CBRE Overview on Orlando Multi-Housing Market

CBRE CENTRAL FLORIDA MULTI-HOUSING GROUP: $ 570 million, 5,391 units closed in Central Florida 2007

ORLANDO, FL--ORLANDO RENTAL MARKET FUNDAMENTALS
Metro Orlando’s multi-family rental market finished 2007 approaching stabilization as the effects of the condo conversion “shadow” market began to wane, according to a March market overview prepared by Shelton D. Granade, (photo at right) first vice president, CB Richard Ellis--Central Florida Multi-Housing Group, and Luke Wickham, (photo at left) director of operations in the same group.

Gross occupancy for the metro area finished above 94% at year end, according to M/PF Research. That figure was down about 1 point from a year earlier but held steady from March to December 2007. Average rent was also down about 1% for the year from $839 to $829 as many units intended for conversion to condominiums had to aggressively lease back up as rentals.

The encouraging news is that demand was up again in 3rd and 4th Qtr of 2007, and rents and occupancy are expected to rise throughout 2008. The shadow market is approaching stabilization and new construction of market-rate rentals will be modest this year. Both of those factors should bode well for the performance of apartment properties in 2008 and beyond. The following chart summarizes historical and forecasted statistics for Orlando:

2007 Sales Highlights
Orlando Sales: $ 1.06 billion
Avg. Price Per Unit: $90,083
Most Active Buyer: Private Investors
# Properties Purchased by Year Built:
2000 – current: 9
1990 – 1999: 9
1980 – 1989: 7
prior to 1979: 18
TOTAL 43

MARKET SNAPSHOT: Orlando’s total employment growth over the next two years is projected to be the best in the country – more than 116,000 new jobs from 2008 - 2010.

PROJECTIONS FOR CENTRAL FLORIDA
• Orlando’s increasing population and state leading job growth should stimulate demand for apartments, thus increasing occupancy and effective rental rates modestly in 2008
• By year end ‘08, annualized vacancy is expected to be 3.7% while average rents are forecast to grow from $829 to $861 per month according to MPF/Torto Wheaton
• As the homes and condos of more individuals and families go into foreclosure, those people will enter the rental market thus increasing demand for rental units
• Purchases of single family homes will continue to decrease, which will in turn keep traditional renters in apartment communities
• The condo conversion shadow market will be stabilized and leased by 3rd Qtr 2008
• Concessions are likely to remain prevalent early in the year, but will probably lessen further in the 2nd and 3rd Quarter of 2008.
• Orlando is poised for strong rent growth in the latter part of 2008 and early 2009
• Demand for rental units will continue to exceed the supply of new units under construction

• Although there is tremendous demand for new apartment development, we anticipate a minimal amount of new apartment properties being built due to a lack of available land, high impact fees, and a cautious lending environment
• Cap rates are expected to remain low the 1st half of ‘08 but may increase after mid year
• Owners of properties with favorable assumable debt will be more active sellers as many private investors find it more challenging to find highly leveraged new debt
• Bank owned sales of assets intended for condo conversion will increase in ‘08

For more information regarding the MarketView, please contact:

Shelton D. Granade, First Vice President
CB Richard Ellis – Central Florida Multi-Housing Group
189 S. Orange Avenue, Suite 1900, Orlando, FL 32801
T. 407.839.3103 • F. 407.404.5001
shelton.granade@cbre.com

Luke Wickham, Director of Operations
CB Richard Ellis – Central Florida Multi-Housing Group
189 S. Orange Avenue, Suite 1900, Orlando, FL 32801
T. 407.839.3130 • F. 407.404.5001
Luke.wickham@cbre.com

Data Research Firm Pronounces NAI Global World's 4th Best Known Commercial Real Estate Brand

MAITLAND, FL – NAI Global, one of the world’s largest real estate service providers, was named one of the world’s most recognizable commercial real estate brands in the Lipsey Company’s 2008 top 25 commercial real estate brands survey.

