Marcus & Millichap Sells Six-Unit Apartment Complex in Clearwater, FL

CLEARWATER, FL, May 28, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lotus Path Apartments, (top right photo) a six-unit, 3,807-square foot apartment complex located in Clearwater, Fla, according to Bryn Merrey, (bottom left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $140,000.

Francesco Carriera, an Investment Specialist in Marcus & Millichap’s Tampa office, Evan P. Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments, of the Ft. Lauderdale office had the exclusive listing to market the property on behalf of the seller.

“Multiple offers were made on this investment; however we were able to uncover the highest bidder who made an all-cash, hard day-one offer. The property closed quickly, within 48 hours of a fully executed purchase agreement,” states Carriera.

Lotus Path Apartments is located at 811 Lotus Path in Clearwater, Fla.

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

Cambridge Says Company's First Closing Under HUD's New Lean Program is Skilled Nursing Home in Beaver Dam, KY

CHICAGO, IL--Cambridge Realty Capital Companies says the 83-bed Beaver Dam Nursing & Rehab Center (top right photo) in Beaver Dam, Ky., is the first nursing home facility to be refinanced by the company using HUD’s new Lean funding process.

Cambridge Chairman Jeffrey A. Davis said a $4.2 million FHA-insured loan was arranged for the owner, a Kentucky limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD loans for nursing home facilities.

Chicago-based Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than 300 closed transactions totaling more than $2.75 billion since the mid-1990s.

The company has consistently ranked among the top FHA-approved HUD lenders in the country.

Davis said the Beaver Dam nursing facility has 58 skilled and 25 personal care beds. The fully-amortized 26-year first mortgage loan was underwritten utilizing HUD’s Section 232 pursuant to 223(f) program, which is used to refinance existing HUD loans.

“We‘re especially pleased to be able to announce this historic first for Cambridge. We fully anticipate that it will be the first of many transactions underwritten by our company in an exciting new era for HUD and healthcare borrowers,” Davis said.

He points out that sweeping changes have radically altered the way HUD applications and loans are being processed and approved.

By organizationally restructuring and adopting the highly touted “Lean” management concept pioneered by Toyota Motor Corp., HUD made a bold commitment to process loans on a timetable that more closely resembles the timing for conventional loans, he noted.

In a significant change, responsibility for processing HUD Section 232 loans has shifted from HUD field offices to the FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which also has jurisdiction over the HUD Section 242 hospital mortgage insurance program.
“The idea behind this move was to create a unified, single-source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders,” Davis said.

With the Lean management process, loan applications are filed electronically, feature fewer exhibits, and require “conventional” market-basket appraisals instead of HUD-specific reports. Eventually, the goal is to review an application, issue a commitment and get to closing within 40 days, he added.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

Cambridge Realty Capital Provides $90.6M in HUD-Insured Loans to Refinance Portfolio of Nursing Homes in Illinois

CHICAGO, IL--Cambridge Realty Capital Companies reports the closing of $90.6 million of HUD-insured Section 232 loans to refinance a portfolio of 10 Intermediate and Skilled Care nursing facilities.

The 10 HUD-insured loans were closed and funded simultaneously to accommodate the payoff of a single credit facility.

Loans for individual properties in the portfolio ranged in size between $3.1 million and $14.8 million.

The 10-loan portfolio includes Southview Manor and Community Care Center in Chicago, and the West Chicago Terrace, Frankfort Terrace, Crestwood Terrace, Kankakee Terrace, Bourbonnais Terrace, Joliet Terrace, The Terrace of Waukegan, and Sycamore Terrace of Quincy.

Combined, the properties include 1,488 intermediate-care and 65 skilled-care beds. Terms for the fully-amortizing loans ranged between 27 and 35 years.

Cambridge Chairman Jeffrey A. Davis (middle left photo) said the first-mortgage loans were arranged for the owner, an Illinois limited liability company, utilizing HUD’s Section 232/223(f) program.

The loans were underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD-insured loans for healthcare facilities.

“The ability to obtain HUD financing to close complex transactions of this kind sends an important message to multi-facility operators,” he said. “The transaction is indicative of the role HUD 232 financing can play for multi-facility owners in the current capital-constrained environment,” Davis believes.

Cambridge worked closely with Catalyst/Cambridge Healthcare Finance's National Originations Manager, Hymie Barber. Catalyst/Cambridge’s longstanding and successful relationship with Cambridge enabled Catalyst/Cambridge to facilitate the transaction from start to closing with aid and assistance from Cambridge at key and critical points in the transaction.

Moving forward, the Cambridge chairman anticipates that HUD will become an increasingly more attractive option for smaller and larger multi-facility owners alike as capital availability strains in the capital markets persist.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com

RJS Realty Arranges Enterprise Bank Building Sale in North Palm Beach, FL

DELRAY BEACH, FL– RJS Realty Group, Inc. announced the sale of the Enterprise Bank Building, (top right photo) a 20,992 square foot, office/retail building located at the Northwest corner of Kathy Lane and U.S. Highway One in North Palm Beach , Florida.

Anchor tenants include the Melting Pot Restaurant (4,449 s.f.) and Enterprise Bank (3,965 s.f.) along with Signature Cabinetry and Kathryn Beamer, P.A.

RJS Realty Group, Inc. arranged the acquisition on behalf of the purchaser 11811 Highway One Realty, LLC, an affiliate of Urban Realty Partners, LLC., a local private real estate group managed by Robert J. Sullivan. (middle left photo)

The exclusive agents for the seller were Scott O’Donnell and Dominic Montazemi of CB Richard Ellis.

Sullivan noted, “the Enterprise Bank Building is an exceptionally located building with an excellent group of tenants. It can accommodate a mix of retail, office and medical tenants and the property enjoys excellent exposure to U.S. Highway One.

"It is strategically situated in an affluent trade area. After sustaining hurricane damage in 2004, the property was renovated and sold during the re-leasing phase in March 2005 for $3,850,000."

The current sale was for a price of $4,000,000, or $190 per square foot. The purchase was financed by City National Bank.

Formed in 1986, RJS Realty Group is a real estate investment brokerage and advisory company
specializing in the sale of investment grade properties throughout the State of Florida.

For more information, please call Bob Sullivan at (561) 659-9771 ext. 1.

Media Contact:

Karen M. Smyack
Senior Marketing Director
RJS REALTY GROUP, INC.
70 S.E. 4th Avenue / Delray Beach, Florida 33483
Office - 561.659.9771 ext. 8 / Fax - 561.659.9773 / Cell - 561.236.2028
Email - karensmyack@rjsrealty.com / http://www.rjsrealty.com/

HFF secures $5.3M financing for West Palm Beach, FL multifamily community

SAN DIEGO, CA – The San Diego and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $5.3 million in financing for Windward at the Villages, a 196-unit multifamily community in West Palm Beach, Florida.

Working exclusively on behalf of a California-based client, directors Aldon Cole (top right photo) of HFF San Diego and Elliott Throne (top left photo) of HFF Miami placed the 6.11% fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA (Fannie Mae).

The loan has a 10-year term that is interest-only and is open at PAR after year five. Loan proceeds were used to acquire the property and the borrower has plans for nearly $1 million in future unit upgrades.

Located at 1441 Brandywine Road overlooking the Bear Lakes Country Club in West Palm Beach, Windward at the Villages has easy access to the Florida Turnpike, Interstate 95 as well as the central business and airport districts.

The 95% leased property has 12 buildings with one- and two-bedroom units averaging 938 square feet each. Community amenities include a swimming pool, tennis court, volleyball court, car wash area and fitness center.

“This was a timely acquisition for our client, who was able to take advantage of favorable debt in conjunction with purchasing an institutional-quality asset significantly below replacement cost,” said Cole.

HFF (NYSE: HF) operates out of 17 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:

ALDON L. COLE, HFF Director, (858) 552-7690, acole@hfflp.com

ELLIOTT P. THRONE, HFF Director, (305) 448-1333, ethrone@hfflp.com

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

Marcus & Millichap Promotes Three Regional Managers to Vice President

ENCINO, Calif., May 27, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Michael Fasano (top right photo, Kirk Felici (middle right photo) and Matthew Fitzgerald (top left photo) to vice president, according to Harvey E. Green,(bottom left photo) president and chief executive officer of Marcus & Millichap.

