Arbor Commercial Mortgage Goes West with Office Expansion

National Lender Continues to Grow Market Share

UNIONDALE, NY (May 27, 2009) - On the heels of being named a top ten Fannie Mae DUS® lender for the second consecutive year, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today an expansion into the west coast with the addition of two new California offices located in Woodland Hills and Manhattan Beach.

These two new offices will join Arbor’s existing Spokane, WA location to serve as the west coast branch of operations. Directors in these offices will report to Ken Fazio, (top right photo) VP, National Sales Manager.

“This expansion reflects Arbor’s continued growth and our commitment to provide our current and future clients with the best service possible,” said Fazio.

“We are also pleased to welcome to our team two seasoned professionals, who each bring with them 20-plus years of experience in the commercial real estate industry.”

Jon Red (top left photo) is a Director in Arbor’s Spokane, WA office. Mr. Red is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the northwest and western United States.

Mr. Yogesh Joshi has been appointed to Director for Arbor’s Woodland Hills, CA office. Mr. Joshi is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the western United States.

Mr. Joshi brings more than 21 years of experience in the mortgage banking and investment industry to Arbor. Prior to joining the Company, Mr. Joshi served as a Director for Prudential Mortgage Capital in Los Angeles, CA, where he originated over $650 million in multifamily loans under Fannie Mae, FHA and capital markets.

Mr. Greg Gilliam has been appointed to Director for Arbor’s Manhattan Beach, CA office. Mr. Gillam is responsible for all of Arbor’s loan offerings including Fannie Mae, FHA, CMBS, Bridge, Mezzanine and Preferred Equity.

Mr. Gillam brings over 20 years of combined experience in the areas of loan production, business development, underwriting and portfolio management to Arbor.

Most recently, held the position of Director at Prudential Mortgage Capital Company, where he was the Senior Business Development Manager for the Fannie Mae DUS® mortgage loan program.

Contact: Ingrid Principe, IPrincipe@arbor.com, http://www.arbor.com/

Grubb & Ellis Amends Credit Facility

SANTA ANA, CA (May 26, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company and its lead bank, Deutsche Bank Trust Company Americas, have amended the company’s senior secured credit facility.

“We are pleased that we have been able to amend our credit facility, particularly in the current environment, which we believe is an endorsement of the company’s strength, resilience and growth strategy,” said Gary H. Hunt, (top right photo) the company’s interim chief executive officer.

The amendment, entered into on May 20, 2009 and effective as of May 18, 2009, modifies the amount, terms, length and certain other provisions of the facility, and imposes various conditions on the company.

These conditions, as well as other material provisions of the amended credit facility, are described in the company’s Annual Report on Form 10K that will be filed later in the day with the Securities and Exchange Commission. Under the new structure, the $67.3 million maximum aggregate credit facility includes a $29.3 million revolving line of credit and a $38 million term loan.

The facility will remain in effect until March 31, 2010, and may be extended until January 5, 2011 under certain conditions, subject to early termination in certain circumstances.

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

Thomas D. Wood & Co. Brokers $3.2M Reno, NV Loan

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 19, 2009, in the amount of $3,200,000 for Quail Corners II and III (top left photo) in Reno, Nevada.

Steve Wood, (bottom left photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Quail Corners II in the amount of $1,850,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 66%.

The 15,251 square-foot office building is home to major tenant Select Real Estate of Nevada. Quail Corners II was built in 1999 and is located at 6512 S. McCarran Boulevard, Reno, Nevada.

Together they also financed Quail Corners III in the amount of $1,350,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 60%. The 11,001 square-foot office building is home to major tenant Charles Schwab & Company. Quail Corners III was built in 1999 and is located at 6502 S. McCarran Boulevard, Reno, Nevada.

For further information, please contact:
Steve Wood (305) 447-7820 swood@tdwood.com

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

http://www.tdwood.com/.

NAI Realvest forms Special Asset Services Group to Focus on Distressed Properties

ORLANDO, FL - NAI Realvest has formed a Special Asset Services Group, a division of the firm that will focus on distressed commercial properties.

Patrick Mahoney, (top right photo) chief operating officer at NAI Realvest, said the group has already accepted six commercial property listings from area banks valued in excess of $10 million.

Mahoney said NAI Realvest’s Special Asset Services Group is working with banks and other lenders to negotiate the sale of land, development sites, unfinished condominiums under-performing commercial assets and similar properties.

The Special Asset Services Group includes Mahoney and NAI Realvest chairman emeritus George Livingston, (top left photo) managing partner Paul P. Partyka, (bottom right photo) and principals Kevin O’Connor, Christie Alexander, (bottom left photo) Tom Hankins and Ken Runge.

For more information, contact:

Patrick Mahoney, President and COO NAI Realvest, 407-875-9989, pmahoney@realvest.com

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

Exit Realty of Daytona Beach Reports Sales of Homes, Commercial Properties worth More than $9M Since Opening in February

DAYTONA BEACH, FL - Exit Realty of Daytona Beach reports it has sold homes and commercial properties worth more than $9 million since it opened its doors in late February.

Aswin Suri, (top right photo) owner of Exit Realty of Daytona Beach, said the largest single transaction during the month is the $3 million sale of the 105-unit Georgetown Lakes condo/apartment community on Big Tree Rd. in Port Orange.

EXIT Realty of Daytona Beach is also handling the property management and sales of individual units with a full service management team on site at Georgetown Lakes.

For more information, contact:
Aswin Suri, MHA, B.A., Owner Exit Realty of Daytona, 386-383-3000 (direct)

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

Cushman & Wakefield Negotiates Sale of Joint Venture Interest in Celebration Office Center III

ORLANDO, FL – May 21, 2009 – Cushman & Wakefield negotiated the sale of a joint venture
interest in Celebration Office Center III (top right photo) in Orlando, Florida.

This property will serve as the headquarters for Disney Vacation Development, part of the Parks and Resorts segment of the Walt Disney Company. The transaction closed on May 13, 2009.

The sale included interest in the three story, Class A, 100,924 square foot office building located
in Celebration Office Center III adjacent to the Walt Disney World campus.

Mr. Davis was quoted as saying, “Despite difficult market conditions, investors continue to find Central Florida an attractive market to acquire Real Estate.”

Executive Director, Mike Davis (middle left photo) (Capital Markets) and Associate Director, Rick Brugge, CCIM (bottom right photo)(Capital Markets) negotiated the sale on behalf of the seller, Duke Realty Corp.

The buyer was a joint venture between Duke and CB Richard Ellis Realty Trust.

Contact: Debbie P’Simer, 813-204-5333, debbie.p’simer@cushwake.com

Hampton Inn Fort Walton Beach Receives Designation as a Green Hotel by Florida

FORT WALTON BEACH, FL,- May 21, 2009 – The Hampton Inn Fort Walton Beach (top right photo announced today that the property received green lodging designation from the Florida Department of Environmental Protection on May 4, 2009.

Florida’s Green Lodging Program certifies hotels that adopt green practices to reduce waste and conserve natural resources.

The Hampton Inn Fort Walton Beach has implemented a variety of green initiatives including water conservation measures, energy efficiency, the use of green cleansers and high efficiency air filters, recycling, and other waste reduction methods.
“We adopted these eco-friendly practices because we are committed to preserving this beautiful coastal area so guests can enjoy it for years to come,” said General Manager Rachel Joyce. “By providing a quality stay, while improving our environment, we can ensure our guests are receiving the very best our property can offer.”

The entire staff supports the hotel’s green efforts by frequently meeting to exchange tips, helping guests dispose of recyclables properly, and sharing these green initiatives with guests. Some guests have even started recycling back home.

“Our beaches are some of the most magnificent in the world,” said Director of Sales Jeniffer Ward. “We want our guests to know how much we want them here, enjoying this beautiful area, while knowing that we are taking steps to protect the environment.”

The hotel will continue to work with the Florida Department of Environmental Protection to execute additional eco-friendly practices, including a towel reuse initiative, in the months to come.

The Hampton Inn Fort Walton Beach hotel is located directly on the white-sand beach along Florida’s Emerald Coast. (bottom left photo).

The newly renovated hotel features complimentary daily hot breakfast, local calls and wireless internet access. Other amenities include an outdoor heated pool, exercise room, and waterfront recreation.

For more information about the Hampton Inn Fort Walton Beach, visit http://www.ftwaltonbeach.hamptoninn.com/.

The Hampton Inn Fort Walton Beach is owned by RLJ Lodging Fund II, L.P., an affiliate of RLJ Development, LLC (http://www.rljhotels.com/), and operated by Interstate Hotels & Resorts (http://www.ihrco.com/), the nation’s largest independent hotel management company.

