Marcus & Millichap Hires Art Macaraeg as Senior Associate in Las Vegas Office

LAS VEGAS, NV– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Art Macaraeg (top right photo) as a senior associate in the Las Vegas office, according to John Vorsheck, regional manger of the Las Vegas office.

“With more than 25 years of experience in the commercial real estate industry, Art brings a wealth of knowledge and local expertise to our firm,” says Vorsheck. “Art is considered one of the best land development consultants in the area and specializes in large master-planned residential, commercial and industrial projects.

"His established relationships and expertise in the local market will make him an invaluable asset to the Las Vegas office.”

Prior to joining Marcus & Millichap, Macaraeg worked for NAI Horizon. He has been involved in several major development projects, including the assessment of the Special Improvement District for Summerlin in Las Vegas, the premier San Diego shopping destination Horton Plaza and the successful redevelopment of the Gas Lamp District.

Macaraeg earned bachelor’s degrees in engineering technology and construction, engineering and management from California Polytechnic State University, San Luis Obispo.

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

HFF named to market sale of two luxury multifamily communities in Plymouth, MN

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale Parkers Lake Apartment Homes (top left photo) and Shadow Hills Estates,(bottom right photo) two luxury multifamily communities totaling 570 units in Plymouth, Minnesota.

HFF senior managing director Matthew Lawton,(top right photo) director Sean Fogarty (middle left photo) and managing director Marty O’Connell (bottom right photo) will market the properties on behalf of the seller, Principal Global Investors.

The properties are listed without a formal asking price, free and clear of debt and can be purchased together or individually.

Parkers Lake Apartment Homes includes 248 one-, two- and three-bedroom units averaging 1,066 square feet each. Residents have access to amenities including a fitness center, business center, tanning bed, two outdoor pools and a gazebo bar and grille.

Located at 15100 18th Avenue North, the property is one block from Parkers Lake and surrounding park areas and less than one mile west of Interstate 494.

Shadow Hills Estates is located just north of Rockford Road near Highway 169. Completed in 2002, the property has 322 one-, two- and three-bedroom units averaging 1,038 square feet. Community amenities include underground heated parking, an outdoor pool, a fitness center, a billiards room and a children’s play area.

“Both properties are located in Plymouth, a premier Twin Cities suburb, the third largest suburb of Minneapolis and just 15 miles to the northwest of downtown,” said Fogarty. “Plymouth was also recently voted the #1 small city to live in America by CNN/Money Magazine in 2008.”

Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services.

Principal Global Investors manages $244.4 billion in assets primarily for retirement plans and other institutional clients.*

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312, 528 3650, mlawton@hfflp.com

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

$206.99M in financing secured by HFF for national Class A multifamily portfolio

HARTFORD, CT – The Hartford office of HFF (Holliday Fenoglio Fowler, L.P.) has secured first mortgage financing totaling $206.99 million for six Class A multifamily communities throughout the United States.

HFF senior managing director Dana Brome (top right photo) worked exclusively with UBS Realty Investors in arranging the five-year, fixed-rate loans through MetLife Real Estate Investments on behalf of the Trumbull Property Fund.

“The lender selection process was surprisingly competitive even in light of the current financial markets,” said Brome. “The extremely low leverage and diversity of markets really enticed all the primary players.

" Ultimately MetLife won the financing based upon a combination of factors that included a rapid rate lock and streamlined closing process, which allowed the borrowers to capitalize on the current interest rate environment.”

The properties total 2,157 units and are located in Chula Vista and Orange, California, Atlanta, Georgia, Chicago, Illinois and Durham, North Carolina. (Trumbull Property Fund's Boston headquarters building, bottom left photo).

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. http://www.hfflp.com/

CONTACTS:

Dana E. Brome, HFF Senior Managing Director, 860 275 6199, dbrome@hfflp.com

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

CFA Elects New Board Members; Dan Bromley Elected President

MT. VERNON, IA--The Concrete Foundations Association (CFA) – a North American association dedicated to improving the quality and acceptance of cast-in-place concrete foundations – has announced the newest terms for its Board of Directors as well as a new President to direct its next two-year period.

During the CFA Annual Convention, held earlier this month at the Hyatt Tamaya in Santa Ana Pueblo, New Mexico, the attending members elected Tom Brown of TJ Construction Unlimited Inc. in Ely, Iowa and Jerry Hoyer of Hoyer Poured Walls Inc. of Marysville, Ohio to serve three-year terms on the Board of Directors.

In addition, Jim Rowe of Fastrac Foundations in Pittsburgh, Penn. and Amanda Morris of Herbert Construction Company of Atlanta, Ga. were re-elected to the Board for three-year terms.
Also at the meeting, Dan Bromley (top left photo) of ABI Corporation of Lee’s Summit, Mo. assumed the role of CFA President, replacing Brad Schrock of Westfield, IN.

