New Condo Sales Slow In Greater Downtown Miami In Q3 2010

MIAMI, FL--New condo sales in Greater Downtown Miami slowed in the third quarter of 2010 as developers sold only 425 units, the fewest number of transactions in a July-to-September period since 2005, according to a new report from CondoVultures.com.

As part of the 425 units to change owners in the third quarter, a chunk of 155 condos with some 150,000 square feet in the Plaza at Brickell (top left photo) reverted back to the development partners at a nominal recording fee.

 The other 270 units with 300,000 square feet to transact in the third quarter generated $108.6 million in sales, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Miami™.

In previous third quarters, developers sold 823 units for $223 million in 2009, 1,599 units for $667 million in 2008, 628 units for $253 million in 2007, and 503 units for $158 million in 2006. In 2005 as several new towers were beginning construction, developers sold a total of 308 units for $139 million, according to the report created using Miami-Dade County records.

"Only about 20 percent of the nearly 22,250 new condo units constructed in Greater Downtown Miami during the last boom remain unsold as of Sept. 30, 2010, compared to 36 percent unsold a year ago," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Deep discounts for new condos in Greater Downtown Miami are still available but becoming more challenging to locate as the lowest - priced units are being sold to individual and bulk buyers or reverting back to the construction lenders.

“Many market watchers are likely to be surprised at the rate at which the new condos have transacted in the last 18 months in Greater Downtown Miami, the epicenter of the Florida condo crash.

"The unknown going forward is how many more quarters it will take to sell the remaining developer inventory in Greater Downtown Miami given that several units are on the larger side and financing can still be a challenge."

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

Marcus & Millichap Names Felipe Echarte Associate Vice President Investments

 FORT LAUDERDALE, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Felipe Echarte (top right photo) to the position of associate vice president investments.

 The designation 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, Echarte held the position of senior associate. He began his career with Marcus & Millichap in 2001, specializing in multifamily investment sales. Echarte is a director of the firm’s National Multi Housing Group.

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

Thomas D. Wood & Co. Brokers $4.82 Million Loan

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,820,750 for McLeod I, LLC, 6320-6330 McLeod, LLC, McLeod IV, LLC and South Tryon BK Realty, LLC.

Steve Wood (top right photo), Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital and Realty secured financing for McLeod I through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company in the amount of $2,000,000.

 The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.875%.  The loan-to-value is 75%.  The 25,030 square-foot office building was built in 1998, and is located at 6372, 6392 and 6396 McLeod Drive, Las Vegas, Nevada.

Wood, along with Castrignano, secured financing for 6320-6330 McLeod with The Standard Life Insurance Company in the amount of $950,000. 

The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.50%.  The loan-to-value is 68%.  The 15,665 square-foot office building was built in 1999, and is located at 6320-6330 McLeod Drive, Las Vegas, Nevada.

Wood and Castrignano also secured financing for McLeod IV with The Standard Life Insurance Company in the amount of $1,320,750.  The fixed-rate loan has a term of five years, with a rate reset every five years, based on a 25-year amortization and an interest rate of 5.50%.

 The loan-to-value is 73%.  The 20,455 square-foot office building was built in 1999, and is located at 6380 McLeod Drive, Las Vegas, Nevada.

 Wood, along with Matt Fuller of Franklin Street Capital Advisors, secured financing for South Tryon BK Realty through Thomas D. Wood and Company’s correspondent relationship with Summit Investment Advisors in the amount of $550,000. 

The full-amortizing loan has a term of 15 years and an interest rate of 6.25%.  The loan-to-value is 45%.  The ground was leased to Burger King for 20 years and is located at 8943 S. Tryon Street, Charlotte, North Carolina.

The website may be accessed through www.tdwood.com.

For further information, please contact:

 Steve Wood, (305) 447-7836, swood@tdwood.com

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

                       

Arbor Closes Three Florida Fannie Mae DUS® Loans Totaling $13,622,500

Uniondale, NY (Oct. 21, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines. These loans include:

 Hawaiian Palms, Lauderdale Lakes, FL (top left photo) – The 245-unit complex received $8,872,500 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Parkview Apartments, Tampa, FL (middle right photo) – The 100-unit complex received $2,750,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Solana Villas Apartments, Golden Gate, FL (bottom left photo) – The 44-unit complex received $2,000,000 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 Alex Kaushansky Director, in Arbor’s full-service New York, NY, lending office.