Fasano serves as the regional manager of the firm’s New Jersey office, Felici is the regional manager in the Miami office and Fitzgerald serves as regional manager of nine mid-market offices.

“The leadership and drive of these three regional managers has brought great success and respect to our New Jersey, Miami and mid-market offices,” comments Green.

“Their excellent management skills and superior knowledge of their respective markets make them tremendous assets to our clients and investment specialists across the United States.”

Fasano joined Marcus & Millichap in 2002 as an agent in the firm’s New Jersey office, specializing in the multi-family investment market. He was promoted to associate and earned a sales recognition award in 2004.

He became sales manager for the New Jersey office in 2004 and was named regional manager in 2005. Fasano is a graduate of Seton Hall University with a bachelor’s degree in business administration.

Felici was named regional manager of the firm’s Miami office in 2005. Prior to assuming that position, he served as sales manager of the Fort Lauderdale office.

Felici has been a top 10 member of the firm’s National Office and Industrial Properties Group and earned a reputation as the predominate broker of office buildings in South Florida.

He graduated from Duquesne University with a bachelor’s degree in business marketing and management.

Fitzgerald joined Marcus & Millichap in January 1995 as an agent assistant in the firm’s Chicago office. He became an agent after 18 months and earned sales recognition awards in both of his years as an agent.

He became the sales manager of the Chicago office in 1999 and in May 2000, relocated to Dallas to become sales manager there. Fitzgerald was promoted to regional manager of the Dallas office in 2000.

He earned a sales recognition award in 2003 and Marcus & Millichap’s National Achievement Award in 2004. Fitzgerald has served as regional manager of the firm’s mid-market offices since January 2006. He graduated from the University of Wisconsin with a bachelor’s degree in economics.

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

Grubb & Ellis Files 2008 10-K

SANTA ANA, CA (May 28, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has filed its 2008 Annual Report on Form 10-K with the Securities and Exchange Commission.

The filing follows the company’s March 18, 2009 announcement that its 2008 10-K would be delayed to provide time to restate certain previously issued financial statements.

The company also filed with the SEC amended Form 10-Qs for the first three quarters of 2008 to reflect the restatement.

The restatement was necessary to correct accounting errors related to the timing of revenue recognition relating to certain tenant-in-common investment programs sponsored by NNN Realty Advisors and its subsidiaries prior to the company’s merger with NNN Realty Advisors in December 2007.

The 2008 10-K includes the restatement of Grubb & Ellis’ previously issued financial statements for the years ended December 31, 2007 and 2006.

The company reported 2008 fourth quarter revenue of $156.0 million, and 2008 revenue of $611.8 million. The company reported a net loss of $262.9 million, or $4.15 per share, for the fourth quarter, and a net loss of $330.9 million, or $5.21 per share, for 2008.

For a complete copy of the company's news release, please contact:

Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com

GVA Advantis Grows Orlando Office With Two Associates

ORLANDO, FL – (May 27, 2009) – GVA Advantis recently added two new brokerage associates in its Orlando office: Connie Snyder, (top right photo) Associate Director, Office Services, and Don Rudolph, (middle left photo) CCIM, Associate, Office & Industrial Services.

Both come with rich backgrounds in diverse areas of commercial real estate. Snyder recently left her position as Medical Office Specialist of RE/MAX 200 Realty’s Commercial Division having developed a successful niche in the medical office building segment, generally regarded as a somewhat recession-proof business.

Rudolph, who earned his Certified Commercial Investment Member designation in 2007 and recently served as associate of office and industrial services with NAI Realvest, brings experience in land, office and industrial services, but also tenant representation, investment and buyer brokerage services.

“Connie and Don complement our team and round out the services the Orlando office provides. Along with our steadily growing property management division, I feel like there’s nothing we can’t accomplish right now,” said Lisa Bailey,(bottom right photo) senior director of office & industrial services of GVA Advantis’ Orlando office.

