Foreclosure Activity Increases 7% in May, According to RealtyTrac(r) U.S. Foreclosure Market Report

Foreclosure Activity Up 48 Percent From May 2007

IRVINE, CA– June 13, 2008 – RealtyTrac® (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its May 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 261,255 properties during the month, a 7 percent increase from the previous month and a 48 percent increase from May 2007.

The report also shows one in every 483 U.S. households received a foreclosure filing during the month, the highest monthly foreclosure rate since RealtyTrac began issuing the report in January 2005.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

(For a state-by-state breakdown, please contact Tammy Chan at Atomic PR. 415-402-0230 tammy@atomicpr.com)

(Atlantic City Boardwalk at left above)

"May was the third straight month where we’ve seen a month-to-month increase in foreclosure activity and the 29th straight month we’ve seen a year-over-year increase,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“The nationwide rate of increase for default notices and foreclosure auction notices slowed in May, with default notices up just 1 percent from the previous month and auction notices down 3 percent from the previous month. Phoenix, AZ skyline at left)

"However, bank repossessions continued to surge in May — posting a double-digit percentage increase from the previous month and more than twice the number reported in May 2007 — which pushed the total inventory of bank-owned REOs in our database to more than 700,000.”

Nevada, California, Arizona post top state foreclosure rates.

With one in every 118 households receiving a foreclosure filing in May, Nevada posted the highest state foreclosure rate for the 17th consecutive month. Foreclosure filings were reported on a total of 9,009 Nevada properties, an increase of nearly 24 percent from the previous month and a 72 percent increase from May 2007.

California foreclosure activity in May increased 11 percent from the previous month and 81 percent from May 2007, helping the state continue to register the nation’s second highest state foreclosure rate. (Houston, TX skyline at left)

One in every 183 California households received a foreclosure filing during the month, a rate that was 2.6 times the national average.

Arizona’s May foreclosure rate — one in every 201 households received a foreclosure filing during the month — ranked third highest among the states for the second month in a row. Arizona foreclosure activity increased nearly 12 percent from the previous month and almost 119 percent from May 2007.

One in every 228 Florida households received a foreclosure filing in May, giving it the fourth highest foreclosure rate among the states. (Savannah, GA skyline at right)

Michigan foreclosure activity in May increased nearly 25 percent from the previous month, helping the state’s foreclosure rate to jump to fifth highest among the states after ranking No. 9 the previous month. One in every 353 Michigan households received a foreclosure filing in May.

Other states with foreclosure rates ranking among the top 10 were Georgia, Colorado, Massachusetts, Ohio and New Jersey.

California, Florida, Arizona report highest foreclosure totals

Foreclosure filings were reported on 71,930 California properties, 37,364 Florida properties and 12,959 Arizona properties, the three highest state totals in May. Michigan was not far behind Arizona, with 12,792 properties receiving foreclosure filings during the month. (Arizona skyline at right above.)

Foreclosure filings were reported on 12,295 Ohio properties in May, the fifth highest state total despite a nearly 7 percent decrease from May 2007. With one in every 410 households receiving a foreclosure filing, Ohio’s foreclosure rate ranked No. 9 among the states and was above the national average.

Georgia foreclosure activity increased 11 percent from the previous month and 23 percent from May 2007, giving the state 10,241 properties with foreclosure filing in May — the nation’s sixth highest total.

And with one in every 378 Georgia households receiving a foreclosure filing during the month, the state’s foreclosure rate also ranked No. 6 among the states. (Los Angeles, CA skyline at left)

Other states in the top 10 for total properties with filings were Texas, Illinois, Nevada and New Jersey.

California and Florida cities account for 9 of top 10 metro rates

For the second month in a row, California and Florida cities accounted for nine out of the top 10 metropolitan foreclosure rates among the 230 metropolitan areas tracked in the report.

Seven California cities were in the top 10, led by Stockton in the top spot. One in every 75 Stockton area households received a foreclosure filing in May — more than six times the national average.

Other California cities in the top 10 were Merced at No. 3, Modesto at No. 4, Riverside-San Bernardino at No. 5, Vallejo-Fairfield at No. 7, Bakersfield at No. 8, and Sacramento at No. 9.