George Livingston, (photo top left) Chairman of NAI Realvest in Maitland, said NAI Global moved up two places to rank fourth in the 2008 Lipsey survey. NAI Realvest has been the exclusive NAI member firm for the Orlando market area since January 2002.

The Lipsey Company, an internationally recognized leader in training and consulting for the commercial real estate industry has produced the global survey of commercial real estate brand awareness annually since 2002.

The 2008 survey included responses from more than 20,000 practitioners and industry leaders from corporations, REITs, financial institutions, commercial real estate brokers, mortgage bankers, asset managers, property managers and related professionals, Livingston said.

NAI Global President and Chief Executive Officer Jeffrey M. Finn (photo at right) said NAI Global ranked as the 10th most recognizable commercial property brand in the 2002 survey. “We are sharply focused on creating specialized services and solutions that maximize the profitability and efficiency of our clients,” Finn said.

“The increasing strength of the NAI brand reflects the consistent, high quality results our managed network delivers for corporate and end users, investors, developers and financial institutions all around the world,” he said.

For more information contact:
George Livingston, Chairman, NAI Realvest 407-875-9989;
Janice Paiano, Marketing Director, NAI Realvest 407-875-9989;
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-414

About NAI Realvest
NAI Realvest with offices in Orlando, Daytona Beach, Clermont and Lake Wales, is a fully integrated commercial real estate operating company specializing in brokerage, development investment, leasing and management, consulting and research services in the U.S. and worldwide.

About NAI Global
NAI Global is an international commercial real estate network with over 375 offices spanning the globe. Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit http://www.nairealvest.com/.

NAI Global is the world’s leading managed network of commercial real estate firms. With over 375 offices in 55 countries worldwide, it brings together people and resources to deliver results for its clients wherever needed.

Arbor Promotes Gary DeSimone to Vice President, Financial Planning and Analysis

UNIONDALE, NY -- Arbor Commercial Mortgage, LLC (“Arbor”) announces the promotion of Gary DeSimone (photo at right) to Vice President, Financial Planning and Analysis. Mr. DeSimone will oversee the development of financial planning, forecasting and budget processes for both Arbor Commercial Mortgage and Arbor Realty Trust and assist in the development of key metrics for monitoring business performance.

He will continue to support the CFO in investor relations maintenance and material preparation for quarterly earnings releases, calls and Board of Directors meetings for Arbor Realty Trust. He reports to Paul Elenio, (photo at left) Chief Financial Officer.

“Gary is an extremely valuable member of our finance team,” said Mr. Elenio. “He has continually demonstrated the financial management expertise and industry insight that have been essential in enhancing both the analysis and communication of our financial performance. His back-to-back promotions are reflective of his dedication and talent, and I am confident Gary will continue to be a great asset for Arbor as we continue to grow our franchise.”

Mr. DeSimone joined Arbor in August 2003 as Finance Manager and was promoted to Assistant Vice President, Finance in February 2007. He received a Bachelor of Business Administration degree from Hofstra University. He is located in Arbor’s headquarter office in Uniondale, NY and resides in Nesconset, NY.

Contact:
Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC 333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553 Phone: 516-506-4298
Fax: 516-542-2555
Email: iprincipe@arbor.com
http://www.arbor.com/

Arbor Closes $4,100,000 Fannie Mae DUS® Loan for Bone Creek Apartments in Fayetteville, NC

UNIONDALE, NY March 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,100,000 loan under the Fannie Mae DUS® product line to refinance the 96-unit complex known as Bone Creek Apartments in Fayetteville, NC. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.32 percent.

