Fitch Places 28 Tranches in 8 REIT TruPS CDOs on Rating Watch Negative

NEW YORK, NY-- Fitch Ratings has placed 28 classes in eight collateralized debt obligations (CDOs) backed primarily by trust preferred securities (TruPS) and subordinated debt issued by real estate investment trusts (REITs), homebuilders, and specialty finance companies (collectively REIT TruPS CDOs) on Rating Watch Negative.

Fitch's rating actions are the result of a combination of deterioration of principal and interest coverage for some transactions and negative portfolio credit migration in other transactions.

Principal coverage has deteriorated primarily through defaults while debt exchanges and defaults were responsible for interest coverage deterioration.

Three of the eight REIT TruPS CDOs placed on Rating Watch are currently failing senior overcollateralization (OC) or interest coverage (IC) tests.

Negative credit migration has resulted from rating downgrades, defaults and deferrals. For the eight CDOs with notes placed on Rating Watch, on average 9.8% of their portfolios has been downgraded since January 2009.

Between January and July 2009, Fitch has observed 22 unique issuers restructure or exchange their debt across these eight Fitch-rated REIT TruPS CDOs. On average, nearly 17.3% of the portfolios have undergone an exchange, which have resulted in an average increase in portfolio notional of $4.1 million. At the same time, the weighted average coupon (WAC) for these portfolios decreased from an average of 6.5% to 4.9% while the weighted average spreads (WAS) decreased from an average of 2.5% to 2.3%.

Issuers that participated in the exchanges have shadow ratings centered in the 'CCC' category. Resolution of the current Rating Watch Negative status will consider the potential implications of observed defaults, expectations for further debt exchanges undertaken by the asset manager and additional ratings downgrades.

For a complete list of Fitch's actions, please contact:

Johann Juan +1-312-368-3339, Derek Miller +1-312-368-2076,

Chicago; or Kevin Kendra +1-212-908-0670, New York.

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com
.

Post Properties Announces Quarterly Dividends

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.20 per share for the third quarter of 2009. The dividend is payable on October 15, 2009 to all common stock shareholders of record as of September 30, 2009.

(David P. Stockert, top right photo, is CEO of Post Properties Inc.)

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series A preferred stock shareholders of record as of September 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the third quarter. The dividend is payable on September 30, 2009 to all Series B preferred stock shareholders of record as of September 15, 2009.

Contact:  Dave Stockert, 404-846-5000

Marcus & Millichap Sells 25-Unit Apartment Building in St. Petersburg, FL

ST. PETERSBURG, FL, September 18, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Northbay Villa Apartments, (top left photo)  a 25-unit apartment property located in St. Petersburg, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $730,000.

Michael P. Regan (bottom  right photo)  and Matt Reichenthal (bottom left photo) , investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Michael Regan and Matt Reichenthal.

Northbay Villa Apartments is located at 1023 Locust Street Northeast. “At a time when velocity in the market is off, the Marcus & Millichap platform showed its prowess by generating multiple offers and ultimately choosing a qualified buyer who closed the deal within 60 days,” states Regan.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

NAI Realvest Negotiates sale of 22.70 acre development site in Groveland, FL

ORLANDO, Fla. – NAI Realvest recently negotiated the sale of a 22.70-acre commercial development site on U.S. Highway 27 in Groveland in south Lake County.

Associate Jeff Ettinger (top right photo)  brokered the transaction representing the buyer, Edward Meixsell. Robert J. Hester IV, Trustee, based in DeLeon Springs is the seller.

The buyer plans a future commercial development on the site fronting US 27.

For more information, contact:

Jeff Ettinger, NAI Realvest, 407-875-9989 jettinger@realvest.com
Patrick Mahoney, President NAI Realvest 407-875-9989 pmahoney@realvest.com
Larry Vershel or Beth Payan, LV Communications, 407-644-4142

Huntington Beach Union High School District Auditorium Renovation and Classroom Addition Embraces the Old and New

HUNTINGTON BEACH, CA– McCarthy Building Companies, Inc (www.mccarthy.com) of Newport Beach, Calif. announces the completion of restoration work on the 83-year-old Huntington Beach Union High School District (HBUHSD) Darrel Stillwagon auditorium (middle left photo)  and bell tower (top right photo)  and a new performing arts classroom addition.

Located at the Huntington Beach High School (HBHS) campus on Main Street and Yorktown Avenue in Huntington Beach, the auditorium was one of the first buildings constructed on the campus in 1926, and the school was the first permanent high school in the school district.

The auditorium facility will formally reopen to the public during a celebration on Sunday, October 18, 2009. The event coincides with the school district’s Academy for the Performing Arts’ (http://www.hbapa.org/ ) debut of a musical about the Titanic.

The $9.6 million HBUHSD performing arts project was funded through the $238 million Measure C modernization and expansion program encompassing school facility improvements at six high schools in the district.


McCarthy served as construction manager for the project which entailed construction of a new 9,200-square-foot performing arts classroom building and courtyard as well as extensive renovations of a 27,000 square-foot, 600-seat performing arts auditorium and bell tower. The project also included renovation of outdoor walkways and an outdoor amphitheater on the auditorium’s south side.

The auditorium and bell tower are listed with the County of Orange as Historic Site #36. Designed in the Lombard Romanesque Revival Style, the facility’s original architect was Allison and Allison of Santa Ana.

McCarthy Building Companies, Inc. is the nation’s 10th largest domestic general contractor (Engineering News-Record, May 2009) and among the 5th largest education builders (Engineering News-Record, October 2008). The firm has been building in the education market for the last 50 years.

Contacts:
 Laura Mickelson , (LM Communications), (949) 453-0851; (949) 453-8420 fax
lauramickelson@cox.net.   Follow me on Twitter: @lauramickelson

Susan Garritano,  (McCarthy Building Companies, Inc.), (314) 968-3300

Arbor Enhances its Successful Small Loan Program by Reducing Processing Fees and Streamlining Fannie Mae DUS® Small Loans Applications

UNIONDALE, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, and leader in the commercial real estate finance industry, announced it is reducing the initial processing fee for Fannie Mae DUS® Small Loans from $7,500 to $4,500. This is effective immediately and applies to all new small loans going forward as of today that are not in processing yet.

Arbor’s enhanced program will also offer a streamlined application. As always, the Fannie Mae DUS® Small Loans Program features:

Up to 80% LTV

$1 - $3 million, up to $5 million in certain markets

Supplemental loans available during loan term and upon acquisition

“These enhancements show Arbor’s dedication to the Small Loan Program and our understanding of our clients’ needs in this current lending environment,” said John Caulfield,  (top right photo) Executive Vice President. “As one of Fannie Mae’s largest DUS® lenders to offer the small loan product, we have seen competitors come and go, but we are here and committed to the program for the long term.”

This announcement comes on the heels of an already banner year for Arbor. For the second consecutive year, Arbor was named a Top Ten Fannie Mae DUS® lender. In the first quarter, the Company also created a west coast branch of operations to service its clients in that expanding market.

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

Senior Marketing Executive to Lead Wyndham Rewards Loyalty Program

PARSIPPANY, N.J. (Sept. 17, 2009) – Wyndham Hotel Group has appointed Robin Korman to oversee Wyndham Rewards®, the world’s largest lodging loyalty program with more than 6,000 participating hotels in over 20 countries.

As the senior vice president of loyalty marketing and strategic partnerships, Korman will be responsible for the development and management of the company’s loyalty program, customer loyalty initiatives, all direct-marketing programs and internal and external strategic marketing alliances.

“Robin is an accomplished marketing executive with a wealth of experience in the loyalty arena,” said Flo Lugli, (top right photo) Wyndham Hotel Group’s executive vice president of marketing. “Her proven track record for driving multi-million dollar revenue growth will serve Wyndham Hotel Group well.”

CONTACT: Rob Myers, 973-753-6590, rob.myers@wyndhamworldwide.com

HFF arranges refinancing for student housing community adjacent to North Carolina’s Campbell University

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured refinancing for Campus Habitat 9, (top left photo)  an 82-unit student housing community adjacent to Campbell University in Lillington, North Carolina.

