StarPoint Commercial Properties Purchases The Tower in Downtown Fort Worth’s Sundance Square

The High-Profile Retail and Office Tower is Part of a 37-Story, Mixed Use Development

FORT WORTH, TX-(BUSINESS WIRE)--In proving that there’s equity available for good deals despite a tough economic market, Beverly Hills, Calif.-based StarPoint Commercial Properties, a leading real estate company that specializes in the acquisition, redevelopment and repositioning of commercial properties, has purchased The Tower Complex, (top right photo) located at 500 Throckmorton Street in Downtown Fort Worth, Texas.

Terms of the transaction were not disclosed.

The 182,000-square-foot famed mixed-use retail and office development, which also includes 253 parking spaces, is part of the Sundance Square, (middle left photo) Fort Worth's premier entertainment and cultural center located in the center of downtown.

“We are proud to be the owners of such a successful project in one of the tightest commercial submarkets in the country,” said Evan Farahnik, principal of StarPoint Commercial Properties.

“We were able to acquire a prominent well-performing asset with the potential for significant upside through the creation of additional rentable square feet, and capitalizing on immediate operational efficiencies.”

Indeed, the prominence of the property is spelled out in the submarket occupancy which stands at 98% for retail and 95% for office. In addition, the condominium towers’ residential units are 98% sold out.

The Tower Complex consists of two buildings, The Tower and The Annex, and totals 182,000 current leasable square feet combined for office and retail.

StarPoint Commercial Properties LLC represented itself in the transaction. The seller, TLC Green Property Associates of Chicago was represented by Tom Salanty, executive director in the Dallas office of Cushman & Wakefield of Texas, Inc.

About StarPoint Commercial Properties

StarPoint Commercial Properties – a real estate company based in Beverly Hills, Calif. with an office in Dallas, specializes in the acquisition, redevelopment and repositioning of commercial properties located within high barrier to entry, infill and high population growth markets throughout the nation.

The firm, which has properties in 10 states, has been involved in the commercial real estate market since 1995, has closed transactions close to a billion dollars of real estate and currently operates a portfolio in excess of 5 million square feet of rentable space.

Contacts:

The Hoyt Organization, Erik Hamilton, ehamilton@hoytorg.com,

Leeza Hoyt, llhoyt@hoytorg.com, 310-373-0103

NAI Realvest Founder, Chairman George Livingston Honored for Lifetime Achievement in Central Florida Commercial Real Estate

MAITLAND, FL --- NAI Realvest founder and chairman George Livingston (top right photo) was honored with the Wilbur Strickland Award for Lifetime Achievement during the 14th annual Central Florida Commercial Association of Realtors (CFCAR) Hallmark Awards ceremony in Orlando recently.

This award, presented by Debra Lupton, AIA, chief executive officer of TLC Engineering for Architecture, recognizes an individual considered to be a founding father of commercial real estate who exemplifies outstanding dedication to the profession.

Livingston launched NAI Realvest in 1988. The former career Special Forces officer and counter-terrorism expert negotiated commercial property

transactions valued at more than a quarter billion dollars.

Livingston authored the first U.S. Department of Defense pamphlet on protection against terrorism strategies following three tours of duty in Vietnam.

CFCAR recognized ten other NAI Realvest brokers at the Hallmark Awards for outstanding performance in 2008.

NAI Realvest senior vice president and principal Michael Heidrich (top left photo) placed third among the top five industrial brokers for 2008.

Livingston, NAI Realvest principals Christie Alexander (middle right photo) and Robert Blackwell, (middle left photo, below Heidrich photo) SIOR were named among the top 10 producers for industrial properties in 2008.

Broker Mez Birdie, CCIM, CPM, SCSM, ranked among the top 10 retail producers and brokers Matt Cichocki, (middle right photo, above Partyka photo)) Kevin O’Connor (bottom left photo) and associate Drew Saphos were named among the top 10 land producers, NAI Realvest president Patrick Mahoney (bottom left photo, above O'Connor photo) said.

NAI Realvest managing partner and former Winter Springs Mayor Paul P. Partyka, (middle right photo, above Tom Kelley photo) ) principal Tom Kelley (bottom right photo) CCIM, and senior associate Mary Frances West, CCIM each received the Circle of Achievement Award.

CFCAR’s Hallmark Awards recognizes outstanding commercial real estate brokers in retail, office, land, and industrial transactions in a nine-county Central Florida region that includes Orange, Osceola, Seminole, Brevard, Volusia, Flagler, Sumter, Marion and Lake Counties.

