Marcus & Millichap Lists Distressed Multifamily Property in Peoria, AZ

 PEORIA, AZ., Oct. 4, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Suntree Apartments (top left photo), a 216-unit 175,152-square foot distressed asset in Peoria, Ariz., a major suburb of Phoenix.

The property is being offered unpriced with attractive in-place financing.

Multifamily investment specialists Cliff David (top right photo), Steve Gebing and Rich Butler, based in Marcus & Millichap’s Phoenix office, are representing the seller, a court-appointed receiver.

 “Suntree offers a lineup of interior amenities and community advantages that are unparalleled for an asset of this vintage,” says Gebing.

 “Well-designed interior floor plans that amplify the available living space, combined with revenue-enhancement capabilities through existing washer/dryer connectivity, make for a highly desirable apartment home community.”

 Located at 8650 West Peoria Avenue, east of Loop 101, the Aqua Fria Freeway, Suntree’s location provides excellent freeway access with connectivity to Interstate 10, Interstate 17, State Highway 60, State Highway 74, the future Loop 303 and access to nearly any Valley destination, including downtown Phoenix and Sky Harbor International Airport (middle left photo).

 Suntree was developed by Tricom III in 1984 with wood-frame and stucco construction.

The unit mix features 72 one-bedroom/one-bath apartments at 696 square feet, 72 one-bedroom/one-bath apartments at 717 square feet and 72 two-bedroom/two-bath apartments at 977 square feet. Interior amenities include individual washer/dryer connections in each unit, garden kitchen windows, oversized walk-in closets, custom cabinets with pantries, individual exterior storage rooms, private patios/balcony decks, frost-free refrigerators, dishwashers and garbage disposals.

Community amenities include heated swimming pools and spa, poolside ramada with built-in barbecues, a lighted tennis court, horseshoe pit, shuffleboard, covered parking and a contemporary clubhouse.

 Peoria is Arizona’s fourth-largest city in terms of incorporated area, covering 178 square miles and is home to approximately 158,000 residents.

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

Lots of Investment Cash Sitting on Sidelines, Says RECI

 CHICAGO, IL, Oct. 4, 2010 -- The Real Estate Capital Scoreboard, issued by the Real Estate Capital Institute, notes:

 Benchmark indices declined about 30 basis points in September.  However, mortgage rates taking a steady course as funding sources demand yield despite the recent movement in Treasuries.

Alternative debt product options (e.g., bonds) offer more competition keeping pressure on yields and pricing at current levels.

 In summary, overall mortgage rates comfortably trade within the mid-4% range for longer-term mortgage featuring full leverage.

 Money for real estate investing is bountiful and lot's of cash sits on the sidelines in search of the "right" deal, translating to the following trends:

• As market fundamentals continue slowly improving, banks and other financials institutions with excess real estate exposure are not selling assets very quickly, particularly properties with cash flow. 

• The hottest income-property markets with the fastest recovery prospects include the coastal core markets and major 24-hour urban markets with Washington DC, San Francisco, New York and Southern California at the leading edge.

• Often times in the final bidding process for new deals, a handful of final bidders appear; but the disparity in pricing is wide among such finalist, indicating the investors still have vary different expectations regarding market fundamentals.

• While prime-property pricing is being bid up for new acquisitions, lenders restrict refinancing to loan-to-cost limits as "cashout" of equity is a key concern.   Loan-to-cost restrictions hover at 75% or less, in most instances.

• The very best properties are trading close to replacement cost. More funds are considering new construction options for both debt and equity, especially for multifamily deals.

• Lenders are still very conservatively underwriting most loans with lower leverage (e.g., 70% or less for commercial properties) providing the  most common safety cushion for prudent sizing.

•   However since rates are so low and debt service coverage are high, many lenders are willing to "loosen" underwriting standards to include longer amortization schedules, more flexible prepayment provisions and other such tweaks.

 Jeanne Peck (top right photo), Executive Director of the Real Estate Capital Institute, notes that "The pent-up demand for higher quality real estate leaves a huge vacuum in the non-core property and market sectors." 

She adds, "Eventually, the older properties in tertiary markets may witness pricing appreciation and funding demand, as many investors are priced out of the core deals."

The Real Estate Capital Institute(r) is a volunteer-based research

organization that tracks realty rates data for debt and equity yields.  The

Institute posts daily and historical benchmark rates including treasuries,

bank prime and LIBOR.

 Furthermore, call the Real Estate Capital RateLine at

7RE-CAPITAL (773-227-4825) for hourly rate updates.

