Marcus & Millichap Negotiates $31M Sale of Northland Center in Southfield, MI

The company also secures listing for Chestnut Ridge apartments in Pittsubrgh, PA

SOUTHFIELD, MI– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 663,000 square feet of the Northland Center, (top right photo) a 1.7 million-square foot enclosed mall in Southfield. The sales price was $31 million.

Mark Taylor, (top left photo) vice president investments, and Dean Zang,(middle right photo) associate vice president investments, in the Philadelphia office of Marcus & Millichap, represented the seller, Jager Management Inc. of Jenkintown, Pa.

Taylor and Zang also procured the buyer, New York City-based Ashkenazy Acquisition Corp.

Mike Dillon, a vice president investments in the Chicago office of Marcus & Millichap, and Steve Chaben, (middle left photo) first vice president and regional manager of the firm’s Detroit office, also assisted in closing this transaction.

”This transaction presented numerous challenges that Dean and I were able to resolve because of the high level of cooperation – and patience – exerted by both the buyer and seller,” said Taylor.

“Some of the challenges we worked to overcome included the assumption of a loan in this very difficult capital markets environment and the erosion in the property’s rent roll.

“We went under contract in July and the global financial crisis intensified in September. During the entire transaction process, we faced daily negative press reports on the state of the commercial real estate sector and lending market, as retail property values continued to fall nationwide,” Taylor says.

Developed in 1954, Northland Center at 21500 Northwestern Highway is a retail destination for Detroit residents.

Co-anchored by Macy’s and Target, other retailers currently occupying the 120-acre mall include Champs Sports, Coffee Beanery, Lens Crafters, Lady Footlocker, Payless ShoeSource, Stride Rite, Carlton Cards & Gifts and others.

Marcus & Millichap sold a portion of the property, but did not sell the space occupied by Macy’s and Target.

“As the retail sector continues to face losses due to a downturn in consumer spending, landlords across the nation have encountered some significant leasing issues,” says Zang. “The new owner plans to make significant capital improvements to the mall. A major repositioning and changes to the tenant mix should assist in turning this property around.”

At the time of closing, Northland Center’s occupancy rate was 70 percent.

“Closing this sale at the height of the global financial crisis is a testament to the perseverance and excellent brokerage skills of our investment specialists,” explains Spencer Yablon, (middle right photo, under Dean Zang photo)) regional manager of the Philadelphia office of Marcus & Millichap.

Marcus and Millichap has obtained the exclusive listing for Chestnut Ridge (bottom left photo), a 468-unit apartment community in Pittsburgh. The listing price is $32 million. The 359,760-square foot Chestnut Ridge complex has 31 apartment buildings located on 25 acres of professionally maturely landscaped grounds.

Located in Robinson Township, one of the fastest-growing communities in Pittsburgh, the 468-unit property consists of five different one- and two-bedroom layouts designed to attract a variety of renters.

The property is also located in the prominent Montour School District.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Affordable Housing Expert Widens Institute’s Research Capabilities

CHICAGO, IL – The Real Estate Capital Institute® added the seasoned realty industry veteran, Randal Dawson, (top right photo) to its Editorial Advisory Group for 2009.

Mr. Dawson is a Senior Vice President with CB Richard Ellis. He specializes in the market analysis/valuation of affordable housing and low-income housing tax credits.

Randal is also a Member of the Appraisal Institute (MAI) and is a Certified General Appraiser in 17 states, with a national specialty practice in affordable housing and low-income housing tax credits.

Mr. Dawson serves on the Appraisal Institute’s-National Publication Committee as a primary reviewer for two recent publications from the Appraisal Institute - Valuation and Market Studies for Affordable Housing and Market Analysis for Real Estate.

The Real Estate Capital Institute’s Editorial Advisory Group (“EAG”) members typically serve a two-year term and include some of the nation's most renowned realty professionals and scholars.

The group is composed of capital providers, investment bankers, investors, consultants, academicians and appraisers. The Institute solicits market comments from these industry leaders as well as other senior executives.

Although the Institute collects market research from various sources, EAG member observations are particularly important.

Issued monthly or more frequently, depending upon market conditions, EAG comments track market momentum.

