Michael Landon Joins Grubb & Ellis as Senior Vice President

DALLAS, TX (Aug. 3, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Michael Landon, a 30-year veteran of the Dallas commercial real estate industry, has joined the company as senior vice president.

He will be responsible for serving the debt financing and equity needs of clients, expanding the office’s service offerings to include mortgage brokerage.

“This is the first time Grubb & Ellis will offer mortgage brokerage services in its Dallas office,” said Moody Younger, executive managing director, Texas. “With a professional of Mike’s caliber leading this effort, we will be able to offer our clients a new level of service.”

Landon joins Grubb & Ellis from JML Capital, which he founded in 2003 to provide real estate capital consulting throughout the Dallas and Austin markets.

Contacts:
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com
Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

Orange County, FL Resort Tax Collections for June Down 16%

ORLANDO, FL -- County Comptroller Martha Haynie announced today that resort tax collections received by the County in July for the hotel collection month of June 2009 were $12,259,500.

Resort taxes are charged on short-term rentals, mostly hotels and motels.
Comptroller Haynie noted that June 2009 collections were sixteen percent lower than June 2008.

“This month marks a full year of continuous monthly declines, which means that the percentages now are being benchmarked against previous year monthly declines.

" In other words, while the June 2009 collections are 16% lower than the previous June, June 2008 was already showing declining collections,” Haynie added.

CONTACT: Martha O. Haynie (407) 836-5690

Greg Findlay Named GM forWestin Siray Bay Resort & Spa in Phuket, Thailand

Regina Wilson appointed Director of Sales & Marketing

SINGAPORE– Westin Hotels & Resorts today announcement the appointment of Greg Findlay (top right photo) as General Manager and Regina Wilson (top left photo) as Director of Sales & Marketing for The Westin Siray Bay Resort, Phuket.

Findlay will play a key role in setting the strategic directions for the hotel and be responsible for all aspects of the resort while Wilson will be leading the Sales and Marketing team.

“We are thrilled to introduce the first Westin resort in Thailand! Thailand is known for the warm hospitality and friendly services and we are excited to bring travelers to Phuket a new level of personal and instinctive services in an inspiring setting of abundance green, white sandy beach and crystal clear water,” said Findlay.

Wilson joins Findlay from Le Meridien Nirwana Golf & Spa Resort, Bali as the Director of Sales & Marketing. Prior to that she was the Director of Sales at Sheraton & Westin Resorts, Denarau Island, Fiji (Complex). Wilson renews by spending time with her family and going to the spa.

Contact: Hwee-Peng Yeo, Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Real Estate Capital Market Investors Beginning to See Bottom

CHICAGO, IL - The Real Estate Capital Institute reports mid-summer market madness clouds the real estate capital industry, yet bursts of hope glimmer as more properties are sold and investors are beginning to see a bottom.

As short term rates remain near the bottom, with LIBOR sinking to a record low, plenty of funds are available.

However, funds are sidelined in anticipation of even more favorable pricing in the coming months as distress deals are predicted to flood the market during the next two years.

Other market highlights includethe following:

* Pricing readjustments of 20% to 30% below 2007-08 levels emerge as new benchmarks. With rare exception, pro forma valuation is replaced with direct capitalization of actual income.

In fact, most investors are revamping net operating income figures with downward income expectations, while expenses are expected to rise -- particularly property taxes and utilities.

* The yield curves for secondary-market and older properties are substantially steeper as investors focus on prime-location assets at relatively attractive price levels. Such assets are sized based on overall yields often in excess of 15% or more.

* Mortgage pricing substantially favors multifamily assets as debt is still available at 6% or less for higher leveraged the assets via the Agencies. Conversely, commercial properties are financed at levels of 60% of value or less with strict cash-out requirements and other provisions (e.g., recourse) previously thought too onerous as lenders cherry-pick deals.

* With distressed debt deals offering very appealing rates and principal reduction, astute investors redouble efforts in this investment arena.

