Tuesday, April 22, 2008

HFF Arranges $74M Financing for Trolley Square in Salt Lake City, UT

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $74 million in financing for Trolley Square, (top photo) a four-building upscale lifestyle center in Salt Lake City, Utah.

Working exclusively on behalf of ScanlanKemperBard Companies, HFF senior managing director Lloyd Minten (top right photo) placed the $74 million loan with Bank of America as Administrative Agent, in syndication with Wachovia.

The financing recapitalizes an existing adjustable-rate loan that was arranged by HFF in 2006 to facilitate the acquisition and redevelopment of the site. The 2006 acquisition was arranged by the HFF investment sales group on behalf of Simon Property Group.

“HFF was able to secure attractive financing that provided flexibility for the borrower to complete their business plan and finish the renovation of the property,” said Minten.
“The renovation will include the addition of four retail buildings totaling 86,000 square feet, one of which will be occupied by Whole Foods and will open first quarter of 2010.”

Originally built in 1908 as a trolley car barn complex, Trolley Square is listed on the National Register of Historic Places and is designated a Utah Historic Site. Trolley Square currently houses 32 tenants reflecting 61% occupancy.

“Through the expansion of Pottery Barn, Williams Sonoma and the addition of West Elm, the presence of the Williams Sonoma Group will increase by 100% to over 47,000 square feet among its four venues (Pottery Barn, Pottery Barn Kids, William Sonoma and West Elm) at Trolley Square.

"SKB plans to continue the mix of strong local specialty retailers with national tenants to provide shoppers with the unique experience that sets Trolley Square apart from every shopping experience in Salt Lake City.”

ScanlanKemperBard Companies, LLC founded in 1993, is a real estate merchant banking company that actively seeks moderate to high yielding investments in the Western United States. SKB has acquired over $2.5 billion in real estate since 1996. Its mission is the creation and retention of wealth through real estate for its investors and principals, in that order.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.


Laurie Fish McDowell
HFF Associate Director, Marketing
One Post Office Square, Suite 3500 Boston, MA 02109
tel 617.338.0990 fax 617.338.2150 http://www.hfflp.com/

Lloyd L. Minten
HFF Senior Managing Director
(503) 224-0444

Marshall Management Acquires Contract to Manage Manhattan Four Points by Sheraton

SALISBURY, Md./NEW YORK CITY, N.Y., April 22, 2008 – Marshall Management, Inc., a leading, mid-sized hotel management company, today announced that it has signed a contract to manage the Four Points by Sheraton Manhattan Chelsea. (top photo)

This marks the company’s fourth managed hotel in New York City under an agreement with The Lam Group, a leading hotel and real estate development firm owned by John Lam, and Lam Generation, a recently formed hotel development and ownership company operated by Jeffrey Lam.

Under the terms of the agreement, announced in August 2007, Marshall will provide services to accelerate their planned development in New York City. Of the four Lam hotels to be managed by Marshall, the Four Points by Sheraton Manhattan Chelsea is the first to open; the remaining three are currently under development.

“Through our partnership with The Lam Group and Lam Generation, we have been able to utilize our expertise in urban, mid-market hotels to establish a presence in New York City,” said Michael Marshall, (top right photo) president and CEO of Marshall Management, Inc.

“We have found there is a demand for the type of customized services that are Marshall’s hallmark in the Manhattan market-- Moderately-sized properties in an area where space is at a premium and competition is considerable, stand to benefit from our targeted, individualized attention.
"The Four Points Manhattan Chelsea aligns perfectly with our area of expertise, and we intend to maintain its standing as a key property in one of Manhattan’s hippest neighborhoods.”

The 158-room Four Points by Sheraton Manhattan Chelsea is within walking distance of Manhattan’s most storied attractions, including Times Square, the Empire State Building, Madison Square Garden and the Chelsea Piers.

Additional information about Marshall Management may be found at the company’s Web site: http://www.marshallhotels.com/.


Rick Day
Senior Vice President – Sales and Marketing
Marshall Management, Inc.

Jerry Daly, media
Daly Gray Public Relations
(703) 435-6293