Indiana student housing community refinanced

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a refinancing for Campus Habitat 5 Apartments, (top right photo) a 53-unit student housing community on the campus of Vincennes University in Vincennes, Indiana.

Working on behalf of Campus Habitat, HFF associate director David Ross placed the 10-year, adjustable-rate loan with First Financial Corporation.

Based in New York City, Campus Habitat acquires, renovates and manages student housing communities throughout the United States.
Campus Habitat 5 Apartments is located at 201 West Saint Clair Place on 1.6 acres within the Vincennes University campus in southwestern Indiana. The fully-leased property has five buildings with 47 two-bedroom units and six six-bedroom townhomes averaging 719 square feet each.

“Campus Habitat 5 Apartments underwent extensive renovations in August 2008 including upgrading unit interiors, exteriors and common areas to provide the many modern amenities desired by students today,” said Ross. “This financing allows Campus Habitat to recognize the value created following their acquisition and repositioning of the asset.”


Contacts:
J. David Ross, HFF Associate Director, (317) 630 3191, dross@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500,krmurphy@hfflp.com

HFF closes sale of Crossroads Mall in San Antonio, TX

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today they have closed the sale of Crossroads Mall, (top left photo) a 742,000-square-foot mall in San Antonio, Texas.

HFF senior managing directors Rusty Tamlyn (middle right photo) and Doug Hazelbaker (bottom left photo) led the investment sales team on behalf of the seller, an affiliate of Trammell Crow Company.

A group of San Antonio and Houston investors purchased Crossroads Mall for an undisclosed price.

Crossroads Mall is located on a 36.5-acre site at 4522 Fredericksburg Road close to the Interstate 10 and 410 interchange in northwest San Antonio.

Originally built in 1961, the property is undergoing a remarketing and rebranding effort by the new buyer group.

Current anchor tenants include Burlington Coat Factory, Hobby Lobby, Stein Mart and Jo-Ann Fabrics.

Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate.

It has developed or acquired over 500 million square feet of buildings with a value exceeding $50 billion. As of March 31, 2009, Trammell Crow Company had over $6.9 billion of projects in process or in its pipeline.

Contacts:

Rusty Tamlyn, Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com

Doug Hazelbaker, Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com

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

HFF secures $47M financing for New York regional shopping center

NEW YORK, NY – The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured $47 million in financing for Cortlandt Towne Center, (top left photo) a 640,000-square-foot, regional shopping center in northwestern Westchester County, New York.

Working exclusively on behalf of Acadia Realty Trust, HFF senior managing director Mike Tepedino (middle right photo) and director Steven Klein (bottom left photo) arranged the three-year, adjustable-rate loan with Bank of America.
Cortlandt Towne Center is located at 3131 East Main Street located on U.S. Route 6 in Mohegan Lake in Westchester County, New York. The property’s major tenants include Wal-Mart, A&P Food Market, Barnes & Noble, Best Buy and PetSmart.

The site is shadow-anchored by a 133,243-square-foot Home Depot.

“Being the dominant shopping center with limited competition of critical mass in northwestern Westchester County made this asset attractive to investors,” said Tepedino.

Acacia Realty Trust currently owns, or has ownership interests in, and operates 77 properties totaling in excess of 10 million square feet located primarily in the Northeast, Mid-Atlantic and Midwest United States.

Contacts:

MICHAEL J. TEPEDINO, HFF Senior Managing Director , (212) 245-2425

mtepedino@hfflp.com

STEVEN J. KLEIN, HFF Director, (212) 632-1838, sklein@hfflp.com

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

Leading Real Estate Brokerage Firms -- CB Richard Ellis, Cushman & Wakefield, Voit Commercial Brokerage and Collins Commercial – Adopt Online Auction

MARINA DEL REY, CA.--(Business Wire) With a vast number of distressed commercial properties hitting the market, auctions are increasingly becoming a proven method of bringing buyers and sellers together to determine market price.

The flaw, however, with the traditional auction model is that it excludes or limits participation by the broker – the one party that best understands the local real estate market and buyer pool.

Because of this, CB Richard Ellis, Cushman & Wakefield, Voit Commercial Brokerage and Collins Commercial have selected AuctionPoint.com, a new online broker-centric auction platform, to sell commercial properties in Southern California.

Using the AuctionPoint platform, these brokerage firms have created unique online auction sites – each site dedicated to a specific property auction – which will open for bidder registration on August 10 with auctions taking place in September.

“It’s been frustrating trying to bring buyers and sellers together in this market, and while I believe in the value of the auction model, I haven’t been able to utilize existing auction platforms until now because they disengage the broker,” says Gary Stache, (top right photo) Executive Vice President of CB Richard Ellis.

“We chose AuctionPoint because it gives the broker – the market expert – control over the entire auction process, including marketing the auction to the right pool of buyers.

"For commercial real estate, holding the auction online instead of in a hotel ballroom makes perfect sense, and we believe that AuctionPoint’s technology will be the next wave solution for sellers of distressed properties.”

“AuctionPoint will change the way the commercial real estate industry does business," says Joseph Tang, (middle right photo) co-founder of AuctionPoint.

'This technology solution was developed specifically for use by brokerage firms, to address current market conditions. It creates an efficient sales process for brokers while leveling the playing field for all bidder-participants so that a fair market value is achieved.

"Keeping the brokers at the center of the process is the key to running successful auctions, and having several leading brokerage firms on board utilizing AuctionPoint is a testament to the advantages of our model."

AuctionPoint’s robust functionality takes into account the complexities of commercial real estate transactions, accommodating everything from detailed property information to extensive due diligence materials, says Keith Yang, (middle left photo)

During the registration period, brokers can review the list of registered bidders and qualify bidders to participate.

On auction day, brokers know which bidders are in the virtual auction room, when they entered and can view the full bidding history.

Each bidder is also aware of the current high bid, creating a completely transparent process. “Unlike other auction models, AuctionPoint empowers local brokers to run their own auctions,” said co-founder of AuctionPoint," says Yang. "Brokers understand their own markets and are best suited to find the right buyers to participate in the auction.”

Below are details on the September commercial property auctions:

---September 15: 3,774 square foot, turn-key, flex-industrial condominium located at 1382 Valencia Avenue, Unit J, in Tustin, California. Minimum bid for this property is $375,000, or $99 per square foot. This property is being auctioned by Chris Bates, David Bolt, Andrew Morrow and Matt Christensen of CB Richard Ellis.

---September 16: 7,405 square foot, turn-key, flex-industrial condominium located at 16782 Von Karman Avenue, Unit 24, in Irvine, California. Minimum bid for this property is $715,000, or $97 per square foot. This property is being auctioned by Walter Frome and Bill Livesay of Voit Commercial Brokerage.

---September 17: 8,462 square foot, turn-key, office condominium located at 16782 Von Karman Avenue, Unit 12, in Irvine, California. Minimum bid for this property is $1,105,000, or $131 per square foot. This property is being auctioned by Jeff Chiate, Rick Ellison, Todd Martens and Peter Sowa of Cushman & Wakefield.

---September 18: 9,723 square foot, single-tenant, leased investment located at 16782 Von Karman Avenue, Unit 25, in Irvine, California. Minimum bid for this property is $1,165,000, or $120 per square foot, with a 12% cap rate. This property is being auctioned by Gary Stache, Pat Scruggs, John Read and Anthony DeLorenzo of CB Richard Ellis.

---September 18: 20,751 square foot, turn-key, flex-industrial condominium located at 7530 Jurupa Avenue, Units 101-103, in Riverside, California. Minimum bid for this property is $1,992,000, or $96 per square foot. This property is being auctioned by Mike Collins, Dan Foye and Noah Samarin of Collins Commercial.

Contact:
AuctionPoint, Inc., Catherine Finley, Chief Marketing Officer, 800-807-1688 x803, cfinley@auctionpoint.com

Marshall Hotels & Resorts, Inc. to Manage The Inn at Pocono Manor in PA

SALISBURY, MD, August 10, 2009 – Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, today announced that the company has been retained to manage The Inn at Pocono Manor (top left photo) in Pennsylvania (http://www.poconomanor.com/).

