Monday, December 29, 2008

Great Wolf Provides Update on Mason Mortgage Loan

MADISON, WI, Dec. 29, 2008—Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America’s leading family of indoor waterpark resorts, today announced the company is still in discussions with its lenders regarding an extension of the December 30, 2008 maturity date on the company’s $76.8 million non-recourse mortgage loan on its Mason, Ohio resort property.

Until those discussions conclude in a definitive decision of whether the loan’s maturity date will be extended, the company expects to continue to operate the property normally. The company also advised that it will provide a further update on the status of the discussions regarding an extension of the maturity date as circumstances warrant.

Alex Lombardo, Investors, (703) 573-9317
Steve Shattuck, Media, (608) 661-4731

Cambridge Processes 22 Loan Origination Requests in November totaling $347.3M

CHICAGO, IL--The general slowdown in the number of loan origination requests processed by Cambridge Realty Capital Companies continued into November, but dollar volume for requests reviewed by the company were up appreciably, Chairman Jeffrey A. Davis (top right photo) reports.

Davis said the company processed 22 loan origination requests totaling $347.3 million in November. This compares with 24 requests totaling $294.9 million for the same month last year.

Over the past 12 months, Cambridge has processed 341 loans totaling $4.9 billion. In contrast, the company received 366 loan requests totaling $4.5 billion for the same 12-month period in 2007.

Davis points out that lenders close a relatively small percentage of the loan origination requests received, but believes its useful to track this information as an indication of market directions.

“There doesn’t appear to be a lot of evidence that borrowers are losing heart despite the severity of the current credit crunch,” he said.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611 E-Mail:

Avalon Park Group and Swiss Investor Acquire 70-Acre Tract in Austin, TX for Residential Community Development

ORLANDO, Fla. --- Avalon Park Group, which is developing Avalon Park in east Orlando, has joined forces with Zurich investor Dr. Richard Kunz to acquire a 70 acre site located near I-35 in north Austin, Texas near Dell Computers’ corporate headquarters facility in Round Rock.

Beat Kähli, (top right photo) who heads Avalon Park Group, said the joint venture plans to develop a residential community on the site that will feature 200 three and four bedroom homes.

For more information about this release, contact:

Beat Kahli, Founder/Owner, Avalon Park Group, 407-658-6565

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

Witten and Nolletti of Marcus & Millichap Sell $10.6M Apartment Complex in Waterbury, CT

WATERBURY, CT, Dec. 29, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 156-unit River’s Edge Apartment Homes (top right photo) in Waterbury.

The sales price of $10.6 million represents approximately $68,000 per unit.

Steve Witten (top left photo) and Victor Nolletti (middle right photo), both vice president investments and senior directors in the New Haven office of Marcus & Millichap’s National Multi Housing Group, represented the buyer, River Owner LLC, and the seller, ERP Operating Limited Partnership.

Financing was provided by Fannie Mae through PNC ARCS, a Fannie Mae DUS lender.

“River’s Edge is a superior-quality property located in one of New England’s strongest multi-family growth markets,” says Witten. “River’s Edge is a Class A asset located along the Interstate 84/State Route 8 corridor, where there are limited, newer luxury rental opportunities.

“Multi-family remains the preferred investment property type for institutional and private investors in the current economic climate,” adds Witten. “Apartment properties provide investors with stable, solid returns, particularly in New England’s supply-constrained markets.”

Developed in 1974, River’s Edge Apartment Homes at 35 Sharon Road is an exceptionally well maintained, Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.

The 134,904 square-foot gated apartment community includes six studios measuring 400 square feet, 67 one-bedroom flats encompassing between 560 square feet and 680 square feet and 83 two-bedroom flats of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.

Each unit includes a private deck or patio, wall-to-wall carpeting, ceramic and vinyl tiles, updated kitchens with ranges and refrigerators.

River’s Edge provides residents with a comfortable lifestyle, easy access to local community services, supermarkets and malls, including the Danbury Fair Mall, West Farms Mall and Brass Mill Mall.

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