Monday, April 28, 2008

Taubman Asia Announces Lotte Department Store to Anchor Songdo IBD Shopping Center

(The 151-story Incheon Twin Towers (above), being built at Incheon City, Korea, by a Portman (Atlanta) consortium, is believed to be the world's second tallest office building, behind the 160-story Burj Dubai under construction in the Gulf state.)

HONG KONG, April 28 /PRNewswire-FirstCall/ -- Taubman Asia Management Limited, a subsidiary of U.S. mall REIT, Taubman Centers, Inc., today officially announced that Korean retail giant, Lotte Department Store, will anchor the shopping center at Songdo International Business District (photo at left below)(Songdo IBD), Incheon, Korea.

The twelve-level flagship store, (photo at left below) which includes two levels of parking, will be approximately 48,500 sqm (521,800 sq ft).

"This represents the first anchor deal to be completed for Songdo Shopping Center, and we are proud to have secured one of Korea's best department store operators, setting the tone for the finest shopping experience in the region," said Morgan Parker, (top right photo) president of Taubman Asia, the manager and developer of Songdo Shopping Center.

"The 105,000 square meter (1.1 million square foot) shopping center (photo at left) will combine the essential ingredients of convenience and superior store merchandising, making this a truly world-class destination," he added.
The double-level enclosed shopping center, designed by globally renowned architect Daniel Libeskind with interior design by Benoy, will be the first of its kind in Korea, created as an integrated space and will include a department store, a hypermarket, a multiplex cinema, a food court, an ice rink, and approximately 150 specialty stores.

About Taubman Asia

Taubman Asia is a subsidiary of Taubman Centers, Inc. - a global leader of the shopping center industry. Taubman Asia focuses on owning, managing, developing and acquiring high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning, design and operational capabilities.Taubman has led the US shopping center industry for over 50 years.

Today, Taubman Centers, Inc. (NYSE:TCO), a real estate investment trust, owns and/or manages the most consistent and productive regional mall portfolio in the US including 24 regional and super regional shopping centers in 11 US states. (Photo of Incheon International Airport departure area at right)

Taubman Asia is headquartered in Hong Kong. Additional information about Taubman Centers, Inc. can be obtained from the company's website at

About Lotte Department Store

Lotte Department Store is the retail subsidiary of the Lotte Group, founded in 1979 and headquartered in Sogong-dong Jung-gu, Seoul, Korea. Formerly known as Lotte Shopping Co., the Company operates its business mainly through two segments: department stores and hypermarkets.

Lotte department stores and Lotte hypermarkets offer fashion clothes, accessories, F&B, electric products and luxury goods. In addition, the Company operates supermarkets, cinemas and shopping malls, as well as global F&B businesses and directly imports international fashion brands.

The Company has 25 department stores, 56 hypermarkets, 82 supermarkets and 41 cinemas in Korea as of April 28, 2008. Since 1982 the business has been managed by Takashimaya of Japan.

About Songdo International Business District (photo at left above)

Sondgo International Business District, the "Gateway to Northeast Asia," is being developed by Gale International in a 70/30 joint venture with POSCO E&C. Songdo International Business District (IBD) will be the first "new" city in the world designed and planned as an international business district.

The US$30 billion, 100 million square foot master-planned metropolis will include fifty million square feet of office space, thirty million square feet of residential space, ten million square feet of retail, five million square feet of hotel space and ten million square feet of public space.

When fully completed in 2014, Songdo IBD will be home to 65,000 people and 300,000 will work there. Songdo IBD is located within the Incheon Free Economic Zone. Songdo IBD will offer every conceivable amenity including a world-class hospital, an international preparatory school, museums, a 100-acre Central Park, a 1.1 million square foot premium retail mall and the Jack Nicklaus Golf Club Korea.

This new metropolis will be connected to the Incheon International Airport, one of the world's busiest, by a 7.4 mile highway bridge, and linked by subway to Seoul. Day travel is easy to China and Japan's major business centers. More than one third of the world's population lives within a three and a half hour flying radius. Additional information can be found at .
About Gale International

Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.


