FOR IMMEDIATE RELEASE
Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners Structures $18.7 Million for Two Multifamily Buildings in Florida
Real Estate Investment Bank Expects to Exceed $100 Million in Transactions with Barfield Bay Properties by the End of 2006
Tampa and Ft. Myers, FL and Newport Beach, CA (October 26, 2006) - Buchanan Street Partners, a
national real estate investment bank, structured $18.7 million in financing for two Class-B multifamily
properties in Florida, on behalf of Barfield Bay Properties. Bank of America provided an $11.4 million
bridge loan for Terrace Point apartments in Tampa and Countrywide provided a $7 million bridge loan for
Harbor East apartments in Ft. Myers. Barfield Bay refinanced Harbor East to pull equity into its
acquisition of Terrace Point.
Buchanan Street Partners has worked with Barfield Bay Properties on a number of transactions in Florida,
including Carlyle at the Waters, Martin's Landing, and Plaza Arms, and expects to secure upwards of $100
million in financing for the company in 2006.
"Barfield Bay Properties has aggressively acquired Florida multifamily assets and Buchanan Street has
been able to provide competitive financing solutions for a number of its properties," said Tom Sherlock,
managing partner of Buchanan Street Partners. "Despite rising interest rates and a slow down in condo
conversion activity, Florida's multifamily market will continue to experience positive absorption from
the influx of baby boomers and immigrants and steady job growth. We plan to work with Barfield Bay on
a number of additional transactions and increase our activity throughout the Florida markets."
Terrance Point is a 240-unit apartment community located at 11305 North 51st Street in Tampa, FL near
the University of South Florida. The complex, built in 1983 and 1986, is currently 90 percent occupied.
Harbor East, built in 1975, is located at 4100 Edge Wood Avenue in Ft. Myers, Florida. The 161-unit
community is currently 100 percent occupied.
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment bank
that provides real estate capital and advisory services for owners and developers and investment
management for institutional and high-net-worth investors. The firm's advisory services include
structured finance and investment sales for commercial, multi-family, hotel and self storage properties.
Buchanan's investment management business invests equity and structured debt capital with local
operating partners nationally. Offices are located in Newport Beach, Los Angeles, San Francisco,
Chicago, Atlanta and Washington D.C.
About Barfield Bay Properties…
Barfield Bay Properties, based in Naples, FL, acquires and repositions
multifamily properties throughout Southwest Florida. The company provides quality, affordable housing
through professional management and superior standards. For more information, visit
www.barfieldbay.com.