The loan was originated by John Edwards, (photo at right) Director, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to fund this transaction with solid sponsorship and management,” said Edwards. “We greatly appreciated the trust the client placed with Arbor and we look forward to future financing opportunities.” *DUS and 3MaxExpress are registered marks of Fannie Mae

Contacts:
Arbor Commercial Mortgage LLC

Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

http://www.arbor.com/

Ingrid Principe

Tel: (516) 506-4298

Cushman & Wakefield Negotiates Sale of Bridgeport Center for $29.5M

TAMPA, FL – Cushman & Wakefield negotiated the sale of Bridgeport Center (map at left) in Tampa, Florida for $29.5 million. This is the Tampa Bay area’s first major building trade this year since the credit crunch.

The property was 96 percent occupied at the time of the sale. Bridgeport Center is a170,924 square foot, nine-story office building located in Tampa’s premier Westshore Business District

Mr. Davis was quoted as saying, “Bridgeport Center sold for nearly as much as Cushman & Wakefield estimated it would before the recent credit crisis. This is indicative that buyers are remaining bullish about commercial properties in the Tampa Bay area.”

Senior Director Mike Davis (Capital Markets) and Associate Director Rick Brugge, CCIM (Capital Markets) negotiated the sale on behalf of the seller, AEW Capital Management, LP. The buyer was Flagler Development Group, Inc.

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Cushman & Wakefield Negotiates Sale of Reflections of Hidden Lake for $8.95M
TAMPA, FL– Cushman & Wakefield negotiated the sale of Reflections of Hidden Lake in Orlando, Florida for $8.95 million. Reflections of Hidden Lake is a 96,322 square foot office investment property located within Orlando’s premier Lake Mary submarket.

Executive Director Mike Davis (Capital Markets), Associate Director Rick Brugge, CCIM (Capital Markets) and Director of Office Leasing Matthew McKeever negotiated the sale on behalf of the seller. The buyer was Rudnick Development Group.

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Cushman & Wakefield Represents Lifelink Foundation, Inc. in the Sale of 10 Acres at Crosstown Center
TAMPA, FL– Cushman & Wakefield represented LifeLink Foundation, Inc. in the sale of 10 acres for $4.65 million at Crosstown Center in Brandon, Florida. LifeLink Foundation, Inc., founded in 1982, is a non-profit community service organization whose focus is organ and tissue transplantation therapy. This purchase will allow LifeLink Foundation, Inc. to develop offices in the Brandon area.

Crosstown Center, located in Brandon Florida and bordered by the LeeRoy Selmon Expressway and U.S. Highway 301, includes up to 1.1 million square feet of development, comprising office, hotel, retail and multi-family. Andy May, Executive Director and Bruce Erhardt, ALC, Executive Director negotiated the sale on behalf of the buyer, LifeLink Foundation, Inc.
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Cushman & Wakefield Represents Media General Operations, Inc. in the Sale of 125 Country Club Drive
TAMPA, FL – Cushman & Wakefield represented Media General Operations, Inc. in the sale of a 6,312 square foot office building located at 125 Country Club Drive in Tampa, Florida. Formerly occupied by The Tampa Tribune, one of Media General’s publishing assets; the building was purchased by IT Properties, LLC for $875,000.

Built in 1961, 125 Country Club Drive is a single-tenant office building located just west of I-275 in the Forest Hills area of Tampa, Florida. Andy May, Executive Director, Barry Oaks, Director and Bill Reeves, Associate Director negotiated the sale on behalf of the seller, Media General Operations, Inc.
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Cushman & Wakefield Negotiates Two Leases Totaling 28,000 SF at Hobbs Road Industrial Center Condo

TAMPA, FL – Cushman & Wakefield negotiated two leases totaling 28,000 square feet for WRS Infrastructure & Environment, Inc. at Hobbs Road Industrial Center Condo in Tampa, Florida. Founded in 1983, WRS Infrastructure & Environment, Inc. provides business solutions and support in matters regarding environmental, regulatory, civil engineering and construction issues.

