Monday, November 3, 2008

Arbor Closes $3,48M Fannie Mae DUS®ARM Loan on Oakley Shoals in Union City, GA

UNIONDALE, NY, Nov. 3, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,480,000 loan under the Fannie Mae DUS®ARM product line to refinance the 86-unit complex known as Oakley Shoals (top right photo) located in Union City, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.

The loan was originated by Ronen Abergel, (bottom left photo) Director, in Arbor’s full-service New York City lending office.

“The borrower chose Arbor because of our ability to provide flexible terms, even in these challenging times,” said Abergel.

Contact: Ingrid Principe, Tel: (516) 506-4298,

Marcus & Millichap Sells 300-Acre Development Site in Connecticut for $3.4M

NEW HAVEN, CT , Nov. 3, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 308.71-acre development site in Cornwall (top right map) and Canaan (middle left map) in Litchfield County.

The sales price was $3.4 million.

Laurie Ann Drinkwater and Seth Richard, investment specialists in the firm’s New Haven office, together with regional manager Edward Jordan (bottom left photo) represented the seller, a Stamford, Conn.-based investor.

Marcus & Millichap also procured the buyer, the State of Connecticut and the Cornwall Conservation Trust.
“This offering was an excellent opportunity for the State of Connecticut and its partners to acquire 300-plus acres zoned for residential development with frontage along the Housatonic River in historic Litchfield County, midway between New York and Boston,” says Drinkwater.

“This was a unique collaboration between public and private ventures, including local congressmen, land preservationists, private investors benefiting the residents of Connecticut.”

The State of Connecticut purchased the land with funds from the Federal Highlands Funds and Natural Heritage Trust, a state program that acquires land to expand the state’s parks and forests.
Located in the towns of Cornwall and Canaan, a portion of the property runs along the Housatonic River.

The Cornwall parcel consists of 229 acres and is accessed from River Road, a dirt road along the banks of the Housatonic River and railroad tracks.

The Canaan parcel consists of 79-acres and is accessed from both Music Mountain and Lime Rock Roads, located in the village of Falls Village.

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

Post Properties Announces Third Quarter 2008 Earnings

Investor/Analyst Conference Call Scheduled for Nov. 4, 2008 at 10:00 a.m. ET

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $25.2 million for the third quarter of 2008, compared to $9.1 million for the third quarter of 2007.

(Post Woods apartments, Atlanta, (top right photo) recently sold by Post Properties.)

On a diluted per share basis, net income available to common shareholders was $0.57 for the third quarter of 2008, compared to $0.21 for the third quarter of 2007.

The Company’s net loss attributable to common shareholders was $(1.0) million for the nine months ended September 30, 2008, compared to net income available to common shareholders of $93.7 million for the nine months ended September 30, 2007.

On a diluted per share basis, the Company’s net loss attributable to common shareholders was $(0.02) for the nine months ended September 30, 2008, compared to net income available to common shareholders of $2.12 for the nine months ended September 30, 2007.

The Company’s net income available to common shareholders for the three months ended September 30, 2008 included (i) casualty losses of approximately $2.8 million relating to preliminary estimates of the damage sustained at its Houston, Texas properties as a result of Hurricane Ike and (ii) severance charges of approximately $2.2 million associated with the elimination of certain employment positions during the quarter.

For a complete copy of Post Properties’ news release and financial highlights, please contact Chris Papa, 404-846-5028 or

Selig Enterprises Announces Completion of 38,000-SF Retail Development in West Atlanta

ATLANTA, GA, Nov. 3, 2008-- - Selig Enterprises, Inc. announces delivery of 1465 Chattahoochee Avenue, (top right photo) a retail project in Atlanta's Westside neighborhood.

The development is located on a long-vacant parcel located at Chattahoochee Avenue and Collier Road.

The four acre site contains approximately 38,080 square feet of retail and restaurant space. Spaces will start from 2,100 square feet.

(Steve Selig, president, Selig Enterprises, top left photo)

The site is bounded by Collier Road, Chattahoochee Avenue, and Logan Circle and allows for direct two-way access from all three roads, as well as ample parking. Featuring a blend of stone and industrial materials, 1465 Chattahoochee Avenue offers a modern aesthetic appearance while keeping with the industrial feel of the Westside community.

Selig opted for 16 foot high ceilings and operable glass roll up doors to encourage walk up shopping and give customers the feeling of an open market shopping experience. Tenants can expect two separate loading docks as well as fully air-conditioned suites.

Additionally, 1465 Chattahoochee Avenue will feature a patio seating area for the restaurant tenants. Selig wanted to not only create an architecturally distinctive building that contributed to the changing West Atlanta environment, but to assemble a complementary merchandising mix where customers can find a wide array of unique product.

West Atlanta has long been a destination for furniture and home specialty retailers, and has become one of the fastest growing residential areas in the city.

It has experienced a significant increase in its population since 2000, made evident by a considerable increase in housing units delivered in 2007 and similar projection for units expected to be added by 2010.

