Tuesday, October 28, 2008

Orlando Magic Star Dwight Howard Buys $8M Home in Seminole County, FL

LAKE MARY, FL -- Stirling Sotheby’s International Realty has negotiated a nearly $8 illion sale of a Street of Dreams luxury home (center photo) at Lake Club, located off Markham Woods Rd. in Longwood, to Orlando Magic starter Dwight Howard. (top right photo)

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said Chocky Burks, director of new homes at Stirling Sotheby’s International Realty, negotiated the sale representing the seller, Hillcrest Homes. The home captured all of the awards in this year’s Street of Dreams competition, Soderstrom said.

The multi-story European estate styled home – with 11,000 square feet on three lake front acres -- features five bedrooms, with five full and two half baths, game and billiards room, family room with 25-foot stone fireplace, home theatre, art gallery, two guest suites and office along with an oversized four-car garage. The pool has a lazy river system, island seating, and three beach areas.

For more information, contact:
Roger Soderstrom, Owner/ Founder Stirling Sotheby’s International Realty 407-588-1260
Chock Burks, New Homes Director Stirling Sotheby’s International Realty 407-581-5551
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Michael D. Berman, CMB, Elected as MBA Vice Chairman

SAN FRANCISCO, CA- - Michael D. Berman, (top right photo) CMB, President of CWCapital of Needham, MA, has been elected Vice Chairman of the Mortgage Bankers Association (MBA) during the association's recent 95th Annual Convention & Expo in San Francisco.

In addition to Berman, MBA elected David G. Kittle, (middle left photo) CMB, Executive Vice President of Vision Mortgage Capital, as Chairman of MBA and Robert E. Story, Jr.,(bottom right photo) President of Seattle Financial Group, as Chairman-Elect of MBA. All three officers will serve for the 2008-2009 fiscal year.

Berman is a founder and principal of CW Financial Services and serves on its Board and as the company's Chief Operating Officer. In that capacity, he provides strategic input into the company's vertical integration businesses, including multifamily/commercial lending and servicing, investment in high yield commercial mortgage backed securities, CMBS special servicing, and mezzanine investment funds.

Berman is also the President of CWCapital, the company's multifamily/ commercial lending and servicing subsidiary. In this capacity, he is responsible for supervising all loan production, underwriting, closing and servicing activities, as well as the management of approximately 150 employees in 11 offices nationwide.

Berman has been in the mortgage finance industry since 1985, when he served as Executive Vice President, Co-Director of Originations and a member of the Investment Committee for Continental Wingate Capital Corp and the KP/Wingate Mortgage Funds.

Berman currently serves on MBA's Board of Directors and the National MultiHousing Council Board of Directors. In 2007, he also served on MBA's Commercial/Multifamily Board of Governors (COMBOG) and the Audit Committee, while chairing MBA's Strategic Planning Committee, and serving on the Fannie Mae DUS Advisory Council. He also served on MBA's Council to Shape Change in 2006.

John Mechem, (202) 557-2924, jmechem@mortgagebankers.org
Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Arbor Closes Three DUS® Loans Totaling $10,042,750

UNIONDALE, NY, Oct. 28, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $10,042,750 under the Fannie Mae DUS® product line.

These loans include:

Rockport Oaks/Bayshore Apartments, Rockport/Aransas Pass, TX (bottom left photo)-- Refinance of a 124-unit complex in the amount of $3,126,650 under the Fannie Mae DUS® product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.

Great Oaks Apartments, Lufkin, TX (top left photo) - Refinancing for a 160-unit complex in the amount of $4,650,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent.
Palo Verde Apartments, Colorado Springs, CO (bottom right photo)- - Refinance of a 72-unit complex in the amount of $2,266,100 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.77 percent.

The loans were originated by Jay Porterfield, (top right photo) Director, in Arbor’s full-service Plano, TX lending office.
“Arbor had the opportunity to provide financing for each of these three properties in very challenging market conditions,” said Porterfield. “In all three cases, Arbor’s team was able to work with the borrower to meet their financing needs.”

Contact: Ingrid PrincipeTel: (516) 506-4298

DuPont Fabros Technology, Inc. Closes $100M Secured Loan

Washington, DC REIT Suspends Santa Clara, CA Development and Reports Leasing Activity

WASHINGTON, DC /PRNewswire-FirstCall/ -- DuPont Fabros Technology, Inc. (NYSE:DFT) has closed on a $100 million secured loan with a syndicate of lenders led by KeyBank National Association.

The loan has a three-year term with a one-year extension at a floating rate of LIBOR plus 3.50% (4.0% in the extension period) and includes quarterly principal payments of $500,000.

