Arbor Closes Two FHA 223(f) Loans Totaling $15,873,200

Uniondale, NY (Jan. 6, 2010) - Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $15,873,200 under the FHA 223(f) program. The loans include:

· Villagewood, Waterbury, CT – A 164-unit complex in the amount of $7,956,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65 percent.

· Northwood, Waterbury, CT – A 164-unit complex in the amount of $7,916,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65 percent.

“The refinances facilitate the long-term preservation of affordable housing in Waterbury,” said Joseph Donovan, (top right photo)  Senior Vice President, Production Management in Arbor’s full-service Boston, MA lending office.

 “We were pleased to be able to provide fixed-rate, fully amortizing loans at a very favorable rate. We also want to recognize the Hartford HUD staff for their efforts as Arbor’s partner on the loans.”

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

NAI Realvest negotiates lease renewal for 7,251 SF of industrial space at Monroe CommerCenter in Sanford, FL

MAITLAND, FL --- NAI Realvest recently negotiated a renewal agreement for the lease of 7,251 square feet of industrial space at Monroe CommerCenter North (top left photo) in Sanford.

Michael Heidrich, (bottom right photo)  a principal in the firm, brokered the transaction representing the landlord, Maitland-based COP-Monroe North, LLC and the tenant, Sanford-based Florida Builders Consortium, Inc. d/b/a Saw Tech, who renewed its lease of Suite 1018 at 4150 Church Street in the industrial center.

For more information, contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Crossman & Company Negotiates New Retail Lease Agreements at Five Publix Retail Centers in Florida

ORLANDO, FL. --- Crossman & Company, which ranks as one of the largest third-party retail leasing and management companies in the Southeast, recently negotiated five new retail lease agreements at five Publix centers throughout Central and South Florida.

All of these centers are part of the 10.4 million square foot Publix-owned shopping center portfolio.

Justin Greider, (middle right photo) senior associate at Crossman & Company, negotiated three of the lease agreements:


•South Gate Shopping Center (Publix-anchored), 102 S.R. 60 E. in Lake Wales, 1,815 square feet to Pandora’s Beauty Box;

•Publix at Treasure Island (Publix-anchored), 111 104th Ave. in Treasure Island, Pinellas County, 1,851 square feet to Golden Nails & Spa II; The center is now 100 percent leased after opening in early 2009.

•Plantation Square (Publix-anchored), 5375 N. Socrum Loop Rd. in Lakeland, 1,449 square feet to EZ Wireless;

Crossman & Company’s South Florida associate Ashley Thornburg negotiated two additional lease agreements:

•Miramar Town Centre (Publix-anchored), 6890 Miramar Parkway, 586 square feet to TaxEasy. The center is now 100 percent leased.

•Publix at the Acreage, 7070 Seminole Pratt Whitney Rd. in Loxahatchee in Palm Beach County, 1,300 square feet to American Blue Pool Supplies.

For more information, please contact:

Justin Greider, Senior Associate, Crossman & Company/ICSC Florida Next Generation Chair, 407-581-6225; jgreider@crossmanco.com
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Social Security Administration Buildings Obtain $3.7M Financing in Lake City and St. Augustine, FL

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $3,707,043 for the Social Security Administration (SSA) Buildings in Lake City and St. Augustine, Florida.

Doug Rozzell, (top right photo)  Company Principal, financed the SSA Lake City Building through Thomas D. Wood and Company’s relationship with a regional bank in the amount of $1,905,345.

 The mini-permanent loan has a term of three years, based on a 20-year amortization. The loan-to-value is 80% and loan-to-cost is 85%, with an interest rate of LIBOR + 300 basis points, floor of 6.75%. The 9,432 square-foot single-tenant office was built in 2009 and is located on Bascom Norris Drive, Lake City, Florida.

Rozzell also financed the SSA St. Augustine Building through a regional bank in the amount of $1,801,698. The mini-permanent loan has a term of three years, based on a 20-year amortization.

The loan-to-value is 80% and loan-to-cost is 90%, with an interest rate of 6.75%. The 7,306 square-foot single-tenant office was built in 2009 and is located at 2440 Old Moultrie Road, St. Augustine, Florida.

