Wood Hollow Apartments in Marietta, GA Offered at $21M

ATLANTA, GA, Aug. 31, 2009--Engler Financial Group, LLC is proud to present Wood Hollow (top right photo) , a 312 unit garden-style apartment community located off the west side of Powers Ferry Road, approximately one-quarter mile north of Windy Hill Road and one-quarter mile south of Terrell Mill Road, in Marietta, Cobb County, Georgia.

Wood Hollow is offered for sale for $21,000,000 and represents an excellent opportunity to purchase a well located class “B+" apartment community with significant “value-add renovation” potential.

Wood Hollow has undergone over $2.3 million in capital upgrades over the last five years.

In addition, further upside rent potential exists through continued renovation of the property's unit interiors.Wood Hollow is being offered debt free and represents an excellent investment opportunity with a projected cash-on-cash yield in the mid teens based on year 1 proforma.

Contacts:

Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Forest City Announces Loan Extension and Tenants for Ridge Hill

CLEVELAND, OH, Aug. 31 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) today announced that Forest City Ratner Companies, its New York-based subsidiary, has reach an agreement with a 13-member bank group on a two-year extension and modification of the $557 million construction financing for the retail/mixed-use Ridge Hill project, (bottom left photo) currently under construction in Westchester County, New York

The financing, which originally matured in August 2010, will now have an initial maturity of August 2012, with two 12-month extensions available.

"We're extremely pleased to announce this important step for our great Ridge Hill project, which is gaining momentum and attracting strong interest from top-tier retailers," said Charles A. Ratner, (top right photo) Forest City Enterprises president and chief executive officer.

"I want to congratulate our New York team on this achievement.

"We deeply appreciate the commitment demonstrated by all of our lenders, and in particular, the Agent banks, Bank of America, N.A., KeyBank Real Estate Capital, and ING Real Estate Finance.

"Their support reflects the great location and extraordinary quality of this project, as well as the deep relationships we have built over the years.

"It also highlights our continuing ability as a company to proactively manage our debt maturities in the current economic and financial-market conditions," Ratner added.

Ridge Hill will be a distinctive, upscale destination for Westchester County, offering elegant shopping, entertainment and gracious dining.

Signed tenants include Whole Foods, L.L.Bean, Cinema De Lux, a multiplex cinema by National Amusements, The Cheesecake Factory and Sephora, along with other local and national retailers and restaurants. In May, Forest City announced that it had received a non-binding letter of intent from Saks Fifth Avenue to become a major tenant.

Phase I of the project has been increased to more than 1.3 million square feet of retail, entertainment and office space, from the original 1.2 million square feet, primarily to accommodate street-level retail that was originally associated with a residential tower planned for a later phase of development.

Phase II of the project is expected to include future residential and hotel development. Grand opening of the center is expected in 2011.

CONTACTS:

Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060;

Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, both of Forest City

Web Site: http://www.forestcity.net/

Arbor Closes 2 Fannie Mae DUS® Loans in California and Texas

Vintage Wood Apartments in Fresno, CA Receives $2.5M Loan

UNIONDALE, NY (Aug. 31, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,500,000 loan under the Fannie Mae DUS® Loan product line to refinance the 65-unit complex known as Vintage Wood Apartments (top right map) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor was please to refinance Vintage Wood Apartments - a solid, well-managed property in Fresno, CA, said Porterfield. “We look forward to working again with this experienced borrower.”

Bridgestone Apartments in Friendswood, TX Gets $1.95M Loan

In Friendswood, TX, Arbor brokered a $1,950,000 loan under the Fannie Mae DUS® Small Loan product line for the 76-unit complex known as Bridgestone Apartments.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent.

The loan was originated by Matt Norman, Vice President, in Arbor’s full-service Dallas, TX lending office.

“Arbor utilized the Small Loan program to provide aid to this new client’s acquisition in the challenging Houston market,” said Norman. “Though there were obstacles, ultimately, the acquisition was completed within acceptable timeframes for both the buyer and seller.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

Supertel Hospitality Announces Management Changes

Company Names New CFO, New COO

NORFOLK, NE, Aug. 31, 2009 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 117 hotels in 23 states, today announced the reorganization of its senior management team with the promotion of four executives to senior executive posts.

Among the promotions announced were two key appointments: Connie Scarpello was named chief financial officer and Steve Gilbert was appointed chief operating officer.

In addition, Paul Heybrock was promoted to vice-president, controller, and Pat Morland was promoted to assistant vice-president of human resources.

Concurrently, the company announced that Don Heimes will step down as chief financial officer, effective August 31. Heimes, 65, has served in that capacity since 2004.

“Don played a key leadership role during his five years at Supertel, which included what was arguably the most challenging operating environment in the history of our industry,” said Kelly A. Walters, Supertel’s president and chief executive officer.

Contacts:

Kelly Walters, 402.371.2520, kwalters@supertelinc.com

Jerry Daly, 703.435.6293, jerry@dalygray.com

Carol McCune, (703) 435-6293 ofc, (703) 435-6297 fax. carol@dalygray.com

Morris, Manning & Martin, LLP Announces New Managing Partner: Louise M. Wells

ATLANTA, GA, Aug. 31, 2009-- Morris, Manning & Martin, LLP, one of Atlanta’s leading law firms and an AmLaw 200 firm, is pleased to announce the election of its new Managing Partner, Louise M. Wells. Wells,(top right photo) who has been with the firm for over 30 years, will be the first female to hold the position since the firm was founded in 1976.

The firm’s succession plan is being implemented to ensure that the firm is positioned to capitalize on ever-evolving market conditions for the continued success of its clients and the firm.

As a critical component of the plan, the firm created an Executive Committee that will work closely with Wells.


The Executive Committee members include litigation partner John P. MacNaughton, (bottom left photo) corporate partner David M. Calhoun (bottom right photo) and real estate partner Thomas S. Gryboski (middle left photo).


“I am honored to accept this responsibility,” Wells offered. “As a result of the firm’s unique culture and entrepreneurial spirit, we have been responsive to the challenging market conditions.

"We have made smart strategic decisions that build upon the firm’s solid platform, better positioning us to succeed and drive forward in the coming months and years,” she added.


Robert E. Saudek, (top left photo) the firm’s current Managing Partner, is one of the firm’s original founding partners and has been Managing Partner for 16 years.

He has been instrumental in helping the firm achieve eight-fold revenue growth in the past two decades, enabling it to become one of Atlanta’s and the nation’s leading law firms.

He will remain in the managing partner position with the executive committee in place until the transition is completed Dec. 31. After that time, he will remain active with the firm.

“I have been honored to serve as Managing Partner for such a long time period and to help the firm grow from its original eight lawyers into a national AmLaw 200 law firm,” Saudek stated. “We are very excited about turning over the reins of the firm to the next generation. I believe that Louise will be an exceptionally capable and energetic leader. “


“Bob [Saudek] has been an excellent leader for this firm for nearly 20 years,” said founding partner John “Sonny” Morris.(middle right photo) “He led us during a period of unprecedented growth and success.

"Now, the next generation can successfully guide us through the next 20 years. With the combined leadership of Louise and our Executive Committee, and the commitment of every member of the firm, from top to bottom, we are positioned to truly excel.”


Media contact: Terri Thornton, Thornton Communications (404) 932-4347, terri@territhornton.com,