CONTACTS:

Paul P. Partyka, Managing Partner NAI Realvest, 407-875-9989, glivingston@realvest.com;
Patrick Mahoney, Partner, President, & COO, NAI Realvest 407-875-9989 pmahoney@realvest.com
Janice Paiano, Director of Marketing, NAI Realvest 407-875-9989, jpaiano@realvest.com
Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142, lvershelco@aol.com.

$100.5M financing secured by HFF for 1101 K Street NW in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $100.5 million in financing for 1101 K Street NW, (top left photo) a 310,825-square-foot, Class A office property in Washington, D.C.

HFF senior managing directors Bob Donhauser (top right photo) and Bill Asbill (middle left photo) and director Cary Abod (bottom right photo) worked exclusively on behalf of the borrower, a joint venture between The JBG Companies and Rockwood Capital, LLC in arranging the three-year, adjustable-rate loan through Helaba (Landesbank Hessen-Thuringen Girozentrale).

The 65% loan-to-cost financing is replacing a construction loan through Bank of America and will provide funds until the asset is stabilized.

Completed in 2007, 1101 K Street NW is leased to tenants including FTI Consulting, Brunswick Capital, District of Columbia Bar Association, Information Technology Industry Council and Brasserie Back.

The property has 28,000-square-foot floor plates that feature 16 corner offices per floor and floor-to-ceiling windows with views of the New City Center, Washington Monument and Capital Dome.

Building amenities include a rooftop deck, high-end fitness center with locker rooms and a first-floor restaurant.

The property is located in Washington, D.C.’s east end submarket on the corners of K, 11th and 12th Streets with easy access to four metro stations as well as the Verizon Center, Gallery Place neighborhood and the New City Center, due for completion in 2011.

Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, investor, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development.

Founded in 1960, JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area.

More information can be found by visiting the company’s Web site: http://www.jbg.com/.

Rockwood Capital, LLC is a real estate investment company, which provides equity capital for repositioning, recapitalization, development and redevelopment of commercial property types, including retail, hotel, residential, office and research and development space in key markets throughout the United States.

Contacts:

Robert F. Donhauser, Senior Managing Director, (202) 533-2500, rdonhauser@hfflp.com

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

HFF arranges $9M refinancing for south central Pennsylvania multifamily community

FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) has secured refinancing totaling $9 million for Plaza I and Plaza II Apartments, (top right photo) a 256-unit multifamily community in Lebanon, Pennsylvania.

HFF senior managing director Jim Cadranell (bottom left photo) worked exclusively on behalf of Altman Companies to secure two, 10-year, 6.25% fixed-rate loans.


Wachovia Multifamily Capital Inc. and Fannie Mae provided a $4.6 million loan for Plaza I and a $4.4 million loan for Plaza II Apartments.


Located on 24 acres at 1813 Summit Street (Route 72), Plaza I and II Apartments is adjacent to the Lebanon Place Mall and close to the Pennsylvania Turnpike in Lebanon, a south central Pennsylvania suburb.


The 98% leased property has 12, three-story buildings with one-, two- and three-bedroom units averaging 780 square feet each. Community amenities include a swimming pool, two tennis courts, a half-court basketball court and tot lots.


Altman Companies, located in Fort Washington, Pennsylvania just outside of Philadelphia, is a full-service real estate firm that owns and operates several thousand multifamily units throughout eastern Pennsylvania, and manages more than 14,000 units in Pennsylvania, New Jersey and Delaware.
Contacts:



James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $9.2M financing for most recent phase of Southlake Town Square in Dallas/Fort Worth area

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has arranged $9.2 million in financing for Block 22 of Southlake Town Square, (top right photo) a 35,436 -square-foot retail property in Southlake, Texas.

HFF managing director Kevin MacKenzie (bottom left photo) worked exclusively on behalf of the borrower, Inland Western REIT to secure the two-year, fixed-rate loan through American Bank of Texas.

Loan proceeds were used to acquire the property. This is the second financing HFF has arranged with Inland and American Bank of Texas in the last month. A $13.97 million financing was arranged for Preston Trail Village in late February 2009.

Completed in 2007, Block 22 is 96% leased to tenants including Charles Schwab, FedEx/Kinkos and AT&T and is the most recent expansion of Southlake Town Square, an 807,000-square-foot mixed-use center.


