Thursday, February 21, 2008

TIAA-CREF Acquires The Park Evanston in Illinois

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announces that TIAA-CREF has purchased The Park Evanston, (photo top left) a 283-unit, 24-story, Class A multifamily high-rise in the heart of downtown Evanston, Illinois.

HFF senior managing director Matthew Lawton, managing director Marty O’Connell and directors Sean Fogarty and Janice Sellis led the investment sales team on behalf of the seller, The John Buck Company.

Approximately 10 miles north of downtown Chicago, The Park Evanston is located at 1630 Chicago Avenue, close to Lake Michigan, Evanston beaches and Northwestern University. Many shops and restaurants, Class A office, and both CTA and Metra train lines are only a few minutes walk from the property as well.

Completed in 1997, The Park Evanston offers luxury apartments with unobstructed views of Lake Michigan and downtown Chicago in addition to approximately 39,000 square feet of street level retail space that is leased to Whole Foods among other tenants. The property’s amenity package includes covered parking, a roof-top swimming pool and sundeck, a fitness center, a business center and a community room. The Park Evanston is currently 97% occupied.

“At TIAA-CREF, we use a long-term, consistent approach based on fundamental sector and geography analysis and local market knowledge to identify properties that we believe will help us achieve attractive risk-adjusted returns,” said Trevor Michael, managing director, US Acquisitions, TIAA-CREF Global Real Estate. “We are pleased to expand our investments in the Evanston area through adding The Park Evanston to our portfolio of commercial properties.”

The John Buck Company (JBC) is an innovative developer of office, high-rise residential, hotel and retail/entertainment properties. The company’s opportunistic development and acquisition strategies build solid value-added property fund portfolios that are positioned to outperform the general market. JBC is one of the largest management and leasing companies in the Midwest. The company has developed over 30 million square feet and oversees more than 10 million square feet of office space in the Chicago and New York metropolitan areas.

TIAA-CREF is a national financial services organization with more than $435 billion in combined assets under management (12/31/07) and is the leading provider of retirement services in the academic, research, medical and cultural fields. With an approximate $69 billion global portfolio of direct and indirect investments (12/31/07), TIAA-CREF is one of the largest institutional real estate investors in the nation.

Investments are both domestic – covering more than 40 states and the District of Columbia – and foreign – in Canada and Western Europe. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., Members FINRA, distribute securities products.

Matthew D. Lawton
HFF Senior Managing Director
312 528 3650

Laurie Fish McDowell
Associate Director HFF

One Post Office Square,
Suite 3500

Boston, MA 02109
tel 617.338.0990
fax 617.338.2150

Interstate Hotels & Resorts Forms Joint Venture with JHM Hotels to Operate and Invest in Hotels in India

Also Commits Funding to a Real Estate Investment Fund Dedicated to Investing in India

ARLINGTON, Va., February 21, 2008—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, today announced that it has formed a 50-50 joint venture partnership with JHM Hotels to operate and selectively invest in hotels in India.
(H.P. Rama, founder and CEO, JHM Hotels, photo top right)

JHM Hotels is one of the nation’s largest independent developers and owners of hotels. The joint venture, named JHM Interstate Hotels India, will serve as Interstate’s platform for all hospitality-related activities in India, primarily focused on securing management agreements on existing and to-be-built hotels. The joint venture is establishing an office in New Delhi, India.

“The formation of this new management joint venture establishes a solid platform for our entry into India’s fast-growing lodging market,” said Thomas F. Hewitt, Interstate’s chief executive officer. “By combining this platform with our investment in a hotel real estate investment fund we have a robust pipeline of management contracts and a strong foundation for future expansion. In addition, the joint venture is actively sourcing other management opportunities throughout key markets in India.

“With Interstate’s international experience, depth of resources and strong relationships with all the major hotel brands, we believe our combined strength, knowledge and expertise will give us a competitive advantage in arguably the most underserved hotel market in the world,” said H. P. Rama, (photo top right) founder and chief executive officer of JHM Hotels.