To protect privacy and promote an open exchange of ideas, many EAG observations are often posted anonymously. Members' comments, furthermore, do not necessarily reflect opinions of their respective organizations, employers or the Institute.

According to the Institute's research director, Nat Zvislo, "Randal’s expertise in affordable housing and low-income tax credits provide stronger depth to the Advisory Board’s talent pool. Such programs are critical to realty capital market flow as federal, state and local funding assistance help launch more developments as private capital remains sidelined. "

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

Morrison Commercial Real Estate Completes 20,202 SF of Leases in Orlando

ORLANDO, FL -- Greg Morrison, (top right photo) CCIM, SIOR, Principal and Founder of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 20,202 square feet at three office buildings in Orlando.

At SunTrust Center, located at 250 S. Orange Avenue, Morrison served as the tenant representative for Orlando Regional Healthcare System, Inc. in the negotiation of a 10,032-square-foot lease with landlord, SunTrust Center Owner, LLC.

John Gilbert of CB Richard Ellis represented the Landlord in this transaction.

In addition, Morrison and Emily Zinaich (bottom left photo) of Morrison Commercial Real Estate represented the landlord, OPUS REAL ESTATE FL VII UCC3, L.L.C. in the negotiation of a 6,830 square-foot office lease with CH Robinson Worldwide, Inc. at University Corporate Center III. The Tenant was represented by Mohr Partners.

At 101 Southhall Lane, Morrison and Zinaich also represented the landlord, SHL Owner LLC, in the negotiation of a 3,340 square-foot new lease with SUA Insurance Company. Matthew Cichocki and Kevin O’Connor of NAI Realvest Partners represented the Landlord in this transaction.

CONTACT:

Marylyn Tryon, Administrator and Marketing Assistant, Morrison Commercial Real Estate, 255 S. Orange Avenue, Suite 1545, Orlando, Florida 32801
407.219.3500 407.219.3501 fax. mtryon@morrisoncre.com

http://www.morrisoncre.com

After 40 Years, Hilton Moving from Beverly Hills to DC Area

BEVERLY HILLS, CA--(BUSINESS WIRE)--Hilton Hotels Corporation (Hilton) plans to relocate its global headquarters from Beverly Hills, CA, (top left photo) to the greater Washington, DC metropolitan area.

Locations in Maryland and Virginia are currently being considered. The move will occur during the third quarter of 2009.

The decision to relocate the company’s headquarters is part of Hilton’s ongoing business reorganization and follows a thoughtful and rigorous review of Hilton’s corporate operations and locations.

Potential locations were evaluated against multiple criteria including costs, proximity to Hilton’s US and international offices, and talent attraction and retention.

Christopher J. Nassetta, (middle right photo) President and Chief Executive Officer, said, “After careful consideration of both the needs of our business and the impact on our organization, we identified the greater Washington, DC metropolitan area as the best market for our business and the right decision for our future.

"Relocating to the DC area will significantly reduce our operating expenses and will position Hilton in a more central location from which to operate a global business, ease coordination across our organization, and better enable us to execute on strategic opportunities.

"Our vision for Hilton is to create the world’s leading hotel company, and this is a necessary and important step toward reaching this goal.”

Nassetta added: “We understand this is a major change for our organization, and we will do our best to minimize disruptions to employees and operations. We have a long history in Beverly Hills and appreciate the support we have received from our civic partners and citizens in the community over the years.”

Hilton Hotels Corporation is the leading global hospitality company with more than 3,200 hotels and 545,000 rooms in 77 countries and territories, including 135,000 team members worldwide.

The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations®, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.

The Hilton Family of Hotels adheres to founder Conrad Hilton’s (bottom left photo) philosophy that, “It has been, and continues to be, our responsibility to fill the earth with the light and warmth of hospitality.”

The company put a name to its unique brand of service that has made it the best known and most highly regarded hotel company: be hospitable®. The philosophy is shared by all brands in the Hilton Family of Hotels, and is the inspiration for its overarching message of kindness and generosity.

HFF Closes $94.5M 'A' Note Sale for Bank of America

CHICAGO, IL –HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of an ‘A’ note on behalf of Bank of America.

HFF managing director Bill Mitchell (top left photo) and senior managing directors Stuart Salins in Chicago and Whitney Wilcox in New York represented the seller in the transaction.

The ‘A’ note, which was sold to a privately-held REIT, has a coupon of 5.60% and is a senior participation in a $104.8 million first lien loan originated in early 2007.

The loan is secured by a 188,458-square-foot Class A office building in San Diego, California. (top right photo)

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, loan sales and commercial loan servicing. http://www.hfflp.com/.

Contacts:

WILLIAM G. MITCHELL, HFF Managing Director, (312) 980-3607, wmitchell@hfflp.com

STUART M. SALINS, HFF Senior Managing Director, (312) 528-3678, ssalins@hfflp.com

WHITNEY H. WILCOX, HFF Senior Managing Director, (212) 242-2425, wwilcox@hfflp.com

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

HFF secures debt and equity financing for $46M to-be-built luxury multifamily community in Atlanta

ATLANTA, GA – The Atlanta office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged debt and equity for the development of Glenwood Avenue Apartments, a 325-unit, five-story luxury multifamily community in Atlanta, Georgia.

Working on behalf of Capital Thirty-Three, HFF director Michael Cale (bottom right photo) placed a $34.39 million construction loan with Regions Bank as well as joint venture equity with institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.

Construction on the five-acre site, which will have 297,600 square feet of rentable space, is expected to commence in summer 2009 with an anticipated completion date of winter 2010.

The units will be certified by the Leadership in Energy and Environmental Design (LEED), one of the first apartment communities in Georgia to receive this distinction.

Apartments will range in size from 650-square-foot one-bedrooms to 906-square-foot two-bedrooms and will include luxury amenities such as high-end countertops, kitchens with stainless steel appliances, nine-foot ceilings, Jacuzzi bathtubs, patios and balconies. “Green” features include energy-saving windows and appliances, low-water consumption plumbing and an eco-friendly roofing system.

“The borrower’s experience in the submarket paired with its ability to secure highly desirable, core land parcels has afforded them a unique opportunity to deliver an exceptional product to a submarket that is quickly expanding due to its proximity to downtown, midtown and other highly traversed areas within metro Atlanta,” said Cale.

“Development opportunities are still possible if you’re offering the right product, in the right place and at the right price,” added Colin Cavill, a Principal Partner at Capital 33.

Contacts:

MICHAEL A. CALE, HFF Director (404) 832-8460, mcale@hfflp.com

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

Wyndham Hotel Group Grows in China With Seven New Hotels

HONG KONG, Jan. 22, 2009– Wyndham Hotel Group today announced that it continues to solidify its position as the leading U.S. hotel company in China with last month’s opening of seven hotels, three of which are all-new construction properties, under its Ramada®, Howard Johnson® and Super 8® brands.

Among the new hotels open are the five-star, 1162-room Howard Johnson Resort Sanya Bay (middle right photo) on Hainan Island, one of China’s premier resort destinations; the four-star, city-center Ramada Wuxi hotel (top left photo); and the Super 8 Hotel Shanghai Fen Ye Hong Qiao (bottom left photo) located near the Shanghai Zoo, Guangda Exhibition Centre and Qibao Old Town.

“Despite the economic climate and the devastating earthquake in May, Wyndham Hotel Group continues to be a leader in China,” said Tom Monahan, (bottom right photo) executive vice president of international development for Wyndham Hotel Group International.

“The addition of these impressive properties further strengthens our position in the country with current and prospective owners and developers.”

The Hotel Group currently has over 170 properties in the country operating under the Ramada, Super 8 and Howard Johnson brand names.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses nearly 7,000 hotels representing approximately 581,000 rooms in 65 countries under the Wyndham®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns and Suites®, Hawthorn Suites®, 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. For additional information or to make a reservation, visit http://www.wyndhamworldwide.com/.

CONTACT:

Christine Da Silva
Director, Media Relations
Wyndham Hotel Group
1 Sylvan Way
Parsippany, NJ 07054

+1 (973) 753-6590
Christine.DaSilva@WyndhamWorldwide.com

Rick Rogovin Joins Dow Hotel Team; Company Converts San Antonio Radisson to Hilton

SEATTLE, WA, Jan. 22, 2009 -- The Dow Hotel Company, LLC, a hotel ownership investment and management company, today announced that Rick Rogovin, (top right photo) an executive with more than 20 years of institutional hotel investment experience, has joined the company as vice president of business development.


