORK, NY – HFF (Holliday Fenoglio Fowler, L.P.) announced that K.C. Pate (lower left photo)l has joined the firm as a director in its New York office and will focus on institutional grade hotel and resort property transactions throughout North America. 

Throughout his 11-year career, Mr. Patel has been involved with hospitality real estate investments including property management, investment sales, CMBS origination and principal acquisitions totaling more than $3.5 billion. 

Prior to joining HFF, Mr. Patel was the vice president of joint venture hospitality acquisitions on behalf of JP Morgan’s $1.5 billion alternative property fund.

Contacts:

Daniel Peek, HFF Senior Managing Director, (305) 448-1333, dpeek@hfflp.com

Mike Tepedino, HFF Senior Managing Director, (212) 245-2425 mtepedino@hfflp.com

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

krmurphy@hfflp.com

AREA Property Partners and Winston Harton Holdings Acquire Sheraton Safari Hotel and Suites in Orlando

ORLANDO, FL /PRNewswire/ -- AREA Property Partners and Winston Harton Holdings, LLC announced the purchase and planned $25 million redevelopment of the Sheraton Safari Hotel and Suites (above centered  photo) on Lake Buena Vista Drive in Orlando, Fla. 

The seller and transaction price for the 489 key facility were not disclosed.  Extensive improvements of the facility are scheduled to begin immediately, with completion anticipated by spring 2012, the firms said.

"We are very pleased to conclude this transaction and to be part of the redevelopment of Sheraton Safari Hotel and Suites," said Randy Torres, AREA partner.  "It is an opportune time to reposition and reestablish the hotel as the Orlando hospitality market continues its recovery."  

"A top team has been assembled to execute the Sheraton Safari's redevelopment plan in this phenomenal location," said Russ Flicker, managing partner, Winston Harton Holdings, LLC.  "We are eager to create a strong presence in the Orlando market and look forward to great success with a revitalized property."

"We are delighted to enhance our footprint in Orlando with the redevelopment of Sheraton Safari," said Hoyt H. Harper II, (middle left photo) Senior Vice President for Sheraton Hotels & Resorts.

"Sheraton prides itself on instilling a sense of belonging in its guests by providing them with spacious accommodations, signature services and updated technologies that will all be present at the new Sheraton Safari."

For more information on the Sheraton Safari Hotel and Suites, please contact 1-800-325-3535 or visit http://www.sheratonsafari.com/

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Contact:

 For AREA Property Partners: Michelle Manoff, Rubenstein Public Relations, +1-212-843-8051, mmanoff@rubensteinpr.com;

 For Sheraton Safari Hotel and Suites: Autumn Mayfield, The Mayfield Group, +1-850-421-9007, amayfield@the-mayfield-group.com

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

Regency Centers Announces Tax Information for 2010 Distributions

 JACKSONVILLE, FL (Jan. 17, 2011)— Regency Centers Corporation (NYSE: REG) today announced the Federal income tax treatment of its 2010 distributions to holders of its common shares and Series 3, 4 and 5 Preferred shares

Please contact Lisa Palmer, IRInfo@regencycenters.com at 904-598-7636 for details.

National Retail Properties, Inc. Announces 2010 Dividend Tax Status

 Company Marks 21st Year of Consecutive Dividend Increases

ORLANDO, FL, /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), an equity real estate investment trust, announced  that 76.5209% of the dividends paid to common shareholders and 100.0% of the dividends paid to preferred shareholders in 2010 are classified for federal income tax purposes as a taxable distribution.

Please contact  Kevin B. Habicht (top right photo), Chief Financial Officer, +1-407-265-7348  for the table showing the tax attributes of the common stock and preferred series dividends paid per share.

"The common dividend of $1.51 per share paid in 2010 marks the twenty first consecutive annual dividend increase for National Retail Properties, a milestone very few public companies have achieved," said Habicht. 

"This consistent dividend has been an important part of the company's total return to shareholders which has outperformed industry and general equity benchmarks."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2010, the company owned 1,037 Investment Properties in 43 states with a gross leasable area of approximately 11.7 million square feet.

