Monday, December 1, 2008

Alcion Ventures Adds Three Professionals to Investment Management Team

BOSTON, MA, Dec. 1, 2008 – Alcion Ventures announced today that it has added three professionals to its investment management team. These additions position Alcion to take advantage of distressed real estate investment markets.

David Ferrero (top right photo) oins Alcion as a Partner and is responsible for investment management, investor relations, and new business development.

Mr. Ferrero has more than 15 years of diversified real estate investment management experience. Prior to joining Alcion, he was the Director of Real Estate Investments for Harvard Management Company and a principal at Charlesbank Capital Partners.

Mr. Ferrero is a Chartered Financial Analyst and member of the Association for Investment Management and Research as well as the Boston Security Analysts Society. He has a Bachelor of Science in Economics from Wharton School of Business at the University of Pennsylvania.

Eugene DelFavero joins Alcion as a Partner and the Chief Financial Officer and is responsible for the financial, accounting and tax oversight of Alcion’s funds and investments. Mr. DelFavero has more than 20 years of real estate finance experience.

Prior to joining Alcion, he was a Managing Partner at RJ Gold & Company. Mr. DelFavero is a CPA in Massachusetts and a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants.

He has a Bachelor of Science in Accounting from Northeastern University and a Master of Science in Taxation from Bentley College.

Meg Donahue joins Alcion as an Associate and is responsible for financial and investment analysis and investment management. Prior to joining the firm, Ms. Donahue was an Associate at The Praedium Group LLC. She is a member of the Urban Land Institute and holds a Bachelor of Arts from Harvard University.

“We are pleased that Gene and Dave are joining Mark Potter (bottom left photo) and me as Partners, and to have Meg as an Associate,” said Martin Zieff, (middle right photo) Founding Partner of Alcion.

“We are excited to expand the Alcion team with these talented individuals and position ourselves to manage our existing portfolio and take advantage of the current investment environment.”

Based in Boston, Alcion Ventures is a real estate private equity firm and the investment manager for all Alcion Funds. Alcion Ventures executes a high-yield strategy with uniquely positioned real estate in select markets. For more information about Alcion Ventures, visit the company's website,

Laurie F. McDowellgoFish! communications,, 617-875-5070

SPECIAL REPORT: Finally, A Little Good News for Commercial Real Estate Industry

CHICAGO, IL, Dec. 1, 2008--The Real Estate Capital Institute's periodic Scoreboard today shows the Fed's aggressive action of pumping more liquidity into financial markets is starting to reinvigorate real estate lending.

Helped by TARP funds, select financial institutions are offering competitive short-term loans.

Furthermore, the Treasury yield curve moved downward by about a half percent during the past month, easing overall pricing.

Current income-property mortgage pricing and underwriting trends are outlined as follows:

* While liquidity remains a key concern, overall interest rates are moving downward.

* Despite wild fluctuations in key indices (e.g., LIBOR), keeping track of pricing is becoming less challenging as numerous funding sources impose rate floors.

* Floating rate debt starting at 5% is among the most competitive pricing options available, while most types of longer-term financings start at 6%.

* Subsidized by agency funds, multifamily properties attract the lowest price debt, while office, industrial and retail properties capture pricing that is at least 25 to 75 basis points higher.

* Debt service coverage restrictions start at 120% for acquisitions and 125% or more for refinancings.

And while debt service coverages remains somewhat constant, shorter amortization schedules of 25 years or less are used as additional underwriting safety measures along with overalll leverage underwriting of 65% of value (apartments are still funded in excess of 70%).

The Real Estate Capital Institute's advisory board member, John Oharenko, (top right photo) comments: "Pricing discussions are returning to absolute rates, rather than quoting spreads."

He argues that the limited universe of active lenders fully dictate terms, including establishing minimum pricing thresholds which are not necessarily linked to specific indices such as Treasurys or LIBOR.

Oharenko adds, "Expect to see lower mortgage rates for 2009 as the Fed continues a monetary blitz of helping banks and other financial institutions return to the market to recreate more competition and liquidity."

Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324),

The Real Estate Capital Institute(r)3517 West Arthington StreetChicago, Illinois USA 60624

Trump Entertainment Resorts Holdings L.P. Rating Lowered To ‘D’

NEW YORK, NY--On Dec. 1, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on Atlantic City-based Trump Entertainment Resorts Holdings L.P. (TER) to 'D' from 'CCC'.

In addition, the issue-level rating on the senior secured notes co-issued by TER and Trump Entertainment Resorts Funding Inc. was lowered to 'D' from 'CCC-'.

(Top left photo, Donald J. Trump and wife Melanie.)

"The rating actions stem from the company's announcement that it will forego making the Dec. 1, 2008 interest payment on its senior secured notes," said Standard & Poor's credit analyst Ben Bubeck.(bottom right photo)

A payment default has not occurred relative to the legal provisions of the notes since there is a 30-day grace period to make the payments.

"However, we consider a default to have occurred when a payment related to an obligation is not made, even if a grace period exists, when the nonpayment is a function of the borrower being under financial stress--unless we are confident that the payment will be made in full during the grace period.

"If the interest payment due under the senior secured notes is not paid during the 30-day grace period, holders of 25% of the outstanding principal amount of the notes would be permitted to accelerate the maturity of the notes. This would result in a cross-default under the company's senior secured term loan (unrated). "

Media Contact:
Mimi Barker, New York (1) 212.438.5054,

Analyst Contacts:
Ben Bubeck, CFA, New York (1) 212-438-2176
Craig Parmelee, CFA, New York (1) 212-438-7850

Hans Mumper Joins Grubb & Ellis Company as

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces Hans Mumper (top right photo) has joined the company as senior vice president and director of Management Services for Southern California.

He will oversee all aspects of the company’s property management operations throughout the region.

“We are fortunate to have an individual with Hans’ background and experience to take on this important role,” said Eric Forshee, executive managing director for Grubb & Ellis Management Services in the Western Region.

A 22-year veteran of the commercial real estate industry, Mumper comes to Grubb & Ellis from BentleyForbes where he was senior vice president and co-director of portfolio management for the firm’s nine million square feet of office assets in 10 states.

Previously, he was director of Real Estate Services and Acquisitions for USAA Real Estate in the Western Region. Prior to that he was a senior director with R&B Commercial Real Estate.

He began his commercial real estate career with Grubb & Ellis in 1986 as an office broker with the company’s downtown Los Angeles office.

Mumper is a member of the National Association of Industrial & Office Properties, the Building Owners and Managers Association and the Los Angeles Commercial Realty Association. He is a graduate of Occidental College.


Sharon Abar, 714.975.2185,

Damon Elder, 714.975.2659,