The property is situated on nearly four acres at 1256 Main Street on the north side of East Southlake Boulevard between Summit and Central Avenues in Southlake, a western suburb of Dallas/Fort Worth.

“The quality of the asset, strength of the borrower, and the previous relationship established with American Bank of Texas made for a smooth process throughout the transaction,” said MacKenzie.

Inland Western Retail Real Estate Trust, Inc. is a self-managed real estate investment trust focused on the acquisition, development and management of retail properties, including lifestyle, power, community and neighborhood centers, in addition to single-user net lease properties in locations demonstrating solid demographics.

As of September 30, 2008, the portfolio consisted of 334 properties nationally, which the company owned or had interests in, totaling in excess of 51 million square feet.

For further information, please see the company website at http://www.inlandwestern.com/.

Contacts:

Kevin C. MacKenzie, HFF Managing Director, (214) 265-0880, kmackenzie@hfflp.com

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

Florida's Existing Home, Condo Sales Rise in February

ORLANDO, FL /PRNewswire/ -- Florida's existing home sales rose in February, making it the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors(R) (FAR).

February's statewide sales also increased over January's figures in both the existing home and existing condo markets.

Existing home sales rose 20 percent last month with a total of 9,858 homes sold statewide compared to 8,181 homes sold in February 2008, according to FAR.

February's statewide existing home sales were 16.7 percent higher than January's statewide sales.

Florida Realtors also reported a 15 percent gain in statewide sales of existing condominiums in February, continuing a trend in recent months for higher statewide sales of both the existing home and existing condo markets compared to year-ago levels.

Statewide existing condo sales last month increased 25.1 percent over the total units sold in January.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in February while 11 MSAs also showed gains in condo sales.

It marks the eighth month in a row that a number of markets have reported increased sales.

Florida's median sales price for existing homes last month was $141,900; a year ago, it was $199,300 for a 29 percent decrease.

Industry analysts with the National Association of Realtors(R) (NAR) report a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures.

The median is the midpoint; half the homes sold for more, half for less.The national median sales price for existing single-family homes in January 2009 was $169,900, down 13.8 percent from a year earlier, according to NAR.

In California, the statewide median resales price was $254,350 in January; in Massachusetts, it was $321,000; in Maryland, it was $244,820; and in New York, it was $205,000.

Significant variations in local markets continue, according to NAR's latest housing outlook, which also notes that it will take time for the impact of the economic stimulus to show in housing data.

"Some markets appear to have reached the tipping point of accelerating home buying," said NAR Chief Economist Lawrence Yun.(bottom right photo) "Improvement from the economic stimulus isn't likely to show as closed home sales before summer, although we may see an earlier lift from lower mortgage interest rates."

NAR analysts estimate the impact of the federal economic stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package.

By the end of the year, NAR expects inventory to fall below an eight-month supply, which would be consistent with home price stabilization.In Florida's year-to-year comparison for condos, 3,198 units sold statewide compared to 2,785 sold in February 2008 for a 15 percent increase.

The statewide existing condo median sales price last month was $109,300; in February 2008 it was $173,900 for a 37 percent decrease.

In the latest data available at press time, NAR reported the national median existing condo price was $174,400 in January 2009.

Interest rates for a 30-year fixed-rate mortgage averaged 5.13 percent last month, down significantly from the average rate of 5.92 percent in February 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's medium-size markets, the Fort Pierce-Port St. Lucie MSA reported a total of 372 homes sold in February compared to 263 homes a year ago for a 41 percent increase.

The existing home median sales price was $122,100; a year ago, it was $172,900 for a 29 percent decrease. In the year-to-year comparison for the existing condo market, a total of 71 units sold in the MSA last month, up 22 percent compared to 58 condos sold the previous February. The market's existing condo median price was $116,700; a year ago, it was $126,700 for an 8 percent decrease.

CONTACT:

Marla Martin, Communications Manager, +1-407-438-1400, ext.2326, or

Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext.2314, both of Florida Association of Realtors

Web Site: http://www.media.floridarealtors.org/

Pediatric Health Choice Opens Haines City, FL Facility

Child Care Specialist Plans 20 to 30 New Jobs for Area

HAINES CITY, FL—Jay Rohr of MetroOne, Inc. announces the opening of Pediatric Health Choice, a child health care specialist at Green Medical Center, 306 South 10th Street in Haines City, FL. (site map, top right)

Jay was the broker for the transaction and is part owner of the building.

“This is a wonderful service for the children and a huge convenience for parents. The alternatives are that the parent stays home with the child or the child is hospitalized.” notes Rohr.

