Thursday, September 11, 2008

Tanger Celebrates Grand Opening of 75 Outlet Stores in Washington, PA

(L-R) Richard Bonds, Pennsylvania Tourism Director; Senator J. Barry Stout, Frank Salucci, GM Tanger Washington, PA; Stanley K. Tanger, Chairman & CEO, Tanger Factory Outlet Centers, Inc.; Jerome Bettis, former Pittsburgh Steelers player; Steven B. Tanger, President & COO, Tanger Factory Outlet Centers, Inc.; State Representative Tim Solobay; Jeff Kotuls, Director of Washington, PA Chamber of Commerce and Larry Maggi, Chairman, South Strabane Township, PA Board of Commissioners.

Former Pittsburgh Steelers’ Great Jerome Bettis (middle left photo) Among Those Participating In Tanger’s Ribbon Cutting Ceremony

GREENSBORO, NC--The new Tanger Outlet Center in Washington, Pennsylvania celebrated its official Grand Opening August 29 with a special Ribbon Cutting Ceremony.

Pittsburgh Steelers’ legend Jerome Bettis; Stanley K. Tanger, (top left photo) Chairman and CEO and Steven B. Tanger, (middle right photo) President and COO of Tanger Factory Outlet Centers, Inc.; Richard Bonds, State Executive Director of Tourism Marketing along with other local and state dignitaries officially opened the new Tanger Outlet Center.

“We are excited to introduce the Tanger Brand of great outlet shopping to Western Pennsylvania,” stated Steven B. Tanger, President and Chief Operating Officer of Tanger Factory Outlet Centers, Inc.

“Pittsburgh area bargain hunters can enjoy an outlet shopping adventure that features many upscale shopping amenities, a collection of the world’s most popular brand name outlet stores and true outlet savings direct from the manufacturer,” added Mr. Tanger.

The new Tanger Outlet Center in Washington, PA features 75 popular outlet brands including American Eagle Outfitters, Banana Republic Factory Store, Brooks Brothers Factory Store, Children’s Place, Coach Factory Store, Gap Outlet, Harry and David, Nike Factory Store, Nine West Outlet, Old Navy, Skechers, Timberland Factory Store, Tommy Hilfiger Company Store, Wilson’s Leather Outlet and many more. Shoppers can also relax and enjoy a meal in the center’s food court.

During the ribbon cutting ceremony, Tanger officially kicked off the company’s 15th annual Breast Cancer Awareness campaign by making a $1,500 donation to the American Cancer Society of Washington County, PA.

Tanger’s national campaign, which takes place September 17th through October 19th, has now raised more that $5.1 million to fight breast cancer in the communities that Tanger serves across the country.

Tanger also showed its support for children and education by making a $1,500 donation to the Trinity Area School District and a donation to the Jerome Bettis “Bus Stops Here” Foundation to help under privileged children.

Tanger’s Grand Opening honored Pennsylvania’s tradition for great fall festivals. Friday, August 29th -September 1st , more than 200,000 Grand Opening shoppers enjoyed a Labor Day weekend filled with outlet shopping and fun including a Giant Ferris Wheel, a Classic Carousel, Carnival-Style games & activities, prize giveaways, strolling entertainment, a patriotic fireworks display and a center-wide Grand Opening Sidewalk Sale.

Jerome Bettis thrilled hundreds of Pittsburgh Steelers fans by signing autographs on Friday, August 29th.

Located on Interstate 79, Exit 41 Meadowlands/Racetrack Road, just 20 minutes south of Pittsburgh, the new Tanger Outlet Center in Washington, PA is the Pittsburgh area’s first, authentic brand name outlet shopping center. This is Tanger’s second outlet center in Pennsylvania. Tanger also operates the popular Tanger Outlet Center in Lancaster, PA.

Tanger Factory Outlet Centers, Inc., (NYSE:SKT) a publicly traded REIT, presently has ownership interests in or management responsibilities for 32 shopping centers in 22 states coast-to-coast, totaling approximately 9.5 million square feet, leased to over 2,100 stores that are operated by over 400 different store brands. The Tanger Outlet Center in Washington, PA can be reached at 724-225-8435.

