Sunday, March 9, 2008

New Office Construction Expected to Place Upward Pressure on Columbus Vacancy Rate

COLUMBUS, OH— Tenant demand in the Columbus office market will be steady in 2008, though the delivery of 1.1 million square feet of space will put additional upward pressure on vacancy, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Fortunately, deliveries of new office space are expected to decline next year, following three years of above-average activity.

Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Columbus moves down three places this year to No. 42.

“With average cap rates expected to hover in the mid-8 percent range, local and regional investors will remain active in the Columbus office market,” says Greg A. Moyer, (photo at right ) regional manager of Marcus & Millichap’s Columbus office

Following are some of the most significant aspects of the Columbus Office Research Report:

* Employers are expected to expand payrolls 0.4 percent this year with the addition of 4,200 jobs.
*Completions are expected to total 1.1 million square feet in 2008.
* Vacancy is forecast to end the year at 18.4 percent.
*Asking rents are expected to gain 2 percent to $17.82 per square foot, while effective rents will rise 2.2 percent to $14.68 per square foot.
* Investment activity could pick up in 2008, especially in the Northeast submarket.

In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5.

For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

MBA to Release 2007 MARI Report Exposing Fraud Against Lenders

WASHINGTON, DC --The Mortgage Bankers Association (MBA) and the Mortgage Asset Research Institute, LLC (MARISM) is scheduled to jointly release MARI's 10th Periodic Mortgage Fraud Case Report at MBA's annual National Fraud Issues Conference in Chicago.

This report by the Mortgage Asset Research Institute (MARI), a ChoicePoint company, has been prepared for the members of MBA and examines the current composition of residential mortgage fraud and misrepresentation in the United States. This year's report continues that trend, but will also explore the impact of mortgage fraud on the current mortgage market environment and provide some insight from other respected industry sources.

Media conference call participants will include:
· David G. Kittle, CMB, Chairman-Elect of MBA (photo top right) and Merle D. Sharick, CMB, VP-Manager, ChoicePoint Mortgage / Real Estate Services Business Development (photo top left)

WHEN: Thursday, March 13, 2008
12 PM EDT / 11 AM CDT

To register for this conference call, please contact:
Kimberly Tate-Nuwar
(770) 752-3985

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country.

Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications.

Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:

Sunstone Hotel Investors, Inc. Announces Resignation of Steven R. Goldman as Chief Executive Officer and the Appointment of Robert A. Alter as Interim

SAN CLEMENTE, Calif. Sunstone Hotel Investors, Inc. (NYSE:SHO) announced today that Steven R. Goldman (photo top left) has tendered his resignation as President and Chief Executive Officer of the Company, to become President of Global Real Estate and Development at Hilton Hotels Corporation. Mr. Goldman will remain at the Company until the end of March to assist in the transition of duties.

The Board of Directors has appointed Robert A. Alter (photo top right) as interim Chief Executive Officer effective March 31, 2008. Mr. Alter currently serves as the Company's Executive Chairman, and from its founding until March 2007, he served as the Company's Chief Executive Officer. Mr. Alter will remain as interim Chief Executive Officer until a permanent chief executive officer is retained.

The Board expressed regret over Mr. Goldman's decision, but wishes him well in his unique opportunity and appreciates his efforts and results during his tenure.

About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (REIT) that, as of the date hereof, has interests in 46 hotels with an aggregate of 16,085 rooms primarily in the upper-upscale segment operated under nationally recognized brands such as Marriott, Hyatt, Hilton, Starwood and Fairmont.

Bryan Giglia
Director of Finance
Phone: (949) 369-4236

Sunstone Hotel Investors, Inc.

903 Calle Amanecer, Suite 100
USA - San Clemente,, CA 92673-6212
Phone: 949-369-4100
Fax: 949-369-4110

Catalyst/Cambridge Healthcare Finance Arranges $9.08M Loan for Los Angeles Nursing Home

CHICAGO, ILL--Cambridge/Catalyst Healthcare Finance has
arranged a $9.08 million FHA-insured loan to refinance The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing home facility in Beverly Hills, Calif. (photo top right)

Cambridge/Catalyst is the West Coast affiliate of Chicago-based Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders. The 35-year term loan was arranged for the property’s owner, a California limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an authorized FHA/MAP-approved HUD lender.

The fully amortized loan was underwritten using HUD’s Section 232 pursuant to Section 223(f) funding program. The interest rate was not disclosed.

President Hymie Barber (photo at left) said Cambridge/Catalyst has closed more than 50 senior housing/healthcare loans on the West Coast totaling more than $100 million since 1996. Nationally, Cambridge has closed more than 300 transactions totaling more than $2.75 billion.

In addition to its role as a HUD lender Cambridge offers an integrated debt/equity financing strategy that includes direct property acquisitions and joint ventures, sale/leasebacks, conventional and mezzanine debt financing and the acquisition of distressed debt. Conventional funding options include permanent construction and interim loans on either a floating or variable rate basis.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender / borrower relationship and identify “ideal” capital solutions for worthy projects. The company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed.

Programs include The Key To Capital™ for senior housing owners, The Navigator Experience™ for senior housing brokers and mortgage bankers, The Principal Lender Network™ for lenders who refer loans to Cambridge, and The Relationship Building Experience™ for various industry-related consultants, including lawyers and accountants.

The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.

Cambridge’s award-winning Web site,, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients. For additional information, contact Cambridge at (312) 357-1601 or via e-mail at

Evan Washington
Phone: (312) 521-7603
Fax: (312) 357-1611