$118M sale of trophy residential tower in Arlington, VA completed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of The Palatine, (top left photo) a 262-unit, Class A high-rise multi-housing community in Arlington, Virginia.

The HFF investment sales team was led by managing director Dave Nachison (middle right photo) and director Alan Davis (middle left photo) .

HFF was engaged by the lenders to market the property for sale during the pendency of the foreclosure process in the expectation that the price for the property would be maximized through a foreclosure auction.

Crescent Heights of America was the successful bidder at the foreclosure auction and purchased the property for $118 million.

Completed in 2008, The Palatine includes a mix of one-, two- and three-bedroom units that average 1,055 square feet each and feature condominium quality finishes and spectacular D.C. and monument views.

Building amenities include a rooftop pool with sundeck, fitness center, Zen garden, 24-hour business center, bicycle storage and controlled access garage parking.

The Palatine is located at 1301 North Troy Street in the Rosslyn-Ballston corridor of Arlington, Virginia two blocks from the Courthouse Metrorail station and minutes from downtown Washington, D.C.

“The Palatine was 95% occupied at closing in what is quickly becoming one of the tightest apartment submarkets in the entire metro D.C. area. All recently delivered apartment supply has been quickly absorbed and leasing concessions are rapidly being reduced by landlords in the area,” said Nachison.

"Despite being held in the middle of a blizzard among bidders that were required to bring $9 million in certified funds to be qualified to bid, the open auction-style offering of the Palatine garnered a very strong response from institutional, off-shore and private equity investors.

 The success of this offering illustrates the depth of capital aggressively seeking trophy quality multi-housing product locally and nationally," added Nachison.
"Washington, D.C. (Capitol building bottom right photo)  remains the #1 target for multi-housing investments with investors recognizing the nation leading fundamentals and the excellent prospects for near-term job growth," commented Davis.

Crescent Heights of America is one of the nation’s largest developers and marketers of high-rise, multifamily housing and hotels.

The company’s premier properties stretch from New York to Los Angeles, from Miami to Chicago, and points in between.

Crescent Heights prides itself at uncovering real estate trends, and knowing when and how to develop projects – from residential and hotel construction to redevelopment and adaptive re-use.

Contacts:

David R. Nachison, HFF Managing Director, (202) 533-2500, dnachison@hfflp.com
 Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Alta Brookwood Apartments in Simpsonville, SC on Market for $23.5M

ATLANTA, GA--Engler Financial Group, LLC is pround to present Alta Brookwood, (top left photo) an upscale 256 unit garden-style Class “A” apartment community located off I-385 in Simpsonville, South Carolina within the greater Greenville MSA.


The Property is being offered for sale for $23,500,000 and represents an excellent opportunity to purchase a well located apartment community in one of the fastest growing markets in the Southeast.

Alta Brookwood is located in the southern portion of Greenville County, approximately eight miles south of downtown Greenville and four miles south of I-85.

Greenville County is the economic growth engine of the Upstate South Carolina region, a nine county area which includes the Greenville, Spartanburg, and Anderson MSAs, and has a 2009 estimated population of over 1.3 million. Greenville is now home to numerous world class companies, including Lockheed Martin, General Electric IBM, Michelin, Sealed Air Corp., Kemet Corp., and BMW.

Alta Brookwood is strategically located about three miles south of the Clemson University International Center for Automotive Research (CU-CAR), a new $230 million, 250-acre, advanced R&D campus located off I-85 and Highway 276 in Greenville. CU-ICAR was jointly formed by the automotive industry, the South Carolina state government, and Clemson University and has created approximately 600 new jobs since 2006.

Please follow the link below to view the asset teaser for Alta Brookwood. If you have an interest in pursuing this outstanding investment opportunity, please execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Alta Brookwood, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Contacts:
Greg Engler, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Sperry Van Ness Names Sperry Van Ness/Commercial Specialists Inc. in Winchester, VA

WINCHESTER, VA– Sperry Van Ness, one of the nation’s largest commercial real estate brokerage firms, has announced that Winchester, VA-based Sperry Van Ness/Commercial Specialists Inc. was the firm’s #4 office in 2009 with a total sales transaction volume in excess of $22 million along with 22 individual leasing transactions.