Barbara Baker, Vice President, Investor Relations,+1-248-258-7367,, or Karen MacDonald, Director,Communications, +1-248-258-7469,, both of The TaubmanCompany, or
Pamela So of Weber Shandwick, Hong Kong, +85 2 2533 9916,, or
Phillip Anderson of News Communications, Korea,+82 2 6323 5050,,

or HyungWook Lim, Manager,Public Relations of Lotte Department Store, Korea, +82 2726 4422,, or

Mary Lou DiNardo of Gale International/U.S. andInternational, +1-212-909-0340,, or Hyewon Chang of GaleInternational - Domestic/ROK, +82 2 6260 3353,

Smith Equities Represents Buyer in Fractured Condo Purchase

Deal Marks One of Central Florida’s First Large Scale Purchases Since Condo Market Downturn

ORLANDO, FL– Orlando-based Smith Equities Real Estate Investment Advisors recently represented the buyer in one of the metro area’s first large-scale purchases of a fractured condo conversion.

Darrell H. Johnson, (photo at middle left) CCIM, and Kevin C. Miller (photo at bottom left) of the Special Assets Disposition Group at Smith Equities exclusively represented Winter Park Residences Corp. in the purchase of the remaining 209 units of 256 total units at Summerlin at Winter Park Condominiums on Goldenrod Road. The new ownership has completed renovations and commenced leasing and sales of newly remodeled apartments.

Formerly known as Savannah Grand, the property was converted to condos in March 2006 by Hialeah-based Puig Inc. In May 2007, Puig Inc. filed for Chapter 11 bankruptcy and included Summerlin at Winter Park in that filing. The fractured condo conversion was sold out of bankruptcy by Banco Popular, which held the senior debt on the property.

“Fractured condo conversions represent a unique challenge to sell,” said Robert Smith,(top right photo) CCIM, president and founder of Smith Equities Real Estate Investment Advisors. “As multifamily specialists, we have developed an understanding of the dynamics of owning a fractured condominium development and have worked through the intricacies of dealing with the bankruptcy court, the banks, and the myriad complicated condo documents.”

According to Smith, managing the mixture of individual owners and renters in fractured condo conversions presents many specific challenges for the investor. Generally, both a sales staff and leasing staff must be actively selling or leasing unsold units.
Also, conversions incur higher property taxes that will need to be appealed. In addition, carefully structured financing must allow for sales, and accounting practices must delineate shared cost and operation of the property between the investor and Homeowners Association.

“Even though fractured condo sales are negotiated at far below unit replacement cost, many would be buyers are still waiting on the sidelines hoping to negotiate these deals at ’fire sale’ prices,” said Johnson. “They could easily miss this opportunity because those investors who take time to understand the marketplace and how to get these transactions financed are now actively buying and closing deals. “

About Smith Equities:

Founded in 1990, Smith Equities Real Estate Investment Advisors (SEREIA) is a leader in apartment sales and financing throughout Florida with investment sales and financing of over 22,298 Apartments in 158 deals. SEREIA sold some of the first condo conversions in Florida and now is focused on helping banks understand and dispose of non-performing assets tied to condominium conversions.

(Photo of clubhouse at Summerlin at Winter Park Condominiums is at right above)

For more information, please go to or call (407) 422-0704.

Kimbra Hennessy,
407.290.1060, ext. 102

Arbor Closes $55,692,000 in Fannie Mae Loans at 3 Apartment Sites in San Antonio, TX; Milford, NH and Boston, MA

UNIONDALE, NY, April 28, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $55,692,000 under the Fannie Mae DUS® product line to finance the complexes totaling 1,115 units known as Rolling Ridge Apartments (photo at right below) in San Antonio, TX, Woodland Heights (photo above) and Laurel Hills (photo at left below) in Milford, NH and 480 & 490 Norfolk Street in Boston, MA.

