Saturday, July 5, 2008

Arbor Closes $1,609,900 Fannie Mae DUS® 3MaxExpress® Loan on Campus Apartments in Columbus, OH

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $1,609,900 loan under the Fannie Mae DUS® 3MaxExpress® product line to refinance the 54-unit complex known as Campus Apartments (top left photo) in Columbus, OH.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loan was originated by Alexander Kaushansky, (middle right photo) Director, in Arbor’s full-service New York City lending office. “Arbor refinanced this student housing asset for Landis Properties, which has operated the property for over 30 years,” said Kaushansky.

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. 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.

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

Marshall Management, Inc. Signs Contract to Manage New-Build Country Inn & Suites, Opening in 2009

Company Will Also Consult on Construction, Provide Pre-Opening Services for Maryland Property


SALISBURY, MD-– Marshall Management, Inc., a leading, mid-sized hotel management company, has signed a contract to manage the Country Inn & Suites Easton, Md. when the new-build property opens in 2009.

Under the contract, Marshall also will provide consultation services during the construction and pre-opening phases. Construction on the property, which is owned by Country Inn and Suites of Easton, LLC, is expected to begin this summer with a second quarter 2009 projected opening.

“This further strengthens our portfolio along the Eastern Seaboard, and is our second Country Inn & Suites,” said Michael Marshall, (top right photo) president and CEO of Marshall Management, Inc.

“We expect the Easton hotel to benefit from our regional expertise, as well as economies of scale in marketing and operations. The Country Inn & Suites brand fits well in this quaint and historic town on Maryland’s Eastern Shore, an area that also offers easy access to large surrounding metropolitan areas like Baltimore, Annapolis, Washington and Wilmington.”

Located in Easton on Route 50 as part of a development with the First Mariner’s Bank building, 65-room, select service property will feature Country Inn & Suites’ signature amenities, including traditional, residential architecture and home-like interior design featuring hardwood flooring and lobby fireplace, an in-hotel lending library, exercise facilities, complimentary breakfast, weekday morning newspapers, free high-speed Internet access and participation in Goldpoints Plus, the brand’s global guest loyalty program.

CONTACTS:

Melanie Boyer, Account Executiv, Daly Gray Public Relations, (703) 435-6293.

Jerry Daly, media, Daly Gray Public relations, 703 435 6293, jerry@dalygray.com

Rick Day, Senior Vice President, Sales and Marketing, Marshall Management Inc., 410 749 8464, rday@marshallhotels.com

Grubb & Ellis Healthcare REIT Acquires Decatur Medical Plaza in Decatur, GA

SANTA ANA, CA /PRNewswire-FirstCall/ -- Grubb & Ellis Healthcare REIT, Inc. has acquired the Decatur Medical Plaza, (top left photo) a medical office building located in the Atlanta suburb of Decatur, Ga.

Located at 200 E. Ponce De Leone Ave., Decatur Medical Plaza consists of approximately 43,000 square feet of gross leaseable area situated on approximately one acre of land.

The three-story building includes four units and is 100 percent leased to various tenants, including Nanston, Inc. and DeKalb Medical.

Built in 1976 and renovated in 1998 and 2007, the property faces downtown Decatur's main pedestrian thoroughfare.

"This is a terrific property with an excellent location in Decatur that is close to multiple major regional hospitals, as well as downtown Atlanta," said Danny Prosky, (middle right photo) Executive Vice President of Acquisitions for Grubb & Ellis Healthcare REIT. "These qualities contribute to the attractiveness of this acquisition, and we are pleased to add Decatur Medical Plaza to the Grubb & Ellis Healthcare REIT portfolio."

Decatur Medical Plaza is situated within three miles of five major regional hospitals: Dekalb Medical Center, Atlanta Veteran Affairs Medical Center, Children's Healthcare of Atlanta at Egelston, Emory-Children's Center and Emory University Hospital.

Located within five miles of downtown and midtown Atlanta, the property is in close proximity to State Route 155 and is surrounded by various office buildings and retail outlets. Decatur Medical Plaza sits approximately one-half-block away from the Metropolitan Atlanta Rapid Transit Authority station.

Grubb & Ellis Healthcare REIT has completed four other acquisitions in the Atlanta area: the recently acquired Southcrest Medical Plaza, (middle left photo) as well as Northmeadow Medical Center, Gwinnett Professional Center, and Yorktown Medical Center and Shakerag Medical Center.

