Wednesday, August 11, 2010

Arbor Closes $6M+ in New Fannie Mae DUS® Small Loans

Briarwood Village Apartments in Odessa, TX Gets $2.4M 

Uniondale, NY (Aug. 11, 2010) - 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 74-unit complex known as Briarwood Village Apartments in Odessa, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

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

 “We were pleased to work with the borrowers and broker on our third transaction together and deliver competitive financing terms in an overall challenging market,” York said. “We look forward to future opportunities together.”

Cedar Grove Apartments in Augusta, GA Obtains $2.76M 

Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,760,000 loan under the Fannie Mae DUS® product line for the 126-unit complex known as Cedar Grove Apartments in Augusta, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.83 percent.

“We were pleased to provide this Fannie Mae DUS® loan with favorable terms in a market that has developed into a center for medical, biotechnology and manufacturing business in addition to its well-known historic golf club,” said Ken Fazio (middle right photo) , Vice President and National Sales Manager, in Arbor’s full-service Uniondale, NY, lending office.

Applegate Trails Apartments in  Klamath Falls, OR Receives $950,000

Uniondale, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $950,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing product line for the 49-unit complex known as Applegate Trails Apartments in Klamath Falls, OR.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.19 percent.

The loan was originated by Jay Porterfield (bottom left photo), Vice President, in Arbor’s full-service Plano, TX, lending office. “Arbor funded this loan for the acquisition of the property by an experienced apartment owner,” Porterfield said.

“The property is subject to a Land Use Restriction Agreement related to tax credits and is part of Fannie Mae’s Multifamily Affordable Housing program. Arbor continues to be very active in financing affordable properties.”


Outrigger Enterprises Group Joins Forces With Holiday Inn in Hawaii

ATLANTA, Aug. 11 /PRNewswire-FirstCall/ -- Outrigger Enterprises Group, Hawaii's largest locally owned hotel operator, and IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, today announced the signing of a license agreement to rebrand the OHANA Waikiki Beachcomber hotel as the Holiday Inn Waikiki Beachcomber Resort.

The agreement is a testament to the strength of the $1 billion Holiday Inn® relaunch, which was established to create a more contemporary brand image, improving quality and driving consistency across the global portfolio.

Outrigger will continue to own and manage the rebranded resort, bringing its unparalleled reputation for delivering a high-quality guest experience coupled with distinctive "Hawaiian" hospitality to the power and global appeal of the Holiday Inn brand.

All employees will keep their jobs and will remain employees of Outrigger Hotels Hawaii. The rebranding is expected to be complete in November 2010.

"IHG and Outrigger Enterprises Group share a leadership position in the hospitality industry, which makes this an outstanding relationship," said Jim Abrahamson, president, the Americas, IHG.

 "The commitment of an industry leader like Outrigger continues to reinforce the strength of the Holiday Inn brand. With the right owners and in the right markets, we are completely elevating Holiday Inn."

Contact:  Nancy Daniels, APR, Director of PR, Outrigger Enterprises, Group, +1-808-921-6839,;
Caroline Sanfilippo, PR, Manager, IHG, +1-770-604-2495,
Web Site:

Michael Mason Joins Grubb & Ellis Landauer Appraisal & Valuation

LOS ANGELES (Aug. 11, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Mason, MAI, SRA, has joined Grubb & Ellis Landauer Appraisal & Valuation as managing director, Los Angeles.

With 30 years of experience, Mason will also serve as national director, Standards and Compliance, responsible for developing and implementing quality control operations companywide.

In June, Grubb & Ellis announced it was launching a national appraisal business and reinvigorating the Landauer brand under the leadership of industry veterans Douglas W. Haney and Eduardo Alegre.

 Mason joins Grubb & Ellis from Integra Realty Resources, where he served as the director of Litigation Support. Prior to joining Integra in 2008, he spent four years as managing director, Los Angeles, of First American Commercial Real Estate Services.