The Cape Coral-Fort Myers metro area in Florida registered the second highest metro foreclosure rate in May, with one in every 79 households receiving a foreclosure filing during the month. The other Florida metro area in the top 10 was Port Lucie-Fort Pierce at No. 10.

Las Vegas (night skyline at left above) was the only city outside of California and Florida with a foreclosure rate ranking among the top 10. One in every 96 Las Vegas households received a foreclosure filing in May, more than five times the national average and No. 6 among the metro areas.

Metro areas with foreclosure rates among the top 20 included Phoenix at No. 12, Detroit at No. 14, San Diego at No. 17 and Miami at No. 19. (Miami night skyline at bottom right)

Ferncroft Capital Acquires Class A Neighborhood Grocery Center in Charlotte, NC

CHARLOTTE, N.C., June 13 /PRNewswire/ -- Ferncroft Capital, a Charlotte-based real estate investment company, has acquired Hunter's Crossing, (top right photo) a 93,782-square-foot grocery-anchored retail center in Charlotte, NC from Crosland, LLC for an undisclosed amount.

Located in the Ballantyne submarket of Charlotte, the center is anchored by Lowes Foods, CVS, Dunkin Donuts, and Wendy's and is currently 98% leased.

Hunter's Crossing's location along Highway 521 (Johnston Road) is a half-mile south of the affluent Ballantyne neighborhood and represents one of the major commercial arteries in Charlotte.

Jeff Thomas, principal of Ferncroft Capital, commented, "The strength of this corridor in terms of population expansion and affluence is second to none in the Southeast. Housing and employment growth continue to thrive in this submarket, supporting the long-term strategy of this investment."

Vacancy along the Highway 521 corridor and the outer southeast Charlotte submarket is the lowest in the MSA.

"We are excited to have acquired such a high-quality property in this submarket," said John Hollmeyer, principal of Ferncroft Capital. "We feel fortunate to have a good investment partner and a banking relationship that allowed us to move quickly on this opportunity."

Ferncroft Capital was able to close the deal in forty-three days.Carolina First financed this transaction for Ferncroft Capital. Berkeley Capital Advisors represented the seller, Crosland, LLC. Ferncroft Capital has retained Crosland to lease and manage the property.

Headquartered in Charlotte, NC, Ferncroft Capital acquires commercial real estate assets in the Southeast. Ferncroft Capital's acquisition strategy is to purchase well located, stabilized, and value add assets with high barriers to entry and competitive market advantages.

Ferncroft Capital's goal is to maximize investment returns and exceed the expectations of their investors.

CONTACT: Jeff Thomas of Ferncroft Capital, +1-704-315 5221, jeff@ferncroftcapital.com

Web site: http://www.ferncroftcapital.com/

This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com/.

Mercantile Commercial Capital Closes on Five Commercial Loans in May Totaling More Than $5.4M

ALTAMONTE SPRINGS, FL--- Mercantile Commercial Capital, LLC, which specializes in U.S. Small Business Association (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed on five commercial loans in May that totaled $5,436,051.

Christopher G. Hurn, (top right photo) president of Mercantile Commercial Capital, said one of the loans, which totaled $1,064,250, will finance the acquisition and renovation of a 7,600 square foot industrial facility in Anchorage, Alaska.

Dynamic Energy Group, LLC, an electrical contractor and satellite television installer, borrowed the funds on a 25-year, fully-amortized term with a below-market five-year fixed interest rate and only 10 percent down.

Other commercial loans in May included:

• $1,482,801 to Apple Hostels of Philadelphia, LLC to acquire and renovate a three-story, 8479-square foot hostel facility with a 25-year, fully-amortizing term and a below-market five-year fixed interest rate, with only 10 percent down;

• $495,000 to Higgins Sport & Lawn, Inc., to develop and build a 4,500-square foot industrial facility in Syracuse, ¬IN, with a 25-year, fully-amortizing term and a below-market, five-year fixed interest rate, with only 10 percent down;

• $1,809,000 to Curran Martial Arts Academy, Inc., to acquire a 24,000-square foot martial arts academy in Crystal Lake, IL, with a 25-year, fully-amortizing term and a below-market, five-year fixed interest rate with only 10¬¬% down;

• $585,000 to Radiant Lighting Services, Inc., to acquire and renovate a 6,352-square foot industrial facility in Westminster¬, Col. with a 25-year term and a below-market five-year fixed interest rate with only 10¬¬% down.