HFF senior managing director Dave Keller (bottom right photo) and associate director David Ross worked on behalf of Campus Habitat to secure the five-year, 7.0% fixed-rate loan with Coastal Federal Credit Union. New York City-based Campus Habitat acquires, renovates and manages student housing communities throughout the United States.

HFF also arranged refinancing in August for a student housing community at Vincennes University in Indiana on behalf of Campus Habitat.

“We were very excited to have a second opportunity to work with Campus Habitat and to once again help them achieve their financing objectives in today’s challenging capital markets,” said Ross.

Campus Habitat 9 is located at 25 Landis Lane adjacent to Campbell University, a private Baptist institution situated halfway between Raleigh and Fayetteville in Lillington, North Carolina. Completed in 2005, the Class A property has single, one-, two-, three- and four-bedroom units with a total of 224 beds. Property amenities include a sand volleyball court, gaming room and fitness center.

“Campus Habitat 9 is the only dedicated student housing asset in the Campbell University market and as a result is tremendously popular with students. However, the size of the University [9,400 students] and surrounding community [population 3,300] required HFF to be innovative and persistent in the placement and successful completion of this assignment,” added Keller.

Contacts:
David B. Keller, HFF Senior Managing Director, (317)630-3191, dbkeller@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, ,(713) 852-3500, krmurphy@hfflp.com

HFF secures $12.5M refinancing of suburban Chicago shopping center

FLORHAM PARK, NJ – The New Jersey and Chicago offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured a $12.5 million refinancing for Baker Hill Shopping Center, (top right photo)  a 135,355-square-foot, grocery-anchored shopping center in Glen Ellyn, Illinois.

Working exclusively on behalf of Columbia Retail Baker Hill, LLC, a joint venture managed by Regency Centers, HFF managing director Jim Cadranel (middle left photo) l and director Matthew Schoenfeldt (bottom right photo)  placed the five-year, fixed-rate loan with Ladder Capital Finance. This was the second financing for Regency Centers placed by HFF within the last nine months.

“We are pleased to have arranged this financing for Regency Centers in a difficult market,” said Cadranell.

Baker Hill Shopping Center is located at 830 Roosevelt Road at the intersection of Roosevelt Road and Baker Hill Drive in Glen Ellyn, approximately 23 miles west of downtown Chicago. Completed in 1999, the property is 93% occupied and is anchored by Dominick’s Finer Foods, a wholly-owned subsidiary of Safeway, Inc.

Regency Centers is a publicly-traded national owner, operator, and developer of grocery-anchored and community shopping centers.

Ladder Capital Finance LLC is a specialty finance company that specializes in the origination of commercial mortgage loans primarily to be held in its investment portfolio. Ladder Capital is fully integrated with in-house direct origination, underwriting and asset-management capabilities.


The company was formed in October 2008 and is comprised of a highly experienced team of industry veterans that ran the loan origination groups of major financial institutions including UBS and CSFB. Ladder Capital’s personnel have deep relationships and expertise in all aspects of commercial real estate lending and investment.

Contacts:


James A. Cadranell, HFF Managing Director, (973) 549-2000, jcadranell@hfflp.com

Matthew R. Schoenfeldt, HFF Director, (312) 528-3650, mschoenfeldt@hfflp.com

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

$23.8M acquisition financing for Neptune, NJ retail center arranged by HFF

 FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $23.8 million in acquisition financing for Neptune Plaza Shopping Center, (top left photo)  a grocery-anchored shopping center in Neptune, New Jersey.

Working exclusively on behalf of The Azarian Group, HFF senior managing director Thomas Didio (bottom right photo) and associate director Michael Klein (bottom left photo)  placed the five-year, fixed-rate loan with a local commercial bank. Loan proceeds were used to acquire the property. The Azarian Group is an experienced retail owner that manages and develops shopping centers throughout New Jersey and New York.