Previously he spent 14 years owning and operating Stephens-Mason Associates with Rolland Stephens, MAI. Mason began his career with Mason, Mason & Mason Real Estate Appraisers, a family-owned business, in 1980.

Contact: Julia McCartney, Phone: 714.975.2230, Email:

New GOALS “Dreamscape” Project Opens for Underserved Youth

NEWPORT BEACH, CA, Aug. 11, 2010 – Employees from McCarthy Building Companies, Inc., (, Orange County’s largest construction firm, along with 33 subcontractors and suppliers, recently completed construction of a new 25,000-square-foot athletic facility for GOALS (Growth Opportunities through Athletics, Learning and Service) youth program.

Called “The GOALS Dreamscape,” the athletic facility is located in north central Anaheim adjacent to GOALS existing headquarters on La Palma Parkway.

 McCarthy has been involved with GOALS for over 14 years since the firm donated labor and rallied subcontractor support for the construction of the Disney GOALS Roller Hockey Skating Rink and headquarters facility in Anaheim.

“Almost half-a-million dollars of in-kind technical services, labor, equipment and building materials were contributed in order to bring this new venue from a dream to a reality,” said GOALS Executive Director Dave Wilk.

 “The outpouring of generosity combined with the quality of construction especially in these tough economic times has been an amazing experience for our staff, volunteers, and of course, the children.”

Donated entirely by local businesses and the city of Anaheim who provided the land along with support and guidance from the United States Tennis Association and Southern California Tennis Association, the athletic facility features two full-size, lit tennis courts; a 6,000-square-foot artificial turf arena for multiple sports.

Also a 100 meter warm-up walking/jogging track surrounding arena; 440 meter circumferential walking/jogging fitness track; a fruit and vegetable “GOALS Garden” which will be planted and tended by GOALS children; an adjoining indoor work-out center for aerobic and anaerobic fitness and a 1,500-square-foot “mini court” for additional sports play.

Like all of the GOALS not for profit efforts, all program activities, equipment, uniforms, transportation access and coaching at The GOALS Dreamscape will be made available free to the low income youth participating.

“The project began in 2008 when the City of Anaheim agreed to give GOALS the chance to attract development support for a vacant parcel of nearby land,” explained Wilk. GOALS board member Tom Tait (top right photo)  from Tait and Associates provided more than $65,000 of engineering and architectural support to propel the project.

 McCarthy donated more than $120,000 to the project and formed the subcontracting team that provided another $150,000 in goods and services.

The team went on to complete the facility within eight months. The U.S. Tennis Association worked with AmeriCorps Vista volunteers to create the design of the tennis courts.

“This project represents a tremendous example of coordination and partnership between the private, public and not-for-profit sectors,” commented Tom Tait.

“The GOALS program was conceived with one act of kindness by Disneyland over 17 years ago, and this initial benevolence has become contagious among the GOALS staff and volunteers as well as through the longtime support of companies like McCarthy and the subcontractors who have helped make this project a reality.”

The project’s contributors, dubbed “The Dream Team” by GOALS, included: McCarthy Building Companies, The City of Anaheim, Tait & Associates, United States Tennis Association, Southern California Tennis Association, SOCALGEO Soil Engineering, The Murray Company, Ahern, J.B. Lumber, Anaheim Disposal, Bapko, Berg Electric, Premiere Engineering;

Also: United Rentals, Nolan’s Equipment Rentals, Crown Fence, Conco Pumping, Cal Portland, GPS Painting, J&M, CEMEX, Catalina Pacific/Cal Portland, Rebar Engineering, Western Paving, White Cap, Shaw & Sons, Athletica, Preferred Paving, H&E Rentals, NJP Sports, Zaino Tennis Courts, PlexiPave, LA Steelcraft, Precision Surfacing, Schmitz Foam Products, DOMO Turf and FlexSand.

McCarthy Vice President, Operations Tracy MacDonald; MIS Engineer Ray LaTour; Project Superintendent Ray Stiffler and Engineer Aaron Rosenhaus led The GOALS Dreamscape project for McCarthy and several other McCarthy employees donated labor and technical services for the project.


