MBA: Only 11 Percent of $1.4 trillion of Non-Bank Commercial/Multifamily Mortgage Debt Set to Mature in 2011

  

SAN DIEGO, CA (Feb. 7, 2011) - Of the $1.4 trillion balance of outstanding commercial/multifamily mortgages held by non-bank investors, only 11 percent of the total ($155 billion) will mature in 2011, and 9 percent ($125 billion) in 2012 according to today's release of the Mortgage Bankers Association's (MBA) 2010 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. 

The survey found that maturities vary considerably by the type of investor holding the loan. 

 "The long-term nature of commercial real estate means that relatively fewer - not more - commercial and multifamily mortgages have been maturing during the throes of the credit crunch and recession compared to other credit types," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 "For most investor groups, commercial mortgage maturities are relatively spread out, with some increases starting in 2015 as the loans originated in 2005, 2006 and 2007 come due."

 MBA's 2010 survey collected information directly from servicers on the maturity years of more than $1.4 trillion in outstanding non-bank commercial/multifamily mortgages.

Only small shares of the commercial and multifamily mortgage debt held by life insurance companies, Fannie Mae, Freddie Mac or FHA, or in fixed-rate commercial mortgage-backed securities (CMBS) will be coming due in 2011 or 2012. 

Greater shares of mortgages held in short-term and floating-rate commercial mortgage-backed securities (CMBS) and by credit companies, warehouse facilities and other investors will mature in 2011 and 2012.

  

To learn more or to purchase a copy of the report, please visit:

http://www.mortgagebankers.org/ResearchandForecasts/ProductsandSurveys/LoanMaturityVolumes.htm

 Contact: Melissa Key, (301) 509-5537, mkey@mortgagebankers.org

Savanna Secures $47 Million Financing for 5 Hanover Square in Manhattan’s Financial District

NEW YORK, NY – FEB. 7, 2011 – Savanna, a New York-based institutional real estate private equity and asset management firm, today announced the closing of a $47 million loan for 5 Hanover Square (top left photo). 

Located between William and Hanover Streets in Manhattan’s Financial District submarket, this 25-story, 333,000-square-foot multi-tenant office building designed by architect Henry G. Green was built in 1962 and has undergone over $24 million of renovations and upgrades since 2003.

The $47 million loan, provided by Mesa West Capital, will finance the completion of Savanna’s capital improvement plan, which will cover bathroom and hallway renovations, elevator and major building system upgrades, and minor cosmetic improvements to the recently renovated lobby.

Additionally, the financing capitalizes the property to pay the leasing and tenant fit out costs necessary to attract top quality tenants. 

With this transaction, Savanna has successfully secured financing to recapitalize four major commercial properties in Manhattan over the past 12 months.

“It has been a pleasure to work with Mesa West Capital on this transaction and we look forward to financing future deals with them,” said Nicholas Bienstock (middle right photo), a Managing Partner of Savanna.

 “Additionally, we are pleased to continue the major capital investment program started by Swig Equities, which has and will continue to transform 5 Hanover into a very attractive building for its tenants.

“Swig Equities will remain the Managing Agent and we are excited to launch a marketing and leasing effort with Frank Cento of Cushman & Wakefield and Todd Korren of Swig Equities.”

Adam Spies of Eastdil Secured represented ownership in this financing. 

“Savanna has an excellent business plan and the new financing provides capital to reposition the building in an improving market,” says Raphael Fishbach (lower left photo), a Principal who heads Mesa West’s New York City office and directs its East Coast originations.

“Mesa West continues to expand its platform on the East Coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor.”

 Contact: Alan Segan, Telephone: 212-843-8064

Email: asegan@rubensteinpr.com

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for $2.75 Million Equestrian Estate in Highlands County, FL

ORLANDO, FL --- Stirling Sotheby’s International Realty has been appointed exclusive sales and marketing agents for a $2.75 million equestrian estate off U.S. Highway 27 near Lake Placid in Highlands County.

Roger Soderstrom, founder and owner at Stirling Sotheby’s International Realty, said luxury home specialist Erin Wanner (top right photo) negotiated the exclusive listing in Clover Trails (middle  left photo), a gated, deed-restricted equestrian community.

The five-acre estate includes a 7,120 square foot luxury home with five bedrooms, five and one-half-baths, a bonus room or game room an executive office, a spacious master suite with its own private sitting room, private gym, custom closet and large master bath with four person Jacuzzi tub.

