Friday, April 1, 2011

Tolaris Homes Starts Construction of 5,000-SF “Green” Lakefront Custom Home at Lake Forest, FL



 LAKE FOREST, FL – Tolaris Homes, a division of Tolaris International, has started construction of a 5,000 square foot waterfront home at Lake Forest the luxury, gated community on SR 46 west of Sanford.

 Richard Bavec (top right photo), president of Tolaris Homes, said the four-bedroom home with a game room and den, is a Green home featuring photovoltaic panels, solar heat, Low-E windows, 16 seer AC unit, programmable thermostat and other elements to increase energy and water efficiency and indoor air-quality.

 “The custom home will meet or exceed EPA’s Energy Star® standards and will reduce monthly utility bills for the new owners who are expected to move in when construction is completed this summer,” Bavec said.

 For more information contact:
Richard Bavec, President, Tolaris Homes, 407-402-9866 rbavec@tolarishomes.com
Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax: 4410) lvershelco@aol.com

HFF arranges $15.5 million refinancing for industrial warehouse in Pittsburgh

 

PITTSBURGH, PA – HFF announced today that it has arranged a $15.5 million refinancing for 615 Alpha Drive, a 327,500-square-foot industrial warehouse in Pittsburgh’s RIDC O’Hara Business Park (top left photo).

Working exclusively on behalf of McKnight Realty Partners, HFF placed the 10-year, fixed-rate loan with Nationwide Real Estate Investments.  Loan proceeds were used to refinance the acquisition and renovation loan.

615 Alpha Drive is situated on 14 acres within the RIDC O’Hara Business Park about eight miles northeast of downtown Pittsburgh via the Allegheny Valley Expressway.  The property is 80 percent leased to tenants including Benshaw, Inc., a subsidiary of Curtis-Wright Corporation. 

The HFF team representing McKnight Realty Partners was led by executive managing director Gerard Sansosti.

McKnight Realty Partners is a leading real estate investment and development company based in Pittsburgh, Pennsylvania.

Contacts:
Gerard T. Sansosti, HFF Executive Managing Director, (412) 281-8714 gsansosti@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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Marcus & Millichap Sells 37,631-SF Self-Storage Facility in Panama City Beach, FL for $900,000



PANAMA CITY BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Top Shelf Storage (top left photo), a 37,631-square foot self-storage facility located in Panama City Beach, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $900,000.

Michael A. Mele (middle right photo), vice president investments, and senior director of the National Self-Storage Group, and Edwin Greenhalgh (lower left photo), investment specialist with Marcus & Millichap’s Tampa and Birmingham offices respectively, had the listing to market the property on behalf of the seller, a financial institution. 

The buyer, a private investor, was also secured and represented by Mele and Greenhalgh.

 “This sale was significant in that we were able to close this transaction in seven days, start to finish, proving there are cash buyers ready to expand their portfolio in this market” says Mele.

Top Shelf Storage is located at 105 Estes Place.

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

The Real Estate Capital Scoreboard issued by the Real Estate Capital Institute


 CHICAGO, IL, April 1, 2011-- Modest economic growth steadily fuels the commercial realty markets with abundant debt and equity funds staying in step.

 Inflation pressures are under control in the short-term, alleviating concerns of a double-dip recession.

 However, maintaining modest growth proves challenging under current economic conditions as unemployment, weak housing conditions, cautious consumer spending, concerns about Europe and the Middle East and lack of liquidity for many business sectors still haunts
entrepreneurial investment appetite. 

Regardless, realty capital markets are undoubtedly back to more normal levels as evidenced by the REIT and CMBS market rebound.  The number of capital providers and financing structures are far superior to those provided a few years ago based upon several factors:

Solid Values:   Conservative investors flock to the best quality, best located properties, accepting lower cap rates in lieu of volatility.  For instance, multifamily properties support 6.5% cap rates on a national average.  Interestingly, same-property dynamics show about a 400-basis-point range within the Class A-B-C quality spectrum.

Public market demand:  The strongest evidence of solid gains in the commercial real estate ("CRE") sector rests with the public markets. Appetite for income properties via REITs offers strong performance and tight pricing.  The underestimated rebound in the capital markets allows these companies to sell stock at very competitive rates; few attractive alternatives are offered in conventional stocks and bonds.  Many investors firmly believe that the commercial property sector has bottomed-out and is set for a steady recovery.