Bromley had previously served and will continue to function as chair of the new Foundation Contractor Certification Program that successfully started during the same event in New Mexico.

His plans for the Association over this next two-year period include extending the recognition of the certification program on a national level and seeing the benefits for contractor members of the CFA continue to increase.

These benefits would include opportunities for lower insurance rates, safety programs and management network groups among the already rich opportunities.

Bromley becomes the 23rd president in the rich history of the CFA and establishes the second father/son leadership. His father, Gary Bromley (bottom right photo) , was president from 1995-1996.

Previously, Larry and Dave Clark became the first father/son presidential family, following Larry’s inaugural term in 1976-78 and Dave ‘s term from 1996-97.

One other pair added to this history of lineage are Joe Carr, who served as President from 1993-95, and the current Past President (06-08), Brad Schrock, his son-in-law.

The heritage of the CFA seen through the tenures of these gentlemen speaks of the passion held by the entire membership.

The CFA was established in 1974 for the purpose of improving the quality and acceptance of cast-in-place concrete foundations.

Since that time, the CFA has transitioned to a network where foundation contractors can focus on building better businesses and improving the recognition of performance in codes and standards.

CFA provides promotional materials, educational seminars, opportunities for networking, and technical meetings for members throughout the U.S. and Canada involved in segment of the market now identified as Removable Concrete Forms (RCFs), walls produced by forming, placing concrete and then removing the forms of wood, aluminum or steel-ply.

The CFA represents the interests of its members and the industry on several code and regulatory bodies, such as ACI 332 – the American Concrete Institute’s committee responsible for the creation of the "Residential Concrete Standard" and the International Residential Code (IRC) as well as concentrated efforts with the National Association of Home Builders (NAHB) and Portland Cement Association (PCA).

The CFA produces industry-shaping documents including the CFA Standard for Residential Poured Foundations and the CFA Cold Weather Research Report. For more information about CFA, please visit http://www.cfawalls.org/.

CONTACT: Jim Baty at 319-895-6940 or jbaty@cfawalls.org

Marcus & Millichap Names Five New VP/Investments

BLACK, CHAN AND COHEN PROMOTED IN LONG BEACH OFFICE

LONG BEACH, CA— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named David Black, (top right photo) Hiu Chan (middle left photo under Cohen) and Joshua Cohen (top left photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John F. Rodiles, regional manager of the firm’s Long Beach office.

Black joined Marcus & Millichap in 1994 and specializes in office and industrial investment sales. Chan joined the firm in 2002 and specializes in multi-family investment sales. Cohen joined the firm in 2003 and specializes in multi-family investment sales.

BITONTI AND NGUYEN MOVE UP IN NEWPORT BEACH OFFICE

NEWPORT BEACH, CA — The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Paul Bitonti (bottom left photo) and John L. Nguyen (bottom right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Joseph Cesta, regional manager in the firm’s Newport Beach office.

Bitonti joined Marcus & Millichap in 2002 and specializes in retail investment sales. Nguyen joined the firm in 2003 and specializes in multi-family investment sales.

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

$33.5M refinance of Back Bay apartments in Boston arranged by HFF

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $33.5 million refinancing for St. Germain Apartments (top right photo), a 207-unit brownstone apartment complex in Boston’s Back Bay neighborhood.

Working exclusively on behalf of The Abbey Group, HFF senior managing director Bob Herron (bottom right photo) and director Greg LaBine (top left photo) placed a fixed-rate loan with Landesbank Hessen-Thuringen Girozentrale (Helaba).

The Abbey Group is a prominent Boston developer that has completed dozens of major projects, and currently owns Landmark Center and Lafayette Corporate Center, among others.

Originally built in 1900 and renovated in 1998, St. Germain Apartments has 48 brownstone buildings with studio, one- and two-bedroom units averaging 705 square feet each. The property offers 12 designated parking spaces at a surface lot at the corner of Dalton Street and St. Germain Street.

Comprising one full city block in Boston’s Back Bay, St. Germain Apartments is convenient to Newbury Street, Fenway Park, Hynes Convention Center, the Prudential Shops and numerous MBTA subway and bus stops.

“This is the second financing HFF has arranged for The Abbey Group with Helaba,” said Herron. “In 2006, a construction loan was arranged for the development of 45 Province Street, a luxury condominium development under construction in Boston’s Downtown Crossing. This made the process seamless as lender and borrower had prior experience working together.”

