aloftSM Ontario-Rancho Cucamonga Hosts Grand Opening Festivities

RANCHO CUCAMONGA, CA, July 18, 2008—Travelers to Rancho Cucamonga, California, are in for a special treat as the very first aloft hotel in the United States officially opened its doors in this Southern California city.


The opening of the aloft Ontario-Rancho Cucamonga was commemorated by a ribbon-cutting ceremony during a grand opening celebration at the property attended by company representatives and local officials.


Participants included Mayor Donald J. Kurth (top right photo); Ted Knighton, president, Hotel Operations, Interstate Hotels & Resorts; Paul Novak, managing director, The John Buck Company; and senior brand executives from Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT).

“Aloft is a new concept in ‘lifestyle’ hotels, targeted to meet the specific needs and desires of today’s savvy, design-conscious consumers who understand that great style can be both accessible and affordable,” said Ted Knighton.


“Starwood has gone to great lengths to create a new product that provides high design at an affordable price point, accessible technology, style and a social atmosphere. We are confident that aloft is a perfect complement to the Rancho Cucamonga hotel marketplace and believe it quickly will become a leader in its segment.”

The 136-room aloft Ontario-Rancho Cucamonga will be located at the northwest corner of 4th Avenue and Haven. aloft is the hotel component of a $60 million master-planned, mixed-use development called HavenPark, which is owned by L.A-based Hileman Co.


Guests can book directly through http://www.alofthotels.com/ which features the best rate guarantee and by calling 1-877-go aloft. Guests can also book via local travel agents. Rates for aloft hotels are market-driven, averaging $150/night. All aloft guests have the option to join and earn Starpoints in Starwood’s award-winning, industry leading Starwood Preferred Guest® program.

CONTACTS:

Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293, chris@dalygray.com

Yani Duran, aloft Ontario-Rancho Cucamonga, Director of Sales, 909 484 1608,
yani.duran@aloftontario-rc.com

Mary Jane Orman, aloft hotels, 914 640 5287, mmailto:maryjane.orman@starwoodhotels.com

Flex-Industrial Vacancies Grow in Metro DC

WASHINGTON, D.C.--GVA Advantis presents highlights from its second-quarter report on the metro Washington, DC industrial market.

For a copy of the complete report, please contact Tonya L. Ginter, CCIM, Director of Research & Marketing, 703.790.2127, tginter@gvaadvantis.com

Highlights include:

--Overall, the flex-industrial vacancy increased during the second quarter of 2008, with vacancies increasing to 10.8 percent from a first quarter rate of 10.4 percent.

--In accordance with the slight increase in vacancy rates during the second quarter, flex vacancy ended the second quarter at a 14.7 percent vacancy, up slightly from a first quarter rate of 14.5 percent, and industrial vacancy increased to 8.2 percent from a first quarter rate of 7.8 percent.

--Despite a positive increase in sales volume during the second quarter, uncertainty about the direction of the economy is still a big question among investors.

Tri-City Electrical completes work at new Federal Courthouse Building in Pensacola, FL

PENSACOLA, FL – Orlando-based Tri-City Electrical Contractors, Inc. completed $760,000 of work at the new multimillion-dollar, 57,359-square-foot Federal Courthouse Building (top left photo) in Pensacola, FL, under its contract with Hensel Phelps Construction Co., Orlando.

Florida’s leader in electrical contracting, communications and service, Tri-City reported 2007 revenues totaling $160 million. With nearly 1,200 employees statewide, the Orlando-based electrical contractor and service provider also operates divisional offices in Fort Myers, Ocala/Gainesville and Tampa, as well as satellite offices in Santa Rosa Beach and Sarasota.


Tri-City Electrical Starts Job at Oakmonte Village assisted living facility in Lake Mary, FL

ORLANDO, FL – Orlando-based Tri-City Electrical Contractors, Inc. is under way on $2 million of work at the new 3-story, 197,890-square-foot Oakmonte Village assisted living facility in the Orlando suburb of Lake Mary, FL, under its contract with Winter Park Construction, Winter Park, FL. Completion is slated for April 2009.

CONTACT:

Kenneth H. Cristol, President, Cristol Marketing Company, 237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USA. PH 407-774-2515 FX 407-774-6647 khc@crismktg.com http://www.crismktg.com/ Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

NAI Realvest Negotiates $1.05 Million Sale of Altamonte Springs Office Building

MAITLAND, FL --- NAI Realvest has negotiated the $1,050,000 sale price for a 7,538 square foot office building at 190 N. Westmonte Drive in Altamonte Springs.