In the newly created position, Rogovin will be responsible for reaching out to institutional investors, limited partnerships, individual investors, brokers and others to form strategic alliances, negotiate partnerships, and forge relationships to significantly expand Dow’s owned and joint-venture hotel portfolio, as well as acquire and develop third-party management contracts.



He will work closely with Mark Rosinsky, (middle right photo) DHC’s s senior vice president of investments.

“We believe the next 18 to 24 months will create significant growth opportunities for our company in all three of our growth strategies: acquisitions, joint ventures and third-party hotel management,” said Murray Dow, (middle left photo) president of The Dow Hotel Company.

“Rick adds substantial bench strength in finance, investment, real estate and corporate leadership that will be particularly critical in the current economic environment,. His high professional standards fit our culture perfectly.”

Rogovin is a Certified Hotel Administrator and holds a Bachelor of Technology – Hotel Administration degree from New York City Technical College.

The company’s portfolio of owned and managed properties consists of institutional-grade hotels under such brands as Marriott, Hilton, Embassy Suites, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.

San Antonio Radisson Converts to Hilton San Antonio Hill Country Hotel & Spa; $6 Million Renovation Planned

SAN ANTONIO, TX/SEATTLE, WA.—The Dow Hotel Company (DHC), a hotel owner/investor and management company, has converted its 227-room hotel in San Antonio, Texas, to the Hilton San Antonio Hill Country Hotel & Spa at 9800 Westover Hills Blvd. (bottom left photo)

The hotel will undergo a $6 million renovation over the next 12 months to upgrade the facility, its amenities and services. The property is owned by a joint venture between Prudential Insurance Company of America and DHC, which also operates the property.

“We look at every property we operate to maximize profits in all phases of the economic cycle,” said Murray Dow, president of The Dow Hotel Company.

“With the upgrades and brand change, we will be able to offer our guests the best in upscale amenities and benefits, which will lead to higher satisfaction and allow us to attract a wide cross-section of both business and leisure travelers.

" We have in-depth experience working with the Hilton Family of brands and believe this change will further enhance our portfolio of first-class, full-service hotels.”

“This is another great hotel/spa to add to our growing collection,” said Jeff Diskin, (bottom right photo) senior vice president – brand management, Hilton Hotels & Resorts.

“This will be the fifth Hilton Family-branded hotel operated by Dow, and we expect the same success that they have enjoyed at our four other branded properties.”

Contact: Jerry Daly, Chris Daly. Phone: (703) 435-6293, jerry@dalygray.com

Interstate Hotels & Resorts Implements Cost-savings Program

Expected to Reduce Corporate Overhead by $13 Million

ARLINGTON, VA, Jan. 22, 2009—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent management company, today announced that it has completed implementation of a cost-savings program that is expected to reduce 2009 corporate overhead by $13 million.

The plan was developed to help offset expected declining revenues in the current difficult economic climate.

“We are in the midst of one of the most challenging periods the hotel industry has ever experienced,” said Thomas F. Hewitt, (top right photo) chief executive officer.

“We had anticipated the industry downturn last spring and made appropriate adjustments to our business strategies during the course of 2008. With a negative industry RevPAR outlook for 2009 and persistent forecasts of a weak national economy, we believe it is prudent to take these additional steps.”

Following a three-year hotel industry bull market that produced consistently rising RevPAR and profits, the hotel industry experienced a RevPAR decline in the third quarter of 2008, a trend that may continue until the second quarter of 2010, according to the consulting firm, PKF Hospitality Research.

“The hotel industry has always closely paralleled the broader economy, and we have been seeing the kind of occupancy declines at most of our properties that accompany a recession,” Hewitt said. “We expect negative travel trends to continue for the foreseeable future, a situation that prompted us to take these additional actions.”

