Thomas Clearwater Named Senior Vice President of Sales for Richfield Hospitality

 DENVER, CO, Feb. 9, 2011—Richfield Hospitality, a leading hotel management company, today announced that Thomas Clearwater has joined the company as senior vice president of sales.  He will head all property-level sales for the company’s 24-hotel portfolio.

“The outlook for the hotel industry is positive, with business and meeting business expected to improve substantially over the coming year,” said Richfield Hospitality president Greg Mount (top right photo).

 “Tom will develop and oversee execution of the sales strategies for each of our properties with a focus in 2011 on driving rate.  Our portfolio gained market share last year, and Tom will help us build additional momentum.  Combined with the electronic marketing expertise from our Sceptre Division, we have a formidable team in place to continue to grow market share and profitability.”

Prior to joining Richfield, Clearwater was vice president of sales and special events for the Hard Rock Hotel & Casino in Las Vegas.

 Previously, he was vice president of hospitality finance for GE Capital – Franchise Finance.  He is a former vice president of sales & marketing for Starwood Hotels & Resorts, where he was responsible for managing the sales and revenue management functions for 30 key hotels in the Southwest market.  He holds a Bachelor of Arts degree in Business Administration from Ohio Northern University.

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

jerry@dalygray.com

Summit Hotel Properties, Inc. Prices Initial Public Offering

  

SIOUX FALLS, SD, Feb. 8, 2011 —Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced the pricing of its initial public offering of 26,000,000 shares of common stock at a public offering price of $9.75 per share.

The offering is expected to close on February 14, 2011.

 The underwriters have been granted a 30-day option to purchase up to an additional 3,900,000 shares at the public offering price, less the underwriting discount, to cover over-allotments, if any.  All the shares are being offered by the Company. 

The shares are expected to begin trading on February 9, 2011 on the New York Stock Exchange under the symbol “INN.”

Concurrent with the closing of the offering, the Company expects to raise additional proceeds through a private placement to an affiliate of InterContinental Hotels Group on the terms described in the prospectus relating to the offering.

The Company will contribute the net proceeds of the offering and concurrent private placement to its operating partnership, which will use the net proceeds to repay or extinguish existing indebtedness and to fund capital improvements at the Company’s hotels and for general corporate and working capital purposes.

For additional information, please contact:

Jerry Daly, Carol McCune, (Media Daly Gray Public Relations, (703) 435-6293 jerry@dalygray.com                                                                                                                                Dan Boyum, (Investors), Summit Hotel Properties, Inc., (605) 361-9566,

dboyum@shpreit.com

Colliers International Completes Sale of Trophy Grocery and Drug Anchored Shopping Center in Valencia, CA

SANTA CLARITA, CA, Feb. 8, 2011-- Colliers International, the second largest global real estate services organization, facilitated the investment sale of Northpark Village Square (top left photo), an 87,094-square-foot neighborhood shopping center located at 27706 – 27760 McBean Parkway, Santa Clarita, Calif. to an institutional buyer with offices in Orange County California.

 The property is anchored by a high performing Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Built in 1996 and having undergone expansion in 1999, the center has maintained at least 95% occupancy since its construction.

 The Seller, Northpark Village Corporation, an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos (middle right photo), Senior Vice President and the Director of Retail Services Group, based in Colliers International’s Downtown Los Angeles office.

“The sale of Northpark Village Square proves there is a large investor appetite for quality ‘core’ grocery-anchored retail properties,” said Lagos.

“Our team was able to generate 23 qualified offers, 22 of which were all cash, within three weeks of commencing the marketing campaign. The sub 6% cap rate achieved for this transaction is an indicator of the strong demand we had from worldwide institutional investors capitalizing on the historically wide spreads between cap rates and treasury rates” said Lagos. 

 “We are proud of the level of service brought forth by Tom and his team. They are highly specialized allowing them to continually deliver solid results to their clients,” said Martin Pupil (middle left photo), Regional Managing Director of Colliers International Greater Los Angeles.