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Contact: Jeanne Peck, Executive Director

Toll Free 800-994-RECI (7324)

:director@reci.com> director@reci.com /  <http://www.reci.com/>

http://www.reci.com

Old Florida National Bank Completes Merger with Mercantile Capital Corp.

ALTAMONTE SPRINGS, FL. --- Old Florida National Bank (Old Florida), headquartered in downtown Orlando, and Mercantile Capital Corporation (Mercantile), based in Altamonte Springs, announced they have closed on their merger agreement three months ahead of schedule.

Earlier the two companies announced their intention to merge during the first quarter of 2011.

Randy Burden (top right photo), chairman of Old Florida, and Geof Longstaff (middle left photo), chairman of Mercantile, jointly announced the merger.

Formed in 1982, Old Florida National Bank operates eight full-service retail banking facilities throughout Central Florida and Inverness, Fla. and boasts over $375 million in assets.

Mercantile Capital Corporation, the seven-year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for owners of small to mid-sized businesses who want to acquire or develop their own facilities, has provided commercial loans in 30 states and Puerto Rico for more than $519 million in total project costs since it opened as Mercantile Commercial Capital, LLC in late 2002.

 “We are pleased to announce the complete agreement of our shareholders on the merger and we are moving forward immediately,” Longstaff said.

“Mercantile Capital Corporation gives Old Florida National Bank a new and powerful range of services to offer our customers,” Burden said.

“The merger gives us a larger, stronger base to serve our clients and to play a bigger role in helping the nation to recover from the recession by providing much-needed commercial lending to deserving enterprises,” Longstaff said.

Mercantile Capital Corporation will operate as a wholly-owned subsidiary of Old Florida National Bank.  The combined entities are estimated to have nearly $400 million in total assets upon completion of their merger, making Old Florida one of the largest Orlando-based community banks.

For more information about this press release, contact

Randy Burden, Chairman Old Florida National Bank, 407-388-6136

Geof Longstaff, Chairman Mercantile Capital Corporation, 407-786-5040

Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040

 Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

August Orange County, FL Resort Tax Collections Up 16% from 2009 Month

ORLANDO, FL -- County Comptroller Martha Haynie (top right photo) announced today that resort tax collections received by the County for the hotel collection month of August 2010 were $11,052,800.  Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that August 2010 collections were 16 percent higher than August 2009.  “Such increases in the resort tax are at this rate truly sweet,” Haynie stated.

For a complete copy of the news release showing monthly statistics, please contact Martha O. Haynie, (407) 836-5690

Wilson Commercial Real Estate Completes Leases With Dollar Tree at Six Locations in Southern California

 LOS ANGELES, CA., OCT. 4, 2010 – Wilson Commercial Real Estate, one of Southern California’s leading retail brokerage firms, has completed six leases with Dollar Tree Stores, Inc. in Southern California.

Wilson Commercial has completed 25 Dollar Tree leases in the past 20 months.  Dollar Tree Inc., with nearly 4,000 stores, is the nation's leading operator of discount variety stores selling everything for $1 or less.

---A 9,166-square-foot, five year lease at Embassy Plaza located at 6050 Lankershim Boulevard in North Hollywood, Calif.  Scott Burns (top right photo) of Wilson Commercial Real represented the tenant in the transaction.  The landlord was represented by Eric Treibatch of Ophir Management Services.

 ---A 9,000-square-foot, five year lease at Corona Towne Center located at 371 Lincoln Avenue in Corona, Calif.  Scott Burns of Wilson Commercial Real Estate in partnership with Lea Clay Park of Studley Retail Services represented the tenant in the transaction.  Brian Bielatowicz of Lee & Associates represented the landlord.

 ---A 12,300-square-foot, five year lease at Doheny Village Center located at 34131 Doheny Park Road in Capistrano Beach, Calif. Scott Burns of Wilson Commercial Real Estate in partnership with John Beaney of Studley Retail Services represented the tenant in the transaction.  Dan Parker of Parker & Associates represented the building landlord.

 ---An 11,360-square-foot, five year lease at Lancaster Village located at 1101 West Avenue in Lancaster, Calif. Scott Burns of Wilson Commercial Real Estate represented the tenant in the transaction.  Vince Roche of CB Richard Ellis represented the building landlord.

 ---A 15,000-square-foot, five year lease at a retail center located at the corner of Riverside and Euclid in Ontario, Calif.  Wilson Commercial Real Estate in partnership with Lea Clay Park of Studley Retail Services represented the tenant in the transaction.  Tom Sweica of CB Richard Ellis represented the landlord.