Prudent underwriting:  Rating agencies have increased subordination levels, translating to higher-rated tranches, which are more appealing to investors. Furthermore, CMBS spreads dramatically tightened to more historical norms of about 250 basis points; B-Piece buyers are keeping new issues in-check. Borrowers now have more varied options in addition to life companies and banks. 

Real equity:  Pricing concerns plague non-stabilized properties, especially in competition with under-performing maturing loans.  Extremely conservative loans backed by substantial equity are the only panacea for this sector. That said, savvy investors purchasing such assets at reset prices on an "all cash" basis are expected to handsomely profit, if projects are well conceived and in strategic locations. 

Jeanne Peck (top right photo) of the Real Estate Capital Institute, forecasts "Spring capital markets are clearly in full swing as proof of REIT and CMBS dynamics." Adding, "CMBS [and other] investors are out in full force armed with lots of cash, but still maintain discipline as the memories are still fresh of the Great Recession."

Contact: Jeanne Peck, Research Director
Toll Free 800-994-RECI (7324)

McCarthy Building Companies Begins Demolishing Former March Air Force Base Hospital in Southern California




McCarthy Building Companies representatives at the March Air Force Base hospital demolition event included, from left to right, Mike McGee, superintendant; Laura Barton, assistant project manager; Don Ecker, chairman/founder, March HealthCare Development; Steve Mynsberge, executive vice president, healthcare services; and Jesse Ruiz, Southern California Division safety coordinator. (Photo Credit – Loren Faulkner)


RIVERSIDE/MORENO VALLEY, CA—April 1, 2011—McCarthy Building Companies, Inc., one of the premier hospital builders in the U.S., has begun demolishing the former March Air Force Base (AFB) Hospital ( middle centered photo to make way for construction of a $3.3 billion, 200 acre medical, “health and wellness city” known as March LifeCare.

A ceremony to mark the final stages of deconstruction at March AFB and kicking-off demolition of the 190,000 sq. ft., five-level military hospital tower was held on March 28. The event included speakers, a military fly-over, and a live band before a wrecking ball was swung from a 145-foot crane into the southwest corner of the hospital.



                               (Photo Credit – Loren Faulkner)


The event was attended by more than 100 U.S. Veterans as well as other community members, healthcare community leaders, project team members, and state and local officials.

Joining master developer March HealthCare Development was special guest Willie Brown, the longest serving Speaker of the Assembly and former Mayor of San Francisco. Brown, a redevelopment visionary, successfully led the effort to build a new medical research campus in San Francisco’s Mission Bay neighborhood.

 Along with Brown, some of the other speakers at the event included:

  • Don Ecker, Master Developer, March HealthCare Development/March LifeCare
  • Dr. Steve Larson, Chairman & CEO, Riverside Medical Clinic
  • Steve Barron, CEO, St. Bernardine Medical Center, Catholic Healthcare West
  • Marion Ashley, Chairman, March Joint Powers Authority
  • Joel Ayala, Director, Governor’s Office of Economic Development

Since July 2010, McCarthy Building Companies, the March LifeCare program master construction manager, has been working with U.S. Demolition Company to raze a total of 22 buildings on the base before construction of the new facilities can begin. Bragg Crane Co. brought in an American 125-ton crane with a 145-ft. boom and jib, lifting an 8,000 lb. wrecking ball for the initial work. The hospital demolition is expected to be completed in three months.

 “We are recycling much of the materials from the old buildings,” said Laura Barton, McCarthy assistant project manager. “Concrete will be crushed then compacted back into the former basement areas, and the remaining concrete and asphalt from all the demolished buildings will be processed as aggregate base for future March LifeCare campus streets.”

 Brown, in his remarks before a crowd of some 500 people, said the new March LifeCare City will become the standard to which future healthcare facilities will look, “…it will be replicated all over this Country.” Last year, former Governor Schwarzenegger said of March LifeCare, “This is going to be known as the ‘Mayo Clinic’ of the West.”

 When completed, March LifeCare will include six-million square feet of healthcare related structures including a 550-bed hospital, a senior continuum of over 700 beds, medical office buildings, retail, ambulatory care facilities, education, research and training facilities, plus a hotel, a healing institute and a veteran’s facility. Construction is planned in phases and will provide some 12,700 local construction jobs and employ 7,200 permanent medical-related personnel when completed.

 Internationally renowned architectural firm Ho+k designed the Master Plan for the March LifeCare Campus.