"Loan to own" opportunities appeal to such buyers, especially those with development and management expertise. Banks and other distressed financial institutions provide an ongoing pipeline of deals.

* "Hidden" prepayments plaque many acquisition deals with existing, assumable debt as lenders force pay down - along with corresponding penalties - in those cases where the purchase prices create unusually highleverage due to the denominator effect.

Less evident, although just ascritical, the same issue applies for lenders requiring pay downs from borrowers, even if no new recapitalization occurs as balance-sheet cleansingcontinues.

Gary Duff, an Advisory Board Member of the Real Estate Capital Institute, remarks that "more market clarity is expected in the fall when investorsreturn from the summer holidays.

"For now, most institutions consider asset management as their top priority."

He suggests, "Many legacy owners aremore concerned about losing income stream rather than capturing newopportunity plays."

Contact: Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324), director@reci.com

http://www.reci.com/

Franklin Street Announces $9,550,000 Florida Multifamily Sale

TAMPA, FL, July 31, 2009--Franklin Street Real Estate Services is pleased to announce the sale of Costa Del Sol Apartments (top right photo) in Seminole, Fla., for $9.55 million.

The sales price represents $66,319 per unit and $84.22 per square foot.

Franklin Street broker Robert Goldfinger represented the buyer in the transaction.

John Burpee from NAI Real Estate represented the seller.

The seller was Merecorp, Inc. The buyer was a private investor group.

The buyer paid a premium for the property due to its outstanding location and condition and due to the lack of quality apartment communities available to acquire today,” comments Goldfinger, a Partner with Franklin Street Real Estate Services.

Built in 1972, Costa Del Sol Apartments is located at 7700 Ridge Road in Seminole, FL. The property was constructed of concrete block and offers 113,400 rentable square feet.

The apartment community consists of 72 one-bedroom units and 72 two-bedroom units ranging in size from 675 square feet to 900 square feet.


Common amenities include a swimming pool, lush landscaping, clubhouse and a playground. Units are equipped with washer and dyers, balconies or patios and central air-conditioning.

Costa Del Sol is conveniently located near major highways, beaches and the Gulf of Mexico.


Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330, http://www.franklinstreetfinancial.com/

Marcus & Millichap Promotes 3 to Vice President Investments in Encino, CA office

ENCINO, CA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Jeffrey Miller, (top right photo) Clyde Isaacson (bottom left photo) and Lior Regenstreif (bottom right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Scott D. Lamontagne, regional manager in the firm’s Encino office.

Miller began his career with Marcus & Millichap in 2003, specializing in multi-family properties.

Isaacson also began his career with Marcus & Millichap in 2003 specializing in multi-family properties.

Regenstreif began his career with Marcus & Millichap in 2007, specializing in the sale of retail properties.

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

Marcus & Millichap Capital Corp. Arranges $4.53M Loan for New York City Mixed-Use Property

NEW YORK, N.Y., July 30, 2009 – Marcus & Millichap Capital Corporation (MMCC) has arranged a $4.53 million loan for the acquisition of an 8,700-square foot mixed-use multi-family and retail building located at 229 Lenox Ave. in New York City.

Brian Ursino, an associate director for the firm’s Manhattan office, arranged the financing package for the mixed-use building.

“The property presented many unique challenges in creating a comprehensive financing package for our client,” states Ursino.

“Our client, a successful art gallery owner, wanted to open a gallery on the first floor and also reside in the building. This required MMCC to source lenders who would finance a combination of loans to include a small business loan, a construction loan for renovations and an equity line of credit.”

“By utilizing MMCC’s platform, we were able to create a knowledgeable advisory team consisting of a lender whose underwriters were familiar with our client’s business, and New York State agencies that subsidized a portion of his interest payments for the first few years of his loan,” continues Ursino.



“The loan program we created gave our client interest on $500,000 at a specified rate for a period of time which paid some of his interest expense.”

Marcus & Millichap Capital Corporation arranged a total of $4.53 million of financing on a $1.8 million purchase.