Originally completed in 1970, Neptune Plaza Shopping Center was renovated and expanded in 2002 to its current size of 218,524 square feet. Tenants at the fully occupied center include ShopRite, Marshall’s, HomeGoods, Quizno’s, IHOP, Dunkin’ Donuts and a TD Bank North outparcel. Neptune Plaza Shopping Center is located at 2200 State Route 66 across from the Sea View Square Mall approximately three miles west of the Garden State Parkway in Neptune.


“HFF is pleased to once again assist The Azarian Group in the acquisition of such a dynamic neighborhood shopping center. This is a wonderful property and both the lender and borrower did a great job in committing and closing this business,” said Didio.

Contacts:

Thomas R. Didio, HFF Senior Managing Director, (973) 549-2000, tdidio@hfflp.com
 
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Samuel Winterbottom Joins Grubb & Ellis to Head Hotels,Golf & Leisure Practice Group

SANTA ANA, CA (Sept. 16 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Samuel Winterbottom has joined the company as senior vice president, director of the company’s Hotels, Golf & Leisure Practice Group, effective immediately.

Winterbottom brings 30 years of experience that includes senior leadership positions and extensive relationships with owners, investors and brokerage professionals throughout the hospitality industry.

In his new role, Winterbottom will be charged with expanding the company’s existing hospitality capabilities. This includes recruiting experienced brokerage sales professionals to build a specialized team dedicated to providing strategic real estate services targeted toward owners and investors throughout the hospitality and leisure industries. He will be based in the company’s Atlanta office.

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

Grubb & Ellis Realty Investors Secures 28,080-SF Lease at Congress Center in Chicago

CHICAGO (Sept. 16, 2009) – Grubb & Ellis Realty Investors LLC today announced that it has secured a 28,080-square-foot lease expansion with the United States General Services Administration for space at Congress Center, (top right photo) a 16-story, Class A office building located in Chicago’s West Loop.

Grubb & Ellis Realty Investors manages the property on behalf of multiple investment programs and individual investors.

The lease expansion will increase the property’s occupancy from 79 percent to 84 percent. The GSA currently leases 113,458 square feet of space at the property on behalf of various federal agencies.

The new space leased by the GSA is expected to be occupied in mid-2010, bringing the total space leased by the GSA to approximately 141,538 square feet.

“Grubb & Ellis Realty Investors is very pleased to have executed this lease, particularly in light of the formidable economic challenges confronting the national and Chicago real estate markets,” said Kent Peters, (middle left photo) executive vice president of Asset Management. “In the midst of a difficult leasing atmosphere, we have been able to further stabilize Congress Center and realize additional revenue on behalf of investors.”

Located at 525 W. Van Buren St., Congress Center offers approximately 520,000 square feet of rentable space.

Built in 2001, the building’s amenities include a two story lobby that features granite, glass, exotic wood and stainless steel trim, 24-hour monitored building security and a secure heated indoor executive parking garage.

Acquired by Grubb &  Ellis Realty Investors on behalf of investors in January 2003, Congress Center is situated one block from Union Station, Chicago Transit Authority lines and in close proximity to the Congress Expressway. In addition to the GSA, notable tenants include Amtrak, Azko Nobel and North American Insurance.

Mark Parrish, senior vice president of Grubb & Ellis’ downtown Chicago office, negotiated the lease on behalf of Grubb & Ellis Realty Investors with assistance from the Washington, DC-based Grubb & Ellis Government Services Group. Studley’s Jason Volpe and Jason Lichty represented the GSA.

Contact: Damon Elder, Phone: 714.975.2659, Email: damon.elder@grubb-ellis.com

Marcus & Millichap Lists $18M Student Housing Community in Florida

GAINESVILLE, Fla., Sept. 15, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Courtyards, (top left photo)  a 91-unit, 375-bedroom, 110,597-square foot student housing community in Gainesville.

The Courtyards’ listing price of $18 million represents $197,802 per unit, $48,000 per bed and $163 per square foot.

The current weighted average rent is $1.69 per foot with all leases running 12 months and backed by parental guarantees.

Dorothy Jackman,(middle right photo)  vice president investments and a senior director of the firm’s National Multi Housing Group (NMHG) in Tampa, and Travis Prince, (bottom left  photo) senior associate and a member of the NMHG in Tampa, are representing the seller, a local owner.

