Saturday, April 26, 2008

Housing Market Woes Affect SunTrust's Financials

Credit Costs Impact Results as Company Points to Underlying Progress and Financial Strength



(Photo at left shows SunTrust Plaza, downtown Atlanta, home of SunTrust Banks Inc.)




ATLANTA, GA, PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE:STI) reports net income available to common shareholders for the first quarter of 2008 of $283.6 million, or $0.81 per average common diluted share, compared to $513.9 million, or $1.44 per average common diluted share, in the first quarter of 2007.

Growth in the balance sheet and core business revenues coupled with disciplined expense management were more than offset by increased credit costs associated with the continued deterioration in the housing market, as well as net mark-to-market valuation losses related to certain asset-backed securities.

Positively impacting the quarter were gains from the Company's interest in Visa, Inc. ("Visa") and prior decisions to sell its remaining interest in Lighthouse Investment Partners and certain bank-owned real estate.


"Growth in credit costs associated with the residential real estate correction continued to take a toll in the first quarter; further, the backdrop of emerging recession fears clouds the near-term outlook,” said James M. Wells III, president and chief executive officer of SunTrust.

”However, SunTrust is financially strong, with ample liquidity, adequate capital, and a solid balance sheet, and we are effectively managing through this difficult economic environment. Perhaps most importantly, we are encouraged by underlying progress in key business lines, good deposit and some modest loan growth, and the positive impact of improved expense discipline.

“Given the success we are achieving in our E2 Efficiency and Productivity program, we have increased our 2008 savings estimate to $500 million, up $150 million from our previous estimate. Economic uncertainty notwithstanding, we remain confident in the validity of our strategies, our execution of those strategies, and the growth potential within our existing businesses and markets."

For a detailed copy of the SunTrust news release, please contact
Steve Shriner, +1-404-827-6714, or Media, BarryKoling, +1-404-230-5268.

go to www.suntrust.com/

CoStar Group, Inc. Announces First Quarter 2008 Results

Record Number of New Subscribing Firms Added During Quarter; Net Income Increases 178% Year Over Year, Company Raises Earnings Outlook for 2008

BETHESDA, MD/PRNewswire-FirstCall/ -- CoStar Group, Inc. (NASDAQ:CSGP), the number one provider of information services to the commercial real estate industry, reports net income for the quarter ended March 31, 2008 increased 178% to $5.0 million, or $0.26 per diluted share, compared to $1.8 million, or $0.09 per diluted share for the quarter ended March 31, 2007.

EBITDA (earnings before interest, taxes, deprecation and amortization) for the first quarter of 2008 was $11.5 million, an increase of 128% compared to EBITDA of $5.0 million for the first quarter of 2007.

Revenues for the first quarter of 2008 were $52.3 million, a 16.6% increase over first quarter 2007 revenues of $44.8 million.

For a detailed copy of Co-Star’s news release, please go to www.costar.com/

Top Real Estate Experts to Gather and Discuss the Economy and Future of Commercial/Multifamily Servicing and Technology, May 13-16 in Chicago


WASHINGTON, DC--The Mortgage Bankers Association (MBA) Commercial/Multifamily Servicing and Technology Conference is scheduled for May 13-16 at the Hilton Chicago hotel in Chicago, IL.

A premier servicing event for the Commercial/Multifamily industry, this conference gathers the nations top experts to examine and discuss the current state of the servicing, mortgage technology and thriving multifamily segments of commercial real estate finance.

Cutting-edge information by leading economists and financial analysts within the industry shed light on current and future economic climate and conditions. A variety of programming will cover all areas of commercial/multifamily real estate including best practices for conducting business in a shifting global market.

Special keynote speakers/panelists include:

· Captain James Lovell, Jr., (top right photo) Apollo 13 Commander and NASA Pioneer

· Kieran P. Quinn, (top left photo) CMB, Chairman of the Mortgage Bankers Association and CEO of Column Financial, Inc.

· Jeannette De La Garza, Senior Vice President Wells Fargo Commercial Mortgage

· Jan S. Sternin, (photo at left) Senior Vice President of Commercial/Multifamily, Mortgage Bankers Association

· Stacey M. Berger, Executive Vice President, Midland Loan Services, Inc. / PNC Real Estate Finance

· Richard Carlson, Senior Director, Fitch Ratings

· Jamie Woodwell, Senior Director of Commercial/Multifamily Research, Mortgage Bankers Association (photo at right)

· Gary N. Otten, Director, MetLife, Inc.

