Wednesday, August 12, 2009

Brookfield Properties Prices $900M Common Share Offering

NEW YORK, NY (Business Wire)--Brookfield Properties Corporation (BPO: NYSE, TSX) today announced that it has entered into agreements for the sale of 95 million of its common shares at a price of $9.50 per share.

Pursuant to an underwriting agreement with a syndicate of underwriters comprised of RBC Capital Markets, Citi, Deutsche Bank Securities and TD Securities acting as joint book-running managers, the underwriters have agreed to purchase 47.5 million common shares of Brookfield Properties at a price of $9.50 per share.

Concurrently, Brookfield Asset Management Inc. (BAM: NYSE, TSX) has agreed to purchase, directly or indirectly, 47.5 million common shares of Brookfield Properties at a price of $9.50 per share.

The gross proceeds to Brookfield Properties from the combined share issuances are expected to total $902.5 million. Closing is expected to occur on or about August 21, 2009.

Brookfield Properties has agreed to grant the underwriters an over-allotment option, exercisable at any time until 30 days following the closing of the offering, in whole or in part, to purchase up to an additional 7.125 million shares at a price of $9.50 per share.

If the over-allotment option is exercised, Brookfield Asset Management has agreed to purchase, directly or indirectly, the same number of shares on a pro rata basis, up to 7.125 million shares, based on the number of the over-allotment shares purchased by the underwriters.

If the entire over-allotment option is exercised, the gross proceeds to Brookfield Properties are expected to total approximately $1 billion.

Following the offering, Brookfield Asset Management will continue to own, directly and indirectly, an approximate 51% voting interest in Brookfield Properties.

The proceeds from this offering will be used for general corporate purposes, including without limitation, the refinancing of indebtedness and investment purposes.
A written prospectus relating to the offering may be obtained from RBC Capital Markets in Canada, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax: 416-313-6066); or in the U.S. from RBC Capital Markets Corporation, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 (fax: 212-428-6260).
The form F-10 registration statement relating to the common shares has not yet become effective. The common shares to be issued under this offering may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective.

Similarly, these common shares may not be sold in Canada until a receipt for a final prospectus is obtained. This news release shall not constitute an offer to sell or the solicitation for an offer to buy, nor shall there be any sale of the common shares in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.

Brookfield Properties owns, develops and manages premier office properties.
Its current portfolio is comprised of interests in 108 properties totaling 75 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America.

Landmark assets include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. The company’s common shares trade on the NYSE and TSX under the symbol BPO.

Contact: Melissa Coley, Vice President, Investor Relations and Communications, Tel: 212.417.7215. Email:

CB Richard Ellis Ranked No. 1 Property Manager for Sixth Consecutive Year

ORLANDO, FL – For the sixth year in a row National Real Estate Investor, the leading magazine for professional real estate investors, has ranked CB Richard Ellis No. 1 out of the world's top 25 property managers. The ranking, featured in the publication's July/August issue, is based on the total amount of space under management globally as of December 31, 2008.

CB Richard Ellis was responsible for the management of 2.2 billion sq. ft. of property and corporate facilities at end of 2008. That total was nearly twice the amount of the total space managed by the nearest competitor.

"As property owners confront the challenges of today's difficult economic environment, they trust CB Richard Ellis to deliver best-in-class management of their real estate needs," said CB Richard Ellis' Bill Moss, (top right photo) Senior Managing Director.
"In Central Florida and around the world, our clients know that the industry's best professionals and strongest global platform will help them to effectively manage their real estate assets."

Earlier this year the U.S. Environmental Protection Agency (U.S. EPA) named CB Richard Ellis an ENERGY STAR® Partner of the Year, the only commercial real estate services firm recognized with that award this year, and the second year in a row that the Company has received that honor.
More than 1,200 CBRE-managed buildings are participating in the program, significantly more than any other third party management company.

Contact: Angelique Greven, 407.839.3158,

Regency Centers Announces Tender Offer for Four Series of Notes

JACKSONVILLE, FL-(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that its operating partnership, Regency Centers, L.P., has commenced a cash tender offer (the "Tender Offer") for any and all of its notes (the "Notes") set forth below.

