Starwood Capital Group and Bainbridge Companies Acquire Seven Apartment Communities in Maryland and Virginia

.Greenwich, CT and Wellington, FL – April 28, 2011 – Starwood Capital Group Global, a leading private investment firm, Bainbridge Companies, LLC, a fully integrated family of real estate companies, announced today that a joint venture between affiliates of both companies and a major institutional investor have acquired seven apartment communities in the Washington, D.C. metropolitan area.

Terms of the transaction were not disclosed. The acquisition includes a total of 1,626 apartment units in Virginia and Maryland, including:

• Amberton Apartments (190 units) in Manassas, VA
• The Reserve at Regency Park Apartments (252 units) in Centreville, VA
• Westfield Village Apartments (228 units) in Centreville, VA
• Saddle Ridge Apartments (216 units) in Ashburn, VA
• The Reserve at Towne Center Apartments (290 units) in Potomac Falls, VA
• Woodside Apartments (252 units) in Lorton, VA
• Clary’s Crossing Apartments (198  apartments) in Columbia, MD

The units involved in the acquisition, which closed on April 26th, average approximately 950 square feet each. 

The properties were completed in between 1987 and 2002.  The joint venture has secured seven-year financing for the properties from Freddie Mac at 4.87 percent. The joint venture will begin shortly on an extensive remodeling and upgrade program at the communities, which involves updating amenities, interiors, exteriors, landscaping and signs.

Total capitalization including the remodeling and upgrades will be approximately $300 million. Bainbridge Management will manage the properties.

“This investment presents the opportunity to capitalize on submarkets with favorable growth and household incomes and with very limited new supply,” said Adam Shah, Vice President at Starwood Capital Group.  “Additionally, this portfolio will benefit from a capital investment program to reposition the assets and bring rents in-line with similar properties.” 

Chris Graham, Managing Director at Starwood Capital Group, added: “We are very excited about this new venture and the opportunity to capitalize on the current and projected strength of the DC Metro apartment market.”

 Richard Schechter, (top right photo) CEO of Bainbridge added: "We are extremely excited about the opportunity to acquire and enhance the value of this excellent portfolio of properties in perhaps one of the most vibrant markets in the country. We are also looking forward to partnering with Starwood Capital, one of the most knowledgeable and capable institutional investors in real estate today."

 Media Contacts:

For Starwood Capital Group: Tom Johnson, Abernathy MacGregor Group

212-371-5999

For Bainbridge Companies:: Terri Thornton, Thornton Communications

(404) 932-4347,  Terri@TerriThornton.com

Arbor Closes Six Fannie Mae DUS® Loans Totaling $21.1M Coast To Coast

Uniondale, NY (April 28, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of six loans totaling $21,088,800 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines along both the East and West Coasts:

 Reve Apartments, Brooklyn, NY (top left photo) – The 34-unit complex received $8,850,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Gordonhurst Apartments, Montclair, NJ  (top right photo)– The 65-unit complex received $3,750,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Berkshire Gardens, Summit, NJ (middle left photo)– The 22-unit complex received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

30 East Elm Street, Linden, NJ  (middle right photo)– The 42-unit complex received $1,804,300 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Meadows Apartments II, Eureka, CA (lower left photo) – The 44-unit complex received $2,684,500 funded under the Fannie Mae DUS® Loan product line. The seven-year and seven-month loan amortizes on a 30-year schedule.

Newport Apartments, Los Angeles, CA (lower right photo) – The 18-unit complex received $1,000,000 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 Stephen York, Director, in Arbor’s full-service New York, NY, lending office.

 “The borrowers in all six of these deals took advantage of attractive low interest rates to refinance their respective properties,” York said.

“These transactions demonstrate Arbor’s unique ability to not only finance larger deals, but, in this specific case, smaller deals that deserve equal attention from lenders, even as low as $1 million.”

Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets.

Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $7.7 billion,

Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.

Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets.

Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States.

 For more information about Arbor, visit http://www.arbor.com/

Contact: Christopher Ostrowski, costrowski@arbor.com

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Carter Completes Materials Research Facility for University of South Florida

  

ATLANTA, GA--The University of South Florida, a leading public research university, now has its very own Materials Research Facility (top left photo).