Sperry Van Ness is one of the nation’s most recognizable commercial real estate brands according to nationally recognized commercial real estate consultant, Mike Lipsey Co.

Additionally, three individual advisors were honored for being in the firms list of Top 25 in 2009 including Gillian Greenfield (#9) (middle left photo), Conrad Koneczny  (middle right photo)  (#18) and Betty Friant (bottom left photo) (#23).

Greenfield serves as a senior advisor specializing in industrial leasing, commercial and industrial land development, portfolio disposition, and triple-net income property acquisition.

Koneczny serves as managing director specializing in investment grade commercial real estate, industrial, office, retail and assisted living facilities.

Friant serves as a senior advisor specializing in the sale of investment property and land sales. Sperry Van Ness Commercial Specialists, Inc. was founded in Winchester in 2004.

“In the past few years, Sperry Van Ness/Commercial Specialists has become one of the premier brokerage offices in the United States,” said Kevin Maggiacomo, (top right photo) president and CEO of Sperry Van Ness. “We look forward to its continued success with our company.”

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Brandon Pacheco Joins Grubb & Ellis Securities as Regional Vice President

SANTA ANA, CA, (Mar. 26, 2010) – Grubb & Ellis Securities, Inc. today announced that Brandon Pacheco  (top right photo) has joined the company as a regional vice president. In his new role, Pacheco is responsible for raising equity in the states of Colorado, Kansas, Nebraska and Wyoming for the various real estate investment programs sponsored or advised by the investment subsidiaries of Grubb & Ellis Company (NYSE: GBE).

These programs include Grubb & Ellis Apartment REIT, Inc. and Grubb & Ellis Healthcare REIT II, Inc., both publicly registered non-traded real estate investment trusts.

“Brandon is a seasoned sales professional with an exceptional reputation and thorough understanding of the industry,” said Richard Arnitz, (bottom left photo) executive vice president of sales with Grubb & Ellis Securities. “He is an exceptional addition to our sales force, and I am confident that he will provide exceptional service to our broker-dealer partners and clients in Colorado, Kansas, Nebraska and Wyoming.”

Pacheco joins Grubb & Ellis Securities from Sun Life Financial Distributors, Inc., where he served as a regional vice president. Prior to entering the securities field with Oppenheimer Funds in 1998, he served as an aviation ordinance third class petty officer with the United States Navy aboard the USS Constellation.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com


 Grubb & Ellis Opens San Diego Office

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the six principals of Commercial Realty Advisers, along with a majority of the firm’s brokerage professionals, have joined the company to form a new Grubb & Ellis-owned office in San Diego, effective immediately.

Joining Grubb & Ellis as senior vice presidents are Gregory Albertini, Brent Bohlken, Jeffrey Chasan, Steve Dok, Brandon Keith and Robert Vallera, all industry veterans whose varied and complementary expertise spans a wide range of commercial real estate specialties. Each will have a participating interest in the success of the new office.

The team will be joined by the majority of Commercial Realty Advisers’ brokerage professionals, giving Grubb & Ellis a significant brokerage and management presence in San Diego. The company currently manages approximately 5 million square feet of property throughout San Diego.

“Grubb & Ellis is already a well-known brand with a significant management presence in San Diego,” said Jack Van Berkel, (lower right photo)  Grubb & Ellis’ chief operating officer and president, Real Estate Services. “With the addition of Commercial Realty Advisers’ principals and its top professionals, the company has established itself as a leader in the San Diego commercial real estate market overnight. We’ve also enhanced Grubb & Ellis’ presence throughout Southern California.”

Grubb & Ellis will operate its San Diego operations from the former Commercial Realty Advisers office in UTC, located at 4275 Executive Square in La Jolla.

