Arbor Closes Three Fannie Mae DUS® Loans Totaling $9.8M Across Midwest

UNIONDALE, NY (Mar.  14, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three diverse loans totaling $9,797,400 under the Fannie Mae DUS^® Dedicated Student Housing Loan, Fannie Mae DUS^® Limited Equity Co-op Loan and Fannie Mae DUS^® Small Loan product lines across the Midwest:

• Cedar Greens Portfolio, East Lansing, MI (above photo)– The 54-unit student housing complex near the campus of Michigan State University received $6,000,000 funded under the Fannie Mae DUS^® Dedicated Student Housing Loan product line following a complete renovation. The 10-year loan amortizes on a 30-year schedule.
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• Colonial Square Cooperative, Kansas City, MO (above photo) – The 251-unit complex received $2,447,400 funded under the Fannie Mae DUS^® Limited Equity Co-op Loan product line. The 10-year loan amortizes on a 30-year schedule.

• Creekside and Meadow Brook Apartments, New Richmond, WI (above photo) – The 48-unit complex received $1,350,000 funded under the Fannie Mae DUS^® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

• The loans were originated by Michael Jehle (lower right photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office.

 “In each of these diverse Midwest deals, the borrowers took advantage of attractive financing opportunities to improve and/or refinance their properties,” Jehle said.

“With Cedar Greens, the repeat Arbor borrower replaced its variable short-term bank debt with long-term, fixed-rate financing following a complete renovation. In Colonial Square, the cooperative’s members wanted to undertake a significant renovation and we assisted by providing an attractive fixed-rate loan that completed the improvements.

"In the case of Creekside and Meadow Brook, the repeat Arbor borrower converted its variable-rate financing to fixed-rate.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Commercial Mortgage and Massey Knakal Shed Light On Real Estate Investment

Photo by Stacey Canderelli

(Pictured left to right, Robert Knakal, Massey Knakal Realty Services; Robert Ivanhoe, Greenberg Traurig; Ivan Kaufman, Arbor Commercial Mortgage, LLC; and Daniel Geiger, Real Estate Weekly)

Firms’ Special Event Shows Market Turning Corner; Multifamily Leading Way

NEW YORK, NY—Uniondale, NY-based Arbor Commercial Mortgage, LLC and Massey Knakal Realty Services recently brought their respective commercial real estate market expertise and insight to the Harvard Club of New York City by hosting a special panel event titled “Perspectives on Investment: Property Sales and Financing Markets.”

Moderated by Daniel Geiger, Real Estate Weekly’s Senior Staff Reporter and Online Editor, the event also featured panelists Robert Knakal, Massey Knakal’s Chairman and Founding Partner; Robert Ivanhoe, the Chairman of Greenberg Traurig’s Real Estate Practice and New York office as well as the Co-Chairman of the firm’s REIT practice; and Ivan Kaufman (top right photo), Chairman and CEO of Arbor Commercial Mortgage and President and CEO of Arbor Realty Trust, Inc.

 On a collective basis, the panelists noted that commercial real estate liquidity is now returning to the market in earnest, with trophy and multifamily properties specifically exhibiting the strongest demand and fundamentals.

   Contact:  Christopher Ostrowski, costrowski@arbor.com

Maryland Multi Housing Association, Inc.now offering FREE, Online Market Surveys and a password protected Website to most property owners/managers in Maryland

BALTIMORE, MD– The Maryland Multi Housing Association, Inc. (MMHA) announced they are now offering a FREE online market survey and password protected apartment website to all property managers/owners in the State of Maryland (all counties except Montgomery/Prince George).

 MMHA recently partnered with MyRentComps.com to offer the online market surveys.

According to Adam Skolnik, Executive Vice President of MMHA, “MMHA was the first apartment association outside of Florida to offer this free service to all apartment owners and managers.

“ Now the owners or property managers from Garrett County to Worchester County and everywhere in between can simply go to www.mmhaonline.org, click the blue market survey button and log in to update their rents/occupancies.

 Once they update their property, they can then invite their comp group to join them for MMHA’s FREE Online Market Survey.

“This is the first online market survey system that is designed specifically for property managers, owners, and the local and state apartment associations” said Mr. Robert E. Smith (top right photo), Founder of MyRentComps.com.

He notes, “A typical property spends over $3,900 per year calling for market surveys.