 “This demand for quality anchored shopping centers may not last very long, so I hope investors who have been sitting on the fence about selling their shopping centers take notice of this sale and seize the opportunity to dispose of their properties  this year,” added Lagos. 

“I must warn that even though market conditions are right and Buyer demand continues to be strong, all properties are different and you must have the right sales strategy to maximize value.” 

 Contact:

Angela S. Hwang

Regional Marketing Coordinator

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

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

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

http://www.colliers.com/

Marcus & Millichap Lists Two-Building Office Portfolio in Downtown Chicago

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for a two-building 396,000 square foot office portfolio in downtown Chicago.

One of the buildings is the landmark Heyworth Building (top left photo), located at 29 East Madison St., and the other is the Home Federal Building (middle right photo), which is situated two blocks away at 11 East Adams St. The buildings are being offered in an open bid and may be purchased together or separately.

Scott Harris, a senior vice president investments in the firm’s Oak Brook office, and Howard Wiese, a vice president investments in Chicago, are representing the seller, a Chicago-based investment firm.  

“These are both stabilized assets with an average occupancy of 90 percent. A new owner will be able to leverage the benefits of increased pedestrian traffic and retailer growth due to the close proximity of these assets to the rejuvenated State Street retail corridor,” says Harris.

“We believe the exceptional location, quality and stability of income stream, coupled with the much improved economic environment, make this an outstanding opportunity for a buyer to acquire two core assets,” adds Wiese.

The Heyworth Building is a 236,151-square foot 19-story office building designed by noted architect Daniel Burnham’s firm, D. H. Burnham & Co. Built in 1904, the Heyworth Building has been designated as a historical landmark.

The 160,458-square foot 15-story Home Federal Building is located on the southeast corner of State and Adams Sts. The building is ground floor-anchored by the Bank of America.

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

MBA Honors Catherine Rodewald of Prudential MortgageCapital Co. with 2011 CREF Distinguished Service Award

 SAN DIEGO, CA (Feb. 8, 2011) - The Mortgage Bankers Association (MBA) today awarded Catherine Rodewald (top right photo), Vice President of Prudential Mortgage Capital Company, with the CREF Distinguished Service Award at the Association's 21st Annual Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo held in San Diego, CA.

 The award was given to Rodewald in recognition of her dedication and prominent service to MBA and the mortgage lending industry. 

 "Catherine has distinguished herself among her peers as one of our industry's most dynamic and thoughtful leaders. I am pleased that we, as an association, are able to recognize her for her efforts," said MBA Chairman Michael D. Berman (middle left photo), CMB. "Her ability to motivate her peers and tackle the important issues at hand makes her commitment to MBA and the industry as a whole invaluable."

 Nominees for the CREF Distinguished Service Award must be associated with an MBA member firm, have a record of sustained and extraordinary service to MBA and the commercial/multifamily real estate finance industry, and have a strong reputation for ethical and professional conduct.

Rodewald joined Prudential in 2002, where she is responsible for the servicing and asset management operations of the commercial real estate loan portfolios, as well as the organization's technology strategy and business systems.

In addition, Rodewald is a member and immediate past chair of the Board of Directors of MISMO, the Mortgage Industry Standards Maintenance Organization. She is also a past chair of the Mortgage Bankers Association's CREF Technology Committee.

  Contact: Melissa Key, (202) 557-2799, mkey@mortgagebankers.org

Mercantile Capital Corp. Reports Seven Commercial Loans in January, Up More than 31 Percent Over Last January

ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly-owned subsidiary of Old Florida National Bank, reported it closed on seven commercial loans to finance projects that total $15.2 million in January. 

Mercantile Capital Corporation specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

Christopher Hurn (top right photo), chief executive officer of Mercantile Capital Corporation, said the firm’s loan volume in January is up more than 31 percent over the same period last year.