Contacts:
Doug Rozzell (407) 937-0470 drozzell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Marcus & Millichap Sells $10.6M Class-A Medical Office Building in San Diego County

CHULA VISTA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the 77,002-square foot Class A County of San Diego Health and Human Services agency building (top left photo)  in Chula Vista.

The sales price of $10.6 million makes it one of the largest office transactions in San Diego County this year.

Joshua Volen, (bottom right photo)  an associate vice president and a director of the firm’s National Office and Industrial Properties Group in San Diego, represented both the buyer and seller.

“The County of San Diego Health and Human Services agency is a high-profile tenant that leases space in a Class-A project,” says Volen. “The property features a brand new 10-year lease extension with annual increases that provide new ownership with a stable long-term investment.”

The asset is located on 7.07 acres at 690 Oxford St. in Chula Vista with easy access to Interstates 5 and 805. The building features 420 surface parking spaces and excellent ingress and egress. Located seven miles from downtown San Diego, Chula Vista is the second-largest city in San Diego County.

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

Resort Taxes Down Again in Orange County, FL

ORLANDO, FLORIDA -- County Comptroller Martha Haynie announced today that resort tax collections received by the County in December for the hotel collection month of November 2009 were $11,199,600. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that November 2009 collections were nearly eight percent lower than November 2008. “Clearly, we are still looking forward to some good news in 2010,” Haynie stated.

For more detailed information and statistics, please contact:

Martha O. Haynie, Orange County Comptroller,  (407) 836-5690
Joan Randolph, Executive Assistant. Tele: 407-836-5986, Fax: mailto:Joan.Randolph@occompt.com

Equity Investment Services Completes 14 Lease Deals in Orlando

ORLANDO, FL--Nicholas E. Ledvora, CCIM and Christopher M. Savino, Managing Directors of Equity Investment Services of Orlando, are pleased to announce that EIS successfully executed three new exclusive leasing/management assignments and fourteen leases in the month of December.

Highlighting the leasing activity, Sebastian Smith, Nate Cutchin, and Brett Green signed two new leases at South Trail Plaza, a neighborhood shopping center located on the corner of Holden and US 441 in Orlando. The freestanding outparcel was leased to a new Chinese restaurant concept.

Along with stabilizing South Trail Plaza, the group signed four leases at the Mercantile Bank Building (top left photo)  located in Winter Garden, Florida. The four new leases totaled 6,987 square feet, representing approximately 20% of the gross leaseable area.

Ledvora and Savino were also successful in representing 3 clients with real property tax disputes in Orange, Seminole, and Volusia Counties. Tax savings amongst the three were over $35,000, equating to approximately 25% of their previous assessed value.

Equity Investment Services employs a staff of experienced brokerage, leasing, and management professionals. EIS exclusively represents owners in leasing and management assignments of over 1,500,000 square feet of investment office, medical, retail, and shopping centers in the Central Florida market.

Equity Investment Services and Launch Pad Development Jointly Broker 13 Leases for Snap Fitness

Equity Investment Services, in partnership with Launch Pad Development, have negotiated and executed 13 leases across the US for Snap Fitness in the month of December.

As Snap’s national Tenant Representative, EIS/LP manage territory planning, siting, lease negotiation and build out for Snap’s corporate stores, multi-unit developers and franchisees.

Snap Fitness, based in the Minneapolis suburb of Chanhassen, MN, is a fast-growing franchisor of compact, state-of-the-art 24/7 fitness centers worldwide. Entrepreneur Magazine ranked Snap Fitness No. 1 "Best in Category" for fitness franchises, and the editors of Inc. Magazine placed us at No. 16 on its annual, "Inc. 500" list of privately owned businesses 2009).

Contact: Nicholas E. Ledvora, CCIM│ Managing Director, Brokerage ♦ Leasing ♦ Management ♦ Advisory, 820 North Thornton Avenue, Orlando, Florida 32803
Phone: 407.573.0711 ♦ Fax: 407.573.0710, Email: NLedvora@EISRE.com
Website: http://www.eisre.com/

HFF Brokers $71M Sale of One Bethesda Center in Bethesda, MD

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of 4800 Hampden Lane (One Bethesda Center), (top left photo) a 167,000-square-foot, Class A office and retail building in Bethesda, Maryland.

HFF senior managing directors Jim Meisel (middle right photo) and Dek Potts led the investment sales team exclusively on behalf of the seller, Brookfield Properties Corporation. JBG Companies purchased the property for $71 million and assumed a $53 million existing loan.

One Bethesda Center consists of a 12-story office tower and two-story retail building that is 99% occupied by 14 tenants including Boston Consulting Group, Paley Rothman and AREVA NC.

The property was constructed in a “stepped” architectural design allowing for large terraces on select floors and a large rate of windowed offices. Tenants have access to on-site amenities including a bank, salon and day spa, travel agency and a café. In downtown Bethesda, the property is adjacent to Bethesda Row and walking distance to the Bethesda Metro Station providing access to the greater Washington, D.C. region.

“One Bethesda Center is truly a landmark office building with a premier downtown Bethesda location, excellent tenancy, panoramic views on four sides and an above average parking ratio,” said Meisel.

“As we have seen throughout this challenging year, quality buildings with stable rent rolls in strong submarkets will generate competitive pricing,” added Potts.

Brookfield Properties owns, develops and manages premier office properties. Its current portfolio is comprised of interests in 108 properties totaling 75 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America.

 Landmark assets include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles and Bankers Hall in Calgary. The company's common shares trade on the NYSE and TSX under the symbol BPO. www.brookfieldproperties.com.

Since 1960, the JBG Companies has been an active investor, owner and developer in the Washington metropolitan area's real estate market - one of the most dynamic markets in the world. JBG's track record in securing superior risk-adjusted returns is widely recognized within this high-performance market.

The company’s diverse portfolio encompasses millions of square feet of office, residential, hotel and retail projects, and includes many of the region's most distinguished properties.

Contacts;
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, jmeisel@hfflp.com
Stephen "Dek" Potts, HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
 Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Thomas D. Wood & Co. Brokers $6M Loan for 2 Reno, NV Properties

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on December 30, 2009, in the amount of $6,000,000 for 5401 Longley and McCarran A, B and C in Reno, Nevada.


Steve Wood,  (top right photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed 5401 Longley through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial, in the amount of $2,500,000.

 The permanent loan has a term of 10 years, based on a 25-year amortization, and a loan-to-value of 65%. The interest rate is 6.95%. The two-building, 55,874 square-foot office/warehouse was built in 1991 and is located at 5401 Longley Lane, Reno, Nevada.

Together they also financed McCarran A, B and C in the amount of $3,500,000 through Thomas D. Wood and Company’s correspondent relationship with Symetra Financial at an interest rate of 6.95%.

The permanent loan has a term of 10 years, based on a 25-year amortization and a loan-to-value of 65%. The three-building, 41,490 square-foot office was built in 1987 and is located at 6490 S. McCarran Boulevard, Reno, Nevada.

For further information, please contact:


Steve Wood (305) 447-7820 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

HFF closes $31.25M sale of Beach Place Apartments in Sunny Isles, FL

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it closed the sale of the Beach Place Apartments, (top left photo)  a 308-unit multi-housing complex in Sunny Isles, Florida.

The HFF team of director George Vail, associate director Jaret Turkell and real estate analyst Scott Wadler served as the exclusive sale advisor to owner of the property, Sky Development.

The buyer of the property was a fund operated by Jamestown Properties, a real estate investment firm funded by German investors with its U.S. headquarters in Atlanta. The sale price was $31.25 million or approximately $101,000 per door.

Situated on approximately seven acres at 17098 Collins Avenue, Beach Place Apartments is walking distance to both the Intracoastal Waterway and the Atlantic Ocean in Sunny Isles.

 The 93% leased property has four six-story buildings with one- and two-bedroom units averaging 901 square feet each. Community amenities include a pool, spa, fitness center and clubhouse with billiards room.

“Beach Place Apartments boasts a world class location, one block from the Atlantic Ocean in highly desirable Sunny Isles. The high barrier-to-entry location and the recent high quality renovations make the property an excellent condominium conversion candidate in the future, as well as a strong rental location,” said Vail.

“The transaction closed in under one week with flawless execution - a tribute to the buyer, seller and their respective counsel and advisors,” added Turkell. “That the ultimate buyer of this unique property was a prominent investment group backed by European capital is a testament to how the international community views greater Miami and Sunny Isles as a very desirable venue for long-term investments.”

Contacts:


George Vail, HFF Director, 305) 448-1333, gvail@hfflp.com
Jaret Turkell, HFF Associate Director, ((305) 448-1333, jturkell@hfflp.com
Kristin Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Henin Group Sells Harbor Walk Condominium Property in Virginia Beach for $4.8M

ORLANDO, FL. – The Henin Group, based in Orlando, developers of Riviera Bella luxury community on the St. Johns River in DeBary, recently sold Harbor Walk condominiums (bottom right photo) in Virginia Beach, Va. for $4.8 million.

Jerome Henin, (top left photo) ounder and president of the Henin Group, said Franciscus Homes, which develops single-family homes and condominiums in six communities in the Virginia Beach /Norfolk area, acquired the remaining development sites that accommodate 156 new condominiums at Harbor Walk.

Originally planned to include 237 condominiums, Harbor Walk started development in 2003. The Henin Group assumed control of the property in 2007.

For more information, please  contact:
Jerome Henin, Founder / President, Henin Group, 407 644-8595
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Crossman & Company announces 70 Retail Leases in the Southeast totaling 114,335 SF

ORLANDO, FL --- Crossman & Company recently announced that its Publix-owned shopping center portfolio completed 70 leases and renewals totaling 114,335 square feet of retail space in 2009.

“It has been a challenging market this year, so it’s great to look back and see that deals are getting done,” said John Crossman, (top right photo)  president of Crossman & Company. “I’m looking forward to even more deals in 2010.”

The Publix-owned shopping center portfolio includes more than 10.4 million square feet of retail space in five states located throughout Florida, Georgia, Alabama, Tennessee, and South Carolina. Publix owns more than 100 stores and retail centers.

Crossman & Company is responsible for leasing small-shop space within Publix-owned shopping centers, leasing outparcels, and all subleasing or lease disposition of former Publix locations, according to Crossman.

“Publix-anchored, Publix-owned shopping centers are the best and most desirable locations for tenants in today’s market,” Crossman added.


For more information please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Melting Pot Restaurants Partner with Warner Bros. Pictures for Valentine’s Day Promotion Featuring SKYY® Vodka

TAMPA, FL--(BUSINESS WIRE)--The Melting Pot Restaurants (http://www.meltingpot.com), a national fondue franchise, is giving away more than $20,000 in prizes, including a grand prize trip to Los Angeles for the premiere of the new Warner Bros. romantic comedy release, “Valentine’s Day,” as well as featuring three new SKYY® Vodka “Love Potion” cocktails starting Dec. 31, in a drive to increase Club Fondue membership and enhance brand awareness. “Valentine’s Day” opens nationwide on Feb. 12, 2010.

“Considering we are one of the most popular restaurants of choice for Valentine’s Day, this partnership and program with Warner Bros., featuring SKYY Vodka cocktails, just made sense for our brand as a way to create memorable experiences for guests and incentivize them to return,” says Kendra Shier,  (top right photo) vice president of brand development for The Melting Pot.

 “This is also the first time we will be using outlets like Twitter and Facebook to get guests interested in a national initiative like joining our Club Fondue program.”

The “Valentine’s Day Red Carpet Premiere Sweepstakes” site contains the following:

Club Fondue membership information and sign-up – This program offers fondue features including wine tastings, food samplings, invitations to special events and advanced holiday reservation privileges.


For more information about this promotion, log onto The Melting Pot’s Web site at http://www.meltingpot.com, or contact the nearest location.



With more than 145 restaurants nationwide, existing locations in 37 states including the District of Columbia, and over 13 locations currently in development, The Melting Pot Restaurants Inc. is the country’s premier fondue restaurant franchise.