In addition to the management platform, both Interstate and JHM have committed to invest in Duet India Hotels Limited, a U.K.-based, real estate investment fund dedicated solely to the investment of hotels in India. The fund has raised approximately $175 million in equity with anticipated total equity contributions in excess of $200 million. The fund’s mission is to develop approximately 25 hotels in India in the three- and four-star categories, targeted at business travelers and located in secondary and tertiary cities, as well as satellite townships outside major urban centers.

The fund is expected to invest in up to $800 million of total project volume over the next five years. Interstate and JHM will invest equal portions of a $12.5 million total investment to acquire an interest in Duet India Hotels Limited, as well as an interest in the fund’s asset manager, Duet India Hotels Asset Management Ltd. The fund has committed to providing JHM Interstate Hotels India the first opportunity to manage the hotels in which the fund invests.

For further information about the fund, contact Dilip Puri at

Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297

Carrie McIntyre
SVP, Treasurer
(703) 387-3320

NAI Realvest Negotiates Sale of Office Building for $793,800 in Winter Springs for New International Headquarters of Medical Transcription Firm

MAITLAND, FL --NAI Realvest has negotiated the purchase of a 3,400 square foot Class A office building at 1500 Town Plaza Court off SR 434 and Tuskawilla Rd. in Winter Springs (city photo at right). The purchase price was $793,800.00.

Paul P. Partyka, managing partner at NAI Realvest negotiated the transaction representing the buyer, Flannery Property Management, LLC based in Chuluota. Hendricks Investments, LLC of Winter Springs is the seller.

Partyka said Medware, Inc., a major international medical transcription firm will be moving its headquarters to the facility from Maitland.

For more information, contact:
Paul P. Partyka,
Managing Partner,
NAI Realvest

Janice Paiano,
Marketing Director,
NAI Realvest

Beth Payan or
Larry Vershel,
Larry Vershel Communications,

Laramar Group Acquires 694-Unit Waterford Lakes Apartments in Charlotte, NCProperty is 13th Fund Acquisition

CHICAGO and CHARLOTTE, N.C. /PRNewswire/ -- The Laramar Group, a fully-integrated real estate investment and management company, has acquired the Waterford Lakes Apartments, (photo top right) a 694-unit lakeside property in Charlotte, North Carolina, located at 8000 Waterford Lakes Drive.

Waterford Lakes is the thirteenth property acquisition for Laramar Group's Multifamily Value Fund, which launched in December 2006. "Waterford Lakes offers residents an ideal living situation: picturesque, resort-style residences located within walking distance of rapid transit, near local employment centers, shopping and major metropolitan areas," said Jeff Elowe, president of Laramar Group.

"With its lush surroundings and terrific locale, Waterford Lakes is a great addition to Laramar's portfolio, and an excellent way to round out the first year of the Multi-Family Value Fund. The South Boulevard corridor is experiencing strong growth spurred by a $400 million light rail project called the LYNX, which will connect south Charlotte from I-485 through the South End and into the Charlotte central business district."

Rail service began operation in late November 2007, and has already spurred significant upscale development within the immediate vicinity of Waterford Lakes.Prior to purchasing Waterford Lakes, Laramar had managed the 43-acre property for the previous owner. With a combination of one-, two- and three- bedroom apartments -- featuring Roman tubs, fireplaces, and garages or carports -- the property is centrally located, close to popular shops in Charlotte or nearby Pineville, as well as the South Park or Carolina Place malls, and the 77 and 485 Expressways.

"The acquisition of Waterford Lakes is in line with Laramar's strategy to purchase well-located properties and enhance their value through renovation and management," continued Elowe. In late 2006, Laramar closed the Laramar Multi-Family Value Fund, which focuses on acquiring value-add multi-family real estate assets throughout the country.

About Laramar

The Laramar Group, with corporate headquarters in Chicago, property management headquarters in Denver and a regional office in Palm Beach Gardens, Florida, is a fully integrated real estate investment and management company with more than 600 employees across the United States. Laramar and its predecessor have invested more than $1.75 billion throughout the United States.

For more information, visit or

Kiera Kelly,
+1-773-975-3538,, or

both of Chase Communications

The Laramar GroupWeb sites:

Craig Macnab Appointed Chairman of National Retail Properties

Gershenson Joins Board; Hinkle Becomes Lead Director

ORLANDO, FL- –National Retail Properties, Inc. (NYSE: NNN) announces that Craig Macnab, Chief Executive Officer, has been appointed to the additional post of Chairman of the Board of Directors. Mr. Macnab succeeds Clifford R. Hinkle, who will remain on the board as lead director. The company also announced that Dennis Gershenson has been appointed as a member of the company’s board.

