Wednesday, October 29, 2008

Military and Port Trafficc Support Strong Apartment Fundamentals in Southeast Virginia

WILLIAMSBURG, VA— Despite a rise in deliveries, healthy employment gains continue to support a strong outlook for Norfolk/Hampton Roads apartments, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

The presence of the port (bottom left photo) and military is driving the steady job growth, a trend that should persist during the extended term.

“Tight market conditions and forecasts for revenue growth point to a strong investment outlook for the Norfolk/Hampton Roads market,” says Gary R. Lucas, (top right photo) regional manager of the Southern Virginia office of Marcus & Millichap.

Following are some of the most significant aspects of the Southeast Virginia Apartment Research Report:
· Following expansion of 1 percent in 2007, total employment in the Norfolk/Hampton Roads market is expected to gain 0.9 percent this year with the addition of 7,000 jobs.

· Developers are expected to bring 1,500 rental units online in 2008, representing a 1.7 percent increase in rental inventory.

· Vacancy in the metro is expected to finish the year at 4.3 percent, up 40 basis points from the rate recorded at year-end 2007.

· Asking rents are expected to increase 3.6 percent to $862 per month.

· Effective rents will advance 3.5 percent to $851 per month.

For a copy of the complete Southeast Virginia Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Wyndham Hotel Group Promotes Development Executive Don Li


PARSIPPANY, N.J. (Oct. 29, 2008) – Wyndham Hotel Group today announced the promotion of Don Li (top right photo) to regional vice president of development in China and Japan, responsible for the growth and development of the Wyndham®, Ramada®, Days Inn®, Super 8® and Howard Johnson® brands.

He previously served the company as director of development in China and Japan, a position he was promoted to after serving two years as director of development in China.

Li was responsible for key development deals, including an agreement with Green Hospitality Management Co. of Tokyo to open nine hotels in Japan over the next five years under the Ramada and Days Inn brands.
Additionally, he was instrumental in the signing of the 337-room Wyndham Baolian (bottom right photo) in Shanghai, China and the 700-room Ramada Plaza Zhangjiajie (top left photo) in China.

Prior to joining Wyndham Hotel Group, Li served in operations positions for Marriott Hotels International, most recently as general manager of the Residence Inn by Marriott New Rochelle in New York. He began his career with Marriott in 1996.

Li received his master’s degree in organizational development in 2003 from Columbia University in New York. He is proficient in Mandarin and English and conversational in Cantonese. He is a certified hotel administrator by the American Hotel & Lodging Association and in 2008 received the Gold Vessel Award for outstanding hospitality professional by the China Hotel Association.

He is based in Wyndham Hotel Group’s Shanghai offices.

CONTACT:

Rob Myers, Communications Coordinator , Wyndham Hotel Group, 1 Sylvan Way Parsippany, NJ 07054. PH (973) 753-6590, rob.myers@wyndhamworldwide.com

Tri-City Electrical Completes $1.2M Job in Port Orange, FL

PORT ORANGE, FL – The Residential and Multi-family Division of Tri-City Electrical Contractors, Inc. completed $1.2 million of work at the new 242-unit Legacy at Crystal Lake Apartments, (top right photo) Phase II, located at 1200 Floral Springs Boulevard in Port Orange, FL, under its contract with SSW & Bush Construction

In Orlando, the Central Florida Commercial Division of Tri-City Electrical Contractors, Inc. is wrapping up approximately $325,000 of work at the new 5,800-square-foot Lake Nona Central Energy Plant in Orlando, FL, under its contract with S.I. Goldman, Longwood, FL. Completion is slated for November.

In Naples, FL, the Fort Myers division of Tri-City Electrical Contractors, Inc. completed $853,000 of work at the new 43,000-square-foot Ave Maria University Undergraduate Housing Building 8 in Naples, FL, under its contract with Suffolk/Kraft Construction Co., West Palm Beach, FL. The Fort Myers office of Tri-City is located at Airport Woods, Suite A-3, 12296 Matterhorn Road, phone (239) 768-5566.

Contact: Kenneth H. Cristol 407-774-2515

HFF arranges refinancing for Dairy Ashford Plaza in Houston

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged refinancing for Dairy Ashford Plaza, two office buildings in the Westchase submarket of Houston, Texas.