“We are seeing a substantial increase in lending opportunities in markets all across the country,” Hurn said. “Entrepreneurs perceive property values at historic lows, interest rates at historic lows and an overall economic picture that is turning optimistic,” he explained.

Hurn said pent-up demand for commercial property development and acquisitions have resulted in a record volume of loan applications.

“We anticipate that February’s loan volume will show even better growth than January,” Hurn said.

In 2010, Mercantile funded a record-setting $140.6 million in SBA 504 loan projects in 13 states.

For more information about this press release, contact:

Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040

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

Casino, Resort and French-Themed Village to Provide Major Boom to Mississippi Gulf Coast

 D’IBERVILLE, MS– A $450 million world-class casino, resort and French-themed retail and entertainment village is expected to create 2,000 jobs and infuse much-needed tax revenues into the historic waterfront City of D’Iberville, located along the Gulf Coast adjacent to Biloxi, one of the hardest hit by Hurricane Katrina and impacted by the BP Oil Spill.

 The 18-acre CanCan Casino Resort and the French Village (top left rendering)  will include a 60,000-square-foot casino with 1,800 slots, 46 table games, and 16 live poker-tables, along with flexible meeting space and a showroom; 90,000 square feet of retail including restaurants, night clubs, and shopping; 550 hotel rooms including a 300-room French-themed stand-alone hotel; and a freestanding wedding chapel, in this area, believed to be the first of its kind outside of Las Vegas.

 “We expect this project to serve as a catalyst for the revitalization of the D’Iberville-Biloxi area and the entire Gulf Coast region,” said George Toth (middle right photo), president and CEO of CanCan Development, LLC.

“The mix of unique entertainment, hospitality and cultural offerings will draw tourists from across the country and the world, adding to the city’s tax base and providing significant indirect revenues to businesses in the region.”

 Toth expects the CanCan Casino Resort & Spa and French Village to generate more than $260 million a year in gross revenue, providing a major boost to the local economy.

 Hurricane Katrina caused massive damage to the D’Iberville-Biloxi metropolitan area, destroying 90 percent of buildings along the coast, including many casinos.

In the five years since Hurricane Katrina hit, the hospitality industry is still rebuilding, reaching only 72 percent of its employment level from 2005. Tourism in the region was also adversely affected by the recent BP Deepwater Horizon oil disaster.

The CanCan Casino Resort & Spa and the French Village is the first ground-up casino, hotel, and retail development in the Biloxi area since Hurricane Katrina and will serve as a centerpiece to the revitalization effort in the Old Town Section of D’Iberville.

Along with entertainment, dining, gaming and lodging, the development will provide for the creation of live/work areas, green space, and retail and professional centers.

 The CanCan Casino Resort & Spa and the French Village is designed by internationally renowned architecture firm LEO A DALY, responsible for the Trump Taj Mahal, Atlantic City; The Orleans Hotel & Casino, Las Vegas; Casino Del Sol, Tucson, Ariz.; South Point Hotel, Casino and Spa, Las Vegas; and Suncoast Hotel & Casino, Las Vegas. Francis Xavier Dumont is the lead architect.

 With a groundbreaking planned for early 2011, the CanCan Casino Resort & Spa and the French Village is expected to open 16 months after the start of construction pending regulatory approval.

 Contact: Jennifer Little, VP, Rubenstein Public Relations, 212.843.8364

jlittle@rubensteinpr.com

Chris Vitori Joins Cincinnati Office of Marcus & Millichap

CINCINNATI, Feb. 8, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Chris Vitori (top right photo) as an office and industrial investment sales specialist in Cincinnati office, according to Joshua Caruana (lower left photo), regional manager of the office.    

Most recently, Vitori was a vice president and partner at the Everest Group, based in Cincinnati.

“Chris brings first-hand market expertise to his new position and will add significant value to our private and institutional investor clients and the Marcus & Millichap brokerage platform, particularly as we expand our office and industrial presence in Cincinnati and throughout the Tri-State area,” says Caruana, who also oversees the firm’s Indianapolis office as regional manager. 

