Margo Thomas of CB Richard Ellis Orlando Negotiates 10-Year Lease

ORLANDO, FL, June 16, 2009 – The Orlando office of CB Richard Ellis is pleased to announce Margo Thomas, (top right photo) Senior Retail Specialist, has negotiated a 10-year lease transaction on 13,455-sq.-ft. for the Orange County Library System.

Genny Spies and Christin Jones of The Shopping Center Group represented the landlord, Simon Property Group. The space is located in the Highland Lakes Shopping Center on West Colonial Drive in Orlando, Florida in a portion of the former Office Max.


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

Lawrence McCue Appointed Director of Group Sales for Westin Bonaventure, Los Angeles

LOS ANGELES, CA, June 16, 2009 – The Westin Bonaventure Hotel & Suites, (top right photo) Los Angeles announced today Lawrence McCue has been named director of group sales for the 1,354-room hotel, located in the heart of the business district in downtown Los Angeles.

“We are delighted to welcome Larry to the Westin Bonaventure,” said Managing Director Michael Czarcinski (bottom left photo).

“With 13 years of director-level sales experience, Larry will be a great asset to the Westin Bonaventure team.”

McCue most recently served as director of sales and marketing for the Keystone Resort and Conference Center in Colorado since 2004.

Prior to that, he was vice president of sales for Pinehurst Resort in North Carolina for three years.

McCue’s extensive experience also includes national sales and marketing leadership for a collection of International Conference Resorts’ properties, and as director of sales and marketing for Cheyenne Mountain Resort in Colorado Springs.

Contact: Michael Czarcinski, Managing Director, The Westin Bonaventure Hotel & Suites, Phone: (213) 624-1000 Email: michael.czarcinski@westin.com

Construct Two Group completes Lakeland, FL community center renovation

ORLANDO, FL, June 16, 2009 — Construct Two Group recently completed its $1.8 million contract to renovate and build an addition to the Coleman-Bush Building, (top left photo) a community center located on Martin Luther King, Jr. Drive in Lakeland, Fla.

Under contract with the City of Lakeland, Fla., Construct Two Group provided general contracting for site preparation, the renovation of 20,328-square-feet of existing space and a 2,420-square-foot addition.

The facility now features larger meeting and community rooms, expanded restrooms and offices for the City’s Code Enforcement and Housing units.

The project was completed in seven months.

Swilley Curtis Mundy Hannicutt Associates Architects Inc., Lakeland, Fla. designed the project.

Major subcontractors under contract with Construct Two Group were Payne Air Conditioning & Heating Inc., Lakeland; Assured Excavating, Orlando; Advantage Roofing, Orlando; A Catapano Plumbing Inc., Orlando; and Beneficial Fire Protection, Thonotosassa.

Construct Two Group provides construction management, design-build, cost management and program management services to public and private sector clients.

Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida. The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla.

Please visit http://www.constructtwo.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com,

http://www.pr-works.com/

Mark One Capital Arranges $1.5M Loan for Macaroni Grill Restaurant in Florida

ALTAMONTE SPRINGS, FL – Mark One Capital has arranged a $1.5 million loan for the acquisition of a 7179-square foot Macaroni Grill Restaurant (top right photo) located at 844 W. State Road 436 in Altamonte Springs.

Geoffrey Harris, (bottom left photo) a senior director in the firm’s Phoenix office, and Farhan Kabani, an associate director in the firm’s Dallas office, arranged the financing for the property.

“Debt financing for single-tenant net-leased restaurant properties is in short supply,” says Kabani.

“However, Mark One Capital was able to source an aggressive lender that closed the transaction with excellent partial recourse loan terms.”

Financing for the Macaroni Grill Restaurant was provided by a portfolio lender at a five-year fixed rate of 6.5 percent, 25-year amortization and 50 percent recourse. The loan-to-value was 65 percent.

Press Contact: Kathy Molitor, Mark One Capital , (925) 953-1704

JPMorgan Securities Arranges $200M Loan for FelCorp

IRVING, TX – In one of the largest deals of its kind this year, JPMorgan Chase Securities Inc. arranged a $200 million loan today for Irving, TX-based FelCor Lodging Trust.