 March LifeCare is being called the largest healthcare construction project in the West and is attracting the attention of federal, state and local officials at a time when the Inland Empire area suffers through some of the worst unemployment figures in the U.S., hovering around 14 percent.

 Laura Barton noted that March LifeCare’s original founder, Don Ecker, has provided, “…vision, enthusiasm, and tireless work that brought this project to life. March LifeCare will have a lasting positive impact on the local community and the way total health care is delivered to individuals here. McCarthy is proud to be part of the team!”

 More information about the company is available online at http://www.mccarthy.com/

Contact:
Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300


Manhattan Residential Sales Prices Down 5% from Previous Quarter but Unchanged from a Year Ago


 Manhattan Average Apartment Price $1,364,733

           
 NEW YORK, NY--:According to the first quarter market report released today by Brown Harris Stevens Residential Sales, the average Manhattan apartment sale price of $1,364,733 was down 5% from last quarter and nearly unchanged from same period in 2010.

 This is the first quarter of declines after six consecutive quarters in which the average sales price rose in Manhattan. At 1,769, the number of reported sales was down 23% from a year ago.

 The average price for cooperatives sold during the first quarter of 2011 was down just 1%, to $1,070,229, from the first quarter of 2010. The average condominium price was $1,745,464, up just 1% from a year ago.

 “Prices remained essentially steady when compared to the first quarter of last year, but we did see a decrease in activity,  said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.

“Many home owners decided to sell last year to try and take advantage of Bush-era tax cuts that were set to expire.

“As we see a steady increase in job growth in Manhattan and the general economic outlook continues to improve in New York City, demand for housing will remain strong. At the same time, low inventory will continue to be a factor,”

The median price, which measures the middle of the market, fell 4% from a year ago to $787,500.

On the East Side, two-bedroom apartments posted a large gain in average price, 16%. This is the second consecutive quarter two-bedrooms saw a large gain.

The East Side was the only market where prices increased over the past year for both prewar and postwar co-ops as well as condos.

The average price per room for Midtown West prewar co-ops fell sharply because studio units comprised nearly half the sales in this market.

Downtown prices fell for all size categories except two-bedrooms.

Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.  The company has offices throughout New York City, the Hamptons, North Fork and Palm Beach.

Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.

 For more information, please visit http://www.brownharrisstevens.com/

 Contact: Jennifer Little, 212.843.8364, jlittle@rubensteinpr.com


Thursday, March 31, 2011

Colliers International Negotiates Five-Year Lease for a 155,992-SF Industrial Building Valued at $3.1 million in City of Industry, CA


CITY OF INDUSTRY, CA, Mar. 31, 2011. – Colliers International, the second largest global real estate services organization, recently negotiated a five-year lease for a 155,992-square-foot industrial building located at 14255-14317 Lomitas Ave (top left photo), City of Industry, Calif. The transaction is valued at $3.1 million.

 Built in 2001, the property offers state-of-the-art building features including 30’ minimum ceiling clearance and a secured concrete yard.

It will be used as a warehouse by the new tenant. Steve Bellitti, senior executive vice president, Tom Taylor, senior executive vice president, and Tony Phu, executive vice president, all based in Colliers International’s Inland Empire office  represented the landlord, Lomitas LP, a Orange County-based investor. The tenant, HOT Services, was represented by IDS Real Estate Group.


“This is one of the few deals done  greater than 100,000 SF size range in Industry this year.  By tracking movement in the market, Colliers brokers were able to identify the potential tenant whose building recently sold,” said Phu.  “By working with the tenant's broker, Colliers was able to introduce the prospective tenant to the building and consummate a deal.”


.Contact: Angela S. Hwang
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258


Morrison Commercial Real Estate Completes Lease Transactions Totaling 74,092 SF in Metro Orlando



ORLANDO, FL (Mar. 31, 2011):  Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of two lease transactions totaling 74,092± square feet. 

Greg Morrison and  Emily Zinaich (top right photo) represented Parkway Properties in renewing and expanding the lease of Camp Dresser & McKee, Inc. for a total of 63,286± square feet in the Maitland 200 building located at 2301 Maitland Center Parkway.  Sarah Castor, Daniel Sullivan and Chris Crooks of CresaPartners represented the Tenant in this transaction.

Damien Madsen (bottom left photo) represented the Center for Drug Free Living in renewing their 10,806± square foot lease at Corporate Park located at 3670 Maguire Road in Orlando, FL.  Elliott Jamison and Robbie McEwan of Realty Capital Advisors represented the landlord in this transaction.
  
