RECI Says 'Mission Money' Keeps Commercial Realty Markets Afloat

CHICAGO, IL, Oct. 8, 2008 - Swooning financial markets continue dislodging all sectors of real estate capital with a vengeance.

Funding sources retreat from income-property lending on a daily basis because of liquidity concerns, profitability, overexposure and a host of other factors plaguing this sector.

No conventional lenders are immune including banks, life insurance companies, savings institutions and private funding sources.

Yet a few bright stars shine in the otherwise pitch-dark capital markets.

These stars are lenders with funding goals and objectives that are not exclusively driven by profits.

The Real Estate Capital Institute identifies this group of funding sources as "Mission Money" who provide "Policy Proceeds."

According to John Oharenko, (top right photo) an industry veteran serving on the advisory board of The Real Estate Capital Institute® and senior vice president at Chicago-based Capmark Finance Inc., "In 2009 and 2010, Mission Funds will play an even more important role in supporting real estate capital markets as many conventional funds stay sidelined.”

He adds, ” Even as conventional markets recover, Mission Money will remain a reliable source of funds for developers, investors and others willing to learn about and implement these targeted programs."

The four highlights of Mission Money are as follows:

1. Purpose: Mission fund objectives vary focusing on public policy (e.g., affordable housing, urban renewal), labor creation, specific geographic investing and property types to name a few.

Typical examples include generating jobs through union labor funds, constructing affordable apartments and reinvigorating economically deprived commercial areas.

Often times, many of these objectives are bundled - e.g., affordable housing with union labor in redeveloping urban "infill" areas endowed with heavy tax incentives.

2. Property Types: Unlike pure non-profit funding sources, Mission Money exclusively targets income properties, namely commercial and multifamily properties.

3. Policy Proceeds: Direct funding structures include construction, interim and permanent loans as well as equity contributions. Popular indirect fundings include tax credits, tax breaks and rebates.

4. Sources: The lending arena includes federal governmental agencies (e.g. Freddie Mac, Fannie Mae, FHA and the Treasury) and local municipalities (tax increment districts), endowments, pension funds, life companies and private capital providing funds directly (construction and permanent funds) and indirectly (tax credits).

ABOUT US:

The Real Estate Capital Institute® is a volunteer-based research organization tracking debt and equity rate data. The Institute posts daily and historical rates including treasuries and short-term rates. The Real Estate Capital RateLine 7RE-CAPITAL (773-227-4825) provides hourly updates.

CONTACT:

The Real Estate Capital Institute®
3517 West Arthington Street
Chicago, Illinois USA 60624
Contact: Nat Zvislo, Research Director
Toll Free 800-994-RECI (7324)
director@reci.com / http://www.reci.com/

Davis Marcus Partners Signs Tygris Commercial Finance to Wilton Corporate Park's 40 Danbury Road

The First Green Office Building in Fairfield County Signs Second Tenant

WILTON, CT/PRNewswire/ -- Davis Marcus Partners, one of New England's leading real estate development companies, has signed Tygris Commercial Finance (Tygris), a commercial finance company, to a long term lease to occupy 14,687 square feet of space at the newly completed and environmentally sustainable 40 Danbury Road. (top right photo)

The first Gold LEED (Leadership in Energy and Environmental Design) pre-certified office building in Connecticut, 40 Danbury Road is set within the 33 acre landscaped office campus at Wilton Corporate Park (middle left photo) and located at the center of Fairfield County's Route 7 corporate corridor.

Tygris becomes the second tenant to occupy space at the 161,222 sq. ft., three story, Class A office building. Louis Dreyfus Corporation, the first tenant, occupies the entire top floor.

"Despite the slowdown in the overall commercial real estate market, we are seeing a great level of interest and activity around Wilton Corporate Park," comments David Fiore, senior vice president for Davis Marcus Partners.

"We are very encouraged and believe our LEED standards combined with our flexibility to accommodate both large and small tenants make Wilton Corporate Park one of the most desirable office building complexes in the market."

Albert B. Ashforth, Inc of Stamford, CT is the leasing agent for Wilton Corporate Park, and is represented by Jeffrey H. Gage and Edward Tonnessen. (middle right photo) Tygris was represented by Tom Pulie of USI Real Estate Advisors.