Laura Mickelson (LM Communications), (949) 453-0851
Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Colliers PKF Consulting USA Expands Southeast Presence

Atlanta, GA, Aug. 11, 2010 – Colliers PKF Consulting USA (PKFC), the leading hotel and hospitality consulting and research firm in the United States, has merged their practice with Jacksonville, Florida-based Atlantic Hospitality Advisors (AHA).

 The three partners of AHA, Hank Staley, (top left photo) Jill Bidwell and Tony Jenkins, along with industry veterans Chuck Ross and Rachel Falkner, all joined the firm effective August 1, 2010.

PKFC now operates in a total of 20 cities across the nation, including five offices in the Southeast - Atlanta, Georgia, Tampa, Orlando, and Jacksonville, Florida, as well as Asheville, North Carolina.

Founded in 1995, AHA specializes in market analysis, appraisal and dispute resolution services for a broad spectrum of lodging industry participants, including lenders, owners, developers and hotel chains.

 Staley, Bidwell and Jenkins are also designated Members of the Appraisal Institute and increase the bench strength of the firm’s valuation teams already resident in Atlanta, Bozeman, Philadelphia, Los Angeles and San Francisco.

 “The coming together of PKFC and AHA is also a reunion,” said Mark Woodworth (top right photo) , executive vice president for PKFC in Atlanta.

 “Many of us had the good fortune of working with Hank, Jill and Chuck for many years back in the 1980’s,” Woodworth noted. “Their commitment to excellence and sizeable portfolio of dedicated clients furthers PKFC’s reach in the Southeast. We are fortunate to have such a talented, well-respected group join our firm.”

Hank Staley, the senior member of AHA and now a senior vice president of PKFC based in Jacksonville, cited the benefits that will come with the extensive nationwide resources of PKFC and their sister company, Colliers PKF Hospitality Research.

“PKFC, like our firm, has a long-standing commitment to the value of a rigorous approach to research. I look forward to leveraging the experience and expertise of our firm and to collaborating with the PKFC experts across the nation in the months ahead.”

For further information please contact:
Mark Woodworth, Executive Vice President, (404) 842-1150, ext 222, Email:,

Chris Daly or Jerry Daly (media),   Daly Gray Public Relations, (703) 435-6293, Email:,

Hank Staley, Senior Vice President, Colliers PKF Consulting USA, Inc., (904) 610-9679, Email:,

Chatham Lodging Trust Announces Second-Quarter Earnings, Executing Growth Plans

PALM BEACH, FL., Aug. 10, 2010 /PRNewswire-FirstCall/ -- Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium- branded select-service hotels, today announced results for the quarter ended June 30, 2010.

FFO, Adjusted FFO, FFO per share, Adjusted FFO per share, EBITDA and Adjusted EBITDA are not generally accepted accounting principles (GAAP) financial measures and are discussed in further detail and reconciled to net income applicable to common shareholders later in this press release.

 Adjusted FFO, Adjusted FFO per share and Adjusted EBITDA exclude acquisition costs which are included as expenses in the Company's Consolidated Statement of Operations.

For a complete copy of the company's news release and financials, please contact

Jeff Fisher, Chief Executive Officer of Chatham Lodging Trust, +1-561-227-1309; or

Jerry Daly or Carol McCune, both of Daly Gray for Chatham Lodging Trust, +1-703-435-6293

Fitch Assigns Initial 'BBB+' IDR to Kimco Realty Corporation; Outlook Stable

NEW YORK, NY, Aug. 11, 2010--Fitch Ratings has assigned initial credit ratings to Kimco Realty Corporation (Kimco) as follows:

--Issuer Default Rating (IDR) 'BBB+';
--Senior unsecured notes 'BBB+';
--Unsecured revolving credit facilities 'BBB+';
--Preferred stock 'BBB-'.

The Rating Outlook is Stable.

For a complete copy of the news release, please contact Contact: Linda Hammel +1-212-908-0303 or Steven Marks +1-212-908-9161, New York.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: