Tuesday, November 10, 2009

Post Properties Announces Executive Departure

ATLANTA, GA-- Post Properties, Inc. (NYSE: PPS) announced today that, as part of an overall restructuring intended to streamline its business and reduce costs, Thomas L. Wilkes, (top right  photo) President of Post Apartment Management and EVP of Post Properties, Inc., will leave the Company, effective December 31, 2009.

Mr. Wilkes’ responsibilities will be assumed by S. Jamie Teabo, SVP Property Management, and Charles A. Konas, EVP Construction/ Development. Both Ms. Teabo and Mr. Konas have substantial industry and company experience.

 Post expects to incur a charge in the fourth quarter related to settling its contractual obligations with Mr. Wilkes and in connection with the overall restructuring.

 Post Properties CEO David P. Stockert (bottom left photo)  said, “With his background in multifamily real estate and commitment to the business, Tom Wilkes has made substantial contributions to Post over many years. We appreciate his accomplishments on behalf of the Company and wish him every continued success.”

Contacts: Post Properties, Inc., David P. Stockert, 404-846-5000

C&W announces sale of 104 acres in Margate, FL

Orlando, FL– Cushman & Wakefield of Orlando announced the sale of 104 acres located in Margate, Florida, owned by Uniprop Manufactured Housing Communities Income Fund, who was represented by Cushman & Wakefield Senior Director of Land Brokerage, Margery Johnson (top right photo).

The land was formerly the site of Aztec Estates, a manufactured housing park which has been rezoned for mixed residential units. Buyer Aztec RV Resort paid $15,750,000, or $112,500 per acre in the transaction which closed on October 20.

Contact:  Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com

Central Florida Builders’ Exchange Elects Officers and Board of Directors

WINTER PARK, FL — Central Florida Builders’ Exchange, celebrating 65 years in business, announced  the election of its 2009 - 2010 officers and board of directors.

Vince Horton (top right photo) of Advantage Integration Technology, Inc., is chairman of the board with Robert J. High  (top left photo) of H. J. High Construction serving as vice chairman.

David L. Shaw (bottom left  photo) of Shaw Mechanical Services LLC is secretary and Robert K. Vaughn (middle right photo) of Palmer Electric Co. is the treasurer.

 The 2009 – 2010 board of directors is composed of Steve Belflower, (bottom right photo) AIA, HuntonBrady Architects; Adam Eckelbarger, Mader Southeast Inc.; Deanna Jenkins, Thomas Lumber Co. Inc;

John Mathews,J B Mathews Co.; Greg Orleman, Gulfeagle Supply Inc; Tony Salvo, Just Concrete & Masonry Inc; Dave Shuman, Hubbard Construction Co.; Michael Thornton, Clancy & Theys Construction Co.; Tim Vickers, Vickers Metal Works Inc; Charles Wallin, Florida Rock Industries Inc.

Trudi Larson, president, remains at the helm of the organization, a position she has held since 1995.

Celebrating 65 years in business, Central Florida Builders Exchange is one of the oldest and largest design, engineering and construction related associations in Central Florida.

 Serving the needs of architects, engineers, contractors, suppliers and vendors since 1944, the association provides information, project leads, and a physical and Internet plan room to its 650 members.

The association is headquartered in Winter Park, Fla. Please visit www.cfbe.net for additional information.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Arbor Closes $2.4M Fannie Mae DUS® Small Loan for Villa Shatto in Los Angeles, CA

Uniondale, NY (Nov.  9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,400,000 loan under the Fannie Mae DUS® Small Loan product line for the 52-unit complex known as Villa Shatto in Los Angeles, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent.

The loan was originated by Ronen Abergel, (top right photo)  Director, in Arbor’s full-service New York, NY lending office. “This deal represents the borrower’s second transaction with Arbor and we look forward to conducting more business together in the future,” said Abergel.

Arbor Commercial Mortgage Appoints Alan Steinmetz to Associate General Counsel

Uniondale, NY (Nov. r 10, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, today announced the appointment of Alan Steinmetz to Associate General Counsel. Mr. Steinmetz is based out of the Uniondale office and reports to Peter Reisert,  (bottom left photo) SVP, Capital Markets.

As Associate General Counsel, Mr. Steinmetz directs the legal process pertaining to all Fannie Mae and FHA loan activity, manages the Closing department and is responsible for coordinating the relationships among borrowers, counsel, investors and guarantors.

Mr. Steinmetz has over 20 years of experience in real estate lending and finance; acquisitions, ownership and disposition; and workouts and restructures. He has successfully closed several billion dollars of loans covering a full array of transaction types, including conventional financings, refinancings and assumptions, taxable and tax-exempt bonds, 1031 tax-free exchanges, forward commitments and conversions.

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, iprincipe@arbor.com,
 http://www.arbor.com/ Follow us on Twitter @ arbor1