Marcus & Millichap Sells 122-Unit Apartment Community in Duncanville, TX

DUNCANVILLE, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Wexford Townhomes, (top right photo) a 122-unit multi-family community in Duncanville, to satisfy a 1031 exchange.

Al Silva, a senior associate in the Fort Worth office of Marcus & Millichap, and Kelley Sparkman, (middle left photo) an investment specialist in the firm’s Dallas office, retained the exclusive listing to market the property on behalf of the seller, a Florida-based private investment group.

The buyer was an out-of-state private investor.

“The buyer’s experience operating out-of-state multi-family properties was a significant factor in his successful assumption of the interest-only loan at 6.18 percent, which resulted in a cash-on-cash return that was considerably higher than average return for such a high-quality asset,” says Silva.

“Many owners have capitalized on the appreciation of their holdings and moved into other markets across the country to leverage their returns and fulfill the requirements of the 1031 exchange,” adds Sparkman.

“We were able to do this by using Marcus & Millichap’s unique national marketing platform and its ability to access a nationwide pool of investment capital.

"This transaction illustrates that capital is still flowing into the 1031 exchange market despite continued tightening of the credit markets.”

Located at 600 Wembley Circle, Wexford Townhomes is in excellent condition and one of the most attractive rental properties in the area. Occupancy is at approximately 95 percent and maintained that level throughout the sale process

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

Investments Valued at $64M Announced by Place/BV Student Housing Fund

ATLANTA and CHICAGO /PRNewswire/ -- The Place/BV Student Housing Fund, LLC, a real estate investment fund focused on the acquisition and development of student housing properties nationwide, announced its most recent investments.

Hill Place serves the students of the University of Arkansas at Fayetteville and Rebel Place serves the students of the University of Nevada at Las Vegas (UNLV). Both communities will open summer of 2009.

BVP Managers, LLC, a joint venture between Atlanta, Georgia-based Place Properties, LP and Chicago, Illinois-based Blue Vista Capital Management, LLC, serves as the Manager of the Fund.

Hill Place, located directly across from the campus on Sixth Street, is in one of the most desirable locations for students of the University of Arkansas.(middle left photo)

Known as "the hill," the site is closer to campus than the parking lots for football and basketball games.

Hill Place will provide the purpose- built, contemporary housing that is in short supply near campus.

This garden- style community will house 840 students in 288 one, two and four bedroom apartments.

All apartments will offer contemporary furniture with full kitchens including washers and dryers. Each bedroom will have its own private bathroom.

Community amenities include a clubhouse with WIFI and a game room, a 24-Hour fitness center, tanning beds, with outdoor amenities to include two basketball courts, a study garden, walking/jogging trails throughout the property, and two resort-style swimming pools.

Rebel Place, located only a half mile from campus, will also be a garden style community serving the growing student population at UNLV.

Offering 480 beds in unit types that include two, three and four bedroom units, all with private bathrooms, the property will offer an alternative to the on-campus suite-style housing.

Bob Clark, (top right photo) Executive Vice President said, "Place is very excited about the addition of Hill Place and Rebel Place to our student housing portfolio.

"Both universities are growing and the markets have high barriers to entry. These projects compliment our portfolio and represent quality assets in excellent markets."

Blue Vista Capital Management, LLC is a leading national real estate investment management firm with in excess of $550 million in capital under management. Blue Vista has participated in joint ventures representing over $3 billion in total capitalization.

Place Properties, LP, has over 11 developments in various stages of construction nationwide making it one of the largest multifamily development and construction organizations in the country. Place Properties has developed more than $800 million of student housing properties since 1996 and currently manages more than 17,000 beds.

CONTACT: Jessica H. Nix, Director of Marketing and Public Relations of Place Properties, LP, +1-404-495-7591, jnix@placeproperties.com

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

The Easton Group Closes on Sale-Leaseback of 120,000 sq ft Warehouse in Broward County, FL

DORAL, FL--The Easton Group, a full-service commercial real estate firm based in Doral, FL, has purchased a 120,000 square foot warehouse located in Deerfield Beach.

The building, located at 2900 Southwest 15th Street, was built in 2003 on 8.84 acres.

The Easton Group, through its partnerships bought the warehouse from Graebel/South Florida Movers, Inc. for $9.6 million ($81 per sq ft) and leased it back to them.

Financing was provided by State Farm Life Insurance Company.

“Even in these times of tight credit, we still have the ability to secure financing on real estate deals that make sense,” said Edward W. Easton, (top right photo) founder and chairman of The Easton Group.

About The Easton Group:
The Easton Group is a family-owned, boutique commercial real estate firm with over 30 years of experience and an exceptional track record.

The group is broken down into four business units consisting of commercial real estate investment, development, brokerage, and property management.

The company currently has more than 5 million square feet under management. The Easton Group is headquartered at International Corporate Park in Doral.

For more information, please log on to http://www.theeastongroup.com/

Contact: Todd Templin, 954 370-8999, Boardroom Communications, http://www.boardroompr.com/

HFF arranges $27M loan for Maryland warehouse facility

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $27 million loan for 7605 Dorsey Run Road, a 612,900-square-foot warehouse facility in Jessup, Maryland.

HFF director Steven Klein (top left photo) worked on behalf of Exeter Property Group to secure the five-year, adjustable-rate loan.

Founded in 2006, Exeter Property Group is a real estate company specializing in investing in value-add industrial properties in the Northeast, Mid-Atlantic, Mid-South and Southeastern United States.

New York Life Investment Management LLC, the real estate investment manager for New York Life Insurance Company, closed the loan.

Situated within the Dorsey Run Commerce Center, Dorsey Run Road has excellent access to Interstate 95, 295 and Route 1 and is in close proximity to the Baltimore-Washington International Airport and Fort Meade.

The Class A warehouse facility was completed in 2006 and is nearly one-third leased to Iron Mountain. 7605 Dorsey Run Road has 32’ clear ceiling heights and is cross-docked designed, with 122 loading docks and storage available for 111 trailers.

“7605 Dorsey Run Road is strategically positioned to benefit from two major events in the Baltimore-Washington Corridor. The Base Realignment and Closure Act (BRAC) will bring over 20,000 jobs to the areas surrounding Fort Meade,” said Klein.

“Additionally, the ongoing Route 1 Revitalization Effort will bring new road access, upgraded streetscapes, and an improved environment for local and regional businesses.

"This has already directly benefited the property through the Dorsey Run Road Extension, which now provides immediate access to Route 175. ”

Contacts:

Steven J. Klein, HFF Director, (212) 245-2425, sklein@hfflp.com

Myra F. Moren, HFF Director, Marketing, (713) 852-3500, mmoren@hfflp.com

Carlson opens 1,000th hotel worldwide in St. Martin

ST MARTIN, CARIBBEAN– Carlson Hotels Worldwide® today opened the 1,000th hotel in its worldwide portfolio, the Radisson St Martin Resort, Marina & Spa, (top right photo) dedicating the achievement of this growth landmark to a global initiative of environmental sustainability and responsible business.

At opening ceremonies, top company officials joined with representatives of the United Nations Environment Programme (UNEP) Plant for the Planet: Billion Tree Campaign (billiontreecampaign.com) and The Carbon Neutral Company (carbonneutral.com) to officially dedicate this $80 million resort.

The company is planting 1,000 trees worldwide and making a financial donation to the UNEP program plus partnering with The CarbonNeutral Company to offset carbon equivalent to 10,000 room nights.

A highlight of the opening was the planting of the first tree in the 1,000 tree initiative, an indigenous Flamboyant tree that was located near the resort’s signature ocean-front pool.

“We are extremely proud to open the Radisson St Martin Resort - the 1,000th property in the Carlson Hotels Worldwide portfolio---celebrating this growth milestone with a global initiative embracing responsible business and environmental sustainability,” said Jay Witzel, (top left photo) president and CEO of Carlson Hotels Worldwide. “The five brands of Carlson Hotels Worldwide now are serving guests in 74 countries,” he added.

These brands include: Regent Hotels & Resorts (regenthotels.com); Radisson Hotels & Resorts (radisson.com), Park Plaza® Hotels & Resorts (parkplaza.com), Country Inns & Suites By CarlsonSM (countryinns.com) and Park Inn® (parkinn.com).

The new 252-room Radisson St Martin Resort, nestled in the picturesque cove of Anse Marcel facing 1,600 feet of white-sand beachfront, is a flagship resort in the growing global portfolio of Radisson Hotels & Resorts.

The luxury ocean-front resort has undergone a total transformation and features 63 suites and 189 guestrooms; a signature beachfront restaurant with al fresco dining; casual, market-style eatery and lobby tapas bar. The resort also includes a stunning zero-entry infinity pool; full-service spa and fitness center; 7,500 square feet of meeting space and 150-slip marina.

The hotel is managed by Radisson Hotels & Resorts under Caribbean veteran Hotel Manager Jeff Lesker. For more information on this resort, visit www.radisson.com/stmartin.

“We are delighted that Carlson Hotels is celebrating the opening of its 1,000th global property by pledging 1,000 trees to the Billion Tree Campaign,” said Achim Steiner, (middle right photo) executive director United Nation’s Environment Porgramme. “In the face of alarming environmental data, the Billion Tree Campaign offers hope and a simple solution for climate change mitigation, while enhancing biodiversity.”

“Taking action on climate change involves making the issue accessible to everyone – as a company and also as an individual,” said Sue Welland, (bottom left photo) Founder and Executive Director, Marketing of The CarbonNeutral Company.

“We are pleased to team with Carlson Hotels in support of an initiative that emphasizes sustainability, personal responsibility and which provides customers with a simple yet effective solution.”

Taj Opens Fifth Hotel in Bangalore, India

BANGALORE, INDIA- - Taj Hotels Resorts & Palaces today announced the highly anticipated opening of its new premium city hotel in the IT nerve centre of Bangalore.

The hotel also bears a new name and identity: “Vivanta by Taj - Whitefield, Bangalore” (top right photo) and is slotted in the ‘upper upscale’ segment.

The stunningly designed hotel arrests attention, being located right at the entry-point of the ITPB (International Tech Park, Bangalore) at Whitefield in East Bangalore. (bottom left photo)

With this, the Taj now operates five hotels in the city.

Vivanta addresses the needs of a sophisticated and cosmopolitan customer group, with 199 stylish guest rooms, eclectic entertainment and dining options and a spectrum of facilities offered specifically based on a deep study of the new generation traveler’s lifestyle.

Vivanta is designed to deliver vibrant experiences; combining the charming hospitality that is the hallmark of the Taj, with a contemporary, vivacious twist!
The name Vivanta is drawn from vivacity, vividness & ‘bon vivant’: an appreciation of the good things in life. It speaks of style, refinement and living life to the full.

“We are delighted to open this new hotel in the vibrant, cosmopolitan city of Bangalore. Our growth plans envisage a critical role for this key metropolis and we look forward to making a strong impression with this unique offering” commented Raymond N Bickson, (middle right photo) Managing Director and Chief Executive Officer, The Indian Hotels Company Limited.

Jamshed Daboo, (middle left photo) the Chief Operating Officer, Taj Premium Hotels explained “Our hotel in its physical form, the services we offer & the imagery that Vivanta creates are all in perfect sync with the ethos of Bangalore.

"Vivanta Whitefield Bangalore is high-spirited & stylish and will appeal to the agile ‘work-hard-play-hard’ hotel user. We have collaborated with this customer set and have devised a creative set of experiences which seek to surprise & delight our guests in small but meaningful ways”.

Vivanta by Taj – Whitefield, Bangalore is a hotel for the business nomad & offers a suite of conferencing & banquet facilities. Tango, the banquet hall is over 500 square meters of contemporary meeting space, tuned with digital audio systems & hi speed T-1 internet access. Agenda is the board room equipped for power meets.

For Further information please contact :

Gurprit Kaur Arora/Sagar ParidaVaishnavi Corporate Communications Pvt Ltd9980672672/9008744388

Walt Disney Co.'s Proposed $1B Global Notes Rated 'A'

NEW YORK, NY--Standard & Poor's Ratings Services today assigned its 'A' rating to the proposed $1.0 billion global notes due 2013 offered by The Walt Disney Co.

The long-term corporate credit rating on Disney is 'A' and the rating outlook is stable. The rating reflects Disney's premier creative franchises, extensive media distribution, conservative capital structure, and good discretionary cash flow.

(Magic Kingdom attraction, top right photo)

We currently believe that the company's management of operating costs and capital spending will help support its discretionary cash flow and credit metrics, despite recessionary pressures on revenue.

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

Analyst Contacts:
Deborah Kinzer, New York (1) 212.438.5229
Heather M Goodchild, New York (1) 212.438.7835

NAIOP Georgia Names 2008 Award Winners

---Regent Partners, LLC, IDI, VeenendaalCave, Inc. and Don Childress (top right photo) receive awards.

=---Lieutenant General Russel L. Honoré (Ret.) (bottom right photo) delivers keynote speech.

ATLANTA, GA-– The Georgia chapter of the National Association of Industrial and Office Properties (NAIOP) honored three Atlanta real estate firms and one of the community’s leading executives at its 20th Annual Awards Program on December 4.

The event which had over 220 in attendance, was also highlighted by a keynote speech from Lieutenant General Russel L. Honoré (Ret.), best known for his take-charge style leading relief efforts in New Orleans following Hurricane Katrina.

The 2008 recipients of NAIOP awards are:

· Regent Partners, LLC, honored as Office Development Firm of the Year. The firm received recognition for its development of the 3344 Peachtree building in Buckhead, called Sovereign, a 50-story signature tower featuring residences and office space, as well as for its community involvement and participation in NAIOP.

· IDI, recipient of the Industrial Development Firm of the Year award. The company was honored for its sustainable development, including two facilities in Atlanta and Savannah totaling 1.2 million square feet that have been registered to receive LEED® (Leadership in Energy and Environmental Design) certification. The company also was recognized for its commitment to volunteerism, which included its sponsorship and underwriting of two charity golf tournaments that raised more than $200,000 for organizations benefiting children’s health and literacy.

· Don Childress, (top right photo) co-founder and managing partner of Childress Klein Properties, received the Carter/Mathis award, recognizing individuals or firms for contributions to the community. Childress’ volunteer efforts included organizing a capital campaign that raised more than $50 million for the Lovett School and heading a campaign to build a sanctuary for Cumberland Community Church.

· VeenendaalCave, Inc., honored as the Associate Firm of the Year. The interior design and planning firm was recognized for the volunteer efforts of its employees for organizations such as The Study Hall at Emmaus House, Midtown Assistance Center, Kreate 4 Kids and Children’s Healthcare of Atlanta, as well as for its service to NAIOP.

The event also featured a keynote speech from Lieutenant General Russel L. Honoré (Ret.), (bottom right photo) who mixed no-nonsense advice with humorous anecdotes while delivering a message on the importance of disaster preparedness. He is the former 33rd Commanding General of the U.S. Army at Fort Gillem, Georgia.

“It’s important that you take time to prepare your employees, your families and your companies,” he said. He said the country must re-prioritize and move from its current condition of “zero preparedness” to a “culture of preparedness.”

Honoré said the key items needed in every home to prepare for an emergency are: an evacuation pack, a weather radio and a back-up generator. He added that the real estate community must take steps to plan for disasters, suggesting that county planners could help matters by requiring developers to receive certificates verifying that their buildings are equipped with emergency generators.

The event also featured short speeches from students enrolled in programs that receive support from NAIOP: Portia Neal, a student enrolled in YES!Atlanta, an organization that provides programs for at-risk youth, and Willie Thornton and Zharia White, students at the Ron Clark Academy, a school that serves students from a wide range of backgrounds.

Both of these organizations receive support from the proceeds of NAIOP Night, NAIOP’s annual, black-tie fund raiser.

NAIOP also elected its slate of 2009 officers, including new chapter President Lisa Dunavin, (top left photo) senior leasing director at Cushman & Wakefield of Georgia, who replaces outgoing president Jeff Mixson.

The National Association of Industrial and Office Properties (NAIOP) is a professional organization for developers and owner of commercial real estate. Over 16,000 real estate professionals belong to one of the 59 NAIOP chapters located in the United States and Canada.

CONTACT: Lisa Ward, VP- Communications, NAIOP Georgia Chapter, 770 866 1115, lward@idi.com

Fidelity National Financial Announces Bankruptcy Court Approval of its Acquisition of Commonwealth Land Title. and Lawyers Title

JACKSONVILLE, FL /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE:FNF) announce that the Chapter 11 Bankruptcy Court has approved its acquisition of LandAmerica Financial Group, Inc.'s ("LFG") two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers").

FNF's purchase remains subject to the expiration of the waiting period under the Hart Scott Rodino application and other closing conditions specified in the amended stock purchase agreement. The waiting period expires at Midnight on Thursday, December 18, 2008 and closing is to occur on or before December 22, 2008.