HFF managing director Tucker Knight (top right photo) and real estate analyst Steven Gautier exclusively represented the borrower, DAP Plaza, Ltd. in securing the fixed-rate, non-recourse financing through Ohio National Financial Services. The loan will be serviced by HFF.

Built in 1979, the properties are located at 2000 and 2020 South Dairy Ashford Road between Interstate 10, The Westpark Tollway and Beltway 8 in West Houston. 2000 Dairy Ashford is comprised of 105,419 square feet and 2020 Dairy Ashford is comprised of 107,890 square feet.

“Due to Houston’s strong office market, deal sponsorship and low loan to value, Ohio National was able to originate the loan with an appealing rate on a non-recourse basis,” said Gautier.

CONTACTS:
Tucker S. Knight, HFF Managing Director, 713 852 3500, tnight@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marshall Management, Inc. Adds Three to Executive Team

Expansion Highlights Marshall’s Growing Influence in Hotel Management Industry

SALISBURY, MD, Oct. 29, 2008 – Marshall Management, Inc., a leading, mid-sized hotel management company, today announced the appointment of Jim Bokosky (top left photo) as regional director of operations and the promotions of Jeff Lattinville (bottom left photo) to regional director of sales and marketing and Dave Douglas (bottom right photo) to regional director of operations.

These additions are a part of Marshall’s growth strategy to extend and diversify the company’s leadership along the East Coast and in the Midwest.

“Marshall has grown by 35% over the past quarter with the addition of properties in New York, Virginia, Maryland and Pennsylvania,” said Michael Marshall, (top right photo) president and CEO of Marshall Management, Inc.

“This additional bench strength, with more than 75 years of collective hotel experience, will provide even greater expertise to our existing owners, while supporting our expansion plans.

“Each of these executives are highly motivated and inspire the very best in those around them,” Marshall added.

“Bokosky has been recognized for his ability to create new demand using the ‘Brand within a Brand’ approach; Lattinville brings a strong operational background to his position with extensive management experience in full-service, branded and independent hotels and resorts; and Douglas is a very hands-on operator who is a great mentor for property level executives.”

Contacts:
Rick Day, Senior Vice President – Sales and Marketing, Marshall Management, Inc.
(410)749-8464, rday@marshallhotels.com

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

The Dow Hotel Company Launches BC Bistro & Lounge at The Doubletree Hotel Chicago O’Hare-Rosemont

New Upscale Casual Restaurant Opens after $1.3M Renovation

CHICAGO, IL, Oct. 29, 2008—The Dow Hotel Company (DHC), a hotel owner/investor and hotel management company, announced that it has opened the 200-seat, full service BC Bistro & Lounge, at The Doubletree Hotel Chicago O’Hare Rosemont, (top right photo) following a complete, $1.3 million overhaul of the property’s restaurant.

“Besides the foundation, everything in the BC Bistro & Lounge is new and reflects the latest culinary trends with a heavy emphasis on fresh, local and regional products,” said Murray L. Dow II, (top left photo) president, The Dow Hotel Company.


“We removed the old stair case; refurbished the space with upscale casual d├ęcor; and partnered with local growers and a boutique bakery to create an attractively priced menu with an international flair.”

Located at 5460 North River Road, with an interior entrance through The Doubletree Hotel Chicago O’Hare-Rosemont, the BC Bistro & Lounge will feature signature dishes such as the onion soup baked in an onion cup, pretzel roll Ruben and Sizzle Platter--shrimp, scallops, sausage and rice.



In addition, the restaurant will offer low calorie dishes, such as salmon salad, turkey wrap and cedar pine white fish. Average costs for meals are: breakfast $8 to $14, lunch $9 to $16 and dinner $14 to $19.

The BC Bistro & Lounge is open from 6:30 am to 1:00 am, seven days a week and offers convenient, covered parking at the hotel. The Lounge also focuses on local offerings, serving a wide variety of local beers, as well as regional and international wines.


The signature "BC Martini” features 2 ounces of Crowne Royal Whiskey, 2 ounces of Apple Pucker, 2 ounces of cranberry juice, shaken to perfection and garnished with an apple slice.

