Florida's Existing Home Sales Remain Slow in February 2008

(Aerial photo of Palm Beach, FL above)

ORLANDO, FL /PRNewswire/ -- Turmoil in the mortgage market continued to impact Florida's housing sector in February. Statewide, sales of existing single-family homes totaled 8,310 last month while 11,132 homes sold in February 2007 for a decrease of 25 percent in the year-to-year comparison, according to the Florida Association of Realtors(R) (FAR).

According to the latest forecast by the National Association of Realtors(R) (NAR), the volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.

NAR Chief Economist Lawrence Yun (photo at left) says, "The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions. Therefore, a notable rise in home sales can be anticipated in the second half of the year."

Florida's median sales price for existing single-family homes last month was $198,900; a year ago, it was $237,000 for a 16 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In February 2003, the statewide median sales price for single-family homes was $140,500, an increase of about 41.6 percent over the five-year-period, according to FAR records.

The national median sales price for existing single-family homes in January 2008 was $198,700, down 5.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $430,370 in January; in Massachusetts, it was $321,000; in Maryland, it was $286,520; and in New York, it was $240,000.

Sales of existing condominiums in Florida also decreased last month, with a total of 2,765 condos sold statewide compared to 3,375 in February 2007 for an 18 percent decline, according to FAR.

The statewide median sales price for condos last month was $175,600, down 20 percent from February 2007's condo median price of $218,900. NAR reported the national median existing condo price was $220,400 in January 2008.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.29 percent in February 2007, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's larger markets, the West Palm Beach-Boca Raton Metropolitan Statistical Area (MSA) reported 401 existing homes sold last month compared to 560 homes sold a year ago for a 28 percent decrease. The market's median sales price for homes was $344,600; it was $374,300 in February 2007 for a 8 percent decrease. A total of 438 existing condos changed hands in the MSA last month, down 5 percent from the 462 condos sold the previous year. (Boca Raton skyline photo at right)

The existing condo median sales price in February was $159,300; a year ago, it was $209,600 for a 24 percent decrease.

Says John J. Mike, chairman of the Realtors Association of the Palm Beaches and a sales associate with Prudential Florida WCI Realty, "Our members are reporting that activity levels have picked up in recent weeks. The softening of prices has certainly been appealing to buyers who were on the fence about entering the housing market. In addition, people are beginning to discover the reality of Amendment 1, particularly where portability of their property tax savings are concerned."

Among the state's smaller markets, the Punta Gorda MSA reported a total of 201 homes sold in February compared to 216 homes a year ago for a 7 percent decrease. The existing home median sales price was $151,300; a year ago, it was $201,100 for a 25 percent decrease. A total of 24 existing condos sold in the MSA last month compared to 30 condos the previous February for a 20 percent decrease.

The market's existing condo median price was $110,000; a year ago, it was $136,700 for a decrease of 20 percent. (Punta Gorda City Hall Annex photo at right)

Bill Dryburgh, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors and a sales associate with Coldwell Banker Residential LLC, says the area's waterfront and unspoiled scenic beauty continue to attract new residents.

"The recent action taken by the Federal Reserve will help stabilize the mortgage market, which in turn will help the housing market," he says. "I believe we're also starting to see some movement in sales activity due to the passage of Amendment 1 and its portability provision."

CONTACT:

Marla Martin,

Communications Manager,

+1-407-438-1400, ext.2326, or

Jeff Zipper,

Vice President of Communications,

+1-407-438-1400, ext.2314,

both of Florida Association of Realtors

Web site: http://media.living.net/

National Civil Rights Museum ‘Has a Dream’: Samuel L. Jackson and Hampton Hotel Volunteers Help Bring it to Life

Hampton’s Save-A-Landmar®k Program Pays Tribute to the 40th Anniversary of Dr. Martin Luther King’s Untimely Death by Refurbishing Museum Dedicated to Celebrating His Life

MEMPHIS, TN, Mar. 25, 2008 – Almost 40 years ago to this day, the legendary civil rights leader Dr. Martin Luther King, Jr. was assassinated in Memphis, Tennessee while standing on the second floor balcony of the Lorraine Motel – now the site of the National Civil Rights Museum.

Today, with the help of Hampton® Hotels’ Save-A-Landmark® program and legendary actor Samuel L. Jackson, this illustrious museum and infamous setting in American history will receive a makeover.