"The emergence of Route 7 in Wilton as an established business corridor and the competitive economics of the area make Wilton Corporate Park a very attractive choice," notes Tonnessen, executive vice president of Albert B. Ashforth. "That combined with Davis Marcus' notable reputation in the marketplace and David Fiore's personal, hands-on management of tenant construction has proven to be very appealing to tenants and was instrumental in securing Tygris."

Prudential Real Estate Investors (PREI(R)) is Davis Marcus' joint venture partner on the Park. This is the seventh project for Davis Marcus and PREI, the real estate investment advisory and management business of Prudential Financial, Inc. (NYSE:PRU).

As of June 30, 2008, PREI managed $47.4 billion of gross assets management ($32.2 billion net assets) on behalf of more than 400 clients and is ranked among the largest real estate investment managers.

CONTACT: Jeyran Ghara, +1-212-777-2220, jghara@southardinc.com, of Southard Communications for Davis Marcus Partners

Web Site: http://www.davismarcus.com/

http://www.wiltoncorporatepark.com/

Hotel Brokers International Sells Landmark 10,000th Hotel

Hotel Group Gears Up for 50th Anniversary

KANSAS CITY, MO—Hotel Brokers International (HBI), the nation’s largest hotel brokerage organization with more than 30 offices from coast to coast, has brokered its landmark 10,000th hotel transaction.

The deal comes as HBI prepares to celebrate its 50th anniversary in 2009.

A $10.2 million package deal of two Holiday Inn Express hotels included the 77-unit Holiday Inn Express, Austinburg, Ohio, (middle left photo) which sold for $5.6 million, and the 64-unit Holiday Inn Express, Newton Falls, Ohio, which sold for $4.4 million.

“We’ve sold more than 150 different branded hotels and countless independents in our 49-year history,” said H. Brandt Niehaus, (top right photo) CHB, president of HBI and Louisville-based Huff, Niehaus & Associates, Inc.

“These mid-market properties are typical HBI sales. The vast majority of our hotel transactions are in the mid-market segment, which, of course, dominates the industry.

" No organization sells more hotels in this sector than HBI. We also are active in virtually all the other segments from upper-upscale through economy.

“Through the first six months of 2008, HBI transactions remained strong, compared to the rest of the industry,” he said. “However, we expect hotel sales to pause while the market digests all of the changes currently taking place on Wall Street.

“Financing, while more difficult to obtain, remains available, particularly for hotel transactions below the $10 million to $15 million level. We expect hotel real estate transaction activity to gain momentum later this year and accelerate into 2009.”

Errol D’Souza, (middle left photo) CHB, president, Laurel Real Estate Co. of Columbus, Ohio was the HBI selling broker. “We arranged financing through the CDC in Ohio for two SBA 504 loans in order to get the transaction done in today’s market,” D’Souza said. “Mid-market hotels remain in high demand, and, fortunately, financing at historically attractive rates is available from multiple sources.”

Asmukh Patel and Rakesh Patel of New York, new owners of the properties, commented, “Errol D’Souza brought us two good assets and a professional management team to operate the hotels for us.”

Raxit Shah, (bottom right photo) president, Liberty Group of St. Petersburg, Fla. said, “As the seller, we found Errol’s professionalism created a transaction that allowed us to retain the management of the hotels. It worked out beautifully for both sides.”

CONTACTS:

Glenda Webb, Hotel Brokers International, (816) 505-4315

Jerry Daly, Patrick Daly, Daly Gray Public Relations, (703) 435-6293

Tilt-Con Starts Ring Power Facility in Riverview, FL

TAMPA, FL – Tilt-Con Corporation, Orlando, is under way on the new 130,486-square-foot Ring Power Riverview, Phase III, facility in Riverview, in Hillsborough County, FL, under its contract with design/builder Stellar, Jacksonville, FL.

Ranked as Florida’s largest tilt-up concrete constructor by Southeast Construction magazine, Tilt-Con utilizes its economical system for tilt-up concrete walls. Completion of Tilt-Con’s scope of work including foundations, slab-on-grade, tilt-up concrete wall panels, mezzanines and walkways is slated for completion in early 2009.