Last month, Carter completed the second floor buildout of the facility located within the existing Interdisciplinary Research building at the USF Research Park of Tampa Bay.

This new space fosters collaboration between the Chemistry, Physics, Engineering and Computational Theory programs in the new 26,000-square-foot building. With 17 labs and additional workspace, this state-of-the-art facility is designed for interdisciplinary partnership on scientific experiments.

The project, which began in March 2010, is the first space of its kind for the university. In addition to the various labs, the floor provides workspaces for further collaboration with various workstations located throughout the space.

This project reflects the continuing partnership between Carter and USF that began in 2004. Carter has worked with the university on developing two buildings in the Research Park in addition to a medical office building development. We look forward to continuing our relationship with USF.

Contact: Tony Wilbert, twilbert@wilbertnewsstrategies.com

Bull Realty Brokers CCIM Based Sale of Golden Corral in Austell, GA

ATLANTA, GA – Bull Realty said  it brokered a deal between Noble Properties and Joshua Realty & Loan for the Golden Corral location in Austell, Ga (top left photo).

The buyer, seller, and broker involved in the net-leased investment sale are all Certified Commercial Investment Members. 

Certified Commercial Investment Member Virginia Wright, of Bull Realty, was hired by Edward Zorn, CCIM, of Joshua Realty & Loan to sell the 10,771-square-foot building. The 2.8 acre site is conveniently located at 2845 Austell Road, along one of the most heavily traveled streets in the city.

Within the first month of being on the market, Wright presented an offer from Neil Efron, CCIM, who serves as director of acquisitions for Noble Properties of Greenacres, Fla.

 Shortly after negotiations started, Zorn and Efron signed a pooling servicer agreement. The deal closed earlier this month and Noble Properties took over as the owner.

“It’s certainly a good situation to have all three sides in a sale represented by CCIMs,” said Wright, vice president of the Net Lease Investments for Bull. “Working with two other people who know the in’s and out’s of this type of sale helped in moving the deal along quickly and smoothly.”

CCIMs are recognized experts in the disciplines of commercial and investment real estate. The designation is awarded by the CCIM Institute and more than 9,500 professionals around the world hold the title.

For more information on Bull Realty, please go to http://www.bullrealty.com/

Contact:  Midd Read

Office: (404) 965-5024

Cell: (404) 901-4433

mread@wilbertnewsstrategies.com

Interstate Hotels & Resorts Announces Management of Two Four Points by Sheraton Hotels in India

  

ARLINGTON, VA, April 28, 2011— Interstate Hotels & Resorts today announced that JHM Interstate Hotels India, a 50/50 joint venture management company between Interstate and JHM Hotels, has opened and is managing two new-build hotels in India:  the 217-room Four Points by Sheraton hotel in Pune (top left photo) and the 123-room Four Points by Sheraton hotel in Visakhapatnam (Vizag) (middle right photo). 

The Four Points by Sheraton Pune is owned by Duet India Hotels (Pune) Private Limited, a subsidiary of U.K.-based, real estate investment group Duet Hotels, dedicated to hotel investment and development in India.

 The Four Points by Sheraton Vizag is owned by Vishnupriya Hotels & Resorts Private Limited, a regional development company based in Visakhapatnam, India. 

“The opening of these two properties represents our second and third properties under management since we formed our joint venture with JHM Hotels and launched our third-party management platform in India,” said Thomas F. Hewitt (lower left photo), Interstate’s chairman and chief executive officer.

 “Our business model, focused on local contacts and in-country experience, has translated well to India and enabled us to establish a strong operating platform there. 

“Working with Duet Hotels, our largest hotel owner and investment partner in India, and JHM Hotels, our JV partner, we have developed a robust pipeline of third-party management opportunities in India.

“ We are also proud to be expanding our management relationships with such highly respected regional developers as Mr. K. Sarat Kumar Reddy, managing director of Vishnupriya.  We expect to see continued vigorous growth in 2011 and beyond.”

 Additional information about Interstate is available at the company’s website,  www.ihrco.com

.Contact:

Jerry Daly, Carol McCune,  Media, Daly Gray, (703) 435-6293, jerry@dalygray.com Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com

Shaner Corporation Forms Shaner Italia, Acquires First Hotel in Italy

STATE COLLEGE, Pa., April 28, 2011—Officials of Shaner Corporation today announced that the company has formed a new division, Shaner Italia, SRL to own and operate hotels in Italy and has formed its first joint-venture acquisition there.