Wanner said the estate includes a resort-style swimming pool with a 10-foot waterslide, grotto, beach style entry, tiki bar and huge spa, summer kitchen and an indoor gourmet kitchen with a 13 foot island, Viking stainless steel appliances, and butler’s pantry.

The detached workshop and garage feature an air conditioned office and restroom, 2nd floor storage and RV and boat parking with a raised ramp for easy access to a yacht.

To view the property see  http://www.stirlingsir.com/index.php?action=listingview&listingID=98441

For more information, contact

Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890 

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

Grubb & Ellis Healthcare REIT II Acquires Columbia Long-Term Acute Care Hospital in Missouri

COLUMBIA, MO – Grubb & Ellis Healthcare REIT II, Inc.  announced that it has acquired Columbia Long-Term Acute Care Hospital (centered photo above), a single-story, 31,000-square-foot, Class A single-tenant medical facility in Columbia, midway between Kansas City and St. Louis.  The acquisition closed on Jan. 31. 

Located at 604 North Old Highway, Columbia Long-Term Acute Care Hospital is less than one mile from Boone Hospital Center (middle right photo), a 394-bed full service medical facility, and approximately three miles from University of Missouri Women’s and Children’s Hospital (middle left photo), a 189-bed general acute care medical center.  Both facilities serve as significant sources of referral patients to Columbia Long-Term Acute Care Hospital.  

Built in 2009, Columbia Long-Term Acute Care Hospital is leased by Landmark Holdings of Missouri, LLC, which signed a long-term lease through January 2026. 

The Columbia facility is the fourth and final piece of a $42 million, four-property portfolio of regional long-term acute care hospitals acquired by Grubb & Ellis Healthcare REIT II.  Similar facilities in Cape Girardeau and Joplin, as well as one in Athens, Ga., were acquired by the REIT in 2010.   

“Long-term acute care hospitals such as the four we’ve acquired in Missouri and Georgia are exceptional additions to Grubb & Ellis Healthcare REIT II,” said Danny Prosky (lower  right photo), president and chief operating officer of the REIT.

 “They each enjoy very limited competition, have strong relationships with major healthcare systems, and provide stable long-term income that is immediately accretive and supportive of our investor distributions.”

Creative Health Capital, LLC represented the seller, White Oaks Real Estate Investments, LLC, an unaffiliated third party, in the transaction.

 Grubb & Ellis Healthcare REIT II financed the acquisition using cash proceeds received from its offering and $11 million in borrowings under its line of credit with Bank of America, N.A. 

 As of Jan. 21, 2011, Grubb & Ellis Healthcare REIT II has sold approximately 16,289,692 shares of its common stock, excluding the shares issued under it distribution reinvestment plan, for approximately $162,515,000 through its initial public offering, which began at the end of the third quarter of 2009.

To date, the REIT has made 14 geographically diverse acquisitions comprised of 26 buildings valued at approximately $206 million, based on purchase price.

Contact: Damon Elder, Phone: 714.975.2659

Email: damon.elder@grubb-ellis.com

AMB-ProLogis Marriage Marks Biggest Industrial Real Estate Deal in U.S. in 20 Years

 SAN FRANCISCO and DENVER---A cool $8.7 billion in stock. That is the price San Francisco, CA-based AMB Property Corp. (NYSE: AMB) has agreed to pay for Denver, CO-based ProLogis (NYSE: PLD).

Analysts say the deal between  the two largest U.S. owners of warehouse and distribution centers is the biggest in the industrial real estate market in at least 20 years.

The deal is expected to close in the second quarter. It was publicly announced Jan. 31.

The deal comes as ProLogis, the larger company, continues to struggle with a hefty debt load.  Analysts say the deal will give AMB, which also operates in China and Brazil, a large presence in the UK and Eastern Europe

In a prepared statement, the companies jointly state that combined, they are expected to have a pro forma equity market capitalization of about $14 billion, a total market capitalization over $24 billion, and gross assets owned and managed of about $46 billion.

The companies will own or manage a total 600 million square feet of industrial space in  22 countries. The new company will retain the ProLogis name and will trade under the ticker symbol PLD (NYSE).

The companies say the all-stock merger is intended to be a tax-free transaction.

Both companies have substantial portfolios in North America, Western Europe and Japan. ProLogis is well-established in the United Kingdom and Central and Eastern Europe, and AMB has a significant presence in China and Brazil. 