CONTACTS:

Robert M. Herron, HFF Senior Managing Director, 617 338 0990, rherron@hfflp.com

Gregory F. LaBine, HFF Director, 617 338 0990, glabine@hfflp.com

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

Concord Hospitality Unveils Marriott’s Next Generation of SpringHill Suites

Concord Co-designed New Look Showcased at Springhill Suites Chicago Waukegan/Gurnee

CHICAGO, Ill./RALEIGH-DURHAM, N.C., Aug. 28, 2008—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today opened the 120-room Springhill Suites Chicago Waukegan/Gurnee.

It is the first SpringHill Suites hotel to feature the brand’s contemporary, boutique-style redesign, ushering in the next generation of the select-service franchise. Concord co-designed the brand’s new look in partnership with Marriott. Concord, which owns a minority equity interest in the hotel, also manages the property.

“The SpringHill Suites Chicago Waukegan/Gurnee is at the forefront of contemporary hotel design,” said Mark Laport, (bottom right photo) Concord’s president and CEO. “It represents the next generation of hotels, created to deliver the experience that the next generation of travelers is looking for.

"It features an innovative lobby with custom lighting, music, moveable “soft walls” and changeable graphic panels to create distinctive environments throughout the day. Guests can also enjoy “ESCAPE,” the new modern lounge that serves wine and spirits, and the outdoor terrace illuminated by a fire pit and enclosed by a living green wall. We expect this property to become a market leader in the northern Chicagoland area, and the prototype for future hotel design.”

The joint re-design of the brand is not the first for Concord; the company also partnered with Starwood Hotels & Resorts to design the chic new aloft brand, launched last year.

“Concord creates partnerships that yield excellence,” Laport said. “We have an award-winning design and construction department, and by partnering with some of the leading brands and other management companies, we’re creating cutting-edge products that will set the standard for future hotel design.”

Concord already has broken ground in Texas on four additional SpringHill Suites, all with the updated design. The properties are slated to open in 2009.

Contact: Melanie Boyer, Jerry Daly, (703) 435-6293

CB Richard Ellis' Private Client Group Named Exclusive Sales Agent for 26-Unit Apartment Community in Orlando, FL

ORLANDO, FL - Aug. 28, 2008 - CB Richard Ellis, the world's leading commercial real estate services provider, was recently named the exclusive sales agent for The Concord Apartments has been ocated at 920 W. Concord St. in Orlando, Fla. The 26-unit property consists of studio apartments with an average unit size of 600 sq. ft.

Luke Wickham, (top right photo) associate, has been retained to exclusively represent the owner of the residential community, WNC.

"The Concord offers potential investors the distinct advantage of being located within a few blocks of one of the most extensive redevelopment projects of the downtown Orlando area.

" Within the next few years, a 'creative village' will take the place of the old Amway Arena and surrounding area," Wickham said. "The property also has the advantage of being in the neighborhood that is currently undergoing gentrification."

Built in 1974, The Concord Apartments is located in downtown Orlando adjacent to the future site of what is projected be to the region's most significant multi-building project.

Already under construction, the endeavor will include a new events center, a performing arts center and a refurbished Citrus Bowl stadium. Over time, these community venues are projected to generate $10 billion in economic output and support 7,500 jobs annually.

CONTACT:

Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com

Interstate Hotels & Resorts Opens Hilton Moscow Leningradskaya Hotel

First Hilton Brand Hotel in Russia’s Capital City

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent operator of full- and select-service hotels, has opened and is managing the 273-room Hilton Moscow Leningradskaya (top right photo) in Russia.

The landmark hotel, which is owned by JSC Sadko, recently completed a two-year total restoration and is the first Hilton brand hotel in Russia.

It is Interstate’s eighth property in Europe. (Lobby ceiling in middle left photo)

“The addition of this hotel to our portfolio is an excellent illustration of our continued focus on international expansion and our ability to build on the solid platform we established more than a decade ago,” said Thomas F. Hewitt,(bottom right photo) chief executive officer at Interstate.

“Interstate was one of the first independent management companies to operate in Moscow, and after 13 years has developed strong local and regional relationships and contacts.

"We also have strong ties to all the major hotel franchisors and are delighted to have successfully negotiated the Hilton affiliation and to be managing the first Hilton hotel in Russia. We have a very strong pipeline of additional management contract opportunities in Russia, greater Europe, India, Mexico and Central America.”

“Moscow is one of the fastest-growing cities and strongest economies in the world today, and this is one of the most recognized hotels in the city, one of seven famous ‘Stalin’ towers that
visually define the Moscow skyline,” said Henry L. Ciaffone, president of international operations and development at Interstate.

“The restoration has successfully blended the property’s rich architectural heritage and today’s latest technology and amenities. With its highly desirable location just off Komsomolskaya Square and the power of the Hilton name, we expect Moscow’s first Hilton brand hotel to become a magnet for international business and leisure travelers.”