 ---A 15,000-square-foot, five year lease at Bristol Plaza located at 3309 S. Bristol Street. Scott Burns of Wilson Commercial Real Estate represented the tenant in the transaction.  Carol Springstead of Springstead & Associates represented the building landlord.

“Dollar Tree continues to be one of the most bullish retailers in this market,” said Scott Burns, senior vice president of Wilson Commercial Real Estate.  “We are aggressively looking throughout Southern California for new store locations on behalf of Dollar Tree.”

For more information, please visit http://www.wcre.net/

Contact:  David Ebeling,  Ebeling Communications, (949) 278-7851 david@ebelingcomm.com

Northern New Jersey retail center receives $15.3 million acquisition financing arranged by HFF

                                

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $15.3 million in financing for The Streets of Chester, (top left photo) a 104,682-square-foot retail center in Chester, New Jersey.

Working exclusively on behalf of Core Plus Partners LLC, HFF senior managing director Jon Mikula (middle right photo)  placed the fixed-rate loan with Starwood Capital.  Loan proceeds were used to acquire the property. 

Completed in 2006, The Streets of Chester consists of two single-story buildings that are 92% occupied by tenants including Talbots, The Gap, Ann Taylor, Chico’s, J Crew, White House/Black Market, Banana Republic, Coach and Coldwater Creek.  The property is situated on a 12.9-acre site at 128 Route 206 South across the street from Chester Springs Shopping Center in Chester’s central business district.

“An affluent consumer base, lack of competition and its location on a high traffic corridor makes The Streets of Chester a desired locale for a wide array of retailers,” said Mikula.

Core Plus Partners, LLC is a private real estate investment and management company headquartered in Stamford, Connecticut.  The company focuses on Class A and B commercial office and retail properties in the central business districts and metropolitan areas of the Northeast and Mid-Atlantic states.

Contacts: 

Jon Mikula, HFF Senior Managing Director,  (973) 549-2007, jmikula@hfflp.com 

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

                                                                        

                                                                

                                   

krmurphy@hfflp.com

   

                                                                                       

                                                                                    

HFF named to market for sale Broadmoor Country Club Apartments in northwest Indiana

 CHICAGO, IL – The Chicago and Indianapolis offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have been named to market for sale Broadmoor Country Club Apartments, (top left photo) a 264-unit multi-housing community in Merrillville, Indiana.

The HFF investment sales team will be led by executive managing director Matthew Lawton (middle right photo) and managing directors Sean Fogarty (middle left photo), Marty O’Connell (lower right photo) and John Sebree, who are marketing the property on behalf of JVM Realty Corporation. 

 The property can be purchased on an all cash basis or subject to an assumption of the existing financing. 

Broadmoor Country Club Apartment is located at 3944 West 77th Place close to Interstate 65 about 30 miles southeast of downtown Chicago. 

The property has 44 one-bedroom and 220 two-bedroom units averaging 953 square feet each.  Community amenities include a swimming pool, fitness center and business center.

 “Broadmoor Country Club Apartments offers residents convenient access to the regional highway system, major employment centers in south Chicago and northwest Indiana, and retail centers along the US 30 corridor,” said Lawton.

 JVM Realty Corporation specializes in identifying, acquiring, and managing apartment communities throughout the Midwestern United States.

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

HFF closes sale of Legacy Heights in San Antonio, TX

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Legacy Heights, (top left photo) a 306-unit, Class A multi-housing community in San Antonio, Texas.

HFF senior managing directors Craig LaFollette (middle right photo), Todd Stewart (middle left photo), Todd Marix (lower right photo), director Tre Banks and associate director Chris Curry led the investment sales team on behalf of the seller; a venture between Nationwide Insurance Company and Embrey Partners, Ltd.

 Crow Holdings’ latest real estate fund, Crow Holdings Realty Partners V, L.P., purchased the property for an undisclosed amount.

Legacy Heights is situated on a 13.6-acre site at 1320 Austin Highway close to Fort Sam Houston, San Antonio’s largest employment center.

 Completed in 2009, the property has one, two and three bedroom units that are fully leased.  Community amenities include a clubhouse with game room, billiards and fitness center, resort-style swimming pool and bbq area.

Jason T. Snyder, Nationwide’s senior investment professional in charge of its real estate mezzanine and equity investments, acknowledged Embrey as, “a great equity partner that lived up to its reputation by paying close attention to both the physical asset and the demands of the market.”  

“Legacy Heights garnered a lot of interest from the investment community due to its institutional quality construction and outstanding market performance within a revitalized area of San Antonio,” said LaFollette.

