CBRE Central Florida Multi-Housing Group Closes $171M in 2008 Sales

ORLANDO, FL-– The Orlando office of CB Richard Ellis is pleased to announce that its Central Florida Multi-Housing Group retained its position as the number one apartment brokerage team in Orlando in 2008 with more than $171 million in local sales.

(CBRE brokers Shelton Granada, top left photo. Luke Wickham, top right photo)

CBRE closed more than twice as many transactions in Central Florida as its nearest competitor for the second straight year.

The assets sold ranged from "value-add" opportunities built in the 1970s and 1980s to newer projects built within the last 10 to 15 years. CBRE also sold several "fractured" deals – communities that converted and sold units as condominiums, then reverted the remaining units back to rentals.

For further information, please contact the CB Richard Ellis Central Florida Multi-Housing Group at www.cbre.com/shelton.granade and www.cbre.com/luke.wickham

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

Federal Home Loan Bank of Atlanta Awards $43M for Affordable Housing Development

Funding will Create, Improve, or Preserve 4,514 Housing Units

ATLANTA, GA, PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced will award more than $43 million to fund 85 affordable housing projects in ten states.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $38.6 million of the funds to buy, build, or preserve 4,040 affordable housing units in seven states within its district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia.

Partnerships in three states (Tennessee, Texas and Louisiana) outside the Bank's district will receive funds totaling $4.4 million to develop 474 housing units.

FHLBank Atlanta has awarded the funds as part of its 2008 Affordable Housing Program (AHP) offering.

In addition, the 2008 AHP funds will be combined with other funding sources to develop more than $330 million of affordable housing.

"Now more than ever, the private investment capital provided by our Community Investment Programs stimulates much needed growth in communities by revitalizing neighborhoods, creating jobs, and supporting economic development," President and Chief Executive Officer of FHLBank Atlanta Richard Dorfman (top right photo) said.

"AHP funds leverage lending by our member banks and other financial partners during a time when credit availability has been limited.

" By focusing our resources on preserving existing affordable housing and financing new affordable housing, our aim is to be a critical resource in confronting the housing and economic challenges many communities within our region are facing during these difficult economic times."

FHLBank Atlanta-AHP awards range from $30,000 to $1 million and will be made in the following states in FHLBank Atlanta's district:

-- Alabama ($3,557,941 for 351 units)

-- Florida ($9,247,136 for 666 units)

-- Georgia ($12,430,908 for 1,359 units)

-- Maryland ($1,490,000 for 178 units)

-- North Carolina ($5,885,815 for 541 units)

-- South Carolina ($4,047,116 for 603 units)

-- Virginia ($1,947,810 for 308 units)

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families.

FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives.

For the complete list of winners, visit www.fhlbatl.com/ahp.

About FHLBank

AtlantaFHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help more than 1,200 member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities.

The Bank's members - its shareholders and customers - are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $3 billion to the Affordable Housing Program.

CONTACT:

Sharon Cook, Federal Home Loan Bank of Atlanta,+1-404-888-8173, scook@fhlbatl.com

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

Chadwick Unveils Beach Street Courtyard in Daytona Beach, FL

Upscale loft condos and retail shops unveiled to hundreds of eager onlookers at downtown ribbon-cutting ceremony

DAYTONA BEACH – The recent ribbon-cutting ceremony to mark the opening of Chadwick Real Estate Group’s Beach Street Courtyard luxury downtown lofts and retail center at 128 S. Beach St. attracted more than 250 prospective buyers, realtors and city officials.

Robert Abraham, (bottom left photo) chairman of the city’s Downtown-Ballough Road Redevelopment Area Board; and Sheila McKay-Vaughan, (bottom right photo) Daytona Beach City Commissioner for Zone 3 and member of the city’s Community Development Agency, did the ribbon-cutting honors and welcomed those attending the festivities, which included cocktails, hors de oeuvres, music and self-guided tours.

McKay-Vaughan said the project – 12 luxury condominiums atop more than 8,000 square feet of retail space – is something she’d like to see more of.

“We [Daytona Beach city officials] tried for 15 years to make this a commercial community and it just didn’t work,” she said. “So, instead of building new skyscrapers, we add a couple of floors across from a beautiful park and hope that families will come here to live and shop.”

The mixed-use development – which is being marketed by Aswin Suri (middle right photo) of Exit Realty Central – blends two-story loft residences with first-floor commercial space that will include Amore, a 5,000 square foot restaurant that features al fresco dining in an Old World style cobblestone courtyard.

With its intimate setting, yet close proximity to restaurants, shops, theaters and other event venues, Beach Street Courtyard is as appealing to retirees as it is to young professionals, Suri said.

“We recently marketed mainly to young professionals who now might be living in areas like Winter Park,” he said. “But, we’re finding that the lofts are just as appealing to retirees and second home buyers who would like to be within walking distance of downtown activities.”

The one- and two-bedroom lofts – which include garage parking, elevators, terraces and river views – range in size from 1,304 to 2,135 square feet of living space, according to Richard A. Friedman, (top left photo) Chadwick’s managing director.

Friedman said the townhomes, which are priced from $399,000 to $599,000, include upgrades that would be expected in multi-million dollar homes: granite countertops, Viking stainless steel appliances, polished hardwood floors, custom cabinets and doors, travertine tile, cathedral ceilings, premium hardware, Berber carpeting, ceiling fans, interior sprinkler systems and high-grade category 5 data/video/audio and telephone lines.

Suri, the area’s top producer of 2007-2008, said several potential buyers are in the process of being pre-approved by local lenders after more than 100 people toured Beach Street Courtyard at a soft opening in December. He said he expects the remaining units to sell within 90 days.

As incentive, Chadwick has reduced the price of each loft by as much as $125,000, will pay the buyers’ closing costs and is offering a free membership at nearby Sunset Harbor Yacht Club.

Like the developers, Commissioner McKay-Vaughan is excited to see Beach Street Courtyard welcome new residents and hopes that developers will create more redevelopment projects like it.

“I hope that this is just the beginning of this kind of re-development,” she said. “It’s a really good example of the new urbanism.”

For more information, please contact:

Richard A. Friedman, managing director, Chadwick Real Estate Group, 970-875-0999 or rfriedman@chadwick-usa.com

Brooks L. Kellogg, principal, Chadwick Real Estate Group, 970-875-0999, 847-680-1020 or bkellogg@chadwick-usa.com

Aswin Suri, Exit Realty Central, Marketing Representatives Beach Street Courtyard, 888-608-6564

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Grubb & Ellis|Commercial Florida negotiates 12,876-SF Office Lease in Downtown Orlando

ORLANDO, FL – Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide,has negotiated a long-term lease for 12,876 square feet of Class A office space at Gateway Center, 1000 Legion Place off N. Orange and Garland Avenues in downtown Orlando.

Anne Deason, (top right photo) associate vice president and Andrew E. McCaw, (top left photo) FMA, senior vice president, Office Services Group at Grubb & EllisCommercial Florida, negotiated the transaction on behalf of the tenant, Orlando-based Sunshine Network, Inc., a regional sports TV network.

The landlord for the 228,000 square foot office building is PKY Fund Orlando I, LLC headquartered in Jackson, Miss. represented by Greg Morrison (bottom right photo) of Morrison Commercial.

Contacts:

Anne Deason, 407-481-5411, adeason@commercialfl.com

Andy McCaw, 407-481-5301, amccaw@commercialfl.com

Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Grubb & Ellis|Commercial Florida Launches Division to Provide Receivership Services in Commercial Property Foreclosures

ORLANDO, Fla. --- Call it another sign of the times. Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide, has launched a new division to provide receivership services to lenders in commercial property foreclosures.

Jeffrey S. Sweeney, (top right photo) SIOR, president of Grubb & EllisCommercial Florida, said he is heading up the firm’s receivership division in the east Central Florida region, which includes the Orlando and Melbourne offices.

Many of the same travails home owners face are impacting commercial property developers and owners, Sweeney explained. While commercial foreclosure activity doesn’t approach the scope of residential mortgage defaults, volume is increasing and the size of commercial mortgages---often in the millions---requires special expertise.

When lenders file for foreclosure on a commercial property mortgage, the courts typically assign a receiver to manage the asset---a commercial building, retail center or hotel, for example---until the foreclosure is discharged.

“Receivers are experts who are approved by the courts and assigned the task of safeguarding the interests of the lender until the foreclosure is settled,” Sweeney explained.

“At the court’s discretion, and with the consent of the lender, the receiver may be responsible for management and maintenance of a facility, leasing space in the facility or selling it to a new owner,” he said. “Market expertise comes into play in advising courts and lenders on the best and highest disposition for a foreclosed property,” he added.

Sweeney said seven Grubb & Ellis offices in Florida offer statewide reach.

“We can offer lenders and the courts a seamless network of property management, leasing and sales expertise that covers every market in Florida,” Sweeney said.

Contacts:

Jeff Sweeney, SIOR, 407-481-5387

Larry Vershel Communications Inc., 407-644-4142

NAI Realvest marks 10 leases completed at Winter Garden Business Park during 2008

ORLANDO, FL– The NAI Realvest leasing team of Robert Blackwell, (top right photo) SIOR, Sean DuPree, (top left photo) CCIM and associate Jim Murr (bottom right photo) leased a total of 43,548 square feet in 2008 at Winter Garden Business Park with their latest new lease to top nationwide engineers Dyer, Riddle, Mills & Precourt, Inc. for 2,400 square feet of office space.

The southwest Orange County business park, which offers retail, office and flex warehouse space, is located just south of SR 50 on Winter Garden Vineland Road.

Blackwell, a principal at the firm, said the most recent tenant landed on behalf of landlord Winter Garden Business Park, LLC c/o Leasco Management Co. marks the 10th lease the team completed at the office/industrial park during the market decline of 2008.

The largest transaction NAI Realvest negotiated this past year at Winter Garden Business Park was the 10,000 square feet occupied by Shaw Facilities, Inc.

Others include Turf Athletics LLC who leased 6,700 square feet; Total Renal Care, Inc. 6,000 square feet; Rollins HT, Inc. 5,600 square feet; Hill Printing, Inc., 4,800 square feet; Superior Dental Design Services, LLC and Custom Sportbike Concepts, Inc. each leased 2,500 square feet; Strompizza, Inc. leased 1,710 square feet and EDH (US), LLC leased 1,338 square feet.

For more information, contact:

Robert Blackwell, SIOR, Sean DuPree, CCIM or Jim Murr at NAI Realvest 407-875-9989; or rblackwell@realvest.com; sdupree@realvest.com or jmurr@realvest.com;

Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989 jpaiano@realvest.com;

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Marcus & Millichap Capital Corp. Arranges $4.76M Loan for San Clemente, CA Office Building

SAN CLEMENTE, CA – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.76 million fixed-rate loan to refinance a 23,602-square foot mixed-use office and retail building, located at 1020 Calle Recodo in San Clemente.

Chad O’Connor, (top right photo) a senior director in the firm’s San Diego office, arranged the financing package for the San Clemente office building.

“The property is a quality office building located in South Orange County,” says O’Connor. “The borrower contacted many lenders, but couldn’t find a lender who would finance a single-tenant, special-purpose property.

“MMCC was able to secure a lender that could finance the transaction and deliver a 70 percent loan-to-value when most other lenders are only financing a 60 percent loan-to-value,” says O’Connor.
Financing for this transaction was provided by Mark One Capital, Inc. at a 6 percent interest rate. Terms of the loan are for five years with a 30-year amortization schedule.

“We were able to deliver an interest rate 100 basis points below the competition, and a 30-year amortization schedule rather than a 25-year schedule,” says O’Connor.

Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

RECI Explains Lenders' New Black Box Forumulas

CHICAGO, IL - Lenders are more selective than ever with current underwriting techniques reflecting very conservativeparameters.

And in particular, higher leverage fundings based on project values of the last couple of years are shunned.

Instead, most lenders prefer internal valuation/underwriting models rather than simply applying debt service coverage and leverage restrictions to externally-generated valuations (e.g., purchase contracts and third-party appraisals).

These underwriting models are often known as "Black Box" formulas.

Black Box formulas offer "quick and dirty" answers for initially screening most types of permanent, fixed-rate loans characterized by relatively predictable income streams.

Two of the most popular Black Box formulas are "Front Door"(income-justified loan) and "Back Door" (loan-justified income). Each formula is described below along with a simple illustration.

Front Door:

The Front Door formula is used for computing the justified loan about based on a net operating income.

In summary, the debt service coverage ratio is capitalized by the mortgage constant, as shown by the following example:

* If a project has a projected figure of $1 million stabilized net operating income; the cash flow available for debt service would be $833,333 ($1,000,000 divided by 1.20 debt service coverage).

* Thereafter, capitalizing the cash flow available for debt service at an 8% constant equates to a loan amount of approximately $10.4 million.

* Dividing the loan amount by 75% equates to a rounded value of $13,900,000.

* The original $1 million of net operating income translates to a capitalization rate of about 7.2%.

Back Door:

In contrast to Front Door loan underwriting needed for sizing project income, the Back Door uses the required loan amount as the key variable.

The debt service coverage ratio determines the minimum net operating income as illustrated below:

* $10.4 million is the requested loan amount featuring an 8% mortgage constant restricted by a 1.20X DCR and a 7% cap rate.

* Multiplying the requested loan amount by the 120% yields a net operating income of $998,369.

* Capitalizing the net operating by 7% yields a value in excess of$13.3 million with a corresponding LTV of about 78%.

Loan Proceeds Restrictions:

The Front and Back Door formulas are often restricted by the lower of: (a) Loan-to-Value or (b) debt service coverage ratio.

For example, in the case of the Back Door method, the loan may be limited to 75% rather than 78% (even though the debt service coverage complies at 1.20X).

Return-on-Cost Targets:

The Return-On-Cost is based on capitalizing the projected, stabilized net operating income by the total project costs.

ROC calculations are especially useful for quickly computing justifiable project costs for new construction/substantial rehab ventures projects.

Generally speaking, ROC yields should be at least 100 to 250 basis points higher Front and Back Doorcap rates.

In the above examples, the project should generate cost returns of at least 8% to be reasonably profitable.

In the cast of the Front Door example, the development should be built based on total costs of approximately $12.1million-or-less to be considered a "profitable" development opportunity

.Limitations:

Black Box formulas are limited to static underwriting situations.

Unlike dynamic underwriting formulas such as discounted cash flow analysis, static underwriting assumes a stabilized net operating income which increases or remains flat during the loan term (e.g., multifamily or net-leaseproperties). If the cash flows are expected to significantly fluctuate and/or are in the process of stabilizing, Black Box formulas generate inaccurate results.

ABOUT US: The Real Estate Capital Institute(r) is a volunteer-based research organization that tracks realty rates data for debt and equity yields. The Institute posts daily and historical benchmark rates including treasuries,bank prime and LIBOR. Furthermore, call the Real Estate Capital RateLine at7RE-CAPITAL (773-227-4825) for hourly rate updates.

Banks' Purse Strings Remain Tight

Real Estate Market Holds its Breath

By James Chappell

Managing Director

STR Global

LONDON--I was at an industry event last night, one that we present our data at every year.

The event—like most, it seems—concentrates on the real estate side of the business and is generally a pretty good barometer of confidence in the industry.

It was a good mix of owners, developers, asset managers, lawyers, consultants and agents, with a few operators thrown in. I noticed there were far fewer bankers than last year, but I suppose that is a sign of the times.

What a difference a year makes. Or even six months, for that matter. I remember the event at the beginning of 2008, where there was a sense of expectation that some kind of correction was inevitable, but nobody knew how much or when.

The main issue then, as I remember, was the gap between seller expectations and buyer valuation.

The owning community was convinced that the kinds of levels that we had experienced in 2005-2006 were still possible, but was unable to find any buyers that agreed with that, so the market was stuck in limbo with both sides unable to meet.

The irony about what has happened since is that deals are there to be had, but financing for the purchases is unavailable.

This is a great example of what is happening in the wider economy, as the banks, scared of what is still yet to come, are ignoring the urgings of the government and are not loosening the purse strings.

Those companies that are sitting on cash can potentially do unleveraged deals, but how attractive is that?

That, I think, is the real challenge for the Investment community, and until the liquidity returns, it is hard to see anything changing.

Many agencies have seen the writing on the wall and have already eliminated wholesale redundancies and, in some cases, closed agency departments altogether.

Valuations remain, but without much to value.

CB Richard Ellis Orlando Closes Renewal Leases Totaling 301,248 SF

IKON Stays in 171,876-SF Warehouse for Another Two Years

ORLANDO, FL – The Orlando office of CB Richard Ellis is pleased to announce that Erik W. Schwetje, Vice President, brokered a two year lease renewal on 171,876-sq.-ft. representing the landlord Orlando Warehouse Portfolio, Inc. The tenant, IKON Office Solutions, Inc., was represented by Kevin Hoover (top left photo) of CB Richard Ellis. The space is located at in the Beeline Distribution Center, 2507 Investors Row, Orlando, Florida.

PrimeSource Building Products Negotiates 10-Year Renewal on 129,372 SF

ORLANDO, FL-- The Orlando office of CB Richard Ellis is pleased to announce that Erik W. Schwetje, (bottom right photo) Vice President, negotiated a 10 year lease expansion/renewal on 129,372-sq.-ft. representing the landlord AMB Property, L. P. The tenant, PrimeSource Building Products, Inc., was represented by Matt Bates of Homevest. The space is located at 7551 Presidents Drive, Orlando, Florida 32809 within the Orlando Central Park.

Contact: Angelique Greven, 407.839.315, angelique.greven@cbre.com

Foreclosure Activity Up 81%, RealtyTrac Reports

Nearly 3.2M Foreclosure Filings on More Than 2.3M Properties Reported

IRVINE, CA– Jan. 15, 2009 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2008 U.S. Foreclosure Market Report™, which shows a total of 3,157,806 foreclosure filings — default notices, auction sale
notices and bank repossessions — were reported on 2,330,483 U.S. properties during the year, an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006.

The report also shows that 1.84 percent of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03 percent in 2007.

Foreclosure filings were reported on 303,410 U.S. properties in December, up 17 percent from the previous month and up nearly 41 percent from December 2007.

Despite the spike in December, foreclosure activity for the fourth quarter was down nearly 4 percent from the previous quarter but still up nearly 40 percent from the fourth quarter of 2007.

“State legislation that slowed down the onset of new foreclosure activity clearly had an effect on fourth quarter numbers overall, but that effect appears to have worn off by December,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“The big jump in December foreclosure activity was somewhat surprising given the moratoria enacted by both Freddie Mac and Fannie Mae, along with programs from some of the major lenders and loan servicers
aimed at delaying foreclosure actions against distressed homeowners.

“Clearly the foreclosure prevention programs implemented to-date have not had any real success in slowing down this foreclosure tsunami.

"And the recent California law, much like its predecessors in Massachusetts and Maryland, appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners.”

The California law (SB1137), which required lenders to provide written notice of their intent to initiate foreclosure proceedings 30 days prior to issuing a notice of default (NOD), resulted in a reduction of NODs from 44,278 in August to 21,665 in September.

Notice of Default filings then surged by 122 percent, to over 42,000, in December. Similar patterns have occurred in other states, such as Massachusetts and Maryland, where similar types of foreclosure
prevention legislation has been enacted.

Nevada, Florida, Arizona post top state foreclosure rates in 2008

More than 7 percent of Nevada housing units (one in 14) received at least one foreclosure notice in 2008, giving it the nation’s highest state foreclosure rate for the year.

A total of 77,693 Nevada properties received a foreclosure filing during the year, an increase of nearly 126 percent from 2007 and an increase of nearly 530 percent from 2006.