At The Melting Pot, fondue becomes a memorable four-course dining experience where patrons can dip into something different. Guests enjoy a choice of four flavorful fondue cooking styles and a variety of unique entrées combined with special dipping sauces.

The menu also includes creamy cheese fondues, lively salads, fine wines and mouthwatering chocolate fondue desserts. Founded in 1975, The Melting Pot’s corporate headquarters are in Tampa, Fla.

Contact: Sandy D’Elosua, National Director of Public Relations and Social Media, 813-425-6217, mailto:sdelosua@meltingpot.com,    http://www.meltingpot.com/

Equity Residential Announces Completion and Results of Tender Offer by ERP Operating Limited Partnership for Its Exchangeable Notes

CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE:EQR) today announced that its operating partnership, ERP Operating Limited Partnership (the “Operating Partnership”), accepted for purchase approximately $48.5 million of the principal amount of its outstanding 3.85% Exchangeable Senior Notes due August 15, 2026, which were validly tendered pursuant to its previously announced cash tender offer (the “Exchangeable Notes Offer”).

The Exchangeable Notes Offer expired at 12:00 Midnight, Eastern Standard Time, on December 30, 2009. Payment for notes purchased pursuant to the Exchangeable Notes Offer was made on December 31, 2009.

The aggregate consideration for the Exchangeable Notes accepted for purchase, including accrued and unpaid interest of approximately $0.7 million, was approximately $49.2 million.

As a result of the non-cash write-off of certain unamortized costs and a discount related to the Exchangeable Notes, the company will record a charge to earnings and funds from operations (FFO) of approximately $1.7 million in the fourth quarter of 2009.

 Combined with the charge of approximately $23.2 million, announced in a press release dated December 10, 2009, for the recent tender for certain of the Operating Partnership’s Non-Exchangeable Notes, the company will record a combined total charge to earnings and FFO of approximately $24.9 million, or $0.09 per share, in the fourth quarter of 2009.

 This charge was not included in the fourth quarter and full year 2009 guidance ranges announced on October 28, 2009 in conjunction with the company’s third quarter 2009 earnings release.

To view  a summary of the company’s recent tender offers for certain of the Operating Partnership’s notes, please contact Marty McKenna, Equity Residential,  312-928-1901

Starwood Hotels Completes Sale of Bliss Spas to Steiner Leisure for $100M

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that it has completed the sale of the Bliss spa and product company to Steiner Leisure Limited (Nasdaq:STNR) for $100 million.

As part of the transaction, Bliss and Remède spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively. Additionally, Starwood’s Aloft brand will continue to offer Bliss Tried+Blue amenities.

“Not only does this sale further our strategy to focus exclusively on our global hospitality business and our nine distinct and compelling hotel brands, but our ongoing and exclusive relationship with Steiner Leisure means that we will continue to distinguish our spa offerings in our W and St. Regis hotels and provide amenities that are guest favorites,” said Frits van Paasschen (top right photo), President and CEO of Starwood.

“The sale of Bliss, coupled with several other recent sale transactions we’ve announced, demonstrate that despite today’s tough economic conditions we’re able to sell assets at strong multiples.”

In addition to Bliss spas in W Hotels and Remède spas in St. Regis hotels, Starwood has more than 300 spa properties in its hotels and resorts around the world, such as the award winning Heavenly Spa by Westin  (middle left photo) at the Westin Beijing Financial Street, Spa Gaucin at the St. Regis Monarch Beach Resort, (bottom right photo)  and GB Spa at the Hotel Grande Bretagne, a Luxury Collection Hotel in Athens.

Starwood also develops and operates proprietary spa brands including Heavenly Spa by Westin, Explore Spa by Le Mèridien and Shine Spa for Sheraton.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 982 properties in more than 100 countries and 145,000 employees at its owned and managed properties.

 Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, AloftSM, and ElementSM.

Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit http://www.starwoodhotels.com/.

Contact:   K.C. Kavanagh, 914-640-8339, Website: http://www.starwood.com/