Frank Scherer Joins Grubb & Ellis as Vice President, Retail Group

CHICAGO, IL (July 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Frank Scherer has joined the firm as vice president, Retail Group, effective immediately.

In this role, Scherer will join senior vice presidents Ted Parris and Steve Monroe in supporting local and national clients as they restructure their real estate holdings during bankruptcy proceedings or other reorganization efforts.

“Frank brings extensive experience in supporting clients that are right-sizing, trying to decrease overhead costs to reinvest back into their business, or even undergoing Chapter 11 bankruptcy reorganization,” said Shawn Mobley,(top right photo) executive vice president and managing director of Grubb & Ellis’ Chicago offices. “Given the realities of today’s environment, we believe that this experience will be a significant benefit to our clients.”

Contact: Erin Mays 312.698.6735 erin.mays@grubb-ellis.com

CB Richard Ellis Orlando Brokers 10-Year Deal for Kitson & Partners

ORLANDO, FL, July 6, 2009 – The Orlando office of CB Richard Ellis is pleased to announce, Jorge Rodriguez, (top right photo) CCIM, Senior Associate in Retail Properties, has brokered a lease representing the landlord Kitson & Partners at Oak Groves Shoppes center located at 995 West State Road 434 in Altamonte Springs, Florida.

The lease for the Metro Muscle franchise totaling 17,249-sq.-ft. or a term of 10 years. The tenant was represented by Jeff Tanner and Kim Bracket with Coldwell Banker Commercial.

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

Declining Port Traffic and Weak Job Market Push Industrial Vacancy Higher in Puget Sound, WA

SEATTLE, WA — Employment in the Seattle market will continue to decline this year, particularly in industrial-using segments, which will result in contracting demand for warehouse and flex properties, according to the Midyear 2009 National Industrial Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While vacancy will rise metrowide, performance will vary considerably by location.

Also included in the report is the firm’s Midyear National Industrial Index (NII), a snapshot analysis that ranks 28 industrial markets based on a series of forward-looking supply and demand indicators. Seattle remains at No. 3 this year.

“Many investors are remaining on the sidelines in response to softening industrial fundamentals,” says Gregory Wendelken, (middle left photo) regional manager of the firm’s Seattle office.

Following are some of the most significant aspects of the Seattle Industrial Research Report:

· Local employers are expected to cut 37,500 employees in 2009, a 2.2 percent decline. Substantial contraction is forecast in traditional industrial-using sectors, including construction and manufacturing, where losses will total nearly 17,000 positions.

· Construction of new space is projected to fall to 850,000 square feet this year. Deliveries have averaged more than 4 million square feet annually over the past five years.

· Negative net absorption is forecast to exceed 3 million square feet in 2009, resulting in a 150 basis point vacancy rise to 7.9 percent.

· With tenant demand easing this year, asking rents are expected to decline 6.6 percent to $5.66 per square foot; effective rents will drop 7.4 percent to $5.47 per square foot.

Orange County, CA moved up five spots to No.1 in this year’s Midyear NII, driven by a significant decline in new construction.

Last year’s leader, Los Angeles, fell to No. 2 on waning imports from Asia. Houston, ranked at No. 4, dropped two spots in the index due to the nation’s largest forecast inventory increase.

Denver rose two positions to No. 5 as expanding alternative energy companies should support fundamentals in the metro, despite the lingering recession.

For a copy of Marcus & Millichap’s Midyear National Industrial Report and the complete NII rankings, visit http://www.marcusmillichap.com/.

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

Industrial Investors Look for Signs of Economic Rebound in Tampa

TAMPA, FL— The economic downturn will persist this year and drive down demand for industrial space in Tampa, according to the Midyear 2009 National Industrial Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

With the market already recording considerable job losses, and with further cuts expected, local property owners continue to search for signs of an easing in the downturn.

Also included in the report is the firm’s Midyear National Industrial Index (NII), a snapshot analysis that ranks 28 industrial markets based on a series of forward-looking supply and demand indicators. Tampa moves down one place this year to No. 24.

“During the last year, the median price of properties sold in the market fell 7 percent to $66 per square foot.,” says Bryn Merrey, (top right photo) regional manager of the firm’s Tampa office.