CONTACT: Daniel Kennedy Murphy, Senior Vice President and Treasurer, Fidelity National Financial, Inc., +1-904-854-8120, dkmurphy@fnf.com

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

HFF arranges $6.9M construction/mini-permanent loan for San Antonio, TX medical office building

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $6.9 million construction/mini-permanent loan for Shavano Oaks II, (top right photo) a recently completed Class A medical office building in San Antonio, Texas.

HFF director Brian Carlton (middle left photo) worked exclusively on behalf of Oaks Development Group to secure the 48-month loan through Chris Martineau and Cari Robinson in the Dallas office of Mutual of Omaha Bank.

Oaks Development Group is a full-service, medical office development company and general contractor with offices in North Carolina, Texas, Georgia, Massachusetts, Florida and Illinois.

Kerry Angus and Eric Perardi in the Austin office of Oaks Development Group placed the building under contract while it was under construction and began securing leases from a core group of doctor tenants, who are also given ownership in the property.

Approximately 70% of the space was pre-leased at closing and the remaining space will be leased to future medical practices that complement the existing tenants’ businesses.

Oaks Development Group has completed over 50 similar transactions, both as developer and purchaser, throughout the Southeast United States. Messrs, Angus and Perardi have several other projects in Texas under development or nearing the acquisition stage.

Completed in October 2008, the three-story Shavano Oaks II has 34,576 square feet of leasable medical office space.

The property is located at 3603 Paesano’s Parkway off Loop 1604 within close proximity to Interstate Highway 10 and Highway 281 in the Shavano Park area of San Antonio. Finish-out for the four current medical practices is underway with occupancy expected in early 2009.

Contacts:

Brian G. Carlton, HFF Director, (214) 265-0880, bcarlton@hfflp.com

Myra F. Moren, HFF Director, Marketing (713) 852-3500, mmoren@hfflp.com

Arbor Closes $18M in Fannie Mae Loans on Three Apartment Communities

Marian Gardens in Lynn, MA Gets $8,321,800 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $8,321,800 loan under the Fannie Mae DUS® product line to finance the 94-unit complex known as Marian Gardens in Lynn, MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent.

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

“This transaction demonstrated our ability to deliver excellent financing terms in a very uncertain market,” said Kelly. “We look forward to continuing our financing relationship with this strong Boston-based provider of affordable housing.”

Wheatland Club Apartments in Cedar Rapids, IA Obtains $8,475,000 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $8,475,000 loan under the Fannie Mae DUS® product line to finance the 144-unit complex known as Wheatland Club Apartments (middle right photo) in Cedar Rapids, IA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.61 percent.

The loan was originated by Michael Jehle (middle left photo) , Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“Arbor successfully provided low-cost, fixed-rate Fannie Mae financing for the take–out of the construction loan on a recently completed, and now fully stabilized, multifamily property,” said Jehle.

Meadow Estates in Madrid, IA Receives $1,427,600 Fannie Mae DUS® Loan

UNIONDALE, NY, Dec. 17, 2008--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,427,600 loan under the Fannie Mae DUS® product line to finance the 85-unit complex known as Meadow Estates in Madrid, IA.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.85 percent.

The loan was originated by Peter Margolin, Director, in Arbor’s full-service Deerfield, IL lending office. “Arbor was pleased to be able to meet the borrower’s financing goals on this multifamily property,” said Margolin.

Contacts:

Ingrid Principe or Bonnie Habyan, Arbor Realty Trust, Inc., Earle Ovington Blvd, Suite 900, Tel: (516) 506-4298 or (516) 506-4615333

iprincipe@arbor.com or bhabyan@arbor.com

Arbor Commercial Mortgage, Uniondale, NY 115531-800-ARBOR-10, http://www.arbor.com/

Marcus & Millichap Arranges Two Apartment Sales in Kentucky Totaling $17.4M

The assets set records in both Lexington and Louisville

LOUISVILLE, KY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two multi-family communities totaling $17.4 million in Lexington and Louisville.

The 312-unit Pegasus Place Apartments (bottom left map site) in Lexington commanded a price of $13.6 million, representing $43,590 per unit.

The sale marks the highest price per unit for a 1970s-constructed, market-rate apartment property in the Lexington MSA.