 “Concerning all three of these transactions, we were able to deliver on the broker’s time constraints,” Kaushansky said.

“The borrowers were also pleased with the deal process and the rates they received.”

 Contact:  Christopher Ostrowski, costrowski@arbor.com

Cousins Properties Declares Fourth Quarter Common and Preferred Stock Dividends

ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced that its Board of Directors has declared a quarterly dividend of $0.09 per share, payable December 17, 2010, to common stockholders of record as of November 1, 2010.

The dividend will be payable in a combination of cash and shares of the Company’s common stock with the cash component of the dividend not to exceed 33.34% of the aggregate dividend amount.

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

Cameron Golden, 404-407-1984 CameronGolden@cousinsproperties.com

http://www.cousinsproperties.com/

$70.1 million sale of Washington, D.C. area luxury multi-housing community closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of The Courts at Fair Oaks (top left photo), a 364-unit, luxury multi-housing community in Fairfax, Virginia, known prior to the sale as The Point at Fairfax.

The HFF team of managing directors Dave Nachison (middle right photo) and Alan Davis (lower left photo)  along with senior real estate analyst Brenden Flood led the investment sales team on behalf of the seller, Panco Strategic Real Estate Fund I, LP, an affiliate of Pantzer Properties, Inc.

 Home Properties of New York, Inc. purchased the property for $70.1 million subject to the assumption of an existing $46 million fixed-rate mortgage. 

The Courts at Fair Oaks is located at 12101 Pine Forest Circle adjacent to Interstate 66 and close to Fair Oaks Mall, Fairfax Corner and Fairfax County Government Center approximately 18 miles west of downtown Washington, D.C. in Fair Oaks.

 The 95.1% leased property has studio, one- and two-bedroom units averaging 859 square feet each.  Property amenities include a community room, fitness center, swimming pool, exercise trail, onsite car wash facilities and tennis courts.

“Northern Virginia continues to consistently lead the DC metro area in job creation and is projected to capture nearly 60 percent of all new jobs in the region over the next five years, providing a stable renter pool for years to come.  Strong apartment performance includes the nation’s lowest vacancy and widespread expectation for continued rent growth,” said Nachison. 

“The Courts at Fairfax has consistently experienced market leading occupancy and rent growth and with the continued improvements planned by Home Properties, this trend should continue well into the future,” added Davis.

With offices in New York City and Rochelle Park, New Jersey, Pantzer Properties, Inc. is a fully integrated owner/operator of investment properties in the east coast of the United States.  Pantzer Properties’ proven track record of profitable investment performance spans its nearly 40 year history. 

Home Properties is a real estate investment trust (REIT) with operations primarily in selected Northeast and Mid-Atlantic markets that is traded on the New York Stock Exchange under the ticker symbol HME. The Company owns, operates, develops, acquires and rehabilitates apartment communities.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500,   dnachison@hfflp.com

 Alan M. Davis, HFF Managing Director, (202) 533-2500, adavis@hfflp.com

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

krmurphy@hfflp.com

C&W office broker announces 4 transactions totaling 23,033 sf in Central Florida

 ORLANDO, FL-– Cushman & Wakefield  Associate Director Betsy Owens (top right photo)  announced four transactions totaling 23,033 sf. Ms Owens represented the landlord in three of the deals, and represented the tenant in one.

• Nature’s Table renewed their 1,242 sf lease in Baldwin Point for five years. Ms. Owens represented Wells Real Estate Funds, the landlord in the deal. Ashley Dedekind of Lincoln represented the tenant.

• Finley Engineering Group took a new lease of 3,629 sf in Baldwin Point for three years. Owens represented Wells Real Estate Funds, the landlord in the deal. Lee Zerivitz of Bywater represented the tenant. 

• C&W represented Wimberly, Allison, Tong & Goo in their sublease of 15,812 sf in Landmark Center One, to Empower Software Solutions. Anne Deason Spencer of Grubb & Ellis represented the tenant. 

• Pella Windows took a new five-year lease for 2,350 sf at 558 West New England Avenue in Winter Park. C&W represented Pella Windows. The landlord, Sydgan Group was self-represented.

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

www.cushwake.com