“This does not include the additional time that is wasted by on site personnel who give out the same information via telephone or fax over and over again to anyone who calls.

“The apartment association’s membership consists of owners, management companies and vendors who sell products or services to the apartment communities.

“This system allows the property manager/owner to save time. It also gives the product or service providers another opportunity to advertise their products or services directly to property managers.

“ In addition, the apartment association can boost its membership, since the website was designed to send everyone who calls an apartment property for a market survey to the apartment association’s website.

“ Property owners and managers also get a free password protected website at (www.ApartmentsNowAvailable.com) just for participating with the online market survey.”

The Maryland Multi Housing Association (MMHA) is a non-profit trade association representing owners, developers, investors, managers and employees of apartment communities in Maryland. (MMHA) is a professional non-profit trade association established in 1996.

MMHA's membership consists of owners and managers of over 130,000 rental housing homes that house over 130,000 families in the state of Maryland.  Our membership also includes over 170 associate members that supply goods and services to the multi-housing industry.

(MMHA) serves the rental housing industry and our communities by promoting and maintaining the highest professional standards of excellence. We provide education, information, legislative and advocacy services, enabling our members to operate successfully while contributing to the community around us.

Associate members are suppliers, vendors, and contractors dedicated to the apartment industry. MMHA is a not-for-profit membership organization created by and for apartment owners, builders, developers, management companies, and their employees in the property management business.

We offer our members professional certification programs, continuing education opportunities, lease and addendum forms, legislative advocacy and communication of industry issues.

Contacts:

Adam Skolnik, CPM. Maryland Multi Housing Association (MMHA)

410-825-6868                                                  

Robert E. Smith, Founder, MyRentComps.com,

407.206.3791, ext. 101     

                                               

Norman Eastwood Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Norman Eastwood (top right photo) of the firm’s Dallas office ranked No. 8 out of more than 1,200 investment specialists nationwide.

“We are proud to recognize Norman Eastwood as one of the firm’s top agents,” says John J. Kerin, president and chief executive officer of Marcus & Millichap. “Norman’s accomplishments reflect his superior transaction expertise and unwavering commitment to client service.”

Eastwood, a senior vice president investments, specializes in the sale of multifamily investment real estate. He joined Marcus & Millichap in May 1987 and was promoted to senior vice president investments in July 2010. Eastwood also serves as a senior director of the firm’s National Multi Housing Group.

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

NAI Realvest Negotiates New Long-Term Restaurant Lease at Boardwalk Plaza in University of Central Florida area

 ORLANDO, FL – NAI Realvest recently negotiated a new five-year lease agreement for Suite 1018, an endcap space with drive-through in the Boardwalk Plaza (top left photo) located at 3100 Alafaya Trail in Oviedo. 

NAI Realvest principals Matt Cichocki and Kevin O’Connor negotiated the transaction representing both the landlord, Boardwalk Plaza LLC of Gardena, Calif.  and the new tenant AC/BA LLC of Oviedo. 

 The tenant plans to open a Mediterranean style café by the end of March serving coffees, fresh baked goods, sandwiches, Middle Eastern dishes and smoothies.  

 The 8,312 square foot Boardwalk Plaza is currently 83 percent leased.

For more information, contact:  

Matt Cichocki and Kevin O’Connor, NAI Realvest 407-875-9989; mcichocki@realvest.com; koconnor@realvest.com

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

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

 

NAI Realvest Negotiates Seven Year Office Lease in La Vina Office at Lake Nona in East Orlando

 ORLANDO, FL --- NAI Realvest recently negotiated a seven-year lease agreement for office space in La Vina Office at Lake Nona at 9161 Narcoossee Rd. in East Orlando. 

 Mary Frances West (middle right photo), CCIM senior associate at NAI Realvest, negotiated the lease of suite B209 with 2,706 square feet of professional office space in the upscale facility representing the landlord Orlando-based Ripley’s International, LLC.  

 The new tenant is Van Dyke Gynecology who was represented by Richard Schauseil of Charles Rutenberg Realty.

For more information, contact:  

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989, mwest@realvest.com;

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

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

  

Fitch U.S. CMBS Newsletter: CREL CDO Delinquencies Nearing 15%

 NEW YORK, NY--The  monthly  climb  in  delinquencies  continues  for U.S. CREL CDOs, with late-pay  rates  now approaching 15%, according to the latest index results from  Fitch Ratings. The full results are featured in this week’s U.S. CMBS newsletter.