In a separate transaction in Louisville, Marcus & Millichap arranged the sale of the 66-unit Worthington Apartments (top right photo) for $3.8 million, representing $57,576 per unit. Constructed in1968, this asset commanded the highest price per unit ever achieved in the apartment market for product developed before 1990 in Louisville.

Aaron Johnson, principal broker of the Louisville office of Marcus & Millichap, represented the both the local and the New Jersey-based sellers, as well as the New York-based buyer, who acquired both properties.

“This transaction proves that there are still tremendous real estate investment opportunities even as the capital markets continue to tighten,” says Johnson.

“Apartment properties offer the most stability out of all the major property sectors to private investors in the current economic climate.”

Located at 2504 Larkin Road, Lexington, the 267,600-square foot Pegasus Place Apartments features one- and two-bedroom units on 14.62 acres. Amenities include a swimming pool, clubhouse, on-site laundry facilities, fitness center, play ground and tennis court.

Pegasus Place sold at a cap rate of a 6.9 percent and assumed an interest-only loan.

Located at 735-737 South Second St., the Worthington Apartments consists of 66 one- and two-bedroom units, just minutes away from downtown Louisville.

Amenities include gated off-street parking, monitored and controlled entry, business center with Internet access and a courtyard. Worthington Apartments sold at a 7.6 percent cap rate.

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

Fed Cuts Benchmark Interest Rate to Record Low

WASHINGTON, DC, Dec. 16, 2008—The 10-member board of governors at the Federal Reserve Bank stunned financial analysts and market watchers today by lowering the benchmark interest rate to zero to one-quarter percent. The previous record low rate was 1 percent.

The rates statement by the Federal Open Market Committee conceded that an even lower rate might be set in the near future.

“…Weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” according to the one-page statement.

In the prepared statement, Federal Reserve Chairman Ben S. Bernanke (top right photo) said the unprecedented low rate was set by the governors because “labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment and industrial production have declined.”

To boost the commercial and residential real estate industries, the Fed promised, “over the next few quarters, to purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it (also) stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant.”

Small businesses and households were also promised some financial relief by early next year. At that time, the Fed will use a portion of the $700 billion Congress-approved Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses,” according to the statement.

“Financial markets remain quite strained and credit conditions tight,” the statement said. “Overall, the outlook for economic activity has weakened further.”

However, there was a sliver of good news.

“Inflationary pressures have diminished appreciably,” the Fed board believes. “In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.”

The Fed promised to “employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.”

The statement said “the focus of the Committee’s policy, going forward, will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve’s balance sheet at a high level.”

The Committee is also “evaluating the potential benefits of purchasing longer-term Treasury securities.”

In a related action, the board of governors unanimously approved a 75-basis-point decrease to the 1.25 percent Federal Discount Rate to ½ percent.

The board also established interest rates on required and excess reserve balances of ¼ percent.

Voting for the benchmark interest rate decrease today were nationally-known banking figures that included seven men and three women.

They were Chairman Bernanke, Christine M. Cumming, (top left photo) Elizabeth A. Duke,(middle right photo) Richard W. Fisher, Donald L. Kohn, Randall S. Kroszner, Sandra Pianalto, (bottom left photo) Charles I. Plosser, Gary H. Stern and Kevin M. Warsh.

MGM MIRAGE to sell Treasure Island

LAS VEGAS, NV -- MGM MIRAGE (NYSE: MGM) and Ruffin Acquisition, LLC have entered into an agreement whereby MGM MIRAGE, through its wholly-owned subsidiary The Mirage Casino-Hotel, will sell Treasure Island Hotel & Casino ("TI") (top right photo) to Ruffin Acquisition, LLC for $775 million.

Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. (bottom left photo, on right, chatting with developer Donald Trump at an unrelated event.)

The purchase price is to be paid at closing as follows: $500 million in cash and $275 million in secured notes bearing interest at 10%, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing.

The notes, to be issued by Ruffin Acquisition, LLC, will be secured by the assets of TI and will be senior to any other financing.

The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of necessary regulatory and governmental approvals. The parties expect the transaction to close by the end of the second quarter of 2009. MGM MIRAGE expects to report a substantial gain on the sale.

MGM MIRAGE acquired TI as part of the merger between MGM Grand, Inc. and Mirage Resorts, Incorporated in May 2000.

