MBA Reports Multifamily Lending 40 Percent Lower in 2008 Than 2007; Market Remained Broad and Diverse

Washington, DC  - In 2008, 2,877 different multifamily lenders provided a total of more than $88 billion in new financing for apartment buildings with five or more units, according to an annual report from the Mortgage Bankers Association (MBA). The 2008 dollar volume represents a 40 percent decline from 2007 levels.

In terms of total dollar volume, the top five multifamily lenders in 2008 were PNC Real Estate, Wachovia, Wells Fargo Bank, N.A, Capmark Financial Group Inc, and Deutsche Bank Commercial Real Estate.

"Multifamily lending volume was down in 2008, but even in the face of the credit crunch, there was a broad and diverse market offering mortgages to apartment building owners," said Jamie Woodwell, (top right photo)  MBA's Vice President of Commercial Real Estate Research.

 "There is a core group of dedicated multifamily lenders that originated a large number of loans in 2008. In addition, there is a broad group of smaller institutions that each originated a small number of loans, but collectively offered borrowers a wide range of options. In fact, 26 percent of lenders who made multifamily loans in 2008 made just one, and two-thirds made five or fewer."

The report is based on data from the MBA 2008 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA).

The MBA survey targets specialized commercial/multifamily originators and covered $181 billion in commercial/multifamily loans in 2008. The HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. When combined, the two datasets provide the most comprehensive assessment of the multifamily mortgage market available.

CONTACT: Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Innkeepers USA Trust Suspends Payment of 4th Quarter 2009 Dividen on 8% Series C Cumulative Redeemable Preferred Shares

PALM BEACH, FL– Innkeepers USA Trust (OTC: INKPP) announced that it has suspended payment of its 2009 fourth quarter dividend on its 8% Series C Cumulative Redeemable Preferred Shares.

Innkeepers’ board of trustees will continue to review future quarterly dividends on the 8% Series C Cumulative Redeemable Preferred Shares based on financial and economic conditions and other appropriate factors.

A description of the 8% Series C Cumulative Redeemable Preferred Shares, is available in the Amended and Restated Declaration of Trust of Innkeepers USA Trust and the Articles Supplementary to the Declaration of Trust. Certain information regarding the 8% Series C Cumulative Redeemable Preferred Shares may be found on the company’s website at www.innkeepersusa.com.

Innkeepers USA Trust is a real estate investment trust (REIT) and a leading owner of upscale and extended-stay hotel properties throughout the United States. The company currently owns interests in 73 hotels with approximately 10,000 rooms in 19 states and the District of Columbia.

Contact: Dennis Craven, CFO, Innkeepers USA Trust, Telephone: (561) 227-1302

CB Richard Ellis and Prudential Announce Sale of Sweetbay Shopping Center in Tampa, FL

TAMPA, FL -– CB Richard Ellis (CBRE), the world's leading commercial real estate services provider, and Prudential Real Estate Investors announce the sale of Sweetbay Shopping Center, a neighborhood shopping center located at the intersection of North Dale Mabry Highway and Beach Street in Tampa, Fla. The property was acquired by S-O Sweet FL Retail I LLC.

The CBRE Florida National Retail Investment Group exclusively represented the seller, which was a fund advised by Prudential Real Estate Investors. The buyer, S-O Sweet FL Retail, is a private investor based in Ohio.

"Sweetbay Shopping Center is extremely well located and has a history of successful operations since it opened in 2003," said Casey Rosen, (top right photo)  senior vice president for CBRE. "The buyer was interested in a stable low-risk investment involving high quality real estate and this property met that criteria."

Anchored by a 46,147-sq. ft. Sweetbay grocery store, the 56,097-sq.-ft. shopping center features national and regional tenants including Moe's Southwest Grill, Smoothie King, GameStop and Quiznos.

The property is strategically located on the "going home" side of North Dale Mabry Highway, a primary route to and from the affluent neighborhoods of north Tampa.

For more information about the CBRE Florida National Retail Investment Group, please visit: www.cbre.com/ipflorida-retail

Contact: Rachel Andreozzi , 954.745.7464, rachel.andreozzi@cbre.com

Industrial Team at Southern Commercial Completes 12,027-SF New Lease

ORLANDO, FL--Principals William “Bo” Bradford, CCIM, SIOR and Tom McFadden, SIOR of Southern Commercial Real Estate Advisors completed a 12,027 square foot new lease at 2157 Viscount Row, Orlando, Florida. Bradford and McFadden negotiated the lease, representing the Landlord, GE Real Estate. The tenant is The Incredibeds, LLC.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, cmackenzie@southercommercialre.com

Grubb & Ellis Commercial Florida negotiates long-term lease agreement for 37,175 SF at Tampa multi-tenant facility

TAMPA, FL – Grubb & Ellis Commercial Florida’s, associated with 130 offices worldwide, recently negotiated a long-term lease agreement for 37,175 square feet of office/warehouse flex space at 8800 Adamo Drive just east of downtown Tampa.

Mia Jarrell, (top right photo) vice president of the Office Group at Grubb &  Ellis

Commercial Florida, negotiated the transaction representing the new tenant, Non Stop Digital Services South, LLC. Non Stop Digital specializes in sales, service and custom manufacture of broadband products for the industrial and retail industries, and is headquartered in Tempe, Ariz.

The landlord at the 379,834 square foot multi-tenant facility is Exeter Property Group, based in Plymouth Meeting, Penn.

Contacts: Mia Jarrell, 813-639-1111; Jeffrey Sweeney, 407-481-5387; Larry Vershel, 407-644-4142

http://www.commercialfl.com/

NAI Realvest Negotiates Long-Term Lease of former Captain D’s Restaurant Facility on East Colonial in Southeast Orlando

ORLANDO, Fla. – NAI Realvest recently negotiated a six-year lease agreement for the 2,500 square foot former Captain D’s restaurant facility at 10414 E. Colonial Drive in southeast Orlando.

Mez Birdie, CCIM, director of retail and investment services at NAI Realvest, brokered the transaction on behalf of the landlord, Nashville-based Captain D’s Restaurants/Sagittarius Brands, and the new tenant, The Grill.

Birdie provides various outsourced real estate services including sale-leaseback, leasing, brokerage and surplus site selection to Sagittarius Brands, the parent company for Captain D’s and Del Taco restaurants.

For more information, contact:

Mez Birdie, CCIM, Director/Retail & Investment Services NAI Realvest 407-875-9989, Mbirdie@realvest.com
Patrick Mahoney, President and COO NAI Realvest, 407-875-9989, pmahoney@realvest.com
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142

Morrison Commercial Real Estate Completes 43,284 SF of Leases in Orlando

ORLANDO, F:--Greg Morrison, (top right photo)  CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of several office lease transactions totaling 43,284 square feet throughout Orlando.

Lisa Bailey (bottom left photo) of Morrison Commercial Real Estate completed these transactions including a new lease totaling 9,033± square-feet to RomaCorp, Inc. and 11th Hour Business Center who leased a total of a 10,830± square-feet at the Lake Point Business Park.

At the Atrium Tower, Bailey renewed the lease for American Management Services totaling 9,400± square-feet along with Richard Loiseau and Century 22 Marketing.

Another significant deal, Bailey renewed and expanded the lease for Nurse on Call at Commerce Point totaling 10,391± square-feet along with two new tenants Atlantic P.I. and Urban Models.

Contact: Buffy Gillette, Phone: 407.219.3500, Email: bgillette@morrisoncre.com