The 3,000-acre mountain resort is consistently ranked one of the top three destination properties among resorts in the Pocono Resort Region.

Known as “The Grand Lady of the Mountains,” The Inn at Pocono Manor is a four-season resort listed on the National Registry of Historic Places.

“We plan to continue the mountain resort’s 107-year-old tradition of welcoming guests with the highest quality accommodations, personalized services, facilities and amenities,” said Michael Marshall,(bottom right photo) president and CEO of Marshall Hotels & Resorts, Inc.

“We will build on that tradition with such modern conveniences as complimentary wireless Internet access, in a way that does not take anything away from the hotel’s period-designed rooms and public spaces.

“Marshall has extensive expertise in the successful operation of independent resorts,” Mike Marshall noted.

“We will implement our proprietary operating and marketing programs and take advantage of our economies of scale.

"In addition, we will focus on raising the bar on service levels to offer our guests a more leisurely experience. Our goal is to not only increase occupancy and guest loyalty, but to promote the region, as well. We plan to be very active in the community.”

Contacts:

Rick Day, Senior Vice President – Sales and Marketing, Marshall Hotels & Resorts (410)749-8464 rday@marshallhotels.com

Jerry Daly, media Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Forest City Announces Major Pittsburgh Office Tenants

CLEVELAND, OH, Aug. 10, 2009 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:and)(NYSE:FCEB) today announced major tenant signings in the Company's Pittsburgh-area office properties.

Direct Energy Business will make Liberty Center (top right photo) its new headquarters and has signed a lease for approximately 52,300 square feet of space.

Direct Energy Business, a Direct Energy company, is one of North America's largest commercial retail energy suppliers.

Liberty Center is a 526,000-square-foot complex adjacent to the Pittsburgh Convention Center and incorporates the 616-room Westin Convention Center Hotel and the 27-story Federated Investors office tower.

Yellow Submarine Marketing Communications, Inc., a consumer, entertainment and retail ad agency, has signed a lease for approximately 13,100 square feet of space in the Bessemer Court building at the Station Square mixed-use development.

Station Square is a historic redevelopment area along 1.2 miles of Pittsburgh's riverfront and includes office, hotel, retail, entertainment and hospitality components.

In addition, the Company also has re-signed another existing tenant to space in the Commerce Court office building at Station Square.

"We're honored to welcome these new and renewing tenants to our Pittsburgh-area properties," said Charles A. Ratner, (bottom left photo) Forest City president and chief executive officer.

"These signings reflect the vitality of the Pittsburgh market as well as the quality of our area properties. They also are further evidence of the strength of our office portfolio nationwide, which continues to perform well, even under current economic and market conditions."

CONTACT:

Robert O'Brien, Executive Vice President - Chief FinancialOfficer, +1-216-621-6060,

Tom Kmiecik , Assistant Treasurer, +1-216-621-6060,or

Jeff Linton, Vice President - Corporate Communication, +1-216-621-6060, all of Forest City Enterprises, Inc.

Web Site: http://www.forestcity.net/

Thomas D. Wood & Co. Brokers $11.97M Loan for FL and NV Properties

MIAMI, FL, Aug. 7, 2009— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on August 5, 2009, in the amount of $11,971,294 for Quail Park IV Office and Sanford Towne Square Shopping Center.

Steve Wood, (bottom right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Quail Park IV Office in the amount of $10,000,000 through Thomas D. Wood and Company’s relationship with a national life insurance company at an interest rate of 7.65%.

The loan term is 7 years, based on a 22-year amortization, and a loan-to-value of 58%. The 103,349 square-foot office building is home to major tenant Colonial Bank. Quail Park IV was built in 1983 and is located at 2810 and 2820 West Charleston Boulevard, Las Vegas, Nevada.

