Wednesday, February 18, 2009

Cambridge Responds to 27 Loan Origination Requests in January Totaling $364.6M

CHICAGO, IL, Feb. 18, 2009--As the economy continued to slow, Cambridge Realty Capital Companies reports processing 27 loan origination requests totaling $364.6 million in January.

Chairman Jeffrey A. Davis (top right photo) said the company processed about the same number of loan requests in 2008, but the dollar volume for the current year was substantially below the $538.4 million tally for the same month last year.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $2.75 billion in closed transactions since the mid-1990s. Davis points out that lenders close a relatively small percentage of origination requests received but believes it’s useful to track this information as an indication of market directions.

“What the data tells us is that borrowers haven't lost interest. But its obvious there’s been a drop in transaction size, with fewer new construction mega-projects in the mix to skew the volume total,” he noted.

“This trend has begun to settle in place over the past six months,” he added.

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

HFF secures $43M in financing for grocery-anchored retail centers in Virginia and Florida

FLORHAM PARK, NJ, Feb. 18, 2009 – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $43 million in financing for Hollymead Town Center (top right photo) in Charlottesville, Virginia; Signal Hill Shopping Center (middle left photo) in Manassas, Virginia; and John’s Creek Center (bottom right photo) in Jacksonville, Florida.

Working exclusively on behalf of Columbia Regency Partners II, a joint venture between Regency Centers and the Oregon Public Employees Retirement Fund, HFF managing director Jim Cadranell (bottom left photo) placed the seven-year, fixed-rate loan with New York State Teachers Retirement System.

Loan proceeds were used to pay off short-term acquisition financing placed on the properties in September 2008.

Regency Centers is a publicly-traded national developer, owner and operator of grocery-anchored and community shopping centers.

Individual property details are listed below by
property size, year built, occupancy and key tenants:


Hollymead Town Center , 296,239 SF, 2005, 98%, Harris Teeter, Starbucks, Seminole Trail & Town Center Dr., Charlottseville, VA.

Signal Hill Shopping Center, 95,170 SF, 2005, 96%, Shoppers Food Warehouse
9534 Liberia Avenue Panera Bread, Manassas, VA.

John’s Creek Center, 89,921 SF, 2004, 95%, Publix, 2940 State Route 10, Jacksonville, FL


“The successful completion of this financing in a challenging capital market is a testimony to the capabilities and professionalism of both Regency Centers and NYSTRS. It was HFF’s privilege to facilitate this transaction,” said Cadranell.

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, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

JAMES A. CADRANELL, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com

KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Cousins Announces Executive Leadership Changes

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) announces that Dan DuPree, (top right photo) 62, has been named Vice Chairman of the Company.

Since 2007, Dan has been serving as Cousins’ President and Chief Operating Officer.
In his new role, DuPree will focus on a variety of key initiatives, including developing joint ventures, identifying distressed acquisition and development opportunities, and insuring the performance of Cousins’ recently developed retail portfolio.

The Company also announced today that Larry Gellerstedt, (middle left photo) 52, has been named President and Chief Operating Officer, where he will bring to bear his 30 plus years of management experience in the construction, real estate, and investment fields.

Gellerstedt joined Cousins Properties following the acquisition of his firm, The Gellerstedt Group, in June 2005, and most recently has served as Executive Vice President and Chief Development Officer for the Company.

“For more than 16 years now, Dan has made and continues to make an immeasurable contribution to Cousins. We wouldn’t be the company we are today without him,” said Tom Bell, (bottom right photo) Chairman and CEO of Cousins.

“This shift to Vice Chairman will allow him to focus even more of his considerable talents on some of our most pressing challenges and promising opportunities.”

“Every successful enterprise has to focus on sustaining the organization’s success from one generation to the next. Promoting Larry to President and COO will help provide the Company with great leadership well into the future.

"He has deep experience managing large organizations and over his career, he has also shown an appreciation for the entrepreneurial drive needed in a company like Cousins,” Bell said. “Larry is a great fit for Cousins and I’m sure he will be a great success in his new role.”

In 1984, DuPree founded New Market Development Company, Ltd. where he developed nearly 6 million square feet of retail space across the U.S. before selling the company to Cousins in 1992.

His 30 years of development experience include the execution of more than 50 commercial projects totaling more than 16 million square feet, and the management of more than 30 JV partnerships.

Gellerstedt served as chairman and chief executive officer of the Beers Construction Company from 1986 to 1998.

In 1998, after the sale of Beers to Skanska USA, he was elected chairman and chief executive officer of American Business Products, a NYSE-listed manufacturer of packaging and printed office products.

In 2000, Gellerstedt became president and chief operating officer of The Integral Group, a nationally known urban mixed-use development company. He went on to found The Gellerstedt Group in 2003.

Contact: Cameron Golden, Director of Investor Relations/Corporate Communications, 404 407 1984, camerongolden@cousinsproperties.com, http://www.cousinsproperties.com/

Palmer Electric to wire homes for David Weekley Homes

WINTER PARK, FL — The residential division of Palmer Electric Co. has secured a contract with David Weekley Homes to provide electrical contracting services for single-family homes at Belle Vista, a gated community located on Lake Conway in Belle Isle, Fla. (top right photo)

Palmer Electric’s scope of services includes estimating, electrical wiring and lighting fixture installation.
Lighting fixtures for the project are being supplied by Palmer Electric’s sister company, Showcase Lighting and Home D├ęcor Center in Winter Park, Fla. The estimated completion date for the subdivision is July 2010 based on home sales.

Belle Vista is a lakefront community offering ten floor plans of single-family homes ranging from 2,582- to 3,865-square-feet.

Palmer Electric Company is a provider of electrical contracting for commercial institutional and residential customers.
Additionally, the Company provides service and repairs to utilities, businesses and consumers. Founded in 1951, the Company is headquartered in Winter Park, Fla., and has residential division offices in Lakeland and Jacksonville, Fla. The Company employs a staff of 350. For additional information, visit http://www.palmer-electric.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com, http://www.pr-works.com/

The Marketing Directors' David Tufts Joins NAHB Multifamily Leadership Board

ATLANTA, GA – David Tufts, (top right photo) president of The Marketing Directors, LLC headquartered here, has joined the National Association of Home Builders’ Multifamily Leadership Board (MLB).

Tufts, whose firm is one of the industry’s leaders in multifamily sales and marketing, is known throughout the industry as the preeminent expert for successful solutions in multifamily.

“I’m proud to bring my expertise to the table when the industry is experiencing such unprecedented times. Despite these conditions, our company is growing and achieving results for our clients,” said Tufts. “We have evolved to be a full-service sales and marketing firm with customized creative solutions for real estate.”

David has more than 25 years experience in high density multifamily residential development.

He began his career in the highly competitive Manhattan real estate market as an on-site sales agent for The Marketing Directors. He honed his sales and marketing skills under the mentorship of Adrienne Albert (middle left photo) and grew to become the only officer of the company.

In 1993, he founded The Condo Store in Atlanta and quickly grew the niche company into one of the top residential brokerages in the Southeast.

With sales just under $1 billion in 1999, Coldwell Banker purchased the company and Tufts remained as CEO until late 2006.

In January 2007, he rejoined The Marketing Directors and is now leading a team of highly experienced real estate professionals who pride themselves on savvy solutions in today’s marketplace.

CONTACT: Betty M. Harbourt, The Marketing Directors LLC, 404-607-0444. b.harbourt@tmdllc.com