Mercantile Commercial Capital, LLC, is one of the nation’s leading providers of SBA-504 loans. Since January, the firm closed on 19 loans for $28 million.

For more information please contact:
Chris Hurn, Mercantile Commercial Capital, LLC 407-786-5040
Geof Longstaff, Mercantile Commercial Capital, LLC 407-786-5040
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Davidson Hotel Company/RockBridge Partners Joint Venture Acquires Hyatt Regency Suites in Palm Springs, CA

Davidson Will Manage Hotel and Coordinate $18.5 Million Renovation

MEMPHIS, TN—RockBridge Partners, an affiliate of RockBridge Capital, LLC, and Davidson Hotel Company, one of the nation’s largest hotel management companies, have announced the joint-venture acquisition of the 194-room Hyatt Regency Suites (top right photo) in Palm Springs, Calif. from PSH Holdings, Inc. for an undisclosed amount.

Davidson holds a minority interest in the partnership and took over management of the property on June 1. The hotel will undergo a comprehensive $18.5 million renovation, scheduled to begin summer 2009, which Davidson will coordinate.

“The Palm Springs Hyatt is our 10th acquisition with RockBridge and our third acquisition this year,” said John A. Belden, (middle left photo) Davidson’s president and chief executive officer. “We now have ownership interests in 16 properties, and we have the financial capacity to opportunistically co-invest with our partners.

“Davidson was one of the first independent management companies to be designated by Hyatt as an ‘Approved Operator,’ and we believe the Hyatt brand fits perfectly within our portfolio,” he added. “This is our second Hyatt-branded hotel, both of which are in resort locations. The Palm Springs Hyatt Regency Suites is also our fifth property in Southern California, a key growth area for Davidson.”

Located at 285 North Palm Canyon Drive, the property is situated in what many regard as the ultimate desert resort destination in the U.S.

The hotel’s 194 one-bedroom suites overlook a dramatic six-story atrium, and the hotel’s amenities include private balconies, spectacular mountain/desert views, high-speed Internet access, a full-service dining room, a putting green, pool, spa, 9,200 square feet of flexible meeting space and access to more than 40 nearby golf courses.

In summer 2009, the property will begin an $18.5 million renovation that will touch virtually every aspect of the hotel. The lobby, atrium, restaurant, and lounge will be completely re-concepted and upgraded.

The guest suites will be fully refurbished with luxury-quality finishes and materials, all new Hyatt-standard bed sets and 37” flat panel TVs in the bedroom of the suites and 42” flat panel TVs in the parlor. An all-new fitness center and full-service spa will be added.

The meeting rooms will undergo a complete renovation, while the pool and outdoor lounge area will be completely re-developed to enhance the resort experience with cabanas, fire pits, and multiple lounging areas around a new pool.

“We believe this property has significant growth potential, and with the completion of its dramatic renovation, will be a formidable, four-star competitor in this premier resort destination,” said Steve Margol, (middle right photo above) Davidson’s executive vice president, business development.

Both the buyer and seller were advised on this transaction by Newport Beach-based Maxim Hotel Brokers.

Contacts:
Cyndi Norwood, Davidson Hotel Co., 901 821 4155, cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, 703 435 6293, jerry@dalygray.com

Julie Tullbane, Daly Gray Public Relations, T 703-435-6293. F 703-435-6297 julie@dalygray.com

MBA Reports Commercial Mortgage Delinquencies Remain Low

WASHINGTON, DC-- Delinquency rates on commercial/multifamily mortgages remain low - up slightly from the fourth quarter of 2007 but finishing the first quarter of 2008 near record lows for most major investor groups.

"In contrast to mortgages for single-family residential properties, commercial/multifamily mortgages continue to perform very well," said Jamie Woodwell, (top right photo) MBA's Senior Director of Commercial/Multifamily Research. "Most investor groups saw delinquency rates rise slightly in the first quarter, but they remain at the low end of their historical range."