Hobbs Road Industrial Center Condo, located just east of I-75 in Tampa, Florida, is a 70,000 square foot industrial service center. Andy May, Executive Director, Barry Oaks, Director and Bill Reeves, Associate Director negotiated the new leases on behalf of the tenant, WRS Infrastructure & Environment, Inc.
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Cushman & Wakefield Negotiates 10,958 SF office Lease at Watermark 3
TAMPA, FL – Cushman & Wakefield negotiated a 10,958 square foot lease for Citrus Health Care, Inc. at Watermark 3 in Tampa, Florida. Citrus Health Care, Inc is a Florida based HMO. Andy May, Executive Director, Barry Oaks, Director, Bill Reeves, Associate Director and Scott Garlick, Associate negotiated the new lease on behalf of the tenant, Citrus Health Care, Inc.

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Cushman & Wakefield Negotiates 8,240 SF office Lease at One Metrocenter
TAMPA, FL – Cushman & Wakefield negotiated an 8,240 square foot lease for Baldwin Connelly Group, LLC at One MetroCenter in Tampa, Florida. Baldwin Connelly Group, LLC is an independent and privately held firm whose specialty is risk management and insurance.

One MetroCenter, located within the Westshore Business District at 4010 Boy Scout Boulevard in Tampa, Florida, is an 11-story, 240,320 square foot Class A multi-tenant office building. Andy May, Executive Director, Barry Oaks, Director and Bill Reeves, Associate Director negotiated the new lease on behalf of the tenant, Baldwin Connelly Group, LLC.

For more information
Contact: Marcianne Foster
813-204-5345
Marcianne.Foster@cushwake.com

MEDIA PODCAST: MBA Reacts to Latest Wall Street Action and Investor Confidence Concerns

Washington, DC. March 20, 2008 - - Recent activity on Wall Street prompted the Mortgage Bankers Association's (MBA) Senior Vice President of Commercial/Multifamily, Jan Sternin (photo at left) to comment on the importance of restoring investor confidence in the mortgage and credit markets.

Sternin also sheds light on the solid performance of commercial/multifamily loans and MBA's strategic initiatives designed to restore investor confidence.

The Podcast recording can be accessed by clicking HERE.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans.

MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site: http://www.mortgagebankers.org/.

CONTACT:

Jason Vasquez
(202) 557-2950
jvasquez@mortgagebankers.org

Arbor Closes $9.1M Fannie Mae DUS® MBS Loan for Twelve North Apartments in Southfield, MI

UNIONDALE, NY, March 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $9,100,000 loan under the Fannie Mae DUS® MBS product line to refinance the 171-unit complex known as Twelve North Apartments in Southfield, MI. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.55 percent.

The loan was originated by Michael Jehle, (photo at right) Midwest Director, in Arbor’s full-service Bloomfield Hills, MI lending office. “The subject property was acquired by a repeat customer of Arbor,” said Jehle. “After renovation, their goal was to pay off their short-term debt with a long-term, fixed-rate loan. Both of these objectives were achieved for our customer.”

*DUS and 3MaxExpress are registered marks of Fannie Mae.

Contact:

Arbor Commercial Mortgage, LLC

Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

www.Arbor.com

Ingrid Principe

Tel: (516) 506-4298

Volume of Maturing Commercial/Multifamily Mortgages to Be Low in Coming Years

WASHINGTON, DC -- The Mortgage Bankers Association (MBA) is reporting that the commercial and multifamily mortgage market faces limited exposure to refinance risks stemming from the current credit crunch through the release of its Research DataNote. The report notes that relatively few commercial/multifamily mortgages will mature in the next two years.

"There's been a general impression that a large volume of commercial/multifamily mortgages are coming due this year and next," said Jamie Woodwell, (top right photo) Senior Director of Commercial/Multifamily Research at the Mortgage Bankers Association. "The reality is that 2008 and 2009 will see a relatively small volume of maturing mortgages, with the majority of CMBS loans not maturing until 2015 or later."