The company has undertaken the following measures:

· Eliminating 45 corporate positions,
· Pay reductions of up to 10 percent for senior management,
· Placing a freeze on merit increases for all corporate employees,
· Suspending the company match for 401(K) and non-qualified deferred compensation plans for 2009,
· Restructuring the corporate bonus plan,
· A 25 percent reduction in the annual fee for the company’s board of directors, and
· Reducing all other corporate expenses, including advertising, travel, training, employee relations, etc.

The company expects all of these efforts combined will result in savings of at least $13 million in corporate overhead costs as compared to 2008.

“These steps reflect our commitment to reducing costs fairly and across all levels of the company,” Hewitt added.

“We remain committed to delivering the highest quality service at our properties, but we also are focused on the bottom line of our hotels. As a result, our properties have undertaken many of the same initiatives.

"Each hotel has a profit maximization plan and multiple contingency plans in place to respond quickly to economic and market conditions. We believe that these additional measures place us in a much stronger position to successfully ride out this downturn and emerge in a stronger competitive position when the economy recovers.”

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

Contact: Bruce Riggins, Chief Financial Officer, (703) 387-3344

Tampa, FL Student Housing Project Gets $15M Loan

ORLANDO, FL-- Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $15,335,000 for Casa del Toro Student Housing (top right photo) in Tampa, Florida.

Doug Rozzell, (bottom left photo) Company Principal, along with David Repka of Bison Financial Group, financed Casa del Toro Student Housing through Thomas D. Wood and Company’s relationship with a regional bank.

This construction loan consists of two parts: a $3,000,000 revolving loan, at a rate of LIBOR + 300 basis points interest-only, and a $12,335,000 non-revolving term facility with a rate of 6% and 25-year amortization on each building as it is stabilized.

The loan-to-value is 75% and loan-to-cost is 80%. Casa del Toro Student Housing will be built on 6.92 acres on North 58th Street, Tampa, Florida.

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

Regency Centers Announces Partial Partnership Distribution

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (NYSE:REG) announced that it and its joint venture partner Macquarie Countrywide Trust (MCW) have agreed to dissolve two of their initial co-investment entities.

As a result of the dissolution, the portfolio assets are distributed as 100% ownership interests to MCW and Regency after a selection process as provided for by the terms in the original partnership agreement.

The process allows a one-for-one selection rotation, with Regency selecting first, until the value of the properties selected, as determined by appraisal, equals Regency's existing ownership interest.

Also, the dissolution of the entities results in an additional distribution and liquidation management fee payable to Regency expected to be in the range of $11 million to $15 million.

This amount will be received by Regency in the form of an increased ownership interest as part of the selection process described above. The dissolution is expected to be completed by the end of March subject to required lender consents for ownership transfer.

MCW and Regency remain partners in three co-investment entities that in total own and operate 123 assets.

Contact: Regency Centers Corporation, Jacksonville Lisa Palmer, 904-598-7636 www.RegencyCenters.com

China Housing Acquires Property Management Company in Xi'an

XI'AN, CHINA/PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc., ("China Housing", Nasdaq: CHLN) has completed the acquisition of Xi'an Xinxing Property Management Co., Ltd. ("Xinxing").

Xinxing was privately owned and provides property management services to most of China Housing's past residential and commercial projects, as well as to other prominent customers like the Xi'an branch office building of the People's Bank of China, China Xi'an Electric Group headquarters, Shaanxi Bureau of State Taxation offices, and the Xi'an University of International Studies, to name a few.

Xinxing's current service area totals 1.67 million square meters (17.98 million square feet) in 43 facilities that include residential, commercial, and school buildings and parks.

Xinxing's revenues in 2008 were RMB 15.42 million, net income was RMB 1.82 million, and assets at yearend 2008 totaled RMB 11.29 million.

Total consideration for the acquisition will be 12 million RMB. ($US 1.75 million)

Mr. Pingji Lu, Chairman of China Housing & Land Development, said, "This acquisition greatly strengthens our ability to improve our value to our customers during the after-sale phase of our real estate development business.

"This acquisition brings an important phase of real estate development into our company, one that further emphasizes our long-term commitment to our customers."

Founded in 1996, Xi'an Xinxing Property Management Co., Ltd. was one of the earliest Chinese companies to specialize in property management.