The loan gives FelCor breathing room from the new debt until 2013.

The loan is non-recourse, meaning FelCor officials personally cannot be sued if the loan defaults. The lender or lenders can only take back the properties.

For collateral, FelCor put up nine hotels, representing 2,331 guest rooms. The loan bears interest at LIBOR plus 350 basis points; has a 65 percent LTV ratio and, including both extension options, matures in 2013.

JPMorgan Chase Bank, N.A., is the administrative agent and provided a portion of the loan.

Proceeds of the new loan will be used for general corporate purposes, including repayment of outstanding obligations totaling $128 million under FelCor’s line of credit, which was terminated by the Company.

“We are pleased to have closed this loan in a very challenging environment.,” says Andrew J. Welch, (top right photo) FelCor’s Executive Vice President and Chief Financial Officer.

“This transaction allows us to terminate our line of credit, thereby eliminating restrictive financial covenants and increasing our flexibility to encumber other hotels.

“Equally important, this new loan extends our maturity profile and provides additional liquidity in the form of cash on hand. We are now focused on refinancing debt maturing in 2010 and 2011,” said

FelCor, a real estate investment trust, is the nation’s largest owner of upper upscale, all-suite hotels. FelCor owns interests in 87 hotels and resorts, located in 23 states and Canada.

FelCor’s portfolio consists mostly of upper upscale hotels, which are flagged under global brands such as Embassy Suites Hotels®, Doubletree®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®.

Hyatt Debuts Billion-Dollar Resort in Saudi Arabia

CHICAGO, IL—Chicago arrived in Saudi Arabia today via the estimated billion-dollar, 142-room Park Hyatt Jeddah—Marina Club and Spa at the Corniche of Jeddah, 30 minutes from the King Abdullaziz International Airport.

This is Chicago-based Hyatt Hotels & Resorts’ first leisure project in Saudi Arabia. Other Hyatt properties in the Mideast include the recently opened Grand Hyatt Doha in Qatar and existing Hyatt hotels in Egypt, Jordan, Oman, and the United Arab Emirates.

The marina on the 35-acre complex can hold 140 luxury yachts. Adjacent to Park Hyatt Jeddah. the Lazurde Meetings & Events Centre, opening shortly, will feature 26,000 square feet (2,500 square meters) of meeting and banquet facilities.

The 34.5-acre (140,000 square meter) complex overlooks sweeping views of the sea and the world-famous King Fahd fountain with its more than 1,000-foot-high (312 meters) plume of water.

Hyatt officials say Park Hyatt Jeddah is an intimate and residential-style hotel where French interior designer Gilles Quiffet and architect Patrice Hart fashioned rooms that “fuse a sleek European style” with Arab-Andalusian architecture.

The surrounding resort complex will feature a built-up 2.5-acres (10,000 square meters) of spa and wellness facilities and a variety of innovative restaurants and stylish lounges.

The 142 spacious guestrooms measure 430 square feet (40 square meters). The suites range from 860 square feet to more than 2,100 square feet (80 to 200 square meters).

The 8,100-square-foot (756 square-meter) ballroom can be divided into three separate spaces. The exclusive Palm Courtyard can accommodate up to 900 guests for outdoor events by the Red Sea.

Hyatt officials say Park Hyatt Jeddah – Marina, Club and Spa is the ideal base for Hajj or Umrah pilgrimages to Mecca or Medina.

Because the King Abdullaziz International Airport is only a 30-minute drive from the resort, Park Hyatt Jeddah is “a well-situated stopover upon entering or leaving the region,” according to Hyatt officials. Mecca is a 45-minute drive from the hotel.

Hyatt, however, is not the exclusive developer in this part of Saudi Arabia. Non-Hyatt managed facilities to open soon will include a Commercial Gallery with a host of high-fashion boutiques and a marina that can berth 140 yachts of 26 to 82 feet (8 to 25 meters) in length.

Sikon Wins Walgreen's Construction Job in Boynton Beach, FL

BOYNTON BEACH, FL – Deerfield Beach-based SIKON Construction Corporation was awarded a contract for the new 15,000-square-foot Walgreen’s at Canyon Town Center (top left photo) retail center located at Boynton Beach Boulevard and Lyons Road in Boynton Beach, FL.

Developed by RAM Development, West Palm Beach, and designed by FWH Architects, Holiday, FL, the project will break ground in April 2009 and is located across from the Publix at Canyon Town Center recently constructed by SIKON.

Led by Steve Goraczkowski, CEO, SIKON Construction Corporation is a full-service general contractor and construction manager specializing in mixed-use, office buildings, retail, restaurant and other commercial projects.

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

Keene Nears Completion of Boynton Beach, FL Buildings

ORLANDO, FL – Keene Construction Company, Maitland, is nearing completion on the new multimillion-dollar, 27,000-square-foot Buildings A and F at Shoppes at Woolbright (top left photo) located on the northwest corner of Jog Road and Woolbright Road in Boynton Beach, FL.

Keene recently wrapped up work on the center’s new 46,031-square-foot Publix Super Market plus 75,756 square feet of additional retail space contained in Buildings G, J, K1 and K2.

Developed by Woolbright Development, Boca Raton, FL, the project was designed by Marc Wiener Associates, Boca Raton. Notably, Keene has constructed over 140 Publix stores for the Lakeland, FL-based grocery giant.


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

Recession Weighs on Washington, DC Retail Investment Activity

WASHINGTON, DC— Despite the Washington, D.C., metro’s high concentration of jobs and affluent households, the recession continues to weigh on the local retail market, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Fortunately for local property owners, President Obama’s inauguration provided a temporary reprieve from economic headwinds.

“The recession has hampered retail investment activity in the metro, though demand for single-tenant assets was resilient through the end of last year,” says Ramon Kochavi, (middle left photo) regional manager of the Washington, D.C. office of Marcus & Millichap.

“A shift in sales trends has occurred, however; in the first quarter, as fears of further reductions in consumer spending limited transactions to a small number of fast-food properties.”

Following are some of the most significant aspects of the Washington, D.C. Retail Research Report:

· Employment levels in the metro are expected to recede by 0.6 percent, or 18,400 jobs, in 2009. Last year, 12,100 workers were let go.

· Retail construction will slow to 4.1 million square feet this year, after builders completed 5.4 million square feet in 2008. Approximately 2.2 million square feet is expected to come online in suburban Maryland, and 1.9 million square feet is projected in northern Virginia.

· Easing retail demand and persistent inventory expansion will boost vacancy 200 basis points to 7.3 percent in 2009. Vacancy increased 170 basis point last year.

· This year, asking rents are projected to decline 3.3 percent to $26.65 per square foot, while effective rents will recede 4.1 percent to $23.94 per square foot. Asking rents rose 0.8 percent in 2008, and effective rents retreated 0.4 percent.

For a copy of the complete Washington, D.C. Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Spanish Bank Hires Marcus & Millichap to Arrange Public Sale of SoHo Buildings for $4.9M

NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the public sale of 100 percent of the membership interests in Mediterranean Sun Property LLC and Sohomar Property LLC, which were pledged as collateral for a defaulted loan.

The LLCs are single-purpose entities organized to own and operate 448 Broome St. and 450-52 Broome St. (top left photo) , two mixed use buildings in SoHo (bottom right photo).

The final auction price was $4.9 million.

Peter Von Der Ahe,(top right photo) a vice president investments, and Scott Edelstein, a senior associate in the Manhattan office of Marcus & Millichap, arranged the sale on behalf of the buyer, Caixa de Aforros de Vigo Ourense e Pontevedra, a Spanish bank.

Marcus & Millichap was hired by Caixa de Aforros to perform the auction, which was the entity’s preferred method of foreclosing on the LLCs that owned the property. After several rounds of bidding, Caixa de Aforros emerged as the highest bidder. The auction took place on May 8 at the Manhattan office of Marcus & Millichap.