Contact: Mike Buescher, (336) 834-6826,

3200 Northline Ave., Suite 360 l Greensboro, NC 27408 l PH 336-834-6826 l FAX 336-852-7954

Texas State Affordable Housing Corp. (American Opportunity For Housing) Rating Off WatchNeg

NEW YORK, NY--Standard & Poor's Ratings Services affirmed its 'C' underlying rating (SPUR) on Texas State Affordable Housing Corp.'s (American Opportunity for Housing) multifamily housing revenue bonds series 2002A and removed it from CreditWatch with negative implications.

The outlook is negative. The bonds are credit enhanced by MBIA, and will continue to have a 'AA' standard long-term rating. The rating is based on the bond insurance policy, which will remain in place for this issue.

The trustee, Wells Fargo Bank N.A., informed Standard & Poor's that they have drawn on the series 2002A debt service reserve fund (DSRF) to make the Sept. 2, 2008, payment on the bonds. After the draw, the series 2002A DSRF was completely depleted, and below the $3.8 million required pursuant to the trust indenture.

Although the bonds will be paid by the bond insurer, it is unlikely that the project will generate enough revenue to make the next debt service payment in March 2009.

Media Contact:
Christopher Mortell, New York, (1) 212 438 3446

Analyst Contacts:
Renee J Berson, New York, (1) 212-438-7966; Moraa Andima, New York, (1) 212-438-2734

S&P: Astoria Financial Corp. Rating Unaffected By Freddie Mac Write-Down

NEW YORK, NY--Standard & Poor's Ratings Services says there are no ratings implications for Astoria Financial Corp. (Astoria; BBB/Stable/--) in light of the company's disclosure that it will likely need to take an other-than-temporary impairment charge on its Freddie Mac preferred securities in third–quarter 2008.

As of June 30, 2008, Astoria owned Freddie Mac preferred stock with a book value of $83.7 million. We expect that the write-down will be a substantial portion of the securities' book value, given the elimination of dividends and sharp decline in market value for these securities.

Further, we expect that Astoria may post a small net loss during for the third quarter as a result of the write-down. However, we believe that capital levels will be affected only slightly in the third quarter. The stable ratings outlook on Astoria includes the assumption that capital levels will stabilize or rebound in the subsequent few quarters through retained earnings.

Media Contact:

Jeff Sexton, New York, (1) 212-438-3448,

Analyst Contacts:
Barbara Duberstein, New York (1) 212-438-5656
Vikas Jhaveri, New York (1) 212-438-3693

EastGroup Properties Announces Presentation at 2008 BMO Capital Markets North American Real Estate Conference

JACKSON, MS-– EastGroup Properties (NYSE-EGP) is scheduled to present at the BMO Capital Markets North American Real Estate Conference on Friday, September 12, 2008 at 8:30 a.m., CDT.

The presentation will be live via web cast and is accessible at the day of the conference and will be archived at the same URL for six months following the conference.


David H. Hoster II, President and Chief Executive Officer; N. Keith McKey, Chief Financial Officer, PH (601) 354-3555. Fax: 601/352-1441
P.O. Box 22728, Jackson, MS 39225-2728

HFF secures $4.5M refinancing for Fidelity Plaza Tower I in Carmel, Indiana

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $4.5 million refinancing for Fidelity Plaza Tower I, (top right photo) a 93,355-square-foot office building in Carmel, Indiana.

HFF managing director Jon Everson (bottom right photo) and senior managing director Dave Keller (top left photo) worked on behalf of SePRO Development Company II, LLC to secure the 10-year, fixed-rate loan through a local portfolio lender.

Loan proceeds are replacing a maturing life insurance company loan. The borrower is affiliated with SePRO Corporation, a successful company formed in 1993 that focuses on acquiring, developing, manufacturing and marketing specialty plant management and plant protection products for niche markets such as aquatics, turf and horticulture.