· David Potier, Vice President, Wachovia Securities

· Clark Rogers, Senior Vice President, KeyBank

· Sean D. Reilly, Managing Director, Bank of America

· Mark Goldberg, Director, Standard and Poor's

· Ann Hambly, (photo at left) Chief Executive Officer, 1st Service Solutions, Inc.

· Catherine J. Rodewald, Managing Director, Prudential Mortgage Capital Company

Session topics will include:

· Economic Overview
· Industry Leaders Dialogue: The Future of the Industry - Today, Tomorrow and Beyond
· Market Changes - Default, Delinquencies and Special Servicing
· Everything You Always Wanted to Know About CMBS
· The Credit Crunch and Multifamily Markets - Special Servicing Implications
· Investment in Commercial and Multifamily Loans
· Telling the Full Story Through the Property Inspection
· Insurance, Insurance, Insurance

MEDIA CONTACT:

Jason Vasquez
(202)557-2950
jvasquez@mortgagebankers.org

For more information, please visit MBA's Commercial/Multifamily Servicing and Technology Conference Web site at: http://events.mortgagebankers.org/crefservicingtech2008/default.html.

Grubb & Ellis|Commercial Florida Negotiates Two Retail Leases in Tarpon Springs, FL

TAMPA, FL – Grubb & EllisCommercial Florida recently negotiated two leases totaling 5,740 square-feet of retail space at Tarpon Olympic Plaza located in Tarpon Springs.

Michelle Seifert, Associate Vice President, and Josh Tarkow, Associate, in the company’s Retail Group represented the landlord, St. Petersburg-based All Star, in two lease transactions for Tarpon Olympic Plaza. The Internet Room, Inc. leased 3,360 square-feet and Q-Spa leased 2,380 square-feet.

Tarpon Olympic Plaza is a 45,500-square-foot shopping center. Grubb & EllisCommercial Florida is representing the remaining in-line space.

For more information, contact:

Michelle Sefiert, Grubb & EllisCommercial Florida 813-830-7537, mseifert@commercialfl.com;

Josh Tarkow, Grubb & EllisCommercial Florida 813-830-7540, jtarkow@commercialfl.com

Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111



Arbor Closes $6.239M Fannie Mae DUS® Loan for Oak Leaf Village Apartments in Houston, TX



UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $6,239,000 loan under the Fannie Mae DUS® product line to refinance the 227-unit complex known as Oak Leaf Village Apartments (photo above) in Houston, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent. DUS and 3MaxExpress are registered marks of Fannie Mae.

The loan was originated by Peter Blass,(top right photo) Director, in Arbor’s full-service New York, NY lending office. “The principals did an excellent job in upgrading this property and Arbor looks forward to future transactions with these borrowers,” said Blass.


CONTACT:

Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
Ingrid Principe
Tel: (516) 506-4298

Arbor Closes $7,263,100 Fannie Mae DUS® Loan for Villa Acapulco Apartments in Houston, TX


UNIONDALE, NY--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $7,263,100 loan under the Fannie Mae DUS® product line to refinance the 292-unit complex known as Villa Acapulco Apartments (photo above) in Houston, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent. DUS and 3MaxExpress are registered marks of Fannie Mae.

The loan was originated by Matt Norman,(top right photo) Director, in Arbor’s full-service Dallas, TX lending office. “Although it was a refinance, Arbor was under time pressure to close the loan by month-end to facilitate the borrower’s previous loan payoff. Despite this, and an ever-changing rate and underwriting environment, Arbor was able to close the loan on time, building both the borrower’s and the broker’s trust in Arbor.”

CONTACT:

Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
Ingrid Principe
Tel: (516) 506-4298

Industrial Team at Southern Commercial Completes New 9,600-SF Lease


ORLANDO, FL.--Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 9,600 square foot new lease at Vantage Point located at 582 Monroe Road in Sanford.

Bradford and McFadden represented the landlord, GID Investment Advisors and negotiated the five year new lease. The tenant, Adventist Health System was represented by Bill Bywater with The Bywater Company.

Media Contact:
Celeste MacKenzie
Southern Commercial Real Estate Advisors
321-281-8503
20 N. Orange Avenue, Suite 605