CREL  CDO  delinquencies  rose  to  14.6%  in February from 14% in January.

Construction  and  land  loans  continue to encompass the most late-pays by

property  type, though their collateral composition in current transactions

is far smaller than other larger property types.

 ‘Though office loans make up the largest percentage of CREL CDO collateral,

they  have  the  lowest  delinquency  rate  among all property types,’ said

Director  Stacey  McGovern.  ‘Over  time,  however,  Fitch  projects office

delinquencies in CREL CDOs to increase.’

Current delinquencies by asset type are as follows:

--Construction: 53% (2% of total collateral);

--Land: 39% (7%);

--Condo: 26% (2%);

--Multifamily: 22% (14%);

--Industrial: 14% (2%);

--Hotel: 12% (16%);

--Rated Debt: 12% (17%);

--Retail: 11% (6%);

--Office: 9% (24%);

--Other: 9% (5%).

The remaining 5% is un-invested principal cash.

Additional  information  is available in Fitch's weekly e-newsletter, 'U.S.

CMBS  Market Trends'.

Contact:

Stacey McGovern

Director

+1-212-908-0722

Fitch Inc., 1 State Street Plaza, New York, NY 10004

Karen Trebach

Senior Director

+1-212-908-0215

Media   Relations:   Sandro   Scenga,   New  York,  Tel:  +1  212-908-0278:

sandro.scenga@fitchratings.com

Arbor Closes Nine Fannie Mae DUS® Loans Totaling $32.9M Across U.S.

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of nine loans totaling $32,902,500 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across the United States:

Creekwood Landing Apartments, Richwood, TX (top left photo) – The 256-unit complex received $7,117,500 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Sunset Place Apartments, West Palm Beach, FL (middle right map) – The 192-unit complex received $6,500,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule and provided the borrower with a cash-out refinance opportunity after a long-term hold.

Olive Tree Apartments, Lauderhill, FL (lower left photo)– The 88-unit complex received $3,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

Crooke-Woodruff Apartments, Brooklyn, NY – The 107-unit complex received $6,400,000 funded under the Fannie Mae DUS® Loan product line. The five-year loan amortizes on a 30-year schedule.

Bushwick Avenue Apartments, Brooklyn, NY – The 12-unit complex received $2,120,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Mountainbrow Village, Corning, NY – The 57-unit complex received $1,690,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

148-152 Elm St., Yonkers, NY – The 20-unit complex received $1,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

1145 Dean Street Apartments, Brooklyn, NY – The 10-unit complex received $1,125,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Blackwolf Run II-6, Raleigh, NC – The 39-unit complex received $3,450,000 funded under the Fannie Mae DUS® Loan product line. The nine-year refinance loan amortizes on a 30-year schedule for this repeat Arbor borrower.

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

 “With each of these geographically diverse transactions, Arbor was happy to provide the borrowers with the strongest financing terms available in the marketplace,” Kaushansky said.

 “In the case of the Florida and Texas transactions, the broker in these deals played an integral part in making the funding process seamless for all parties.

“And with regard to the Elm Street, Dean Street and Bushwick Avenue transactions, each involved a distressed asset acquisition where the borrowers provided significant equity investments for capital improvements. We were happy to provide permanent financing in each of these deals.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

HFF named to market for sale Bressi Ranch Village Center in Carlsbad, CA

IRVINE, CA – HFF has been named to market for sale Bressi Ranch Village Center (top left photo), a 111,403-square-foot, trophy grocery-anchored retail center in Carlsbad, California.

HFF will market the property on behalf of the LNR CPI Fund.  There is no formal asking price for the property.

Located in the coastal Southern California city of Carlsbad, Bressi Ranch Village Center is part of the prestigious 525-acre master planned Bressi Ranch development.

 Constructed in 2009 after nearly seven years of planning, the center is 95 percent leased and is anchored by Stater Bros., Trader Joes, Unleashed by PETCO, Souplantation Express, Chase Bank and Rubios.

The HFF team representing LNR CPI Fund includes senior managing director Ryan Gallagher (middle right photo)  and directors Kelly Rohfeld (lower left photo)  along with Stewart Keith at Flocke and Avoyer.

“This is truly a unique opportunity to buy a newly-developed, dual grocery-anchored center in a great location," said Gallagher.  “It is one of the newest and most attractively designed grocery-anchored centers in Southern California.”

