Cambridge Provides $12.6M Insured HUD Loan to Fund Purchase of Danville, IL Nursing Facility

CHICAGO, IL--Cambridge Realty Capital Companies has provided a $12.6 million FHA-insured first mortgage loan to fund the purchase of Hawthorne Inn of Danville (top right photo) , a 140-bed skilled nursing/ board and care facility in downstate Danville, Ill., Chairman Jeffrey A. Davis (bottom left photo) announced.

The fully-amortized, 35-year term mortgage was arranged for the purchaser, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites FHA-insured loans.

The purchase was funded using the HUD Section 232 pursuant to Section 223(f) funding program.

Davis said the property has 64 skilled nursing and 76 board and care units. Interest rate for the loan was not disclosed.

Contact: Evan Washington, Phone: (312) 521-7603. Fax: (312) 357-1611

E-Mail: ew@cambridgecap.com

Cushman & Wakefield Orlando Completes 2 Leasing Deals

Central Florida Regional Workforce Takes 23,824 SF at 707 Mendham Blvd. office

ORLANDO, FL--Cushman & Wakefield of Florida, Inc. (C&W) announced the lease of a 23,824 sf office located at 707 Mendham Boulevard, in the University/Research Park area.

Leasee Central Florida Regional Workforce will relocate its Orange County offices to the location in 2009.

Douglas Eber (bottom left photo) and Matthew McKeever CCIM, SIOR represented the landlord, Continental Properties, in the transaction.

Sage Software Healthcare Signs 32,750-SF Lease at Progress Corporate Park

ORLANDO, FL –- The Orlando office of Cushman & Wakefield (C&W) announced that Sage Software Healthcare signed a 32,750 square foot lease at 13545 Progress Corporate Park (top right photo) in Alachua County. Matthew McKeever, CCIM, SIOR, Senior Director of office brokerage services, and Christopher White, brokerage associate in C&W’s Atlanta office negotiated on behalf of the tenant.

Progress Corporate Park is a research and technology park located near the University of Florida, Gainesville.

Contact: Brook Hines, 407 541 4401, brook.hines@cushwake.com

HFF Arranges $50.78M Loan Through Freddie Mac for Alabama Multifamily Properties

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $50.78 million loan through Freddie Mac for The Links at Tuscaloosa, (top right photo) a 408-unit multifamily community, and The Greens at Tuscaloosa, (middle left photo) a 384-unit multifamily complex in Tuscaloosa, Alabama.

HFF director Brian Carlton worked on behalf of the borrower, The Greens at Tuscaloosa, a Limited Partnership, and Lindsey Management Company, Inc., to secure the 10-year fixed-rate loan through the lender. Proceeds were used to retire construction financing

The Links at Tuscaloosa and The Greens at Tuscaloosa are located at 1800 Links Boulevard in Tuscaloosa. Completed in 2007, the properties have a combined 792 units that are 97 % leased.

Shared community amenities include a clubhouse with fitness center, activity room and business center, a swimming pool and wading pool for kids, and a tennis court. In addition, residents have access to a golf shop and unlimited golf privileges at the adjacent Links at Tuscaloosa golf course, which is owned and managed by a Lindsey-affiliated company.

Fayetteville, Arkansas-based, Lindsey Management Co., Inc. (LMC) began operations in 1985 and since then has grown to become the largest property management firm of multifamily housing in the state of Arkansas.

LMC currently manages over 29,000 units in Arkansas, Alabama, Kansas, Mississippi, Missouri, Nebraska, Oklahoma and Tennessee.

CONTACTS:
Brian G. Carlton, HFF Director, 214 265 0880, bcarlton@hfflp.com
D. Scott Rogerson, Lindsey Management Chief Financial Officer, 479 521 6686, scott.rogerson@lindseymanagement.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Marcus & Millichap Sells 200-Unit Apartment Community in Overland Park, KS

OVERLAND PARK, KS – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Plaza Gardens Townhomes, (top right photo) a 200-unit multi-family community in Overland Park.

Will Balthrope, (top left photo) an associate vice president investments and a senior director of Marcus & Millichap’s National Multi Housing Group in Dallas, along with Christopher Helvey (middle right photo) and Michael Sullivan,(bottom left photo) both associates in the firm’s Kansas City office, represented the seller, a local developer.

Marcus & Millichap also represented the buyer, a Phoenix-based investor.

“Plaza Gardens was an excellent opportunity for the buyer to acquire a Class A multi-family community with unique, high-demand units in an outstanding location in Kansas City,” says Sullivan.

“There is tremendous upside in this apartment community through utility bill back, management streamlining and continued capital infusions, and the rents are significantly below market,” adds Helvey.

Located at 13900 Newton, the 307,600-square foot apartment community consists of 32 three-story buildings situated on 20.08 acres.

Plaza Gardens Townhomes features a mix of two- and three-bedroom units. The units are well appointed with full kitchen packages, walk-in closets, full-size washers and dryers, attached garages, central HVAC, and private patios.

Community amenities include a swimming pool, hot tub, tanning salon, fitness center, multiple playgrounds and a business center.

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

Rebman Reports Service Center/Flex Leasing Vacancy at 15.22%

The third-quarter market report by the Winter Park-based firm shows condominium industrial sales posted positive absorption of 36,849 SF

ORLANDO, FL--This survey covers 9,007,669 square feet of service center/flex space in 106 locations south of the 408 Expressway in Orlando, Florida.

Lyle N. Nelsen (top right photo), Rebman's corporate and industrial specialist, notes the overall results of sales and leasing activity in the third quarter continues to pause while the economy turns around.

The negative absorption this quarter of 71,627 square feet and a 15.22% vacancy are strong indicators of this pause in the economy. The year to date negative absorption of 69,800 is a distinct slow down in leasing and sales activity.

The number of third quarter leases over 5,000 square feet were less than normal for this market. They included:

--Oceaneering Intern. 20,000 sf, Southridge II, Leasing Agent Mike Borling-EastGroup.

--Kranson Industries, 9,600 sf, Beachline Comm. Center, Agent Todd Watson of Liberty Properties.

--Serv Pro, 8,000 sf, Sunport Comm. Center, Quentin Caruso of Realty Capital.

Surprisingly, condominium sales had a positive absorption of 36,849 square feet, reducing the condo vacancy rate from 14.10% to 11.08%.

Asking prices have dropped to an average range of $100 to $110 per square foot which produced a number of small space sales.

Summarizing this service center/flex space market, it is in transition and will turn around when there is stability in the financial sector.

There have been only three years when the vacancy rate was higher than the current 15.22% -- 1991 (25.7%); 1992 (21.85%) and 1994 (15.95%).

Rental rates along the core area of Sandlake Road and South Orange Blossom Trail are holding. Asking rates have been reduced in the outlining area along the Beltway.

There is very little movement of tenants. Most tenants are remaining with a lot of downsizing.

Deals are predominantly in the smaller spaces and with short terms – 1 to 3 years. There is a trend of smaller tenants leaving without notice.

Finally, when brokers are in a competitive situation, free rent is the main tool they use to get the deal.

The forecast – more of the same through this year and into 2009 until the financial markets open the gates. In the meantime, this market has an abundance of flex space in all areas of the south Orlando – ready for occupancy!
This survey has been produced every quarter since 1986 with a personal call to each broker/property manager in gathering this information.

CONTACTS:

Lynn G. Bailey, Rebman Properties Inc., PH 407 875 8001. FX 407 875 8004. lynn@rebmanproperties.com

Lyle N. Nelsen, corporate/industrial specialist, Rebman Properties Inc., lyle@rebmanproperties.com

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HFF arranges $9.74M in financing for two office towers in Oklahoma City

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $9.74 million in financing for Atrium Towers, (top left photo) twin six-story office buildings totaling 156,106 square feet in Oklahoma City, Oklahoma.

Working exclusively on behalf of Principle Equity Management, HFF managing director Tucker Knight (middle right photo) and real estate analyst Brad Ballard placed the seven-year fixed-rate loan with ViewPoint Bank. Loan proceeds were used to acquire the property.

Atrium Towers is located just northwest of downtown Oklahoma City near the intersection of Interstate 44 and Centennial Expressway and is presently 95% occupied.

“Closing this transaction in the midst of the current financial and credit crisis is a testament to the quality of location, demographics, sponsorship and the overall marketability of Atrium Towers,” said Ballard.

“Considering the difficulty of financing a tenant in common (TIC) transaction in today’s world, we commend ViewPoint Bank for diligently working with us to bring this closing to fruition,” added Knight.

Principle Equity is a fully integrated real estate investment firm, which provides acquisition, asset management, leasing and disposition services to passive investors seeking opportunities to invest in institutional quality real estate.

Currently, the company manages approximately 2.17 million square feet of commercial real estate with an average occupancy rate of 92% and a capitalized asset value exceeding $350 million.

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:

Tucker S. Knight, HFF Managing Director, 713 852 3500, tknight@hfflp.com

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

HFF arranges $7.2M financing for Summit Medical Arts Building in central New Jersey

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $7.2 million in financing for Summit Medical Arts Building, (top right photo) a 50,728-square-foot, Class A medical office building in Hillsborough, New Jersey.

Working exclusively on behalf of Summit Beacon Realty Associates I, LLC, HFF senior managing director Tony Cuccia (bottom left photo) placed the five-year, fixed-rate first mortgage with TriState Capital Bank of Lawrenceville, New Jersey. Summit Beacon Realty Associates I, LLC is a joint venture between Summit Associates Inc. and The Beacon Medical Realty Group.

Summit Associates Inc. and Beacon Medical Realty Group are New Jersey-based real estate developers that have built, as well as own and manage over 4.5 million square feet of office, hi-tech and distribution space throughout the state.

The Beacon Medical Realty Group has been active in the ownership and leasing of medical office facilities throughout New Jersey, Pennsylvania and New York

The Summit Beacon Medical Arts Building is located at 105 Raider Boulevard in Hillsborough’s Route 206 corridor, approximately 40 miles west of New York City. The property has 12 office suites that are occupied by medical and professional tenants including University Radiology Group, ID Care Associates and Skin Laser and Surgery Specialists of NY and NJ.

CONTACTS:

Anthony M. Cuccia, HFF Senior Managing Director, 973 549 2000, acuccia@hfflp.com

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

Grubb-Ellis Reports Third-Quarter Net Loss of $44M

SANTA ANA, CA, Nov. 6 /PRNewswire-FirstCall/ -- Grubb & Ellis Company (NYSE:GBE), a leading real estate services and investment firm, today reported revenue of $159.2 million for the third quarter of 2008.

Revenue for the nine-month period ended September 30, 2008 was $486.8 million.


The company reported a net loss of $44.0 million, or $0.69 per share, for the third quarter. The net loss for the first nine months of 2008 was $55.0 million, or $0.87 per share.


Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2008 was negative $56.3 million, compared with EBITDA for the combined companies of $17.3 million in the same period a year ago. For the first nine months of 2008, the company reported negative EBITDA of $48.3 million.


"Given the difficult market conditions our underlying operations continued to perform well and we have clearly benefited from the impacts of cost reductions and operational changes implemented post merger," said interim Chief Executive Officer Gary Hunt.(top right photo)


"We continue to identify synergies and eliminate redundancies in an effort to maximize cost efficiencies. At the same time, we are taking advantage of the current environment to recruit high-quality professionals who understand that our expanded platform will create additional revenue opportunities."


Hunt added, "We are also capitalizing on the increasing trend of corporate owners and users to outsource their real estate services needs. We secured several important new business wins during the period, many of which would not have been possible without the restructuring resulting from the merger."

For a complete copy of the company's news release showing third-quarter numbers, please contact Janice McDill of Grubb & Ellis Company, +1-312-698-6707, janice.mcdill@grubb-ellis.com
Web site: http://www.grubb-ellis.com/

About 80% of Conventional Lenders Are Out of Market, Says RECI

CHICAGO, IL-- Market gridlock is the order of the day. Funding sources retreat, waiting for any signs of the bottom. While many pundits advise staying on the sidelines, brave investors are already hunting for opportunities.

Despite liquidity concerns, mortgage pricing still remains some whatc ompetitive compared to other business sectors seeking debt. Shorter-term, fixed-rate loans of five years are currently priced starting at 6.75% or more indexed to treasuries.

Commercial (non-multifamily) floating-rate loans are priced from 6%. As for the more ubiquitous ten-year permanent loan, rates range from 7% or more. Yet within these nearly frozen capital markets, some signs of life are clearly evident.

Aaron Gruen, (top right photo) member of the Real Estate Capital Institute(r) advisory board, points out, "The United States will have a fresh President and Congress taking action to prime the economic pumps of consumers and businesses until the economy starts again to generate growth, resulting in fewer retai lbankruptcies and reduced rate of unemployment."

He adds "Increased confidence will help the real estate capital markets to start functioning."

Market Trends

As "cash is king," the following capital market trends are noticeable:

* All sectors of the industry are restructuring fee and profit expectations, expecting to provide more services at lower costs.

* Developers shift to build-to-suit and consulting assignments forpublic and private construction projects.

* Major brokerage houses are retooling to offer asset disposition assignments targeting financial institutions and governmental bodies.

* Few, if any, investors and capital sources use income growth rates; instead, forecasting flat or declines income rates. As such, aggressive expense reductions are expected including labor and operating costs.

* Wide permanent mortgage pricing gaps still exist between Agencies and conventional lenders. For instance, apartment properties enjoy pricing differentials of 100 basis points or more on 10-year term loans

* About 80% of the conventional lenders are out of the market with funding products. However, "spot" funds sporadically surface as life companies receive small allocations from time to time.

* Loans of $50 million or less are still financeable. However, larger loans are nearly non-existent as lenders are locked out of the syndication market.

* Leverage remains below 65% as mortgage rates are often more expensive than equity yields.

CONTACT:

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

http://www.reci.com/

http://www.reci.com/

Westin Hotels & Resorts Continues Record-Breaking Growth in Asia Pacific

The Westin Hotel Sendai, slated to open in 2010, will Refresh and Renew Visitors in a Prime Downtown Location Near Businesses, Shopping and Dining

WHITE PLAINS, NY--Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) continues its industry leading expansion in Asia Pacific, announcing an agreement with Mori Trust Co., Ltd. to open a new-build Westin hotel in Sendai, Japan.

Scheduled to open in 2010, The Westin Sendai (top right photo) will occupy a gleaming, 37-story tower at the heart of the city’s thriving business district. The 287-room hotel will inspire relaxation and renewal in a sophisticated and elegant setting, enhanced by the full suite of Westin signature amenities.

The Westin Sendai will be ideally situated in the city’s lively downtown on Higashi-Nibandori Street, within walking distance to the offices of several large corporations. The hotel will anchor a highly anticipated, mixed-use development located in what will be the tallest building in the northern Kanto region.

Known for its beautiful scenery, tree-lined streets and museums, the fast-growing city of Sendai also offers visitors a wide selection of world-class restaurants, sleek shopping malls, arcades and traditional markets. Leading area attractions include the many islands of Matsushima Bay, the Zaou Mountains, hot springs and the annual Sendai Tanabata Festival

“We are thrilled that our Westin brand will enter the city of Sendai, Tohoku’s economic and political hub,’” said Lothar Pehl, (top left photo) Regional Vice President, Starwood Hotels & Resorts, Japan, Korea and Guam Region.

“Hailed for its core brand initiatives such as the Westin Heavenly Bed®, Westin Heavenly Bath®, Breathe Westin and Service Express, Westin will form a welcome and refreshing addition to Sendai’s hotel market. We are proud to work with Mori Trust Co., Ltd. who shares our vision to connect the community of Sendai with its visitors at this unique landmark property.”

Starwood currently operates five Westin hotels in Japan, as well as seven Sheraton properties. The company expects to introduce new W, Westin, St Regis and Sheraton hotels in Japan in the next several years.

“The Westin Sendai will not only expand Starwood’s reach in Japan, but also inspire personal renewal in one of the most prominent developments in the scenic city of Sendai,” said Sue Brush, (middle right photo) Senior Vice President, Westin Hotels & Resorts. “Westin provides a sophisticated, refreshing atmosphere and thoughtfully designed amenities and services designed to restore mind and body.”

Drawing more than 57 million tourists in 2007, Sendai is the capital of the Miyagi prefecture and the largest city in Tohoku, the northeastern region of Japan. The city is approximately one hour and 40 minutes from Tokyo by Bullet train, and easily accessible via direct flights from top destinations in Asia Pacific including Beijing and Shanghai, Taipei, Seoul, and Guam.

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
www.starwoodhotels.com; www.starwoodpressclub.com

Sheraton Fiji Resort Re-Opens its Doors Following a Successful US$22M Refurbishment

DENAURU ISLAND, FIJI--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the re-opening of Sheraton Fiji Resort, (top right photo) following the successful completion of an extensive US$22 million renovation that positions the resort as a top choice in the family and conference market in Fiji.

Located on Denauru Island, Sheraton Fiji Resort features fully renovated guest rooms, an interactive lobby space, new dining concepts and a stunning, lagoon-style pool.

“As a result of this very successful refurbishment project managed by Herberts Construction, we expect Sheraton Fiji Resort to emerge as a leader in the family, conference and incentive markets, appealing to travelers with its engaging, interactive atmosphere, superior service and signature amenities,” said Shane Cunning, Managing Director of Sheraton and Westin Resorts Denarau Island, Fiji.

Located 20 minutes from Nadi International Airport and five minutes from Port Denarau Marina, the resort provides great access to families and vacationers to enjoy everything Fiji has to offer

CONTACT:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
www.starwoodhotels.com; www.starwoodpressclub.com

Palmer Electric Co. ranked among top specialty contractors in U.S.

WINTER PARK, FL, Nov. 5, 2008 — Winter Park, Fla.-based Palmer Electric Co. was ranked again this year as one of the largest specialty contractors in the nation by Engineering News Record.

Published in the trade magazine’s October 18 issue, Palmer Electric was listed 383, based on 2007 revenues of $48.6 million in the annual Top Specialty Contractor 600 poll.

In 2007, Palmer Electric ranked 361 with 2006 revenues of $45.1 million.

Palmer Electric Co. is a provider of electrical contracting and service to contractors and builders for new construction and renovations of residential, commercial, institutional and industrial buildings, as well as providing service and repairs to utilities, businesses and consumers.

Founded in 1951, the Company employs a staff of 350 from its headquarters in Winter Park, Fla. Thomas Beard, (top right photo) is president of Palmer Electric.

For additional information, visit http://www.palmer-electric.com/.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com,

http://www.pr-works.com/

Worldwide Economic Downturn Concerns Panelists at 2008 International Hotel Conference

ROME, ITALY, Nov. 5, 2008—The impact on the hotel industry of an economic slump exacerbated by a worldwide tightening of credit markets was very much on the minds of panelists during discussions at the 2008 International Hotel Conference, held recently at the Hilton Cavalieri in Rome, Italy.(top left photo)

Morris Lasky, (top right photo) conference chairman and president of Lodging Unlimited Inc., opened the three-day gathering (Oct. 15-17) by noting that while he is optimistic long-term, the current down cycle is the most severe of seven he has experienced in the hotel industry.

“We’re into something now that none of us has seen before, essentially a world crisis within the hotel industry,” Lasky said. “I can also tell you from past experience we will come out at the other end, we will turn around.”

In an opening session entitled “Demand and Supply Trends in Europe,” James Chappell, (middle right photo under Lasky photo) managing director, STR Global, noted that the market in Europe is dropping, while business in Asia Pacific, the Middle East, Africa and China is doing much better. He added that corporate travel will slow down during the rest of 2008 and first part of 2009.

“The financial market uncertainty will cause ‘09 to be worse than we previously thought, which will probably mean the downturn will last longer and be more severe than expected,” said Chappell. “The news is not good, but the U.S. and European markets are in the correct place for the current cycle.”

Hotel development in Europe was reported at levels far below development in the United States.

“In 2006 and ‘07 you had very good times in the lodging industry, and we had not had a single hotel problem,” said Bruce Ford, senior vice president, director of business development, Lodging Econometrics. “Currently, the hotel cycle has been cut short by roughly 18 months as a result of the housing problem that turned into an economy problem. It has now turned into a hotel industry problem.”

With that overview, panel discussion moderator Martin Armitstead, director and head of hospitality, EMEA DTZ International, questioned four industry veterans—Paul Brown, president, Expedia North America and president of Partner Services Group, Expedia Inc.; Andrew Katz, managing director Axios Hospitality Real Estate/The Blackstone Group; Wolfgang Neumann, area president - Europe, Hilton Hotels; and Georg Rafael, managing director, Rafael Group S.A.M. —about the current issues facing the hospitality business. Some of these included:

· Should room rates be held steady or should hoteliers go for higher occupancy by lowering rates?

“It is easy to drop rates, but it takes years to get them back,” said Wolfgang Neumann. (middle left photo) “It is very important for hotels to maintain their rates and maintain the value proposition to the customer in accordance with the hotel brand.”

Neumann added that contrary to a prevailing view, there are funds available for hotel development projects.

“The perception is that there isn’t money out there,” he said. “On the contrary, money’s still out there. There’s lots of cash. Pension funds have to continue to invest. Development projects will take, are taking longer to come on stream. Our pipeline is bigger this year than last year despite the credit crisis that started a year ago.”

· What are current hotel values?

“I have to refer to my most recent experience with...express hotels,” said Georg Rafael. (middle right photo) “If I look at what’s happened on the stock market there’s no correlation whatsoever to the value of our properties. We own our hotels. We have trophy assets. We have icons. So these values will remain.”

· Faced with a worsening financial situation, what should be done in the next 12 to 24 months?

“The advice is to maintain a tremendous amount of flexibility in your decision-making process and business model, flexibility in your cost structure...flexibility in your revenue management and pricing structure,” said Paul Brown. (bottom left photo under Neumann photo)

“Speaking purely as an asset manager and an owner, you need to work with your operators. You need to push them to get out of them what you’re paying them to deliver,” said Andrew Katz. “Make sure you keep good teams in place and not allow a lot of turnover in your managers. We’ll get through it, but clearly, we’ve got a tough year ahead of us.”

The International Hotel Conference is the premier annual gathering of senior level hospitality executives, including owners, operators, brands, leading institutions, bankers, architects/designers, attorneys, brokers and other members of the hotel and related communities.

Next year’s conference will be held in Venice, Italy at the Hilton Molino Stucky, (bottom right photo) 21-23 October, 2009.

Information about the International Hotel Conference may be found at the event’s Web site http://www.internationalhotelconference.com/, or by contacting the conference organizer, Morris Lasky at mlasky@aol.com.

CONTACTS:

Jerry Daly or Patrick Daly, Daly Gray Public Relations, 001 703 435 6293

Arbor Closes Three Loan Deals Totaling $19M

Woodside Glen Apartments in Montgomery, AL Gets $11.93M Fannie Mae DUS(r)FRM Loan

UNIONDALE, NY, Nov. 4, 2008- – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $11,934,700 loan under the Fannie Mae DUS®FRM product line to refinance the 184-unit complex known as Woodside Glen Apartments (top right photo) located in Montgomery, AL.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.93 percent.

The loan was originated by Ronen Abergel, (top left photo) Director, in Arbor’s full-service New York City lending office.

“The borrower chose to execute this loan as a floating rate transaction hedged with an interest rate cap and the option to convert to fixed rate after 12 months,” said Abergel. “An attractive pre-payment penalty also gave the borrower the flexibility to dispose of the asset during the loan term.”

Harvard Square Cooperative in Indianapolis Obtains $4.5M Loan

UNIONDALE, NY, Nov. 4, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,500,000 loan under the Fannie Mae DUS® product line to refinance the 342-unit complex known as Harvard Square Cooperative (middle left photo) located in Indianapolis, IN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.34 percent.

The loan was originated by Michael Jehle,(middle right photo) Director, in Arbor’s full-service Bloomsfield Hills, MI office. “The members of this cooperative desired a new loan to provide funds for major capital improvements to their property,” said Jehle. “Arbor was able to meet their objectives with the loan size they were seeking and with a very attractive fixed interest rate.”

Omega Estates in Branford, CT Receives $1.85M Fannie Mae Loan

UNIONDALE, NY, Nov. 4, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,850,000 loan under the Fannie Mae DUS® Small loan product line to refinance the 51-unit complex known as Omega Estates located in Branford, CT.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.43 percent.

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

“This loan demonstrates our continued commitment to providing financing for smaller multifamily properties with a solid owner and operator at an attractive interest rate,” said Edwards.

(Branford, CT Main Street building, bottom left photo)

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