The restoration effort – the largest in the program’s nine-year history – will call on more than 100 Hampton Hotel volunteers from the area who’ll work alongside Jackson to restore four exhibition rooms by replacing wallpaper, repainting walls, repairing displays and mending electrical components; renovating the exterior walkways and facade, and upgrading the surrounding landscape.

The program plans to complete most of the project by the 40th anniversary of Dr. King’s untimely passing on April 4, 1968. Hampton will contribute more than 1,000 volunteer hours towards reviving this national landmark.

The refurbishment of the National Civil Rights Museum will kick off Hampton’s 2008 campaign – aptly named “Landmark Legends” – devoted to restoring sites honoring prominent Americans, such as Amelia Earhart’s Birthplace and Museum, the Barnum Museum, and the Poe Museum.

The list of legendary figures was generated from a nationwide survey, conducted by Hampton Hotels, to celebrate the accomplishments of those Americans who have inspired change, overcome adversity and made a difference.

“There was no question that Dr. King should be the first Legend honored by the program, and there was no better setting to honor his influence on the world than the Civil Rights Museum,” said Judy Christa-Cathey, vice president of brand marketing for Hampton Hotels. “Dr. King’s legacy as one of America’s most influential leaders of positive change should never be forgotten. Our goal is to help organizations like the National Civil Rights Museum continue educating, inspiring and motivating people for years to come.”

Samuel L. Jackson (photo at left below) himself an usher at Martin Luther King’s funeral stated, “The National Civil Rights Museum is an important landmark in American history. I’m looking forward to working alongside the volunteers at Hampton Hotels and their Save-A-Landmark program in restoring the grounds.”

Those looking to discover other locations devoted to historic individuals – or to possibly nominate their own “Landmark Legend” – can visit the Save-A-Landmark site at http://www.hamptonlandmarks.com/ and click on “submit a landmark” to enter a nomination for a legendary landmark. Below is just a sample of “heroic” landmarks already included in the program’s online database.

· Jesse Owens Memorial Park, (photo at left) Danville, Ala.: This park honors Olympic great Jesse Owens, an Oakville native who won four gold medals in the 1936 Berlin Olympic Games, the first American and the second athlete in history to win four gold medals.

· Jackie Robinson Birthplace, Cairo, Ga.: Born here on January 31, 1919 to sharecroppers and enslaved grandparents on what was once a plantation, Jackie Robinson – the first African-American major league baseball player – was just two years old

when his mother packed up Jackie and his four siblings, hopped on a train and headed to California.

· Hellen Keller Birthplace, Tuscumbia, Ala.: This small birthplace cottage was the site of the remarkable story of Helen Keller, the woman who was struck blind and deaf after becoming ill around the age of two. The home, called Ivy Green, eventually became the living quarters for Helen and her teacher, Anne Sullivan, whose huge teaching strides with Helen began by simply spelling out the word "water" in Helen’s hand as she pumped water over it.

· Celia Cruz and Freedom Tower, Miami, Fla.: The Cuban songstress Celia Cruz, “the Queen of Salsa,” performed at Freedom Tower during a 2001 fundraiser to turn the site into a museum, and was later brought to the tower after her death so tens of thousands of mourners could pay their last respects to the legendary singer. Known as the Ellis Island of the Cuban community, Freedom Tower is where immigration officials processed more than 500,000 Cubans who fled the country in the 1960s.

Hampton’s Save-A-Landmark program is continuing its ninth year preserving historical, fun and cultural landmarks, from the Carousel Gardens in New Orleans, La. to the historical National Monument to the Forefathers in Plymouth, Mass.

During this time, the program has helped research landmarks in need, promoted landmark sites and their importance, facilitated thousands of volunteer hours, donated several tons of supplies and worked with matching grants — all at an investment of more than $2.5 million. Uniting its hotels together in the communities they serve, Hampton employee-volunteers work hand-in-hand on the landmarks while Hampton provides the financial support to refurbish selected sites.

Landmark nominations have been a key element of the Save-A-Landmark program’s success since its inception in 2000, with thousands of nominations provided by the public. Submissions can be made online at http://www.hamptonlandmarks.com/ or by mailing recommendations c/o Save-A-Landmark to 8730 Sunset Blvd, 5th Floor, Los Angeles, CA 90069.

