Arbor Closes Two Fannie Mae DUS® Loans Totaling $3,142,000

UNIONDALE, NY (May 18, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $3,142,000 under the Fannie Mae DUS® product line. These loans include:

· Pavilion Apartments, Hartford, CT (bottom left photo) – 72-unit complex in the amount of $1,142,000 under the Fannie Mae DUS® MAH product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.11 percent.

· Windsor Oaks Apartments, New Haven, CT – 50-unit complex in the amount of $2,000,000 under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.

The loans were originated by John Edwards, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“We were pleased with the opportunity to provide financing for repeat clients of Arbor,” said Edwards. The loans were arranged by Fred Vogell of Mortgage Resources.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/

Thomas D. Wood & Co. Brokers $3.14M Loan for CVS in Ft. Pierce, FL

FORT LAUDERDALE, FL, May 18, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on May 13, 2009, in the amount of $3,140,000 for a CVS Pharmacy in Ft. Pierce, Florida.

Patrick Madore, (top right photo) Company Vice President, financed the CVS Pharmacy through Thomas D. Wood and Company’s relationship with a regional bank.

The construction/mini-perm loan has an interest rate of 6%, and is interest-only for the first year. The loan term is five years, based on a 25-year amortization. Loan-to-value is 75% and loan-to-cost is 90%.

The 14,000 square-foot retail building will be built on two acres of land on US Highway 1 in Ft. Pierce, Florida.

The website may be accessed through http://www.tdwood.com/.

For further information, please contact:
Patrick Madore, (954) 233-6024, pmadore@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Grubb & Ellis Selected to Lease 3131 Turtle Creek in Dallas, TX

DALLAS, TX (May 18, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Proman International has selected the company to lease 3131 Turtle Creek, a 137,000-square-foot Class A, 13-story office building in Uptown Dallas.

“3131 Turtle Creek is located on the most prestigious street in Dallas,” said Chris Wright, senior vice president.

“Along with its unparalleled location, the building itself boasts 24-hour security, on-site management, panoramic views of the Dallas skyline (top right photo) and free covered parking, which is a valuable amenity in this area.”

The property is currently 80 percent leased and has 16 spaces available, ranging in size from 600 square feet to 11,000 square feet. The smaller spaces can be rented contiguously to one another, while the largest space, 11,000 square feet, occupies an entire floor.

Wright and Noreen Mehdi, associate, also of Grubb & Ellis’ Dallas office, are the listing agents on the project.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder. 714.975.2659, damon.elder@grubb-ellis.com

CB Richard Ellis Tampa Hires New Member to Retail Investment Properties Team

TAMPA, FL – May 18, 2009 – CB Richard Ellis (CBRE) Capital Markets is pleased to welcome Paul H. Deschamps (top right photo) as a new member and Vice President to the Investment Properties Private Client Group in Tampa.

Mr. Deschamps will join Mark Shellabarger (top left photo) in specializing in the disposition and acquisition of retail properties in west Central Florida region.

CBRE Capital Markets seamlessly integrates debt and equity finance services with investment properties disposition and acquisitions services.

With a strong background in commercial real estate debt capital markets, Mr. Deschamps is a valuable addition, bringing a successful track record of financing and retail asset management experience to the team.

"CB Richard Ellis' Capital Markets platform is ideally suited to take on the inevitable turn in the market," says Mr. Deschamps. "I'm excited to be on board."

Prior to joining CBRE, Mr. Deschamps provided commercial real estate lending services with LaSalle Bank and Bank of America.

Contacts:
Paul Deschamps, 813.273.8425,
paul.deschamps@cbre.com
Mark Shellabarger, 813.273.8439
mark.shellabarger@cbre.com
Lauren Crawford, 813.273.8482
lauren.crawford@cbre.com

ARA Retained to Market Apopka, FL Condo Community

APOPKA, FL (May 18, 2009) —ARA Florida’s Distressed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 160 multifamily units in a high-quality, 240-unit garden condominium community located west of Altamonte Springs in Apopka, a highly desirable area in the northern half of the Greater Orlando MSA.

“The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium well below replacement cost,” said ARA Orlando-based senior vice president, Kevin Judd (middle right photo) of ARA’s DASG team. “Replacement cost on a similar type of product can range from $125,000 to $150,000 per unit.”

The 80 sold units were purchased for an average sales price of approximately $162,000 per unit.š The remaining 160 units are currently 44% occupied and offering rents at $0.91 per square foot.

“This bank-owned fractured condominium project represents one of the many distressed assets where ARA Florida’s DASG Division is focused,” said Avery Klann, (middle left photo) also of ARA Florida’s DASG division.

The property consists of superior unit features and community amenities rivaling the most exclusive country clubs in the area.

Select unit features include energy-efficient appliances, nine-foot ceilings, large walk-in closets and Roman tubs. Some of the many amenities include gated access, oversized pool and spa, fitness center and clubhouse with TV/club room.

To schedule an interview with an ARA executive regarding this opportunity or for more information about Apartment Realty Advisors, please contact Kevin Judd at 407-514-2681 or Avery Klann at 561-988-8800, or via email at judd@arausa.com and klann@arausa.com .

Contact: Marti Zenor, mzenor@ARAusa.com; 561.988.8800 x112 Direct; 954.205.5207 Cell; 561.988.8810 Fax

Wyndham Hotels and Resorts Expands Development Team

PARSIPPANY, N.J. (May 18, 2009) – Wyndham Hotels and Resorts today announced the appointment of Stephen K. Miller (middle left photo) as senior vice president of development, responsible for the growth of the Wyndham Hotels and Resorts brand’s portfolio through management and franchise agreements throughout the Eastern United States.

The appointment marks Miller’s return to the Wyndham® brand, which he served in a senior development role for more than a decade under the former Wyndham International. While there, he was integral in expanding the brand’s portfolio.

In addition to his time with Wyndham International, Miller brings to the company extensive hospitality experience that includes positions with hotel companies including Strategic Hotels & Resorts Inc., Carlson Hotels Worldwide, Interstate Hotels & Resorts and Embassy Suites, now a brand of Hilton Hotels Corp.

Most recently, Miller was managing director and Chicago head for DTZ Hospitality Group, a London-based real estate and investment banking firm.

“Steve brings to the company a fundamental understanding of the hotel industry and the Wyndham brand,” said Jim Alderman, (top right photo) Wyndham Hotel Group executive vice president of development.

“His in-depth knowledge of key markets in this region combined with his established industry relationships will provide a good value added component for our owners and franchisees as he joins a team solely focused on building the Wyndham portfolio and positioning the brand as the leader in the upscale segment.”

Wyndham Hotels and Resorts, LLC and its affiliates, subsidiaries of Wyndham Worldwide Corporation (NYSE: WYN), offer upscale hotel and resort accommodations throughout the United States, Europe, Canada, Mexico and the Caribbean. All Wyndham hotels are either franchised or managed by us or managed through a joint venture partner. For additional information or to make a reservation, go to http://www.wyndham.com/.

CONTACT:

Rob Myers, Communications Coordinator, (973) 753-6590, rob.myers@wyndhamworldwide.com