Firm Starts Work on Valdosta State University's new multimillion-dollar 4-story, 118,368-square-foot Student Union building in Valdosta, GA

ALTAMONTE SPRINGS, FL – Altamonte Springs-based Tilt-Con Corporation is under way on Valdosta State University’s new multimillion-dollar 4-story, 118,368-square-foot Student Union building in Valdosta, GA, under its contract with Skanska USA Building.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilizes its multi-story economical system for tilt-up concrete walls. Ranked as Florida’s largest tilt-up concrete constructor by Southeast Construction magazine, Tilt-Con’s scope of work includes foundations, slab-on-grade and tilt-up concrete wall panels. Designed by Ellis, Ricket and Associates, Valdosta, the project is slated for completion in January 2009.

Tilt-Con, completes new 150,000-square-foot AVE Aviation and Commerce Center in Opa-Locka, FL

MIAMI, FL – Tilt-Con Corporation, Tamarac, completed the new 150,000-square-foot AVE Aviation and Commerce Center (bottom right aerial photo) at 14200 NW 57th Avenue in Opa-Locka, FL, under contract with Link Construction Group, Miami.

Selected for its unrivaled performance and speed of execution, Tilt-Con utilized its economical system for tilt-up concrete walls. Tilt-Con’s scope of work included foundations, slab-on-grade and tilt-up concrete wall panels. The project was designed by RLC Architects, Boca Raton, FL. Tilt-Con’s South Florida office is located at 10601 State Street, Suite 10, Tamarac, FL 33321, phone 1-800-446-8458.

Contact: Kenneth H. Cristol, 407-774-2515

Arbor Closes $7.6M in Michigan and Connecticut Loans

Hickory Hollow Cooperative Townhouses in Wayne, MI Gets $4M Fannie Mae Co-op Loan

UNIONDALE, NY -– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $4,000,000 loan under the Fannie Mae Co-op product line to refinance the 267-unit complex known as Hickory Hollow Cooperative Townhouses (top right photo) in Wayne, MI.

The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.14 percent.

The loan was originated by Michael Jehle,(middle left photo) Director, in Arbor’s full-service Michigan lending office. “The members of this cooperative have big plans for many capital improvements to their property,” said Jehle. “By decoupling their HUD 236 mortgage, Arbor was able to provide, in part, these renovation funds with a long term, attractive fixed rate loan.”

Arbor Closes $1.6M Fannie Mae DUS® Small Loan on The Pines Apartments in East Lansing, MI

UNIONDALE, NY– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $1,600,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 44-unit complex known as The Pines Apartments (bottom right photo) in East Lansing, MI.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.25 percent.

The loan was originated by Michael Jehle, Director, in Arbor’s full-service Michigan lending office. “Arbor was successful in providing long-term fixed rate financing for this student property,” said Jehle. “The entire process went very smooth for this repeat client of ours.”

Arbor Closes $2M Fannie Mae DUS® Loan on Heritage House Apartments in New London, CT

UNIONDALE, NY, Oct. 8, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $2,000,000 loan under the Fannie Mae DUS® product line to refinance the 60-unit complex known as Heritage House Apartments in New London, CT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.04 percent.

The loan was originated by John Edwards, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“We were pleased with the opportunity to provide low leverage financing for a strong owner and operator,” said Edwards

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Marcus & Millichap Sells 223-Unit Apartment Community in Roseville, CA

ROSEVILLE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Venu at Galleria, (top right photo) a 223-unit multi-family community in Roseville.

The asset sold at a low 5 percent cap rate.
Kenneth Blomsterberg, a vice president investments in the Sacramento office of Marcus & Millichap, and Jesse Nickerman, an investment specialist in the firm’s Sacramento office, represented the seller and the buyer in the transaction.

“Venu at Galleria was an excellent opportunity for the buyer to acquire a recently constructed multi-family community in a highly desirable rental market,” says Blomsterberg.

“The Roseville area has enjoyed tremendous population and job growth in recent years, Venu at Galleria offered the buyer a superior location with solid demographics and the ability to add value,” 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.

The property is near the intersection of Highway 65 and Interstate 80 and directly across from the site of a 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.