Following are some of the most significant aspects of the Tampa Industrial Research Report:

· In 2009, employers will eliminate 50,000 jobs, a 4.2 percent decrease. More than 46,000 positions were lost last year.

· Completions will fall to 350,000 square feet of competitive space this year from 3.1 million square feet in 2008. Also, 950,000 square feet of owner-occupied space is slated to come online.

· The vacancy rate has risen thus far in 2009 and is on course to finish the year at 11.8 percent, an increase of 210 basis points from year-end 2008. Negative net absorption of 3.1 million square feet will be recorded.

· Asking rents are forecast to decrease 7 percent to $5.56 per square foot this year,

Orange County moved up five spots to No.1 in this year’s Midyear NII, driven by a significant decline in new construction.

Last year’s leader, Los Angeles, fell to No. 2 on waning imports from Asia. Seattle held steady at No. 3 as limited construction activity will keep vacancy largely in check. Houston, ranked at No. 4, dropped two spots in the index due to the nation’s largest forecast inventory increase.

Denver rose two positions to No. 5 as expanding alternative energy companies should support fundamentals in the metro, despite the lingering recession.

For a copy of Marcus & Millichap’s Midyear National Industrial Report and the complete NII rankings, visit www.MarcusMillichap.com.

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

Recession or Not, Love Hotels in Japan Doing Booming Business

TOKYO—Found: A recession-proof industry. Love hotels. Operators prefer to call them Leisure hotels.

There are an extimated 25,000 of them throughout Japan, all of them surviving and many even thriving in the country’s worst recession in 60 years.

Steve Mansfield, CEO of New Perspectives, tells CNN the love hotel industry has proven “very resilient over the last six to nine months.” Mansfield’s company operates six properties.

One of them, the Bonita Hotel in Isawa, boasts a 257 percent occupancy rate. Rooms are rented by the hour. Full-day rentals are not uncommon.

Mansfield's company estimates the industry in Japan pulls in $40 billion a year in revenue.
He tells CNN, "It's a natural human desire. Even these days, on the weekend, every love hotel is full of people -- it's hard to get in.”

Mansfield says love hotels fill a need for privacy in a country where high population density often means couples have little time alone.

Rooms offer a broad assortment of features, including karaoke machines, PlayStation game consoles, DVD players, a variety of cosmetics, customized condoms and indoor-outdoor Jacuzzis.

Though required by law to have a front desk, most rooms can be rented and entered without talking to a clerk.

The days of Japanese being ashamed to enter love hotels are coming to an end, though, Mansfield said.

"Seventy-five percent of our guests are members of our points program," he said. "They carry our points cards, they collect points and they receive gifts. That's something people are very comfortable with, and I think that reflects the customers that we attract."

Takashi Yamamoto, who designs love hotels in Tokyo, agrees.

He tells CNN, "The bad image that love hotels had has faded over time. Also, customers started to raise their voices and became more selective about choosing hotels. In response, management has improved."

The flashiest love hotels are found in Osaka, including a Hello Kitty-themed hotel and one with a room featuring a merry-go-round.

Tokyo hotels tend to be tamer, focused on winning customers with amenities. The Style A Hotel, for example, offers a suite for $190 that includes a full-size Jacuzzi and a private sauna.

Though young couples make up the majority of customers, they are not the only ones. One man, who declined to be named, told CNN, "I go to love hotels when I'm drunk and don't feel like going home."

Whatever the reasons, the hotels have been doing well enough that Mansfield recently went to London, seeking investors to expand.

"Through our research we've worked out that 90 percent of owners have five or fewer hotels," he says.

Mansfield estimates there is plenty of room for expansion in this unheralded industry in Japan.

Los Angeles Medical Office Market Outperforms Nation

LOS ANGELES, CA--Marcus & Millichap Real EState Investment Services reports medical office properties in the Los Angeles metro continue to perform favorably, despite the nationwide recession, and healthcare reform bodes well for the sector’s future performance.

Unlike other asset types, medical office properties continue to garner investor demand by exhibiting considerable resistance to the economic downturn.