"This merger is about two great companies coming together to create a stronger platform for sustainable value creation and growth,” Hamid R. Moghadam (top right photo) , AMB CEO said in the companies’ news release

“By joining forces, this merger will create a company positioned to be the leading global provider of logistics real estate — a Blue Chip REIt.”   

ProLogis CEO Walter C. Rakowich (top left photo) added, "This combination will help create the most efficient, effective industrial real estate organization with the best, most diverse talent.

"The merger of these two leading industrial platforms will advance a number of priorities already underway at each company.

“These priorities include improving efficiency and reducing costs by better aligning our portfolios through the reduction of non-core assets and the recycling of capital into higher growth opportunities; increasing asset utilization by stabilizing the operating portfolio; leasing up the development portfolio; and monetizing the land bank."

Moghadam, AMB's CEO, and Rakowich, ProLogis' CEO, will serve as co-CEOs through December 31, 2012, at which time Rakowich will retire, and Moghadam will become sole CEO of the combined company.

 Moghadam also will be Chairman of the Board of the combined company and will be primarily responsible for shaping the company's vision, strategy and private capital franchise.

Rakowich will be principally responsible for operations, integration of the two platforms and optimizing the merger synergies.

Until December 31, 2012, Rakowich also will serve as Chairman of the Board's executive committee.

William E. Sullivan (middle right photo), current ProLogis CFO, will continue to serve as CFO and will retire from ProLogis on December 31, 2012.

During this period, Thomas S. Olinger (lower left photo), AMB's current CFO, will be responsible for day-to-day integration activities and report to the CEOs; he will become the CFO of the combined company on December 31, 2012. 

The board of directors of the combined company will consist of six board members designated by ProLogis and five board members designated by AMB.

Irving F. "Bud" Lyons, III, (lower right photo) an existing ProLogis Board member, will serve as Lead Independent Director.

Following the close of the transaction, the combined company's corporate headquarters will be located in San Francisco, and the combined company's operations headquarters will be located in Denver. 

HFF closes sale of Coral Gables Apartments in southwest Houston

 HOUSTON, TX –HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Coral Gables Apartments (top left photo), a 318-unit multi-housing community in southwest Houston.

HFF marketed the foreclosed property on behalf of the seller.  CG Properties, LLC, a Houston-based private capital company, purchased Coral Gables Apartments for an undisclosed amount using a bank loan as bridge financing.

Coral Gables Apartments is situated on a 13-acre site at 10522 Beechnut just west of the Sam Houston Tollway in southwest Houston.  The property is less than a 10 minute drive to Houston’s Westchase District, one of the area’s largest employment centers.  Units average 882 square feet each.

The HFF team that represented the seller included senior managing directors Craig LaFollette (lower  right photo), Todd Stewart, Todd Marix, director Tre Banks and associate director Chris Curry. 

The LS Realty Advisors team of David Fantin (multifamily acquisition and consulting) and Heidi Castiglione (multifamily agent) represented the buyer.

Contacts:  

M. Todd Marx, HFF Senior Managing Director, (713) 852-3500, tmarix@hfflp.com

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

krmurphy@hfflp.com

Berger Commercial Realty Corp. Announces Two New Sales

 FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced new deals from brokers Steve Hyatt (top right photo) and Reese Stigliano, SIOR (lower left photo).

Hyatt and Stigliano represented seller SBC 2010-1, LLC in the sale of a 21-unit apartment building, located at 2309-2323 Madison St. in Hollywood, for $410,000 to buyer Rafael Correa.

 Hyatt also represented SBC 2010-1, LLC in the sale of a seven-unit apartment building, located at 1033-1035 North Andrews Ave. in Fort Lauderdale, to Laurence Brokaw for $182,500.

Contact:

Marielle Sologuren

Pierson Grant Public Relations

6301 Northwest 5th Way, Suite 2600

Fort Lauderdale, FL 33309

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

Fax: (954) 776-0290

msologuren@piersongrant.com

http://piersongrant.com/

http://www.highimpactdigital.com/

http://www.bergercommercial.com/

Daniel Dobric Joins Grubb & Ellis Company’s Office Group in Phoenix, AZ

PHOENIX, AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Daniel Dobric (top right photo) has joined the company’s Office Group as senior vice president.  He will team with Michael Myrick (middle left photo), CCIM, vice president, Office Group who joined the company in July. 

 “I am absolutely thrilled Dan has joined our team at Grubb & Ellis.  Mike and he have worked together for the past eight years and have built an excellent reputation in the Phoenix marketplace as knowledge leaders who deliver exceptional service to clients,” said Pete Bolton (lower right photo), executive vice president and managing director of Grubb & Ellis’ Phoenix office.