Contact: Buffy Gillette, Phone: 407.219.3500

The Marketing Directors Orchestrates Sell-out of Huff Heights in West Midtown Atlanta


                                                                       
 ATLANTA, GA (Mar.  31, 2011) – The Marketing Directors announced a sellout of all 18 townhomes at Huff Heights (top left photo) located at 1199 Huff Road in Atlanta.

 The sales effort was led by Senior Vice President of Sales/Managing Broker Vic Miller whose 15 years of real estate experience created a winning strategy, while June Obondo spearheaded the on-site sales.

 “We have enjoyed working with Rob Meyer for many years,” says The Marketing Directors President, David Tufts. “Our combined strengths make us a strong force in today’s marketplace.”

 After the success at Huff Heights, Meyer has named The Marketing Directors the exclusive sales and marketing team for 18 townhomes at Brownstones at Edgewood.   Once again Miller and Obondo will bring their successful approach to selling townhomes in one of Atlanta’s sought-after urban neighborhoods to Brownstones at Edgewood.

 Brownstones at Edgewood are located near East Atlanta, Kirkwood, Inman Park, Grant Park and Candler Park, perfectly situated in a hotbed of activity near great restaurants and shopping.  The three- and four-bedroom townhomes embody the classic curbside appeal of traditional brownstones, while the interiors are sophisticated and stylish.

  For More Information, Contact:
Liz Lapidus/Traci Buch, Liz Lapidus PR, 404.688.1466,

SunRail Commuter Rail Will Transform Central Florida into a Modern, Sustainable Community, Says Noted Urban Economist





ORLANDO, FL --- The SunRail commuter rail system that will link Orlando with Volusia, Seminole and Osceola communities will transform Central Florida into a modern, sustainable community that will dramatically improve Central Florida’s economy, says David Marks (top right photo), a nationally-recognized urban economist who has amassed a 20-year study of sustainable communities.

Marks, president of Marketplace Advisors, Inc. in Orlando, is preparing a book that details his study, the topic of presentations to policy-maker conferences and seminars throughout the country.

“SunRail’s 61-mile route will eventually define the core of urban living in Central Florida,” Marks said. “For an area of about two-miles from these rail stations (an area of approximately 8,000-acres), we’ll see the sort of urbanization that has made many European communities and some American communities more livable,” he said.

This 120,000-acre SunRail corridor now includes approximately 423,000 people, 16 percent of the region’s 2.6 million residents, and approximately 28 percent of the region’s employees, Marks said. Eventually, these figures should be closer to 50 percent.

SunRail will also reduce the need for road-building efforts in outlying suburban areas and will reduce traffic congestion in our urban areas, Marks said.

“Like most American communities, Central Florida has followed a 20th-century fossil fuel model for growth,” Marks said.

That means thousands of acres of asphalt highways to distant suburban communities and millions of hours wasted driving back and forth to work, not to mention fuel costs and the impact on the environment.

Marks said more sustainable economic policies will eventually lead city and county governments to incentivize growth within the SunRail corridor and dissuade growth from many outlying areas.

The population density for the Central Florida region is now about 0.9 people per land acre, and 3.57 people per land acre for the SunRail corridor, these low densities mean that virtually every adult must own a car, Marks said.

“Boston and Washington, D.C. have a population density of about 19 people per land acre, which is more sustainable,” Marks said. “In Santa Monica, California, density is about 17 people per land acre. In parts of London and Paris, it’s over 100 people per land acre,” he said.

Greater density means more opportunities for walkable communities, multi-model transportation, and community amenities in walking distance, such as parks, swimming pools and athletic fields, Marks said.

“SunRail is a giant leap into a more sustainable future for Central Florida,” Marks said.

For more information,  please contact:  
David Marks, Marketplace Advisors, Inc., 407-694-7040, http://www.marketplaceadvisorsinc.com/
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142


WeinPlus Chief Executive Says for Many Real Estate Companies, Revenue Opportunities Lie “Between the Cracks”


 ST. PETERSBURG, FL--- Most companies do fairly well at optimizing productivity within individual departments. But substantial revenue opportunities---and profits---often lie “between the cracks,” says Rachel Elias Wein (top right photo) at WeinPlus Real Estate Advisory Services in St. Petersburg.

Wein, whose firm specializes in helping real estate owners, developers, lenders and management companies manage their operations to increase revenues, said most operations are good at maximizing efforts within departments.