Contacts:
Janice McDill,  Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com
Erin Mays,  312.698.6735,  erin.mays@grubb-ellis.com

Marcus & Millichap Lists $17.9M Retail Property in Las Vegas

LAS VEGAS, NV-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 104,397-square foot Harley-Davidson/24 Hour Fitness (top left photo)  in Las Vegas. The listing price of $17,905,000 represents $172 per square foot.

Jeremy Foley and Ray Germain, both net-leased property investment specialists in the firm’s Las Vegas office, are representing the seller, a private investor.

“Las Vegas Harley-Davidson has been in this location since 2003 and is the world’s largest Harley-Davidson dealership,” says Foley. “24 Hour Fitness has been there since 1988 and has completed more than $2 million in tenant improvements since 2005.”

“Below-market assumable financing of $10.9 million is available for the property at 5.69 percent interest, fixed, due February 2016,” says Germain.

The property is located at 2605 South Eastern Avenue in Las Vegas, just north of West Sahara Avenue, in a well-established retail corridor with traffic counts in excess of 82,000 vehicles per day. Nearby tenants include CVS, Food 4 Less, Panda Express, Burger King, 7 Eleven, Kmart, Ross and Starbucks.

The property is 100 percent leased by the two tenants. 24 Hour Fitness’s triple-net lease expires in 2016. Harley-Davidson’s triple-net lease expires in 2013 and has two five-year options to renew.

A total of $637,800 has spent on recent capital improvements, which include roof replacement, exterior paint and parking lot resurfacing. These were completed in 2005, 2006 and 2008.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Cambridge Says Loan Origination Requests Rise Modestly in February

CHICAGO, IL--Cambridge Realty Capital Companies reports the number of senior housing/healthcare loan origination requests processed by the company rebounded modestly in February but the dollar volume was up a robust 21.6 percent over the same month last year.

Cambridge Chairman Jeffrey A. Davis  (top right photo) said the company processed 28 loans totaling $478.2 million in February. This compares with 25 loans totaling $393.1 million for the same month last year.

For the year-to-date, Cambridge has processed 50 loan requests, compared with 52 loans during the first two months of 2009. However, the $852.1 million dollar volume for this year is running about 12 percent ahead of the $757.7 million volume for the same period last year.

Davis points out that lenders close a relatively small percentage of loan requests received, but thinks it’s useful to track this information as an indication of market direction.

“All things considered, the results to date are encouraging. Cambridge is predicting a rebound in funding activity in 2010 if the economy continues to improve,“ he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders with more than 300 closed transactions totaling more than $3 billion since the mid-1990s, when the firm began specializing in senior housing/healthcare financing. The company consistently ranks among the top FHA-approved HUD 232 healthcare lenders in the country.

Davis says Cambridge has been privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties. The company today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions.

Contact:
Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap

Two Luxury Home Sales at Turtle Creek in Dr. Phillips Area Sold for $741,000

ORLANDO - Sally Taylor and Emily White, a sales associate team in Stirling Sotheby’s International Realty’s Windermere/Dr. Phillips office recently represented both buyers and sellers of two luxury homes at Turtle Creek in the Dr. Phillips area that totaled $741,000.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said the two homes, located at 10625 and 10626 Woodchase Circle respectively, sold for $355,000 and $386,000.

Soderstrom said Taylor and White formed a special team in the firm’s Dr. Phillips office. “Sally Taylor and Emily White are originally from the U.K., and they extensively market their properties both locally and internationally,” Soderstrom said. “They have excellent contacts with European investors and they are very meticulous in their presentations and strategies,” he said.

Soderstrom added that the luxury homes market is coming back strong in southwest Orlando.

“The luxury homes market is coming back strong because the opportunities throughout Central Florida are abundant, and especially in southwest Orlando” Soderstrom said.

