Arbor Closes $1,960,000 Fannie Mae DUS® Small Loan for 106 Wrentham Street in Boston, MA

UNIONDALE , NY (May 20, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,960,000 loan under the Fannie Mae DUS® Small Loan product line for the 16-unit complex known as 106 Wrentham Street in Boston, MA. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.70 percent.

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

“Arbor continues to be a market leader in being able to deliver small balance loans with excellent financing terms in a timely manner,” Kelly said. “This transaction was for a repeat client who does an excellent job managing all of his assets.”

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

Subway Extends Lease in Sunrise, FL

SUNRISE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that Subway restaurant has extended its multi-year, 1,200-square-foot lease at Sunrise Plaza, Konover South’s retail center located at the intersection of West Sunrise Boulevard and NW 61st Avenue in Sunrise, FL.

Konover South Leasing Specialist Vivian Ricardo represented Konover South in the transaction.

Sunrise Plaza’s tenants include Walgreen’s, Burger King, American Ways Coin Laundry and Check Cashing Store, among others.


Contact: Kenneth H. Cristol, 407-774-2515

Thomas D. Wood & Co. Brokers $9.5M Loan for Miami's Galleria Mall

MIAMI, FL—May 20, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 8, 2009, in the amount of $9,500,000 for the Galleria Mall (top right photo) in Downtown Miami, Florida.

Thomas D. Wood, Jr., Company President, financed the Galleria Mall through Thomas D. Wood and Company’s relationship with a local banking institution.

The loan has a fixed interest rate of 6.75% and a five-year term, based on a 25-year amortization. Loan-to-value is 46%.

The three-story, 164,918 square-foot retail and office building is home to major tenant Marshalls, and is located at 251 East Flagler Street, Miami, Florida.

For further information, please contact:
Tom Wood, Jr., (305) 447-7820, tomjr@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

C&W broker Betsy Owens closes deals for staffing and outsourcing companies

ORLANDO, FL – May 20, 2009– Betsy Owens (top right photo) of the Orlando office of Cushman & Wakefield, announced two deals this month for the Orlando MSA.

Professional staffing service Kforce, Inc is relocating from 111 Orange Avenue to the Maitland Colonnades (bottom left photo) located at 2301 Lucien Way.

Ms. Owens represented the tenant in the 5-year lease with Colony Realty Partners. Kforce specializes in staffing for technology, financial services and healthcare/clinical industries.

Outsourcing and marketing company Prestige Solutions renewed their 1,600 sf lease for three years at Interlachen Corporate Center in Casselberry.

Ms Owens represented the landlord, ACP/URS 500 Interlachen Corporate Center in the transaction.

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

CB Richard Ellis Group, Inc. Completes $79M Sale of Crossroads Marketplace in Chino Hills, CA

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (CBRE) today announced the completion of a $79 million disposition of the Crossroads Marketplace (top left photo) in Chino Hills, Calif.

Philip D. Voorhees, Todd Goodman and Kirk Brummer of CBRE’s National Retail Investment Group - West, arranged the transaction on behalf of the undisclosed seller.

The buyer was SKT Investments, which assumed the seller’s CMBS loan on the property.

“This sale demonstrates CBRE’s ability to reach ‘one-of-a-kind’ private buyers that are intermittently in the market.

Database-driven, cooperative marketing uncovered a broker representing a foreign investor with an immediate requirement for a large, high quality center.

Compared with portfolio sales, selling properties individually continues to yield the highest pricing and greatest surety of closing for sellers,” said Mr. Voorhees.

Located at the southwest corner of Peyton Drive and the 71 Freeway, the Crossroads Marketplace is a 539,270 square foot retail center that includes a first tier anchor and shop tenant mix, including PetSmart, Best Buy, Bed Bath & Beyond, Steinmart, Sport Chalet and CVS Pharmacy.

Contacts: CB Richard Ellis, Robert McGrath, 212-984-8267, Robert.mcgrath@cbre.com or Christy Ingle, 949-751-9200, christy.ingle@cbre.com

Crescent Hotels & Resorts Adds Landmark “Adolphus Hotel” to its Luxury Independent Collection

WASHINGTON, D.C., May 20, 2009—Officials of Crescent Hotels & Resorts, a leading operator and owner of hotels and resorts in the U.S., Canada and the Caribbean, today announced that the company has added the fabled Adolphus Hotel (top right photo) in Dallas to its portfolio.

The Adolphus joins Crescent’s collection of classic independent hotels & resorts that also includes the Georgian Terrace in Atlanta and the il Lugano Hotel in Ft. Lauderdale.

“The Adolphus has achieved legendary status over the past century, and we plan to build on its incredible legacy,” said Michael George, (top left photo) Crescent president and CEO.

“We have a keen appreciation for what it takes to successfully operate and position these elegant, one-of-a-kind, independent properties.

"The Adolphus has so much to offer in the way of European charm and character, and it is synonymous with Texas hospitality.”

Originally built in 1912, the 428-room, Four Diamond luxury hotel has received virtually every architectural, interior design and hospitality award, including the Conde Nast Travelers’ Readers Choice Award as one of the top 10 hotels in the U.S.

“The Adolphus is a perfect complement to our portfolio of unique luxury hotels and resorts, and we plan to take full advantage of cross-marketing opportunities,” George added.

“The property has undergone a multi-million-dollar renovation, which included enlarging and modernizing the already luxurious guest rooms.

"We have begun implementing a very robust marketing and e-marketing plan that will include affiliations with the prestigious Historic Hotels of America and other preferred partners with international reach, which will help us fully leverage the numerous advantages of this iconic property.”

The Adolphus is on the National Register of Historic Places and was built by beer magnate Adolphus Busch as the city’s first grand and posh hotel.

The 22-story Beaux Arts-style building has played host to many leaders of business, government and entertainment, including presidents, from Warren G. Harding (middle left photo) to George H. W. Bush, (bottom right photo) and royalty—Queen Elizabeth II (top right photo) and Prince Philip. (bottom left photo)

Over the years, the building underwent a series of expansions—in 1916, 1926 and 1950, when the hotel expanded to a total of 1,200 rooms. Following the recent $80 million renovation, the hotel reduced the total number of guest rooms to 428.

The hotel features elegant guestrooms, 16 luxury suites and 123 junior suites, as well as 22 meeting rooms and more than 25,000 square feet of flexible meeting and elegantly appointed social space.

The French Room, the property’s Five Diamond award-winning restaurant, earned Gourmet magazine’s top ranking for the Dallas/Fort Worth region, and Wine Spectator’s Award of Excellence.

Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an independent, third-party operator of hotels, resorts, and golf clubs.

The company currently owns or operates approximately 55 hotels and resorts aggregating more than 9,000 rooms in 26 states.

The company’s portfolio encompasses properties in the luxury, resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as independent hotels, resorts and Golf Clubs.

Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com/.

Contact: Jerry Daly or Chris Daly, media, (703) 435-6293