 Crow Holdings (www.crowholdings.com) is a privately owned business based in Dallas, Texas, that makes investments on behalf of the Trammell Crow family and its investment partners.

Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive.

               Embrey Partners develops, constructs and manages both multifamily and commercial properties throughout the United States.  Embrey is known for finding unique opportunities and designing communities with special attention to every detail, that address the demands of the modern renter, while understanding and achieving the characteristics needed to attract institutional capital. 

Contacts:

Craig LaFollette, HFF Senior Managing Director, (713) 852-3500 

clafollette@hfflp.com

Trey Embrey, Embrey Executive Vice President, (210) 804-5275

tembrey@embreydc.com

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

krmurphy@hfflp.com

Arbor Closes $4.56 Million Fannie Mae 3Max Loan for 655 East 233rd Street Apartments in Bronx, NY

Uniondale, NY (Oct. 4, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,560,000 loan under the Fannie Mae 3Max product line for the 60-unit complex known as 655 East 233rd Street Apartments (top left photo) in Bronx, NY.

The 10-year loan amortizes on a 30-year schedule.

 The loan was originated by Brian Scharf (lower right photo), Director, in Arbor’s full-service Uniondale, NY, lending office.

“This transaction was a maximum leverage acquisition,” Scharf said. “We particularly like the location fundamentals in the Bronx as well as the rent-stabilized and controlled-tenant base, which offered downside protection and upside potential.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Jones Lang LaSalle Completes 37,199 SF Lease for Willdan in Anaheim, CA

 ANAHEIM, CA., Oct. 4, 2010 – Jones Lang LaSalle (NYSE:JLL)  represented Willdan, a provider of outsourced services to public and private agencies and utilities, in a 37,199-square-foot lease renewal at 2401 E. Katella in Anaheim, California.  This facility serves as the company’s headquarters.

Jones Lang LaSalle Executive Vice President David Y. Cantwell represented Willdan in the transaction.  The landlord, Principal Financial Group, was represented by Cushman & Wakefield.

“The current economic conditions and our knowledge of local market dynamics allowed Jones Lang LaSalle to negotiate terms enabling Willdan to reduce its rent, extend its lease term and provide for future flexibility,” said Cantwell.

 Jones Lang LaSalle is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate.

With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  For further information, please visit our Web site, http://www.joneslanglasalle.com/

Contact:  David Ebeling, Phone:  +1 949 278 7851,  Email, david@ebelingcomm.com

Marcus & Millichap Sells 13,841-SF Walgreens Building in Daytona Beach, FL

 DAYTONA BEACH, FL, Oct. 4, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 13,841-square foot Walgreens (top left photo)  located in Daytona Beach, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,390,000.

Leon Brockmeier (middle left photo) and Patrick O’Halloran, retail investment specialists in Marcus & Millichap’s Tampa and Atlanta office respectively, had the exclusive listing to market the property on behalf of the seller, a Florida-based private investor. 

 The buyer, a limited liability company based out of Florida, was secured and represented by a broker outside of Marcus & Millichap. 

The Walgreens is located at 2620 South Nova Road (SR 5A) in South Daytona Beach.

 “During the marketing period we received over twenty offers on the subject site, which we finally closed with a buyer who the seller and I felt most comfortable with and would close the transaction,” says Brockmeier.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Beech Street Capital Expands to the Southeast; Hires Executive Vice President of Origination

BETHESDA, MD, Oct. 4, 2010 – Beech Street Capital announced that Chad Thomas Hagwood (lower left photo) has joined the firm as executive vice president of origination and will lead the company’s expansion with the opening of two new offices in Birmingham, Alabama, and Atlanta, Georgia.

 Hagwood’s team will be responsible for originating multifamily, MHC and commercial loans nationwide.

“Chad is an extremely valuable addition to our company,” said Grace Huebscher, (top right photo) president and chief executive officer of Beech Street Capital.

“With more than $4 billion in closed commercial real estate transactions as well as his deep product knowledge and strong commitment to customer service, Chad will be central in further developing our national platform.”

Hagwood brings with him existing originators in Birmingham and Atlanta, including Damon Reed, Dan Armstrong, Jon Smalley, Vincent Langan and Shane Weeks.

 Prior to joining Beech Street Capital, Hagwood was senor vice

president and regional manager with Berkadia Commercial Mortgage. He was consistently a top originator there and at Berkadia’s predecessors, GMAC Commercial Mortgage and Capmark.

Hagwood will continue to be based in Birmingham, Alabama.