“The membership interests of these LLCs were pledged as collateral for a loan on a development project in South Florida by three Spanish developers,” explains Von Der Ahe.

“In February 2008, the borrowers defaulted on the construction loan in South Florida. Upon default, the bank asserted its rights to the collateral by offering a public sale of the membership interests in the LLCs that were formed to operate the Manhattan property,” he adds.

“The SoHo buildings were performing well,” says Von Der Ahe, “but the developers were enmeshed in troubled investments in Florida, thus prompting them to put the New York assets up as collateral.”

The two buildings, located at the corner of Broome and Mercer streets, encompass a total of 27,174 square feet. Both properties have residential and commercial space.

“More than 100 people responded to the auction, evidence that there is an incredible amount of equity on the sidelines waiting for opportunities,” says Von Der Ahe.

“Despite the near-term challenges facing the local economy and real estate market, the long-term outlook for New York City investment real estate remains strong.”

According to Edward Jordan, (middle left photo) Northeast regional director of the firm’s Special Assets Services division and regional manager of the Manhattan office, additional properties are expected to come under duress as economic conditions continue to soften in New York and throughout the region.

“To date, Marcus & Millichap has completed more than 1,500 special asset assignments for financial institutions, asset managers and large owners, including valuations, advisory work and dispositions,” says Jordan.

“Distressed properties and portfolios are being well received by our private investors, and we expect to market a large volume of these properties during the coming months and years.

"This is driven by our lender clients’ need to clear their balance sheets and our fund clients actively working to free up capital,” he adds.

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

NAI Realvest Negotiates New Office Lease for Ad Agency in 2,138 SFat Millenia Park I in Orlando

ORLANDO, FL - NAI Realvest recently completed a new office lease agreement for 2,138 square feet in Millenia Park I (bottom left photo) at 4901 Vineland Rd. in southwest Orlando.

Jack W. Lynch, (top right photo) broker at NAI Realvest, negotiated the transaction on behalf of the tenant Triad Digital Media LLC, an online advertising firm headquartered in Tampa with seven offices nationwide.

Jacksonville-based Eola Capital, LLC is the landlord at Millenia Park.

NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide.

For more information, please contact:

Jack W. Lynch, Broker, NAI Realvest, 407-875-9989, jlynch@realvest.com;

Patrick Mahoney, Chief Operating Officer, NAI Realvest, 407-875-9989

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

HEI Hotels & Resorts Makes Being Green Look Easy

Company Wins 2009 Corporate Energy Management of the Year Award

NORWALK, CT—HEI Hotels & Resorts, the nation’s fastest growing private owner/operator of hotel real estate, announced the company will be presented with the 2009 Corporate Energy Management of the Year Award at The Association of Energy Engineers (AEE)’s Awards Celebration Banquet, held in conjunction with the World Energy Engineering Congress (WEEC), on November 4 of this year.

The event will be held at the Walter E. Washington Convention Center in Washington, D.C.

“Energy consumption is one of the leading issues facing the world today,” said Bob Holesko, (middle left photo) CEM, vice president of facilities, HEI Hotels & Resorts.

“This recognition validates our belief that ‘going green’ is something that all companies should work to achieve. Incorporating new technologies that improve energy efficiency and that recycle and reuse goods creates a win-win situation for everyone involved. Reducing energy consumption is just part of HEI’s commitment to becoming a better member of each of our communities.”

The award honors HEI’s dedication to the “green movement” via its concerted effort to reduce its carbon footprint, retrofit the fixtures at its properties with energy-conserving light bulbs, and better manage heating and air conditioning systems to decrease cooling water consumption.

AEE is a global non-profit association that promotes “sustainable development” in private and public sectors through scientific research and development and outreach programs, including conferences, technical journals, books and certification programs.

The awards banquet will feature dedicated environmentalist Robert F. Kennedy, Jr. (bottom right photo) as keynote speaker.

“Sustainability is a major cornerstone of HEI’s corporate responsibility mentality,” said Steve Mendell, (top right photo) HEI’s executive vice president of acquisitions and development.