Steve Wood and Doug Rozzell, Company Principal, financed Sanford Towne Square through Thomas D. Wood and Company’s correspondent relationship with Woodmen of the World Life Insurance Company at an interest rate of 7.375%.

The loan has a fully-amortizing 10-year term and a loan-to-value of 37%. The 88,905 square-foot retail center is home to major tenant Winn Dixie, and was built in 1987. Sanford Towne Square is located at 1500 South French Avenue, Sanford, Florida.

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

Doug Rozzell , (407) 937-0470, drozzell@tdwood.com

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

Grubb & Ellis Hires Commercial Real Estate Debt Team

CHICAGO, IL (Aug. 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the six-person commercial real estate mortgage banking team lead by Joel Simmons and Steve Roth have joined the company as executive vice presidents to build the firm’s practice in Chicago.

The hires, which are effective immediately, are part of the company’s overall strategy to significantly enhance its Capital Markets capabilities.

The team joins from Cohen Financial and includes Ben Greazel, Adam Levinson, Steve Kundert and Trudi Weber. Greazel and Levinson, formerly directors at Cohen Financial, have joined as senior vice presidents. Kundert retains his title of vice president. Weber serves as the team’s executive assistant.

“The addition of Joel, Steve and their team significantly elevates our Capital Markets capabilities and gives Grubb & Ellis a best-in-class, comprehensive ownership services platform at a time when our ability to provide our clients with financing solutions and advice has never been more important,” said Shawn P. Mobley, (top right photo) executive vice president and Midwest market leader.

“In today’s environment of limited debt capital, the relationships Joel and Steve have with debt providers, mezzanine funds and equity investors offer tremendous value and have the potential to be the decisive factor in successfully completing disposition assignments.”

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

Highwoods Properties Closes on $162M of Secured Loans with 7.1% Weighted Average Rate

RALEIGH, N.C.--(BUSINESS WIRE)-- Highwoods Properties, Inc. (NYSE: HIW), the largest owner and operator of suburban office properties in the Southeast, and NAIOP's 2009 Developer of the Year, today announced that it has closed on two secured loans totaling $162 million.

They include a $115.0 million, 6.5-year secured loan provided by New York Life Insurance Company at a fixed rate of 6.875%, secured by a pool of 10 assets in Nashville, Raleigh and Tampa, and a $47.3 million, 7-year secured loan provided by Western-Southern Life Assurance Company at a fixed rate of 7.5%, secured by the office portion of RBC Plaza in Raleigh. (top left photo)

The Company used a portion of the proceeds to pay off in full the $91 million outstanding under its $450 million unsecured credit facility.

Ed Fritsch, (middle right photo) president and chief executive officer, commented, "The closing of these two secured loans further strengthens our already healthy balance sheet and enhances our liquidity, giving us an even stronger competitive leasing advantage and further boosting our ability to pursue acquisition and development opportunities."

Fritsch added, "Including these two loans, we have raised $615 million in capital since September 2008, consisting of $339 million of common offering proceeds, $193 million of secured and unsecured financings and $83 million from asset dispositions. During this same time frame we have also repurchased $54 million of our preferred stock and paid off $160 million of secured and unsecured loans."

Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust ("REIT") that provides leasing, management, development, construction and other customer-related services for its properties and for third parties.

At June 30, 2009, the Company owned or had an interest in 378 in-service office, industrial and retail properties encompassing approximately 35.2 million square feet. Highwoods also owned 580 acres of development land.

Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia.

Contact: Tabitha Zane, Vice President, Investor Relations, 919-431-1529

Team Arbor Laces Up Again for the Marcum Workplace Challenge

Employees Converge on Jones Beach for Fifth Consecutive Year to Support Local Causes






UNIONDALE, NY - For five years running, Arbor Commercial Mortgage employees laced up their sneakers and joined 6,100 other participants from over 200 Long Island companies on Tuesday, July 28 for the Marcum Workplace Challenge.

All proceeds earned from the annual 3.5 mile race at Jones Beach State Park were donated to the Children’s Medical Fund of New York and the Long Island Children’s Museum.


Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
Follow us on Twitter @ arbor1

Chicago Area Industrial Market Snapshot: Second Quarter 2009

CHICAGO, IL--The following summary is designed to provide a brief overview of the Chicago area industrial market during the second quarter of 2009.

For more information or to speak with one of the company’s local market experts, please contact Erin Mays at 312.698.6735 or via email at erin.mays@grubb-ellis.com

To access the full Chicago Industrial Metro Trends report and other Grubb & Ellis research publications, visit www.grubb-ellis.com/research.

METRO CHICAGO REGION

The region’s industrial vacancy stood at 11.6 percent at the end of second quarter of 2009, up from 11.4 percent in the first quarter. The market experienced negative absorption of 991,255 square feet.

Occupancy in the General Industrial and R&D and flex sectors contracted by approximately 1.3 million square feet and 500,000 square feet of negative absorption, respectively.

CENTRAL WILL COUNTY

The Central Will submarket ended the second quarter with a vacancy rate of 25.1 percent, down from 27.1 percent in the first quarter.

The submarket posted positive absorption of 1,155,340 square feet, mostly due to large tenant occupancies taking place.

Two tenants occupied space at the CenterPoint Intermodal Center I in Elwood: Cypress Medical Products moved into 383,000 square feet, while Alliance 3PL Corp. took occupancy of just over 415,000 square feet.

California Cartage also commenced its new lease of 374,000 square feet at 251 Laraway Road in Joliet.

The submarket currently has just 38,000 square feet of new development under construction, a sign that the construction pipeline has tapered off after 5.8 million square feet of new speculative construction, most of it logistics space, was delivered to the submarket since June 2008.

ANALYSIS

The Central Will submarket remains one of the Chicago industrial market’s most important regions, particularly in the logistics sector.

As a result of completed new construction projects hitting the Central Will submarket, finding tenants to absorb this new inventory will be challenging.

Third-party logistics transactions have been more prevalent in the market as companies continue to find ways of cutting costs by outsourcing distribution activities.

The fact that virtually no new construction is in the pipeline also bodes well for future equilibrium in Central Will, but in the meantime, researchers expect rents to remain steady or fall slightly in the coming quarters.

SOUTH CITY

Industrial vacancy in the South City submarket rose 30 basis points to 7.3 percent in the second quarter 2009, from the prior quarter in part due to 305,807 square feet of negative absorption.
The area currently has 212,942 square feet of industrial space under construction.

ANALYSIS

While no region has escaped the recession, the southern area of the City of Chicago has been an active submarket due to the efforts of developers to renovate and redevelop obsolete manufacturing space into mixed-use facilities.

Logistics users, particularly food distributors, have been particularly interested in this area because of its high concentration of rail and highway options.

With redevelopment efforts still underway and the timeless benefits inherent in a good location with plenty of transportation options, researchers expect the submarket to remain stable.

O’HARE

Vacancy jumped 100 basis points to 11.9 percent in the O’Hare industrial submarket as the area experienced negative net absorption of 902,495 square feet.

Approximately 66,400 square feet of build-to-suit activity is underway.

ANALYSIS

The O’Hare industrial submarket relies heavily on cargo traffic at O’Hare International Airport, which has declined significantly since its high point in 2007 as a result of the recession.

Likewise, development in the submarket hit its own peak in the fourth quarter of 2007, when approximately 18.3 million square feet of new construction was under way.

With just over 66,000 square feet of new construction active today, it’s clear the market is attempting to correct itself.

With little to no activity expected for the remainder of the year, asking rates are expected to stay flat or drop.

Long-term, however, companies will still prefer to locate themselves near the airport. Researchers do not expect demand to pick back up until mid-2010.

Sperry Van Ness/Guardian Achieves Success at Marketmaker West Coast Auction

LOS ANGELES, CA, Aug. 6, 2009 – Los Angeles-based Sperry Van Ness/Guardian and MarketMaker™, achieved success at the MarketMaker™ West Coast Auction held at the Hyatt Regency in Century City on July 30 – selling 11 of 24 properties. Most of the properties sold were bank-owned properties.