 For more information on the company, visit www.nnnreit.com

Promotions and New Faces at Marcus & Millichap

David E. Thurston Promoted to Associate Vice President Investments

ELMWOOD PARK, NJ – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted David E. Thurston (top right photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Michael J. Fasano, vice president and regional manager of the New Jersey office.

Most recently, Thurston held the title of senior associate in the New Jersey office.

Michael P. Regan Moves Up to Associate Vice President Investments

TAMPA, FL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael P. Regan (top left photo) to associate vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Bryn Merrey, regional manager of the firm’s Tampa office.

 Most recently, Regan held the title of senior associate in the Tampa office.

John T. Thornton Named Deputy General Counsel

ENCINO, CA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named John T. Thornton (lower right photo) deputy general counsel, according to John J. Kerin, president and chief executive officer.

Thornton will be based in the Los Angeles office.

Most recently, Thornton served as division general counsel at CB Richard Ellis. In that post, he was responsible for handling a wide variety of legal matters including litigation, corporate real estate, advising business units, and drafting and negotiating brokerage and other real estate services agreements.

“John brings nearly a quarter of a century of expertise in commercial real estate law to his new post as deputy general counsel,” explains Paul Mudrich, managing director and chief legal officer of Marcus & Millichap. “He will be an asset to our management team and investment professionals nationwide.”

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

Marcus & Millichap Sells 90-Unit Apartment Building in Winter Haven, FL for $2.45 Million

WINTER HAVEN, FL, Jan. 17, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sunrise Bay Apartments (top left photo) , a 90-unit apartment property located in Winter Haven, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,451,312.

Michael P. Regan (top right photo), an associate vice president investments, Francesco P. Carriera (middle left photo), a senior associate and Nicholas Meoli (lower right photo), a multifamily investment specialist all based in the Tampa office, represented the seller, a private investor and the buyer, a limited liability company, both based out of Florida.

 “This deal was unique in the fact that it was a structured short sale by the second mortgage holder.

“ Additionally, this property had 18 units that participated in a restricted rent program which we were able to get released.

"Throughout our marketing period, we fielded ten offers before we were able to close within ten days of contract with the buyer” said Meoli.

Sunrise Bay Apartments was built in 1991 and is located at 101 Parker Lane Northeast.

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

HFF arranges $15.13 million in financing and joint venture equity for Hilton Hotel & Conference Center in Scranton, PA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $15.13 million in financing and joint venture equity for the Hilton Hotel & Conference Center (top left photo), a 175-room hotel in downtown Scranton, Pennsylvania.

HFF directors Greg Labine (top right photo) and Janet Krolman (lower left photo) worked exclusively on behalf of Linchris Hotel Corporation to secure the $9.6 million adjustable-rate loan through a national bank. 

Blue Vista Capital Partners, LLC contributed $5.5 million of joint venture equity.  Proceeds were used to acquire the property, which was purchased unencumbered by management.

Completed in 2003, the seven-story property has approximately 26,000 square feet of meeting space, a full-service restaurant and lounge, a Starbucks counter, heated indoor lap pool, fitness center, business center and spa treatment rooms. 

The Hilton Hotel & Conference Center is located at 100 Adams Street close to Interstates 81, 476, 380 and 84 in downtown Scranton in eastern Pennsylvania.

“This purchase fits the Linchris acquisition strategy perfectly.  Linchris will be able to utilize their operational expertise to improve the bottom line performance of this market-leading hotel while continuing to improve the asset through the implementation of a PIP,” said LaBine. 

 “Blue Vista was able to quickly recognize the extensive track record that Linchris has in successfully executing this strategy, particularly in secondary markets, and performed throughout the process.  

"HFF created a structure with the bank, which incorporated both an acquisition loan and an improvement facility.”

 

Contacts:    

Grefory F. Labine, HFF Director, (617) 338-0990, glabine@hfflp.com

Janet N. Krolman, HFF Director, (617) 338-0990, jkrolman@hfflp.com

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

krmurphy@hfflp.com