Monday, November 17, 2008

Arbor Closes $1,625,600 Fannie Mae DUS® Loan on Riverpoint Apartments in Dallas, TX

UNIONDALE, NY, Nov. 17, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,625,600 loan under the Fannie Mae DUS® product line to refinance the 34-unit complex known as Riverpointe Apartments (top right photo) located in Dallas, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.50 percent.

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

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

Weingarten Realty Investors Announces $271M Joint Venture with Hines REIT

HOUSTON, TX-– Weingarten Realty Investors (NYSE:WRI) and Hines Real Estate Investment Trust, Inc. (“Hines REIT”) have announced the formation of a joint venture transaction in which a subsidiary of Hines REIT will acquire a 70% interest in a WRI portfolio of 12 high-volume supermarket-anchored shopping centers.

The aggregate transaction price is approximately $271 million and the transaction will close on multiple dates.

The initial closing occurred on November 13, 2008 and included eight of the properties for approximately $205 million, and the purchase of the remaining four properties will be closed upon finalization of their loan assumptions.

The twelve properties consist of 1.5 million square feet and are located in areas across five states that have very strong demographics with average trade area populations exceeding 100,000 people and average household income exceeding $80,000.

These centers are anchored by a diversified mix of leading grocers including Kroger, Randall’s (Safeway), H-E-B, Publix, B.J.’s Wholesale and Harris Teeter. Additional anchors include Marshall’s, Barnes and Noble, Palais Royal and Stein Mart.

The supermarkets in these centers average sales of more than $450 per square foot and the portfolio is more than 96% leased.

The Joint Venture has a commitment from a major life insurance company to provide a $100 million loan that is expected to close before the end of the year. WRI provided preferred equity in the amount of $134 million for the initial closing.

The proceeds of the $100 million loan will be used to reduce WRI’s preferred equity position upon closing. WRI will be responsible for the ongoing management and leasing of the properties and will receive property management, joint venture management, and leasing fees along with incentive distributions above certain return hurdles.

“WRI is extremely pleased to become partners with a world-class organization that also has its deep roots in our wonderful city – Houston.
"We believe this transaction will provide stable and growing returns to the joint venture while also meeting our objective of recycling capital and building our assets under management,” stated Drew Alexander, (top right photo) President and CEO of WRI.

“We are pleased to acquire an interest in a portfolio of quality supermarket-anchored shopping centers in locations with strong demographics,” said Charles Hazen, President and CEO of Hines REIT. “This is our first joint venture with WRI and we are very pleased with this new relationship.”

The Dallas office of HFF represented WRI’s interest in structuring the venture.

Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. Hines REIT commenced operations in November 2004 and primarily invests in institutional-quality office properties located in the United States. Excluding this acquisition, Hines REIT currently owns interests in 46 properties.

These properties consist of 43 office properties located throughout the United States, one mixed-use office and retail property in Toronto, Ontario, one industrial property in Dallas, Texas and an interest in an industrial property in Rio de Janeiro, Brazil. For additional information about Hines REIT, please see

Hines is a fully integrated real estate investment and management firm that has been investing in real estate and providing acquisition, development, financing, property management, leasing and disposition services for over 50 years. With offices in more than 100 cities in 16 countries, and controlled assets valued at approximately $25.6 billion, Hines is one of the largest real estate organizations in the world. Access for more information on Hines.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948.

Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. The Company’s portfolio of 409 properties includes 329 neighborhood and community shopping centers and 80 industrial properties. Including tenant-owned square footage, the Company’s portfolio currently totals approximately 74 million square feet under management.

To learn more about the Company’s operations and growth strategies, please visit

Juanita Beaudion Baker, Investor Relations, PH 713.866.6085 FX 713.866.6072
WEINGARTEN REALTY, People-to-People. Coast-to-Coast.

Cousins and Horizon Group Properties to Develop Planned Outlet Center

ATLANTA, GA- - Cousins Properties Incorporated (NYSE: CUZ) will form a joint venture with Horizon Group Properties Inc., (HGPI) (OTC:HGPI.PK) to pursue the planned development of The Outlet Shoppes at Oklahoma City, (bottom right site photo) a 341,400-square-foot outlet center in Oklahoma City.

The center is planned for the intersection of Interstate 40 and Council Road and - based on the results of the holiday sellings eason and the continued interest of retailers - construction on the project would begin in spring of 2009 with a July 2010 opening.

Horizon Group is overseeing development, management and leasing of theproject.

"We're excited to team up with Horizon to pursue thispromising development," said Larry Gellerstedt, (top right photo) Cousins' executivevice president and chief development officer.

"Outlet centers are agrowing segment of retail development and Oklahoma City is very wellpositioned to support this type of center."

Based in Rosemont, Ill., Horizon Group Properties Inc. is anational owner and developer of factory outlet shopping centers and is the developer of a master-planned community in suburban Chicago.

HGPI's current portfolio consists of 1.6 million square feet of outlet shopping center space in 8 states and an additional 1.5 million square feet in development


Investment Community: Elli Kaplan, Vice President, 404 407 1972,

Media: Matt Gove, Senior Vice President, 404 407 1490,