Contact: Sharee Lawler (240-507-1923)

Email: slawler@beechstcap.com

http://www.beechstcap.com/

Associated Estates Announces Construction on Downtown Nashville Apartment Community

CLEVELAND, OH /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC, Nasdaq: AEC) announced that it will begin construction of Vista Germantown (top left photo), a 242-unit apartment community located in downtown Nashville, Tennessee. 

The property will be developed by a joint venture controlled by Associated Estates, which acquired the property and development rights from Bristol Development Group, who will have a minority interest in the ongoing project.  Merit Enterprises, Inc. ("Merit"), a wholly owned subsidiary of Associated Estates, will act as general contractor.

 "We have identified Nashville as a market where we want to grow," said John Shannon (middle right photo), Senior Vice President of Operations.

  "It is an exciting town which has provided remarkable support to Associated Estates and Merit during the pre-development process. 

“The diverse economic base and solid demographic trends in Nashville should bode well for the apartment market for years to come.  Merit will be able to provide important construction efficiencies for this urban infill development," Shannon added.

 The project, which will be managed by Associated Estates, will include structured parking, a fitness center and an outdoor pool.  Many units will have dramatic views of the downtown Nashville skyline. The estimated completion date of the project is spring 2012. 

Merit Enterprises, Inc., a wholly owned subsidiary of Associated Estates, is a full service construction company.  In addition to ground up construction, Merit also performs value-added rehabilitation services for Associated Estates' portfolio of apartment communities, as well as for third party owners. 

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 51 properties containing 13,234 units located in eight states.

For more information about the Company, please visit its website at http://www.associatedestates.com/.

Contacts:

  Media Contact: Kimberly Kanary, 216) 797-8718

  Investor Contact: Jeremy Goldberg,  (216) 797-8715

Regency Centers Prices Offering of $250 Million of Ten-Year Senior Unsecured Notes

 JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that its operating partnership, Regency Centers, L.P., priced an offering of $250 million of 4.80% 10-year senior unsecured notes under its existing shelf registration statement.

The offering is scheduled to close on October 7, 2010. The notes are due April 15, 2021 and were priced at 99.860%. Interest on the notes will be payable semiannually on April 15th and October 15th of each year, beginning on April 15, 2011.

 The net proceeds will be used to repay a portion of our outstanding indebtedness that matures in 2011 and 2012, including a portion of our $250 million of 6.75% notes due January 15, 2012 and our $173 million of 7.95% notes due January 15, 2011.

 We intend to use approximately $35 million of the net proceeds to settle an existing interest rate swap. We intend to use the remaining portion of the net proceeds, if any, for general corporate purposes, including the repayment of our line of credit.

Contact: Regency Centers Corporation, Lisa Palmer, 904-598-7636. http://www.regencycenters.com/

Lennar Acquires About $740 Million of Loans and Real Estate From Three Large Financial Institutions

 MIAMI, FL /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B) announced that it completed the acquisitions of approximately $740 million of distressed real estate assets, in separate transactions, from three large financial institutions.

 The acquired assets include loans with a total unpaid principal balance of approximately $529 million and real estate properties ("REO") with an appraised value of approximately $211 million.

 The real estate assets in these transactions were purchased at a discount and paid for with a combination of cash and senior unsecured financing provided by one of the selling financial institutions.

 The combined portfolio includes approximately 397 loans and 306 properties. 

The assets consist primarily of non-performing residential and commercial acquisition, development and construction loans and REO relating to land, lots, and single-family and multi-family residential communities at varying stages of completion.

 The acquired assets are located in 17 states, primarily in the Mid-Atlantic and Southeast regions of the United States.

  In the combined portfolio, 65% of the assets are residential and 35% are commercial.  Lennar's Rialto Investments segment will be responsible for the oversight and day-to-day management and workout of the combined portfolio.

Stuart Miller (top right photo), President and Chief Executive Officer of Lennar Corporation, said, "Rialto is uniquely positioned to underwrite and purchase pools of distressed assets and generate earnings from the resolution of those assets, one asset at a time.

“It is a wholesale to retail process driven by a hard-working group of professionals who have time-tested loan and asset workout skills."

 Mr. Miller continued, "These ground breaking transactions, sourced by Eric Feder, Head of Strategic Development for Lennar and Rialto, represent the first major purchases from the private sector.

“ We worked hand-in-hand with three large financial institutions to help them maximize the value of their distressed assets, while creating an excellent investment opportunity for our shareholders.

Contact: Diane Bessette, Vice President and Treasurer, Lennar Corporation, +1-305-229-6419 . Web Site: http://www.lennar.com/