Rick Rogovin Joins Dow Hotel Team; Company Converts San Antonio Radisson to Hilton

SEATTLE, WA, Jan. 22, 2009 -- The Dow Hotel Company, LLC, a hotel ownership investment and management company, today announced that Rick Rogovin, (top right photo) an executive with more than 20 years of institutional hotel investment experience, has joined the company as vice president of business development.


In the newly created position, Rogovin will be responsible for reaching out to institutional investors, limited partnerships, individual investors, brokers and others to form strategic alliances, negotiate partnerships, and forge relationships to significantly expand Dow’s owned and joint-venture hotel portfolio, as well as acquire and develop third-party management contracts.



He will work closely with Mark Rosinsky, (middle right photo) DHC’s s senior vice president of investments.

“We believe the next 18 to 24 months will create significant growth opportunities for our company in all three of our growth strategies: acquisitions, joint ventures and third-party hotel management,” said Murray Dow, (middle left photo) president of The Dow Hotel Company.

“Rick adds substantial bench strength in finance, investment, real estate and corporate leadership that will be particularly critical in the current economic environment,. His high professional standards fit our culture perfectly.”

Rogovin is a Certified Hotel Administrator and holds a Bachelor of Technology – Hotel Administration degree from New York City Technical College.

The company’s portfolio of owned and managed properties consists of institutional-grade hotels under such brands as Marriott, Hilton, Embassy Suites, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.

San Antonio Radisson Converts to Hilton San Antonio Hill Country Hotel & Spa; $6 Million Renovation Planned

SAN ANTONIO, TX/SEATTLE, WA.—The Dow Hotel Company (DHC), a hotel owner/investor and management company, has converted its 227-room hotel in San Antonio, Texas, to the Hilton San Antonio Hill Country Hotel & Spa at 9800 Westover Hills Blvd. (bottom left photo)

The hotel will undergo a $6 million renovation over the next 12 months to upgrade the facility, its amenities and services. The property is owned by a joint venture between Prudential Insurance Company of America and DHC, which also operates the property.

“We look at every property we operate to maximize profits in all phases of the economic cycle,” said Murray Dow, president of The Dow Hotel Company.

“With the upgrades and brand change, we will be able to offer our guests the best in upscale amenities and benefits, which will lead to higher satisfaction and allow us to attract a wide cross-section of both business and leisure travelers.

" We have in-depth experience working with the Hilton Family of brands and believe this change will further enhance our portfolio of first-class, full-service hotels.”

“This is another great hotel/spa to add to our growing collection,” said Jeff Diskin, (bottom right photo) senior vice president – brand management, Hilton Hotels & Resorts.

“This will be the fifth Hilton Family-branded hotel operated by Dow, and we expect the same success that they have enjoyed at our four other branded properties.”

Contact: Jerry Daly, Chris Daly. Phone: (703) 435-6293, jerry@dalygray.com

Interstate Hotels & Resorts Implements Cost-savings Program

Expected to Reduce Corporate Overhead by $13 Million

ARLINGTON, VA, Jan. 22, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent management company, today announced that it has completed implementation of a cost-savings program that is expected to reduce 2009 corporate overhead by $13 million.

The plan was developed to help offset expected declining revenues in the current difficult economic climate.

“We are in the midst of one of the most challenging periods the hotel industry has ever experienced,” said Thomas F. Hewitt, (top right photo) chief executive officer.

“We had anticipated the industry downturn last spring and made appropriate adjustments to our business strategies during the course of 2008. With a negative industry RevPAR outlook for 2009 and persistent forecasts of a weak national economy, we believe it is prudent to take these additional steps.”

Following a three-year hotel industry bull market that produced consistently rising RevPAR and profits, the hotel industry experienced a RevPAR decline in the third quarter of 2008, a trend that may continue until the second quarter of 2010, according to the consulting firm, PKF Hospitality Research.

“The hotel industry has always closely paralleled the broader economy, and we have been seeing the kind of occupancy declines at most of our properties that accompany a recession,” Hewitt said. “We expect negative travel trends to continue for the foreseeable future, a situation that prompted us to take these additional actions.”

The company has undertaken the following measures:

· Eliminating 45 corporate positions,
· Pay reductions of up to 10 percent for senior management,
· Placing a freeze on merit increases for all corporate employees,
· Suspending the company match for 401(K) and non-qualified deferred compensation plans for 2009,
· Restructuring the corporate bonus plan,
· A 25 percent reduction in the annual fee for the company’s board of directors, and
· Reducing all other corporate expenses, including advertising, travel, training, employee relations, etc.

The company expects all of these efforts combined will result in savings of at least $13 million in corporate overhead costs as compared to 2008.

“These steps reflect our commitment to reducing costs fairly and across all levels of the company,” Hewitt added.

“We remain committed to delivering the highest quality service at our properties, but we also are focused on the bottom line of our hotels. As a result, our properties have undertaken many of the same initiatives.

"Each hotel has a profit maximization plan and multiple contingency plans in place to respond quickly to economic and market conditions. We believe that these additional measures place us in a much stronger position to successfully ride out this downturn and emerge in a stronger competitive position when the economy recovers.”

For more information about Interstate Hotels & Resorts, visit the company’s Web site: http://www.ihrco.com/.

Contact: Bruce Riggins, Chief Financial Officer, (703) 387-3344

Tampa, FL Student Housing Project Gets $15M Loan

ORLANDO, FL-- Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $15,335,000 for Casa del Toro Student Housing (top right photo) in Tampa, Florida.

Doug Rozzell, (bottom left photo) Company Principal, along with David Repka of Bison Financial Group, financed Casa del Toro Student Housing through Thomas D. Wood and Company’s relationship with a regional bank.

This construction loan consists of two parts: a $3,000,000 revolving loan, at a rate of LIBOR + 300 basis points interest-only, and a $12,335,000 non-revolving term facility with a rate of 6% and 25-year amortization on each building as it is stabilized.

The loan-to-value is 75% and loan-to-cost is 80%. Casa del Toro Student Housing will be built on 6.92 acres on North 58th Street, Tampa, Florida.

For further information, please contact:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Regency Centers Announces Partial Partnership Distribution

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that it and its joint venture partner Macquarie Countrywide Trust (MCW) have agreed to dissolve two of their initial co-investment entities.

As a result of the dissolution, the portfolio assets are distributed as 100% ownership interests to MCW and Regency after a selection process as provided for by the terms in the original partnership agreement.

The process allows a one-for-one selection rotation, with Regency selecting first, until the value of the properties selected, as determined by appraisal, equals Regency's existing ownership interest.

Also, the dissolution of the entities results in an additional distribution and liquidation management fee payable to Regency expected to be in the range of $11 million to $15 million.

This amount will be received by Regency in the form of an increased ownership interest as part of the selection process described above. The dissolution is expected to be completed by the end of March subject to required lender consents for ownership transfer.

MCW and Regency remain partners in three co-investment entities that in total own and operate 123 assets.

Contact: Regency Centers Corporation, Jacksonville Lisa Palmer, 904-598-7636 www.RegencyCenters.com

China Housing Acquires Property Management Company in Xi'an

XI'AN, CHINA/PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing", Nasdaq: CHLN) has completed the acquisition of Xi'an Xinxing Property Management Co., Ltd. ("Xinxing").

Xinxing was privately owned and provides property management services to most of China Housing's past residential and commercial projects, as well as to other prominent customers like the Xi'an branch office building of the People's Bank of China, China Xi'an Electric Group headquarters, Shaanxi Bureau of State Taxation offices, and the Xi'an University of International Studies, to name a few.

Xinxing's current service area totals 1.67 million square meters (17.98 million square feet) in 43 facilities that include residential, commercial, and school buildings and parks.

Xinxing's revenues in 2008 were RMB 15.42 million, net income was RMB 1.82 million, and assets at yearend 2008 totaled RMB 11.29 million.

Total consideration for the acquisition will be 12 million RMB. ($US 1.75 million)

Mr. Pingji Lu, Chairman of China Housing & Land Development, said, "This acquisition greatly strengthens our ability to improve our value to our customers during the after-sale phase of our real estate development business.

"This acquisition brings an important phase of real estate development into our company, one that further emphasizes our long-term commitment to our customers."

Founded in 1996, Xi'an Xinxing Property Management Co., Ltd. was one of the earliest Chinese companies to specialize in property management.