Throughout the course of his career, Vitori has arranged approximately $32 million in sales and leasing transactions in the Greater Cincinnati MSA.

Vitori is a member of the board of directors of Access Business Development and Finance in West Chester, Ohio, and is on the Xavier University Executive MBA Advisory Board. He received his bachelor’s degree in Engineering from the University of Dayton.

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

Cousins Properties Reports Results for Quarter and Year Ended December 31, 2010

 

ATLANTA, GA -- Cousins Properties Incorporated (NYSE:CUZ)  reported its results of operations for the quarter and year ended December 31, 2010.

Highlights:

• FFO Before Non-Cash Impairment and Separation Charges totaled $0.16 per share.
• Completed leasing totaling 491,000 square feet, reaching 2,994,000 square feet for 2010, a full year increase of 41% for office, 18% for retail and 16% for industrial.
• Sold $27.7 million of non-strategic assets for a 2010 total of $172.8 million.
• Invested $14.9 million in a new partnership owning four Publix-anchored shopping centers.
• Returned to an all cash dividend at an annualized rate of $0.18 per share.

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

Gregg D. Adzema. Executive Vice President and Chief Financial Officer, 404-407-1116, greggadzema@cousinsproperties.com. or

Cameron Golden. Director of Investor Relations and Corporate Communications

404-407-198, camerongolden@cousinsproperties.com

http://www.cousinsproperties.com/

 

TD Wood Brokers $5 Million Loan in Pembroke Park, FL

 MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $5,068,000 for Carolina 31st Corporation in Pembroke Park, Florida.

Marshall Smith (top right photo), Company Executive Vice President, secured financing for Carolina 31st Corporation through Thomas D. Wood & Company’s correspondent relationship with Advantus Capital Management. 

The fixed-rate loan has a term of 10 years, based on a 22-year amortization and an interest rate of 5.15%.  The loan-to-value is 65%.  The 158,000 square-foot industrial building was built in 1980 and is located at 1800-2000 SW 31st Avenue, Pembroke Park, Florida.

For further information, please contact:

Marshall Smith, (305) 447-7825, msmith@tdwood.com

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

Mercantile Capital Corp. Names Three New Executives

 ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corp. in Altamonte Springs appointed three new executives recently.

 Christopher Hurn (lower right photo), chief executive officer at Mercantile Capital Corporation, said he appointed Derek J. Housh (middle left  photo) as Loan Officer, who will focus on healthcare lending.

 Housh earned his B.A. Degree in Economics from Ohio State University in 1999 and has more than 10 years of experience as a loan officer specializing in financing medical, dental, and veterinarian practices.   Housh was formerly southeast regional manager for Bank of America Practice Solutions.

 Hurn appointed Zenia Birdie (top right  photo) as Closing Officer at the firm. Birdie earned her B.S. Degree in Business Administration from the University of Florida recently with a specialization in marketing.  She was formerly an intern for Mercantile Capital Corp.   In her new role, Birdie will facilitate closings and work with borrowers.

 Hurn appointed Stephen Robertson as Sales Associate. Robertson has more than six years of experience in financial service, including a position as a wholesale mortgage business account executive with J.P. Morgan Chase.  Robertson plans to graduate from the Warrington College of Business at the University of Florida in April with his MBA Degree.

 “Mercantile Capital Corporation posted its best year ever in 2010, and we are expanding to accommodate growing demand for our services,” Hurn said.

The firm, which merged with Old Florida National Bank in Winter Park last year, specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.

For more information about this press release, contact:  

Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040;  

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

Owed $97.3 Million, Lender To Repossess 329 Waterfront Miami Units

 MIAMI, FL--A lending consortium is days away from officially repossessing 169 condo-conversion units and 160 rental apartments that front Miami's Biscayne Bay as part of a nearly $100 million foreclosure, according to a new report from CondoVultures.com.