For more information contact:
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Spring Hill Suites by Marriott opens at Tampa Palms Professional Center

TAMPA - Sun Development and Management Group of Indianapolis has opened the Spring Hill Suites by Marriott (top left photo) on a 2.5-acre site at the Tampa Palms Professional Center, located in Tampa Palms on Commerce Center Blvd. off Bruce B. Downs Blvd.

Paula Buffa,  (bottom right photo) RPA, CCIM, senior vice president at Grubb & Ellis Commercial Florida in Tampa, said the 127-suite hotel complex with meeting rooms, a fitness center and heated pool plans to cater to business travelers in the Tampa Palms Professional Center area as well as area visitors to nearby Busch Gardens, the University of South Florida and the New Tampa Recreational Center.

“Spring Hill Suites by Marriott will draw increased attention to office suites available at Tampa Palms Professional Center,” said Buffa, who represents the professional office complex.

Tampa Palms Professional Center offers 460,000 square feet of Class A office, medical, commercial, restaurant, retail and hotel space in a natural setting that overlooks conservation areas, lakes and ponds. Buildings range from 2,000 to 18,000 square feet of customized space.

CONTACTS:
Paula Buffa, CCIM, RPA 813-830-7887;
Jeffrey Sweeney, SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142

RiskMetrics Group Recommends Lodgian Stockholders Vote “FOR” Proposed Merger with LSREF Lodging Investments, LLC

ATLANTA, Ga., March 26, 2010—Lodgian, Inc. (NYSE Amex Equities: LGN), one of the nation’s largest independent hotel owners and operators, today announced that RiskMetrics Group, Inc. (formerly Institutional Shareholder Services), a leading independent proxy advisory firm, recommends that Lodgian stockholders vote “FOR” Lodgian’s proposed merger with LSREF Lodging Investments, LLC (“LSREF”), an affiliate of Lone Star Funds.

As previously announced, under the terms of the merger agreement, LSREF will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction, which represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15, 2010.

Lodgian urges stockholders to follow the recommendation of RiskMetrics by signing, dating and returning the company’s proxy card today. Lodgian stockholders who have questions or require assistance voting their shares should contact the company’s proxy solicitor, Innisfree M&A, toll-free at (888) 750-5834 (banks and brokers may call collect at (212) 750-5833).

The vote of Lodgian’s stockholders is very important regardless of the number of shares of common stock they own. Whether or not stockholders are able to attend the special meeting of the stockholders (the “Special Meeting”) in person, to ensure their votes are counted, stockholders are urged to vote by telephone or Internet as soon as possible.

 If stockholders fail to return their proxy cards, fail to register their vote by telephone or Internet, fail to attend the Special Meeting and vote in person, or fail to instruct their broker on how to vote, it will have the same effect as a vote against approval of the merger and the merger agreement.

Contact:
Debi Neary Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719. dethridge@lodgian.com
Jerry or Chris Daly, DalyGray Public Relations, jerry@dalygray.com
chris@dalygray.com

Meet the Money Conference Set for May 3-5 in Los Angeles

LOS ANGELES, CA—Encouraging signs of a thaw in the worst recession in decades are the rationale behind this year’s optimistic theme, “Unlocking the Game-changers for the Coming Recovery,” for the 2010 Meet the Money® conference.

This year’s event, which marks its 20th consecutive year, will be held May 3-5, 2010, at the Sheraton Gateway Los Angeles Hotel (top left photo)  near LAX in California.

“We expect attendees at this year’s conference to fall into two distinct categories,” said conference founder Jim Butler, (middle right photo) author of www.HotelLawBlog.com and chairman of the Global Hospitality Group® of Jeffer, Mangels, Butler & Marmaro LLP.

 “There will be investors with cash who are gearing up for an active acquisition run over the next several years. We expect to see a large number of opportunity funds, especially as the bid-ask spread is narrowing.

“On the sell side will be troubled hotel owners who are seeking ways to work through these unprecedented economic times,” he noted.