The aggregate principal amount outstanding of Notes subject to the Tender Offer is $400,000,000. Regency Centers, L.P. expects to purchase the Notes utilizing available cash and borrowings under existing lines of credit.

Aggregate Principal CUSIP Security Description Amount Outstanding Purchase Price((1))

75884R AF 0 8.45% Notes due September $150,000,000 $1,035
1, 2010
75884R AG 8 8.00% Notes due December $10,000,000 $1,035
15, 2010
75884R AH 6 7.95% Notes due January $220,000,000 $1,035
15, 2011
75884R AJ 2 7.25% Notes due December $20,000,000 $1,035
12, 2011
(1) Per $1,000 principal amount of Notes accepted for purchase.

The Tender Offer will expire at 5:00 p.m., New York City time, on Monday, August 17, 2009, unless extended or earlier terminated by Regency Centers, L.P. (the "Expiration Time").

Under certain circumstances described in the Offer to Purchase referred to below, Regency Centers, L.P. may terminate the Tender Offer before the Expiration Time. Any tendered Notes may be withdrawn prior to, but not after, the Expiration Time and withdrawn Notes may be re-tendered by a holder at any time prior to the Expiration Time.

The consideration payable for the Notes will be $1,035 per $1,000 principal amount of Notes, plus accrued and unpaid interest to, but not including, the payment date for the Notes purchased in the Tender Offer. The payment date for Notes purchased in the Tender Offer is expected to be the next business day following the Expiration Time.

The complete terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated August 10, 2009 (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal") that are being sent to holders of the Notes.

Holders are urged to read the Tender Offer documents carefully before making any decision with respect to the Tender Offer. Copies of the Offer to Purchase and Letter of Transmittal may be obtained from D.F. King & Co., Inc., the Information Agent for the Tender Offer, at (800) 859-8508 (toll-free).

Wells Fargo Securities and J.P. Morgan are the Dealer Managers for the Tender Offer. Questions regarding the Tender Offer may be directed to Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 715-8341 (collect) or J.P. Morgan at (866) 834-4666 (toll-free) or (212) 834-3118 (collect).

Contact: Lisa Palmer, 904-598-7636,

Arbor Closes $1M Fannie Mae DUS® Loan for Bornt Hill Apartments in Endicott, NY

Uniondale, NY (Aug. 12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,000,000 loan under the Fannie Mae DUS® Loan product line for the 30-unit property known as the Bornt Hill Apartments (top left photo) in Endicott, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98 percent.

The loan was originated by Stephen York, (bottom right photo) Director, in Arbor’s full-service New York, NY lending office.

“The sponsor’s goals included locking in a low, long-term fixed-rate loan and use some of the proceeds toward another multifamily purchase,” said York.

“Arbor was pleased to help him reach this goal on our second transaction together and look forward to future opportunities.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555,
Follow us on Twitter @ arbor1

Marietta, GA Apartments Offered at $21M

ATLANTA, GA--Engler Financial Group, LLC is proud to present Wood Hollow, (top right photo) a 312 unit garden-style apartment community located off the west side of Powers Ferry Road, approximately one-quarter mile north of Windy Hill Road and one-quarter mile south of Terrell Mill Road, in Marietta, Cobb County, Georgia.

Wood Hollow is offered for sale for $21,000,000 and represents an excellent opportunity to purchase a well located class “B+" apartment community with significant “value-add renovation” potential.

Wood Hollow has undergone over $2.3 million in capital upgrades over the last five years.

In addition, further upside rent potential exists through continued renovation of the property's unit interiors.

Wood Hollow is being offered debt free and represents an excellent investment opportunity with a projected cash-on-cash yield in the mid teens based on year 1 proforma.

For complete property details, please contact:

Greg EnglerCEO/President, 678/992-2000, ext. 1,
Pat Jones, Senior Vice President, 678/992-2000, ext. 2,
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4,

Marcus & Millichap Closes Sales in California and Colorado


RAMONA, CA. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Ramona Terrace Estates, (top right photo) a 218-space, five-star, seniors manufactured housing community in Ramona.