 Dobric joins Grubb & Ellis with 29 years of commercial real estate experience.  He previously spent five years with BRE Commercial as a senior vice president. 

Prior to joining BRE Commercial in 2005, Dobric served as an executive vice president of Presidio Commercial Services L.P., a division of Presidio Investments, for three years, where he oversaw the leasing and marketing of the company’s 1 million-square-foot office portfolio in the Phoenix metro area. 

Previously, Dobric also held the position of vice president with ARES Inc., Premisys Real Estate Services Inc. and PM Realty.  He began his career in 1982 with Coldwell Banker, now CB Richard Ellis.  Dobric holds a bachelor’s degree from the University of Arizona and is a member of NAIOP. 

 Myrick has been in the commercial real estate industry for 13 years, and in that time has been involved in leasing and investment sale transactions valued in excess of $1 billion, as well as a number of agency leasing transactions totaling more than 8 million square feet.  He holds a bachelor’s degree from Northern Arizona University and is a member of NAIOP and the CCIM Institute. 

 In their eight years as a team, Dobric and Myrick have completed more than 600 lease and sale transactions totaling in excess of 4 million square feet. 

This included developing and leasing the only speculative medical office building constructed in the greater Phoenix region in 2010, Mercy Medical Commons.  The team’s client list includes institutional and private landlords and tenants. 

Contact:  Julia McCartney, Phone: 714.975.2230                                     

Email:  julia.mccartney@grubb-ellis.com

          

Marcus & Millichap Names Michael S. Barron Senior Director of NMHG in Cleveland

 CLEVELAND, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael S. Barron (top right photo) to senior director of the firm’s National Multi Housing Group (NMHG), according to Hessam Nadji, a senior vice president and managing director of Marcus & Millichap. Nadji also serves as the national director of the NMHG.

Barron joined Marcus & Millichap in 2002. During his career at Marcus & Millichap, Barron has closed more than 133 transactions, valued at more than $390 million.

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

Jones Lang LaSalle Completes 30,884 SF Office Lease with Bolton & Co. in Pasadena, CA

PASADENA, CA — Jones Lang LaSalle represented Bolton & Company in a 30,884-square-foot lease at Pasadena Corporate Park (top left photo), a 265,000-square-foot, Class-A complex located at 3475 E. Foothill Blvd. in Pasadena, Calif. 

The new space will be used for the company’s headquarters.  Bolton & Company previously occupied space at 245 S. Los Robles Avenue in Pasadena.

Jones Lang LaSalle Managing Director John McAniff, Senior Vice President Christina Noonan and Vice President Jason Fine represented Bolton & Company in the transaction. 

The property owner, Wells REIT Fund II, was represented by Todd Doney, Nico Vilgiate and John Murray of CB Richard Ellis. 

Jones Lang LaSalle’s Southern California Project and Development Services group led by Judy Caruthers will provide project and move management for Bolton & Company by overseeing planning, design, construction and close-out of the project.

“Jones Lang LaSalle is the perfect partner for us – locating a building to fit our needs, securing the best lease terms, handling the new office build-out and overseeing move management.,” said Mike Morey, CIC, Chief Operating Officer for Bolton & Company.

 “This new location allows us to be a more efficient company while accommodating our growth on a single floor and providing our employees with abundant amenities.”

Established in 1931, Bolton & Company is one of the nation’s largest employee-owned insurance brokers providing clients worldwide with insurance and risk management services, employee benefits and financial products. 

Jones Lang LaSalle Completes 15,099 SF Office Lease with Josephson Institute in Los Angeles

LOS ANGELES, CA— Jones Lang LaSalle represented Josephson Institute in its 15,099-square-foot headquarters lease renewal at Airport Center (middle right photo), a 275,267-square-foot, Class A office property located at 9841 Airport Blvd. in Los Angeles. 

Jones Lang LaSalle Executive Vice President Michael Siteman and Vice President Jason Fine represented Josephson Institute in the transaction.  The property owner, Airport Holdings LP, was represented in-house by Joseph Brooks.

“The current economic conditions and our knowledge of local market dynamics allowed Jones Lang LaSalle to negotiate favorable terms enabling Josephson Institute to reduce its rent and extend its lease term,” said Fine.

 For further information, please visit our website, http://www.joneslanglasalle.com/.