The 30+ day delinquency rate on loans held in CMBS rose 0.08 percentage points to 0.48 percent. The 60+ day delinquency rate on loans held in life company portfolios remained flat at 0.01 percent.

The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.09 percent. The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac rose 0.02 percentage points to 0.04 percent. The 90+day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.21 percentage points to 1.01 percent.

The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae and Freddie Mac.

Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.

The analysis incorporates the same measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another. (Federal Reserve Bank in Washington, DC is at right)

Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the fourth quarter were as follows:

· CMBS: 0.48 percent (30+ days delinquent or in REO);
· Life company portfolios: 0.01 percent (60+days delinquent);
· Fannie Mae: 0.09 percent (60 or more days delinquent)
· Freddie Mac: 0.04 percent (60 or more days delinquent);
· Banks and thrifts: 1.01 percent (90 or more days delinquent or in non-accrual).

To put these numbers in context, of 35,192 commercial/multifamily loans in life company portfolios, with a total unpaid principal balance of $249 billion, only 10 loans with an aggregate UPB of less than $29 million were 60+ days delinquent at the end of the quarter. Of $1.2 trillion of commercial/multifamily loans at FDIC-insured banks and thrifts, only $12 billion was 90+ days delinquent.

CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org

HFF Closes Sale of North Point Office Complex in Cleveland’s Central Business District

NEW YORK, NY – The New York and Pittsburgh offices of HFF (Holliday Fenoglio Fowler, L.P.) have jointly closed the sale of North Point Office Complex, (top right photo) two buildings totaling 877,335 square feet in Cleveland, Ohio’s central business district.

HFF senior managing directors Glenn Whitmore (top left photo) and Dave Nackoul, associate director Dan Byrnes and real estate analyst Tom Rieck led the investment sales team exclusively on behalf of the seller, a global financial institution.

HRPT Properties Trust purchased the complex for an undisclosed amount.

North Point Office Complex consists of five-story, 286,540-square-foot North Point I (Jones Day Building) and 19-story, 590,795-square-foot North Point II (North Point Tower).

Combined, the properties are 92% occupied by tenants including Jones Day (serves as its world headquarters), Wachovia Securities, United Healthcare and various United States Government departments and entities.

The buildings are connected via a nine-story atrium and share amenities including an 100-seat amphitheater, conference center, concierge desk, fitness center and restaurant with outdoor deck facing Lake Erie.

Situated on a nearly seven-acre site at 901 and 1001 Lakeside Avenue, North Point Office Complex is close to the Cleveland Browns football stadium, City Hall and the shores of Lake Erie.

A light rail stop across the street provides transportation to the Cleveland Hopkins International Airport, and Interstates 77 and 90 are a short distance from the property.

HRPT Properties Trust is a real estate investment trust, or REIT, which primarily owns office and industrial properties throughout the United States. As of March 31, 2008, HRPT owned $6.3 billion of office and industrial properties with approximately 65 million square feet located in 37 states and Washington, D.C. HRPT is headquartered in Newton, MA.

CONTACTS:

Glenn E. Whitmore, HFF Senior Managing Director, 212 245 2425, gwhitmore@hfflp.com

David A. Nackoul, HFF Senior Managing Director, 412 281 8714, dnackoul@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Grubb & Ellis Company Names Glen Esnard President, Capital Markets

Newly Created Position Strengthens Investment Brokerage Capabilities; Leverages Company's Expanded Platform

SANTA ANA, CA/PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, announces that Glen Esnard, former President of Brokerage Services at Colliers International, has been named President, Capital Markets.

The newly created position leverages Esnard's nearly 30 years of commercial real estate experience, extensive knowledge of investment sales and the alternative real estate investment market to capitalize on Grubb & Ellis' unique ability to provide clients a full array of real estate services and investment products.

"Strengthening our capital markets capabilities and maximizing the synergies between our real estate services and investment businesses to better serve our clients are both key priorities as we build the new Grubb & Ellis," said Scott D. Peters, (top right photo) Chief Executive Officer of Grubb & Ellis Company. "Glen will be a strong addition to our management team."