The loan is secured by the Company's newly constructed ACC4 prototype data center (center photo) asset in Ashburn, Virginia, which is currently 87.5% leased.

The loan includes an accordion feature that allows new lenders to join the existing bank syndicate to increase the amount of the loan up to $250 million over the next 18 months. Proceeds from the new loan will be used to fund the projects under development.

The Company has no debt maturities due until December 2010 assuming the Company is able to exercise one-year extension options, which are subject to financial covenants which would be required to be met.

"We are very pleased to have secured this loan in a very difficult credit environment when capital is simply not readily available," stated Hossein Fateh, (top right photo) the Company's President and CEO.

"While the financing is less than the planned $300 to $400 million, it is an accomplishment considering the times. We are actively seeking other lenders for the syndicate.

" In addition, we are negotiating mezzanine financing on ACC4 and exploring other financing alternatives to obtain the shortfall in the originally planned $300 to $400 million. While no assurances can be made, our goal is to obtain additional proceeds before year-end."

August 2008, the Company commenced construction on a $270 million wholesale data center in Santa Clara, California, based on the expectation of higher loan proceeds from ACC4. Due to the level of loan proceeds obtained, development at the Santa Clara site has been temporarily suspended.

Development of ACC5 in Ashburn, Virginia and NJ1 in Piscataway, New Jersey are progressing. The Company expects to complete both developments as planned assuming additional loan proceeds are obtained.

The Company recently signed two leases totaling approximately 1.0 megawatts of critical load and comprising 5,480 of raised square feet. The first lease, executed in September 2008, is for 0.6 megawatts of critical load in ACC4.

The second lease, executed in October 2008, is for 0.4 megawatts of critical load in the Company's CH1 facility located in Elk Grove Village, Illinois. The tenants for both leases are Internet companies that have not previously leased space from the Company.

DuPont Fabros Technology, Inc. (NYSE:DFT) is a real estate investment trust (REIT) and leading owner, developer, operator and manager of wholesale data centers.
The Company's data centers are highly specialized, secure facilities used primarily by national and international technology companies to house, power and cool the computer servers that support many of their most critical business processes. DuPont Fabros Technology is headquartered in Washington, DC.

For more information, please visit http://www.dft.com/

Victoria Baker, Investor\Media Inquiries, of FinancialRelations Board, +1-703-796-1798, for DuPont Fabros Technology, Inc.

Small Bay Partners opens more than 63,000SF of Industrial Space in First Phase at Poinciana CommerCenter in Osceola County, FL

POINCIANA, FL --- Small Bay Partners, LLC, which ranks as one of the region’s most active developers of industrial facilities for small bay users, has opened industrial facilities that total more than 63,000 square feet in the first phase at Poinciana CommerCenter (bottom left photo) , located on U.S. 17-92 and Poinciana Blvd. in Poinciana in Osceola County.

Howard Schieferdecker, (top right photo) a principal at Small Bay Partners, said three buildings have opened. One building is reserved for retail showroom spaces. Two additional buildings in the first phase offer office/warehouse space, Schieferdecker said.

Small Bay has developed other CommerCenter facilities in Sanford, Winter Garden, southeast Orlando and northeast Orlando that total more than 500,000 square feet of industrial facilities for users who need 1,350 to 25,000 square feet.

Small Bay CommerCenter facilities feature high ceilings for efficient storage and 12 x 14 overhead doors. Three phase electrical power and outside storage are also available, Schieferdecker said.

For more information contact
Howard Schieferdecker, Principal Small Bay Partners, LLC 407-702-3131, haschief@aol.com;

Geof Longstaff, Principal Small Bay Partners, LLC - 407-786-5040; glongstaff@mercantilecc.com;

George Livingston, Principal, Small Bay Partners LLC - 407-857-9989 glivingston@realvest.com;

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

Arbor Closes $1,490,100 Fannie Mae DUS® Small Loans for Lakeview Townhomes in Rowlett, TX

UNIONDALE, NY, Oct. 28, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,490,100 loan under the Fannie Mae DUS® Small Loans product line to refinance the 28-unit complex known as Lakeview Townhomes in Rowlett, TX. (top right photo)

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 6.39 percent.

The loan was originated by Patrick McGovern, (bottom left photo) Director, in Arbor’s full-service New York, NY lending office. “Arbor was able to creatively structure this refinancing to meet the borrower’s needs in a timely manner,” said McGovern.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

LoopNet Extends Commanding Lead Among Commercial Real Estate Web Sites

---LoopNet.com Generated 7.1 Times the Traffic of the Nearest Competitor for the Three Months Ended September 2008

-- Cityfeet.com Surpasses Competition to Become the Second Most Heavily Trafficked Commercial Real Estate Web Site in September

SAN FRANCISCO, Oct. 28 /PRNewswire-FirstCall/ -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace, has increased its leadership position as the most heavily trafficked commercial real estate web site.