Contacts:  

Ryan Gallaher, Ca. Lic. # 01269918, HFF Senior Managing Director, (949) 253-8800, rgallagher@hfflp.com

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

krmurphy@hfflp.com

                              

                                                                                                                                   

Stone Ridge Apartments Command $13.3 Million in a Deal Closed by Marcus & Millichap

  BEREA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Stone Ridge Apartments (top centered  photo), a 144-unit multifamily asset in Berea, a southwestern suburb of  Cleveland.

The sales price of $13,292,500 represents a price of $92,309 per unit. The property was constructed in 2007.

The Pennsylvania-based buyer, Stone Ridge Apartments LLC was represented by Daniel Burkons and Michael Barron, both vice presidents investments in Marcus & Millichap’s Cleveland office, and Joshua Wintermute, an investment associate.  All three brokers specialize in multifamily asset sales in Marcus & Millichap’s Cleveland office.

The financing was arranged by David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital, who placed a new FHA mortgage on the property.

“The buyer of this well-located, prime multifamily asset can expect strong returns over the long-term,” says Barron.

“As one of the newest properties in its submarket with a full package of amenities, Stone Ridge is well positioned to achieve strong occupancy levels for years to come,” adds Wintermute.

According to Burkons, “The low interest rates available on permanent, nonrecourse debt helped us sell this property at a record-breaking price. In fact, our team in Cleveland has closed more than $90 million in multifamily sales in the past 12 months, and several of those transactions were made possible by FHA and Freddie Mac financing.”

Located at 1000 Stone Ridge Circle, the 144-unit Stone Ridge Apartments includes six three-story buildings constructed in 2007. The property has 36 one-bedrooms and 108 two-bedroom units. In addition, the complex has 66 private garages.

Community amenities include a clubhouse, 24-hour fitness center, gourmet coffee bar, an executive business center and a resort-style heated swimming pool.

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

Avalonpark Texas, LP breaks ground for first two phases at The Springs of Walnut Creek in North Austin

AUSTIN, TX --- Avalonpark Texas, LP, the Texas joint venture of Florida-based Avalon Park Group in Orlando, broke ground this week for 53 single-family home sites in the first two phases at The Springs of Walnut Creek, located near I-35 and Yager Lane in North Austin.

 Richard Kunz (top right photo), who heads Avalonpark Texas, LP, said he expects to complete construction of all 53 home sites in the third quarter 2011.

 Avalonpark Texas plans to start construction of 56 single-family home sites in a third phase at the Springs of Walnut Creek in the first half of 2012, Kunz said.

 Kunz said planning for a fourth phase that will include 30-50 town homes is about to get underway. Construction of town homes at the Springs of Walnut Creek probably won’t start until the first quarter of 2013, he added.

 “We do not anticipate starting construction of town homes at the Springs of Walnut Creek until after we have substantially built out the single-family homes,” Kunz explained.

 Avalonpark Texas has hired Pape-Dawson Engineers of Austin and San Antonio as the project engineers and Austin-based Joe Bland Construction as the general contractor.

 David Weekley Homes will be the sole homebuilder for the subdivision.

 Avalon Park Group developed the 1,860-acre Avalon Park, an award-winning neotraditional community of more than 3,500 homes in east Orlando and New River Township, an 1,800-acre master planned community north of Tampa.

For more information, contact:  

Richard Kunz, Principal Avalonpark Texas, L.P. 512-695 3356, richardk@avalonparkgroup.com

Stephanie Hodson, Marketing Coordinator, Avalon Park Group 407-658-6565;  

Beat Kahli, CEO Avalon Park Group / Principal Avalonpark Texas, L.P. 407-658-6565;  

Eric Marks, Vice President, Avalon Park Group 407-658-6565, ericm@avalonparkgroup.com

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

   

Will Balthrope Named One of Marcus & Millichap’s Top Investment Specialists Nationwide

  

ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2010. Will Balthrope (top right photo), a vice president investments in Dallas, ranked No. 5 out of more than 1,200 investment specialists nationwide.

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

 Will Balthrope possesses more than 26 years of commercial real estate experience, specializing in multifamily property sales. Since 2000, Mr. Balthrope has closed more than $3 billion in institutional multifamily transactions nationally for both private and institutional sellers, including banks and special servicers.