At a time when many brokerage firms are not hiring or even letting representatives go, GVA Advantis’ corporate office, based in Washington, D.C., is continuing the growth plan it outlined last year when the company announced its recapitalization.

With a concentration of offices in Florida, the health and growth of the Orlando branch is central to the company’s strategy. In addition to the new brokers joining the ranks, Orlando’s leasing division has won nine new leasing assignments and the property management division has won two assignments since the beginning of the year.

“We are grateful that our company sees the need and value in adding talent at this challenging time, and we are grateful for the expertise that both Connie and Don bring to the table,” said Bailey. “The time was right to make this needed addition.”

Media Contact:

Shelli Browning, 407.999.4775, sbrowning@gvaadvantis.com

EastGroup Properties Announces 118th Consecutive Quarterly Dividend

JACKSON, MS, May 27, 2009– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on June 30, 2009 to shareholders of record of Common Stock on June 19, 2009.

This dividend is the 118th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27 million square feet.

Contact: David H. Hoster II,(top right photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer(601) 354-3555

Arbor Commercial Mortgage Goes West with Office Expansion

National Lender Continues to Grow Market Share

UNIONDALE, NY (May 27, 2009) - On the heels of being named a top ten Fannie Mae DUS® lender for the second consecutive year, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and leader in the commercial real estate finance industry, has announced today an expansion into the west coast with the addition of two new California offices located in Woodland Hills and Manhattan Beach.

These two new offices will join Arbor’s existing Spokane, WA location to serve as the west coast branch of operations. Directors in these offices will report to Ken Fazio, (top right photo) VP, National Sales Manager.

“This expansion reflects Arbor’s continued growth and our commitment to provide our current and future clients with the best service possible,” said Fazio.

“We are also pleased to welcome to our team two seasoned professionals, who each bring with them 20-plus years of experience in the commercial real estate industry.”

Jon Red (top left photo) is a Director in Arbor’s Spokane, WA office. Mr. Red is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the northwest and western United States.

Mr. Yogesh Joshi has been appointed to Director for Arbor’s Woodland Hills, CA office. Mr. Joshi is responsible for originating Fannie Mae, FHA, Bridge, Mezzanine and Preferred Equity transactions throughout the western United States.

Mr. Joshi brings more than 21 years of experience in the mortgage banking and investment industry to Arbor. Prior to joining the Company, Mr. Joshi served as a Director for Prudential Mortgage Capital in Los Angeles, CA, where he originated over $650 million in multifamily loans under Fannie Mae, FHA and capital markets.

Mr. Greg Gilliam has been appointed to Director for Arbor’s Manhattan Beach, CA office. Mr. Gillam is responsible for all of Arbor’s loan offerings including Fannie Mae, FHA, CMBS, Bridge, Mezzanine and Preferred Equity.

Mr. Gillam brings over 20 years of combined experience in the areas of loan production, business development, underwriting and portfolio management to Arbor.

Most recently, held the position of Director at Prudential Mortgage Capital Company, where he was the Senior Business Development Manager for the Fannie Mae DUS® mortgage loan program.

Contact: Ingrid Principe, IPrincipe@arbor.com, http://www.arbor.com/

Grubb & Ellis Amends Credit Facility

SANTA ANA, CA (May 26, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company and its lead bank, Deutsche Bank Trust Company Americas, have amended the company’s senior secured credit facility.

“We are pleased that we have been able to amend our credit facility, particularly in the current environment, which we believe is an endorsement of the company’s strength, resilience and growth strategy,” said Gary H. Hunt, (top right photo) the company’s interim chief executive officer.

The amendment, entered into on May 20, 2009 and effective as of May 18, 2009, modifies the amount, terms, length and certain other provisions of the facility, and imposes various conditions on the company.

These conditions, as well as other material provisions of the amended credit facility, are described in the company’s Annual Report on Form 10K that will be filed later in the day with the Securities and Exchange Commission. Under the new structure, the $67.3 million maximum aggregate credit facility includes a $29.3 million revolving line of credit and a $38 million term loan.

The facility will remain in effect until March 31, 2010, and may be extended until January 5, 2011 under certain conditions, subject to early termination in certain circumstances.

