Arbor Closes Three DUS® Loans Totaling $4,994,000

UNIONDALE, NY, Oct. 14, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $4,994,000 under the Fannie Mae DUS® product line. These loans include:

Palm Villas Apartments, (top right photo) Edinburg, TX - Acquisition of a 96-unit complex in the amount of $2,208,000 under the Fannie Mae DUS® Small Loans product line.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.24 percent.

Winchester-Smithfield Apartments, (bottom left photo) Winchester, VA - Acquisition of a 44-unit complex in the amount of $1,600,000 under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.72 percent.

Back Acres, Johnson Creek, WI - Acquisition of a 45-unit complex in the amount of $1,186,000 under the Fannie Mae DUS® MHC product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.59 percent.

The loans were originated by Peter Margolin, (top left photo) Director, in Arbor’s full-service Deerfield, IL lending office.

“All three loans helped the buyers meet the timelines of their transactions,” said Margolin “It provided them with the maximum leverage that was available in the market.”

Contact: Ingrid PrincipeTel: (516) 506-4298
iprincipe@arbor.com

CBRE Reports Few New Retail Tenants Signing Deals in Jacksonville, FL

JACKSONVILLE, FL-CB Richard Ellis' Jacksonville, FL office reports that while a slight second quarter economic uptick occurred, forecasters’ predictions for a rocky third quarter proved to be
accurate.

Lea Court (top right photo), CBRE Director of Retail Leasing, Jacksonville, notes the third quarter ended with consumer confidence at record low levels as a “complete meltdown” of the financial markets was avoided only by unprecedented governmental intervention.

The state of the economy has affected consumer spending in a tangible way.

At the root of the problem is the mortgage crisis as borrowers took on loans they
could not afford, made by lenders acting irresponsibly.

This, coupled with rising fuel
costs, high unemployment and election uncertainties impacted third quarter results.

These conditions are not expected to improve in the near future, and total retail sales for the holiday forth quarter ’08 will be the weakest in 6 years, according to a forecast by CNN Money. Worst hit will be retailers selling non-essential items and those with product lines dependent on a strong housing market. This trend will be felt both nationally and locally.

As an example, Starbucks is closing 600 stores nationwide, six of which are located in the
Jacksonville MSA.

Conversely, on a local level, the retail vacancy rate stood at 6.7 percentage,
roughly unchanged from the second quarter but significantly better than the national average of 8.2 percentage.

Year to date absorption is positive 909,664 sq. ft., however third quarter absorption is negative 13,197 sq. ft.

The overall high absorption is a function of big box/mid box space that was largely pre-leased at three centers that have been completed so far this year:

OakLeaf Town Center (860,000 sq. ft.) (bottom right photo), OakLeaf Commons (73,717 sq. ft.) and Kendall Town Center (275,066 sq. ft.) totaling 1,208,783 sq. ft.

From the landlords’ perspective, with few new tenants signing deals, the main focus for the short term is tenant retention. During these challenging times, many national, regional and local tenants are scaling back as landlords are offering concessions as tenants’ renewals occur.

Other third-quarter highlights:
• Jacksonville retail vacancy rate is 1.5 percentage lower than the national average with 6.7 percentage.

• Unemployment rates are up across the board. While Jacksonville is lower in the overall Florida market, and Jacksonville surpasses the National unemployment rate.

• University of Central Florida Institute for Economic Competitiveness is reporting that the Jacksonville MSA is expected to show moderate growth in the economic indicators.

• The Florida Agency for Health Care Administration has approved for St. Vincent’s HealthCare to build a 98-bed hospital in Clay County.

Sotheby’s Global Commercial Group to Host Worldwide Auction of More Than 30 Florida Commercial Properties Dec. 11

ORLANDO, FL -- Stirling Sotheby’s Global Commercial Group in conjunction with Stirling Sotheby’s Auction Services will host a worldwide auction of more than 30 Florida commercial properties on Dec. 11 in Orlando.

Roger Soderstrom, (top left photo) founder and owner of Stirling Sotheby’s International Realty said most of the commercial properties to be auctioned are located within 50 miles of Orlando but some properties may be located as far away as Miami, Naples and Jacksonville.

Auction properties will include office buildings, retail and industrial facilities, development sites and raw acreage, Soderstrom added, along with select builder and developer residential product inventories.

“This may be the largest single auction of Central Florida commercial properties ever,” said Soderstrom. “We expect strong buyer interest from throughout the U.S. as well as Canada, the U.K., Europe and Brazil,” he said.