 “Rounding out the group will be representatives from dozens of banks, institutional lenders and private investors who will update attendees on the availability of capital. Industry experts suggest that it will take at least three to five years to resolve the significant number of hotel work-outs in process and the tsunami of CMBS loans coming due.

"This will be a period of both tremendous opportunities and a tremendous amount of pain.”

Meet the Money® will feature some 100 industry leader speakers, in more than 25 sessions. Major emphasis will be placed on CMBS loans, receivership, financing and investment strategies, revenue management, repositioning, public-private partnerships, timeshare and asset management.

“In the past two decades, the conference has seen two major economic cycles,” Butler said.

 “The world of finance and the issues associated with ownership have become increasingly complex, which is reflected in the way the format of the conference has changed over the years. We began as an extended breakfast meeting sitting around a table in 1990.

" We now are a three-day event attracting more than 400 people from throughout the U.S., as well as overseas. This will be the most dynamic group we’ve had in the conference’s history.”

Registration fee for the conference is $950. For more information about the conference, to register or learn how to become a Meet the Money® sponsor or exhibitor, please visit http://www.meetthemoney.com/  or contact Diane Phillips at (310) 785-5320 or at dphillips@jmbm.com.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293

Liberty Property Trust Receives Toby Award for Centurion Plaza in Jacksonville, FL

JACKSONVILLE, FL-- Liberty Property Trust (NYSE:LRY) today announced it has received a TOBY Award from the Jacksonville Building Owners and Managers Association (BOMA) for its Centurion Plaza Building (top left photo) The award recognizes excellence in property management.

“Receiving this award from BOMA is a true honor,” said Mike Heise, (lower right photo)  vice president and city manager at Liberty. “We feel that this award is recognition of the unique amenities of Centurion Plaza and a testament to the dedication and professionalism of our staff.”

The award, presented to Liberty last week for its building located at 10245 Centurion Parkway North, was received in the office category for buildings under 100,000 square feet. Centurion Plaza is a 51,974 square foot three-story building that has qualified to be Energy Star rated.

The local BOMA chapter sponsors the annual performance and criteria include all facets of a building's operations, including tenant relations, community involvement, emergency evacuation processes, continuing education for building personnel and overall exceptional service.

General Inquiries: Mike Heise, Liberty Property Trust, 904/ 281-5454
Media Contact: Margo Hunt Winans, a.s.a.p.r., 757/404-8653

Engler Financial Group Markets Loan Backed by Oxford Creek in Georgia

ATLANTA, GA--Engler Financial Group has been engaged on an exclusive basis to market for sale the multifamily mortgage loan collateralized by Oxford Creek (top left photo)

 Bid Due Date is tentatively set for Wednesday, April 7th.

Oxford Creek is a 232-unit Class “A” all townhouse apartment community located at the northwest corner of McDonough Parkway and Bridges Road in McDonough, Henry County, Georgia.

As one of the fastest growing counties in Georgia, many top corporations have located facilities in Henry County including Ford Parts and Distribution, Nestle' USA and BellSouth Services.

The submarket's proximity to Hartsfield-Jackson International Airport will continue to attract new businesses and households.

All floor plans offered at Oxford Creek are desirable two-story townhouses which provide residents with private direct-unit entrances. The two-story townhouse design of the Property's units gives the community a more "single family" feel unlike other garden apartment properties. The community's townhouse units have been well received in the submarket as evidenced by the strong occupancy trend at the property.

If you have an interest in pursuing this opportunity, please follow the link below to view the asset teaser for Oxford Creek and execute an electronic Confidentiality Agreement on Peracon.

If you have any questions or would like to schedule a tour of Oxford Creek, please contact Greg Engler, Pat Jones or Kris Mikkelsen. We look forward to working with you on this exciting opportunity.