Sold properties include the following:

· Victorville, CA: 115 finished lots
· Rancho Cucamonga, CA: 20 acre single family lot development site
· Sacramento, CA: 3 story partially built condominium project sold as apartments

. Granite Falls, WA: 67 acre site of single family lots
· Everett, WA: 65 finished lots on 11.4 acres
· Renton, WA: 9 single family lots
· Boise, ID: 3.25 acres of land
· Donnelly, ID: 48 unit multifamily community

“Our goal for this auction was to clear our client’s REO inventory and we achieved that,” said Tom Brenneke,(top right photo) president of Guardian Real Estate Services.

“Immediately following this successful auction, we were approached by our banking clients with approval to sell additional properties at our upcoming Northwest Auction.”

With the success of the West Coast Auction, Sperry Van Ness/Guardian is aggressively analyzing potential new properties for the MarketMaker™ Northwest Commercial Real Estate Auction scheduled for September 30. Additional property listings are being welcomed before August 30, subject to stringent pre-qualification criteria.

Auction information can be found at http://www.themarketmaker.com/

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, mailto:7david@ebelingcomm.com-

Grubb & Ellis Reports 2009 Second Quarter Results

SANTA ANA, CA (Aug. 6, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today reported revenue of $124.6 million for the second quarter of 2009, compared with second quarter 2008 revenue of $158.4 million.

The company reported first-half 2009 revenue of $244.8 million, compared with revenue of $310.7 million for the comparable 2008 period.

The net loss attributable to the company for the second quarter of 2009 was $32.8 million, or $0.52 per share, compared with a net loss of $5.4 million, or $0.08 per share, in the same period a year ago.

For the first six months of 2009, the company reported a net loss of $74.3 million, or $1.17 per share, compared with a net loss of $11.7 million, or $0.18 per share, in the first six months of 2008.

Second Quarter Highlights

--Completed the disposition of Danbury Corporate Center (top right photo) for $72.4 million. Net proceeds from the sale were applied against the company’s revolving credit facility.

--Recruited 13 senior-level brokerage sales professionals during the quarter, bringing to 68 the number of top brokerage sales professionals who have joined in the past 12 months.

--Won three significant Corporate Services portfolio assignments.

--Awarded 20 new property and facilities management assignments during second quarter totaling 4 million square feet of property.

--Ranked by Robert A. Stanger & Co. as the No. 2 public non-traded REIT sponsor based on equity investment sales for the second quarter, with $208.7 million in total equity raised during the three-month period.

The company was ranked as the No. 1 sponsor of public non-traded REITs based on equity investments sales for the first six months of the year with $406.5 million in total equity raised during the period.

Announced the formation of Energy & Infrastructure Advisors, a joint venture with Meridian Companies that intends to sponsor retail and institutional investment products focused on opportunities in the energy and infrastructure sector.

Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) for the second quarter of 2009 was negative $9.3 million, compared with positive adjusted EBITDA of $12.5 million in the same period a year ago.

The 2009 second-quarter adjusted EBITDA results excluded the following charges:

· $9.7 million related to the company’s investment management programs,
· $2.0 million in real estate-related impairments, and
· $5.1 million of stock-based compensation and amortization of signing bonuses.

For the first six months of 2009, the company reported adjusted EBITDA of negative $25.8 million, compared with positive adjusted EBITDA of $20.0 million in the same period a year ago.

For a complete copy of the company's news release and financials, please contact Janice McDill , 312.698.6707, janice.mcdill@grubb-ellis.com

MBA Survey: Q2 2009 Commercial/ Multifamily Originations Up from Last Quarter, Down from Last Year

WASHINGTON, D.C. (Aug. 6, 2009) - Second quarter 2009 commercial and multifamily mortgage loan originations were 50 percent higher than during the first quarter of 2009, a quarter with very little activity, but remained 54 percent lower than during the same period last year, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

"Commercial and multifamily mortgage originations continue to feel the effects of the recession and the credit crunch, with volumes 54 percent below last year's second quarter, and 83 percent below the peak seen in the second quarter of 2007," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.

