Thursday, June 26, 2008

Post Properties Ends Process to Seek Potential Sale

Company Cites Difficult Market Conditions and Receipt of No Definitive Acquisition Proposals;

Board Reaffirms Commitment to Enhancing Shareholder Value

ATLANTA, GA, Business Wire-- Post Properties, Inc. (NYSE: PPS) announces that after five months of actively pursuing a formal process to sell the Company in an increasingly difficult market environment, it has received no definitive acquisition proposals.

All potential bidders have withdrawn from the sale process and, as a result, the Board has brought the process to an end. At the same time, the Board reaffirmed its commitment to actively pursue other strategies to enhance shareholder value.

Said David P. Stockert, (top right photo) the Company’s president and chief executive officer, “We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment.”

Mr. Stockert added, “Post’s portfolio consists of high-quality assets in desirable, in-fill locations, with a widely-recognized brand. We have a strong balance sheet and an experienced and capable management team committed to moving the Company forward.

"We remain optimistic about the longer term fundamentals for our business. We intend to actively pursue strategies to enhance shareholder value and to position the Company so that the value of its assets, business and brand is more fully realized.”


Post Properties, Inc., David P. Stockert, 404-846-5000 or

S&P: Rating On PMI Mortgage Insurance Ltd. Affirmed At 'AA-' With Negative Outlook; Off CreditWatch

MELBOURNE, Australia, June 26, 2008—Standard & Poor's Ratings Services said today that it had affirmed its 'AA-' insurer financial strength rating on PMI Mortgage Insurance Ltd. (PMI Australia), and removed it from CreditWatch with negative implications, where it was placed on April 9, 2008. The outlook is negative.

(Downtown Melbourne photo at top left)

"The rating affirmation reflects PMI Australia having satisfied various financial and operational measures to justify its rating at one notch higher than the rating on its U.S.-based parent PMI Mortgage Insurance Co. (PMI Co.; A+/Negative/--)," said Standard & Poor's credit analyst Maryanne Galea.
"The 'AA-' rating on PMI Australia reflects the company's current very strong stand-alone credit profile, which has superior business and financial characteristics relative to the parent."

PMI Australia has strengthened its risk-based capital position, confirmed its restrictive dividend policy, and is negotiating reinsurance protection outside the group.
In addition, existing regulatory and governance factors including robust prudential supervision by Australian Prudential Regulation Authority (APRA), presence of independent board members, and supportive non-consolidation legal opinions largely quarantine PMI Australia's assets from its U.S. parent.
Media Contact:

Jeff Sexton, New York, (1) 212-438 3448
Analyst Contacts:
Maryanne Galea, Melbourne (61) 3-9631-2085
Michael Vine, Melbourne (61) 3-9631-2102

Arbor Closes $11,866,000 Fannie Mae DUS® Loan on Woodmere Apartments in Montgomery, AL

UNIONDALE, NY (June 26, 2008) --Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of $11,866,000 refinance loan under Fannie Mae’s DUS® program.
The Woodmere Apartments are situated on more than 14 acres in Montgomery, AL, and consists of 200 units spread over 27 garden-style apartment buildings.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08% percent, and also includes interest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well.

The loan was originated by Ronen Abergel, a Director in Arbor’s New York City office.
“In this current volatile capital marketplace, complete with gyrating Treasury rates and spreads, Arbor offered the borrower peace of mind by committing to a rate in two weeks with an early rate lock agreement,” said Abergel. “Additionally, we exceeded the borrower’s expectations by closing the deal with an additional 3% in proceeds above application.”

Ingrid Principe, Marketing Specialist, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Boulevard, Suite 900, Uniondale, NY 11553. PH 516-506-4298. FX 516-542-2555.

NAI Realvest Negotiates New Long-Term Office Lease in Lake Mary, FL

MAITLAND, FL– NAI Realvest has negotiated a five-year lease agreement for 2,100 square feet of office space at 147 Parliament Loop, Suite 1001 in Lake Mary.