Contacts:
Greg Engler, 678/992-2000, ext. 1, gengler@efgus.com
 Pat Jones, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, 678/992-2000, ext. 4, kmikkelsen@efgus.com

CLW Health Brokers $9.5M Sale of Alabama Retirement Community

TUSCALOOSA, AL--CLW Health Care Services Group of Tampa, FL  is pleased to have represented Capstone Village, Inc. in the 9.5 million sale of Capstone Village, (top left photo)  an Entrance Fee Continuing Care Retirement Community located on the campus of The University of Alabama in Tuscaloosa, Alabama.

The 159-unit, 24-acre  Capstone Village includes 22 Independent Living Garden Homes, 108 Independent Living Apartments, and a 29-unit Health Center (13 Assisted Living and 16 Memory Care units).
Tuscaloosa News.com reports the university  will not be responsible for about $51 million in mortgage bonds. The university will assume payback of deposits and owe $800,000 immediately and another $2.1 million when vacant units are resold.

Sale will be official once a court order is obtained. Trustees approved buying Capstone Village, on the eastern edge of campus, for about 20 cents on the dollar.

“Given the location of Capstone Village and the fact that many of the residents, if not most of the residents, are friends of the university, it’s important for us to protect this piece of property and our relationship with the inhabitants,” UA President Robert  E. Witt told trustees.

Built in 2005, Capstone Village sits on 24 acres of UA’s campus and has 159  units in a 228,000-square-foot facility, with 22 patio homes totaling 35,000 square feet behind it. It’s valued at $40 million, said Lynda Gilbert, (middle left photo)  UA vice president for financial affairs.

Under the sale terms, UA will pay $9.5 million to Capstone’s lenders but will not be responsible for about $51 million in mortgage bonds. In other words, UA would own the community outrightwhile Capstone’s lenders will take a loss.

“The bondholders have decided they no longer want to be in the retirement community business, so they’re moving away from those type of investments, and this is one of their last commitments to these types of facilities,” Gilbert told trustees. “They are just cleaning up financial statements, and we were able to take advantage of their changes of philosophy.”

UA officials first floated the idea of a retirement community on campus in the early 1990s, and in 1998, trustees leased 24 acres off Fifth Avenue East to Cooperative Retirement Services  of America, based in Memphis, Tenn.

CRSA set up Capstone Village Inc., the nonprofit company that developed and marketed the $45 million complex. Although several prominent current and former UA staff members serve on the company’s board of directors, the community has been independent of the university and pays rent to UA.

“It’s a major accomplishment for our long-term plans,” trustee chairman Finis St. John said. Capstone will continue to operate as a retirement community, said Debbie Lane (lower right photo), UA spokeswoman.

“We plan to make sure (it)continues to be a vibrant retirement community for a long time,” she said.

UA plans to keep Capstone Village as a nonprofit, but there has been no decision on whether its staff will become university employees, Lane said.

UA will pay the $9.5 million from cash reserves, but, under the resolution approved by trustees, there is an option to include up to $14 million for the purchase in a future bond issue. The $4.5 million padding between the purchase price and the potential bond is in case UA has to spend any more on renovations or upgrades once it becomes owner of the facility, Lane said.

“We don’t anticipate needing it, but it will give us wiggle room if we do,” she said.

As part of the sales terms, UA will take over paying back residential deposits, which as long as vacancies are filled will not cost UA money long term.

Before residents can move in, they must pay an entrance fee, or deposit, which is 90 percent refundable when they move out and the unit is resold. Under the proposed sale terms, UA will assume payback of deposits and owe $800,000 immediately, which UA will pay from reserves, and another $2.1 million when vacant units are resold. The occupied units now have about $14 million in deposits that will become a revolving liability for UA.

The trustees’ executive committee approved the action Thursday by conference call. The committee can act on behalf of the full board so no other action is needed.

A court order approving the sale is still needed, but UA and Capstone’s lenders hope to close the sale before the end of the year.

Contact:
Allen McMurtry, CEO (lower left photo) CLW Health Care Services Group, 4301 Anchor Plaza Parkway, Suite 400, Tampa, FL 33634, (813)-349-8349, CLW Health Care Services Group