CONTACT: Janice McDill of Grubb & Ellis Company, +1-312-698-6707, janice.mcdill@grubb-ellis.com

Goldman Sachs Makes Strategic Investment in Fannie Mae DUS Lender Bulls Capital Partners

VIENNA, VA, June 12, 2008 -- Goldman Sachs Commercial Mortgage Capital has made a strategic investment in Bulls Capital Partners, LLC, a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender specializing in multifamily housing loans.

In addition to taking a minority interest in Bulls Capital Partners, Goldman Sachs Commercial Mortgage Capital will source loans to Bulls Capital Partners. Specific deal terms were not disclosed.

"Goldman Sachs Commercial Mortgage Capital's involvement in Bulls Capital Partners signals an expansion of our business at a time of great opportunity for the Fannie Mae DUS Program," said Herman Bulls, (top right photo) President and CEO of Bulls Capital Partners. "This venture clearly benefits clients of both firms."

Bulls Capital Partners, LLC is a Fannie Mae-approved Delegated Underwriting and Servicing (DUS®) lender that offers a full array of financing solutions to owners of multifamily property. Bulls Capital Partners' key capabilities under the DUS program include small loan solutions, affordable housing solutions, student housing, market-rate multifamily mortgages, and credit facilities, among other offerings.

About Bulls Capital Partners, LLC

Bulls Capital Partners, LLC is a joint venture of Goldman Sachs Commercial Mortgage Capital and Bulls Multifamily, LLC, a minority-controlled firm headed by President and CEO Herman Bulls.

Bulls previously ran a successful DUS lending operation, and has extensive commercial real estate experience with one of the world's leading real estate service providers.

Co-founding Bulls Capital Partners with Bulls is Mark Van Kirk, (top left photo) Chief Operating Officer. Van Kirk previously served as Director of Counterparty Risk at Fannie Mae.

Website: http://www.BullsCapitalPartners.com

About Goldman Sachs Commercial Mortgage Capital, L.P.

Goldman Sachs Commercial Mortgage Capital, L.P., a wholly-owned subsidiary of The Goldman Sachs Group Inc., is a leading full-service commercial mortgage lender, providing non-recourse, first mortgage and mezzanine financing for stabilized properties as well as for the renovation and lease-up of properties nationwide.


CONTACTS:

Bulls Capital Partners, LLC, Herman Bulls, President & CEO,
Herman.Bulls@BullsCapitalPartners.com, phone: (202)256-1814

Goldman Sachs & Co., Michael Duvally, Vice President, Michael.Duvally@GS.Com. phone: (212)902-2605

Marcus & Millichap Sells 370-Unit Apartment Community in New Castle, DE for $17.25M

NEW CASTLE, DE, June 11, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale for Hampton Walk, a 370-unit multi-family community in New Castle, Del.

The sales price of $17.25 million represents $46,622 per unit.

Donald R. MacLaren, a vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Philadelphia, and Clark Talone, a multi-family investment specialist in the firm’s Philadelphia office, represented the seller, MPI Hampton Walk LLC. The buyer was Evergreen Realty Inc.

“With the acquisition of Hampton Walk, the new owner has added 370 units to its portfolio within the stable Newcastle marketplace,” says MacLaren.

“The buyer plans to continue to add value to the asset by moving forward with the extensive repositioning plan, which the seller had begun,” he adds. “The capital improvements will include renovations to the kitchens, bathrooms and common areas.”

Located at 1627 New Jersey Ave., the 264,200-square foot multi-family community consists of 94 two-story buildings situated on a 16.65-acre lot, just off Dupont Highway.

Hampton Walk features 133 one-bedroom/one-bath units and 237 two-bedroom/one-bath units. Recent renovations include new kitchens in approximately one-third of the units, new fencing around the leasing office and new shutters on all first-floor windows. Amenities include ample parking and on-site laundry facilities.

Press Contact:

Stacey Corso, Communications Department, (925) 953-1716. SCorso@marcusmillichap.com

Hilton Hotels Corp. Announces Third Major UK Development Deal

Deal Expected to Result in 30 New Properties Focussed on the Hampton by Hilton Brand

LONDON UK, 11 June 2008 – Hilton Hotels Corporation today announced it has signed its latest major strategic development alliance in the UK with HLH Property Ltd. The agreement will see HLH working with Hilton to introduce up to 30 new hotels comprising around 4,000 rooms in the next five years.

