HFF secures $2.4M refinancing for 39-unit multi-housing property in Portland, OR

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $2.4 million refinancing for Elaine Station, (top left photo) a 39-unit, three-story multi-housing community in Portland, Oregon.

Working exclusively on behalf of Rael Development Corporation, HFF associate director Charles Halladay (middle right photo)  placed the 10-year, 5.17% fixed-rate loan with M&T (FNMA). The loan was used to payoff existing debt.

Elaine Station is located at 123 NE 172 Avenue in Portland’s East Gresham submarket, east of downtown via Interstate 84. Rael Development purchased the property vacant and has since fully stabilized it as apartment rentals. Elaine Station was built in 2008.

“HFF was pleased to assist Rael Development Corporation in securing a fixed-rate loan allowing them to optimize their business plan and take advantage of today’s attractive low interest rate environment,” said Halladay.

Rael Development Corporation (RDC) acquires and develops a diverse mix of properties located in California, Oregon, Washington, Texas and Oklahoma. The company is headquartered in Irvine, California and maintains offices in the San Francisco Bay Area and Portland, Oregon. RDC was founded in 1977.

Contacts:

Charles W. Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Michael Garbers Joins Cushman & Wakefield's Capital Markets Group as Head of Senior Housing Practice in Orlando

ORLANDO, FL, Aug. 26, 2010 – Cushman & Wakefield announced today that Michael Garbers (lower left  photo)  has joined the firm’s Capital Markets Group as Senior Director and head of its Senior Housing Practice. He will be based in the firm’s Orlando, Fla., office.

Mr. Garbers brings more than 17 years of experience as a real estate finance professional, specializing in both healthcare and retail properties.

 He was previously Principal of MJG Advisors, LLC in Orlando, a senior housing market consulting firm.

Prior, he was a Senior Vice President in the Investment Banking Group of Herbert J. Sims & Co. in Orlando and Southport, Conn. While there, Mr. Garbers originated joint venture partnerships with experienced senior housing operators throughout the U.S., and was responsible for deal structuring and negotiations, underwriting, site analysis and asset management.

“Mike brings the necessary expertise to lead the Senior Housing Practice within our Capital Markets Group, which includes Investment Sales, Investment Banking, and debt and equity finance through Cushman & Wakefield Sonnenblick Goldman, said Frank Liantonio,  (top right photo) Executive Vice President of Capital Markets at Cushman & Wakefield. "His presence will allow us to provide clients with the resources and required solutions in this sector."


Contact:  Brook Hines, Tel: 407-541-4401
brook.hines@cushwake.com,   http://www.cushwake.com/

Southern Commercial Completes 18,000-SF Sale in Orlando

ORLANDO, FL.(Aug.  26, 2010) Vice President, Sher Tolan (top right photo)  of Southern Commercial Real Estate Advisors completed an 18,000 square foot sale at 3620 Princeton Oaks Street.

Tolan represented the Buyer, SGPM Enterprises, LLC. The Seller, Wachovia Bank, National Association was represented by Keller Williams – Tampa Central.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southerncommercialre.com

Arbor Closes $2,707,500 Fannie Mae DUS® Small Loan for Willoughby Apartments in Los Angeles, CA

Uniondale, NY (Aug. 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,707,500 loan under the Fannie Mae DUS® Small Loan product line for the 32-unit complex known as Willoughby Apartments (top left photo) in Los Angeles, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated by Stephen York (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “The borrowers purchased this property in 2008 and substantially improved operations after implementing a major capital improvements plan,” York said. “We were pleased to deliver attractive financing terms. We look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Marcus & Millichap Names Paul Vetter to Vice President Investments in Atlanta

ATLANTA, GA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Paul Vetter (top right photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo)  president and chief executive officer.

Most recently, Vetter held the position of associate vice president investments.

Vetter began his career with Marcus & Millichap in 2004, specializing in multifamily investment sales.

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

Jeffrey Ball Joins Grubb & Ellis as Senior Vice President, Industrial Group

SAN JOSE, CA (Aug. 25, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 25-year commercial real estate veteran Jeffrey S. Ball  (top right photo)  has joined the company as senior vice president, Industrial Group.

“Jeff brings considerable market knowledge as well as a number of client relationships built over two decades,” said Dick Scott, (lower photo) managing director of Grubb & Ellis’ Silicon Valley office.

 “He is an excellent addition to our office and his extensive experience in Monterey and Santa Cruz counties will add strength to our entire team.”

Ball joins Grubb & Ellis from Ball & Company Inc., a Carmel-based private commercial real estate company he founded in 2008, offering investment, office, R&D and industrial services.

Previously, he spent 10 years with Cushman & Wakefield.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com