Cambridge Chairman Co-Authors Research Paper That Will Be Presented at Annual RERI Research Conference

CHICAGO, IL--A first attempt to establish appropriate risk premiums for alternative investments within the senior housing/healthcare industry will be spelled out for institutional investors in a research paper to be presented during the 2008 Annual Research Conference of the Real Estate Research Institute (RERI) meeting April 29 and 30 at the Hotel Marlowe (above photo) in Cambridge, MA.

Presenting the report will be Elaine Worzala, (top left photo) Professor and Director of the Center for Real Estate Development at Clemson University in Clemson, SC; Cambridge Chairman Jeffrey A. Davis (top right photo); and Judith F. Karofsky, President of Real Estate Insites, LLC of Madison, WI. The risk premiums established by the research team are based on the financial and regulatory characteristics of the alternative investments, Mr. Davis said.

He said the research examines the rapid development over the last 15 years of the senior housing market as a hybrid real estate investment incorporating the characteristics of multifamily, hotel and medical office property investments. Risk premiums for independent living, assisted living, skilled nursing homes and continuing care retirement communities are established in the report.

Mr. Davis said the specific findings of the research will include clear definitions of the alternative sub-sectors within the senior housing marketplace. The report will include an analysis of the various risks associated with investing in alternative senior housing investments, and will provide a snapshot view of current performance data on the various investment opportunities. Also included will be results of a survey of plan sponsors conducted by the Pension Real Estate Association.

Additional information on the RERI conference is available online at http://www.reri.org/. Phone: 860-692-6341.

About Cambridge Realty Capital Companies:

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.

Cambridge’s award-winning Web site, www.cambridgecap.com, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.

For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Contact:

Evan Washington

Phone: (312) 521-7603

Fax: (312) 357-1611E-

ew@cambridgecap.com

Marcus & Millichap Lists 223-Unit Apartment Community in Roseville, CA for $35.68M

ROSEVILLE, CA-– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Venu at Galleria, (photo above) a 223-unit multi-family community in Roseville. The listing price of $35.68 million represents $160,000 per unit.

Kenneth Blomsterberg, a vice president of investments in the Sacramento office of Marcus & Millichap, and Jesse Nickerman, an investment specialist in the firm’s Sacramento office, are representing the seller, Villas at Galleria LP.

“Venu at Galleria is a recently constructed multi-family community featuring design in a highly desirable rental market with tremendous job growth and diversity in employers,” says Blomsterberg.

“With its single and multi-level floor plans ranging from 600 to more than 1,700 square feet, Venu of Galleria boasts unique floor plans with a prime location, modern design and luxury combined with the best shopping, dining and entertainment Roseville has to offer,” added Nickerman.

Located at 301 Gibson Drive, the apartment community consists of 26 two- and three-story buildings situated on approximately 12 acres within walking distance of the Galleria Mall. (top left photo) The property is near the intersection of Highway 65 and Interstate 80 and directly across from the site of the planned Placer County Convention Center and Embassy Suites Hotel.

Built in 2003, Venu at Galleria features a strong mix of studios, one-, two- and three-bedroom units with 15 distinct floor plans. Unit amenities include nine-foot ceilings, decorative ceiling fans, designer, color-coded interiors, custom wood cabinets, large pantries, Roman soaking tubs and spacious patios/balconies.(Roseville, CA Civic Center photo at right)

Gas burning fireplaces and attached garages are available in select floor plans. Community amenities include a resort-style swimming pool and spa, fitness center, lounge, business center, interactive game room/movie theater, personal concierge services and in-house spa.

Press Contact:

Stacey Corso
Communications Department
(925) 953-1716

NAI Realvest Negotiates $920,000 Sale Price for 7,800 SF Industrial Building in Sanford, FL

ORLANDO, FL --- NAI Realvest has negotiated the sale of a 7,800 square foot industrial building on a .51-acre tract at 30 Keyes Court in Sanford for $910,000.00.

NAI Realvest Principal Michael Heidrich negotiated the transaction representing the seller of the 10-year-old building, RNB Holdings, LLC of
Sanford. The buyer is Emver, LLC an Orlando investment company.

For more information, please contact:

Michael Heidrich, Principal NAI Realvest, 407-875-9989 or

Janice Paiano, Marketing Director, NAI Realvest, 407-875-9989 or

Beth Payan or Larry Vershel, LV Communications, Inc. 407-644-4142

Cousins Properties First Quarter Earnings Release and Conference Call Notice

ATLANTA (April 11, 2008) - Cousins Properties Incorporated (NYSE:CUZ) today announced that it will release first quarter earnings after the market closes on Monday, May 12, 2008.

Cousins Properties Incorporated (CUZ) invites you to attend the First Quarter 2008 Conference Call Tuesday, May 13, 2008, at 10 a.m.(Eastern Time). The number to call for this teleconference is (303) 262-2137. A14-day playback will begin at 12:00 p.m. Eastern Time on May 13, 2008.