Capturing data from JPMorgan and Wachovia Capital Markets, the DataNote reports that there is more than $600 billion of outstanding loans in commercial mortgage-backed securities (CMBS) fixed-rate deals. Of this, only $16 billion is scheduled to mature in 2008 and another $19 billion in 2009. The surge in sales and financing volume during 2005, 2006 and 2007, coupled with the fact that CMBS loans tend to have a 10-year term, mean that the majority of CMBS loans will not mature until 2015 or later -- $98 billion of loans are scheduled to mature in 2015, $128 billion in 2016 and $127 billion in 2017.

Of the loans due in the coming years, the majority is well seasoned and have been amortizing. JPMorgan reports that $14 billion of the $16 billion maturing in 2008 are fully amortizing, as are $14 billion of the $19 billion coming due in 2009. According to Wachovia Capital Markets, more than two-thirds of the volume of loans coming due prior to May 2009 was originated prior to 2000.

In addition to the fixed-rate conduit deals described above, the DataNote reports that Wachovia Capital Markets has identified $30 billion of large-loan floating rate deals that will be coming due prior to May 2009. The maturity dates of these loans are spread throughout the period, with relatively larger volumes - $3.5 and $3.3 billion respectively - coming due in the August and October 2008.

The DataNote focuses on maturing mortgages in the CMBS market. Banks and thrifts will be more likely to have shorter-term and adjustable rate loans, while life companies will tend to have longer-term fixed rate loans. Each group's maturity patterns will also be affected by the ups-and-downs of its originations experience.

Contact:

Jason Vasquez
(202) 557-2950
jvasquez@mortgagebankers.org

Southern Commercial Completes an 88,000-SF Sublease

ORLANDO, FL--Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden SIOR of Southern Commercial Real Estate Advisors represented Liberty Property Trust in the subleasing of 1255 La Quinta Drive.

The tenant, ROL Manufacturing took 88,000 square feet for the balance of the lease term of Broder Brothers, whom Liberty recently completed 340,000 square feet build to suit. Mike Borling of EastGroup represented the Landlord in the extension of ROL Manufacturing’s lease for an additional 5 years. Michael Kara of Kara Homes represented ROL Manufacturing in the lease transaction.

Media contact:

Celeste MacKenzie

321 281 8503

cmackenzie@southerncommercialre.com

WELBRO Receives AGC 2008 Horizon Award of Distinction for Buena Vista Palace Hotel & Lobby Renovation

ORLANDO, FL--Associated General Contractors of Greater Florida recently presented WELBRO Building Corporation with their annual Horizon Awards for Distinction. WELBRO received the award for the Buena Vista Palace Hotel & Lobby Renovation (above photo) in Orlando, FL. The presentation was made in Ponte Vedra Beach, FL.

The Buena Vista Palace Hotel & Lobby Renovation included: First floor: Activities Area – access to the pool, gift store, spa, game room, restaurants, Disney store, shuttle bus, and internet lobby. Second floor – Guest Rooms. Third floor: Public Lobby Area – Guest Services, Concierge, Bellman, Check in Desk, Bar, Media Room, and Hotel Staff Operation Offices. Fourth floor – Guest Rooms and 14 story open balcony Atrium.

Project entries were rated on the following criteria: Challenges; Excellence in project management; Contractor’s state-of-the-art advances; Contractor’s sensitivity to environment and surroundings; Excellence in client service; Contractor’s contribution to the community; and What safety initiatives were employed throughout the construction process.

WELBRO Building Corporation is headquartered in Maitland, Florida and has been building continuously in the Florida commercial construction market for over 29 years and is consistently ranked among the nation’s top contractors by Engineering News Record (ENR). WELBRO is a dominant force in the hotel/hospitality and education markets. Other major project types include office buildings, retail/commercial and special use facilities.

For More Information Contact:
Patricia A. Werner, CEcD
Vice President Community & Economic Development WELBRO Building Corporation;
Telephone: 407/475-0800; mobile: 407/766-3951; 2301 Maitland Center Pkwy, Suite 250; Maitland, Florida 32751
pwerner@welbro.com