The lending consortium is poised to take title to nearly 380,000 square feet of residential space in the unfinished Treasures on the Bay three-building, condo-conversion complex in the island city of North Bay Village, located between Greater Downtown Miami and Miami Beach.

A newly formed Florida corporation managed by the Owens Financial Group Inc. of Walnut Creek, Calif., has been designated to take the official title to the 329 units and two undeveloped lots after winning a court-ordered foreclosure auction on Feb. 2, 2011 with a bid of $500,100, according to Miami-Dade County records. 

The foreclosure auction was the last step in repossessing the units and land following a summary judgment for $97.3 million that was issued in October 2010 by Miami-Dade Circuit Court Judge Valerie Manno-Schurr.

"Treasures on the Bay is a condo-conversion project that wound up being a casualty of the South Florida real estate crash," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The original condo converter successfully renovated and sold off most of the first tower, and was poised to sell off the since-renovated second tower when the market collapsed in 2007. Work never had a chance to begin on a third tower." 

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

Cuhaci & Peterson Architects Win Contract to Design Interior for Cupcake Crazy Store at Stoneybrook West Village in Winter Garden, FL

ORLANDO, FL --- Cuhaci & Peterson Architects, LLC based in Orlando’s Baldwin Park, was selected to design the interior of the new Cupcake Crazy retail store at Stoneybrook West Village, located at Stoneybrook West Parkway in Winter Garden.

Lonnie Peterson, chairman of the architectural firm, said the Cupcake Crazy story will occupy 1,800 square feet of retail space at Stoneybrook West.

For more information,  contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  

Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  

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

  

Stan Johnson Co. Completes $13.95 Million Sale of Thomson Reuters-Occupied Property in Brookfield, WI

BROOKFIELD, WI, Feb. 7, 2011 –Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a three-story, 84,700-square-foot office building100 percent occupied by Thomson Reuters to a California-based private investor for $13.95 million.

Located within a suburban office park, the property is situated on 6 acres at 350 N Sunny Slope Road in Brookfield, WI, a suburb of Milwaukee.

Craig Tomlinson (top right photo) of Stan Johnson Company represented the buyer who was in a 1031 exchange.

The seller was a unit of CW Capital as special servicer for a Wells Fargo CMBS issuance.  The seller was represented by Cassidy Turley and had only recently acquired the property by a deed in lieu.

The property was built in 1984 and has been occupied by Thomson Reuters, an information services company, since 1989. There are approximately 10 years remaining on its long-term lease.

“The buyer recognized the value in the combination of real estate fundamentals and long-term lease with a credit tenant,” said Tomlinson.  “The seller had already done a great job stabilizing the asset and worked quickly through the process to get the deal closed.”

Contact: David Ebeling, Ebeling Communications, (949) 278-7851,  

david@ebelingcomm.com

                       

Grubb & Ellis Manages Disposition of 179,200-SF Warehouse/Distribution Facility in New Kingston, PA

 KING OF PRUSSIA, Pa. (Feb. 7, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it represented an affiliate of Lexington Realty Trust in the sale of a 179,200-square-foot warehouse/distribution facility at 34 E. Main St. in New Kingston to Lexmain Realty Ventures LLC.

 Stephen Bonge, Timothy Brogan and Patrick McBride, all senior vice presidents in the Global Logistics group, and Carl Neilson, senior vice president, Investment Services, facilitated the transaction.

 “The facility’s location in one of the Northeast’s most active and growing logistics markets resulted in a high level of buyer interest in the property,” said Brogan.

Located on Route 11 with excellent access to I-81, the Pennsylvania Turnpike and I-83, 34 E. Main St. is a highly functional, food-grade warehouse/distribution facility located in the Central Pennsylvania industrial market.  Property improvements include a ballasted EPDM roof and 10 rail doors.