Contact:  David Ebeling, Phone:  +1 949 278 7851

Email: david@ebelingcomm.com

Wells Core REIT Acquires Westway One Building in Houston

 NORCROSS, GA - Wells Core Office Income REIT today announced it has acquired the Class-A Westway One building (top left photo)  in Houston, Texas. 

Built in 2007, the three-story, 143,961 square foot office building is located at 11210 Equity Drive in Westway Park, near Houston’s two major airports, and a short drive from the Energy Corridor, The Galleria, and the Westchase residential area.

Westway One is fully leased to four corporate tenants and anchored by NATCO Group, Inc., a business unit of Cameron Corp., a global provider of flow equipment, services, and systems to the oil, gas, and process industries. 

The property is both LEED Silver and ENERGY STAR®-certified.

“We are pleased to add Westway One to Wells Core REIT’s growing portfolio of Class-A office properties, especially considering its location in one of Houston’s top business centers and the fact that it is fully leased to solid tenants” said Joe Oglesby (lower left photo), chief investment officer of Wells Real Estate Funds, advisor to the REIT. 

Wells was represented internally by Keith Willby, senior vice president, capital markets.

Media Contact: Margot Olcay, Rubenstein Associates, (212) 843-8284, molcay@rubenstein.com

Ronald Yank Joins CalPERS Board

SACRAMENTO, CA – Ronald Yank (top right photo) became an ex officio member of the CalPERS Board of Administration upon his appointment by Governor Jerry Brown (middle left photo) as Director of the Department of Personnel Administration on January 5, 2011.

Mr. Yank, a retired labor and employment law attorney, has more than 33 years of experience in labor relations.  He served as a neutral arbitrator and mediator in the field of labor and employment law and has been a partner in the law firms of Carroll Burdick & McDonough and Neyhart Anderson & Freitas.

 Mr. Yank was an Assistant Professor of Rhetoric at UC Berkeley from 1967 to 1971.

 Yank has represented bargaining units of State employees including the California Correctional Peace Officers Association and CDF Firefighters.

He earned his law degree from Harvard University and his undergraduate degree from University of California, Berkeley.

CalPERS is the largest public pension fund in the U.S. with approximately $226 billion in assets. The retirement system administers pension plans for more than 1.6 million active and retired California State, public school, and local government agencies on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees.

More information about CalPERS is available at http://www.calpers.ca.gov/

. 

Contact:

External Affairs Branch

(916) 795-3991

Patricia K. Macht, Director

Brad Pacheco, Chief, Office of Public Affairs

Contact: Bob Burton, Information Officer

pressroom@calpers.ca.gov

Morrison Commercial Real Estate Represents Christ for All Nations in 31,854-SF Building Acquisition in Orlando

 ORLANDO, FL -- Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced a client’s purchase of the building located at 6880 Lake Ellenor Drive in Orlando.       

David Y. Young (top right photo) and Lisa Bailey (lower left photo), of Morrison Commercial Real Estate, represented the buyer, Christ For All Nations (CFAN), in the purchase of the 31,854 square foot office building which will be used for their National Headquarters.  

Colliers International represented the seller, Patriot –BSP 6880 Lake Ellenor Associates LLC, in the transaction for over $2,300,000 on January 13, 2011.

 Contact: Kathryn Crownover, Phone: 407.219.3500 ext. 210, Email:  kcrownover@morrisoncre.com

ARA Executes Sale of Luxury Multifamily Property in Palm Harbor, FL

TAMPA, FL— The Central and North Florida offices of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announced the sale of Sabal Palms at Boot Ranch (top left photo), a 432-unit community located in Palm Harbor, an infill affluent submarket within the Tampa Bay MSA.

 The North Florida Team of ARA Tampa-based vice president, Patrick Dufour (middle right photo), ARA Orlando-based principal, Kevin Judd (middle left photo), and ARA Boca Raton-based principal, Dick Donnellan (lower right photo)  represented a public REIT in the sale of the Class A investment property.

“Sabal Palm at Boot Ranch represents a ‘best in class’ property with significant potential going forward,” said ARA Orlando Principal Kevin Judd.š “The property exhibits an excellent opportunity to lead the submarket in rent growth while generating significant long-term returns through property performance.”

 AREA Property Partners acquired the property for $44,200,000 or $100.25 per square foot.

The multi-national investment group closed the all-cash transaction with in-place private equity funds.

“This buyer, like many other investment groups, is allocating more of their portfolio to multifamily properties due to the strong underlying fundamentals today and anticipated performance increases in the near-term,” noted ARA Tampa Vice President Patrick Dufour.šš

 The community was built in 1996 and features one-, two-, three and four-bedroom floor plans with a large average unit size of 1,021 square feet.