Decatur Medical Plaza was acquired from an unaffiliated third party represented by Stewart Calhoun of Cushman & Wakefield, Inc. Grubb & Ellis Healthcare REIT financed this acquisition through utilization of its line of credit.
As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold approximately 37.4 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $374 million through its initial public offering, which began in the third quarter of 2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25 percent per annum and, as of June 27, 2008, has made 34 geographically diverse acquisitions for a total of 100 buildings valued at approximately $706 million, based on purchase price.

CONTACT: Julia McCartney of Grubb & Ellis Healthcare REIT, Inc.,+1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.com

Crowne Plaza San Antonio Awarded AAA Four-Diamond Rating


SAN ANTONIO, TX—The Crowne Plaza San Antonio Riverwalk (above centered photo) has been awarded the prestigious AAA Four-Diamond Award.

This marks the second time the hotel has won the award since being purchased by HEI Hotels & Resorts in 2006.

The award’s stringent criteria are based on a superior level of quality throughout the hotel, an extensive array of amenities and a high degree of hospitality, service and attention to detail. AAA evaluates hotels based on exterior grounds, public areas, room d├ęcor and ambiance, guest room amenities, bathrooms, housekeeping, management, and guest services.

Hotels must excel in all areas in order to be considered for the Four Diamond Award. AAA Diamond Ratings represent a combination of the overall quality, the range of facilities, and the level of services offered by a property.

“We credit our on-going $15.4 million renovation process, as well as our superior guest services team, with helping us to win this world renowned award,” said Bob White, general manager. “This truly validates our standing as the premier destination for business and leisure travelers to the San Antonio area and inspires us to continue to raise the bar moving forward.”
(San Antonio Riverwalk photo at right)

The, 410-room, 21-story building, located at 111 Pecan Street, features an elevated, outdoor pool overlooking the famed Riverwalk, a sauna, whirlpool and full-service fitness facility. Its extensive food and beverage services include an upscale restaurant, lobby lounge, high energy sports bar and extensive catering capabilities.

The oversized hotel rooms offer high-speed Internet access, large work desks and two telephone lines. The property includes two separate garages with a combined capacity of approximately 600 vehicles. The hotel has the city’s third largest amount of meeting space with 38,000 square feet, capable of handling groups of up to 1,000 people.
About HEI Hotels & Resorts

Owners and operators of the Crowne Plaza San Antonio Downtown, HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Embassy Suites, Le Meridien and Hilton.

Properties include the Westin Philadelphia, (bottom left photo) and the under-development Le Meridien Philadelphia. For more information about HEI, visit the company’s website, http://www.heihotels.com/.

CONTACT: Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293.

NAI Realvest Negotiates Industrial Lease of 15,000 SF in Leesburg for R.E. Michel

CLERMONT, FL – NAI Realvest has negotiated a three-year industrial lease of 15,000 square feet at 31661 Executive Blvd. in Leesburg.

Eric Nyhuis, (top left photo) NAI Realvest broker associate and Darren Johnson,(top right photo) sales associate in the firm’s Clermont office, represented the landlord CEN II, LCC of Columbia, S.C.

The new tenant, R.E. Michel Company of Baltimore – the fifth largest plumbing and HVAC wholesaler in the U.S. – is expanding into the Lake County market with the Leesburg location. This brings R.E. Michel’s number of locations in Florida to 14 with over 200 nationwide concentrated on the East Coast.

For more information, please contact:
Eric Nyhuis, Broker Associate NAI Realvest, enyhuis@realvest.com, 352-242-1334

Darren Johnson, Sales Associate NAI Realvest, djohnson@realvest.com, 352-242-1334

Janice Paiano, Director of Marketing, NAI Realvest jpaiano@realvest.com

Larry Vershel or Beth Payan, LV Communications, 407-644-4142

NAI Global Leadership Review of U.S. Economic Picture Offers Opportunities, George Livingston says

ORLANDO, FL --- A review of U.S. economic and commercial real estate trends unveiled at the recent NAI Global Leadership conference in New York offers a few positive signs, according to real estate analyst George Livingston, (top right photo) chairman of NAI Realvest.

“Industrial facilities, medical offices and rental apartment properties rank as the positive sectors for the immediate future,” Livingston said. “Beyond those, the most positive news is that once the economy begins its recovery late next year, opportunities will abound for those who prepare now, Livingston said.

High energy prices will continue to drive construction and delivery costs higher, and site preferences will reflect the impact of cost on logistics, Livingston said.

Hotels and airlines are likely to suffer reduced demand. On the plus side, high fuel and transport prices will likely drive jobs and manufacturing back to the U.S. from overseas, Livingston said.