This represents the third major UK hotel deal with a leading property partner for Hilton since it declared the intention to grow its family of brands internationally.

The agreement is expected to predominantly focus on Hampton by Hilton™ properties – Hilton’s “new kind of economy hotel” brand offering consistency and comfort for business and leisure travellers alike.

Speaking at the World Economy and Budget Hotels Congress in London today, Phil Cordell, Senior Vice President of Brand Management for Hampton said: “We are delighted with the positive response to Hampton by Hilton internationally and are very excited about working with HLH Property Ltd to gain further momentum for the brand in the UK and Ireland.

“We expect our success in the US to filter through internationally and for Hampton by Hilton to become the UK’s number one economy hotel choice in the future, delivering value for both business and leisure travellers.”

Simon Vincent, Area President of Hilton UK & Ireland said: “Our development pipeline has gained significant momentum over the past year and this agreement with HLH heralds another landmark moment Hilton’s UK and Ireland growth.

“Having already announced substantial alliances with Shiva and Somerston, representing a total of 40 new hotels, this latest deal with HLH highlights our continued ambition to accelerate our expansion plans through the Hilton Family of Brands. Significantly, the sites we are reviewing with HLH do not generally compete with the many other locations where we are in negotiations with other developers and franchisees.”

HLH is a company jointly owned and controlled by David Jason and the Selby family. The stakeholders have collectively over 50 years of real estate experience and have primarily specialised in development across numerous sectors, including hotels. With a disciplined development approach and creative and technical expertise HLH has positioned itself well, to expand within the dynamic hotel sector.

Harvey Selby, Chairman of HLH, said: "We see this as a unique opportunity to maximise market penetration as a developer in a sector with great potential, hand in hand with one of the world’s premier hotel operators.”

CONTACTS:

Katrina Jones, Email: katrina.jones@hilton.com, Tel: +44 (0)20 7856 8313
Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293

Commercial/Multifamily Mortgage Debt Outstanding Grows in First Quarter

Most investor groups increase holdings, CMBS sees decline

WASHINGTON, DC (June 11, 2008) - The level of commercial/multifamily mortgage debt outstanding grew by 1.8 percent in the first quarter, to $3.4 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.

The $3.4 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $60.8 billion from the fourth quarter 2007. Multifamily mortgage debt outstanding grew to $856 billion, an increase of $18.5 billion or 2.2 percent from the fourth quarter.

"Investors continue to increase their holdings of commercial/multifamily mortgages," said Jamie Woodwell, MBA's Senior Director of Commercial/Multifamily Research. "The global credit crunch meant a net decline in the balance of mortgages held in CMBS, CDO and other ABS, but banks, thrifts, life insurance companies, Fannie Mae, Freddie Mac and nearly every other investor group increased their holdings of commercial and multifamily mortgages during the quarter."

(For a complete copy of MBA's news release, please contact Jason Vasquez, 202 557 2950, jvasquez@mortgagebankers.org)

NAI Realvest Negotiates Office Lease Agreement for Brooks Development in Winter Park, FL

MAITLAND, FL – NAI Realvest has negotiated a five-year lease agreement for 2,135 square feet of office space at 1300 Minnesota Ave. in Winter Park.

Richard Leuner, (top right photo) director of corporate services at NAI Realvest, negotiated the lease representing the tenant, Jacksonville-based Genesis Health Development, Inc., d/b/a Brooks Development.

The landlord is Tiger Claw, Inc. based in Winter Park.

This is a second outpatient physical therapy clinic for Brooks Health in Greater Orlando. Brooks, a non-profit health system, is anchored by a 143 bed acute physical rehab hospital in Jacksonville, with an extensive network of 23 outpatient facilities located in Southern Georgia through Central Florida.

For more information, contact:

Richard Leuner, Director of Corporate Services, Realvest 407-595-2224
Janice Paiano, Director of Marketing, NAI Realvest, jpaiano@realvest.com
Larry Vershel or Beth Payan, LV Communications, 407-644-4142