Financing was provided by a SBA loan of $1.44 million, a construction loan of $2.34 million and a $750,000 equity line. Interest rate was at 5.3 percent fixed rate with a 30-year amortization schedule.

Loan-to-value was 80 percent plus 20 percent in a working capital equity line for a total of 100 percent financing.

“MMCC was able to arrange a creative financing transaction for our client that is becoming increasingly rare, if not extinct, given the current state of the capital markets,” adds Ursino.



Press Contact: Kathy Molitor, Marcus & Millichap Capital Corporation, (925) 953-1704

Arbor Closes 3 Fannie Mae Loans Totaling $8M

2 Charlotte, NC Properties Get Fannie Mae DUS® Loans Totaling $6,675,900

Uniondale, NY (July 30, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,675,900 under the Fannie Mae DUS® product line. These loans include:

· Woodfield Gardens, Charlotte, NC - 132-unit complex in the amount of $2,680,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

· Milton Road Apartments, Charlotte, NC – 231-unit complex in the amount of $3,995,900 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loans were originated by Alex Kaushansky, (top left photo) Director, in Arbor’s full-service New York City lending office. “Arbor executed both loans simultaneously allowing the borrower to meet his goal of a speedy closing,” said Kaushansky. “We were pleased to deliver in this tight timeframe.”

Shreveport, LA Apartments Obtains $1.35M Loan

Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,357,954 loan under the Fannie Mae MAH® product line for the 143-unit complex known as Calvary Crossing in Shreveport, LA.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.17 percent.

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

“This is a 100 percent Project Based Section 8 project that had some additional subsidy layering as well,” said Kelly. “The owner had bought this asset less than a year ago and we were able to restructure his debt to lower his cost of capital and debt service. We were pleased to demonstrate the flexibility of our financing platform for this intricate transaction.”

Contact: Ingrid Principe, iprincipe@arbor.com

Fitch: Specially Serviced U.S. CMBS May Reach $100B by End-2009

NEW YORK, NY-July 30, 2009: With close to $50 billion in U.S. CMBS now in special servicing, that number may approach $100 billion by the year end, representing approximately 12% ($96 billion) of total outstanding CMBS, according to Fitch Ratings in a new report.

"The resources of special servicers will continue to be stretched, which will intensify scrutiny on their preparedness,’ said Managing Director Stephanie Petosa. "Compounding the problem is that many of these loans expected to default are large and complicated loans."

Despite the growth in specially serviced loans, Fitch does not expect the same rate of growth on CMBS delinquency rates.

Fitch is projecting delinquencies on U.S. CMBS to eclipse 5% by the end of 2009. Fitch monitors servicing portfolio volume and is provided year-end and quarterly data from Fitch-rated special servicers.

The data in the report includes information for Fitch and non-Fitch rated CMBS transactions.

Fitch will continue to measure servicer performance through the collection and analysis of management reports from its rated servicers and come to the market with timely commentary as developments unfold.

Contacts:

Stephanie Petosa +1-212-908-0720,

Alyson Weems +1-212-908-0305, New York or

Richard Carlson +1-312-606-2373, Chicago.

Thomas D. Wood & Co. Brokers $9.33M Loan in Mount Dora, FL

ORLANDO, Fl, July 29, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured construction financing on July 28, 2009, in the amount of $9,330,000 for Loch Leven Landing in Mount Dora, Florida.

Doug Rozzell (top right photo) financed Loch Leven Landing, a grocery-anchored shopping center, through Thomas D. Wood and Company’s relationship with two community banks.

The construction/mini-permanent loan has an interest rate of Prime + 1.5% floating with a floor of 5.875%. The loan term is 24 months interest-only, converting to a 36-month mini-perm, based on a 25-year amortization.

Loan-to-value is 75% and loan-to-cost is 85%. The 71,540 square-foot retail center will be home to major tenant Publix, and will be built on 15.03 acres at the intersection of US 441 and SR 44 in Mount Dora, Florida.