To access the playback, please dial (303) 590-3000 and enter the passcode 11110955#. Inaddition, the replay can be accessed on the Company's Web site,www.cousinsproperties.com through the "Q1 2008 Cousins Properties IncorporatedEarnings Conference Call" link on the Investor Relations page, as well as at www.streetevents.com and www.earnings.com.

Financial and statistical information for the teleconference and earnings presentation will be placed on the Company's Web site promptly after the earnings release. This information can be accessed through the "QuarterlyDisclosures" and "Supplemental SEC Information" links on the
multi-www.cousinsproperties.com.

CONTACT:
Investment Community:
Elli Kaplan, Vice President, Investor Relations & Research,
404-407-1972
ellikaplan@cousinsproperties.com or

Media:
Matt Gove, Vice President,
404-407-1490
mattgove@cousinsproperties.com
www.cousinsproperties.com

Grubb & Ellis|Commercial Florida Negotiates 31,538 SF Industrial Lease in Port Ybor, FL

TAMPA, FL-– Grubb & EllisCommercial Florida has negotiated the long-term lease for Shaw Contract Flooring, Inc. totaling 31,538 square feet of industrial space in Tampa’s Port Ybor.

Jan Boltres, (top left photo) CCIM and Mike Scott, (top right photo) principals and vice presidents in the company’s Industrial Group, negotiated the lease of 31,538 square feet at 1802 Grant Street in Tampa, FL. Boltres and Scott represented the tenant, Shaw Contract Flooring Services, Inc., a Georgia-based firm. TC Port Ybor II, LLC., based in Tampa, FL, is the landlord.

For more information, contact:
Jan Boltres, CCIM, Grubb & EllisCommercial Florida 813-830-7889, jboltres@commercialfl.com;
Mike Scott, Grubb & EllisCommercial Florida 813-830-7888,

mailto:mrandretta@commercialfl.com
Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

About Grubb & EllisCommercial Florida
Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 30 brokers divided among its Tampa, Orlando and Melbourne offices which serve the entire mid-Florida marketplace

RealtyTrac and Reliance Network Forge Partnership Agreement for Web-Based IDX and Lead Capture Solutions

Real-Time Foreclosure Data From RealtyTrac Fed Seamlessly to Reliance Network Clients

IRVINE, CA– April 10, 2008 – RealtyTrac™ (http://www.realtytrac.com/), the leading online marketplace for foreclosure properties, and Reliance Network LLC (http://www.reliancenetwork.com/), a leading developer of Web-based applications for real estate companies and agents, today announced a new agreement and strategic partnership that will allow Reliance Network’s clients to have real-time access to RealtyTrac’s nationwide foreclosure database of default, auction and bank-owned properties.

Several Reliance Network clients will start receiving the data immediately.

“This is an exciting partnership between Reliance Network and RealtyTrac,” said Rick Sharga, (top left photo) vice president of marketing at RealtyTrac. “This new search application will pull real-time data directly from RealtyTrac’s nationwide foreclosure database, providing users of Reliance Network-powered websites with a method to access distressed properties, including properties in pre-foreclosure, auction or bank-owned properties. That in turn will help drive more traffic and leads to the agent websites.”

With real estate in a downturn in most markets nationwide, the foreclosure marketplace is one of the few growing areas in real estate. During 2007, there were more than 2.2 million foreclosure filings — default notices, auction sale notices and bank repossessions — reported on more than 1.2 million properties nationwide, a 75 percent increase in total filings from 2006.

“We are delighted to complete the integration of RealtyTrac’s database into the Reliance Network website system,” said Mike Soroker, Reliance Network’s CEO. “We are always looking to enhance our product service offering to our client’s customers, and the addition of RealtyTrac and its leadership position certainly meets with this goal. Both Reliance Network and RealtyTrac are well positioned to take advantage of the ever changing real estate market.”

Mike Bujnowski, Reliance Network COO, added: “We are fortunate to partner with RealtyTrac because they share our common demonstrated belief in providing high-quality, technically sound product resources to consumers. As our partnership expands and develops, we expect to deliver even more product services our users will value.”

MEDIA CONTACT:

Tammy Chan
Atomic PR
415-402-0230
tammy@atomicpr.com
http://www.realtytrac.com/.

Arbor Closes $2.8M Fannie Mae DUS® 3MaxExpress® Loan for Hillcrest Hampton in Orlando, FL

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,800,000 loan under the Fannie Mae DUS® 3MaxExpress® product line to finance the 156-unit complex known as Hillcrest Hampton (photo above) in Orlando, FL.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.84 percent.