Based in Xi'an, (top right photo collage) the capital city of China's Shaanxi province, (bottom left map) China Housing & Land Development, Inc. is a leading developer of residential and commercial properties in northwest China.

For more information, please contact:

Ms. Jing Lu Chief Operating Officer, Board Secretary, and Investor Relations Officer Tel: +86-29-8258-2632 in Xi'an Email: jinglu@chldinc.com /

English and Chinese Mr. William Xin, Chief Financial Officer Tel: +86-150-9175-2090 in Xi'an +1-917-371-9827 in San Francisco Email: william.xin@chldinc.com /

English and Chinese Mr. Tom Myers, Christensen Investor Relations Tel: +86-139-1141-3520 in Beijing Email: tmyers@christensenir.com /

English Ms. Kathy Li, Christensen Investor Relations Tel: +1-212-618-1978 in New York Email: kli@christensenir.com / English and ChineseFCMN contact: KLi@christensenir.comSource: China Housing & Land Development, Inc.

Arbor Closes 5 Fannie Mae Loans Totaling $22M

Three Milford, MA Apartment Projects Receive $17.9M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $17,900,000 under the Fannie Mae DUS® product line to finance the complexes known as Lincoln Street Apartments, Pheasant Circle Apartments and Sherwood Park Apartments in Milford, MA.

Each of the three, 10-loans amortizes on a 30-year schedule and carries a note rate of 6.38 percent.

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

“These transactions demonstrates the flexibility of our multifamily financing platform as we were able to provide acquisition financing at over 80% of the purchase price that includes funding for approximately $1 million in capital improvements,” said Kelly.

“We have closed numerous deals on behalf of this sponsorship group and we look forward to continuing to grow this financial partnership.”

Bret Block Portfolio in College Park, GA Receives $2.13M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,125,000 loan under the Fannie Mae DUS® product line to refinance four (4) properties totaling 69 units known as Bret Block Portfolio in College Park, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.26 percent.

The loan was originated by Bob Anderson, Director, in Arbor’s full-service Atlanta, GA lending office.

“We were able to put together a very attractive long - term package that generated maximum proceeds for an experienced borrower,” said Anderson. “The financing of this portfolio emphasizes Arbor’s continuing commitment to fund loans on smaller multifamily properties during difficult market conditions.”

$1.58M Fannie Mae DUS® Small Loan Goes to Brookstone Cottages in Norman, OK

UNIONDALE, NY- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,575,000 loan under the Fannie Mae DUS® Small Loans product line to finance the 64-unit complex known as Brookstone Cottages in Norman, OK.

The 15-year loan amortizes on a 30-year schedule and carries a note rate of 6.61 percent.

The loan was originated by Jay Porterfield, (bottom right photo) Vice President, in Arbor’s full-service Plano, TX lending office.

“Arbor had the opportunity to provide financing on this high-quality LIHTC property with a very experienced borrower,” said Porterfield. “Arbor is one of only a handful of DUS® lenders actively funding affordable housing properties within our Small Loan program.”

CONTACT:

Ingrid Principe. Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553. P: 516.506.4298. F: 516.542.2555. http://www.arbor.com/

Lubert-Adler and Lane Company Form $250M Real Estate Venture in Atlanta

ATLANTA, GA-– Dean Adler, (top right photo) Chairman of Lubert-Adler and George Lane, (top left photo) Chairman and CEO of Lane Company have announced a new multifamily real estate venture.

Lubert-Adler will provide $250 million for the acquisition of multifamily properties primarily in the Southeast and Southwest.

The initial funds will be used for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers.

Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners.

Lubert-Adler and Lane Company have been partners in a number of ventures over ten years, most recently, the acquisition of Solace on Peachtree Apartments (middle right photo) in Atlanta, which is currently being renovated.

Lubert-Adler previously invested in several of Lane Company’s award-winning communities in Atlantic Station, (middle left photo) the live/work/play redevelopment in Midtown Atlanta.

“We are poised to take advantage of a number of opportunities in 2009,” said Lane Company CEO George Lane.

“Our platform allows us to perform due diligence, acquire, renovate and provide strong property and asset management to drive above-market yields on such investments.”

In 2007, Lane Company began actively pursuing acquisitions of “value-add” multifamily properties that need an infusion of capital or are located in recovering markets.

Lane Company currently is supervising the renovation of five such value-add acquisitions located from Baltimore, MD to Austin, Texas.

Lubert-Adler is a real estate investment company co-founded by Ira Lubert (bottom right photo) and Dean Adler in 1997.

The Lubert-Adler investment team consists of experienced professionals with strong backgrounds in real estate acquisition, redevelopment, asset management, distressed restructurings, structured finance, and capital markets.

Lubert-Adler is headquartered in Philadelphia and has offices in New York, Atlanta and Los Angeles.

Lubert-Adler has raised an aggregate of $6.6 billion in investor equity since inception and recently closed fundraising for its sixth fund with $2.5 billion of committed equity, principally from large university endowments.

Lane Company (http://www.lanecompany.com/) is a vertically-integrated, full-service multifamily real estate company.

Its expertise extends to all areas of real estate including apartment and condominium development, investment, property management, construction, asset management and marketing.

With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry. Its goal is to make big things happen by connecting people and communities one home at a time.

Media Contact: Terri Thornton, Thornton Communications, 404-932-4347 terri@territhornton.com

IHG to open three Indigos in London

LONDON, Jan. 20, 2009--IHG (InterContinental Hotels Group) opened the doors of Hotel Indigo London Paddington (top right photo) today - the first Hotel Indigo outside North America - and announced a deal to open three more Hotel Indigo properties in the city.

Hotel Indigo is IHG's boutique hotel brand. With 21 hotels open in North America, and 56 hotels in the global development pipeline, the opening of the Hotel Indigo London Paddington marks the start of the global brand roll-out.

The 64-room Hotel Indigo London Paddington, owned by London Town Hotels, is a row of nine converted Georgian townhouses in London Street just minutes from the station with views over Norfolk Gardens.

Speaking at the opening Andy Cosslett, (top left photo) chief executive, IHG, said: "Hotel Indigo combines the feel of a boutique hotel with the benefits of a large hotel group, including our reservation systems and loyalty programme. The brand has been a success in the Americas and we are confident we can grow it around the world."

He continued: "Hotel Indigo suits converting existing buildings as each hotel is designed to be different. Conversions generally require less financing and can be up and running more quickly than new build hotels, which is an attractive option for owners given the current economic conditions."

Koolesh Shah, (bottom left photo) managing director, London Town Hotels, said: "Over the last few years new businesses have put down roots in Paddington and we've seen a surge in the number of people looking for a place to stay. Our hotel will attract a new type of guest who is looking for something a little bit different."

IHG also announced that it has signed a contract with City Site Estates to open three more Hotel Indigo properties in London by 2012:

Cannon Street - A 38 room, five storey townhouse with a 70 square metre roof garden, a gym and a restaurant. Philpot Lane - A 43 room, five floor conversion with a street front restaurant, bar and gym.

Kensington Church Street - A 51 room, four storey conversion with a restaurant and gym.

Jim McCain, (middle right photo) group property director, City Site Estates, said: "There's a gap in the market for a boutique hotel for business and leisure travellers who want to stay in the heart of the City. We plan to have all three Hotel Indigo hotels open and ready for business by 2012."

Hotel Indigo appeals to both business and leisure travellers who want to stay in a contemporary, unpretentious boutique hotel. Hotel Indigo properties are best suited to capital cities and cultural centres, they tend to be small and have a strong focus on delivering personalised customer service.

In November 2008, IHG announced plans to open Hotel Indigo Shanghai on the Bund in Shanghai, China. The 180-room hotel will open in time for the Shanghai Expo in 2010.

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,100 hotels and more than 600,000 guest rooms in nearly 100 countries and territories around the world.

The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world’s largest hotel loyalty programme, Priority Club® Rewards with 40 million members worldwide.

CONTACTS:

Suzanne Seyghal, 01895 512 247 / 07808 098 878, suzanne.seyghal@ihg.com

Eleanor Conroy, 01895 512 053 / 07736 746 466, eleanor.conroy@ihg.com

Grandbridge Funds Lexington, KY Multifamily Community

NASHVILLE, TN — The Nashville office of Grandbridge Real Estate Capital LLC is pleased to announce the recent loan closing of the Summit (top right photo), a 240-unit, class “A” garden-style apartment community in Lexington, Kentucky.