NAI Realvest associate Don Rudolph, (top right photo) CCIM and Christi Davis CCIM, negotiated the transaction on behalf of the seller, Gavin Company of Hiawatha, Iowa.

The buyer is The Worthen Legacy of Winter Park and was represented in the transaction by Charlie Chambers of Real Estate Navigators.

For more information, contact:

Don Rudolph CCIM Associate, NAI Realvest, 407-875-9989; drudolph@realvest.com

Janice Paiano Marketing Director, NAI Realvest 407-875-9989 jpaiano@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communication, Inc. 407-644-4142

Wyndham Brand to Expand in China with 337-Room Shanghai Hotel

PARSIPPANY, N.J. -– Wyndham Hotel Group International plans to expand the Wyndham® brand in China with the construction of a 337-room, 15-story luxury hotel in Shanghai.

The Wyndham Baolian Hotel, (middle center photo) scheduled to open in April 2010, is being developed by Shanghai Baolian Real Estate Company Ltd. in the city’s Baoshan district.



Weijie Zhu, principal owner and president of Shanghai Baolian Real Estate Company Ltd., signed a 10-year agreement with Wyndham Hotel Group International to manage the property.

The hotel will feature four full-service restaurants; two bars; lobby lounge; nightclub; Wyndham Blue Harmony™ spa and fitness center; swimming pool; business center; and 1,650 square meters of meeting space including a 1,000-square-meter ballroom, boardroom and additional function rooms.

The Wyndham Hotels and Resorts brand is scheduled to make its debut in the Asia Pacific region during the fourth quarter this year with the opening of a newly constructed, 609-room luxury hotel in Xiamen, Fujian province. The Wyndham Xiamen Hotel also will be managed by Wyndham Hotel Group International.

Wyndham Hotel Group is the largest U.S.-based hotel franchising company in China today with 138 hotels open and under development under the Ramada, Days Inn, Howard Johnson and Super 8 brand names.

Steven R. Rudnitsky, (middle right photo) Wyndham Hotel Group president and chief executive officer said the development of the Wyndham brand in China fulfills a key corporate objective to grow the brand in Asia.

“Our Shanghai project is a testament to the strength of the Wyndham brand and our management expertise,” he said. “We anticipate strong growth of the Wyndham brand in key gateway cities.”

Shanghai serves as one of China's most important commercial, financial, industrial and communications centers and is widely regarded as the showpiece of one of the world's fastest-growing economies.

Located on China's east coast at the mouth of the Yangtze River, Shanghai is the country’s most populous city and one of the largest urban areas in the world. The city is an emerging tourist destination known for historical landmarks including as the Bund and Xintiandi, its modern and expanding Pudong skyline including the Oriental Pearl Tower and its reputation as a cosmopolitan center of culture and design.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide (NYSE: WYN), encompasses more than 6,550 hotels and 551,000 rooms in 59 countries on six continents under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. Additional information is available at www.wyndhamworldwide.com.

CONTACT:

Evy Apostolatos Director, Media Relations, Wyndham Hotel Group, 1 Sylvan Way,
Parsippany NJ 07054, (973) 753-6590
evy.apostolatos@wyndhamworldwide.com

Small Balance Multifamily Lending Continues to Evolve

By Peter Margolin (top right photo)

Peter Margolin is a Director in Arbor's full-service Deerfield, IL office. He can be reached at 847-597-7031 or at pmargolin@arbor.com.

As the landscape of small balance multifamily lending continues to evolve, we have seen Fannie Mae provide liquidity into a space vacated through the loss of major players like IMPAC, LaSalle Bank and most recently IndyMac.

Lending nationwide, these three companies funded billions of loan dollars annually. While a few new players have been added, the loan volume of the replacement lenders is significantly lower that of the ones that have been lost.

Now, borrowers are looking to their local banks and Fannie Mae through the 3Max® program to pick up the slack.

The basics of the 3Max® Program are as follows:

Loan Amounts - $500,000 to $3 million ($5 million is select markets)
Loan Term – Up to 30 years
Loan Amortization – Up to 30 years
Minimum DSCR – 1.20X

Maximum LTV – 80% (75% for five-year term)

Recourse – All loans recourse except in specific markets

Interest Rates – Fixed or ARMs available

Prepayment Penalty – yield maintenance or defeasance (Fixed declining available for ARMS only)

To protect the credit quality of considerable new loan originations in the small balance arena, Fannie Mae has instituted several changes to the loan criteria. These have included loan-to-value adjustments on five-year term loans, and the change to recourse from non-recourse nationwide.

Further, several regions of the country have been hit with tougher guidelines.