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 Cors, o Communications Department, (925) 953-1716

Roger B. Kennedy Inc. Completes Two Jobs Valued at $20M

The Altamonte Springs, FL-based general contractor and construction manager completes new $15.6 million, 8-story, 268,000-square-foot Parkvue Condominiums and Offices at City Centre in downtown Kissimmee, FL (top right photo)

KISSIMMEE, FL – Altamonte Springs-based general contractor and construction manager Roger B. Kennedy, Inc. completed the new $15.6 million, 8-story, 268,000-square-foot Parkvue Condominiums and Offices at City Centre (top right photo) in downtown Kissimmee, FL. The project was designed by McMillen Design Group, Kissimmee.

Perennially ranked among Engineering News-Record’s “Top 400 U.S. Contractors,” the Kennedy organization has been in the construction business for over 135 years, and its experience has passed down from generation to generation.

Today, the award-winning company is comprised of industry professionals with all the resources needed for economical, on-time completion of a wide variety of projects. Roger B. Kennedy, Inc. specializes in hospitality, commercial, multi-family and healthcare projects including hotels, timeshare resorts, office buildings, medical buildings, condominiums and more.

Headed by Roger B. Kennedy, Jr.,(middle left photo) President, the company also ranks among the Orlando area’s largest construction companies and is one of Central Florida’s largest family-owned businesses. Its headquarters is located at 1105 Kensington Park Drive, Altamonte Springs, FL 32714, telephone (407) 478-4500.

Firm finishes new $4.8 million, 3-story Avalon Office Building bottom left photo) in Avalon Park in Orlando

ORLANDO, FL – Altamonte Springs-based general contractor and construction manager Roger B. Kennedy, Inc. completed the new $4.8 million, 3-story, 40,000-square-foot Avalon Office Building (bottom left photo) in Avalon Park in Orlando, FL.

The project was designed by SchenkelShultz Architecture, Orlando. In recent years, Kennedy also constructed the $10.6 million, 135,000-square-foot Avalon Mixed-Use Building II, the 18,000-square-foot Avalon Health Building, the Avalon Park band shell and Avalon Town Center park.

Contact: Kenneth H. Cristol, 407-774-2515

HFF arranges $36M in financing for 1401 K Street in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $36 million in financing for 1401 K Street, (above centered photo) a 124,706-square-foot Class A office building in Washington, D.C.

HFF senior managing directors Bill Asbill (top right photo) and Bob Donhauser (ltop left photo) and director Cary Abod (middle right photo) worked exclusively on behalf of Guardian Realty Investors, LLC to arrange the five-year, fixed-rate financing through AIG Investments.

The loan proceeds were used to acquire the property and establish reserves for future tenant improvements, leasing commissions and capital expenditures. HFF will service the loan.

“AIG Investments did a great job of accommodating a very tight closing schedule,” said Abod.

Located in the K Street corridor of Washington, D.C. on Franklin Square, 1401 K Street is within walking distance of the McPherson Square Metrorail station, the Red Line at Farragut North Metrorail station, The White House, the Treasury Department building and the Department of Commerce building. The property was renovated in 1997.

“K Street, which provides a well-known and prestigious location within Washington, D.C., attracts prominent lobbying groups, law firms, private and government-related organizations and others, and demands premium rents due to the convenient location and minimal vacancy,” Asbill added. “The rental rates are significantly below market which should result in significant growth in the cash flows.”

Guardian Realty Investors, LLC and its affiliates own and operate 49 office buildings totaling in excess of 3.5 million square feet in Washington, D.C., Northern Virginia and suburban Maryland. The company has been acquiring, developing, financing, leasing and managing office buildings for over 40 years.

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:

William S. Asbill, HFF Senior Managing Director, 202 533 2500, wasbill@hfflp.com

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

GVA Advantis Negotiates New Leases, Renewals and Expansions in Metro Orlando

ORLANDO, FL -– GVA Advantis is pleased to announce the arrangement of the following new leases, renewals and expansions in Metro Orlando. Lisa Bailey, (top right photo) Senior Director, Office/Industrial Services of GVA Advantis’ Orlando office, represented the landlord in four of the transactions and represented the tenant in the remaining transaction.

· Hunt Construction Group, the nation’s #1 sports builder as ranked by Engineering News-Record, has signed a new lease for 3,691 SF at Atrium Tower, 7680 Universal Boulevard, Orlando.