The $17,662,000 refinance, funded by Grandbridge, was sold to Freddie Mac under its Early Rate Lock loan program.

Constructed in 2007, the property is located on approximately 15 acres near the prestigious Brighton Place Shoppes,(middle left photo) and is considered one of Lexington’s premier apartment communities.

The development is comprised of one-, two- and three-bedroom units, each of which features nine-foot ceilings, fireplaces, deep Roman tubs, gourmet kitchens, private balconies and patios and access to a state of the art communication hub.

Other property amenities include an outdoor swimming pool, conference room, computer/business center, 24-hour fitness center and a clubhouse with gathering areas, kitchen and a large stone fireplace.

"This was our first venture into the Lexington apartment market, and another fine example of how BB&T works to service the client's needs," stated Grandbridge Vice President Carl Bedwell, CCIM, (top left photo) who originated the transaction.

"We are certainly pleased that Grandbridge Real Estate Capital had the opportunity to establish itself through such a high quality borrower and development as we found in the Summit.

"Also, considering today's volatile market environment, Freddie Mac did a phenomenal job delivering as promised, and the borrower has secured an attractive loan as a result.

"We enjoyed working with all parties involved, and look forward to closing many more Lexington transactions in the years to come,”

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved active participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services.

Grandbridge has a servicing portfolio of more than $22.5 billion representing 96 capital providers.

With $137 billion in assets, BB&T Corporation is the nation’s 14th largest financial holding company. It operates more than 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com. 5205 Maryland Way, Suite 201 ● Brentwood, Tennessee 37027 ● 615-377-8989 ● www.gbrecap.com

CONTACT:
Patricia Muse, Vice President Director of Marketing, Grandbridge Real Estate Capital LLC, 3000 Riverchase Galleria Suite 1020, Birmingham, Alabama 35244. 205.978.1139 phone. 205.218.3411 mobile. 866.311.1592 e-fax

http://www.gbrecap.com/ pmuse@gbrecap.com

HFF Atlanta closes multifamily transactions totaling more than $100M in December 2008

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) closed more than $100 million in six multifamily transactions in December 2008 despite a sluggish investment and lending market.

Of the closed transactions, five were investment sales including two assets in Raleigh, North Carolina, two assets in Gastonia (Charlotte, NC suburb), and one asset in Atlanta, Georgia. The sixth transaction was the capitalization of a to-be-built apartment project in Atlanta.

HFF managing director Jason Nettles (top right photo) and associate director Megan Thompson (top left photo) led the investment sales team in closing the five sales on behalf of three separate owners to three distinct buyers.

The two Raleigh properties, The Lakes and The Lofts, have a total of 784 units and were sold by a national REIT to a private group of northeast-based investors. The two Gastonia properties, Quail Woods and Carriage House, have a total of 290 units and were sold by a private regional owner to a local private buyer.

The Atlanta property, Woodland Hills, has a total of 228 units, and was sold by a national REIT to a national investment group.

“HFF provides an outstanding capital markets-based platform which enables us to evaluate the strength of the buyers and make quality recommendations to our clients for selecting buyers that are capable of closing,” said Nettles. “In all but one case, these transactions were closed with the first buyer that went under contract – a rarity in this market environment.”

Director Michael Cale (bottom right photo) represented local developer Capital 33 in the capitalization of a to-be-built, luxury, in-fill apartment community on the east side of Atlanta. The construction loan was procured through a regional bank and a national advisor provided the equity investment.

“The infill nature of the site, combined with Capital 33’s strong development experience were all compelling factors in securing capital in such a difficult environment,” added Cale.

CONTACTS:

Jason Nettles, HFF Managing Director, 404 832 8460, jnettles@hfflp.com

Michael A. Cale, HFF Director, 404 832 8460, mcale@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, krmurphy@hfflp.com

HFF arranges $12.8M construction loan for suburban Indianapolis office development

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12.8 million construction loan for Concourse at Crosspoint One, a to-be-built, Class A office building in suburban Indianapolis, Indiana.

Working on behalf of Edgeworth Laskey Properties, HFF director Jon Everson (bottom right photo) and associate director David Ross placed the 36-month, adjustable-rate construction loan with Busey Bank.