Each of the three, five-year loans amortize on a 30-year schedule and carry a note rate of 5.11 percent. DUS and 3MaxExpress are registered marks of Fannie Mae
The loan was originated by John Kelly, (top right photo) Director, in Arbor’s full-service Boston, MA lending office. (Laurel Hills Apartments photo is at left)

“Arbor was pleased to have the opportunity to work with the Mayo Group, one of Boston’s largest national owners and developers of multifamily properties,” said Kelly.

“Mayo’s execution of their property management plans shows with each one of the communities. We very much appreciate the client’s trust in our ability to deliver as promised, and we look forward to the opportunity to continue to grow this financial partnership.”

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.
(Rolling Ridge Apartments is at right)

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.


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 $541,300 Fannie Mae DUS® 3MaxExpress® Loan for Gables Court at Fayetteville, NC

UNIONDALE, NY, April 28, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $541,300 loan under the Fannie Mae DUS® 3MaxExpress® product line to finance the 20-unit complex known as Gables Court (photo above) in Fayetteville, NC.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.30 percent.

The loan was originated by John Edwards, (top right photo) Director, in Arbor’s full-service Boston, MA lending office.

“This financing reflects Arbor’s flexibility in providing top-level customer service regardless of loan size,” said Edwards. “We were pleased with the opportunity to fulfill this client’s financing needs.”


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

Intergroup arranges Site Sale for New Marriott Franchise Development

HOUSTON, TX-- Tandy O. Lofland, (top right photo) president of Intergroup Companies announced the closing of a 3.2-acre site adjacent to the Baton Rouge, LA Metropolitan Airport (map at left). Intergroup was represented by David Young in the Dallas office and acted in conjunction with the Henry S. Miller Company.

The project will consist of a 119-unit SpringHill Suites (rendering above) by Marriott prototype with meeting space, pool, and numerous other features and amenities.

The seller is a regional commercial and residential developer and the purchaser is a national hotel developer, owner, and management firm.

Since 1980 Intergroup has developed or participated in hospitality, commercial, and residential projects and transactions in the U.S., Latin America, the Caribbean, and Europe, with an emphasis on full-service, first-class and luxury hotels, resorts, and mixed-use developments involving such hotel brands as Four Seasons, Hilton, Sheraton, Holiday Inn, Crowne Plaza, Radisson, Hyatt, Homewood Suites, and Hampton Inn.

Intergroup’s properties and projects number almost 100 with a value well over $1 billion.

For additional information contact:

Tandy O. Lofland, President
Intergroup Companies
950 Echo Lane, Suite 352
Houston, TX 77024
(713) 973-2130
(713) 973-2133 Fax

HFF Arranges $24.7M Construction Loan for Multifamily Development in Phoenix, AZ

SAN DIEGO, CA, April 2008 – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $24.7 million construction loan for West Town Court (rendering above), a 274-unit multifamily development in Phoenix, Arizona.

HFF senior managing director Tim Wright (top right photo) and director Aldon Cole (photo at left) worked exclusively on behalf of The Greystone Group to secure the 36-month, adjustable-rate loan with US Bank.

The Greystone Group is a fully-integrated real estate development, management and construction services firm headquartered in Newport Beach, California. Aries Capital was the co-broker for the transaction.

Estimated for completion in the fourth quarter 2009, West Town Court will have 22 buildings with one-, two- and three-bedroom units averaging 846 square feet. Parking will be available in attached and detached garages as well as surface spaces. The property is situated on 18 acres at the northwest corner of Virginia and 83rd Avenues close to 101 Loop and the Interstate 10 Freeway in Phoenix’s West Valley.

“The West Valley area of Phoenix has experienced explosive population growth over the past 10 years and it continues to have solid job and population growth fueling a maturing economic-base,” said Cole. “These factors, combined with West Town Court’s close proximity to the recently completed 101 Loop, made this project compelling.

"With home ownership on the decline and very little new-starts of multifamily construction, we feel that there is a broadening of the rental pool and demand should continue to increase for quality properties such as West Town Court.”

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.


Timothy D. Wright
HFF Senior Managing Director
858 552 7690

Aldon L. Cole
HFF Director
858 552 7690

Laurie Fish McDowell
HFF Associate Director, Marketing
617 338 0990