 The company has acquired a major ownership position in Il Ciocco Hotel & Resort (top left photo), a 180-room luxury resort in picturesque Barga, Italy, in the Apennine Mountains of the Tuscany region.

 The original owners, the Marcucci family, a prominent Italian family, will retain an ownership interest in the property. 

The hotel will undertake a multi-million Euro renovation and convert to Marriott’s Renaissance brand late this year or in early 2012 under the name Renaissance Il Ciocco Tuscany Resort & Spa.  Shaner Ciocco, a subsidiary of Shaner Italia, will manage the five-star level hotel.

“There is growing worldwide demand for internationally recognized hotel brands,” said Lance Shaner (lower right photo), chairman and CEO of SHG.  “Italy is a great hotel market but requires strong local knowledge for long-term success. 

“Over the next several years, we intend to partner with local owners/investment groups to develop or acquire up to five hotels.  We will focus on Marriott-branded hotels, looking at major cities and resort areas primarily in Tuscany and then eventually expanding to other parts of Italy. 

“We will look for opportunities ranging from luxury hotels to upscale focused-service properties.”

Headquartered in State College, Pa., Shaner Hotel Group is part of the Shaner Companies, a diversified, privately held company that owns and operates investments in the lodging, investment, energy and professional service sectors.  Shaner Hotel Group is a developer/owner/operator that currently owns and manages more than 30 hotels.

For more information about Shaner, please visit the company’s web site, www.shanercorp.com

Contact: 

Justin Shaner (media), (786) 472-5931, jshaner@thejlsagen

Plato Ghinos (development), (814 234-4460, pghinos@shanercorp.com

Berger Commercial Realty Corp. Broker Steve Hyatt Closes $6 Million CarMax Deal in Denver

FORT LAUDERDALE, FL, April 28, 2011 – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Steve Hyatt (top right photo) recently represented BDH&R Investment Company in the $6 million sale of a 7.2-acre automotive dealership site in the Denver, Colo. area to CarMax Auto Superstores.

The property, located 2600 W. 104th Ave. in Federal Heights, Colo., formerly housed a Saturn dealership before the franchise was phased out by General Motors in October  2010.

 The owner of the Saturn dealership contacted Hyatt for assistance in finding a buyer for the property because of Hyatt's previous experience at AutoNation, Inc. (NYSE: AN), an $18 billion, Fortune 100 automotive retailer based in Fort Lauderdale where Hyatt served as Vice President of Corporate Development for 12 years.

 With knowledge of the area and the automotive industry, Hyatt contacted surrounding new vehicle dealerships to check if any had an interest in expanding, including CarMax. 

 "I knew CarMax had successfully expanded into former dealerships in the past," said Hyatt. "They were familiar with the site and its desirability in a key automotive market. It was a perfect fit for them."

 A deal for the purchase of the property, subject to final site plan approval, was put together within three weeks of Hyatt's initial contact with CarMax.

 While at AutoNation, Hyatt was responsible for the acquisition and disposition of more than 175 automobile dealerships in 17 states. At Berger Commercial Realty Corp., he serves as Senior Vice President and Director of Business Development. He is active in investment sales and continues to work with and meet the real estate needs of numerous automotive retailers and original equipment manufacturers (OEMs) across the country.

For more information, visit http://www.bergercommercial.com/

Contact: Marielle Sologuren, Phone: (954) 776-1999, ext. 226

Fax: (954) 776-0290, msologuren@piersongrant.com

http://piersongrant.com/

HighImpactDigital.com

Golfpark Inks 3 New Leases in Orlando’s Baldwin Park

ORLANDO, FL --Michael Havens, with Golfpark Properties has recently completed three leases for a Class A Office Building in Baldwin Park.

 Havens represented the owner, NYTOKEMA, LLC, for the 2,275 total square feet of space at 976 Lake Baldwin Lane Orlando, FL 32814.   New tenants include Visionary Vanguard Group, Raftelis Financial Consultants, and Birth Defects Research.

Contact: Michael Havens, 407-566-9482, Golfpark Properties

215 Celebration Place, Suite 170, Celebration, FL 34747

michaelh@golfpark.com