"We have been very discriminating when evaluating prospective tenants. We consider the products that they carry or design as well as the price points of their merchandise," says Jim Saine, (middle right photo) Vice President of Selig Enterprises.

Selig also owns and manages Logan Circle, (middle left photo) the adjacent 600,000 plus square foot industrial office complex which is home to some of Atlanta's fastest growing businesses. The center maintains high occupancy rates,due in part to its accessibility to Buckhead, Midtown and Downtown commercial and residential markets.

Selig expects to experience the same success with the 1465 Chattahoochee Avenue project. Unlike LoganCircle, the development will cater to tenants who seek street front visibility and more showroom space.

Selig Enterprises is a privately held real estate operating company based in Atlanta, Georgia. The company owns and manages a real estate portfolio in excess of 10 million square feet throughout the Southeast United States.

For more information, please visit
Media Contact: Taana Kow,
Selig Enterprises, Inc., 404.870.1506

GVA Advantis Hires Carol Tanner as Associate, Office Services, in Central Florida

ORLANDO, FL (Nov. 3, 2008) -– GVA Advantis has hired Carol Tanner (top right photo) as the most recent addition to its office services team in Central Florida. She will be based in the firm’s Orlando office and will focus on client needs in the Greater Orlando area, particularly northern Orange County and Seminole County.

“We’re very excited to have Carol as part of our office services division,” says Senior Director Lisa Bailey (top left photo). “Our goal is to provide our clients with the best service and value, and with Carol’s experience in the commercial real estate business and her depth of knowledge of Greater Orlando, she’s just what we need to better serve our clients.”

Most recently Tanner worked with RE/MAX in Orlando as an agent and managing director in the Certified Commercial Division. Prior to joining RE/MAX, she had five years’ experience as business development manager with an urban design/landscape architecture firm and a general contracting firm. Tanner also has extensive experience in real estate marketing and communications.

Tanner is a CCIM candidate and serves on its board as well as leading the newsletter committee. She is a member of CREW Network and the Central Florida Commercial Association of Realtors.
Media Contact: Shelli Browning, 407.999.4775,

W Hotels Makes Landmark Entry into China with Opening of W Hong Kong

KOWLOON, HONG KONG, Nov. 3, 2008--Owned by Sun Hung Kai Properties, W Hong Kong Unveils Asia’s First Bliss Spa, Two Signature Restaurants(bottom right photo), a Destination Bar, More than 8,000 Square Feet of Ultra Modern Function Space, a 73rdFloor State-of-the-Art Fitness Facility and Hong Kong’s Most Highly Elevated Rooftop Swimming Pool

Hot in the pursuit of the world’s most intriguing destinations, Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced the landmark entry of W Hotels into China with the grand opening of W Hong Kong. (top right photo)

Located in a glittering, new waterfront skyscraper in the heart of the city’s vibrant new commercial, entertainment and cultural district, W Hong Kong features 393 luxuriously appointed guest rooms, including 42 suites.

“We are delighted to bring the W brand to China, continuing our global expansion into the world’s most exciting and intriguing destinations,” said Eva Ziegler, (top left photo) Global Brand Leader, W Hotels Worldwide and Le Méridien Hotels & Resorts.

“Hong Kong’s dynamic mix of style, culture and modern design make it the perfect backdrop for the W brand. The abundance of world-class restaurants, art galleries and luxury retailers in the city contribute to Hong Kong’s emergence as a vibrant international business and leisure destination.”

“We are thrilled with the opening of W Hong Kong, our first W hotel in China! This hotel is truly an exciting addition to the W brand’s growing international footprint in the world’s most exciting cities and emerging destinations, including Barcelona, Istanbul, Athens, Guangzhou, Bali, Shanghai, Koh Samui, Santiago, Dubai and Doha,” said Miguel Ko, (middle right photo) President of Starwood Hotels & Resorts, Asia Pacific.

“W Hong Kong is certainly one more great reason to visit this exciting city,” said Vice Chairman & Managing Director Thomas Kwok (bottom left ph0to) speaking on behalf of Sun Hung Kai Properties, owner of W Hong Kong.

“Its positioning and attractions are unique additions to our extensive portfolio of first-class hotels in Hong Kong, and given Starwood’s professionalism and passion for the W brand, we have great confidence in W Hong Kong’s future.

In North America and Latin America, W Hotels have been announced in Austin, Buckhead Atlanta, Downtown Atlanta, Boston, Fort Lauderdale, Hoboken, Hollywood, Huntington Beach, Downtown New York, Santiago, South Beach, and Washington, D.C.

In Europe, W Hotels have been announced in Athens, Barcelona, London, Manchester, Milan and St. Petersburg. In Asia, W has announced properties in Bangkok, Guangzhou, Macao-Studio City, Shanghai and Yokohama.

In Africa and the Middle East, W has announced properties in Amman, Doha, Dubai-Festival City, Dubai-The Palm and Marrakech. W has plans to open W Retreat & Spa properties in Bali, Koh Samui, Vieques Island and Verbier, the latter of which will serve as W Hotels’ first ski retreat.

For more information, visit

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;