Medical office vacancy in Los Angeles is currently 8.7 percent, while traditional offi ce vacancy in the metro is 11.5 percent.

By comparison, the U.S. averages for medical offi ce and traditional offi ce vacancy rates were 11.7 percent and 15.2 percent, respectively, in the fi rst quarter. Much of the medical offi ce sector’s resilience can be attributed to the positive state of the healthcare industry.

While nonfarm employment in Los Angeles is forecast to weaken further in 2009, demand for medical offi ce space will get a boost from growth in the education and health services industry, where employers are expected to add almost 10,000 positions by year end.

The United States as a whole is also projected to record growth in education and health services employment this year, starting with a 0.4 percent expansion in the fi rst quarter.

During the same period, education and health services firms in Los Angeles created more than 7,000 jobs for an increase of 1.4 percent.

These gains point to continued demand for medical space; however, as the recession wanes and the unemployed return to work, healthcare requirements will grow, further strengthening the medical office market.

A further boost to the medical office sector may come from the new administration’s healthcare reform efforts to broaden medical coverage and access.

Los Angeles has one of the highest uninsured rates in the nation, with more than 25 percent of the population lacking health coverage, compared to 16 percent nationwide.

With 75 percent of the metro‘s inhabitants covered, there is approximately 4.2 square feet of medical offi ce space per insured individual. An increase in the insured rate to even 90 percent of the population by 2013 would necessitate roughly 8 million square feet of additional medical office space, using the current ratio.

For a complete copy of the company's report, please contact Stacey Corso, stacey.corso@marcusmillichap.com

Beazer Homes Agrees to Pay $53M to Settle Mortgage Fraud Charges

WASHINGTON, DC – In the most blatant case of mortgage fraud disclosed to date, Atlanta-based Beazer Homes USA Inc. has agreed to pay a total $53 million to settle a U.S. Dept. of Justice lawsuit.

The suit could have triggered criminal prosecution against the 41-year-old homebuilder and possibly put it out of business, sources in a position to know tell Real Estate Channel.

The Justice Dept. says Beazer will pay $5 million to the federal government and up to $48 million to victimized homeowners.

"We deeply regret these matters and have used what we have learned to strengthen our control and compliance culture," says Beazer Chief Executive Ian J. McCarthy (top right photo).

The company, which calls itself the 10th largest homebuilder in the U.S., closed its mortgage unit in February 2008. The federal fraud investigation has been going on since 2007.
The company, founded in London in 1968, operates in 16 states.

Beazer Homes has been listed on the New York Stock Exchange since 1994 under the ticker symbol BZH.

The settlement is tied to an agreement with federal prosecutors in North Carolina that will allow the company to avoid criminal prosecution on the mortgage-fraud charges, and on other accounting-fraud charges related to the manipulation of company earnings.

In a separate action, the Securities and Exchange Commission has filed civil charges against Michael T. Rand, Beazer's former chief accounting officer. Rand is accused of conducting a fraudulent earnings scheme and hiding his wrongdoing from outside auditors and other company accountants.

The New York Times and The Washington Post report separately that In the mortgage fraud case, prosecutors said Beazer ignored income requirements in making loans to unqualified buyers, and sought to hide from the Federal Housing Administration that some company branches had excessive default rates on their loans.

Prosecutors in North Carolina also said Beazer charged home buyers interest "discount points" at closing but kept the money and didn't reduce interest rates on the loans, the newspapers report.

The homebuilder provided buyers with cash gifts so they could come up with minimum down payments, only to add the gift price onto the purchase price of the house, according to the Justice Dept.

When home sales slowed in 2006, Beazer tapped into a reserve for land development and house construction and improperly boosted its slumping earnings, the agency says.

In the end, the SEC said, Beazer understated the company's income in SEC filings by $63 million between fiscal years 2000 through 2005.

In addition, the company overstated its income and understated losses by a total of $47 million in fiscal year 2006 and the first two quarters of fiscal year 2007.

Expansion of SBA’s latest initiative could have dramatic impact on Small Businesses, National Economy, says Chris Hurn

ALTAMONTE SPRINGS, Fla. - The U.S. Small Business Administration’s helpful decision recently to extend its SBA-504 lending program ---which helps small business owners who want to acquire or develop their own facilities---doesn’t go far enough, says Chris Hurn, (top right photo) chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn’s analysis, which he published at www.504Experts.com, is getting some major media traction, including a lengthy interview in the New York Times.