“The leasing department does a good job of leasing, the legal department does a good job of negotiating and executing the lease.

“The construction department does a good job with construction. But the biggest opportunities to increase profits lie in the hand-off between leasing and legal, or the notification between legal and construction, or the turn over from construction to property management,” Wein said.

“I see significant gaps, and significant opportunities between these departments,” she said. 

That’s where WeinPlus focuses much of its expertise.

“Creating overlapping systems to optimize the entire process--- not just the sub-processes---can result in significant revenue enhancement and profitability,” Wein said.

For more information, contact
Rachel Elias Wein, AIA, Founder / Principal, WeinPlus, 727-386-9346, www.weinplusassociates.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142, lvershelco@aol.com
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Wednesday, March 30, 2011

New Faces at Grubb & Ellis



Cindy Burger Joins Firm as Senior Vice President, Director of Management Services in Dallas, TX

DALLAS, TX (Mar. 30, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Cindy Burger (top right photo), a 22-year veteran of the commercial real estate industry, has joined the firm as senior vice president, director of Management Services. 

In this position, Burger will lead Grubb & Ellis’ property management team in Dallas, as well as oversee and expand the company’s management services business throughout the region.

 “Cindy has considerable experience in commercial real estate, having represented property owners in most phases of the real estate cycle, including, leasing, marketing, property management and financial reporting,” said Moody Younger (lower left photo), executive managing director, Texas.  “We couldn’t be more pleased that she is now part of our team.”

Burger joins the company from CB Richard Ellis, where she was responsible for the leasing, marketing and property management of more than 50 million square feet of office, industrial and retail space. 

Prior to joining CB Richard Ellis in 2008, she spent three years with Cushman & Wakefield’s Irvine office, ultimately rising to the position of director.



                                    
 Jonathan A. Walz  Is New Executive Vice President, Debt & Equity Finance In San Diego, CA


SAN DIEGO, CA  (Mar. 30, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Jonathan A. Walz (bottom right photo) has joined the company as executive vice president, Debt & Equity Finance.  

 “Jon has extensive experience in portfolio management, as well as developing and executing commercial lending programs,” said Jeff Majewski, executive managing director, Debt & Equity Finance.

 “He brings a strong network of relationships that includes a number of servicers and financial institutions throughout the Southwest; he will be an integral part of helping to grow our business.” 

 Walz joins Grubb and Ellis from Cushman & Wakefield Sonneblick Goldman, where he was senior director, Real Estate Financial Services.

Contact:  Julia McCartney, Phone: 714.975.2230   
         

Concord Hospitality Celebrates 25th Anniversary with Record Growth in 2010; Adds 18 Hotels



 RALEIGH/DURHAM, N.C., Mar. 30, 2011—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced that it celebrated its 25th anniversary with the addition of a record 18 hotels to its portfolio in 2010 and generated more than $287 million in revenues.

 The company opened three new hotels, including the pioneer prototype for the first LEED-Designated Courtyard by Marriott, broke ground on two properties, and added 13 new third-party management contracts. 

Concord’s portfolio has grown by nearly 40 percent since the recession that hit in the fall of 2008.  The company also added new brands to its portfolio, including Hyatt Place, Hyatt Summerfield Suites, Crowne Plaza and Holiday Inn.    

The company’s 2010 operating and development excellence was recently recognized with six national awards, including the prestigious “Partnership Circle” award, Marriott International’s highest honor presented to outstanding owners and franchisee partners.

 It is the eighth time Concord has received the award, one of only two companies to achieve this level. 

The other five national awards earned by the company for 2010 are Developer of the Year Award; Best Opening Award for the company’s handling of the Fairfield Inn & Suites by Marriott hotel opening in Cumberland, Md.; Best New Product Award for the Renaissance Raleigh North Hills hotel; the Service Excellence Award; and the first ever Marriott Design & Construction Icon Award.

 The awards were presented at Marriott International’s recent select-service owners' conference.

“We continue to see development opportunities in both the U.S. and Canada,” said Mark G. Laport (top right photo), president and CEO of Concord Hospitality.

  “On the acquisition front, the hotel real estate market is reviving, judging by the growing number of hotels coming to market now, a trend that began last fall. 

“Working with our partners, including 11 new relationships in the past year, we have significant funding available to maintain an aggressive growth pace and expect to exceed the 100 hotel milestone in the next two years.” 