· Fulfillment USA, a telemarketing firm specializing in debt collections, has signed a new lease for 2,970 SF at Gateway Business Park, 7700 Southland Boulevard, Orlando.

· American Management Services, a leading provider of turnaround and implementation-based profit improvement services to small and mid-sized businesses, has renewed its lease for 9,145 SF at Atrium Tower, (top left photo) 7680 Universal Boulevard, Orlando.

· Faneuil, Inc., which provides business process management and support services for the public sector, has expanded its space at Gateway Business Park, (bottom right photo) 7800 Southland Boulevard, Orlando, by 754 SF.

· Fox Family, LLC, a third-generation Florida-based company, has signed a long-term lease for 13,064 SF at the new LeeVista Commons Business Center, 6333 McCoy Road, Orlando. Bailey represented the tenant in this transaction.

Media Contact: Shelli Browning, 407.999.4775, sbrowning@gvaadvantis.com

Thomas D. Wood & Co. Brokers $8.35M in Two Loans in Florida and North Carolina

Forest Ridge Shopping Center in Asheville, NC Gets $7.2M Loan

Miami, FL-- Marshall Smith, (top left photo)Executive Vice President for Thomas D. Wood and Company, secured financing in the amount of $7,200,000 for the Forest Ridge Shopping Center in Asheville, North Carolina.

The loan was financed through one of Thomas D. Wood and Company’s correspondent life insurance companies at a permanent fixed-rate of 6.25%.

The fully-amortizing loan has a 15-year term and amortization, and a loan-to-value of 42%. The Wal-Mart-anchored shopping center is currently 164,672 square feet, and Wal-Mart plans to add a grocery component to their existing store by expanding their space by 40,000 square feet.

Forest Ridge Shopping Center is also home to major tenants Radio Shack and Subway, and is located at 1636 Hendersonville Road, Asheville, North Carolina.

For further information, please contact: Marshall Smith (305) 447-7820 msmith@tdwood.com or Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Tampa Applebee's and Brookwood Academy Financed

Orlando, FL— Jeff Schnupp, (bottom right photo) Vice President for Thomas D. Wood and Company, secured financing in the amount of $1,150,000 for Applebee’s Restaurant and Brookwood Academy.

Schnupp secured financing in the amount of $600,000 for Applebee’s Restaurant in Tampa, Florida.

Schnupp financed the loan through Thomas D. Wood and Company’s relationship with a national lender, at a permanent fixed-rate of 6.75%.

The loan term is 10 years, based on a 20-year amortization, and a loan-to-value of 23%. The 5,354 square-foot restaurant was built in 1999 and is located at 10606 Sheldon Road, Tampa, Florida.

Schnupp arranged financing in the amount of $550,000 for Brookwood Academy in Tampa, Florida. Schnupp financed the loan through StanCorp Mortgage Investors, one of Thomas D. Wood and Company’s correspondent lenders, at a permanent fixed-rate of 6.50%.

The loan term is five years, based on a 25-year amortization, and a loan-to-value of 41%. The 8,200 square-foot children’s learning center was built in 1995 and is located at 3820 Coconut Palm Drive, Tampa, Florida.

For further information, please contact: Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com

or Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Arbor Closes Two Loans Totaling $3.5M in Michigan and Indiana

$3,000,800 Fannie Mae DUS® Loan Closed on Mayfair Apartments in Jeffersonville, IN

Uniondale, NY -– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $3,000,800 loan under the Fannie Mae DUS® product line to refinance the 244-unit complex known as Mayfair Apartments (top right photo) in Jeffersonville, IN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.

The loan was originated by Patrick McGovern, (middle left photo) Director, in Arbor’s full-service New York, NY lending office. “Arbor was able to provide refinancing through our Fannie Mae DUS program for a first-time borrower in a challenging market.” said McGovern.

Arbor Closes $500,000 Fannie Mae DUS® Small Loan on Roseville Townhouses Cooperative in Roseville, MI

Uniondale, NY -– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $500,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 155-unit complex known as Roseville Townhouses Cooperative in Roseville, MI.

The 28-year, 6-month loan amortizes on a 28-year, 6-month schedule and carries a note rate of 7.14 percent.