The most recent SBA initiative---announced last February and put into effect recently---extends the SBA’s 504 lending program to include refinancing.

Hurn gives the SBA credit for extending the 504 loan program. But the SBA initiative requires businesses to use new funds for expansion purposes only.

“That’s the kink,” Hurn said. “How many small businesses are in an expansion mode in this economy?” he asked.

Billions of dollars worth of potential small business loans go unfunded every year, Hurn said.

“That money needs to be in the marketplace to have any positive effect on small business growth. The $255 million,” Hurn said.

The numbers back Hurn’s proposition: SBA 504 loans are down 41.5 percent this fiscal year and the total dollar amount funded has dropped 42.5 percent from last year.

“The SBA is moving in the right direction, but the positive impact on small business growth in the U.S. would be explosive if SBA would lift its restriction to small business expansion and open the door to true refinancing,” Hurn added.

For more information, contact:

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040
Shannon Marks, President, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications, 407-644-4142

Landmark Watergate Hotel, Vacant for 5 Years, Faces Foreclosure

WASHINGTON, DC—Watergate, a name synonymous with the late President Richard M. Nixon, (bottom right photo) is in the news again.

Getting the attention this time is the 251-room Watergate Hotel, part of a six-building office complex overlooking the Potomac River in northwest Washington, D.C.

The property gained international headlines from the June 17, 1972 politics-motivated burglary that led to Nixon's resignation on Aug. 8, 1974.

The hotel is headed for foreclosure unless the lender, New York City-based PB Capital Corp., agrees to new terms with D.C. developer-owner Monument Realty, company officials confirm. PB Capital is a non-bank subsidiary of Deutsche Postbank AG.

Monument has defaulted on a $70 million loan that came due this week, another fallout from the real estate crash and the collapse of Lehman Brothers, a partner and equity investor in the property, reports The Washington Post.

PB Capital holds $40 million of the $70 million loan.

The hotel has been closed since Monument bought the property five years ago. At that time, the developer had planned to redevelop it as a luxury hotel but the residential market soured and shelved those plans, according to Michael J. Darby, (middle left photo) a company principal and co-founder.

"Monument is still committed to the Watergate," says Darby. "We still believe it's a phenomenal asset and will have the potential to be a great hotel in the future." Monument "would want to stay involved in the project if at all possible," Darby adds.

"Everyone thought this (Watergate Hotel concept) would be a home run at the time," says Dan Fasulo, managing director of Real Capital Analytics, a New York firm that tracks commercial real estate.

But the hotel may still surface as a successful asset, some industry watchers note.

"At the end of the day, it's a landmark," says Kurt Sachs, senior managing director at PB Capital. "The fact is, we have not foreclosed. There are investors with an interest in buying this. The question is, what kind of price are they offering us?"

Hoteliers Continue to Face Eroding Room Demand

ENCINO, CA--Marcus & Millichap Real Estate Investment Services Inc. reports the recession continues to erode room demand, forcing hotel owners to increasingly consider lowering their average daily rate (ADR), a strategy that will put downward pressure on revenue per available room (RevPAR).

In the months ahead, challenges will persist for owners, as many measures of economic activity indicate that further declines in room demand will occur and greater pressure will be exerted upon profitability.

Occupancy of 50 percent, often considered the minimum target threshold to attain profitability, has been equaled or exceeded on fewer than half of the days thus far in 2009, down from 73 percent in the corresponding period last year.

Supply growth, meanwhile, has contributed to the sharp downturn in property fundamentals over the past several months, and more than 130,000 additional rooms are expected to be delivered this year.

The projected increase in supply will put further pressure on owners to discount rates in order to retain market share.

On a positive note, however, challenges obtaining construction financing may defer or cancel some projects, thereby easing the effects of supply growth on other fundamentals.

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

Stacey Corso, Communication Director, stacey.corso@marcusmillichap.com

Grubb & Ellis Names David Susoreny Executive Vice President, Corporate Services Group

SANTA ANA, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has named David Susoreny executive vice president, Corporate Services Group. The promotion is effective immediately.