ComScore Media Metrix reported that for the three months ended September 30, 2008, LoopNet.com generated an average 908,000 monthly U.S. unique visitors, compared to an average 128,000 monthly U.S. unique visitors for the nearest competing web site.

By this measure, LoopNet generated 7.1 times the web site traffic of the next closest service during the quarter, a lead that has been increasing steadily. LoopNet's 7.1 times traffic multiple in Q3 compares to a 5.6 multiple in Q2 and a 4.5 multiple for the full year 2007.

ComScore also reported that for the month of September, Cityfeet.com, a LoopNet company, grew traffic by more than 30% from last year to become the second most heavily visited commercial real estate web site based on U.S. monthly unique visitors.

Cityfeet has created the largest network of newspaper web sites for commercial property marketing by partnering with over 125 of the nation's leading news organizations.

Cityfeet also markets commercial properties on its own search-optimized web site at Cityfeet.com."ComScore's numbers speak for themselves and clearly reflect the differentiated value that we deliver to our customers," said Thomas Byrne, (top right photo) LoopNet's President and COO.

"In a challenging environment for commercial real estate, LoopNet is extending its leadership position as the #1 online commercial real estate marketplace, and is delivering unprecedented value and results for our customers' online marketing spend.

(BellAtlantic Tower, Philadelphia, bottom right photo)

"We are also excited that Cityfeet.com has become the second most visited web site in the commercial real estate industry.

"By offering real estate professionals the opportunity to market their properties on their network of leading newspaper web sites such as The New York Times, The Washington Post, Los Angeles Times, The Miami Herald and Chicago Tribune, Cityfeet provides access to a broad and extensive audience of prospective investors and tenants."

The LoopNet marketplace, available at http://www.loopnet.com/, covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale.

As of the end of Q3, 2008, LoopNet has more than 3 million registered members and the LoopNet marketplace features more than $535 billion of property available for sale and 4.9 billion square feet of space for lease.
Cary Brazeman, +1-310-205-3590, pr@LoopNet.com, for LoopNet,Inc.

MBA Presents Investing in Communities Award to HOPE NOW Executive Director Faith Schwartz

SAN FRANCISCO, CA- - The Mortgage Bankers Association (MBA) has awarded Faith A. Schwartz, (top right photo) Executive Director of the HOPE NOW Alliance with the sixth annual MBA Investing in Communities Award during MBA's 95th Annual Convention & Expo in San Francisco.

"Faith serves a shining beacon to many troubled mortgage borrowers through her extraordinary leadership of the HOPE NOW Alliance," said MBA's Chairman, David G. Kittle, (top left photo) CMB.

"Since HOPE NOW's inception in October 2007, Faith's vision and expertise has given HOPE NOW and the lending community the breadth to assist more than two million borrowers in avoiding foreclosure through various outreach strategies and partnering efforts."

Since it began one year ago, HOPE NOW has reported that mortgage servicers have helped nearly 2.3 million homeowners avoid foreclosure.
Under Faith's leadership, HOPE NOW has initiated outreach to millions of at-risk homeowners, helping connect them with their loan servicer either directly or through the HOPE Hotline, 1-888-995-HOPE.

HOPE NOW has also hosted more than two dozen homeownership events in communities across the country so that troubled borrowers have the opportunity to directly connect with a housing counselor or their mortgage servicer.

Kittle says "Faith has a proven track record in nearly every aspect of the mortgage lending industry including legal, communications, and government and community relations sectors. She continues to contribute her leadership abilities as the President-elect of Women in Housing and Finance."

HOPE NOW is an alliance of counselors, mortgage market participants, and mortgage servicers that is working to help as many homeowners as possible avoid foreclosure and stay in their homes. For more information, including a full list of members, go to http://www.hopenow.com/.

CONTACT: Aleis Stokes, (202) 557-2741, astokes@mortgagebankers.org

Orange County, FL Comptroller Martha Haynie Wins Highest Prize in Financial Reporting for 26th Straight Year

ORLANDO, FL -- The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the Orange County Comptroller, Martha O. Haynie, (top right photo) by the Government Finance Officers Association of the United States and Canada (GFOA) for
Orange County’s comprehensive annual financial report (CAFR) for the 2006-2007 fiscal year.

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

This is the 26th straight year that the Comptroller has received this award for Orange County.