“We are grateful to Cliff for the many years of leadership he has provided NNN and look forward to his continued counsel. We are also very pleased to add a director of the quality of Dennis Gershenson,” Mr. Macnab said. “He has a broad range of experience in retail real estate and his sincerity and integrity will be valuable to the company.”

Mr. Macnab joined NNN in February 2004, sharpening the company’s investment focus on net‐leased retail concepts and growing the company to more than $2.5 billion in assets while doubling the portfolio to more than 900 properties.

Mr. Gershenson currently serves as the President and Chief Executive Officer and Chairman of the Board of Trustees for Ramco‐Gershenson Properties Trust, a real estate investment trust that owns, develops and manages shopping centers located primarily in the Midwest, Mid‐Atlantic and Southeast.

He is an undergraduate of Syracuse University and a Magna Cum Laude graduate of Wayne State University Law School. Mr. Gershenson currently serves on the Board of Directors of Hospice of Michigan, the Cranbrook Academy of Arts, the Metropolitan Affairs Coalition and Oakland Family Services. He is also an active member of the International Council of Shopping Centers (ICSC) and the National Association of Real Estate Investment Trusts (NAREIT).

National Retail Properties invests primarily in high‐quality retail properties subject generally to long‐term, net leases. As of December 31, 2007, the company owned 908 Investment properties in 44 states with a gross leasable area of approximately 10.6 million square feet. NNN is one of only 181 publicly traded companies in America to have increased annual dividends for 18 or more consecutive year.

Christopher F. Barry
Vice President of Corporate Communications
(407) 265‐7348
Web site:

Meridian Capital Group Arranges $3.2M Financing for Mixed Use Hialeah Property

HIALEAH, FL - Meridian Capital Group has arranged a loan in the amount of $3,200,000 for a mixed use facility, consisting of self-storage and retail units, located at on W. 49th St in Hialeah, totaling 55,000 square feet.

(Hialeah city entrance photo at right)

Seth Grossman of Meridian’s Florida office negotiated to secure a rate of 6.25% over a 5-year term with a flexible prepayment structure.

The property was less then 50% occupied at closing but was considered highly valuable due to its prime location and future development potential. Meridian used one of its portfolio lenders to secure a loan able to meet the specific needs of the client.

Meridian Capital Group, LLC
1 Battery Park Plaza
New York, NY 10004
Dani Sabesan:
(212) 612-0109

Post Properties Announces Quarterly Dividends

ATLANTA (BUSINESS WIRE)---Post Properties, Inc.(NYSE: PPS), an Atlanta-based real estate investment trust, has announced quarterly dividends on its common stock of $0.45 per sharefor the first quarter of 2008. The Company's annual dividend rate is$1.80 per common share. The dividend is payable on April 15, 2008 toall common stock shareholders of record as of March 31, 2008.

Post also announced regular quarterly dividends for its 8.5percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock,Post declared a regular quarterly dividend of $1.0625 per share forthe first quarter. The dividend is payable on March 31, 2008 to allSeries A preferred stock shareholders of record as of March 15, 2008.

On its 7 5/8 percent Series B Cumulative Redeemable PreferredStock, Post declared a regular quarterly dividend of $0.47656 pershare for the first quarter. The dividend is payable on March 31, 2008to all Series B preferred stock shareholders of record as of March 15,2008.

Janie Maddox,

Arbor Closes $2,075,000 Fannie Mae DUS® 3Max Express® Loan on Sunnyside Apartments in Fayetteville, NC

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,075,000 loan using Fannie Mae’s DUS® 3Max Express® program to acquire the 36-unit complex known as Sunnyside Apartments in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent.

The loan was originated by John Edwards, Director, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to finance a strong property to an established long-term local owner and operator in a stable rental market,” said Edwards.

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties. The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

DUS and 3MaxExpress are registered trademarks of Fannie Mae.

Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd,
Suite 900Uniondale, NY 11553

Ingrid Principe
Tel: (516) 506-4298