“Winning the prestigious Partnership Circle award eight times is humbling and places us in a very elite group,” he noted.  “We are fortunate to have some of the hardest-working, service-oriented team leaders, who are the ones who earned this award.”

For more information, visit http://www.concordhotels.com/
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 Contact:  Chris Daly, Jerry Daly, (703) 435-6293

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Hendricks & Partners Negotiates Sale of 208 Unit Crosswinds Apartments in St. Petersburg, FL for $13.1 Million



ORLANDO, FL--- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, recently negotiated the sale of the Crosswinds Apartment Homes, located at 500  110th  Ave. North in St. Petersburg, for $13.1 million.

Cole Whitaker (top right photo), partner at Hendricks & Partners who heads the Southeast Division of the firm based in Orlando, negotiated the transaction with Associate Partner Hal Warren (lower left photo) representing the seller Chicago-based Equity Residential.

 The 208-unit apartment property totaling 153,984 square feet was built in 1986-87, Whitaker said.  The units are situated in 13 two-story garden-style buildings on 18.5 acres with tranquil lakes and fountains.

Amenities include two laundry facilities, fenced pet-play area, resort-style swimming pool and separate spa area, private Jacuzzi, racquetball and tennis courts, and clubhouse with fitness facility and business center.

 Covenant Capital Group LLC, a Nashville, Tenn. firm acquired the property.

For more information, contact:  
Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com
Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com
  

MBA Hires Thomas Kim to be Vice President of Commercial Regulatory Policy

 
WASHINGTON, D.C. (Mar. 30, 2011) -  John A. Courson (lower left photo), President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Thomas T. Kim (top right photo)  as Vice President of Commercial Regulatory Policy.

 "Tom is uniquely qualified to help craft MBA's commercial policy, as well as help navigate our industry through the seemingly constant regulatory changes," said Courson.

"He joins us at a most crucial time in our industry's history, as we work through the implementation of the Dodd-Frank Act and other critical regulatory changes. We are thrilled to have Tom coming on board at MBA."

 Kim is joining MBA from the Federal Home Loan Mortgage Corporation (Freddie Mac), where he served as Associate General Counsel.

 Contact:: Matt Robinson, (202) 557-2727, mrobinson@mortgagebankers.org


Tuesday, March 29, 2011

HFF arranges $8.9 million refinancing for Carlsbad, CA mobile home community


LOS ANGELES, CA – HFF announced today that it has arranged an $8.9 million refinancing for Lanikai Lane Mobile Home Park (top left aerial), a fully-occupied, 146-pad site in Carlsbad, California.

Working on behalf of Irvine, California-based Core Capital Investments, HFF placed the four-year, 6.55 percent fixed-rate, interest-only loan with ING Investment Management.

 Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years.   The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park. 

Lanikai Lane is located at 6550 Point Drive across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the COASTER rail line providing access into downtown San Diego.  The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa. 

The HFF team representing the borrower was led by director Tina Derderian (lower right photo)

Contacts:
Tina K. Derderian, HFF Director, (310) 407-2100, tderderian@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
                                                                                                                                                        

Mercantile Capital Corp. Partners with San Diego and Atlanta Firms to Increase Liquidity to Small Business Lending Marketplace


ALTAMONTE SPRINGS, FL --- Mercantile Capital Corporation, a wholly owned subsidiary of Old Florida National Bank, has formed partnerships with firms in San Diego and Atlanta to provide funding for SBA 504 loans eligible for the SBA’s new First Mortgage Pool (FMP) Program.

Geof Longstaff  (top right photo), chairman of Mercantile Capital Corporation said the firm’s new partners are CDC Direct Capital, the San Diego based subsidiary of non-profit lender CDC Small Business Finance, and FIG Partners, LLC of Atlanta.

Chris Hurn, (lower left photo) chief executive officer of Mercantile Capital Corporation said, “The SBA’s new FMP Program is meant to provide liquidity to the small business lending marketplace.  $3 billion was allocated to provide government-guarantees on SBA 504 loans for the first time ever.”

Mercantile will be providing interim second mortgage financing, as it currently does, along with interim first mortgage financing until these FMPs are sold to institutional investors. 

Longstaff and Hurn expect these loans to become a meaningful part of Mercantile’s business over the next two years.  A dedicated website on this FMP Program is forth coming from Mercantile.

For more information, contact:
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040, glongstaff@MercantileCC.com
Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040 ChrisHurn@MercantileCC.com