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

Watt Commercial Signs 5,762 SqFt Lease with Dollar Super store

 

WHITTIER, CA---Watt Commercial Properties, a leader in developing, redeveloping and managing community shopping centers in urban markets throughout the Southwest, has announced that it has signed Dollar Super Store to a 5-year lease for 5,762 square feet of space at Santa Fe Springs Marketplace (top centered photo) an 144,261-square foot retail center located at 7850 Norwalk Blvd in Whittier, Calif. 

The landlord, Watt Commercial, was represented in-house by Karin Gilbert.  The tenant was represented by Larry Kramer of Green Light Consulting . 

Santa Fe Springs Marketplace is 97 percent leased to several tenants including Food 4 Less, Rite Aid, O’Reilly and Frazee Paint.

 Contact: Ebeling Communications, (p) 949.861.8351, (c) 949.278.7851

david@ebelingcomm.com

HFF secures $53 million financing for retail lifestyle center in Loveland, CO

             

 HOUSTON, TX – HFF announced today that it has secured $53 million in financing for The Promenade Shops (top left photo) at Centerra, a 656,030-square-foot retail lifestyle center in Loveland, Colorado. 

HFF worked exclusively on behalf of the borrower, DRA Advisors, LLC, to secure the seven-year, fixed-rate loan through J.P. Morgan Chase Bank, N.A.   DRA closed on the acquisition in December 2010 and subsequently financed the acquisition in February 2011.

The Promenade Shops at Centerra is located at the intersection of Interstate 25 and Highway 34 in northern Colorado’s master planned community of Centerra. 

Completed in 2005, the property is 89 percent leased to tenants including Macy’s, Metrolux Theatres, Barnes & Noble, Best Buy, Dick’s Sporting Goods, Gap, Banana Republic and PF Chang’s. 

The HFF team representing the borrower included senior managing directors Wally Reid and Susan Hill.

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

Contacts:

Wallace Reid, HFF Senior Managing Director, (713) 852-3500, wreid@hfflp.com

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

krmurphy@hfflp.com

HFF closes sale of suburban Minneapolis multi-housing community

CHICAGO, IL –HFF has closed the sale of Hampshire Hill Apartments (top left photo), a 534-unit multi-housing community in Bloomington, a southwestern suburb of Minneapolis, Minnesota.

HFF marketed the property on behalf of the seller.  Westdale Investment Partners, LLC was the purchaser of the community.

Located at 10660 Hampshire Avenue South, Hampshire Hill Apartments is close to Interstates 35 and 494, Highway 169 and the Minneapolis St. Paul International Airport in Bloomington. 

The 95 percent occupied property has seven three-story buildings with studio, one- and two-bedroom units averaging 980 square feet each.

  Community amenities include a clubhouse, pool, business center, fitness center, dry cleaning service, car wash facility, dog park and walking/biking trails.  Each building includes heated underground parking.

The HFF team was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

Westdale Investment Partners, LLC (formerly Redwood Capital Partners) currently owns and operates eight properties totaling more than 4,100 units in various markets throughout the Midwest, Southeast and Southwest.

Contacts:

Matthew D. Lawton, HFF Executive Managing Director, (312) 528-3650,

mlawton@hfflp.com

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

krmurphy@hfflp.com

                                                                                                                                      

NAI Realvest Negotiates New and Renewal Leases totaling 3,875 square feet of industrial space at Hanging Moss and Carter CommerCenters in Orlando area.

ORLANDO, FL – NAI Realvest negotiated two industrial lease agreements totaling 3,875 square feet at the Hanging Moss CommerCenter (top left photo) in Orlando and  at Carter CommerCenter in Winter Garden.

 Michael Heidrich, principal at NAI Realvest brokered both transactions on behalf of the landlords. 

 EuroCar Clinic, Inc. signed a new lease for suite 120 with 2,000 square feet at 6148 Hanging Moss Rd. in the Hanging Moss CommerCenter.   Maitland-based COP-Hanging Moss, LLC is the landlord.   Kevin G. Dinneen represented the tenant. 

In Winter Garden, Heidrich brokered a renewal lease for 1,875 square feet at Carter CommerCenter.  Sundax Florida, Inc., a designer and manufacturer of specialized awards, trophies and corporate gifts, is the tenant in suite 180 at 890 Carter Rd.   COP-Carter LLC is the landlord.

For more information, contact

Michael Heidrich, Principal, NAI Realvest 407-875-9989 or mheidrich@realvest.com

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

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

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