PHC provides a One-Stop Care Coordination Model that enables physicians, discharge planners and case managers to easily order all needed services and continuity of patient care upon discharge from the physician or hospital.

The facility offers prescribed extended care for children with medically complex needs; infusion, physical, speech, nutrition, occupational and respiratory therapies; specialty injectables; case management and disease management; nursing visits; and private duty and/or skilled nursing services.
“It’s the best thing for the child who can be discharged from the hospital sooner and still obtain the prescribed medical care in a more relaxed environment” says Deborah Fraze, PHC’s vice president of clinical services.

The facility is open from 7 a.m. to 5:30 p.m., seven days a week. Most children arrive for a few hours of treatment or therapy, then leave with their parents. Others remain at the facility until their parents pick them up at the end of the day.

“We are adjustable on hours and can remain operational up to 12 hours a day, depending on the child’s needs,” notes Fraze.

The Haines City facility currently has an eight-person staff and plans to increase its work force shortly to about 20 professionals and support staff.

“We are looking possibly at 20 to 30 new jobs for the area,” says Fraze.

Mark Woodard, a health care professional from Lakeland, FL, is the administrator for the Haines City location.

Other PHC facilities in Florida, besides Haines City are located at Lakeland, Tampa, Sarasota, Clearwater, St. Petersburg, Ft. Myers, Orlando, Ocala, Daytona Beach and Gainesville. The nearby Lakeland facility opened in 1996.

Besides Pediatric Health Choice, the 306 South 10th St. building has another medical services tenant – At Home Companions. That company provides nursing services to patients in their homes.

The U.S. Department of Agriculture, a third tenant, occupies 9,100 square feet. About 3,000 square feet are available for lease. That space is “perfect for a pediatrics practice,” says Rohr.

“This building was the first clinic in the area with Dr. David J. Green; then a medical office; and now it’s completely renovated and again providing much needed services and jobs in the Haines City area,” says Rohr.

The building is three blocks south of U.S. 17 (Hinson Avenue) overlooking Lake Eva Park. Rohr says the Haines City/Davenport area is projected to continue its high-growth rate as the Orlando metropolitan area expands down the Interstate 4 corridor and Tampa presses eastward past Lakeland.

For more information on the Haines City facility, please contact:

Mark Woodard, Administrator, Pediatric Health Choice, 863 422 9050 or e-mail, Mwoodard@PediatricHC.com.

For more information on leasing, please contact:

Jay Rohr, CRE, MetroOne Inc., 427 S. New York Ave., Suite 201-C, Winter Park, FL 32789. PH 407 629 6001. E-mail, jayrohr@earthlink.net.

Fitch Forecasts Still More Rising Retail Vacancies

NEW YORK, NY, Mar. 23, 2009--Loss severities on retail loans are likely to trend upward for the next several years as defaults on retail loans increase, according to Fitch Ratings.

‘Declining consumer spending and the shrinking U.S. economy will increase retail vacancies to a new high as bankruptcies, store closings, and retail consolidation continues’, according to Senior Director Adam Fox.

During the 2002 recession, which coincided with Kmart’s bankruptcy filing, the average retail vacancy rate was 12%. PPR reported a year-end (YE) 2008 rate of 15% and predicts the rate will reach 17.8% by YE 2009.

The International Council of Shopping Centers (ICSC) predicts that 73,000 stores will close during the first half-2009.

Increased vacancies in the retail sector will lead to longer resolution times as it will take longer to re-tenant space which will ultimately result in higher losses.’ said Managing Director Mary MacNeill.

Fitch expects losses on retail loans may increase as much as 34% to 60% from the five-year cumulative average of 44% for current defaults.

Special servicers will foreclose on properties, as borrowers become unable to fund operating shortfalls due to the loss of tenants.

During its reorganization, Kmart rejected leases on over 600 stores. CMBS loans secured by Kmart properties, which took a loss, incurred an average loss of 52%. Losses ranged from a low of 16% to a maximum of 86% with the highest losses on single tenant properties in tertiary markets.

Fitch believes vacant retail spaces in the current economic environment, will incur even higher loss severities. Working against CMBS this time around is that the U.S. economy is contracting faster and further than in the 2002 recession.

Gross Domestic Product still grew 1.6% in 2002 while in the last quarter of 2008, GDP contracted at an annualized rate of 6.2%, the deepest slide in twenty years. Unemployment has increased 42% from 2002 to 8.1% as of February 2009, with increases expected to continue.