Soderstrom said Stirling Sotheby’s International Realty will market the auction worldwide through a widespread marketing strategy that includes Sotheby’s International Realty’s network of more than 500 offices in 36 countries and territories worldwide.

In addition to bidding at the Orlando auction site, bidders worldwide will be able to bid live online over the Internet.

“From our affiliates worldwide, we know that Central Florida commercial properties are in high demand by affluent buyers,” Soderstrom said. “We assume interest will be strong, so we are expecting to set records at this event,” he said.

Bidders can register and participate in person, via telephone (407-588-1260) or live, online at (www.AuctionsByStirling.com).

Other sites:
www.StirlingCommercial.com,

www.StirlingSIR.com,

www.SothebysRealty.com

For more information about this press release, contact:
Roger Soderstrom, Stirling Sotheby’s International Realty Founder/Owner 407-588-1260
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Marriott International Reports Third Quarter Results

BETHESDA, MD/PRNewswire-FirstCall/ -- Third Quarter Highlights:

-- Worldwide comparable company-operated revenue per available room (REVPAR) rose 3.4 percent (1.1 percent using constant dollars) for the third quarter ended September 5, 2008;

-- Outside North America, comparable company-operated REVPAR increased 13.4 percent (5.7 percent using constant dollars) with double-digit growth in South and Central America, the Caribbean, and the Middle East;

(Marriott corporate headquarters building, Bethesda, MD, middle left photo)

-- In a weak economic environment, North American comparable company-operated REVPAR declined 1.0 percent with a 1.6 percent increase in average rate;

-- The company's worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled over 130,000 rooms;

-- Over 6,500 rooms opened during the third quarter, including almost 2,300 rooms outside North America.

Marriott International, Inc. (NYSE:MAR) has reported third quarter 2008 adjusted income from continuing operations of $123 million, an increase of 1 percent over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations of $0.34, up 10 percent.

(Marriott Denver International Hotel, middle right photo)

The company's EPS guidance for the third quarter, disclosed on July 10, 2008, totaled $0.30 to $0.35.

Adjusted results for the 2008 quarter exclude a $29 million ($0.08 per diluted share) after-tax non-cash charge primarily related to a 1994 tax planning transaction.

Reported income from continuing operations was $94 million in the third quarter of 2008 compared to $122 million in the year-ago quarter.

Reported diluted EPS from continuing operations was $0.26 in the third quarter of 2008 compared to $0.31 in the third quarter of 2007.

J.W. Marriott, Jr., (top right photo) Marriott International's chairman and chief executive officer, said, "In our more than 50 years in the lodging business, we have focused our business strategy on meaningful competitive advantages -- strong brands, skilled management, and leading guest, owner and franchisee preference -- all combined in a time-tested business model of managing and franchising hotels.

"These attributes drive strong returns when the economic picture is bright and allow us to outperform competitors when times are more challenging. The third quarter demonstrated those advantages.

(Marriott Wailea Beach Resort and Spa, Hawai, middle left photo)

"With soft economic growth, our third quarter North American REVPAR declined modestly. Favorable international REVPAR and strong global unit growth enabled our fee revenue and operating income to remain steady. Over the past 12 months, we have opened over 200 hotels, including over 30 hotels converted from competitor brands.

"Our timeshare business has certainly been far more impacted by the current financial environment than our core lodging business.

" Tight credit, soft consumer spending and a difficult securitization market have lowered our expectations for the fourth quarter and 2009.

"However, our strong brands, high customer satisfaction and loyalty, and the terrific know-how of our associates will reward us in the future. Our financial leverage is modest, we have ample liquidity, and our market share continues to grow.

(Marriott World Center Resort, Orlando, bottom right photo)

"Increasingly, our presence is global. During the quarter, nearly 70 percent of the company's incentive fees were earned at properties outside North America. Today, our pipeline of hotels under development totals over 130,000 rooms worldwide.

We expect to open approximately 30,000 rooms in 2008 and 30,000 to 35,000 rooms in 2009. Companywide we are maximizing revenue opportunities and operating efficiencies while redefining and refreshing our brands. We're confident that as the economy strengthens, we'll be well positioned to achieve solid earnings growth."

For a complete copy of Marriott's news release, please contact:

Tom Marder of Marriott International, Inc., +1-301-380-2553, thomas.marder@marriott.com

Web sites: http://www.marriott.com/

http://www.marriott.com/investor

Equitable Resources Leases 257,000 SF at 625 Liberty building in Pittsburgh, PA

PITTSBURGH, PA /PRNewswire/ -- Equitable Resources, Inc., has leased 257,000 square feet of office space in the building currently known as 625 Liberty Avenue.(top right photo)

The company, the largest natural gas company in the Appalachian Basin -- and one of the largest in the country -- needs the additional space to accommodate rapid growth in its production and midstream business units.

Equitable Resources is widely recognized as a technology leader in the industry. The company currently holds natural gas drilling rights to more than 3.3 million acres in the Appalachian region and operates more than 13,000 gas wells, and 15,000 miles of pipeline throughout Kentucky, Virginia, West Virginia, and Pennsylvania.

"There are other natural gas producers operating in Appalachia, but we call the region our home -- so locating our headquarters at the Gateway to Appalachia is a 'natural'," said Murry Gerber, Equitable Resources' Chairman and CEO.

"Our production and midstream businesses have experienced tremendous growth, due in large part to our employees' ability to both innovate and deliver everyday results."

"Pennsylvania is committed to creating an environment where businesses can thrive," DCED Secretary Dennis Yablonsky (middle right photo) said. "State support helped Equitable Resources expand in the commonwealth, and hundreds of new jobs will be generated for the hard-working men and women of southwestern Pennsylvania."

A joint statement was issued by Allegheny County Executive Dan Onorato (bottom left photo) and Pittsburgh Mayor Luke Ravenstahl (top left photo):

"We are delighted that Equitable Resources is solidifying its presence in southwestern Pennsylvania by retaining the location of its utility on the North Shore and expanding Equitable Resources' production and midstream operations in Downtown Pittsburgh.

"Equitable Resources' decision is further proof that our region can successfully compete with other areas of the country to create jobs and further economic development."

Equitable Resources expects to begin moving its employees into the 625 Liberty Avenue building beginning in Spring, 2009; the transition is expected to be complete by the end of Summer, 2009.

The company's natural gas utility, a subsidiary, will continue to operate out of its North Shore building.Equitable Resources, Inc. is an integrated energy company with an emphasis on Appalachian area natural gas supply, gathering, processing, transmission and distribution.

CONTACT: Wayne J. Desbrow, Director, Communications of EquitableResources, Inc., +1-412-553-5738 Web site: http://www.eqt.com/

Jones Lang LaSalle Reports Slow Office Leasing in Metro Washington, D.C. Markets

10.1 million s.f. were under construction at quarter’s end with 76 percent of that space available for lease

The Washington, DC office market consists of nine submarkets including Capitol Hill, the Central Business District, East End, Georgetown, NoMa, Southeast, Southwest, Uptown and the West End.

(The nation's Capitol, top right photo)

WASHINGTON, DC--The combination of a summer slowdown, uncertainties regarding the next administration and national economy and unstable credit markets produced slow leasing and sales velocity throughout Washington, DC’s nine submarkets in the third quarter of 2008, according to Jones Lang LaSalle.

Renewals represented the majority of leasing activity with the federal government, for the first time in several years, accounting for the vast majority of the occupancy gains / expansions posted during the quarter.

Looking ahead, options for tenants will continue to increase through the fourth quarter of 2008 and into 2009 as 10.1 million s.f. were under construction at quarter’s end with 76 percent of that space available for lease.

(Federal Reserve Bank building, middle left photo)

With vacancy levels continuing to increase, rent growth will remain curbed, with rent decreases likely to continue in the outlying markets of Southeast, NoMa and Southwest and certain parts of the outer-core CBD and East End Commodity A markets.

For a detailed copy of the Jones Lang LaSalle report, please contact:

Dave Bevirt, (bottom left photo) Managing Director, Agency Leasing

Greg Lubar, (middle right photo) Managing Director, Tenant Representation

John Sikaitis, Senior Vice President, Communications, john.sikaitis@am.jll.com

World’s Largest Ramada Hotel Opens in Mecca, Saudi Arabia

PARSIPPANY, N.J. (Oct. 13, 2008) – Ramada Worldwide today announced the grand opening of its largest hotel, a 998-room property in the Islamic holy city of Mecca, Saudi Arabia.

Located in the holy district of the Haram, a site of the highest sanctity, and less than a quarter of a mile from the Holy Mosque, the 29-story Ramada® Makkah (top left photo) caters to guests looking to make the pilgrimage to Mecca during the Hajj and Umrah seasons.

In addition to being located within walking distance of many of the city’s holy sites the property offers private underground parking, four restaurants and meeting space for up to 250 guests. Each room features high-speed Internet access, free local and long distance telephone calls, a 26-inch plasma television and an in-room safe.

The hotel, owned by Riyada International Hotels and Resorts and managed by Al Massa Hotels Company, is the Ramada brand’s second property in Mecca and its 11th in Saudi Arabia.

“With the opening of this property, Wyndham Hotel Group builds upon an already strong relationship with Riyada International Hotels and Resorts as well as Al Massa Hotels,” said Sean Worker, (bottom right photo) Wyndham Hotel Group senior vice president and managing director, international operations.

Riyada International Hotels and Resorts Company, developer and master licensee of Ramada hotels in Saudi Arabia, offers a wide range of hotel management and license services and specializes in the areas of hotel development and operations.

The company currently operates 10 properties in eight major cities throughout Saudi Arabia.

(Photo at left shows pilgrims on the Hajj, filling the Great Mosque in the city of Mecca.)

Al Massa Hotels Company owns, operates and has equity interests in more than 20 hotels throughout Saudi Arabia, with a focus in the city of Mecca. In addition to operating five hotels under the Ramada brand name, the company also operates hotels under its own brand name of Al Massa.

Ramada Worldwide, a member of the Wyndham Hotel Group family of lodging brands, is a chain of hotels featuring complimentary breakfast, high-speed Internet access, spa-inspired amenities and daily newspaper.

As of June 30, 2008 the brand had over 860 properties and 107,200 rooms. Select properties offer complimentary meeting rooms; banquet facilities; copy and fax services; swimming pools; and fitness centers.

Reservations and information are available by visiting http://www.ramada.com/. Ramada hotels are independently owned and operated under franchise agreements with Ramada Worldwide, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN).

CONTACT:
Christine Da Silva
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany, NJ 07054

Ratings On 25 AIG-Related Housing Bond Issues Put On CreditWatch Negative

NEW YORK --Standard & Poor's Ratings Services has placed 25 housing bond ratings on CreditWatch with negative implications.

This action follows Standard & Poor's Oct. 3, 2008, placement of American International Group Inc. (AIG) on CreditWatch with negative implications.

All affected bond issues receive partial support in the form of guaranteed investment contracts (GICs) from American International Group, AIG Matched Funding Corp., or AIG Financial Products Corp. A complete listing of the affected bonds is shown.

For a complete listing of the affected bonds, please contact Edward Sweeney, New York, (1) 212-438-6634, edward_sweeney@standardandpoors.com

Analyst Contacts:
Renee J Berson, New York (1) 212-438-7966
Valerie White, New York (1) 212-438-2078

HFF arranges $97.5M refinancing for seven-property nationwide industrial portfolio

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $97.5 million refinancing for a seven-property industrial portfolio in Florida, New Jersey, Oregon and Texas.

HFF managing director John Rose worked exclusively on behalf of the borrower, ING Clarion Partners to secure the five-year fixed-rate refinancing through a life insurance company.

The portfolio totals 2.2 million square feet and is 93% occupied overall. Properties include: Madison Industrial Park Building A (top left photo) in Tampa, Florida; 34 Englehard (bottom right photo) in Monroe, New Jersey; 888 Doremus in Newark, New Jersey; Columbia Corporate Park Buildings 1 & 2 in Portland, Oregon; 2755 Regent Boulevard in Dallas, Texas; Stafford Distribution Buildings 1 – 3 in Stafford, Texas; and Port 225 A, B and C in Pasadena, Texas.

Founded in 1982, ING Clarion and its affiliates manage almost $50 billion in assets in the private equity, public equity and public debt sectors of the real estate markets.

The ING Clarion organization has almost 500 associates located in major markets throughout the U.S.

The firm is the U.S. investment management arm of ING Real Estate, a global real estate company active in investment management, development and finance.

With a total business portfolio of more than $175 billion and offices in 22 countries in Europe, the Americas, Asia and Australia, ING Real Estate ranks among the world’s strongest real estate companies.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries.

More information about the firm is available at http://www.ingclarion.com/.

CONTACTS:

John W. Rose, HFF Managing Director, 214 265 0880, jrose@hfflp.com

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

Sale of Class A trophy office tower in West Houston closed by HFF

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of One BriarLake Plaza, (top left photo) a trophy Class A office tower in west Houston.

HFF senior managing directors Jeff Hollinden, (middle left photo) Robert Williamson (top right photo) and Glenn Whitmore, (middle left photo) associate director Barbara Guffey and executive managing director Scott Galloway led the investment sales team on behalf of the seller, Crescent One BriarLake Plaza, L.P.

Behringer Harvard purchased the property for an undisclosed amount.

Completed in 2000, One BriarLake Plaza is a 502,410-square-foot, 20-story tower with an attached 2,068-space structured parking garage.

The 94% leased property is located on a 9.4-acre site along the West Sam Houston Parkway in Houston’s Westchase submarket.

Crescent Real Estate Equities Limited Partnership is headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 38 premier office buildings totaling 18 million square feet located in select markets across the U.S. with major concentrations in Dallas, Houston, Denver, Miami and Las Vegas.

Crescent also holds investments in resort residential developments in locations such as Scottsdale, Arizona, Vail Valley, Colorado, and Lake Tahoe, California and in the wellness lifestyle leader, Canyon Ranch®.

For more information, visit Crescent's web site at www.crescent.com.

Behringer Harvard is a Dallas-based commercial real estate company investing in assets domestically and internationally.

The company creates and manages strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures and proprietary program structures.

For more information, visit www.behringerharvard.com.

CONTACTS:

Jeffrey A. Hollinden, HFF Senior Managing Director, 713 852 3500, jhollinden@hfflp.com

Robert E. Williamson, HFF Senior Managing Director, 713 852 3500, rwilliamson@hfflp.com

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

HFF arranges $3.4M joint venture equity for to-be-built Houston industrial facility

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $3.4 million in joint venture equity for a to-be-built industrial facility at Satsuma Station Industrial Park (bottom left photo) in Houston, Texas.

HFF associate director Cameron Cureton (top right photo) worked exclusively on behalf of the client, PinPoint Commercial to assemble the joint venture equity with Phoenix Capital Partners, a Dallas-based private equity provider.

PinPoint Commercial is a Houston-based full-service national real estate development firm focused on industrial, medical, retail and land assets nationwide.

Scheduled for completion in the summer of 2009, Satsuma Station will be a 315,120-square-foot, Class A, Silver LEED distribution industrial facility.

The single-story property will also include 40,000 square feet of building office space and approximately five acres of stabilized outside storage.

Situated on nearly 20 acres within the 115-acre Satsuma Industrial Park, the property is close to the intersection of U.S. Highway 290 and Texas State Highway 6 in northwest Houston.

CONTACTS:
Cameron Cureton, HFF Associate Director, 713 852 3500, ccureton@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowel@hfflp.com

GVA Advantis Retained by Tower Realty Partners to Lease Palm Lake at Tampa Palms, FL

TAMPA, FL-– GVA Advantis has been retained by Tower Realty Partners, Inc. to exclusively lease Palm Lake at Tampa Palms,(top right photo) an 85,820-square foot class A office building in Tampa, Hillsborough County, Florida.

The property will be exclusively represented by Paula Buffa, (bottom left photo) CCIM, RPA, senior director of office services with GVA Advantis.

“We are extremely pleased to represent Tower Realty in the leasing of yet another property,” says Buffa. “Palm Lake is located in a high growth area and is extremely accessible from all directions—it’s in a prime location for any tenant.”


Palm Lake at Tampa Palms is a three-story, multi-tenanted building located in the northeast Tampa submarket. Located at 15310 Amberly Drive, the property is situated in the I-75 Corridor just 2.5 miles south of the intersection of I-75 and Bruce B. Downs Boulevard (C.R. 581).
In addition to Palm Lake at Tampa Palms, GVA Advantis exclusively handles the leasing of two portfolios on behalf of Tower Realty Partners, Inc.


These properties include the 107,540-square foot, six-building portfolio at Airport Corporate Center in the Westshore submarket of Tampa, and the 125,000-square foot, eight-building portfolio at Bay Tec Center in the Pinellas Gateway submarket of St. Petersburg.

Media Contact: Lisa Hyde GVA Advantis, 813.342.4752. 3000 Bayport Drive, Suite 100. LHyde@gvaadvantis.com

Cambridge Provides $8.9M Conventional Loan to Fund Harlee Manor in Springfield, PA

CHICAGO, IL--Cambridge Realty Capital Companies has provided a five-year $8.9 million conventional first mortgage loan to refinance Harlee Manor (top right photo) , a 169-bed assisted living and skilled nursing facility in Springfield, PA.

Cambridge Chairman Jeffrey A. Davis (top left photo) said the five-year loan was provided with cash-out for the property’s owner, Hardie Beloff of the Sproul Manor Partnership of Springfield.

The loan was amortized over 30 years with an interest rate of 6.75 percent.

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