Fidelity Plaza Tower I is located at 11550 North Meridian Street in Carmel, a northern suburb of Indianapolis. While historical occupancy levels have been high, the property recently lost two significant tenants resulting in a temporary drop in occupancy. Existing major tenants include SePRO Corporation and Regions Bank.

“The property’s decreased occupancy amidst a credit climate that continued to deteriorate throughout the process, made this a challenging assignment. However, the borrower was still able to obtain a fixed-rate loan with an attractive interest rate on a primarily non-recourse basis, with prepayment flexibility over the life of the loan,” said Everson.


Jonathan P. Everson, HFF Managing Director, 317 630 3191,
Laurie Fish McDowell, HFF Associate Director, 617 338 0990,

S&P: Ratings On Cathay Financial Holding And Units Affirmed; Cathay Century Rating Raised To 'A'

SINGAPORE--Standard & Poor's Ratings Services has affirmed its ratings on the following entities of Cathay Financial Holding Co. Ltd. (Cathay FHC) group:

-- 'A-' long-term counterparty credit rating and 'A-2' short-term rating on Cathay FHC;

-- 'A' insurer financial strength and counterparty credit ratings on Cathay Life Insurance Co. Ltd.; and
-- 'A' long-term counterparty credit ratings, 'A-1' short-term foreign currency rating, and 'C+' bank fundamental strength rating on Cathay United Bank Co. Ltd. (CUB).

Standard & Poor's also raised its insurer financial strength and counterparty credit ratings on Cathay Century Insurance Co. Ltd. (Cathay Century) to 'A' from 'A-'.

The outlooks for both long-term counterparty credit ratings on the holding company and all of the holding company's operating subsidiaries are stable.

"The rating affirmation on Cathay FHC reflects the group's strong core earnings and risk management ability despite the group's negative return on assets (ROA) of 0.12% in first-half 2008," said credit analyst Serene Hsieh.

For a detailed copy of S&P's report, please contact

Jeff Sexton, New York, (1)

Analyst Contacts:

Serene Hsieh, CPA, Taipei (8862) 8722-5820
Andy Chang, CFA, Taipei (8862) 8722-5815

Harkins Completes Sanford, FL Office Building

The $1.5 million, 5,700-square-foot Corporate Office Building is at 707 Monroe road

SANFORD, FL – Harkins Companies, Central Florida’s premier design-build commercial development, contracting and real estate group since 1974, completed construction of its new $1.5 million, 5,700-square-foot Corporate Office Building located at 707 Monroe Road in Sanford, FL.

Harkins Development Corporation served as developer and design-build general contractor for the project according to company president Matt Harkins (top left photo).

He added that Phase II of the complex will include a freestanding 4,300-square-foot build-to-suit multi-tenant office building currently for sale by Harkins Realty, Inc., the commercial brokerage, leasing, property management and tenant representation division of Sanford-based Harkins Companies.

The project was designed by The Architecture Group, Longwood, FL.

Harkins Realty, Inc. reports brisk sales and leasing activity at its new Narcoossee Commerce Park in Orlando

SANFORD, FL – Harkins Realty, Inc., the commercial brokerage, leasing and property management division of Sanford-based Harkins Companies, reports brisk sales and leasing activity at its new Narcoossee Commerce Park in the Lake Nona area of Orlando.

According to Harkins Realty managing director Mark Harkins, (middle right photo) only four of eight Phase I units remain available for sale or lease. Spaces range from 2,475-9,900 square feet and can be utilized as retail, office or flex warehouse space. For more information, visit and enter its real estate website.

Harkins Development Corporation prominently among "The Southeast's Top Design-Builders" according to Southeast Construction Magazine

SANFORD, FL – Harkins Development Corporation, the full-service development and general contracting division of Sanford-based Harkins Companies, is prominently ranked 68th largest among “The Southeast’s Top Design-Builders” according to Southeast Construction Magazine published September 2008.

Headed by Matt Harkins, President, the company reported 2007 revenues of $25 million and also ranks among “The Southeast’s Top Contractors.”