CONTACTS:

Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297
julie@dalygray.com

Charmaine Easie-Samuels/Tori Roberson

Hampton Brand Communications

901 374 5534

901 201 1022

Spencer Woolcott

Cohen & Wolfe

310 967 2974

Sheraton Grande Tokyo Bay Hotel Announces Completion of $10M Renovation in Celebration of its 20th Anniversary

Sheraton Grande Tokyo Bay Hotel completed significant upgrades as it re-launches as a leading international meeting facility

TOKYO, Mar. 25, 2008 –Sheraton Grande Tokyo Bay Hotel recently celebrated the completion of a $10 million dollar renovation in honor of its 20th anniversary.

The hotel’s comprehensive refurbishment program included the reinvention of the lobby, revitalization of guestrooms and upgrading of its meeting facilities in preparation of the hotel’s re-launch as a leading international conference facility.

As part of its refurbishment, Sheraton Grande Tokyo Bay Hotel now introduces a host of Sheraton signature comforts for the first time in Japan.

Owned by a joint venture between Starwood Hotels & Resorts and a fund managed by Morgan Stanley Real Estate, Sheraton Grande Tokyo Bay Hotel is one of Japan’s favorite hotels and the official hotel for Tokyo Disney Resort, which commemorates its 25th anniversary this year.

“This very timely refurbishment will position Sheraton Grande Tokyo Bay Hotel as one of the leaders in the family, conference and incentive markets, in a destination that attracts travelers from around the world,” said Lothar Pehl, (photo at left) Regional Vice President for Starwood Hotels in Japan, Korea and Guam. “The warm and welcoming revitalized guestrooms will be enhanced by the brand’s signature comforts, designed to make them feel at home. Meanwhile, the new Sheraton brand guest programs will ensure that guests can bring their lifestyle on the road and make connections while travelling.”

Sheraton Grande Tokyo Bay Hotel will also re-energize its dining options by introducing two new restaurants. At TOASTINA, guests will be invited to indulge in a variety of freshly prepared items, included several toasted selections. The casual and lively ambience will make it the perfect spot to connect with friends and colleagues, while enjoying live music and tasty food. Guests will also be able to enjoy enticing entrees at the new MAIHAMA – Teppanyaki Grill.

CONTACT:

Hwee Peng
Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989
Tel : +65 6335 4837;

Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/;

http://www.starwoodpressclub.com/

Arbor Closes $798,500 Fannie Mae DUS® 3MaxExpress® Loan on St. Regis Arms Apartments in Endwell, NY

UNIONDALE, NY, Mar. 25, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $798,500 loan under the Fannie Mae DUS® 3MaxExpress® product line to acquire the 24-unit complex known as St. Regis Arms Apartments in Endwell, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.27 percent. * DUS and 3MaxExpress are registered marks of Fannie Mae

The loan was originated by Stephen York, Director, in Arbor’s full-service Uniondale, NY lending office. “Arbor was pleased to offer competitive acquisition financing by utilizing Fannie Mae’s 3MaxExpress® program. We look forward to continuing our business relationship with this client,” said York.

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties.

The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

CONTACT:
Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900Uniondale, NY 11553
www.Arbor.com
Ingrid Principe
Tel: (516) 506-4298

Arbor Closes $4,830,000 Fannie Mae DUS® MBS Loan on Hunter’s Ridge in Columbia, SC

UNIONDALE, NY (March 25, 2008) Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,380,000 loan under the Fannie Mae DUS® MBS product line to refinance the 205-unit complex known as Hunter’s Ridge (photo at right) in Columbia, SC.

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.03 percent.

The loan was originated by John Kelly, (photo at left) Director, in Arbor’s full-service Boston, MA lending office. “This transaction represented the opportunity for us to extend a relationship with a long-time Arbor client,” said Kelly. “We were able to execute on our long-term strategy for this property, and structured this bridge by financing from our REIT into 5-year financing with our Fannie Mae program.”

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties.

The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States. * 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

http://www.arbor.com/

Ingrid Principe

Tel: (516) 506-4298

The Prime Group, Inc. Secures $393.6M of Construction Financing and Joint Venture Equity for New JW Marriott Hotel in Chicago

CHICAGO, IL – The Prime Group, Inc. ("Prime") announced has closed on $393.6 million of construction financing and joint venture equity for the renovation of 208 South LaSalle,(photo above) a historic landmark in downtown Chicago. The renovation project includes the construction of a new five-star, luxury JW Marriott Hotel in the lower twelve floors of the historic building.