Contact: Erin Mays. Phone: 312.698.6735                              

Email: erin.mays@grubb-ellis.com

Chesapeake Hospitality Signs Agreement to Manage Holiday Inn Palm Beach Airport

WEST PALM BEACH, FL, Feb/ 7, 2011—Officials of Chesapeake Hospitality, an award winning third-party management firm, today announced that the company has signed an agreement to operate the 199-room Holiday Inn Palm Beach Airport Conference Center (top left photo).

 The property has operated under the Holiday Inn flag for more than 15 years while maintaining consistent ownership under the Phillips Family, a name recognized nationwide for their Phillips Seafood Restaurants and Phillips Foods brands.

“The Holiday Inn Palm Beach Airport aligns with our portfolio of branded full- and select-service hotels,” said Kim Sims, Chesapeake president. 

“Our extensive presence in Florida and our strong affiliation with Intercontinental Hotel Group (IHG) brands makes us a perfect fit for this location. 

" We have a proven track record of successful hotel operations and will be focused on customer service, maximizing revenue streams and taking advantage of IHG’s Priority Club rewards program.”

“We are excited to have Chesapeake Hospitality on board to manage our hotel, and we look forward to working with their management team,” said Steve Phillips (middle right photo), chief executive officer of Phillips Seafood Restaurants and Phillips Foods.

The full-service Holiday Inn is located less than a mile from Palm Beach International Airport (lower left photo) and is convenient to the corporate business community, downtown West Palm Beach and popular leisure demand generators, such as Worth Avenue in Palm Beach and area beaches.

The hotel has recently completed Holiday Inn’s re-launch program that includes 32” flat screen televisions and complimentary Internet service.  Among the hotel amenities are 10 meeting rooms totaling 6,500 square feet, a heated outdoor pool and a well-equipped business center.

 

Contact:    

Joe Smith, (216) 496-9120, jsmith@chesapeakehospitality.com

For additional information, visit the company’s website:  http://www.chesapeakehospitality.com/

.

Morrison Commercial Real Estate Completes Office Lease Transactions Totaling 16,431 SF in Metro Orlando

ORLANDO, FL (Feb. 7, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two office lease transactions totaling 16,431± square feet.

 Lisa Bailey top right photo) and Phil Marchese (lower left photo) represented the landlord, OCP Portfolio, LLC in leasing 10,000± square feet to Certified Testing Laboratories at 1924 Premier Row in Orlando.  The tenant was represented by Joseph Luczaj of Real Estate for Kids.

 In Casselberry, Phil Marchese and Lisa Bailey represented Zvetco, LLC in the of 6,431± square feet at 489 E. Semoran Boulevard. 

The landlord, James M. Rudnick, as trustee for the James M. Rudnick Revocable Living was represented by Lee Zerivitz of the Bywater Company.

Contact: Kathryn Crownover, Phone: 407.219.3500 ext. 210

Email:  kcrownover@morrisoncre.com

MBA: Only 11 Percent of $1.4 trillion of Non-Bank Commercial/Multifamily Mortgage Debt Set to Mature in 2011

  

SAN DIEGO, CA (Feb. 7, 2011) - Of the $1.4 trillion balance of outstanding commercial/multifamily mortgages held by non-bank investors, only 11 percent of the total ($155 billion) will mature in 2011, and 9 percent ($125 billion) in 2012 according to today's release of the Mortgage Bankers Association's (MBA) 2010 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. 

The survey found that maturities vary considerably by the type of investor holding the loan. 

 "The long-term nature of commercial real estate means that relatively fewer - not more - commercial and multifamily mortgages have been maturing during the throes of the credit crunch and recession compared to other credit types," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 "For most investor groups, commercial mortgage maturities are relatively spread out, with some increases starting in 2015 as the loans originated in 2005, 2006 and 2007 come due."

 MBA's 2010 survey collected information directly from servicers on the maturity years of more than $1.4 trillion in outstanding non-bank commercial/multifamily mortgages.