Based in Xi'an, (top right photo collage) the capital city of China's Shaanxi province, (bottom left map) China Housing & Land Development, Inc. is a leading developer of residential and commercial properties in northwest China.

For more information, please contact:

Ms. Jing Lu Chief Operating Officer, Board Secretary, and Investor Relations Officer Tel: +86-29-8258-2632 in Xi'an Email: jinglu@chldinc.com /

English and Chinese Mr. William Xin, Chief Financial Officer Tel: +86-150-9175-2090 in Xi'an +1-917-371-9827 in San Francisco Email: william.xin@chldinc.com /

English and Chinese Mr. Tom Myers, Christensen Investor Relations Tel: +86-139-1141-3520 in Beijing Email: tmyers@christensenir.com /

English Ms. Kathy Li, Christensen Investor Relations Tel: +1-212-618-1978 in New York Email: kli@christensenir.com / English and ChineseFCMN contact: KLi@christensenir.comSource: China Housing & Land Development, Inc.

Arbor Closes 5 Fannie Mae Loans Totaling $22M

Three Milford, MA Apartment Projects Receive $17.9M

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $17,900,000 under the Fannie Mae DUS® product line to finance the complexes known as Lincoln Street Apartments, Pheasant Circle Apartments and Sherwood Park Apartments in Milford, MA.

Each of the three, 10-loans amortizes on a 30-year schedule and carries a note rate of 6.38 percent.

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

“These transactions demonstrates the flexibility of our multifamily financing platform as we were able to provide acquisition financing at over 80% of the purchase price that includes funding for approximately $1 million in capital improvements,” said Kelly.

“We have closed numerous deals on behalf of this sponsorship group and we look forward to continuing to grow this financial partnership.”

Bret Block Portfolio in College Park, GA Receives $2.13M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,125,000 loan under the Fannie Mae DUS® product line to refinance four (4) properties totaling 69 units known as Bret Block Portfolio in College Park, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.26 percent.

The loan was originated by Bob Anderson, Director, in Arbor’s full-service Atlanta, GA lending office.

“We were able to put together a very attractive long - term package that generated maximum proceeds for an experienced borrower,” said Anderson. “The financing of this portfolio emphasizes Arbor’s continuing commitment to fund loans on smaller multifamily properties during difficult market conditions.”

$1.58M Fannie Mae DUS® Small Loan Goes to Brookstone Cottages in Norman, OK

UNIONDALE, NY- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,575,000 loan under the Fannie Mae DUS® Small Loans product line to finance the 64-unit complex known as Brookstone Cottages in Norman, OK.

The 15-year loan amortizes on a 30-year schedule and carries a note rate of 6.61 percent.

The loan was originated by Jay Porterfield, (bottom right photo) Vice President, in Arbor’s full-service Plano, TX lending office.

“Arbor had the opportunity to provide financing on this high-quality LIHTC property with a very experienced borrower,” said Porterfield. “Arbor is one of only a handful of DUS® lenders actively funding affordable housing properties within our Small Loan program.”

CONTACT:

Ingrid Principe. Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553. P: 516.506.4298. F: 516.542.2555. http://www.arbor.com/

Lubert-Adler and Lane Company Form $250M Real Estate Venture in Atlanta

ATLANTA, GA-– Dean Adler, (top right photo) Chairman of Lubert-Adler and George Lane, (top left photo) Chairman and CEO of Lane Company have announced a new multifamily real estate venture.

Lubert-Adler will provide $250 million for the acquisition of multifamily properties primarily in the Southeast and Southwest.

The initial funds will be used for the acquisition, rehabilitation and repositioning of distressed properties, or properties held by distressed sellers.

Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners.

Lubert-Adler and Lane Company have been partners in a number of ventures over ten years, most recently, the acquisition of Solace on Peachtree Apartments (middle right photo) in Atlanta, which is currently being renovated.

Lubert-Adler previously invested in several of Lane Company’s award-winning communities in Atlantic Station, (middle left photo) the live/work/play redevelopment in Midtown Atlanta.

“We are poised to take advantage of a number of opportunities in 2009,” said Lane Company CEO George Lane.