The loan was originated by Peter Blass, (top right photo) Director, in Arbor’s full-service New York, NY lending office. “The property is one of Orlando’s most affordable properties,” said Blass. “It has undergone a large amount of rehabilitation upgrades, making the property a very desirable place to live.”

* DUS and 3MaxExpress are registered marks of Fannie Mae

CONTACT:

Arbor Commercial Mortgage, LLC

Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

http://www.arbor.com/

Ingrid Principe

Tel: (516) 506-4298

Falling U.S. Commercial Lines Prices Could Result In A Negative Sector Outlook, S&P Report Says

NEW YORK --The U.S. commercial lines property/casualty insurance pricing cycle has been the center of growing debate in recent months, according to an article published April 9 by Standard & Poor's Ratings Services.

(Photo at right is Federal Reserve Bank, Washington, DC)

The article, which is titled "As U.S. Commercial Lines P/C Prices Fall Further, It's Time For Insurers To Sink Or Swim," says that Standard & Poor's believes that if price declines continue at their current pace, it will likely revise the outlooks on some commercial lines insurers to negative in the second half of 2008, which could lead to a negative outlook for the commercial lines sector toward the end of the year.

A negative sector outlook signals that we expect downgrades to exceed upgrades in the following 12 months.

Primary commercial lines pricing has been steadily declining since 2005, but until recently, the decrease has been fairly modest, and it followed a run-up in rates that began in 2001. However, in the second half of 2007, the rate of decline accelerated, and this trend has continued into 2008.

The negative impact of declining prices--combined with increasing loss costs--is compressing economic margins, and this will increasingly show up in reported earnings. The potential impact of falling rates on earnings in 2008 and, particularly, 2009 would be the main reason for revising the outlooks on individual companies and, ultimately, the commercial lines sector.

How quickly this occurs will vary by insurer and depend on the market it serves, the accounts it writes, and its competitive position relative to other insurers in those business segments.

Prices in many lines have been dropping very quickly, with some long-tail casualty lines likely to produce underwriting losses in 2008. Other lines, though suffering price declines, still should produce results close to historical norms. The position of any given company will be determined by its target market, its distribution, and its ability to manage its risks.

Although Standard & Poor's continues to believe that the ERM capabilities of the industry in aggregate augur a soft landing for this cycle, there will inevitably be individual companies that are outliers in their performance.

Media Contact:

Jeff Sexton, New York,

(1) 212-438-3448

jeff_sexton@standardandpoors.com

Analyst Contacts:
Damien Magarelli, New York (1) 212-438-6975
Steven Ader, New York (1) 212-438-1447
John Iten, New York (1) 212-438-1757
Thomas Upton, New York (1) 212-438-7249
Siddhartha Ghosh, New York (1) 212-438-1466

Hunter Realty Associates, Inc. Brokers SpringHill Suites Transaction

Florida Property Purchased By Apple Hospitality REIT


ATLANTA, GA—Hunter Realty Associates, Inc., a leading national hotel investment services firm, represented and advised the seller in the recent sale of the SpringHill Suites (photo above) in Sanford, Fla.

The 105-suite property was purchased by Apple Hospitality REIT and will retain the Marriott flag. Bob Hunter, (top left photo) president of Hunter Realty, and Lee Hunter, (top right photo) executive vice president, brokered the transaction.

“The Sanford SpringHill Suites attracted a good deal of interest, with Sanford’s proximity to Orlando and the appeal of its Marriott-affiliated brand,” Lee Hunter said.

“Despite current market uncertainties, the transaction went smoothly and our client received great value for this asset. We expect well-located and well-branded properties of this caliber to continue to do well in 2008 and that there will be plenty of good opportunities for experienced buyers and sellers.”

Located at 201 North Towne Road in Sanford, between Daytona Beach and Orlando, the SpringHill Suites Orlando North/Sanford features an outdoor pool and Jacuzzi, meeting space for up to 90 people and boardroom seating for 14.

About Hunter Realty Associates, Inc.

Hunter Realty Associates, Inc., a leading national hotel investment services firm, is uniquely positioned to provide investment asset advice to hotel investors and hotel companies. The firm’s vast network of industry contacts and relationships is a result of Hunter Realty’s 30- year history of exceptional service to the hotel investment community.

Hunter founded and organizes the Hotel Investment Conference, an annual gathering of the top hotel executives for an important summit on current trends affecting the industry. Providing a boutique, client- oriented focus, Hunter services span the spectrum of industry transactions from single asset investment sales to strategic portfolio dispositions and acquisitions.

CONTACT:

Melanie Boyer
Account Executive
Daly Gray Public Relations
(703) 435-6293

HFF Arranges $32.98M Financing for Downtown Portland, OR Multifamily High-Rise

LOS ANGELES, CA – The Los Angeles and Portland offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they arranged $32.98 million in financing for Harrison Tower Apartments, (above photo) a 185-unit, high-rise multifamily community in downtown Portland, Oregon.