“The Courtyards is directly across the street from the University of Florida,” notes Jackman, “and leases by-the-bed. This is an opportunity for an investor to own a well-performing asset with the future potential of a mixed-use development opportunity. This is truly irreplaceable real estate that rarely becomes available, given its close proximity to the University of Florida,” adds Jackman.

Located on 3.5 acres at 1231 SW 3rd Ave. in Gainesville, the property consists of two-, four- and five-bedroom flats and townhomes. The unit mix features one two-bed/1.5-bath flat at 980 square feet, one two-bed/one-bath townhome at 965 square feet, eight four-bed/1.5-bath flats at 1,214 square feet, 66 four-bed/1.5-bath townhomes at 1,190 square feet and 15 five-bed/1.5-bath flats at 1,360 square feet.

The Courtyards’ units are fully furnished in modern styles with newly remodeled kitchens, full appliances, tiled dining rooms, oversized living rooms, balconies or patios and all utilities, cable and Internet are included in the monthly rent. Many units overlook a large swimming pool in the center of an enormous courtyard.

The University of Florida is the largest university in the state and the fourth largest in the nation. Enrollment is approximately 52,000 students annually.

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

Marcus & Millichap Sells $79.7M Bay Area Luxury Apartment Community in California

DUBLIN, Calif., Sept. 14, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the transaction of Waterford Place Apartment Homes,(top left photo)  a 390-unit, 350,968-square foot luxury apartment community in Dublin, Calif. The sales price of $79.7 million represents $204,358 per unit and $225 per square foot.

Stanford Jones, (middle right photo) executive vice president investments, Philip Saglimbeni, associate vice president investments and Salvatore Saglimbeni, associate vice president investments, all in the firm’s Palo Alto office, represented the seller, Shea Properties’ Waterford Place Apartments LLC, and the buyer, Behringer Harvard Multifamily REIT I.

“Waterford Place represents a rare opportunity in today’s Bay Area marketplace,” comments Jones. “We expect a total of just 12 or 13 large multifamily transactions in 2009 and Waterford will be one of the two or three Class A properties that are less than 10 years old.”

“Despite the current downturn, the market for quality, well-located assets remains exceptionally strong,” adds Philip Saglimbeni. “Multiple buyers and very competitive bidding processes are still prevalent.”

Located at 4800 Tassajara Road in Dublin, the property’s proximity to interstates 580 and 680 and the Dublin/Pleasanton BART station provide convenient access to Bay Area employment centers. The Shops at Waterford is immediately adjacent to the property and Hacienda Crossings Shopping Center is nearby.

Built in 2003, Waterford Place Apartment Homes offers residents the benefits of resort-style living with a superior mix of one and two-bedroom homes and a well-appointed amenity package. Interiors include spacious floor plans averaging approximately 900 square feet with premium finish levels.

 The property features beautiful landscaping with courtyards and unique waterscapes, a heated resort-style outdoor swimming pool and spa, recreation room, state-of-the-art fitness center, theater, business center and conference room, controlled access and four-level parking garage.

:Press Contact: Stacey Corso, 925) 953-1716

Cousins Properties Announces Pricing of Public Offering of Common Stock

ATLANTA, GA -- Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) announced today that it has priced its public offering of 40,000,000 shares of common stock at a price to the public of $7.25 per share.

 In addition, the Company has granted the underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock to cover over allotments, if any.

The estimated net proceeds to the Company from the offering, before giving effect to any exercise of the underwriters’ over allotment option, are expected to be approximately $277.2 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.

The Company intends to use the net proceeds from the sale of the shares of its common stock to repay approximately $248.0 million of existing indebtedness under its unsecured revolving credit facility and the balance for general corporate purposes, which may include repayment of additional indebtedness under the unsecured revolving credit facility.

Subject to customary closing conditions, the offering is expected to close on or about September 21, 2009.
BofA Merrill Lynch, Morgan Stanley and J.P. Morgan are acting as the joint book-running managers for the offering.

Contact: Cameron Golden, 404-407-1984, camerongolden@cousinsproperties.com