Contact: Kenneth H. Cristol 407-774-2515

Aloft Brings a New Twist in Travel to Foshan, China

aloft Nanhai - Foshan will debut in 2010 as the first international branded hotel in Nanhai

SHANGHAI, CHINA, Sept. 11, 2008 – aloha! Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), has signed an agreement with C.M. Enterprises to develop an aloft hotel (top right photo) in Nanhai Science & Technology Industrial Park, Foshan City of Guangdong Province in China. Set to debut in 2010, the 200-room hotel will be the first international branded hotel to open in Nanhai.

“We are thrilled with the signing of aloft Nanhai – Foshan! This signing is certainly timely, especially with the upcoming opening of our first aloft in Asia and in China: aloft Beijing – Haidian.

"Guests traveling to Foshan for business or pleasure won’t have to settle for one or the other, thanks to aloft.
" Our bar w xyzSM is sure to be a hub of activity for locals and visitors alike, and our meeting space and guestrooms will inspire even the most jet-lagged business traveler,” commented Mr. Qian Jin, (middle left photo) Senior Vice President, Operations, China & Taiwan, Starwood Hotels & Resorts.

Located in the Nanhai Science & Technology Industrial Park, aloft Nanhai - Foshan will offer a fresh, fun and affordable way to enjoy Foshan City and all of the commercial, cultural and historical sites it has to offer.

Located in central Guangdong province, and adjacent to Hong Kong, Macau, Foshan is the third largest manufacturing base in the Pearl River Delta after Shenzhen and Guangzhou.

Once home to a strong State-Owned Enterprises sector, its current economic strength lies in privates firms and Township and Village Enterprises.

An old town dated many centuries ago, Foshan is also famous for its porcelain industry, Chinese temples and traditional Chinese architecture.


Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820;

Marcus & Millichap Arranges Sale of 79,533-SF Single-Tenant Office Building in Reno, NV

RENO, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a new, 79, 533-square foot single-tenant office building in Reno built by Tanamera Development LLC, a prominent Reno developer.

Nicholas Scelsa, (middle left photo) a senior vice president investments and director of Marcus & Millichap’s National Office and Industrial Properties Group in Sacramento, and Kenneth Blomsterberg, a vice president investments also in the firm’s Sacramento office, represented the seller.

Kirk Trammel, (bottom right photo)a senior vice president investments in the firm’s Palo Alto office; Will Stuart, a vice president investments also in the firm’s Palo Alto office; and Dan Goldenberg, an investment specialist in the firm’s Palo Alto office, represented the buyer.

“This new owner has acquired a brand new pride-of-ownership building with no landlord responsibilities and leased to a true-credit tenant for 10 years,” says Scelsa.

Located at 10375 Professional Circle, the 79,533-square foot building is situated on a 5.04-acre lot in the prestigious Reno Tahoe Tech Center and is within close proximity to the Reno Tahoe International Airport and has excellent visibility from Interstate 395.

Built in 2008, the office building also is near numerous restaurants and shopping in the area, including the Meadow Wood Regional Mall, which contains more than 900,000 square feet of department stores and shops.

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

HFF arranges $8.5M refinancing for Queens, New York shopping center

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged an $8.5 million refinancing for Duane Reade Plaza, (top left photo) a 50,000-square-foot shopping center in Little Neck, Queens, New York.

Working exclusively on behalf of Musso Properties, HFF director Steven Klein, (top right photo) along with analyst Todd Newman, placed the seven-year fixed-rate loan with Washington Mutual.

Musso Properties is a family-owned and operated real estate development, investment, construction and property management company focused on the New York metropolitan area.

Duane Reade Plaza is located at 56-01 – 56-02 Marathon Parkway on the south side of Horace Harding Expressway in Little Neck, the northeastern section of Queens.

The property is fully leased to tenants including a New York Mart Supermarket, Duane Reade and Washington Mutual, and recently underwent an extensive capital improvements program including, but not limited to, fa├žade and parking lot upgrades.


Steven J. Klein, HFF Director, 212 245 2425,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,