"We are extremely proud of the accomplishments of Treasure Island's employees and management team in making it one of the must-see properties in Las Vegas," said James J. Murren, (middle right photo) Chairman and Chief Executive Officer of MGM MIRAGE.

"We are pleased to have been able to work with Phil Ruffin, a known and trusted community partner. This transaction creates value to our stakeholders through significantly increased liquidity and enhanced financial flexibility."

TI is located on the Las Vegas Strip and features 2,885 guest rooms and suites, approximately 90,000 square feet of gaming space, several fine and casual dining outlets, The Sirens of TI -- the iconic pirate battle attraction, and Mystere, the first permanent production in Las Vegas by Cirque du Soleil.

"We are very excited to be in a position to acquire such a stellar property in Treasure Island," said Mr. Ruffin. "The property is in pristine condition, ideally located in the heart of the Strip and benefits from a wonderful team of outstanding employees.

" We are financially positioned to close on this transaction once all of the necessary approvals have been received," Mr. Ruffin noted.

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.

MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E.

MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs.

For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com/.

CONTACTS:

Investment Community, Dan D'Arrigo, EVP & Chief FinancialOfficer, +1-702-693-8895, or

Media, Alan M. Feldman, Senior Vice President of Public Affairs, +1-702-650-6947, afeldman@mirage.com, both of MGM MIRAGE

CB Richard Ellis Secures Long-Awaited Movie Theater Lease at The Plaza in Downtown Orlando

ORLANDO, FL, Dec. 16, 2008 – The Orlando office of CB Richard Ellis is pleased to announce the completion of a 12 screen movie theater lease to anchor The Plaza (top right photo) mixed-use development within Downtown Orlando.

The Plaza is at the intersection of Orange Ave. and Church St. in the core of the Downtown area.

CB Richard Ellis brokers Bobby Palta, (top left photo) Senior Associate, and Wood Belcher, (middle right photo) First Vice President, procured and negotiated the lease with the new theater tenant, Atlanta-based American Theater Corporation.

The 57,000 sq. ft. lease will be for a 15-year initial terms plus options. The lease was signed in September but contained several contingencies including the recent City Council vote.

The vision for a Downtown movie theater began with the City of Orlando in the early 2000s. Construction started on The Plaza in 2004 with a theater opening planned for 2006 under a management agreement only, however several financial obstacles with the former owner impeded the entire project.

RP Realty Partners purchased the retail portion of The Plaza from the developer as well as the parking garage from its lender in a foreclosure sale in 2007 and 2008. In April 2008, RP Realty Partners hired CB Richard Ellis to lease the remaining retail space within The Plaza including the partially completed second floor movie theater space.

The Orlando City Council vote on December 15 represented a major milestone for the property owners and citizens of Orlando. The City Council voted to approve two funding agreements providing loans of $6 million to The Plaza owners to be repaid exclusively using special tax assessments on its properties.

This will allow construction to resume on the theater space immediately with funding contingent on a Certificate of Occupancy on or before July 1, 2009.

"We are very pleased to have completed this remarkable transaction, which is of major economic importance to our clients RP Realty Partners," says Palta and Belcher.

"It was very complex given the problems with the previous developer and current economic climate. We are excited that the citizens of Central Florida will now be able to enjoy this first-class theater when it opens this summer."

The theater will have 12 screens, two of which will feature digital high-definition – a first for Central Florida. The Plaza Theater will show mostly 'First Run Films' along with independent, art and foreign films.

Major televised sporting events will also be shown in addition to opportunities for corporate events. Beginning in November 2009, The Plaza Theater will be the new home to the Orlando Film Festival, currently in its third year.

Unique to the Plaza Theater will be the full menu of concessions, including hot entrees, beer and wine.

Under the new ownership, the buildout of the lobby, theaters and two wine bars have been upgraded to an upscale, modern look.

The theater chairs will be wide stadium recliners with 10-inch tables between the chairs. Attendance at the theaters is estimated between 500,000 and 600,000 patrons annually, impacting existing tenants within The Plaza and throughout Downtown Orlando.

RP Realty Partners is in final bidding for the construction and is dedicated to using local contractors. Upon opening, the Plaza Theater will create more than 100 new jobs within the cinema alone. The economic impact within the immediate area of Downtown Orlando is conservatively estimated at $12 million annually.

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