Tuesday, August 18, 2009

MBA Applauds Extension of Term Asset-Backed Securities Loan Facility

WASHINGTON, DC - Michael D. Berman, (top right photo) Vice Chairman of the Mortgage Bankers Association (MBA), issued the following statement after the announcement by the Federal Reserve Board approving the extension of the Term Asset-Backed Loan Facility (TALF) program for newly issued ABS and legacy CMBS through March 31, 2010 and new issue CMBS through June 30th, 2010.

"MBA has consistently advocated for a longer duration for the CMBS TALF program as an essential element for its success. We strongly endorse today's announcement by the Federal Reserve to extend the program in order to promote financial stability and to enhance liquidity in the CMBS market," said Berman.

The Federal Reserve will now make TALF loans against newly issued ABS and legacy CMBS through March 31, 2010, and because new CMBS deals can take a significant amount of time to arrange, the Federal Reserve and Treasury approved TALF lending against newly issued CMBS through June 30, 2010.

The securities already eligible for collateralizing TALF loans include the major types of newly issued, triple-A-rated ABS backed by loans to consumers and businesses, and newly issued and legacy triple-A-rated CMBS.
MBA will continue to closely monitor the implementation of the CMBS TALF program in order to optimize its impact on commercial real estate liquidity.

CONTACT: Sarah Tinsley, (202) 557-2730, stinsley@mortgagebankers.org

RTI International Comes to Orlando

ORLANDO, FL – (Aug. 18, 2009) – RTI International, one of the world’s leading research institutes, has signed a three-year lease for 1,938 SF to open an office on Metric Drive near University of Central Florida and Central Florida Research Park in East Orlando.

This is RTI International’s first office in Central Florida, and they will be providing simulation training services as a government defense contractor.

Through employees placed with subcontractor clients, RTI International had a presence in Orlando for several years before deciding to locate an office here. They plan to add new jobs to this office as they win more contracts.

Carol Tanner (top right photo) represented the tenant while she was with GVA Advantis, the commercial real estate firm that closed in July. Tanner was negotiating on the tenant’s behalf with Chris Kern of Commercial Realty of Central Florida representing the landlord. After the deal closed, Tanner joined Kern’s firm.

Kern, who founded Commercial Realty of Central Florida in 2003, said, “I’ve known Carol for a long time and I’m pleased she has joined my firm. My expertise is land and multi-family properties, while Carol has spent a great deal of time focusing on office and industrial properties in North Orange and Seminole Counties. It’s a great fit and we are looking to expand in this market.”

Media Contact: Shelli Browning 407.381.4897, sh_browning@yahoo.com

Cushman & Wakefield negotiates sale of Doral Oaks in Temple Terrace, FL for $10.7M

TAMPA, FL– Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Doral Oaks (top right photo) for $10,700,000.

The purchaser was GMC Properties. Executive Director Byron Moger and Director Luis Elorza negotiated the sale on behalf of the owner, AIMCO.

Doral Oaks, located at 105 Sunnyside Road in Temple Terrace, Florida adjacent to Temple Terrace’s Downtown City Center development site, was built in 1967.

It is a 266,912 square foot, 252-unit apartment community that offers a mix of 1, 2 and 3 bedrooms. Doral Oaks features controlled access, two resort-style swimming pools, a clubhouse, fitness center and children’s playground.

“Doral Oaks’ stable operating performance and infill location made this an attractive acquisition. Given improving market fundamentals this is a good time for investors to build up their Florida apartment portfolios,” said Luis Elorza (bottom left photo) of Cushman & Wakefield, Inc.

Contact: Byron Moger, 813-204-5316, Byron.Moger@cushwake.com

Arbor Closes $1.8M Fannie Mae DUS® Loan for Liberty Place Apartments in Fayetteville, NC

Uniondale, NY (Aug.18, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,800,000 loan under the Fannie Mae DUS® Loan product line for the 79-unit complex known as Liberty Place Apartments (top left photo) in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.39 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to provide financing for a repeat Arbor client,” said Edwards.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
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EastGroup Properties Acquires Three Dallas Buildings for $6.7M

JACKSON, MS, Aug.18, 2009– EastGroup Properties (NYSE-EGP) today announced the acquisition of three business distribution buildings containing 227,000 square feet in Dallas for a combined purchase price of $6,675,000.

The buildings, which will be renamed Interstate Distribution Center V, VI and VII, are located in the city's close-in northwest submarket along the Stemmons Freeway (top right photo).

They were constructed in 1979-81 and are presently 87% occupied by six customers.

The buildings are projected to generate an annualized 9.2% yield at their current occupancy.

David H. Hoster II, (bottom left photo) President and CEO, stated, "The acquisition of Interstates V, VI and VII allows EastGroup to expand in an attractive in-fill submarket where we have a successful existing base of assets.

"It increases our cluster of business distribution properties there to over 800,000 square feet in ten buildings. We are continuing to look for additional acquisition opportunities in our major markets."

CONTACT: David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer (601) 354-3555