Richard Leuner, (top right photo) director of corporate services at NAI Realvest, negotiated the lease representing the tenant, Jacksonville-based Genesis Health Development, Inc., d/b/a Brooks Development in their third outpatient physical therapy clinic in Greater Orlando.

The Landlord is JSMS, LLC of Lake Mary

For more information, contact:

Richard Leuner, Director of Corporate Services NAI Realvest 407-595-2224
Janice Paiano, Director of Marketing NAI Realvest
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Tri-City Electrical Contractors Under Way on new Kathleen Pointe Apartments in Lakeland, FL

ORLANDO, FL – The Multi-Family and Residential division of Tri-City Electrical Contractors, Inc. is under way on $614,000 of work at the new 80-unit Kathleen Pointe Apartments in Lakeland, FL, under its contract with CPG Construction, Winter Park, FL. Completion is slated for September 2008.

Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA. PH 407-774-2515. FX 407-774-6647 Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications.

Infrastructure Investor: New York, Oct. 22-23, 2008 at New York Marriott Downtown

NEW YORK, NY, June 26, 2008--Mark your calendar and act now to secure your participation at the premier event for professionals in the infrastructure asset class – Infrastructure Investor: New York, to be held October 22-23 at the New York Marriott Downtown (bottom right photo)

The forum, organized by the editorial team behind Private Equity International and Private Equity Real Estate (PERE) magazines, will explore how private equity firms are playing an increasing role in the infrastructure sphere, and responding to institutional demand by setting up funds to invest specifically in this sector.

The event is global in scope and encompasses all aspects of the private equity infrastructure opportunity, from fundraising to deal sourcing to asset transformation.
Confirmed speakers for Infrastructure Investor: New York include:

Adebayo Ogunlesi, (top left photo) Chairman & Managing Partner, Global Infrastructure Partners
George Bilicic, Managing Director & Head of Infrastructure, Kohlberg Kravis Roberts & Co.
Tom McGrath, Senior Investment Officer, New York State Common Retirement Fund
Peter Hofbauer, Global Head of Infrastructure, Babcock & Brown
Malcolm Macintyre, Joint Head of Transportation & Social Infrastructure North America, Babcock & Brown
D. Collins Roth, Partner, EMP Global
Mark A. Weisdorf, (middle right photo) CIO & Managing Director, Infrastructure Investments, JPMorgan Asset Management
Robert Collins, Executive Director, Head of Infrastructure M&A, Morgan Stanley
Felicity Gates, Co-Head & Partner, Citi Infrastructure Investors
Michael Queen, (middle left photo) Managing Partner - Infrastructure, 3i
Francesco Giuliani, Director, First Reserve Corporation.

Building on the success of our two previous Infrastructure Investor events in Berlin –where over 200 delegates attended – the New York Forum will focus on the following key themes:

• How the private equity approach to infrastructure is improving existing assets for the long term?
• Deal flow - has the acquisition opportunity been overstated?
• Operating infrastructure assets post acquisition
• How to build a diversified infrastructure fund investment portfolio
• Infrastructure debt financing
• What LPs expect from infrastructure

To see the full speaker list and conference agenda, visit:

Four easy ways to register:

1) Download the registration form and fax to +1 212 633 2904
3) Call our registrations team on +1 212 633 2905
4) E-mail Nicole Lelchuk at

Arleen Buckley, VP - Conferences, PEI Media - The alternative asset information group T: (212) 633-1452. F: (212) 633-2904. East 28th Street, 7th floor, New York, NY 10016

Marcus & Millichap Sells 168-Unit Apartment Community in Arvada, CO for $12.5M

ARVADA, CO – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Indian Tree Apartments, (above photo) a 168-unit multi-family community in Arvada. The sales price of $12.5 million represented $74,435 per unit.

Dave Potarf (top left photo) and Dan Woodward (top right photo), both vice president investments and senior directors of Marcus & Millichap’s National Multi Housing Group (NMHG) in Denver, and Jordan Robbins, an investment specialist also in the firm’s Denver office, represented the seller, Equity Residential. Marcus & Millichap also represented the buyer, Asset Plus Companies.