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

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

Interstate Hotels & Resorts Opens Crowne Plaza Milwaukee Airport

ARLINGTON, VA, July 29, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, today announced the opening of the 194-room Crowne Plaza Milwaukee Airport, (top left photo) which recently completed a multi-million dollar renovation and brand conversion.

The former Ramada Inn and Conference Center is owned by Amana Hospitality, LLC, and will be managed by Interstate.

This is the third property Interstate has opened this summer, with 13 under-development properties remaining in the company’s management pipeline, most of which are scheduled to open in 2010.

“This is our first contract with this ownership group,” said Leslie Ng, Interstate’s chief investment officer. “Our vast experience and deep relationship with the brand are two factors which made us the manager of choice for this property."

“Milwaukee is the largest city in Wisconsin and a popular Midwest destination and desirable locale for meetings and banquets,” said Thomas F. Hewitt, (middle left photo) chairman and chief executive officer, Interstate.

“The Crowne Plaza Milwaukee Airport underwent a complete overhaul of all interior and exterior spaces to enhance the guest experience. The hotel’s proximity to the airport and its state-of-the-art facilities and amenities attract a wide following of both leisure and business travelers.”

The Crowne Plaza Milwaukee Airport is located at 6401 South 13th St., two-and-a-half miles from General Mitchell International Airport.

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

Contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320

Arbor Closes $3.95M Fannie Mae DUS® Loan for Colerain Towers in Cincinnati, OH

Uniondale, NY (July 29, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,950,000 loan under the Fannie Mae DUS® Loan product line for the 257-unit complex known as Colerain Towers (top left photo) in Cincinnati, OH.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated by John Kelly, Vice President, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to work with this long-term owner who was looking to refinance their existing debt and make a few capital improvements,” said Kelly.

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

Legacy Partners Reaches 98% Occupancy at West Hollywood, CA Community

LOS ANGELES, CA, July 29, 2009 — Legacy Partners, a leader in residential and commercial real estate for 40 years, has reached 95 percent occupancy at 7950 W. Sunset, (centered photo below) a new “one-of-a-kind” luxury community in West Hollywood.

The success comes less than seven months since the start of the leasing period at this award-winning community which features 183 apartments/townhomes and ground level retail located on the famed Sunset Strip.

Recently, 7950 W. Sunset received a Golden Nugget Award, in the category of Outstanding Mid-rise Community, at the Pacific Coast Builders Conference in San Francisco.

Developed as the most over-the-top, edgiest, stylish environment, this haven features community and in-unit amenities and finishes residents dream about.

“Throughout the leasing process, our property management and development team achieved success by adapting to the constantly changing rental market,” said Scott Morrison, CPM, Senior Vice President for Legacy Partners Residential, Inc. “You will never again see a multifamily development featuring the amenities and finishes found at this community.”

Apartments at 7950 W. Sunset range in price from $2,100 to $4,600 per month. There are 28 studios, 81 one bedrooms and 74 two bedroom homes ranging in size from 590 to 1,238 square feet.

The project team for 7950 W. Sunset includes Legacy Partners Residential, Inc., developer and property management; Legacy Partners Builders, Inc., general contractor; AIG Global Real Estate, financial partner; Guaranty Bank, lender; Thomas P. Cox Architects, Inc., architecture; HRP Landdesign, landscape architecture and design; Fuscoe Engineering, civil engineering; Natural Graphics, graphics and signage; and Faulkner Design Group, interior design.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

New Faces and New Positions at Marcus & Millichap

MICHAEL ZIMMERMAN NAMED VICE PRESIDENT INVESTMENTS IN FORT LAUDERDALE OFFICE

FORT LAUDERDALE, FL– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Zimmerman (top right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gregory Matus, regional manager in the firm’s Fort Lauderdale office.

Zimmerman began his career with Marcus & Millichap in 2004. He specializes in brokering the sale of retail properties.

MIAMI OFFICE GETS THREE NEW AGENTS

MIAMI, FL – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Demosthenes “Deme” Mekras,(middle left photo) Mark Wohl (middle right photo) and Alex Zylberglait (bottom left photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents.