The sales price of $16,014,000 represents a price per space of $73,459 and a 6 percent cap rate.

Jonathan Harrison, a vice president investments in the San Diego office and a senior director of the firm’s National Manufactured Home Communities Group, represented the buyer, Ramona Terrace Community LLC of Tucson, Ariz. The seller was represented by All California Brokerage of Huntington Beach, Calif.

“Communities of this size and quality rarely become available in Southern California,” says Harrison.

“Quality manufactured housing communities can still be financed at attractive interest rates, and continue to command premium prices from buyers seeking safe and stable investments.

"The investor sees this as his first of many California manufactured housing community acquisitions.”

Located at 1212 H St., the property is comprised of 218 doublewide manufactured home sites on 26.79 acres with many amenities.

Ramona Terrace Estates is 100 percent occupied and well maintained with all city services. The new owner plans to continue to operate the property as a seniors manufactured housing community.

The buyer obtained a new loan with a 60 percent loan-to-value ratio at 6.1 percent interest and closed the transaction in 120 days. Ramona is located in the Santa Maria Valley 36 miles northeast of San Diego.


ARVADA, Co–Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the sale of Apple Creek Apartments, (bottom left photo) a 219-unit, 144,029-square foot multi-family apartment community in Arvada.

The sales price of $11.8 million represents $53,881 per unit and $82 per square foot.

David Potarf, a first vice president investments, Daniel Woodward, a vice president investments, Jordan Robbins, a multi-family investment specialist, and Charles “Chico” LeClaire, senior vice president investments, all in the firm’s Denver office, represented the seller, Apple Creek Housing Associates LTD/Apple Creek 24 LTD and the buyer, Foothills Apartments Denver LP.

“The property was sold by the original developer and was in excellent condition with little or no deferred maintenance. The units are located within a rapidly improving market with high barriers to entry and very limited new construction.”

Located at 9750 West 59th Ave. near the intersection of West 59th Place and Ralston Road, the property is within a short commute of downtown Denver, Boulder and Interlocken Business Park.

Built in 1987, Apple Creek Apartments is comprised of 19 three-story buildings with wood siding exteriors and pitched composite-shingle roofs.

The unit mix consists of studios and one- and two-bedroom apartments. Amenities include a heated swimming pool, laundry facilities and barbecue areas. Individual units have air conditioning, fireplaces, private balconies or patios, storage rooms, washers and dryers and walk-in closets.

Select units are enhanced by vaulted ceilings and ceiling fans. All units have cable television and Internet capabilities. Individual units also offer fully appointed kitchens with dishwashers, garbage disposals and frost-free refrigerators.

Arvada is a first-ring suburb of Denver with an estimated population of 106,327.

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

$139M financing for four-property retail portfolio in Virginia arranged by HFF

WASHINGTON, D.C. – The Washington, D.C. and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that they have arranged $139 million in financing for a four-property retail portfolio in Virginia.

HFF senior managing director Todd Stressenger, (top right photo) managing director Mark Remington (top left photo) and director Coleman Benedict (bottom right photo) worked exclusively on behalf of the borrower, Federal Realty Investment Trust.

Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc., provided the five-year, fixed-rate loan for the portfolio, which was previously unencumbered with debt. The transaction closed in early June.

“HFF obtained a $139 million loan from Prudential Mortgage Capital Company, a strong achievement in this challenging credit environment,” said Remington.

The portfolio totals 867,404 square feet. Individual property details are listed below:

Idylwood Plaza, 73,382 Square Feet, built 1991, Whole Foods,
Falls Church, VA

Leesburg Plaza , 235,528 Square Feet, 1967/2007, Giant,
Leesburg, VA

Loehmann’s Plaza , 261,894 Square Feet, 1971/2007, Giant, Falls Church, VA

Pentagon Row, 296,600 Square Feet, 2001-2002, Harris Teeter,
Arlington, VA

Federal Realty Investment Trust is a publicly-traded real estate investment trust that has a current portfolio of 83 retail assets totaling 18.1 million square feet.

Todd S. Stressenger, Senior Managing Director, (617) 338-0990,
Mark T. Remington, HFF Managing Director, (202) 533-2500,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,