Susoreny is a 12-year veteran of the company, having most recently served as managing director, Corporate Services Group, which provides multi market account management for corporate clients to ensure the highest level of integrated real estate services.

In this role, he will oversee the company’s Corporate Services directors as well as the company’s International, Project Management and Strategic Consulting businesses.

“David has shown a tremendous aptitude for assessing a client’s real estate needs and applying our service offerings in a way that is strategic and flexible, creating real estate programs specifically tailored to a client’s needs both in terms of geographic footprint and service requirements,” said Jack Van Berkel, (top right photo) president, Real Estate Services. “In the 12 years he has been with Grubb & Ellis, his ingenuity in servicing clients has gone unmatched.”

Contact: Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com

Black & Veatch Completes Purchase of World Headquarters

OVERLAND PARK, KS--(BUSINESS WIRE)--Black & Veatch today finalized its purchase of the 11401 Lamar Avenue building in Overland Park, the headquarters for one of the world’s largest engineering, consulting and construction companies.

The purchase allows the company to begin site development, enhancement and plans for expansion, which is expected to create an economic boost for the region.

“Black & Veatch’s decision to expand in Kansas is a testament to our state’s strong business climate,” said Governor Mark Parkinson. (middle left photo) “Kansas is known for its safe communities, great schools and highly educated workforce. We’re so glad to have a global leader like Black & Veatch make Kansas the home of its world headquarters.”

Black & Veatch purchased the 11401 Lamar Avenue building for $60 million, securing part of the financing for the purchase through The Mission Bank in Johnson County, Kansas.

“The combined support of the state of Kansas and the city of Overland Park were instrumental in reaching this milestone,” said Len C. Rodman, (middle right photo) Black & Veatch Chairman, President and CEO.

“With the completion of this purchase, we can now begin to implement at our world headquarters the same types of innovative and sustainable solutions we provide every day for our clients.”

The new world headquarters (above centered rendering) will include a solar courtyard, solar canopy, bio garden and an innovation pavilion. There will also be extensive workspace, common area and facility upgrades, as well as energy management upgrades; enhancements in external landscaping; rainwater reuse systems and storm water run-off management.

When completed, Black & Veatch’s world headquarters will be LEED certified.

“Bringing these innovative and futuristic enhancements to an older facility to meet tomorrow’s design standards presents a large technical challenge, but is the most sustainable solution for the area,” Rodman added.

“It’s a challenge our professionals relish and take tremendous pride in. In addition to these enhancements, we are also planning for an additional 250,000 square-foot complex that will be built, when needed, to accommodate future growth.”

The company has piloted many of the potential design concepts at its more than 100 global offices and will draw on its LEED-certified experts and architecture, engineering and construction talent to bring innovative design concepts to the world headquarters.

“Overland Park knows the value Black & Veatch brings to the city, the state of Kansas and the entire metropolitan Kansas City area,” said Overland Park Mayor Carl Gerlach. (bottom right photo)

“Its construction plans include truly unique advancements in construction science, and a commitment to the community and environment. Congratulations to the entire Black & Veatch team on its purchase, pending enhancements and eventual expansion,” Gerlach added.

Additional Information:

Black & Veatch announced on March 23, 2009, its decision to purchase the 11401 Lamar Avenue location after a two-year real estate analysis.

The analysis included the evaluation of approximately 40 sites across the Kansas City metro region.

Black & Veatch has been the sole occupant of the building since its original construction in 1976.
The building was expanded to 600,000 square-feet in 1996 and is the largest office building in Kansas.

The building currently houses more than 2,300 of the company’s 3,800 workforce in the Kansas City metro region.

With a potential total of 850,000 square-feet of office space on the campus, the world headquarters site could ultimately accommodate a total workforce of more than 3,400.

Site development will take place from 2009 through 2010. Building enhancements are planned for 2010 through 2012. Future expansion aligns with Black & Veatch’s long-term strategy.

The Leadership in Energy and Environmental Design (LEED) Green Building Rating System is a voluntary, consensus-based national rating system for developing high-performance, sustainable buildings.