Edgeworth Laskey Properties LLC is a locally-owned and operated real estate development company that specializes in institutional-quality, Class-A commercial office space.

Due for completion in November 2009, Concourse at Crosspoint One will have 110,000 square feet of office space that is 27% pre-leased to USA Funds.

The four-story property is located at 9998 Crosspoint Boulevard within Concourse at Crosspoint office park, (bottom left photo) approximately 13 miles northeast of downtown Indianapolis via Binford Boulevard/Interstate 69.

CONTACTS:

Jonathan P. Everson, HFF Director, 317 630 3191, jeverson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, 713 852 3500, krmurphy@hfflp.com

Mercantile Commercial Capital Reports Closing on 43 Commercial Loans in 2008 Valued at More than $75M

ALTAMONTE SPRINGS, FL. --- Mercantile Commercial Capital, LLC, the Orlando area firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed on 43 commercial loans in 2008 valued at more than $75 million.

Christopher G. Hurn, (top right photo) co-founder and president of Mercantile Commercial Capital, said overall loan volume was down just slightly from 2007 levels but strong growth toward the end of the year bodes well for 2009 prospects.

“We processed commercial property loans in 17 states, including 17 loans in Florida during 2008,” Hurn said.

The firm’s largest single loan for the year---for $6.1 million---financed the acquisition and redevelopment of a Fort Lauderdale manufacturing plant.

“The SBA 504 loan program might rank as the most effective business stimulus program offered by any U.S. government agency,” Hurn said.

“Each loan is tied to job creation, and the overall effect of the program is to provide below-market interest rates that substantially increase capital availability for small business growth,” he said.
For more information, contact

Chris Hurn, CEO Mercantile Commercial Capital, LLC 407-786-5040

Geof Longstaff, Chairman Mercantile Commercial Capital, LLC 407-786-5040

Robin Lashley, Mercantile Commercial Capital, LLC 407-786-5040

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

Apartment Realty Advisors Distressed Assets Solutions Group Arranges Sale of 405-Unit Villas at Lauderhill, FL

LAUDERHILL, FL Jan. 19, 2009— ARA’s Florida division arranged the sale of the 405-unit Villas at Lauderhill multifamily community located in Lauderhill, FL. The transaction was arranged by ARA Florida’s Boca Raton-based Hampton Beebe.(top right photo)

The 405-unit property was purchased in 2005 with the intent to convert it to condominiums, but the development never materialized. New York-based Intervest National Bank subsequently filed for foreclosure and took back title of the community in September of 2008.

West Palm Beach, FL-based Priderock Capital Partners sponsored the purchase from Intervest National Bank for an undisclosed price in December of 2008.

“This 1988 constructed property will be brought back to life by Priderock Capital,” said Hampton Beebe, of ARA’s Boca Raton office, who brokered the deal. “Priderock has approved plans in place for an extensive rehab, including building a new clubhouse and re-construction to the existing apartment buildings.”

Beebe is a member of ARA’s Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

Marc deBaptiste, (top left photo) one of ARA Florida’s founding partners said, “This transaction represents a trend toward developers and apartment operating companies finding unique opportunistic deals in the market. We expect to see several more ‘value add’ transactions in 2009.”

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

DASG Retained to Market Sale of Distressed/Fractured Condominium Project

COCONUT CREEK, FL, Jan. 19, 2009--sed Assets Solutions Group (DASG) has been retained as exclusive agent, to market for sale 272 multifamily units in a high-quality, 372-unit garden and townhome condominium community located within The Township master-planned development in the rapidly growing city of Coconut Creek.

"The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium at well below replacement costs," said ARA Florida’s Hampton Beebe of ARA’s DASG team. "Replacement costs on a similar type of product can range from $140,000 to $180,000 per unit."

The 100 sold units averaged a sales price of $227,415 per unit. The remaining 272 units are currently 95% occupied and offering rents at $1.12 per square foot, reflecting strong demand for rental housing in the area.

"The converter implemented an extensive improvement program to both the exterior and interiors of the property totaling over $4.5 million since 2005," said Avery Klann, also of ARA Florida’s DASG division.