“With the acquisition of Indian Tree Apartments, the investor has acquired a well-maintained multi-family community in a strong market,” says Potarf.

Located at 7865 Allison Way, the 140,000-square foot apartment community is close to highly rated schools and public transportation.

Indian Tree Apartments features a mix of one- and two-bedroom units. Interior amenities include vaulted ceilings, dishwashers, garbage disposals, cable/satellite TV, mini-blinds, ceiling fans, air conditioning, wood-burning fireplaces in select units and private patio or balconies. Community amenities include a swimming pool, spa and an on-site laundry facility.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

Cushman & Wakefield Completes Four Leases in Tampa Bay Market

Cushman & Wakefield Negotiates 24,115-SF office Lease at Suntrust Financial Centre (above photo)

TAMPA, FL – Cushman & Wakefield negotiated a 24,115 square foot lease extension for 22squared, Inc. at SunTrust Financial Centre in Tampa, Florida.

22squared, formerly known as Westwayne, is a marketing plus advertising firm that specializes in Brand relationship. With its two offices in Atlanta, GA and Tampa FL, this independent agency continues to represent top clients throughout the Southeast, such as Lincoln Financial, Publix, and Toyota Prius.

SunTrust Financial Centre, located in downtown Tampa at 401 East Jackson St. is a 36-story, 527,288 square foot Class A multi-tenant office building.
Andy May, Executive Director, Barry Oaks, Director and Bill Reeves, Associate Director negotiated the lease renewal on behalf of the tenant, 22squared, Inc.

Cushman & Wakefield Negotiates 6,500-SF Lease at First Park at Brandon

RIVERVIEW, FL– Cushman & Wakefield negotiated a 6,500 square foot lease renewal at First Park at Brandon I with Nortrax Equipment Company – Southeast, LLC. Nortrax is a provider of equipment and machinery for the construction and timber harvesting industries.

First Park at Brandon I is a Class A office and industrial park located in Riverview, Florida.

Mercedes Angell, Director; and Jeff Lanning, Associate (Office Brokerage) with Cushman & Wakefield, negotiated the lease on behalf of the landlord, Riverview NI Industrial, LLC.

Cushman & Wakefield Negotiates New 18,638-SF Lease at Netp@rk.TampaBay

TAMPA, FL– Cushman & Wakefield negotiated a new 18,638 square foot lease at netp@rk.tampabay with The School Board of Hillsborough County.

As the largest office complex in the Tampa Bay Region, netp@rk.tampabay provides approximately 1,000,000 square feet of space and is suited to meet the needs of national and regional customer service and data processing centers. The facility is located in east Tampa at the intersection of Hillsborough Avenue and 56th Street.

Mercedes Angell, Director; and Jeff Lanning, Associate (Office Brokerage) with Cushman & Wakefield, negotiated the lease on behalf of the landlord, NNN NetPark, LLC.

Cushman & Wakefield Negotiates 27,726-SF Office Lease at Tampa Commons

TAMPA, FL – Cushman & Wakefield negotiated a 27,726 square foot lease renewal with Wilkes & McHugh, P.A. on behalf of Wells REIT II - Tampa Commons, LLC in Tampa, Florida. Wilkes & McHugh, P.A. as Tenant is a full service civil litigation and personal injury law firm specializing in nursing home abuse and elder care neglect.

Tampa Commons is located at the intersection of North Dale Mabry Hwy and Kennedy Blvd within the Westshore Business District in Tampa, Florida. This 13-story, 255,000 square foot Class A multi-tenant office building is one of the city’s most recognizable buildings in one of the most vital locations in Tampa.

Executive Director Andy May, Director Barry Oaks and Associate Bill Reeves negotiated the lease renewal on behalf of the landlord, Wells REIT II – Tampa Commons, LLC.


Byron Moger, Executive Director, Cushman & Wakefield Inc., 813 204 5316,

Marcianne Foster, Media Coordinator, 813 204 5325,