Florida registered the nation’s second highest state foreclosure rate in 2008, with 4.52 percent
of its housing units (one in 22) receiving at least one foreclosure filing during the year, and Arizona registered the nation’s third highest state foreclosure rate, with 4.49 percent of its housing units (one in 22) receiving at least one foreclosure filing during the year.

Other states with Top 10 foreclosure rates for 2008 were California, Colorado, Michigan, Ohio,
Georgia, Illinois and New Jersey.

California, Florida, Arizona post highest 2008 foreclosure totals

A total of 523,624 California properties received a foreclosure filing in 2008, the nation’s highest state total.

Foreclosure activity in the state increased nearly 110 percent from 2007 and nearly 498 percent from 2006.

With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased 133 percent from 2007 and nearly 412 percent from 2006.

Arizona’s 2008 total of 116,911 properties receiving a foreclosure filing was third highest among the states. Foreclosure activity in Arizona increased 203 percent from 2007 and 655 percent from 2006.

Other states with Top 10 totals for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.

Sunbelt cities plus Detroit land on top 10 metro foreclosure rates list

With 9.46 percent of its housing units (one in 11) receiving a foreclosure filing during the year, Stockton, Calif., registered the highest foreclosure rate among the nation’s 100 largest metropolitan areas in 2008.

Other California cities in the top 10 were Riverside-San Bernardino at No. 3 (8.02 percent, or one in 12 housing units); Bakersfield and No. 4 (6.17 percent, or one in 16 housing units); and Sacramento at No. 9 (5.20 percent, or one in 19 housing units).

Las Vegas documented the second highest metro foreclosure rate in 2008, with 8.89 percent
of its housing units (one in 11) receiving a foreclosure filing during the year.

More than 6 percent of Phoenix housing units (one in 17) received a foreclosure filing during the year, giving the city the fifth highest metro foreclosure rate in 2008.

The foreclosure rate in Fort Lauderdale, Fla., ranked No. 6, with 5.95 percent of the metro area’s housing units (one in 17) receiving a foreclosure filing in 2008.

Other Florida cities in the top 10 were Orlando at No. 7 (5.48 percent, or one in 18 housing units) and Miami at No. 8 (5.21 percent, or one in 19 housing units).

With 4.52 percent of its housing units (one in 22) receiving a foreclosure filing during the year,
Detroit registered the tenth highest metro foreclosure rate in 2008.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

For current news and information regarding foreclosure-related issues and trends, visit our blog at http://www.foreclosurepulse.com/.

Media Contact: Michelle Sabolich, Atomic Public Relations, 415-402-0230 michelle.sabolich@atomicpr.com

CBRE Hotels Sells Econo Lodge Kissimmee for $1.7M

KISSIMMEE, FL – Jan. 14, 2009 – CBRE Hotels, the hotel/resort specialty practice within CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to announce the sale of Econo Lodge Kissimmee, (top right photo) located at 2934 Polynesian Isles Blvd. in Kissimmee, Fla., for $1,700,000.

Robert Taylor, (top left photo) senior vice president, and Lisa Zaranek, (middle right photo) associate, teamed with Richard Langhorne, first vice president, and Oren Cytrynbaum, associate, of CBRE's Restructuring Services practice group to represent the seller, a hedge fund based in Greenwich, Conn.

DSS Investments, LLC, based in Tampa, Fla., was the buyer in the transaction.

Built in 1991, Econo Lodge Kissimmee is comprised of two three-story buildings encompassing 94 units on 2.85 acres. Located close to Highway 192, the property offers easy access to Walt Disney World as well as Interstate 4.

CBRE Hotels has sold 61 hotel assets throughout Florida over the past 10 years.

For more information about Robert Taylor, please visit www.cbre.com/robert.taylor

For more information about Lisa Zaranek, please visit www.cbre.com/lisa.zaranek
CONTACT: Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com

The Bainbridge Companies Launch Bainbridge Distressed Property Services

WELLINGTON, FL, Jan.14, 2009 – The Bainbridge Companies, a fully-integrated family of real estate companies, has launched Bainbridge Distressed Property Services, LLC.

The new entity will offer a broad range of services to owners and lenders facing significant challenges in the current real estate market.