The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

The GFOA is a nonprofit professional association serving 17,000 government finance professionals with offices in Chicago, Illinois, and Washington, D.C.


Joan Randolph, Executive Assistant, Comptroller's Administration, 201 S. Rosalind Avenue Orlando, Florida, 32801. Tele: 407-836-598. Fax: 407-836-5599. Joan.Randolph@occompt.com

Davidson Hotel Co. Promotes Cyndi Norwood to Manager-Corporate Marketing, Communication and Promotion

MEMPHIS, TN, Oct. 28, 2008—Davidson Hotel Company (DHC), one of the nation’s largest hotel management companies, today announced that Cyndi Norwood (top left photo) has been promoted to manager-corporate marketing, communications and promotion.

In her new role, Norwood is responsible for all external communications, including coordinating the production of press releases, media interaction, e-blasts and collateral materials. Additionally, she maintains DHC’s external website, as well as provides property-level support to the company’s 34 hotels nationwide.

“Cyndi has been an integral part of the Davidson team since the company began and has been instrumental in our growth from a small regional management company to a national owner/operator with properties from coast to coast,” said John A. Belden, (bottom right photo) Davidson’s president and chief executive officer. “Her media and public relations skills have grown tremendously over the years, and this promotion recognizes her professionalism, dedication and the many contributions she has made.”

A nearly 25-year hospitality veteran, Norwood began her career with Davidson as an administrative assistant. Since then, she has held a variety positions of increasing scope and responsibility, most recently serving as corporate sales assistant. Norwood received a degree in Business from Northwest University.


Cyndi Norwood, Davidson Hotel Company (901) 821- 4155 cnorwood@davidsonhotels.com

Jerry Daly, Patrick Daly (media), Daly Gray Public Relations, (703) 435-6293 jerry@dalygray.com

National Trend of Home Price Declines Continues into the Second Half of 2008 According to the S&P/Case-Shiller Home Price Indices

NEW YORK, Oct. 28, 2008 – Data through August 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed throughout the first half of 2008 and has continued into the second half.

The chart below depicts the annual returns of the 10-City Composite and the 20-City Composite Home Price Indices. Once again, the indices have set new records, with annual declines of 17.7% and 16.6%, respectively. However, the acceleration in decline was only moderate in August.

The July data reported annual declines of 17.5% and 16.3%, respectively.

“The downturn in residential real estate prices continued, with very few bright spots in the data,” says David M. Blitzer, (top right photo) Chairman of the Index Committee at Standard & Poor’s.

“The 10-City Composite and the 20-City Composite reported record 12-month declines. Furthermore, for the fifth (5th) straight month, every region reported negative annual returns.

'This started when Charlotte, NC, was the last region to turn negative back in April 2008. Both the 10-City and 20-City Composites have been in year-over-year decline for 20 consecutive months.

"Of the 20 regions, 13 of them had their annual returns worsen from last month’s report. As seen throughout 2008, the Sun Belt markets are being hit the most. Phoenix and Las Vegas are both reporting annual declines in excess of 30%, and Miami, San Francisco, Los Angeles and San Diego are all in excess of 25%.”

The table below summarizes the results for August 2008.
1 Case-Shiller® and Case-Shiller Indexes® are registered trademarks of Fiserv, Inc.

Nine of the 20 regions have record annual declines. Phoenix and Las Vegas are now returning -30.7% and -30.6% versus August 2007, respectively. Each of the California markets- Los Angeles, San Francisco, and San Diego- are down more than 25% from their values 12 months ago. Miami and Tampa, the two Florida markets, are down 28.1% and 18.1%, respectively.

For the August/July period only 2 regions, Cleveland and Boston, had positive returns. Cleveland returned +1.1% and Boston returned +0.1%. Boston has had positive monthly returns for each of the past five months. Dallas and Denver’s streaks of 4+ straight positive returning months ended in August.

San Francisco was the biggest decliner for the month returning -3.5%. This worsened from its July/June return of -1.8%. From August 2007 to August 2008, Dallas and Charlotte have the best relative performance. Dallas is down 2.7% over the year and Charlotte is down 2.8%.

The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 20 years of history for these data series is available, and can be accessed in full by going to http://www.homeprice.standardandpoors.com/

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided.

Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States.

The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly.

The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices.

The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between Standard & Poor’s and Fiserv, Inc. The S&P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard & Poor's, represent just a small subset of the broader data available through Fiserv.

For more information contact:
David Blitzer, Chairman of the Index Committee, Standard & Poor’s, 212 438 3907

David Guarino, Communications, Standard & Poor’s, 1 212 438 1471,