Working on behalf of JB Matteson, Inc. (JBM), HFF senior managing director Paul Brindley, (right top photo) director Tina Derderian (in Los Angeles) and associate director Tom Wilson (in Portland) placed the three-year, adjustable-rate loan with a private west coast-based bridge lender. Loan proceeds were used to acquire the 100% vacant property from a local developer who had renovated the project to sell as condominiums.

“We were pleased with the responses we had from the capital markets,” said Brindley. “When you have great sponsorship, a strong market and a strong asset along with conservative leverage the capital opportunities are active.”

Located at 222 Southwest Harrison in the south end of Portland’s downtown, Harrison Tower Apartments is conveniently near the downtown core and other popular areas including the Northwest 23rd District, Pearl District and South Waterfront.

Nearby transportation includes light rail service, several bus lines and a street car stop directly in front of the property. The 24-story tower has 176 newly-renovated units each with a deck and floor-to-ceiling windows. Harrison Tower Apartments also includes nine attached townhome units that JBM plans to renovate along with building a new fitness center overlooking the pool.

JBM is an affiliate of The Matteson Companies, a family of diversified real estate investment, development and management companies with an office and apartment portfolio valued in excess of $1.3 billion.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Laurie Fish McDowell
HFF Associate Director, Marketing

One Post Office Square, Suite 3500

Boston, MA 02109
tel 617.338.0990

fax 617.338.2150

http://www.hfflp.com/
lmcdowell@hfflp.com

Paul C. Brindley
HFF Senior Managing Director
(310) 407-2100

pbrindley@hfflp.com

Thomas F. Wilson

HFF Associate Director

(503) 224-0444

twilson@hfflp.

PMI Mortgage Insurance Rating Lowered To 'AA-', Stays On Watch Neg, After Downgrade On Parent

(Skyline photo of Melbourne, Australia)

MELBOURNE , Australia—Standard & Poor's Ratings Services has lowered its insurer financial strength rating on the Australian mortgage insurer PMI Mortgage Insurance Ltd. (PMI Australia) by one notch to 'AA-' from 'AA'. The rating remains on CreditWatch with negative implications, where they were initially placed on Feb. 13, 2008.

The rating action follows the downgrade of PMI Australia's U.S.-based parent PMI Mortgage Insurance Co. (PMI Co.) on April 8, 2008 (please refer to research update titled, "Ratings on Four U.S. Mortgage Insurers Lowered To Reflect Greater-Than-Expected Housing Slump") to 'A+' with a negative outlook

Standard & Poor's lowered its ratings on PMI Co. by two notches because of the challenges confronting the mortgage and housing sectors in the U.S. PMI Co. also has above-average concentrations of risk-in-force from adjustable-rate mortgages and loans with reduced documentation.

"The 'AA-' rating on PMI Australia reflects the company's current stand-alone credit profile, which has superior business and operating characteristics relative to the rest of its U.S.-based parent," Standard & Poor's credit analyst Maryanne Galea said.

"We consider that PMI Australia has a strong business and financial position, including a substantial domestic market presence that is not much reliant on the parent, and benefits from the strong Australian prudential regulatory regime. The PMI Australia rating is also underpinned by the company's present corporate governance, including the number and expertise of its independent board directors, and the track record of the supportive parent-subsidiary relationship."

Media Contact:

Jeff Sexton, New York

(1) 212-438-3448

jeff_sexton@standardandpoors.com

Analyst Contacts:
Maryanne Galea, Melbourne (61) 3-9631-2085
Michael Vine, Melbourne (61) 3-9631-2102

Arbor Closes $130,587,800 Fannie Mae DUS® Loan for Midland/Odessa Portfolio in Midland, Odessa & Longview, TX

UNIONDALE, NY--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $130,587,800 loan under the Fannie Mae DUS® product line to acquire 21 properties totaling 3,128 units known as the Midland/Odessa Portfolio (above photo is one of the properties in the portfolio) in Midland, Odessa, & Longview, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.67 percent.

The loan was originated by Jay Porterfield, (top right photo) Director, in Arbor’s full-service Plano, Texas lending office. “The broker and borrower came to us after the deal had stalled with another lender,” said Porterfield.

“Arbor was able to mobilize a team to underwrite and close the loan in less than 60 days, a period that included the holiday season and a fire that damaged one of the properties. The deal was very smooth from start to finish, which was a result of the hard work by every member of the Arbor team. The broker and borrower were very pleased with the entire process.”

Arbor Commercial Funding, LLC, Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other

commercial real estate properties.

The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services approximately $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in real estate-related bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

* DUS and 3MaxExpress are registered marks of Fannie Mae

CONTACT:
Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.

333 Earle Ovington Blvd, Suite 900

Uniondale, NY 11553

http://www.arbor.com/

Ingrid Principe

Tel: (516) 506-4298