Friday, August 7, 2009

Thomas D. Wood & Co. Brokers $11.97M Loan for FL and NV Properties

MIAMI, FL, Aug. 7, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 5, 2009, in the amount of $11,971,294 for Quail Park IV Office and Sanford Towne Square Shopping Center.

Steve Wood, (bottom right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Quail Park IV Office in the amount of $10,000,000 through Thomas D. Wood and Company’s relationship with a national life insurance company at an interest rate of 7.65%.

The loan term is 7 years, based on a 22-year amortization, and a loan-to-value of 58%. The 103,349 square-foot office building is home to major tenant Colonial Bank. Quail Park IV was built in 1983 and is located at 2810 and 2820 West Charleston Boulevard, Las Vegas, Nevada.

Steve Wood and Doug Rozzell, Company Principal, financed Sanford Towne Square through Thomas D. Wood and Company’s correspondent relationship with Woodmen of the World Life Insurance Company at an interest rate of 7.375%.

The loan has a fully-amortizing 10-year term and a loan-to-value of 37%. The 88,905 square-foot retail center is home to major tenant Winn Dixie, and was built in 1987. Sanford Towne Square is located at 1500 South French Avenue, Sanford, Florida.
For further information, please contact:
Steve Wood, (305) 447-7820,

Doug Rozzell , (407) 937-0470,

Jessica Gurtowski, (407) 937-0470,

Grubb & Ellis Hires Commercial Real Estate Debt Team

CHICAGO, IL (Aug. 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the six-person commercial real estate mortgage banking team lead by Joel Simmons and Steve Roth have joined the company as executive vice presidents to build the firm’s practice in Chicago.

The hires, which are effective immediately, are part of the company’s overall strategy to significantly enhance its Capital Markets capabilities.

The team joins from Cohen Financial and includes Ben Greazel, Adam Levinson, Steve Kundert and Trudi Weber. Greazel and Levinson, formerly directors at Cohen Financial, have joined as senior vice presidents. Kundert retains his title of vice president. Weber serves as the team’s executive assistant.

“The addition of Joel, Steve and their team significantly elevates our Capital Markets capabilities and gives Grubb & Ellis a best-in-class, comprehensive ownership services platform at a time when our ability to provide our clients with financing solutions and advice has never been more important,” said Shawn P. Mobley, (top right photo) executive vice president and Midwest market leader.

“In today’s environment of limited debt capital, the relationships Joel and Steve have with debt providers, mezzanine funds and equity investors offer tremendous value and have the potential to be the decisive factor in successfully completing disposition assignments.”

Contact: Erin Mays, 312.698.6735,

Highwoods Properties Closes on $162M of Secured Loans with 7.1% Weighted Average Rate

RALEIGH, N.C.--(BUSINESS WIRE)-- Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, and NAIOP's 2009 Developer of the Year, today announced that it has closed on two secured loans totaling $162 million.

They include a $115.0 million, 6.5-year secured loan provided by New York Life Insurance Company at a fixed rate of 6.875%, secured by a pool of 10 assets in Nashville, Raleigh and Tampa, and a $47.3 million, 7-year secured loan provided by Western-Southern Life Assurance Company at a fixed rate of 7.5%, secured by the office portion of RBC Plaza in Raleigh. (top left photo)

The Company used a portion of the proceeds to pay off in full the $91 million outstanding under its $450 million unsecured credit facility.

Ed Fritsch, (middle right photo) president and chief executive officer, commented, "The closing of these two secured loans further strengthens our already healthy balance sheet and enhances our liquidity, giving us an even stronger competitive leasing advantage and further boosting our ability to pursue acquisition and development opportunities."

Fritsch added, "Including these two loans, we have raised $615 million in capital since September 2008, consisting of $339 million of common offering proceeds, $193 million of secured and unsecured financings and $83 million from asset dispositions. During this same time frame we have also repurchased $54 million of our preferred stock and paid off $160 million of secured and unsecured loans."

Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust ("REIT") that provides leasing, management, development, construction and other customer-related services for its properties and for third parties.

At June 30, 2009, the Company owned or had an interest in 378 in-service office, industrial and retail properties encompassing approximately 35.2 million square feet. Highwoods also owned 580 acres of development land.

Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia.

Contact: Tabitha Zane, Vice President, Investor Relations, 919-431-1529