Consumer spending has declined 4.3% as of year-end 2008, while in 2002 and 2003 it remained positive. Special servicers may need to explore several different options to maximize recoveries.

Single tenant spaces can be marketed to non-traditional entertainment tenants. Conversely, they can be subdivided in order to attract smaller tenants. Large vacant mall locations, such as those left vacant by Steve & Barry’s or Macys, typically find more interest by subdividing the space or even selling the space back to the mall operator for redevelopment.

Retail delinquencies account for $1.7 billion of the $6.2 billion total delinquencies in the Fitch Loan Delinquency Index. The Loan Delinquency Index across all property types is 1.28%; with 1.17% of all retail loans within the index currently delinquent.

Fitch expects defaults in the retail sector to contribute a greater percentage of the index into 2010.

Contacts:

Adam Fox +1-212-908-0869, Mary MacNeill +1-212-908-0785 or Susan Merrick +1-212-908-0725, New York.

Media Relations: Sandro Scenga +1-212-908-0278; sandro.scenga@fitchratings.com

Crescent Hotels & Resorts Announces Plans for Record Growth in 2009 on Heels of Record 2008

Focus Will Be in U.S., Caribbean, Canada

WASHINGTON, DC, Mar. 23, 2009—Officials of Crescent Hotels & Resorts today announced plans to continue its record pace of growth in 2009, on the heels of a record 2008.

(Detroit Marriott Livonia, Livonia, MI, top right photo)

The company added 18 properties during 2008, largely through 3rd party management and joint ventures.

The company’s continued growth has propelled Crescent into the top tier of independent operator/owners, and it now is one of only a handful of companies that are approved to operate all of the top premium-branded, full- and focused-service hotels.

(Plymouth DoubleTree West, Plymouth Meeting, PA, top left photo)

“We have created a strong operating platform, and are well positioned to benefit from the current economy as we move into 2009 and beyond,” said Michael George, Crescent president and CEO.

(Richmond Embassy Suites, Richmond, VA, middle right photo)

“We have the talent, infrastructure and systems to accommodate strategic growth, as well as a strong proven track record in all product types and phases of the economic cycle and significant available capital to support our growth and operating goals.”

(Hilton Polaris, Columbus, OH, middle left photo)

Crescent’s primary focus in 2009 will be on optimizing returns for its existing hotel owners and investors. “We will grow by pleasing our clients & investors and by outperforming our competitive sets in each market,” said George.

“Building on our current successful track record will help us attract more clients to our company. Our growth will be on an opportunistic, flexible basis, and we have multiple platforms in place to respond appropriately.”

(The Georgian Terrace, Atlanta, GA, middle right photo)

2009 Growth Focus on U.S., Caribbean, Canada

In 2009, the company is targeting continued strong growth in the U.S., and expansion in the Caribbean, where the company added its first property in 2008, as well as Canada.

“We see opportunities to grow our current portfolio of managed hotels in Canada and the Caribbean,” George said. “We have considerable experience in both regions and believe we can add value to properties, especially in this economy.”

(Sheraton Tampa Riverwalk, Tampa, FL, bottom left photo)

Elite Group of Top 10 Nationwide Operators

“Our strong operating results have helped us grow to be one of the top 10 national operators of upper upscale hotels and resorts.

"Our properties include all of the premium brands, as well as leading boutique hotels and resorts, ranging in size from 50 to 500-plus rooms. We have the economies of scale and systems that can benefit a hotel immediately upon takeover.”

(Sheraton Washington North, Beltsville, MD, bottom right photo)

Additions to the portfolio in 2008 include such well-regarded properties as:

· The Georgian Terrace—The Atlanta-based, grande-dame hotel currently is undergoing an $11 million renovation being overseen by Crescent, including a spectacular, new $6 million restaurant designed by The Puccini Group.

· Hilton Polaris—The recently opened 255-room property, located in Columbus, Ohio, has become a market leader since Crescent took over management in 2008.

· Secret Harbor Resort—The 90-unit, all-suite resort, situated on the east end of St. Thomas, The Virgin Islands, marked Crescent’s entry into the Caribbean.

Additional information about Crescent Hotel & Resorts may be found on the company’s Web site http://www.chrco.com/.