Unit amenities include vaulted ceilings, walk-in closets, washer/dryer hookups and several units feature water or pool views. Garages and covered parking are available as well. Community amenities include two swimming pools, tennis court, basketball court, fitness center, business center and clubhouse.

The property was 94% occupied at the time of the sale.

 “Sabal Palm at Boot Ranch is located in an affluent residential area with good schools, several golf communities and strong household demographics," noted Dufour.

“The property also features a strong local employment base with a large concentration of medical employment and an average household income approximately 20% above the MSA average ”

 To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Marti Zenor of ARA Florida at mzenor@ARAusa.com or 561-988-8800.

Arbor Closes Three Fannie Mae DUS® Loans Totaling $16.1M In North Carolina

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $16,110,200 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Dedicated Student Housing and Fannie Mae DUS® Small Loan product lines in North Carolina:

 Legacy Park Apartments, Winston-Salem, NC (top left photo) – The 198-unit complex received $11,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

 Spartan Crossing, Greensboro, NC (middle right photo)– The 116-unit complex received $3,700,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The property serves students attending the University of North Carolina at Greensboro. The 10-year loan amortizes on a 30-year schedule.

Sunnybrook Apartments, Fayetteville, NC (lower left photo) – The 24-unit complex received $1,410,000 funded under the Fannie Mae DUS® Small Loan (8.3 percent Military Concentration) product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA, lending office. “Arbor’s team effort provided our clients with terms that surpassed the competition in an extremely timely manner,” Edwards said.

 “We were most pleased with the opportunity to once again demonstrate to the marketplace our focus and determination when presented with exciting financing opportunities.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Woolbright Development finds opportunity in West Palm Beach, FL

          

 BOCA RATON, FL – Woolbright Development announces the acquisition of Village Commons (top left photo) in West Palm Beach, Fla.  Woolbright will oversee the center’s leasing, property management, construction management, marketing and promotions.

“Village Commons is a great center with a very appealing location and a strong tenant mix; it also offers the potential for improvement in leasing and its aesthetic appearance,” said Jorge Morell, (middle right photo) vice president of Woolbright.

“Our immediate goals are to fill the vacancies and invest in the overall appearance and atmosphere at the center; in addition to making the center more attractive, we will roll out our marketing programs to assist the tenants in growing their businesses.”

Located at 701-971 Village Blvd. northwest of Palm Beach Lakes Blvd., the 169,000 square-foot Village Commons is a Mediterranean-style open-air center, featuring lush landscaping, decorative tile accents and a prominent courtyard area with ample seating and a sparkling fountain as the centerpiece. 

“Village Commons has all the elements to be the ultimate shopping destination in West Palm Beach,” said Morell.  “Our plans are to beautify the center and optimize the tenant mix; this will result in the creation of an attractive and desirable common gathering place.”

Village Common is anchored by Publix and CVS. Additional retailers and restaurants in the center include Starbucks, Panera Bread, Coldstone Creamery, PNC Bank, Duffy’s Sports Bar and Grill, and many other national, regional and local merchants. Despite the challenging economic climate that has plagued Florida; the center’s strengths have played a role in merchants’ success.

“We credit our success to Village Commons’ premier location near I-95 and our prominent location in the courtyard of the center,” said Abe Dababneh, (middle left photo) owner of Smoke Inn. “We look forward to working with Woolbright and are excited for the improvements they have planned to enhance the overall appearance of the center and increase business.”

The area’s growing demographics also show real market potential exists for Village Commons.  Over the last decade, the population has grown nearly 24 percent within a one-mile radius and it is expected to continue to outpace Florida’s averages for the next five years. 

   Village Commons is surrounded by upscale private golf course communities, is located near the Palm Beach Airport and also is close to the Palm Beach Mall, which has its own plans for re-development.

“Our restaurants have a loyal following and our guests have responded favorably to our location in Village Commons,” said Paul Emmett (lower right photo), owner of Duffy’s.  “Our customer base has grown extensively in the past five years at this location, making Duffy’s of the Villages one of the best performing Duffy’s restaurants in South Florida.”

Leasing of the center will be managed Jennifer McNeil.  Morrell will oversee the property management.

 Media contact:  Rachel Shapiro, Pierson Grant Public Relations,
(954) 776-1999, ext. 230, rshapiro@piersongrant.com