“Values will continue to decline in the short run, and astute developers are now acquiring assets to exploit when the recovery begins,” he said.

Investment transactions are down. “Sellers are not accepting reduced offers, and buyers are having a hard time financing acquisitions,” Livingston said. “Credit will remain tight for the foreseeable future, and our weak dollar is expanding exports, increasing the cost of imports, and may increase inflation,” he said.

Livingston said other economic signs include:

• a flat economy isn’t expected to begin its recovery until late 2009;

• a political shift to the left foreshadows less business-friendly government;
• demand for real estate services is down substantially;
• “green” development and redevelopment is an industry-wide phenomenon that is likely to remain a primary focus;
• housing will remain weak over the short to intermediate term;
• commercial real estate brokerage companies are rapidly consolidating---Jones Lang LaSalle recently acquired Staubach Company, for example.

Livingston said successful commercial real estate firms are seeking innovative ways to accommodate market trends, including social networking and exploitation of international markets.

For more information contact:
George Livingston, Chairman, NAI Realvest 407-875-9989

Larry Vershel, President Larry Vershel Communications, 407-644-414

About NAI Realvest
NAI Realvest, with offices in Orlando, Daytona Beach and Clermont is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide. NAI Global is an international commercial real estate network with over 325 offices spanning the globe.

Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.NAIrealvest.com.

Mechanical Services Completes Installation of Automation System at Maitland Summit Office Park


ORLANDO, FL – Orlando-based Mechanical Services, Inc. (MSI) has completed the design, supply and installation of a building automation system at Liberty Property Trust’s facilities at the Maitland Summit Office Park in Orlando, FL. The automation system chosen for this project was the latest version of the Trane Summit system.

Based in Orlando, with an office in St. Petersburg, MSI is a leading mechanical contractor in Central and Southwest Florida. MSI was recently acquired by EMCOR Group, Inc. (NYSE: EME), a Fortune 500® leader in mechanical and electrical construction, energy infrastructure and facilities services for a diverse range of businesses globally.

“The automation system upgrade provides the owner and tenants – Charles Schwab and EA Sports, Inc. – with the latest energy conservation technology,” said William M. Dillard, (top right photo) Chief Executive Officer of MSI. “We are pleased to work with Liberty Property Trust as the company continues to focus on upgrading its existing portfolio to reduce energy and increase sustainability.”

CONTACT: 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

Harkins Realty Lists Blackadar Insurance Agency Building in Longwood, FL for Sale or Lease

ORLANDO, FL – Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Orlando-based Harkins Companies, listed the 2,520-square-foot Blackadar Insurance Agency building in the Orlando suburb of Longwood, FL, according to Harkins Realty’s managing director Mark Harkins.


He added that the property is available for sale or lease. For more information, visit http://www.harkinscompanies.com/ and enter its real estate website.

CONTACT: 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
khc@crismktg.com
http://www.crismktg.com/

SchenkelShultz Designs Hernando County School Board's New High School "EEE" in Brooksville, FL

TAMPA, FL – SchenkelShultz Architecture, Tampa, one of Florida’s leading green design firms, designed Hernando County School Board’s new High School “EEE” (top right rendering) now under way in Brooksville, FL, by Skanska USA Building, Inc., Tampa, and slated for completion in June 2010.

With an estimated construction cost of $48 million, the high-performance school is designed to be LEED®-certified and is based upon a “high school as small town” design concept. Three academic “neighborhoods,” an administration and media “civic center,” and an athletic, dining and performing arts “town center” are clustered around a central landscaped courtyard.

The architectural language of the school is an interpretation of the Florida vernacular of nearby Brooksville and sets a fine precedent for further development of the surrounding area. The Tampa office of SchenkelShultz is located at 4890 W. Kennedy Boulevard, Suite 930, phone 813-383-5500.


CONTACT: 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

Tilt-Con under way on School District of Osceola County's new Elementary School "L" in Orlando suburb of Kissimmee, FL

ORLANDO, FL – Orlando-based Tilt-Con Corporation is under way on the School District of Osceola County’s new 2-story, 113,903-square-foot Elementary School “L” at 5000 Koa Street in the Orlando suburb of Kissimmee, FL, under its contract with W.G. Mills, Kissimmee.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilizes its economical multi-story system for tilt-up concrete walls. Ranked as Florida’s largest tilt-up concrete constructor by Engineering News-Record magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels, and is slated for completion in September 2008. The project was designed by SchenkelShultz Architects, Orlando, FL.


CONTACT: Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA. PH 407-774-2515. FX 407-774-6647khc@crismktg.com http://www.crismktg.com/ Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications