Arbor Closes Three Loans Valued at $9.4M

Sebring Apartments in Houston, TX Obtains $4,699,500 Fannie Mae DUS® Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,699,500 loan under the Fannie Mae DUS® product line to finance the 204-unit complex known as Sebring Apartments (top right photo) in Houston, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent. The loan was originated by Matt Norman, (top left photo) Vice President, in Arbor’s full-service Dallas, TX lending office.

“There were several major hurdles to overcome in closing this loan on terms for the client – including the after-effects of Hurricane Ike, which swept through the area during the underwriting process,” said Norman.

“Arbor, in conjunction with the Broker and the Buyer, were able to maneuver through these hurdles, and meet the client’s ultimate goal of property acquisition.”

Cliffside Terrace in Ithaca, NY Gets $2.136M Fannie Mae DUS® Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,136,000 loan under the Fannie Mae DUS® Small Loans product line to acquire the 36-unit complex known as Cliffside Terrace in Ithaca, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.46 percent.

The loan was originated by Stephen York, (middle right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“This was our fourth transaction with this Sponsor, which emphasizes the importance we place on repeat clients,” said York. “Arbor was pleased to deliver competitive terms, which included 80% LTV.”

Americana Apartments in Greenville, TX Receives $2.601M Fannie Mae DUS® Small Loan

UNIONDALE, NY, Nov. 20, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,601,900 loan under the Fannie Mae DUS® Small Loans product line to refinance the 120-unit complex known as Americana Apartments in Greenville, TX. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.56 percent.

The loan was originated by Peter Blass, (bottom right photo) Director, in Arbor’s full-service New York, NY lending office.

“The borrower was able to buy out his partners and re-structure the ownership with the proceeds of this transaction,” said Blass.

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

Global Hyatt Corp. 'BBB+' Rating Placed On Watch Negative

NEW YORK, NY--Standard & Poor's Ratings Services has placed its 'BBB+' corporate credit rating on Global Hyatt Corp. on CreditWatch with negative implications.

(Grand Hyatt Cairo, Egypt, top right photo)

"The CreditWatch listing reflects a worsening expectation in 2009 for revenue per available room in the U.S. at a time when Global Hyatt's leverage profile is weak for the 'BBB+' rating," said Standard & Poor's credit analyst Emile Courtney.

"Although the company does not publicly disclose its financial statements, we expect that year-over-year comparable EBITDA is likely to deteriorate at a pace that is in line with other lodging companies with a similar exposure to owned hotels and to the upscale and luxury lodging segments."

With business and leisure travel demand worsening and prospects for a long and moderate U.S. recession, we now expect that revenue per available room (RevPAR) in the U.S. in 2009 could decline in the mid-to-high single digits range, compared with our previous expectation for a decline of 5% or more.

(Cosmopolitan Resort & Casino, Las Vegas, NV, middle left photo)

Given current underperformance industry-wide in upscale and luxury price segments in the U.S., RevPAR for Hyatt's predominantly U.S.-based upscale and luxury portfolio could decline at a high-single-digits pace in 2009.

We stated in June 2008, when we revised the company's outlook to negative, that Global Hyatt may pursue a more aggressive financial policy of using debt to finance its strategic growth initiatives, and that this could result in downward ratings pressure if the U.S. lodging industry weakened further.

In resolving the CreditWatch listing, we will consider our outlook for the U.S. lodging industry and Hyatt's portfolio, as well as intermediate term expectations regarding management's growth strategies

.
(Hyatt Montreal, Canada, bottom right photo)

Media Contact:
Mimi Barker, New York (1) 212.438.5054, mimi_barker@standardandpoors.com

Analyst Contacts:
Emile Courtney, CFA, New York (1) 212-438-7824
Liz Fairbanks, New York (1) 212-438-7459

Host Hotels & Resorts Inc. Outlook Revised To Negative On Worsening Revenue Expectations

NEW YORK, NY--Standard & Poor's Ratings Services has revised its outlook on Host Hotels & Resorts Inc. and Host Hotels & Resorts L.P. to negative from stable and affirmed the 'BB' corporate credit rating and all other ratings.

(Harbor Beach Marriott Resort & Spa, Fort Lauderdale, FL, top right photo)

The negative outlook reflects our worsening expectation for revenue per available room (RevPAR) in the U.S. next year and that Host's credit measures are likely to deteriorate more than we expected because of a higher year-over-year pace of EBITDA decline.

"With business and leisure travel demand worsening and prospects for a long and moderate U.S. recession, we now expect RevPAR in the U.S. in 2009 to decline to the mid- to high-single-digits," said Standard & Poor's credit analyst Emile Courtney, "compared to our previous expectation of a decline of 5% or slightly more."

Notably, given the current underperformance industry-wide in Host's predominantly upscale and luxury price segments, RevPAR for Host's portfolio of companies could decline at a high-single-digits pace in 2009.

(Scottsdale Marriott at McDowell Mountains, Scottsdale, AZ, top left photo)

Host's EBITDA in 2009 could decline by 15% to 20%, compared to our previous expectation of about 10%.

Host currently has some flexibility in credit measures--lease-adjusted debt to EBITDA of 4.5x (compared to our threshold level of 5x for the 'BB' rating), EBITDA coverage of interest and preferred dividends of 3.6x (above 2.5x), and debt to total capital of 55% (less than 60%), all as of the 12 months ended September 2008.

However, we are increasingly concerned that a decline in EBITDA of 15% to 20% in 2009 would result in measures that would be weak for the current rating.

At the end of 2009, we estimate that credit measures could be at or worse than the threshold levels: lease-adjusted debt to EBITDA could be in the mid-5x area, EBITDA coverage of interest and preferred dividends could be in the mid-2x area, and debt to total capital could be about 60%

(Coronado Island Marriott, San Diego, CA, middle right photo).

In addition, Host on Nov. 18, 2008, revised its guidance for comparable hotel RevPAR to a year-over-year decline of 9% to 11% for the December 2008 quarter and a decline of 3% for the full-year 2008, reflecting significantly slowing travel demand and a worsening economy.

Host gave no updated guidance for 2009.

The rating reflects Host's aggressive financial risk profile and, as a real estate investment trust (REIT), its reliance on external sources of capital for growth.

These factors are tempered by the company's high-quality and geographically diversified hotel portfolio of 117 owned hotels and more than 60,000 rooms (at September 2008), high barriers to entry for new competitors because of its hotels' locations (primarily in urban and resort markets or close to airports), its strong brand relationships, and its experienced management team.

(Denver Marriott West, bottom left photo)
Host's credit measures can move within a wide range over time, given the cyclical nature of lodging and the company's operating leverage, and we expect the current rating to hold, notwithstanding intermediate-term weakness in credit measures.

The negative outlook reflects the possibility of worse operating performance than we currently expect.

The negative outlook reflects our concern that a decline in EBITDA of 15% to 20% in 2009 would result in credit measures at or worse than our threshold levels for the 'BB' rating: lease adjusted debt to EBITDA could be in the mid-5x area (compared to our threshold level of 5x), EBITDA coverage of interest and preferred dividends could be in the mid-2x area (more than 2.5x), and debt to total capital could be in the 60% area (less than 60%).

(Hartford Marriott Rocky Hill, Hartford, CT, bottom right photo)

Driving our concern for Host's credit measures is worsening business and leisure travel demand and prospects for a long and moderate U.S. recession.

As a result, we now believe RevPAR in the U.S. in 2009 could decline in the mid- to high-single-digits range, and that Host's portfolio of hotels concentrated in predominantly upscale and luxury segments could experience a 2009 RevPAR decline in the high-single-digits area.

Also, we currently expect that Host would borrow modestly to fund regular and special dividends, although we believe share repurchases and opportunistic acquisitions would be minimal over the intermediate term.

We could lower the ratings if operating conditions worsen more than our expected 15% to 20% decline in EBITDA, or if Host borrows significant amounts to fund dividends, acquisitions, or share repurchases.

(New Orleans Marriott, bottom left photo)

The outlook could be revised back to stable if it becomes clear during the next several quarters that our 2009 EBITDA assumption proves too aggressive and there is a path toward sustainable recovery in the U.S. lodging industry.

CONTACTS:

Media Contact:
Mimi Barker, New York (1) 212.438.5054, mimi_barker@standardandpoors.com

Analyst Contacts:
Emile Courtney, CFA, New York (1) 212-438-7824
Liz Fairbanks, New York (1) 212-438-7459

Aloft Hotels Makes Landmark Debut in Asia Pacific

Aloft Beijing, Haidian Heralds the Brand’s Aggressive Global Growth as First Hotel Outside of North America

WHITE PLAINS, NY-- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and its highly anticipated new lifestyle brand, Aloftsm hotels announce the opening of Aloft Beijing, Haidian.(top right photo)

The 186 room, new-build hotel owned by Yong Tai Real Estate Group (Beijing) Co. is the first Aloft in Asia Pacific and the first Aloft to open outside North America.

The Aloft Beijing, Haidian underscores the brand’s remarkable global expansion with more than 500 hotels scheduled to open in markets like China, United Arab Emirates, India, Thailand, Belgium, Canada and the U.S in the next five years. The Aloft Beijing, Haidian is the first of nine Alofts currently in development in Asia Pacific, and the first of two slated to open in China in the next two years.

“We are thrilled with the opening of the first Aloft hotel in Asia Pacific! Aloft Beijing, Haidian will bring a fun new way to play and stay to Beijing. As the first aloft in Asia Pacific, this hotel will also be the landmark in this dynamic market of Zhongguancun Hi Tech Science Park in Beijing,” commented Miguel Ko, (middle left photo) President of Starwood Hotels & Resorts, Asia Pacific.

“Guests traveling to Beijing for business or pleasure won’t have to settle for one or the other, thanks to Aloft. Our bar w xyzSM is sure to be a hub of activity for locals and visitors alike, and our meeting space and guestrooms will inspire even the most jet-lagged business travelers,” added Ko.

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
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

CB Richard Ellis Capital Markets Group Secures $43M on Two Loans

Hawthorne Village in Port Orange, FL Receives $22M Loan

ORLANDO, FL– The Orlando office of CB Richard Ellis is pleased to announce, David Borge, (top right photo) Senior Vice President with CB Richard Ellis Capital Markets group has financed the Hawthorne Village Apartments (top left photo) in Port Orange, Florida.

Hawthorne Village is a newer 378 unit apartment community. The loan amount of $22,145,000 was placed with Freddie Mac.

Birch Landing Apartments in Georgia Gets $21M Loan

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Dennis Jimenez, (middle right photo) Vice President with CB Richard Ellis Capital Markets Group, has arranged financing in the amount of $21,049,000 on behalf of a Florida investor for the acquisition of Birch Landing Apartments.(middle left photo)

Birch Landing is a 518-unit apartment community located in Austell, Georgia.

CBRE was able to accommodate the demanding time-frame required by the borrower and closed the loan within 21 days of loan application.

Terms of the financing included an interest-only period of 24 months, followed by 30-year amortization, and 80% loan to value

Contact: Angelique Greven, 407.839.3158 angelique.greven@cbre.com

CB RICHARD ELLIS NAMED EXCLUSIVE SALES AGENT TO CHICK-FIL-A IN CENTRAL FLORIDA

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (bottom right photo) CCIM, Retail Associate, has been selected by Chick-fil-A® as their exclusive representative in Central Florida.

Mr. Rodriguez will be responsible for Chick-fil-A's site selections within Central Florida's five counties of Orange, Seminole, Osceola, Volusia, and Polk.

Credited with introducing the original boneless breast of chicken sandwich and pioneering in-mall fast food, Chick-fil-A®, Inc., is one of the largest privately-held restaurant chains – with more than 1,400 restaurants in 38 states and Washington, D.C. – and the second-largest quick-service chicken restaurant chain in the nation, based on annual sales.

System-wide sales in 2007 reached $2.64 billion. These figures reflect a 16.09 percent increase over the chain's 2006 performance and a same-store sales increase of 8.47 percent.

Additional information may be found at http://www.chick-fil-a.com/.

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Grubb & Ellis Realty Investors Awarded Multiple TOBYs by BOMA

SANTA ANA, CA– Grubb & Ellis Realty Investors, LLC announced that two Las Vegas area properties owned and managed on behalf of tenant-in-common investors, Sienna Office Park I (middle left photo) and City Centre Place, (top right photo) have received The Office Building of the Year (TOBY) award from the local chapter of the Building Owners and Managers Association International (BOMA).

“Grubb & Ellis Realty Investors strives to acquire buildings of the highest caliber and to manage the operations of these assets at a similarly high level on behalf of our program investors,” said Kent Peters, (top left photo) executive vice president of asset management, Grubb & Ellis Realty Investors.

“Grubb & Ellis Management Services has done an excellent job as the property managers, and our partnership speaks volumes about the strength of the newly integrated Grubb & Ellis Company.”

Acquired by Grubb & Ellis Realty Investors in June 2007, Sienna Office Park I consists of two newly developed Class A office buildings totaling more than 101,000 square feet in Henderson, Nevada.

Located at 2850 West Horizon Ridge Parkway, the asset received the TOBY in the category for buildings with less than 100,000 square feet of rentable area.

City Centre Place, acquired by the company in November 2004, is a 103,199-square-foot, Class A six-story, multi-tenant office building with ground retail space in Las Vegas. The asset was awarded the local TOBY in the 100,000 to 249,999-square-foot office building category; City Centre Place was similarly recognized in 2006.

Elizabeth Grossman, vice president of asset management, Grubb & Ellis Realty Investors, serves as the asset manager for each property. Andrea King and Mary Frankert, property managers with Grubb & Ellis Management Services’ Las Vegas office, make up the property management team responsible for the day-to-day operation of the properties. Jeff Goodwin is the building engineer for City Centre Place and Jarod Waisanen serves as the maintenance technician for Sienna Office Park I.

Contacts:

Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder, Phone: 714.975.2659. Email: damon.elder@grubb-ellis.com

Matthew A. Engel Named SVP, Accounting and Finance, Chief Accounting Officer

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named veteran finance executive Matthew A. Engel senior vice president, accounting and finance and chief accounting officer, effective immediately.

Engel, 41, will have responsibility for the company’s corporate accounting, tax, financial risk management and treasury functions. He reports to Richard W. Pehlke, (middle right photo) executive vice president and chief financial officer.

“Matt brings years of invaluable public company finance and accounting experience to the position of Grubb & Ellis’ chief accounting officer, said Pehlke. “We expect his leadership will be a great asset as we continue to transition our financial reporting operations and move forward with our growth strategy.”

Engel joins Grubb & Ellis from H&R Block, Inc., where he spent seven years in various senior finance leadership positions. Engel is a Certified Public Accountant and holds a bachelor’s degree from University of Northern Iowa.

Contacts:

Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Damon Elder, Phone: 714.975.2659. Email: damon.elder@grubb-ellis.com

Commercial Real Estate Veteran David Wu from CB Richard Ellis Joins Grubb & Ellis Company as SVP

ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that commercial real estate veteran David Wu has joined its Ontario office as a senior vice president with the Industrial Group.

Wu specializes in the marketing of large institutionally owned assets in the eastern San Gabriel Valley and western Inland Empire and the sourcing of opportunities for industrial developments and acquisitions. He also provides real estate advisory and brokerage services to public and private sector clients. Wu has been a commercial real estate professional for 13 years.

“We are very pleased to have a professional of David’s caliber join our team,” said Mano Leventakis, senior vice president and managing director for Grubb & Ellis in the Inland Empire. “He brings a unique skill set that will allow us to provide an enhanced level of service to our clients.” Wu comes to Grubb & Ellis from CB Richard Ellis where he was a first vice president.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Commercial Real Estate Veteran Richard Economou Joins Grubb & Ellis

SANTA ANA, CA (Nov. 19, 2008) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Richard Economou has joined the firm’s New York office as executive vice president. Specializing in the finance, insurance and real estate sectors, he brings over two decades of commercial and retail real estate experience to the firm, including experience with real estate turnaround transactions.

“I couldn’t be more pleased to make this move to Grubb & Ellis at this time in my career,” Economou said. “I’ve worked in this business for 20 years and I’ve seen a lot. This market is a particularly interesting one, because it brings real concrete opportunities for us. This is my kind of market, and Grubb & Ellis New York is perfectly poised to take advantage of it.”

Prior to joining Grubb & Ellis, Economou was senior vice president of New York and National Accounts for Equis Corporation. He recently won the Coldwell Colbert Circle Award, given to the top 3 percent of producers worldwide. Prior to joining Equis Corporation, Economou spent five years at CB Richard Ellis with a focus on tenant representation within the finance, insurance and real estate sectors.

Contact: Janice McDill, Phone: 312.698.6707. Email: janice.mcdill@grubb-ellis.com

Grubb & Ellis Realty Investors Acquires Oak Park Office Center III in Houston

SANTA ANA, CA – Grubb & Ellis Realty Investors, LLC has acquired Oak Park Office Center III, (top right photo) a Class A office building in Houston, on behalf of tenant-in-common investors.

Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park.

Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.

“Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,” said Jeff Hanson, (top left photo) president and chief investment officer of Grubb & Ellis Realty Investors. “The property is an excellent addition to Grubb & Ellis Realty Investors’ portfolio of assets under management.”

The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston’s major airports and 10 minutes from the Houston Galleria.

Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.

Grubb & Ellis Realty Investors purchased Oak Park Office Center III from Realty Associates Oak Park, L.P., represented by Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler.

Contacts:
Julia McCartney, Phone: 714.975.2230, julia.mccartney@grubb-ellis.com

Damon Elder 714.975.2659, damon.elder@grubb-ellis.com

Grubb & Ellis Company Represents Veatch Carlson in 24,115 SF Office Lease in Downtown Los Angeles

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that its Tenant Advisory Group represented Veatch Carlson, Attorneys at Law in the renewal of its lease for 24,115 square feet of office space in Downtown Los Angeles.

The consideration of the seven-year lease was not disclosed.

Veatch Carlson’s offices are located at 700 S. Flower St. (middle right photo) The law firm has been a tenant in the building since 2002.

Maury Gentile, Sean O’Leary and Brian Denton of Grubb & Ellis’ Tenant Advisory Group represented the lessee in the transaction. Peter Paik represented the lessor, 700 S. Flower LLC.

“We were able to help Veatch reduce its overall square footage requirement by approximately 20 percent while restructuring a longer term lease extension,” said Gentile. “It was a win-win for the tenant and the landlord.”

Grubb & Ellis Company Represents Fisher & Phillips in 24,942 SF Office Lease in Irvine, CA

IRVINE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Fisher & Phillips LLP, a national labor and employment law firm, in the lease of 24,942 square feet of office space for its Irvine location. The consideration of the 10-year lease was not disclosed.

Fisher & Phillips is slated to occupy its space in Opus Center Irvine (middle left photo), located at 2050 Main St., in March 2009. The firm will be relocating from Irvine Center Towers in Irvine.

Fisher & Phillips is one of the oldest and largest firms in the country representing employers in the areas of labor, employment, civil rights, employee benefits and immigration law.

Jack McNutt and Chon Kantikovit of Grubb & Ellis’ Newport Beach office and Kay Davis of the firm’s Atlanta office represented the lessee in the transaction. Dean Chandler and John Weiner of CB Richard Ellis represented the lessor, Opus West Corporation.

Contacts:

Sharon Abar, Phone: 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, 714.975.2659, Email: damon.elder@grubb-ellis.com

Grubb & Ellis Represents NAVTEQ Corp. in 22,062-SF Expansion at 100 N. Riverside Plaza in Chicago

CHICAGO, IL – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented NAVTEQ Corporation in the lease of 22,062 square feet of space at 100 N. Riverside Plaza (bottom right photo) located at 425 W. Randolph St.

Sven Sykes, director, senior vice president, Tenant Advisory Group and Tom Volini, senior vice president, Tenant Advisory Group, represented the lessee.

“NAVTEQ is truly a Chicago success story, and finding space that not only met its technological requirements but that could also support its growth was crucial,” said Sykes. “We’re proud to be involved with their growth.”

NAVTEQ relocated its headquarters from the Merchandise Mart to 425 W. Randolph in 2007, taking 227,000 square feet of space initially and another 44,000 square feet earlier this year before the current expansion.

It now occupies almost 300,000 square feet in the Class A building. Having once been occupied by SBC Communications, the space was equipped with substantial technological and operational infrastructure.

NAVTEQ Corporation is a leading global provider of digital map data, driving most in-vehicle navigation systems, the top routing web sites and the leading brands of top navigation devices.

Contact: Erin Mays, Phone: 312.698.6735. Email: erin.mays@grubb-ellis.com

Arbor Closes $2,256,000 Fannie Mae DUS® Loan on Garden Court Apartments in Midland, TX

UNIONDALE, NY, Nov. 19, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,256,000 loan under the Fannie Mae DUS® product line to acquire the 74-unit complex known as Garden Court Apartments in Midland, TX. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.68 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“The Sponsors on this transaction purchased Garden Court to add to their expanding Midland-Odessa portfolio,” said York. “Arbor was pleased to deliver competitive terms, which included 80% LTV.”

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

Community Banks Will Play Crucial Role in Economic Recovery, Restoring Trust and Capital Flow, Says Longtime Area Banker

ALTAMONTE SPRINGS, FL--Community banks will play the most important role in America’s economic recovery over the next five years, helping to restore public trust in American financial institutions and the flow of capital in public commerce.

That’s the opinion of longtime Central Florida banker and business leader Geof Longstaff, (top right photo) who earned his MBA Degree from the Crummer Graduate School of Business at Rollins College in Winter Park and currently serves as chairman of Mercantile Commercial Capital, LLC, in Altamonte Springs.

“Small community banks have been a part of the fabric of the American financial system for decades,” said Longstaff, an instructor at the Louisiana State University Graduate School of Banking. “They are run by local citizens who have a stake in the local community,” Longstaff explained.

According to the Independent Community Bankers of America, there are nearly 8,500 community banks in the U.S. whose assets range from less than $10 million to a few billion dollars. Where many of the nation's largest banks place a priority on serving large corporations, community banks focus attention on the needs of local families, businesses, and farmers.

“Typically, community banks consider such indicators as character, family history and discretionary spending in making loans,” Longstaff said.

“They channel most of their loans to local neighborhoods where their depositors live and work, and the end result is that community banks serve as the backbone of the American financial system,” Longstaff said.

Central Florida community banks saw their share of deposits grow from 15 percent to 20 percent in the two years prior to June 30, 2008, Longstaff added, and since then deposits have risen further as a result of the banking crisis.

“Community banks don’t have significant investments in subprime loans or deteriorating credit card debt,” Longstaff said. “They aren’t focused on restructuring their balance sheets or waiting for a government bailout,” he added.

“Because business loan decisions are made locally, community banks are better able to respond quickly and effectively, whereas a large national or regional bank loan approval committee may meet in another state,” he said.

“Community banks are themselves small businesses,” Longstaff added. “They understand the needs of small business owners. Their core concern is lending to small businesses and farms, not corporate America,” he said.

For more information, contact
Geof Longstaff, Emergent National Bank (in organization), 407-786-5040
Larry Vershel, Larry Vershel Communications, 407-644-4142

Marcus & Millichap Promotes Five Professionals

STEVEN WEINSTOCK NAMED SALES MANAGER OF COLUMBUS AND CINCINNATI OFFICES

COLUMBUS, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Steven Weinstock (top right photo) sales manager of the Columbus and Cincinnati offices, according to Steven Chaben, (top left photo) regional manager of the firm’s Columbus and Cincinnati offices.

“Steven’s demonstrated transactional expertise as an investment specialist will make him an excellent sales manager,” comments Chaben. “His background and experience will be a strong asset for our clients and agents, and he will be instrumental in expanding our national market-making capabilities to clients in Ohio and throughout the Midwest.”

Weinstock joined the Detroit office of Marcus & Millichap in April 2001, specializing in multi-family and self-storage investments. He was then promoted to director of the National Multi Housing Group and became a member of the National Self-Storage Group.

In 2004, Weinstock was named a senior investment associate and, in 2008, was promoted to vice president investments. He has earned three National Achievement Awards, five sales recognition awards and joined the firm’s prestigious Seven-Figure Club in 2005.

Weinstock earned a bachelor’s degree in psychology from the University of Michigan and a juris doctorate degree from Wayne State University Law School. He also received the Certified Commercial Investment Member (CCIM) designation.

RAHUL BIJLANI MOVES UP TO ASSOCIATE VICE PRESIDENT INVESTMENTS IN HOUSTON OFFICE

HOUSTON, TX— The board of directors of Marcus & Millichap Real Estate Investment Services, has named Rahul Bijlani (middle right photo) to the position of associate vice president investments. The achievement represents excellence in client relationships, investment real estate expertise and sales volume, according to Michael Hoffman, regional manager in the firm’s Houston office.
Bijlani joined Marcus & Millichap in 2005 and specializes in hospitality investment sales.

KEVIN KING GETS FIRST VICE PRESIDENT INVESTMENTS POST IN LONG BEACH OFFICE

LONG BEACH, CA— The board of directors of Marcus & Millichap Real Estate Investment Services has named Kevin King (middle left photo) to the position of first vice president investments.

The achievement of first 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 Rodiles, regional manager in the firm’s Long Beach office. King joined Marcus & Millichap in 1995 and specializes in multi-family investment sales.

JOEL DUMES NAMED ASSOCIATE VICE PRESIDENT INVESTMENTS IN CINCINNATI OFFICE

CINCINNATI, OH — The board of directors of Marcus & Millichap Real Estate Investment Services has named Joel Dumes (bottom right photo) to the position of associate vice president investments. The achievement represents excellence in client relationships, investment real estate expertise and sales volume, according to Steven Chaben, regional manager in the firm’s Cincinnati office.

Dumes joined Marcus & Millichap in 2003 and specializes in retail and single-tenant net-lease investment sales.

ERIK MARSH APPOINTED ASSOCIATE VICE PRESIDENT INVESTMENTS IN PHOENIX OFFICE

PHOENIX, AZ — The board of directors of Marcus & Millichap Real Estate Investment Services has named Erik Marsh (bottom left photo) to the position of associate vice president investments. The achievement represents excellence in client relationships, investment real estate expertise and sales volume, according to David Guido, regional manager in the firm’s Phoenix office.
Marsh joined Marcus & Millichap in 2004 and specializes in office and industrial investment sales.

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

Sikon Completes 192,000 SF of New Retail Space

Publix at Canyon Town Center in Boynton Beach, FL has a 54,000-SF Publix Super Market and 17,000 SF of additional retail space

BOYNTON BEACH, FL – Deerfield Beach-based SIKON Construction Corporation, one of the nation’s leading retail contractors, completed the new multimillion-dollar Publix at Canyon Town Center retail center on West Boynton Beach Boulevard in Boynton Beach, FL, under its contract with GL Commercial, Sunrise, FL.

Designed by Saltz Michelson Architects, Fort Lauderdale, the project consists of a 54,000-square-foot Publix Super Market and approximately 17,000 square feet of retail space according to longtime Florida construction veteran Dale E. Scott, (top right photo) Senior Executive Vice President of SIKON.

81,000-SF Wellington Green retail center (middle left photo) includes 50,000-SF Whole Foods stores and 31,000-SF of additional retail space

PALM BEACH COUNTY, FL – Sikon has , completed the new multimillion-dollar, 81,000-square-foot Wellington Green retail center (middle left photo) located on State Road 7 in Wellington, in Palm Beach County, FL.

The project includes a 50,000-square-foot Whole Foods store (site map photo above) and 31,000 square feet of retail space adjacent to the Wellington Green Mall. The center also includes a free-standing, 7,500-square-foot office building, and two additional 7,500-square-foot office buildings are planned for Phase II. The project was designed by Marc Wiener Architecture, Boca Raton.

The 90,000-square-foot Parkland Commons retail center (bottom right photo)features a 46,000-SF Publix Supermarket

BROWARD COUNTY, FL –-Sikon has completed the new multimillion-dollar, 90,000-square-foot Parkland Commons retail center located at University Boulevard and Trail’s End Road in Parkland, in Broward County, FL.

Anchored by a 46,000-square-foot Publix Supermarket, the project was developed by Monroe’s Prestige Group, Safety Harbor, FL, and was designed by Ken Carlson, Deerfield Beach/

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

Feldman Announces Inland Transaction; Appointment of Receivership for the Tallahassee Mall and Termination of Reporting Company Status

GREAT NECK, N.Y. /PRNewswire/ -- Feldman Mall Properties, Inc. (BULLETIN BOARD: FMLP) has entered into a letter agreement with Inland American Real Estate Trust, Inc. ("Inland") pursuant to which Feldman will repurchase from Inland 2,000,000 shares of 6.85% Series A Cumulative Convertible Preferred Stock (the "Series A Preferred Stock").

In exchange, Inland will receive title to the Stratford Square Mall, (middle left photo) located in Bloomingdale, Illinois, Northgate Mall, located in Cincinnati, Ohio, and the Golden Triangle Mall, located in Denton, Texas (collectively, the "Malls"), subject to the mortgage indebtedness secured by the Malls.

Inland will also deliver to the Company $9.125 million in cash representing the amount by which the value of the Malls, subject to the outstanding indebtedness, exceeds the value of the Series A Preferred Stock.

This letter agreement is subject to the approvals of the Boards of Directors of both the Company and Inland.

Upon the completion of this transaction, the Company will own interests in four retail malls: (i) Harrisburg Mall, located in Harrisburg, Pennsylvania, (ii) Colonie Center Mall, located in Albany, New York, (iii) Foothills Mall, located in Tucson, Arizona and (iv) the Tallahassee Mall, (top right photo) located in Tallahassee, Florida, which was placed in receivership as of November 12, 2008.

(For a complete copy of Feldman's news release, showing transaction details and financials, please contact Thomas E. Wirth, President & Chief Financial Officer of FeldmanMall Properties, Inc., +1-516-684-1239.)

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