Contact: Jerry Daly or Chris Daly, media, (703) 435-6293

MGM Mirage completes Las Vegas sale of Treasure Island to Billionaire Phil Ruffin

LAS VEGAS, NV, Mar. 23, 2009 -- MGM MIRAGE (NYSE: MGM) announced that it has completed its previously announced sale of Treasure Island Hotel & Casino ("TI") (top right photo) to Ruffin Acquisition, LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by Phil Ruffin. (middle right photo)

At closing, MGM MIRAGE received $600 million in cash proceeds and a $175 million secured note bearing interest at 10% payable not later than 36 months after closing.

Ruffin Acquisition, LLC has an option to prepay this note on or before April 30, 2009 and receive a $20 million discount on the purchase price. The note is secured by the assets of TI and will be senior to any other financing.

"TI is in great hands with Phil Ruffin and we wish him and all of the property's wonderful employees nothing but the best," said Jim Murren, (bottom left photo) Chairman and CEO of MGM MIRAGE.

TI is located on the Las Vegas Strip and features 2,885 guest rooms and suites, approximately 87,000 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 have acquired such a stellar resort in Treasure Island," said Mr. Ruffin. "The property is in pristine condition, ideally located in the heart of the Strip," Mr. Ruffin noted.

As a result of the sale, MGM MIRAGE expects to report a substantial gain in the first quarter.

MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected companies with significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau.

CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World.

MGM MIRAGE Hospitality has entered into management agreements for future casino and non-casino resorts in the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam.

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/.

GVA Advantis Presents Tampa Industrial Market Report for Fourth Quarter 2008

TAMPA, FL--In his fourth quarter Industrial Market Report, Randy Smith ( top right photo), regional director of research, GVA Advantis, Tampa, says the quarter marked a significant downturn in the economy as the nation’s gross domestic product nose-dived by 6.2 percent.

This collapse, along with sluggish consumer spending and declining industrial production throughout 2008, combined to stifle the demand for industrial space.

Vacancy in Tampa’s industrial market grew steadily in 2008 — the direct vacancy rate rose by 300 basis points to end the year at 7.3 percent.

Rent performance weakened in response to the increased availability of Tampa’s industrial space.

The average asking rental rate, which peaked at year-end 2007, declined by 15.9 percent during 2008 to end the year at $6.44 per square foot.

Tampa’s industrial sales maintained some momentum in the final quarter of 2008, totaling $48 million in transactions closed.

This period also produced Tampa’s largest industrial deal of 2008 — a portfolio of 15 flex buildings located in east Tampa’s Breckenridge Park which traded for $28.4 million. The buyer, Miami-based Adler Group, Inc., acquired the 332,582-square foot complex in October using a $100-million fund seeded by a major European investor.

It’s clear that industrial property owners will face a challenging year in 2009.

Tampa’s linkage to residential housing was a primary cause of its downturn in local industrial activity and continuation of this housing turmoil in 2009 will contribute to increased vacancies.

New industrial construction is gearing down in Tampa, with about 300,000 square feet of speculative space to be completed in the first quarter of 2009.

The tightening credit markets will make financing new industrial projects more difficult and be another strong constraint on additional supply.

For a complete copy of the news release and fourth quarter 2008 results, please contact:

Randy Smith, MBA, Regional Director of Research, Advantis Real Estate Services Co.,
3000 Bayport Drive, Suite 100. Tampa, FL 33607. Tel 813.342.4725. Fax 813.372.4004. E-mail rsmith@gvaadvantis.com
www.gvaadvantis.com

Arbor Closes Three Fannie Mae DUS® Loans Totaling $52.9M

UNIONDALE, NY (Mar. 23, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $52,900,000 under the Fannie Mae DUS® product line. These loans include:

· Battleground North Apartments, Greensboro, NC (top right photo) – A 288-unit complex in the amount of $16,200,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.24 percent.

Eagle Point Village, Fayetteville, NC (middle left photo) – A 300-unit complex in the amount of $18,700,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.24 percent.

Cedarcrest Village, Lexington, SC (bottom right photo)– A 300-unit complex in the amount of $18,000,000 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.15 percent.

The loans were originated by John Edwards, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office and financing was arranged by Carolina Mortgage Company in Fayetteville, NC.

“We are extremely pleased with the opportunity to provide financing for the Carroll Companies,” said Edwards.

“In this ever-changing lending environment, we endeavored to provide our client with the greatest level of flexibility, and we sincerely look forward to continuing our business relationship, assuring Carroll Companies our best attention.”

Contact: Ingrid Principe, (516) 506-429 8333, iprincipe@arbor.com, http://www.arbor.com/