Contact: Jeniffer Ward, Director of Sales, Hampton Inn Fort Walton Beach, Phone: (850) 301-0906. Email: Jeniffer.Ward@ihrco.com

Arbor Closes $1.2M Fannie Mae DUS® Small Loan for Creekside Villas in Canyon Lake, TX

UNIONDALE, NY (May 20, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,200,000 loan under the Fannie Mae DUS® Small Loan product line for the refinance of the 20-unit complex known as Creekside Villas (top left photo) in Canyon Lake, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.80 percent.

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

“Creekside Villas is a new property in the greater San Antonio area,” said Porterfield.

“The property had leased up quickly and Arbor provided a loan to refinance the Borrower’s construction/mini-permanent loan.”

Contact: Ingrid Principe, F: 516.542.2555, http://www.arbor.com/

HFF secures $32M financing for GSA-leased office building in North Rockville, MD

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has advised The JBG Companies and Buvermo Properties Inc. in securing $32 million in financing for One Choke Cherry,(top left photo) a Class A office building fully-leased to the Government Services Administration in North Rockville, Maryland.

HFF senior managing directors Bob Donhauser (middle right photo) and Bill Asbill (middle left photo) and director Cary Abod (bottom right photo) advised JBG and Buvermo on various financing options for the acquisition.

The JBG Companies are comprised of a group of related entities engaged in the acquisition and development of office, multifamily, hotel and mixed-use projects.

Since 1978, Buvermo Properties has invested in office buildings, apartments, condos, retail, hotel, industrial and mixed-use properties in metropolitan Washington, D.C.

One Choke Cherry was completed in 2004 as a “build-to-suit” headquarters for the Department of Health and Human Services’ Substance Abuse and Mental Health Services Administration through a lease with the Government Services Administration (GSA).

The 228,020-square-foot building has an on-site fitness and aerobics center, a video conferencing room and a 790-space parking garage. One Choke Cherry is located along the Interstate 270 Corridor, 12 miles northwest of downtown Washington, D.C. in Rockville, Maryland.

“One Choke Cherry benefits from its location in ‘DNA Alley’, which is known for its high concentration of contractors to the federal government and innovative biotechnology companies,” said Asbill.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.

Contacts:

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

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

Arbor Closes $1,960,000 Fannie Mae DUS® Small Loan for 106 Wrentham Street in Boston, MA

UNIONDALE , NY (May 20, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,960,000 loan under the Fannie Mae DUS® Small Loan product line for the 16-unit complex known as 106 Wrentham Street in Boston, MA. (bottom left photo)

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.70 percent.

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

“Arbor continues to be a market leader in being able to deliver small balance loans with excellent financing terms in a timely manner,” Kelly said. “This transaction was for a repeat client who does an excellent job managing all of his assets.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555
http://www.arbor.com/

Subway Extends Lease in Sunrise, FL

SUNRISE, FL – Deerfield Beach-based Konover South, LLC, one of the Southeast’s premier retail developers, announced that Subway restaurant has extended its multi-year, 1,200-square-foot lease at Sunrise Plaza, Konover South’s retail center located at the intersection of West Sunrise Boulevard and NW 61st Avenue in Sunrise, FL.

Konover South Leasing Specialist Vivian Ricardo represented Konover South in the transaction.

Sunrise Plaza’s tenants include Walgreen’s, Burger King, American Ways Coin Laundry and Check Cashing Store, among others.


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

Thomas D. Wood & Co. Brokers $9.5M Loan for Miami's Galleria Mall

MIAMI, FL—May 20, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 8, 2009, in the amount of $9,500,000 for the Galleria Mall (top right photo) in Downtown Miami, Florida.

Thomas D. Wood, Jr., Company President, financed the Galleria Mall through Thomas D. Wood and Company’s relationship with a local banking institution.

The loan has a fixed interest rate of 6.75% and a five-year term, based on a 25-year amortization. Loan-to-value is 46%.

The three-story, 164,918 square-foot retail and office building is home to major tenant Marshalls, and is located at 251 East Flagler Street, Miami, Florida.

For further information, please contact:
Tom Wood, Jr., (305) 447-7820, tomjr@tdwood.com
Jessica Gurtowski, (407) 937-0470, jgurtowski@tdwood.com

C&W broker Betsy Owens closes deals for staffing and outsourcing companies

ORLANDO, FL – May 20, 2009– Betsy Owens (top right photo) of the Orlando office of Cushman & Wakefield, announced two deals this month for the Orlando MSA.

Professional staffing service Kforce, Inc is relocating from 111 Orange Avenue to the Maitland Colonnades (bottom left photo) located at 2301 Lucien Way.

Ms. Owens represented the tenant in the 5-year lease with Colony Realty Partners. Kforce specializes in staffing for technology, financial services and healthcare/clinical industries.