The states of Michigan, Ohio, Indiana, and the Orlando and New Orleans metro areas are all limited by Fannie to 65% loan-to-value, 1.35 debt service coverage and full recourse regardless of loan size.

In light of the credit crunch in the capital markets, Fannie Mae is still looking for strong loan originations in the small balance multifamily space.

We can expect continued revisions to the guidelines in order to effectively control the volume of those transactions and the quality of the borrowers behind those loans.

Cynthia Frank Joins CB Richard Ellis as Director of Retail Asset Services for Florida

FORT LAUDERDALE, FL--- CB Richard Ellis, Inc., the world's largest real estate services provider, is pleased to announce that Cynthia Frank (top right photo) has joined CBRE as the Director of Retail Asset Services for the state of Florida.

In her new position, Ms. Frank will be responsible for new retail business development throughout the state of Florida as well as servicing existing retail clients to ensure that the objectives for their properties are being met. CBRE currently leases and manages in excess of 5.6 million square feet of retail space throughout the state of Florida.

"I look forward to exploring the market and expanding upon the already outstanding services being offered by CBRE's asset services team," Ms. Frank said. "I am honored to have the opportunity to work alongside such a well respected and successful team of CBRE professionals, all of whom already have established well-earned reputations for excellent client services."

Ms. Frank brings more than 20 years of commercial property management experience to CBRE. Prior to relocating to South Florida, she co-founded Metro Commercial Management Services, the largest third-party retail management company in Philadelphia. Under her direction, the company grew to more than 6.0 million sq. ft. in four states.

Ms. Frank has a Bachelor of Arts from the University of Delaware and is a Certified Property Manager as designated by the Institute of Real Estate Management. She is also an active member of ICSC, IREM and BOMA.

CONTACTS:

Tina Moyerman, 305.381.6423, tina.moyerman@cbre.com

Rebecca Thomas, 305.381.6485, rebecca.thomas@cbre.com

Osceola County Development Site Becomes First Industrial Park in State to Register with U.S. Green Building Council

KISSIMMEE, FL - CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to announce that Yeehaw Transportation & Distribution Center in Osceola County, Fla., has become the first industrial park in the state to register with the U.S. Green Building Council.

The 430-acre site is located at the crossroads of State Road 60 and Florida's Turnpike (Yeehaw Junction) in Central Florida.

Kevin Hoover,(top right photo) vice president, and Kerry Jackson, (top left photo) vice president, SIOR, have been retained to exclusively represent the owner, Yeehaw Ranch LLC, in the sale of the property.

"Yeehaw Junction is strategically positioned for statewide distribution," Mr. Hoover said of the development opportunity.

"It is accessible to a market of 7 million people within 100 miles and recently received land use approval from Osceola County and the State Department of Community Affairs and is now in the design process."

According to developer Dan Shalloway, the decision to go green with the project's design was a logical one.

"While I am a true believer that green building is needed to sustain our country, it also makes economic sense," Mr. Shalloway said. "Sophisticated companies understand that the energy savings and safe environment offered by a green building provide a competitive advantage."

Part of this economic advantage, added Brian Dugas, director for the Renewable Energy Institute of Florida, is the savings involved in providing a healthy work environment for employees. He said the certification process looks at ventilation, volatile organic compounds in paint and carpets, lighting and thermal comfort.

"A well designed green building contributes to employee health and productivity which just happens to be good for the bottom line," Mr. Dugas said.

Grand Bay Properties Negotiated Sale of 3.58-Acre Self-Storage Site in San Carlos, FL

SAN CARLOS, FL. --- Grand Bay Properties, the marketing arm of Pelican Bay Development, recently negotiated the sale of a 3.58-acre parcel in San Carlos for $905,000 to My Garage, LLC who will develop a self-storage facility behind the existing Publix supermarket located on the northwest corner of Tamiami Trail and Sanibel Blvd.

James Nashman, president of Pelican Bay Development, said Broker William J. Wolf of Grand Bay Properties negotiated the transaction.

For more information contact:
Jim Nashman, President of Pelican Bay Development, 239-498-5363
William Wolf, Broker of Record, Grand Bay Properties, 239-498-5363
Larry Vershel or Beth Payan, LV Communications, 407-644-4142 (fax 4410)

CBRE Tampa Releases Q2 Marketview Reports

TAMPA, FL--The Tampa office of CB Richard Ellis Group Inc. has released second-quarter market reports on the Tampa Bay office and industrial markets and the Polk County industrial market.


For copies of the complete reports, please contact Lauren Crawford at lauren.crawford@cbre.com.