Only small shares of the commercial and multifamily mortgage debt held by life insurance companies, Fannie Mae, Freddie Mac or FHA, or in fixed-rate commercial mortgage-backed securities (CMBS) will be coming due in 2011 or 2012. 

Greater shares of mortgages held in short-term and floating-rate commercial mortgage-backed securities (CMBS) and by credit companies, warehouse facilities and other investors will mature in 2011 and 2012.

  

To learn more or to purchase a copy of the report, please visit:

http://www.mortgagebankers.org/ResearchandForecasts/ProductsandSurveys/LoanMaturityVolumes.htm

 Contact: Melissa Key, (301) 509-5537, mkey@mortgagebankers.org

Savanna Secures $47 Million Financing for 5 Hanover Square in Manhattan’s Financial District

NEW YORK, NY – FEB. 7, 2011 – Savanna, a New York-based institutional real estate private equity and asset management firm, today announced the closing of a $47 million loan for 5 Hanover Square (top left photo). 

Located between William and Hanover Streets in Manhattan’s Financial District submarket, this 25-story, 333,000-square-foot multi-tenant office building designed by architect Henry G. Green was built in 1962 and has undergone over $24 million of renovations and upgrades since 2003.

The $47 million loan, provided by Mesa West Capital, will finance the completion of Savanna’s capital improvement plan, which will cover bathroom and hallway renovations, elevator and major building system upgrades, and minor cosmetic improvements to the recently renovated lobby.

Additionally, the financing capitalizes the property to pay the leasing and tenant fit out costs necessary to attract top quality tenants. 

With this transaction, Savanna has successfully secured financing to recapitalize four major commercial properties in Manhattan over the past 12 months.

“It has been a pleasure to work with Mesa West Capital on this transaction and we look forward to financing future deals with them,” said Nicholas Bienstock (middle right photo), a Managing Partner of Savanna.

 “Additionally, we are pleased to continue the major capital investment program started by Swig Equities, which has and will continue to transform 5 Hanover into a very attractive building for its tenants.

“Swig Equities will remain the Managing Agent and we are excited to launch a marketing and leasing effort with Frank Cento of Cushman & Wakefield and Todd Korren of Swig Equities.”

Adam Spies of Eastdil Secured represented ownership in this financing. 

“Savanna has an excellent business plan and the new financing provides capital to reposition the building in an improving market,” says Raphael Fishbach (lower left photo), a Principal who heads Mesa West’s New York City office and directs its East Coast originations.

“Mesa West continues to expand its platform on the East Coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor.”

 Contact: Alan Segan, Telephone: 212-843-8064

Email: asegan@rubensteinpr.com

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for $2.75 Million Equestrian Estate in Highlands County, FL

ORLANDO, FL --- Stirling Sotheby’s International Realty has been appointed exclusive sales and marketing agents for a $2.75 million equestrian estate off U.S. Highway 27 near Lake Placid in Highlands County.

Roger Soderstrom, founder and owner at Stirling Sotheby’s International Realty, said luxury home specialist Erin Wanner (top right photo) negotiated the exclusive listing in Clover Trails (middle  left photo), a gated, deed-restricted equestrian community.

The five-acre estate includes a 7,120 square foot luxury home with five bedrooms, five and one-half-baths, a bonus room or game room an executive office, a spacious master suite with its own private sitting room, private gym, custom closet and large master bath with four person Jacuzzi tub.

Wanner said the estate includes a resort-style swimming pool with a 10-foot waterslide, grotto, beach style entry, tiki bar and huge spa, summer kitchen and an indoor gourmet kitchen with a 13 foot island, Viking stainless steel appliances, and butler’s pantry.

The detached workshop and garage feature an air conditioned office and restroom, 2nd floor storage and RV and boat parking with a raised ramp for easy access to a yacht.

To view the property see  http://www.stirlingsir.com/index.php?action=listingview&listingID=98441

For more information, contact

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 

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