Marcus & Millichap Hires Fran Victor as Associate in Portland, OR Office

PORTLAND, OR– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Fran Victor (top right photo) as an associate in the Portland office, according to Tony Cassie, regional manager of the Portland office.

“As a 17-year veteran of the commercial real estate industry, Fran brings a wealth of expertise in the acquisition and disposition of commercial real estate to our firm,” says Cassie.

“With this new hire, Marcus & Millichap will be better positioned to provide unparalleled investment brokerage, research and advisory services to our clients in the Portland region and throughout the Pacific Northwest.”

Victor specializes in multi-family investment sale transactions. Prior to joining Marcus & Millichap, she was with her own firm, Victor Investment Real Estate. Prior to that, she was with Granite Equities Inc. and Equity Builders Realty, both based in Portland.

“I joined Marcus & Millichap because my clients can benefit from the firm’s national brokerage platform and access to the more private investment capital than any other company in the United States,” says Victor.

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

Officials Announce 2009 International Hotel Conference in Venice

VENICE, Italy—Organizers of the International Hotel Conference, one of the most significant annual gatherings of international hotel experts, today announced participants will receive complimentary water taxi service from the airport to the hotel and a €50 per night room rate reduction from €365.

The seventh annual event is scheduled October 21-23, 2009 at the Hilton Molino Stucky, in Venice, Italy.

“We chose ‘Time to Get Back in the Game’ as this year’s conference theme, which certainly seems to be the overall feeling in the industry,” said Morris Lasky, (middle right photo) conference co-chairman and president of Lodging Unlimited Inc.

“Europe is beginning to show signs of bottoming out and should be in the early stages of recovery in October. We expect to see significant acquisition activity taking place during the conference.

“Pre-registrations are ahead of last year and we have gathered over 100 notable speakers to address the various issues facing hoteliers today,” Lasky added. “We are confident that this is the strongest speaker list in our seven-year history.”

Speakers will include:

Dr. Sabina Giese, (top left photo) Director of Development Central & Eastern Europe, Choice Hotels International

Peter Gee, (middle left photo) Partner, King Sturge, LLP

Jean Gabriel Pérès , President & CEO, Mövenpick Hotels & Resort

Simon Vincent, (bottom right photo) President - Europe, Hilton Hotels
Russell Kett, Managing Director, HVS

Blanche van Berckel, (bottom left photo) Managing Director, Fairquest Hotels

· Babette Marzheuser-Wood, Partner, Vice Chair of the European Franchising Network, Field Fisher Waterhouse LLP

· Paul McCartney, Partner, Davies Arnold Cooper LLP

· Wilma Kellermann-Baans, Vice President Business Development, Steigenberger Hotels AG

“This is a special opportunity to offer attendees a new reduced rate on accommodation at the Molino Stucky,” said Lasky. The new rate of €315 per night is available only if booked before August 31, 2009.

The International Hotel Conference is the premier annual gathering of senior level hospitality executives, including owners, operators, franchisors, lending institutions, bankers, architects/designers, attorneys, brokers and other members of the hotel and related communities.

Information about the International Hotel Conference may be found at the event’s Web site http://www.ihconference.com/, or by contacting the conference organizer, Morris Lasky at mlasky@aol.com.

Media contacts: Jerry Daly or Patrick Daly, 001 703 435 6293

Commons at Abacoa in Jupiter, FL Gets $5M Loan

FORT LAUDERDALE, FL—July 2, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on June 30, 2009, in the amount of $5,037,500 for the Commons at Abacoa II (top left photo) in Jupiter, Florida.

Patrick Madore, (bottom right photo) Company Vice President, financed the Commons at Abacoa II through Thomas D. Wood and Company’s relationship with a regional bank.

The loan has an interest rate of 6.5% and a 10-year term with a five-year rate review, based on a 25-year amortization. The loan-to-value is 65%. The 29,461 square-foot office building was built in 2007 and is home to major tenant Health Care REIT. The Commons at Abacoa II is located at 661 University Drive, Jupiter, Florida.

For further information, please contact:

Patrick Madore, (954) 233-6024, pmadore@tdwood.com

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