Tampa Bay Office Highlights:
·
· Over one million sq. ft. of new Class A office space will be delivered to the Tampa Bay market in the next 12 months.
· The overall vacancy rate ticked up 0.3% over the first quarter 2008 to 15%--the highest since fourth quarter 2008.
· Buschwood I & II was purchased by Eola

Tampa Bay Industrial

· The [industrial] economy remains fairly strong, the biggest challenge is battling the perception that it's not.
· Over one millions sq. ft. of industrial space is actively under construction.
· Answering to the rise in vacancy rates, average asking lease rates decreased slightly to $6.65 per sq. ft. (down $0.50 over the quarter.)

Polk Industrial

· Of the six properties under construction (902,000 sq. ft.), 46% is pre-leased..
· Year-to-date, the Polk County industrial market has experienced over one million sq. ft. of positive net absorption.
· Swiss fragrance company, Firmenich, announced it will expand its Lakeland operations with a new 12,000-sq.-ft. bldg.

HFF arranges $18.45M financing for Cameron Creek Apartments in Fort Worth, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $18.45 million in financing for Cameron Creek Apartments, (above centered photo) a 446-unit, garden-style multifamily community in Fort Worth, Texas.

HFF associate director Travis Anderson and senior managing director John Brownlee (top right photo) worked exclusively on behalf of the borrower, The Bascom Group to secure the 36-month, fixed-rate loan through GE Real Estate.

Loan proceeds are being used to acquire and renovate the property. The Bascom Group owns and operates 115 properties containing 33,788 units in California, Arizona, Washington, Hawaii, Colorado, Utah, Nevada, Texas and Georgia.

Cameron Creek Apartments has one-, two- and three-bedroom units averaging 859 square feet each. Community amenities include two pools, two tennis courts, a spa, a fitness center, a volleyball court and a club house.

As part of the renovation program, Bascom plans to add BBQ areas, tot lots and a wi-fi business center as well as making significant interior upgrades to individual units.

Located at 5209 Bryant Irvin, Cameron Creek Apartments is located close to Interstate 20, Highway 183, University of Texas at Arlington and Hulen Mall.

“The planned renovations will allow the borrower to increase rents while offering updated interior finishes at market rents that are still lower than those offered by many of the property comparables,” said Anderson.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.

CONTACTS:

Travis Anderson, HFF Associate Director, 214 265 0880, tanderson@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

International Shoppes Gets $11M Loan at 6.6%

MIAMI, FL—Steve Wood (top right photo) and Alan R. Cohen (top left photo) of Thomas D. Wood and Company, along with Michael Daspin of United Financial of America, secured financing in the amount of $11,000,000 for International Shoppes in Orlando, Florida.

The loan was financed through a national banking institution at a permanent fixed rate of 6.60%. The loan term is seven years with a 30-year amortization, and a loan-to-value of 70%.

The 72,897 square-foot retail center was built in 1986, and is home to major tenants Value Mart, Quiet Flight Surf Shop and Backstage Billiards.

International Shoppes is located in the heart of the Orlando theme park attractions at 5600 International Drive, Orlando, Florida. (Trolley Car route Map bottom left)

Thomas D. Wood and Company is an independently owned, leading commercial mortgage banking firm in the southeast.

Thomas D. Wood and Company has correspondent relationships with fourteen major life insurance companies, in addition to Wall Street. Thomas D. Wood and Company’s servicing portfolio is now approaching one billion dollars.

This servicing portfolio consists of long-term mortgages on a variety of commercial properties located throughout the state of Florida. These properties include: Retail, Industrial, Office, Senior Housing Communities, Self-storage, Apartments, Warehouses, Hotels and Mobile Home Parks.

Thomas D. Wood and Company’s corporate office is located at 95 Merrick Way, Suite 360, Coral Gables, Florida 33134, with branch offices located at 1700 South MacDill Avenue, Suite 240 A, Tampa, Florida 33629, 1215 Louisiana Avenue, Suite 100, Winter Park, Florida 32789, and 6802 Honeysuckle Trail, Lakewood Ranch, Florida 34202. The website may be accessed through http://www.tdwood.com/.

For further information, please contact:
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Thomas D. Wood Finds Financing for Millennium Healthcare Medical Office Building in Orlando

Orlando, Florida—July 15, 2008—Daniel Byrnes, (top right photo) Assistant Vice President for Thomas D. Wood and Company, secured construction financing in the amount of $1,300,000 for Millennium Healthcare medical office building in Orlando, Florida.