Contacts:
Marti Zenor, Amy Holland or Lisa Robinson, Apartment Realty Advisors,
(561) 988-8800 ext. 112; (404) 495-7300
mzenor@arausa.com, aholland@ARAusa.com,
http://www.arausa.com/, lrobinson@ARAusa.com

Paramount Hotel Group Appoints Douglas W. Vicari as Principal of Firm

FAIRFIELD, NJ—Paramount Hotel Group, an independent hotel management and ownership group, announce that Douglas W. Vicari has joined the company as a principal.

Vicari will be responsible for the firm’s capital-raising efforts, as well as advising on its strategic direction and assisting in its acquisition programs.

Vicari previously was executive vice president and chief financial officer of Highland Hospitality Corporation, a NYSE-listed lodging real estate investment trust (REIT) that was sold to JER Partners in July 2007.

Prior to that, he served as senior vice president and chief financial officer and on the board of directors of Prime Hospitality Corp., an NYSE-listed lodging company.

“Doug is a well-respected executive within the lodging community and has strong relationships with the investment and finance community,” said Ethan Kramer, (top right photo) Paramount’s president. “As a company, we are both an owner and third-party hotel operator, which puts us in a unique position in these economically challenging times because we can offer the full range of services.

“We believe there will be a substantial number of acquisition opportunities as the year progresses,” he said. “Doug will play a pivotal role in securing capital for acquisitions, both wholly owned and joint venture. Cash will be king in the next 12 to 18 months, and Paramount plans to be a major player.

“In a difficult economy, owners seek experienced operators to maximize their hotels’ profitability,” he added.

“We provide a full range of management services and expect this portion of our business model to also be quite active in 2009. We will continue to concentrate our acquisition and third-party management efforts in our core strengths of premium-branded, focused-service and full-service hotels.”

Currently, Vicari serves on the board of directors and as the chairman of the Audit Committee for Thunderbird Resorts Inc., a publicly traded gaming and lodging company (NYSE Euronext: TBIRD).

Paramount Hotel Group is a third-party independent management and ownership group that focuses on hotel operations, acquisition and development opportunities, construction management and technical services support for its customers.
Contacts:

Chris Daly or Jerry Daly, (703) 435-6293, chris@dalygray.com

Paramount Hotel Group, 710 Route 46 East, Suite 206, Fairfield, NJ 07004. Phone (973) 882-0505. Fax (973) 882-0043
http://www.paramounthotelgroup.com/

MMM Environmental Attorney Appointed to Board of Georgia Chamber of Commerce

ATLANTA, G – Gerald Pouncey (top right photo) , one of the Southeast’s most highly-respected environmental attorneys, has joined the board of The Georgia Chamber of Commerce.

As chair of the Environmental Group at Morris, Manning & Martin, LLP, Mr. Pouncey has received a number of honors, including high rankings from Chambers USA, The Legal 500, Atlanta Super Lawyers, Georgia Trend’s Legal Elite and The Best Lawyers in America.

His work focuses on brownfields, or environmentally-impacted properties, including state and federal superfund sites. He has served as counsel for a number of high-profile projects – including the nation's largest brownfield redevelopment – Atlantic Station, a premier mixed-use community in Midtown Atlanta.

Other clients include the owners and redevelopers of textile mills, wood processing sites, foundries, manufacturing plants, wood treatment sites, mines, quarries and numerous other industrial properties. He has also been lead negotiator for international and domestic clients considering locating in the Southeast, as well as for the development of port related facilities.

Media Contacts: Terri Thornton, Thornton Communications, (404) 932-4347 terri@territhornton.com

Waterford Commons Retail Center in Fort Lauderdale, FL Gets $4M Loan

FORT LAUDERDALE, FL—Jan. 19, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $4,050,000 for Waterford Commons Retail Center.

Patrick Madore, (top right photo) Company Vice President, financed the loan through Thomas D. Wood and Company’s relationship with a local bank at a permanent fixed-rate of 6.60%.

The loan has a 10-year term, with a five-year rate review, based on a 30-year amortization and a loan-to-value of 70%. The 33,000 square-foot unanchored retail center was built in 2007 and is located at 450 Samarian Boulevard, Orlando, Florida.

For further information, please contact:
Patrick Madore (954) 233-6024 pmadore@tdwood.com

Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com