It represents excellence in client relationships, investment real estate expertise and sales volume, according to Kirk A. Felici, vice president and regional manager in the firm’s Miami office.

Mekras began his career with Marcus & Millichap in 2003. He specializes in the sale of multi-family properties.

Wohl began his career with Marcus & Millichap in 2001, specializing in multi-family and hospitality properties.

Zylberglait began his career with Marcus & Millichap in 2003, specializing in the sale of office and industrial properties.

JAMES “ALLEN” SMITH APPOINTED
VICE PRESIDENT INVESTMENTS IN CHARLOTTE UPTOWN OFFICE

CHARLOTTE, NC – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named James “Allen” Smith (middle right under Mark Wohl photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Gary R. Lucas, regional manager in the firm’s Charlotte Uptown office.

Smith joined Marcus & Millichap in 2002. He specializes in multi-family investment sales.

JOEL DUMES AND STAN FALK ARE NEW VICE PRESIDENT INVESTMENTS IN CINCINNATI OFFICE

CINCINNATI, OH– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Joel Dumes (middle left photo under Alex Z. photo) and Stan Falk (middle right photo under James Allen Smith photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Joshua Caruana, regional manager in the firm’s Cincinnati office.

Joel Dumes began his career with Marcus & Millichap in 2003, specializing in retail, office and industrial properties. Stan Falk also began his career with Marcus & Millichap in 2003. Falk specializes in retail, office and industrial properties as well.

MICHAEL BARRON AND DAN BURKONS NAMED VICE PRESIDENT INVESTMENTS IN CLEVELAND OFFICE

CLEVELAND, OH– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Michael Barron (bottom left photo) and Dan Burkons (bottom right photo) to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to Michael L. Glass, regional manager in the firm’s Cleveland office.

Michael Barron began his career with Marcus & Millichap in 2003 specializing in the sale of multi-housing properties. Dan Burkons also began his career with Marcus & Millichap in 2003. He specializes in multi-family and self-storage properties.

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

Marcus & Millichap Sells $10.35M Reo Apartment Property in San Bernardino, CA

SAN BERNARDINO, CA, July 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the sale of Sunset Ridge Apartments, (top right photo) a 205,634-square foot, 251-unit special asset apartment property in San Bernardino.

The sales price of $10.35 million represents $41,235 per unit and $50 per square foot.

Alexander Garcia, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Ontario, and Lane Schwartz, vice president investments and a director of the NMHG in West Los Angeles, represented the seller, one of the largest loan servicing entities in the United States.

Steve Hsu, an associate vice president investments and an associate director of the NMHG in Ontario, represented the buyer.

“Our marketing campaign generated 17 offers,” says Garcia. “The buyer offered all cash and we closed in two weeks on a non-contingent basis.”

Located at 1700 East Date St., Sunset Ridge Apartments is adjacent to the recently completed Foothill Freeway, State Highway 210. Drive-by traffic on Ste. Hwy. 210 exceeds 60,000 cars per day and provides outstanding exposure and easy access to the job markets in Los Angeles, Orange, Riverside and San Bernardino counties.

Sunset Ridge Apartments is served by Omnitrans, the San Bernardino Valley public transit agency, and is within walking distance to shopping, banking and schools. Cal State San Bernardino is just a five-minute drive from the property.

Built in 1973, Sunset Ridge Apartments’ unit mix features 60 one-bedroom/one-bath units, 64 two-bedroom/one-bath apartments, 35 two-bedroom/one-bath townhomes, 64 two-bedroom/two-bath apartments, 20 three-bedroom/two-bath units and eight four-bedroom/two-bath apartments.

This unit mix is not duplicated anywhere else in the submarket.
Unit interiors feature large kitchens with gas ranges, ovens, dishwashers and disposals. All units feature central air conditioning and electricity-generated forced air heating. Each unit is individually metered for electricity.

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