The firm is seeking multifamily, mixed-use and commercial acquisitions as well as management assignments along the East Coast and Mid-Atlantic region.

“It’s about more than minimizing losses; it’s about maximizing value,” said Rick Giles, (top right photo) Managing Director of Acquisitions for The Bainbridge Companies.

“We can offer objective advice and positive resolutions to lenders and owners facing challenging, even critical, situations.

"Unlike other firms with just one or two services, we have a broad range of skills including property management, construction, sales, marketing, rehabilitation, asset management - everything owners need right now.”

Bainbridge Distressed Property Services has a two-pronged approach: it is positioned to acquire financially-strained or foreclosed properties from owners and lenders; it’s also available to handle assignments for services such as managing and marketing developments, completing construction of troubled projects, offering advisory services, and even selling condos.

Founded in 1993, The Bainbridge Companies are a fully-integrated family of real estate companies engaged in the development, construction, management, acquisition and disposition of residential and commercial real estate.

With more than 100 years of combined experience, the Bainbridge principles have developed, redeveloped, and/or repositioned more than 35,000 multifamily units. The firm’s full service real estate platform includes asset and property management, leasing, sales, marketing, renovation, construction, and development.

Based in Wellington, Florida, it also has offices in North Carolina and the Washington, D.C. metro area. For more information on Bainbridge Distressed Property Services, contact Rick Giles at (561) 333-3669 or visit http://www.bainbridgecompanies.com/.

Contact: Terri Thornton, Thornton Communications (404) 932-4347 Terri@TerriThornton.com

Apartment Realty Advisors (ARA) Florida Brokers Sale of 298-Unit Preserve at Long Leaf

Class AA Community Trades for $26.6M

MELBOURNE, FL —ARA Florida’s Orlando office represented Boca Raton, FL-based Altman Development in the sale of the 298-unit Preserve at Longleaf (top right photo) multifamily community located in Melbourne, FL.

Kevin Judd (top left photo) of ARA’s Orlando office brokered the sale.

Constructed in 2006, The Preserve at Longleaf is an exceptional Class AA apartment community that is comprised of 23 two-story apartment buildings and a lavish 6,000-square foot clubhouse with fully-equipped fitness center, resort-style pool and spa, furnished sun deck, wet bar, indoor half-court basketball, kids’ Fun-n-Study center, media center with plasma TV, wireless internet access, billiards room, fully equipped business center and executive conference room.

The community was 86% occupied at the time of the sale.

“The property is one of the newest and highest-quality apartment communities in Melbourne and the entire Space Coast of Florida,” said Kevin Judd, ARA’s Orlando-based broker for the transaction.

“Preserve at Longleaf’s low-density site plan, irreplaceable in-fill location and one-of-a-kind resort-style amenities make it an ideal multifamily investment asset.”

The Preserve at Longleaf is sited on an expansive 85.8 acre site, of which 59.2 acres comprise abundant lakes and wetlands, and the other 26.6 acres comprise the usable area.

The low density of only 11 units per usable acre creates a private, serene environment with attractive views. The property is strategically located only one-quarter mile north of the Brevard Community College Melbourne Campus.

“The Melbourne area has realized an incredible amount of job growth and economic stimulus in the past several years due primarily to billions of dollars worth of government contracts and investment in the area,” said Dick Donnellan, one of ARA Florida’s founding partners, who also represented the seller in the transaction. Donnellan is based in ARA Florida’s Boca Raton office.

“The Preserve at Longleaf benefits from this investment due to its convenient access to numerous high-tech employers including Harris, Northrop Grumman , Patrick Air Force Base and the Kennedy Space Center,” Donnellan continued.

Remi Properties purchased the community from Altman Development for $26.6 million or $87,248 a unit. Low-level financing was arranged through Merrill Lynch. The trailing cap rate was 5.4%.

The sale of Preserve at Longleaf tipped ARA Florida’s annual sales production to just over $100 million for the year ended 2008.

Contact: Marti Zenor at mzenor@ARAusa.com or 561-988-8800, ext. 112.