Arbor Closes Two Chicago Fannie Mae DUS® Small Loans Totaling $3,307,500

Uniondale, NY (Oct. 14, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS® Small Loan product line. These loans include:

 Woodlawn Apartments, Chicago, IL (top left photo) – The 51-unit complex received $1,297,500 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 26-year schedule.

Drexel Apartments, Chicago, IL (middle right photo) – The 56-unit complex received $2,010,000 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 (bottom left photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office.

 “The owners were looking for long-term, fixed-rate loans to refinance their existing debt coming due and provide some cash out if possible,” Jehle said. “We were able to satisfy their needs on both fronts in a very timely manner.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Latino Hotel Association Forms Alliance with STR to Provide Data to Members

            HOUSTON, TX—The Latino Hotel Association (LHA), a newly formed global organization dedicated to expanding Latino ownership, leadership and commerce in the hotel industry, today announced that it has formed a strategic alliance with STR, the hotel industry’s leading data provider. 

            Under terms of the agreement, LHA members will provide historical operating data from their hotels to STR, and LHA members will receive special pricing for a variety of STR products.  “This is the win-win situation for LHA and for the hotel industry,” said Angela Gonzales-Rowe (top right photo), president and founder of LHA. 

             “Our members will benefit from greater access to market intelligence, and as we grow internationally we will provide STR with data they might not otherwise have obtained.”
         The Latino community on a global basis is a major force in the hotel industry,” said Amanda Hite, STR’s chief strategy officer.

           “While our initial focus with LHA will be in the U.S. & Mexico, South and Central America have tremendous long-term growth potential as their economies expand and hotels, especially international brands, gain more traction.  This relationship with LHA members will allow us to add greater depth to our database, and we look forward to expanding our relationship with them.”

Headquartered in suburban Houston, LHA is a worldwide, non-profit association dedicated to increasing Latino participation in the hospitality industry, to include ownership, leadership and commerce. 
 The organization provides education, international and regional conferences and networking opportunities with the leading hotel companies in the world.  Additional information is available at the association’s website, http://www.latinohotelassociation.org/.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

             

HFF secures $10 million permanent financing for 3000 Park Lane Office Building in Pittsburgh

PITTSBURGH, PA – The Pittsburgh office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $10 million in permanent financing for 3000 Park Lane Office Building, (top left photo) a 105,315-square-foot office building in Pittsburgh, Pennsylvania.

HFF managing director Claudia Steeb in cooperation with the Los Angeles office of Marcus & Millichap, worked on behalf of The Matteson Companies to secure the 10-year, 4.89% fixed-rate loan through One America, an HFF correspondent lender.  Loan proceeds were used to acquire the property. 

 The property is located at 3000 Park Lane Drive just off Interstate 376 (the Parkway West), at the edge of the major retail development in Robinson Township, which includes a regional mall as well as restaurants, hotels and other service providers.

 3000 Park Lane Office Building is fully leased to Connecticut General.  Originally constructed in 1991, the property recently underwent a major renovation to meet “green building” certifications. 

“As a lender, One America does a magnificent job in providing financing for single tenant properties at highly competitive interest rates,” said Steeb. 

The Matteson Companies are a group of affiliated entities engaged in real estate investment, development and management, headquartered on the San Francisco Peninsula with operations in diverse western United States markets.

 This is their first acquisition east of the Mississippi, and they are seeking other single tenant opportunities throughout the United States.

Contacts:        

Cllaudia A. Steeb, HFF Managing Director, (412) 281-8714, csteeb@hfflp.com

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