Byrnes financed the loan through Thomas D. Wood and Company’s relationship with a regional banking institution. The two-year, interest-only construction loan has a rate of Prime + 1/2%. The mini-perm loan term is three years with a 20-year amortization at a rate of 275 basis points + 3-year U. S. Treasury.

The 5,589 square-foot medical office is being built on 0.78 acres of land; construction will be completed this year. The loan-to-value is 79%. Millennium Healthcare is an owner-occupied, single-tenant medical office located at the northwest corner of John Young Parkway and Oak Ridge Road, Orlando, Florida.

Thomas D. Wood and Company’s corporate office is located at 95 Merrick Way, Suite 360, Coral Gables, Florida 33134, with branch offices located at 1700 South MacDill Avenue, Suite 240 A, Tampa, Florida 33629, 1215 Louisiana Avenue, Suite 100, Winter Park, Florida 32789, and 6802 Honeysuckle Trail, Lakewood Ranch, Florida 34202. The website may be accessed through http://www.tdwood.com/.

For further information, please contact:
Daniel Byrnes (407) 937-0470 dbyrnes@tdwood.com
Jessica Gurtowski (407) 937-0470 jgurtowski@tdwood.com

Orlando-based Terry's Electric, Inc. completes electrical work at new Office Building in Kissimmee, FL

ORLANDO, FL – Terry’s Electric, Inc., one of Florida’s leading electrical contractors, completed nearly $350,000 for electrical work at the new 3-story, 40,000-square-foot Parkvue Office Building located at 222 Broadway, Kissimmee, FL. Roger B. Kennedy, Inc., Altamonte Springs, was general contractor for the project, according to Mark Neveu, Commercial Division president of Terry’s Electric. The project was designed by Charles H. Parsons Architect, Kissimmee, FL.

Founded in 1979 by B. Terence “Terry” and Jeanne Quigley, Terry’s Electric, Inc. has experienced steady growth and nationally ranks among Engineering News-Record’s Top 600 Specialty Contractors. With approximately $50 million annual revenue and over 340 loyal employees, the company is Florida’s fourth largest electrical contractor. Originally established to serve the local community following the opening of nearby Walt Disney World, Orlando-based Terry’s Electric also operates branch offices in Tampa and West Palm Beach.

Terry’s Electric, Inc.’s headquarters is located at 600 N. Thacker Avenue, Suite A, Kissimmee, FL 34741, telephone (407) 572-2100.




CONTACT:

Kenneth H. Cristol, President, Cristol Marketing Company237 Hunt Club Blvd., Suite 102, Longwood, FL 32779 USAPH 407-774-2515 FX 407-774-6647khc@crismktg.com http://www.crismktg.com/ Strategic Marketing, Brand Management, Publicity and Advertising, and Corporate Communications

HFF closes sale of Class A office building in Houston’s Enclave Office Park

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Enclave on the Lake, (top right photo) a 171,091-square-foot Class A office building plus a three-level, 676-space parking garage in Houston’s Enclave Office Park.

HFF senior managing director Dan Miller and associate director Marty Hogan marketed the property exclusively on behalf of the seller, Behringer Harvard.

CB Richard Ellis Realty Trust purchased Enclave on the Lake for an undisclosed amount and assumed an existing loan.

Enclave on the Lake has six stories of office space that is fully leased to SBM Atlantia, Inc. The parking garage is connected via a covered walkway. Located within the 100-acre Enclave Office Park, the property is situated on its own 6.7-acre wooded site at 1255 Enclave Parkway overlooking a lake and convenient to Interstate Highway 10, Westpark Tollway and Beltway 8.

“The Energy Corridor, including Enclave, has established a reputation as a premier location for corporate headquarters,” said Miller.

Behringer Harvard is a real estate investment company that sponsors investment products to meet the needs of savvy, diversification-minded investors. Behringer Harvard makes a number of investment options available to the investing public including public and private non-listed REITs, real estate investment partnerships and other real estate investments.

CB Richard Ellis Realty Trust invests primarily in office, retail, industrial and multifamily residential properties located in major metropolitan areas in the United States, and may invest up to 30 percent of its assets outside of the U.S. CB Richard Ellis Realty Trust is sponsored by Los Angeles-based CB Richard Ellis Investors, an indirect wholly-owned subsidiary of CB Richard Ellis Group, Inc., and advised by CBRE Advisors LLC, an affiliate of CB Richard Ellis Investors. For more information about CB Richard Ellis Realty Trust, please visit http://www.cbrerealtytrust.com/.

CONTACTS:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, 713 852 3500, dmiller@hfflp.com

Martin T. Hogan, HFF Associate Director, 713 852 3500, mhogan@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com