208 South LaSalle is one of Chicago’s most treasured architectural assets, being the last and most significant building that Daniel Burnham designed before his death in 1912. The building has been designated as a historic landmark by the city, state, and federal landmark commissions, and has been added to the National Register of Historic Places. (Photo at right shows The Rookery #1; 208 LaSalle #2; Federal Reserve Bank #3; Chicago Board of Trade #4; LaSalle Street Canyon #5. File photo by Nathan Kirkman)

Located in the heart of Chicago’s Central Business District, the 21-story building was previously leased as a multi-tenant office building. Prime acquired the property in late 2005, and has since committed to returning the building to its original splendor through an adaptive re-use of the architectural landmark.

At a total cost of $393.6 million, the redevelopment project will include converting the lower twelve floors into a five-star, luxury JW Marriott Hotel, (artist file photo at right below) as well as upgrading the 335,000 rentable square feet of office space that will remain on the top nine floors and the 18,000 rentable square feet of ground floor retail space.

The "JW Marriott Hotel-Chicago" will include 610 rooms and suites, 48,000 square feet of ballroom and conference meeting space, and a 20,000 square foot "world class" spa and health club. The JW Marriott Hotel will be operated and managed by Marriott International and is scheduled to open in early 2010. The renovation of the project’s office component will be completed in early 2009.

The project is being developed by UST Prime III Joint Venture, Ltd. (the "Venture"), a joint venture between Reschke Chicago Partners, LLC, an affiliate of Prime, and an affiliate of Estein & Associates USA, Ltd. ("Estein"). With its US office based in Orlando, Florida, Estein is one of the largest German investors in US real estate with over $3.0 billion of equity investment since 1978. Estein and Prime have had several successful development joint ventures over the last twelve years.

Construction financing for 208 South LaSalle, in an aggregate amount of $271.6 million, came from three different lenders – Union Labor Life Insurance Company (ULLICO), Private Bancorp, Inc. and Capri Capital Partners, LLC. ULLICO provided a $209.1 million first mortgage construction loan for the hotel portion of the project.

Capri Capital Partners, LLC, a long time partner of The Prime Group, provided a $12.5 million second mortgage for the hotel. Private Bancorp, Inc. provided a $50.0 million first mortgage for the office portion of the project. Estein and Prime capitalized the Venture with $123.0 million of equity capital.

The Chicago office of Holiday Fenoglio & Fowler, LLC advised and assisted the Venture in securing the construction financing. The HFF team was led by senior managing director Mike Kavanau (photo at left) and director Matthew Schoenfeldt. "Given the strength of the location and general dearth of luxury hotels in the loop, HFF was able to attract several competitive lenders to the project," said Schoenfeldt. "Sponsorship and Marriott Corporation were both outstanding to work with; in this environment having flexible and well capitalized partners was the absolute key," Kavanau said.

"We are thrilled by the opportunity to create a new landmark in downtown Chicago through the adaptive re-use of one of Daniel Burnham’s architectural masterpieces," says Michael W. Reschke, Chairman and CEO of The Prime Group, Inc. "Our ability to attract significant debt and equity capital for a new luxury hotel in downtown Chicago is a clear indication of the continued strength and vitality of the Chicago luxury hotel market.

"The JW Marriott Hotel-Chicago will provide the finest business and leisure accommodations in downtown Chicago. In addition, the 48,000 square feet of ballroom and conference meeting space, along with the 20,000 square foot world-class spa, will provide an exceptional amenity for our hotel guests, as well as the office population surrounding the hotel in downtown Chicago."

The closing of this deal further strengthens Prime’s position as one of the preeminent development companies in the country. Prime has been widely recognized as the developer and/or owner of award winning, architecturally-significant and technologically advanced real estate properties.

Over the past 25 years, Prime has successfully developed over $11.0 billion of institutional-quality commercial and residential real estate across all product types. In recent years, Prime has focused its development activities primarily in downtown Chicago.

In Chicago, Prime also is developing a 35-story luxury condominium tower at 10 East Delaware, a 55-story Class A plus office tower on the west bank of the Chicago River at 400 West Randolph, and a 350,000 square foot retail lifestyle center at 39th & State. In addition, Prime is renovating another historic landmark office building, the Roanoke Building and Tower, located at 11 South LaSalle in downtown Chicago.

For further information on Prime, please contact Larry Vogler, President, at (312) 917-7178.

For further information on Estein, please contact Lance Fair, Vice President, at (407) 909-2220.

MEDIA CONTACT:
Laurie Fish McDowell
Associate Director HFF

One Post Office Square, Suite 3500

Boston, MA 02109
tel 617.338.0990

fax 617.338.2150

http://www.hfflp.com/
lmcdowell@hfflp.com