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

Thomas D. Wood & Co. Brokers $3.2M Reno, NV Loan

MIAMI, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on May 19, 2009, in the amount of $3,200,000 for Quail Corners II and III (top left photo) in Reno, Nevada.

Steve Wood, (bottom left photo) Company Chief Operating Officer, along with Tony Castrignano of Sky Mesa Capital, financed Quail Corners II in the amount of $1,850,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 66%.

The 15,251 square-foot office building is home to major tenant Select Real Estate of Nevada. Quail Corners II was built in 1999 and is located at 6512 S. McCarran Boulevard, Reno, Nevada.

Together they also financed Quail Corners III in the amount of $1,350,000 through Thomas D. Wood and Company’s correspondent relationship with the Standard Life Insurance Company at an interest rate of 6.625%.

The loan term is five years, and can be reset every five years, based on a 25-year amortization and a loan-to-value of 60%. The 11,001 square-foot office building is home to major tenant Charles Schwab & Company. Quail Corners III was built in 1999 and is located at 6502 S. McCarran Boulevard, Reno, Nevada.

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

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

http://www.tdwood.com/.

NAI Realvest forms Special Asset Services Group to Focus on Distressed Properties

ORLANDO, FL - NAI Realvest has formed a Special Asset Services Group, a division of the firm that will focus on distressed commercial properties.

Patrick Mahoney, (top right photo) chief operating officer at NAI Realvest, said the group has already accepted six commercial property listings from area banks valued in excess of $10 million.

Mahoney said NAI Realvest’s Special Asset Services Group is working with banks and other lenders to negotiate the sale of land, development sites, unfinished condominiums under-performing commercial assets and similar properties.

The Special Asset Services Group includes Mahoney and NAI Realvest chairman emeritus George Livingston, (top left photo) managing partner Paul P. Partyka, (bottom right photo) and principals Kevin O’Connor, Christie Alexander, (bottom left photo) Tom Hankins and Ken Runge.

For more information, contact:

Patrick Mahoney, President and COO NAI Realvest, 407-875-9989, pmahoney@realvest.com

Larry Vershel, Larry Vershel Communications, Inc. 407-644-4142 lvershelco@aol.com

Exit Realty of Daytona Beach Reports Sales of Homes, Commercial Properties worth More than $9M Since Opening in February

DAYTONA BEACH, FL - Exit Realty of Daytona Beach reports it has sold homes and commercial properties worth more than $9 million since it opened its doors in late February.

Aswin Suri, (top right photo) owner of Exit Realty of Daytona Beach, said the largest single transaction during the month is the $3 million sale of the 105-unit Georgetown Lakes condo/apartment community on Big Tree Rd. in Port Orange.

EXIT Realty of Daytona Beach is also handling the property management and sales of individual units with a full service management team on site at Georgetown Lakes.

For more information, contact:
Aswin Suri, MHA, B.A., Owner Exit Realty of Daytona, 386-383-3000 (direct)

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Cushman & Wakefield Negotiates Sale of Joint Venture Interest in Celebration Office Center III

ORLANDO, FL – May 21, 2009 – Cushman & Wakefield negotiated the sale of a joint venture
interest in Celebration Office Center III (top right photo) in Orlando, Florida.

This property will serve as the headquarters for Disney Vacation Development, part of the Parks and Resorts segment of the Walt Disney Company. The transaction closed on May 13, 2009.

The sale included interest in the three story, Class A, 100,924 square foot office building located
in Celebration Office Center III adjacent to the Walt Disney World campus.

Mr. Davis was quoted as saying, “Despite difficult market conditions, investors continue to find Central Florida an attractive market to acquire Real Estate.”

Executive Director, Mike Davis (middle left photo) (Capital Markets) and Associate Director, Rick Brugge, CCIM (bottom right photo)(Capital Markets) negotiated the sale on behalf of the seller, Duke Realty Corp.

The buyer was a joint venture between Duke and CB Richard Ellis Realty Trust.

Contact: Debbie P’Simer, 813-204-5333, debbie.p’simer@cushwake.com