“Our platform allows us to perform due diligence, acquire, renovate and provide strong property and asset management to drive above-market yields on such investments.”

In 2007, Lane Company began actively pursuing acquisitions of “value-add” multifamily properties that need an infusion of capital or are located in recovering markets.

Lane Company currently is supervising the renovation of five such value-add acquisitions located from Baltimore, MD to Austin, Texas.

Lubert-Adler is a real estate investment company co-founded by Ira Lubert (bottom right photo) and Dean Adler in 1997.

The Lubert-Adler investment team consists of experienced professionals with strong backgrounds in real estate acquisition, redevelopment, asset management, distressed restructurings, structured finance, and capital markets.

Lubert-Adler is headquartered in Philadelphia and has offices in New York, Atlanta and Los Angeles.

Lubert-Adler has raised an aggregate of $6.6 billion in investor equity since inception and recently closed fundraising for its sixth fund with $2.5 billion of committed equity, principally from large university endowments.

Lane Company (http://www.lanecompany.com/) is a vertically-integrated, full-service multifamily real estate company.

Its expertise extends to all areas of real estate including apartment and condominium development, investment, property management, construction, asset management and marketing.

With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry. Its goal is to make big things happen by connecting people and communities one home at a time.

Media Contact: Terri Thornton, Thornton Communications, 404-932-4347 terri@territhornton.com

IHG to open three Indigos in London

LONDON, Jan. 20, 2009--IHG (InterContinental Hotels Group) opened the doors of Hotel Indigo London Paddington (top right photo) today - the first Hotel Indigo outside North America - and announced a deal to open three more Hotel Indigo properties in the city.

Hotel Indigo is IHG's boutique hotel brand. With 21 hotels open in North America, and 56 hotels in the global development pipeline, the opening of the Hotel Indigo London Paddington marks the start of the global brand roll-out.

The 64-room Hotel Indigo London Paddington, owned by London Town Hotels, is a row of nine converted Georgian townhouses in London Street just minutes from the station with views over Norfolk Gardens.

Speaking at the opening Andy Cosslett, (top left photo) chief executive, IHG, said: "Hotel Indigo combines the feel of a boutique hotel with the benefits of a large hotel group, including our reservation systems and loyalty programme. The brand has been a success in the Americas and we are confident we can grow it around the world."

He continued: "Hotel Indigo suits converting existing buildings as each hotel is designed to be different. Conversions generally require less financing and can be up and running more quickly than new build hotels, which is an attractive option for owners given the current economic conditions."

Koolesh Shah, (bottom left photo) managing director, London Town Hotels, said: "Over the last few years new businesses have put down roots in Paddington and we've seen a surge in the number of people looking for a place to stay. Our hotel will attract a new type of guest who is looking for something a little bit different."

IHG also announced that it has signed a contract with City Site Estates to open three more Hotel Indigo properties in London by 2012:

Cannon Street - A 38 room, five storey townhouse with a 70 square metre roof garden, a gym and a restaurant. Philpot Lane - A 43 room, five floor conversion with a street front restaurant, bar and gym.

Kensington Church Street - A 51 room, four storey conversion with a restaurant and gym.

Jim McCain, (middle right photo) group property director, City Site Estates, said: "There's a gap in the market for a boutique hotel for business and leisure travellers who want to stay in the heart of the City. We plan to have all three Hotel Indigo hotels open and ready for business by 2012."

Hotel Indigo appeals to both business and leisure travellers who want to stay in a contemporary, unpretentious boutique hotel. Hotel Indigo properties are best suited to capital cities and cultural centres, they tend to be small and have a strong focus on delivering personalised customer service.

In November 2008, IHG announced plans to open Hotel Indigo Shanghai on the Bund in Shanghai, China. The 180-room hotel will open in time for the Shanghai Expo in 2010.

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,100 hotels and more than 600,000 guest rooms in nearly 100 countries and territories around the world.

The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world’s largest hotel loyalty programme, Priority Club® Rewards with 40 million members worldwide.

CONTACTS:

Suzanne Seyghal, 01895 512 247 / 07808 098 878, suzanne.seyghal@ihg.com

Eleanor Conroy, 01895 512 053 / 07736 746 466, eleanor.conroy@ihg.com