"A 50 percent increase in volumes between the first and second quarter of this year follows a traditional seasonal increase in the second quarter. It also likely signals that commercial and multifamily mortgage originations bottomed in the first quarter of 2009."

SECOND QUARTER 2009 54 PERCENT LOWER THAN SECOND QUARTER 2008

The 54 percent overall decrease in commercial/multifamily lending activity during the second quarter was driven by decreases in originations for all property types.

When compared to the second quarter of 2008, the decrease included an 81 percent decrease in loans for office properties, a 77 percent decrease in loans for hotel properties, a 70 percent decrease in loans for health care properties, a 65 percent decrease in loans for industrial properties, a 51 percent decrease in retail property loans, and a 21 percent decrease in multifamily property loans.

Among investor types, commercial bank portfolios saw a decrease of 83 percent compared to last year's second quarter.

There was also a 57 percent decrease in loans for conduits for CMBS, a 54 percent decrease in loans for life insurance companies, and the dollar volume of loans for Government Sponsored Enterprises (or GSEs - Fannie Mae and Freddie Mac) saw a slight increase of 2 percent.

SECOND QUARTER 2009 50 PERCENT HIGHER THAN FIRST QUARTER 2009

Second quarter 2009 mortgage originations were 50 percent higher than originations in the first quarter. Due to the low base of originations in the first quarter, the percentage increases seen in the second quarter are quite dramatic.

Among investor types, loans for conduits for CMBS saw an increase in loan volume of 471 percent compared to the first quarter, loans for life insurance companies saw an increase in loan volume of 46 percent compared to first quarter 2009, GSEs' volume increased by 39 percent during the same time span, and originations for commercial bank portfolios increased 6 percent from the first quarter to second quarter 2009.

Compared to the first quarter of 2009, second quarter originations for health care properties saw a 173 percent increase.

There was a 129 percent increase for hotel properties, a 93 percent increase for retail properties, a 73 percent increase for multifamily properties, a 28 percent decrease for office properties, and a 46 percent decrease for industrial properties.

CONTACT: Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

Regency Centers Reports Lower FFO and Net Income

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced today financial and operating results for the quarter and six months ended June 30, 2009.

(Martin 'Hap' Stein, top right photo, is Regency's chairman and CEO)

Earnings and Operations

Funds From Operations (FFO) before impairments for the second quarter was $47.9 million, or $0.61 per diluted share, compared to $68.3 million and $0.97 per diluted share for the same period in 2008.

For the six months ended June 30, 2009, FFO before impairments was $102.9 million or $1.39 per diluted share, compared to $130.2 million or $1.85 per diluted share for the same period last year, a per share decrease of 25%. The change in FFO per share is primarily related to lower net operating income, higher interest expense and lower transaction profits and fee income compared to 2008.

Funds From Operations (FFO) after impairments for the second quarter was $19.2 million, or $0.24 per diluted share, compared to $68.3 million and $0.97 per diluted share for the same period in 2008.

For the six months ended June 30, 2009, FFO after impairments was $74.2 million or $1.00 per diluted share, compared to $129.5 million or $1.84 per diluted share for the same period last year, a per share decrease of 46%.

Regency reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT) as a supplemental earnings measure. The Company considers this a meaningful performance measurement in the Real Estate Investment Trust industry.

Net loss attributable to common stockholders for the quarter was $17.2 million, or $0.23 per diluted share, compared to net income of $31.9 million and $0.45 per diluted share for the same period in 2008.

Net income for the six months ended June 30, 2009, was $2.4 million or $0.03 per diluted share, compared to $58.6 million and $0.83 per diluted share for the first half of 2008.

The net loss for the quarter and the decline year over year is primarily due to $27.3 million of FFO impairments for two wholly owned Regency shopping centers, two out parcels and 13 properties in the MCW II partnership that are now targeted for sale over the next three years.

For a complete copy of the company's release and financials, please contact Lisa Palmer, 904-598-7636. www.RegencyCenters.com