Outsourcing and marketing company Prestige Solutions renewed their 1,600 sf lease for three years at Interlachen Corporate Center in Casselberry.

Ms Owens represented the landlord, ACP/URS 500 Interlachen Corporate Center in the transaction.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

CB Richard Ellis Group, Inc. Completes $79M Sale of Crossroads Marketplace in Chino Hills, CA

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (CBRE) today announced the completion of a $79 million disposition of the Crossroads Marketplace (top left photo) in Chino Hills, Calif.

Philip D. Voorhees, Todd Goodman and Kirk Brummer of CBRE’s National Retail Investment Group - West, arranged the transaction on behalf of the undisclosed seller.

The buyer was SKT Investments, which assumed the seller’s CMBS loan on the property.

“This sale demonstrates CBRE’s ability to reach ‘one-of-a-kind’ private buyers that are intermittently in the market.

Database-driven, cooperative marketing uncovered a broker representing a foreign investor with an immediate requirement for a large, high quality center.

Compared with portfolio sales, selling properties individually continues to yield the highest pricing and greatest surety of closing for sellers,” said Mr. Voorhees.

Located at the southwest corner of Peyton Drive and the 71 Freeway, the Crossroads Marketplace is a 539,270 square foot retail center that includes a first tier anchor and shop tenant mix, including PetSmart, Best Buy, Bed Bath & Beyond, Steinmart, Sport Chalet and CVS Pharmacy.

Contacts: CB Richard Ellis, Robert McGrath, 212-984-8267, Robert.mcgrath@cbre.com or Christy Ingle, 949-751-9200, christy.ingle@cbre.com

Crescent Hotels & Resorts Adds Landmark “Adolphus Hotel” to its Luxury Independent Collection

WASHINGTON, D.C., May 20, 2009—Officials of Crescent Hotels & Resorts, a leading operator and owner of hotels and resorts in the U.S., Canada and the Caribbean, today announced that the company has added the fabled Adolphus Hotel (top right photo) in Dallas to its portfolio.

The Adolphus joins Crescent’s collection of classic independent hotels & resorts that also includes the Georgian Terrace in Atlanta and the il Lugano Hotel in Ft. Lauderdale.

“The Adolphus has achieved legendary status over the past century, and we plan to build on its incredible legacy,” said Michael George, (top left photo) Crescent president and CEO.

“We have a keen appreciation for what it takes to successfully operate and position these elegant, one-of-a-kind, independent properties.

"The Adolphus has so much to offer in the way of European charm and character, and it is synonymous with Texas hospitality.”

Originally built in 1912, the 428-room, Four Diamond luxury hotel has received virtually every architectural, interior design and hospitality award, including the Conde Nast Travelers’ Readers Choice Award as one of the top 10 hotels in the U.S.

“The Adolphus is a perfect complement to our portfolio of unique luxury hotels and resorts, and we plan to take full advantage of cross-marketing opportunities,” George added.

“The property has undergone a multi-million-dollar renovation, which included enlarging and modernizing the already luxurious guest rooms.

"We have begun implementing a very robust marketing and e-marketing plan that will include affiliations with the prestigious Historic Hotels of America and other preferred partners with international reach, which will help us fully leverage the numerous advantages of this iconic property.”

The Adolphus is on the National Register of Historic Places and was built by beer magnate Adolphus Busch as the city’s first grand and posh hotel.

The 22-story Beaux Arts-style building has played host to many leaders of business, government and entertainment, including presidents, from Warren G. Harding (middle left photo) to George H. W. Bush, (bottom right photo) and royalty—Queen Elizabeth II (top right photo) and Prince Philip. (bottom left photo)

Over the years, the building underwent a series of expansions—in 1916, 1926 and 1950, when the hotel expanded to a total of 1,200 rooms. Following the recent $80 million renovation, the hotel reduced the total number of guest rooms to 428.

The hotel features elegant guestrooms, 16 luxury suites and 123 junior suites, as well as 22 meeting rooms and more than 25,000 square feet of flexible meeting and elegantly appointed social space.

The French Room, the property’s Five Diamond award-winning restaurant, earned Gourmet magazine’s top ranking for the Dallas/Fort Worth region, and Wine Spectator’s Award of Excellence.

Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an independent, third-party operator of hotels, resorts, and golf clubs.

The company currently owns or operates approximately 55 hotels and resorts aggregating more than 9,000 rooms in 26 states.

The company’s portfolio encompasses properties in the luxury, resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as independent hotels, resorts and Golf Clubs.

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