“We are implementing socially responible strategies and policies throughout our entire hotel portfolio and recently formed a committee of associates to identify opportunities for further community and environmental involvement.”

Contacts:

Jess Petitt, HEI Hotels & Resorts (Media), (203) 849-2228

Jerry Daly, Chris Daly, (703) 435-6293

Mercantile Capital Corporation Reports Substantial Growth

ALTAMONTE SPRINGS, FL - Mercantile Capital Corporation, the Altamonte Springs-based 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 expand their operations, is reporting significant growth in 2009.

Christopher Hurn, (top right photo) chief executive officer of Mercantile Capital Corporation, said commercial lending in May was up 66 percent over the same period last year and June appears to be heading for another double-digit increase over last year.

“We have over $16 million in fundings in the pipeline now just for June,” Hurn said.

Hurn attributed the firm’s growth to opportunities in the economy and his firm’s focus on the niche of small business owners and entrepreneurs. “Property valuations are down and interest rates are low,” Hurn said.

“Now is the best time to buy commercial properties in a long time, and we’re seeing a marked increase in demand from business owners realizing expense savings on their commercial real estate space by buying instead of leasing,” he said.

For more information, contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Tampa's Industrial Real Estate Engine Riding a Bumpty Road

TAMPA, FL, June 12, 2009--Randy Smith (top right photo), MBA, Regional Director of Research, Advantis Real Estate Services Company, reports the bumpy ride for Tampa’s industrial market got a little rougher in the first quarter of 2009.

The pronounced reduction in consumer spending and business activity cut sharply into industrial demand.

By the end of March, Tampa’s direct vacancy rate posted a 70-basis point rise over the year’s start and registered 8.2 percent.

Tampa’s industrial landlords reacted swiftly to the slowdown and slashed market rents in the first quarter — the average asking rental rate fell 10 percent by the end of the period and closed at $5.78 per square foot.

A handful of new deliveries were added to start the year, but the production of new speculative industrial product is closing down fast.

The economic downturn had a domino effect on demand for industrial space and Tampa has felt a significant impact so far in 2009.

The influence of the housing bubble and the slowdown in consumer demand hit Florida particularly hard and with this came a sharp pull-back in demand, particularly for warehouse and distribution space.

In 2009 Tampa’s first quarter industrial leasing activity was only one-third of the same period last year and less than one-half of the first quarter 2007.

The traditional drivers of industrial demand remain weak and the potential positive impact of government stimulus efforts is not likely to render much assistance until into next year.

Weaker fundamentals are expected to restrain many investors who will be increasing selective this year. Declining market rents and surplus industrial vacancies will keep upward pressure on cap rates.

User dispositions are likely to increase in the market as companies liquidate their real estate holdings to raise cash or consolidate their operations.

For a complete copy of the company's news release and the report, please contact:

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

www.gvaadvantis.com

Arbor Closes New Loans Totaling $2.85M

Rouse Road Apartments in Kinston, NC Gets $1,725,000 Fannie Mae DUS® Small Loan

UNIONDALE, NY (June 12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,725,000 loan under the Fannie Mae DUS® Small Loan product line for the 84-unit complex known as Rouse Road Apartments in Kinston, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.

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

“We were able to provide attractive financing for a local owner and operator along with flexibility for the potential development of future adjacent parcels,” said Edwards. “In addition, we greatly appreciate the efforts of Carolina Mortgage guiding the client through the process and providing excellent customer service.”

South Hill Commons Apartments in Spokane, WA Receives $1,125,000 Fannie Mae DUS® MAH Loan

UNIONDALE, NY (June 12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,125,000 loan under the Fannie Mae DUS® MAH product line for the 58-unit complex known as South Hill Commons Apartments in Spokane, WA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.84 percent.

The loan was originated by Jon Red, (bottom left photo) Director, in Arbor’s full-service Spokane, WA lending office. “The borrower was seeking long-term fixed-rate financing for this LITHC deal,” said Red. “After allowing the property to stabilize due to a short-term management issue, Arbor delivered on the borrower’s request for funding with a competitive rate.”

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