Contacts:
Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

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

Carol McCune, Daly Gray Public Relations, 703 435 6293; fax 703 435 6297

carol@dalygray.com

Trophy Buildings in D.C. Fuel Activity

WASHINGTON, DC--Trip Howell (top right photo), managing director, Jones Lang LaSalle, says market activity in Washington, DC was uncharacteristically slow during the first half of 2008.

However, Trophy assets fueled regional growth and claimed a disproportionate share of transaction volume. Despite accounting for just 10.5 percent of the inventory, the Trophy market claimed 84.0 percent of the District’s year-to-date net absorption and led regional demand for a third consecutive year.

Steady tenant demand and continued low vacancy in existing buildings indicated vitality in the Trophy market through mid-year. Direct vacancy rates ended the second quarter at 1.4 percent, substantially below the broader market’s 7.7 percent rate.

Through the second quarter, the 10,875,333 square foot Trophy market spanned 32 buildings, primarily located within the core markets of the Central Business District and East End, with three of the assets located in Capitol Hill rounding out the inventory.

An additional three million square feet of trophy product was under construction in 11 buildings scheduled to deliver between 2008 and 2012.

1099 New York Avenue, NW, was the only new Trophy building to deliver during the first half of 2008. The 177,506 square foot building was 55 percent leased to law firm Jenner & Block. The building increased the Trophy inventory by only 1.5 percent, but the availability contributed to an increase in direct vacancy, which climbed to 1.4 percent from 0.4 percent at year end 2007. Only two buildings (1099 New York Avenue, NW and 1301 K Street, NW) had direct blocks of space available over 30,000 square feet.

For a detailed copy of this report, please contact John Sikaitis, Vice President, Communications, Jones Lang LaSalle, john.sikaitis@am.jll.com

S&P DowngradesThree Mortgage Insurer Groups--Old Republic, PMI, And Radian

NEW YORK, NY--Standard & Poor's Ratings Services has lowered its counterparty credit rating on Old Republic International Corp. (ORI) to 'A-' from 'A' and its counterparty credit and financial strength ratings on ORI's core subsidiaries to 'A+' from 'AA-'. The outlook is negative.

Standard & Poor's also said that it lowered its counterparty credit rating on PMI Group Inc. (PMI Group) to 'BBB-' from 'BBB+' and its counterparty credit and financial strength ratings on PMI Group's mortgage insurance subsidiaries in the U.S. (PMI) and Europe (PMI Europe) to 'A-' from 'A+'.

In addition, Standard & Poor's placed these ratings on CreditWatch with negative implications. We will likely either lower the ratings another notch or affirm them and assign a negative outlook. We expect to resolve the CreditWatch status of the ratings within 30 days.

In addition, Standard & Poor's lowered its counterparty credit rating on Radian Group Inc. (Radian Group) to 'BB+' from 'BBB' and its counterparty credit and financial strength ratings on Radian Group's mortgage insurance subsidiaries (Radian MI) to 'BBB+' from 'A'. At the same time, we removed these ratings from CreditWatch, where they were placed on Feb. 13, 2008, with negative implications. The outlook is negative.

Standard & Poor's also affirmed its 'AA' counterparty credit and financial strength ratings on Genworth Financial Inc.'s core mortgage insurance subsidiaries. The outlook remains negative.

In addition, Standard & Poor's affirmed its 'BBB' counterparty credit rating on MGIC Investment Corp. (MGIC Investment) and its 'A' counterparty credit and financial strength ratings on the mortgage insurance subsidiaries (MGIC), including MGIC Australia Pty Ltd. The outlook is still negative.

For a detailed copy of S&P's release, please contact Jeff Sexton, New York, (1) 212-438-3448 jeff_sexton@standardandpoors.com

Analyst Contacts:
James Brender, New York (1) 212-438-3128
Andrew Dral, New York (1) 212-438-5677
Rodney A Clark, FSA, New York (1) 212-438-7245

Thomas D. Wood & Co. Brokers $7.5M Loan for Hotel-Restaurant at North Bay Village, FL

MIAMI, FL— Stephen Wechsler, (top right photo) Vice President for Thomas D. Wood and Company, secured financing in the amount of $7,500,000 for the Inn on North Bay, a Best Western Hotel and Shuckers Restaurant in North Bay Village, Florida.

The loan was financed through Thomas D. Wood and Company’s relationship with a local banking institution at a permanent fixed rate of 6.0%. The loan term is five years based on a 25-year amortization, and a loan-to-value of 38%.

The borrower refinanced the Inn on North Bay to renovate the 119-room hotel and attached restaurant. Inn on North Bay was built in 1967 and is located at 1819 79th Street Causeway, North Bay Village, Florida.

CONTACTS:
Stephen Wechsler (305) 447-7874 swechsler@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com