“Many restaurants in Rosemont are big Chicago names, like Nicks Fish Market and Morton’s, which target an older, male crowd,” said David Fincannon, (bottom right photo) general manager at The Doubletree Hotel Chicago O’Hare Rosemont.

“We cater to both local and visiting men and women who want to easily find a seat in an inviting lounge with a fun atmosphere and be able to talk, not shout, with the person next to him or her."

Contact: Jerry Daly, Chris Daly, (703) 435-6293

NAI Realvest negotiates sale of industrial condo for $860,825 in DeBary, FL

MAITLAND, FL — NAI Realvest has negotiated an $860,825.00 sale price for a 9,600 square foot industrial condo in the Springview Industrial Park at 210 Springview Commerce Drive in DeBary.

Michael Heidrich, a principal at NAI Realvest negotiated the sale representing the seller, Paul Lukas of Osteen. The buyer is Lakeside Professionals, LLC of DeBary

For more information, contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 mheidrich@realvest.com;

Janice Paiano, Director of Marketing NAI Realvest 407-875-9989 jpaiano@realvest.com;

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

MBA Announces 2009 Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) Leadership and New Members

SAN FRANCISCO, CA- - The Mortgage Bankers Association (MBA) today announced the election of Daryl J. Carter, (top right photo) Chairman and CEO, Avanath Capital Partners, as the new Chair of the Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG) at the association's 95th Annual Convention & Expo held in San Francisco.

David A. Roberts, (top left photo) CMB, President and Chief Executive Officer of Collateral Real Estate Capital, LLC, and E.J. Burke, Executive Vice President and Group Head, KeyBank Real Estate Capital, have been elected as COMBOG's new Vice Chairs.

COMBOG is comprised of 30 MBA member executives representing all aspects of the commercial/ multifamily finance industry. COMBOG leads the strategic development of MBA's commercial/multifamily policy, industry technology, as well as best practices and standards. COMBOG represents the diverse interests of MBA's member companies through standing committees which are led by industry leaders and expert staff, and subject matter specific work groups and task forces.

"The Mortgage Bankers Association's commitment to promoting commercial/multifamily real estate finance is critical to shaping the future of this dynamic component of our industry," expressed MBA Chairman David G. Kittle, (middle right photo) CMB.
"Under the leadership of incoming Chair, Daryl Carter, and with the support of Vice Chairs Dave Roberts and E.J. Burke, MBA's COMBOG will continue to make material industry contributions during these challenging and unpredictable times."

In addition to his service on COMBOG, Daryl Carter has also served on MBA's Board of Directors and continues to serve as chairman of MBA's Diversity Task Force.

Serving in his second term as Vice Chair, Dave Roberts is a long-standing supporter of MBA's multifamily initiatives and has chaired both the DUS Advisory Council and the Multifamily Committee. In his first term as Vice Chair, E.J. Burke is currently active on MBA's Commercial Real Estate Board of Governors and Board of Directors, and has served on the Portfolio Investors Committee.

MBA's new COMBOG members are:

M. W. Sam Davis, Allstate Insurance, Northbrook, IL
Keith A. Dunsmore, Esq., Washington, DC
Timothy J. Forrester, Deloitte, Princeton, NJ
Anthony Frook, Americo Life, Kansas City, MO
Guy K. Johnson, Johnson Capital, Irvine, CA
Jeffrey S. Juster, Churchill Capital Co., Dallas, TX

MBA's returning members of COMBOG are:

E.J. Burke, KeyBank Real Estate Capital, Kansas City, MO
Michael D. Berman, CMB, CWCapital, Needham, MA
Daryl J. Carter, Avanath Capital Partners, LLC, Irvine, CA
Kim S. Diamond, Standard & Poor's, New York, NY
Ernest Fair, Jr., TIAA-CREF, New York, NY
Tari L. Flannery, CMB, M & T Realty Capital Corporation, Baltimore, MD
Steven K. Graves, Principal Real Estate Investors, Des Moines, IA
J. Christopher Hoeffel, JP Morgan, New York, NY
Thomas C. Jensen, MEMBERS Capital Advisors, Madison, WI
Brian Lancaster, Wachovia Securities, Charlotte, NC
Scott L. Moore, RED Mortgage Capital, Inc., Columbus, OH
Stephanie Petosa, Fitch Ratings, New York, NY
Diana W. Reid, PNC Real Estate Finance, New York, NY
Bob Ricci, CFA, Wachovia Securities, New York, NY
David A. Roberts, CMB, Grandbridge Real Estate Capital, LLC, Birmingham, AL
Patrick C. Sargent, Esq., Andrews Kurth, LLP, Dallas, TX
Henry J. Schwendiman, CMB, Q10¦Bonneville Mortgage Company, Salt Lake City, UT
Howard W. Smith, III, Green Park Financial, Bethesda, MD
Brian F. Stoffers, CMB, CB Richard Ellis¦Capital Markets, Houston, TX
Thomas C. Szydlowski, Wells Fargo Multifamily Capital, McLean, VA
H. Treak Tasker, CMB, Holliday American Mortgage, LLC, Tulsa, OK
Robert P. Vestewig, GEMSA Loan Services, LP, Houston, TX
Eric Von Berg, CMB, Newmark Realty Capital, Inc., San Francisco, CA
David M. Zachar, PPM Finance, Inc., Chicago, IL




CONTACT: Jason Vasquez
(202) 557-2950
jvasquez@mortgagebankers.org

Liberty Property Trust Leases Its Newly-Constructed Butler Plaza III Building in Jacksonville, FL


American Home Mortgage Servicing Inc. to Occupy 98% of the LEED-Registered Building

JACKSONVILLE, FL, Oct. 29, 2008 -- Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly 2.5 million square feet of office and industrial properties in Jacksonville, today announced that it has fully leased its Butler Plaza III building located at 4875 Belfort Road in Jacksonville. (top right photo)

“We are very pleased to have American Home Mortgage Serving Inc. (AHMSI) as the anchor tenant in our newly completed LEED® registered building,” said Mike Heise, (middle left photo) vice president and city manager, Liberty Property Trust.


“Liberty is committed to the fundamental principles of high performance development and to lease more than 98% of our building to a similarly like-minded company that values the importance of environmentally-friendly design and build is very satisfying.”

AHMSI has signed a lease for 76,075 square feet and will move into its new premises in prior to January 2009. AHMSI is a well capitalized company with a multi-billion dollar portfolio, making it one of the largest independently owned and operated mortgage servicing companies in the United States.

”Our 250 Jacksonville associates are looking forward to serving our borrowers from our new, environmentally friendly location,” said Jim Davis, executive vice president and AHMSI’s leader of the Jacksonville site. “The site gives us flexibility to grow and the design is particularly appealing, not only from a comfort level but from a sustainability perspective, as well.”

Liberty officially opened the 80,000 square foot building in July and the company has recently moved its Jacksonville headquarters to the brand new state-of-the-art building. Liberty built-out its corporate office space to meet the U.S. Green Building Council’s LEED Gold CI (Commercial Interiors) certification.

CONTACTS:
Mike Heise, Liberty Property Trust, , 904 296 1776
Margo Hunt Winans, a.s.a.p.r., 757 404 8653

Arbor Closes $250,000 Fannie Mae DUS® Supplemental Loan for Mayflower Townhouses Cooperative at Plymouth, MI

UNIONDALE, NY, Oct. 29, 2008- – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $250,000 loan under the Fannie Mae DUS® Supplemental product line to refinance the 102-unit complex known as Mayflower Townhouses Cooperative in Plymouth, MI. (top right photo)

The 16.5-year loan amortizes on a 16.5-year schedule and carries a note rate of 6.49 percent.

The loan was originated by Michael Jehle, (bottom left photo) Director, in Arbor’s full-service Bloomsfield Hills, MI lending office.
“The members of this cooperative desired additional liquidity for various capital improvement projects to their property” said Jehle. “Arbor was able to supply their need with a loan that amortizes on the same schedule as their Arbor / Fannie Mae first mortgage.”

Contact: Ingrid PrincipeTel: (516) 506-4298
iprincipe@arbor.com