The loan was originated by Michael Jehle,(bottom right photo) Director, in Arbor’s full-service Michigan lending office.

“The members of this cooperative decided to take advantage of Fannie Mae’s Supplemental Loan Program, which allowed them to borrow additional funds on top of their original mortgage funded in 2006 for further capital improvements to their property,” said Jehle.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Hersha Hospitality Management Names Michael W. Murray as Chief Operating Officer

PHILADELPHIA, Pa.- Hersha Hospitality Management (HHM), a leading hotel management company of more than 60 upper upscale, upscale and midscale U.S. hotels, announces Michael W. Murray (top right photo) has joined the company as chief operating officer. He will relocate to Philadelphia and be responsible for all of the company’s operational functions at the corporate and property levels.

Murray, a 27-year hospitality veteran, has in-depth operations expertise throughout the United States and Caribbean.

“Mike further strengthens our operational capabilities, especially in the full-service and resort arena, and has consistently run hotels with guest satisfaction scores that are in the top 10% of their respective brands,” said Tom Reese, (middle left photo) president of HHM.

“Mike brings with him a complement of management experience for some of the nation’s largest institutional hotel projects; an understanding of diverse geographic markets; and in-depth expertise in managing through all phases of the economic cycle,” Reese added.

“His experience includes hotels in all market tiers, from luxury to upscale select-service, with leading brands in the Marriott, Hilton, InterContinental and Starwood families. His diverse abilities are exemplified by his experience in running large independent hotels in urban markets, historic adaptive re-use projects, indoor water resorts and full-service resorts and casinos.”

Previously, Murray was the operations leader at Sage Hospitality Resources with responsibility for 48 hotels, $500 million in annual revenue and 6,000 associates across the United States.

Contact: Jerry Daly or Chris Daly, (703) 435-6293, chris@dalygray.com

HFF arranges $5.85M financing for 600 Technology Center Drive in Stoughton, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $5.85 million in financing for 600 Technology Center Drive, a 55,397-square-foot, Class A office building in Stoughton, Massachusetts.

Working on behalf of H.N. Gorin, Inc., HFF senior managing director Bob Herron (middle left photo) and director Greg LaBine, top right photo) placed the fixed-rate loan with Unum Group for the acquisition of the property.

Completed in 2000, 600 Technology Center Drive is a three-story office building that is fully leased to The Shaw Group. H.N. Gorin, Inc. also owns the adjacent office property, 100 Technology Center Drive, which serves as The Shaw Group’s headquarters.

The properties create a “mini-campus” for the tenant and share a cafeteria as well as fiber optic connectivity. Situated on a five-acre site, 600 Technology Drive is located close to the entrance of Technology Center Drive at the intersection of Routes 139 and 24 in Stoughton.

Founded in 1990, H.N. Gorin, Inc. is a Boston-based real estate investment and development company involved in the acquisition, development, management and ownership of commercial, multifamily residential, industrial and retail real estate.

Unum Group is one of the leading providers of employee benefits products and services and the largest provider of group and individual disability income protection insurance in the United States and United Kingdom.

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, 617 338 0990, lmcdowell@hfflp.com

Arbor Closes $1,756,000 Fannie Mae DUS® Small Loan for Fairway Square at Alvin, TX

Uniondale, NY (10/06/2008) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,756,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 120-unit complex known as Fairway Square (top left photo) in Alvin, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.22 percent.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Marcus and Millichap Sells a 2,852-SF Circle K in Brandon, FL

BRANDON, FL, Oct. 6, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Circle K, (top right photo) a 2,852-square foot C-Store with a gasoline station, located in Brandon, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,100,000 (a 5.8 percent cap rate) at $318 psf, based on higher rent expectations than current rents.

Ron Schultz, an investment specialist in Marcus & Millichap’s Tampa office marketed the property on behalf of the seller, a private investor based out of North Carolina. The buyer, a Limited Liability Co. (LLC), based out of Tampa, was represented by Jaimin Patel, an investment specialist in Marcus & Millichap’s Tampa office.

“This Circle K’s original 20-year lease was nearing its expiration date and the seller was either looking to re-tenant with a C-Store operator, or endure the expense and time needed to change use”, says Schultz.

Circle K is located at 2104 Brandon Boulevard in Brandon

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa(813) 387-4700