Arbor Closes $4.2M in Fannie Mae Loans in MA and MI

Dorchester Apartment Complex Receives $2M

Uniondale, NY (Aug. 17, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,000,000 loan under the Fannie Mae DUS® Small Loan product line for the 24-unit complex known as 12 Bailey Street in Dorchester, MA.

The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

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

“Arbor was pleased to provide this new client with a refinance through our successful Small Loan program,” said Kelly. “The owner has done an excellent job of managing the property and maintaining an excellent tenant base.”

Amber Properties Obtains $2.2M Student Loan in Lansing/East Lansing, MI

Uniondale, NY (Aug. 17, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,200,000 loan under the Fannie Mae DUS® Student Loan product line for the 94-unit complex known as Amber Properties in Lansing/East Lansing, MI.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.44 percent.

The loan was originated by Michael Jehle, Midwest Regional Director, in Arbor’s full-service Bloomfield Hills,MI lending office. “This loan was secured by three separate student properties all owned by the same borrower,” said Jehle. “Through this refinance we were able to dramatically increase the borrower’s cash flow and substantially reduce their interest cost.”

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/

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Grubb & Ellis Receives Notice Regarding NYSE Listing

SANTA ANA, CA, Aug. 17, 2009– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company has been notified by the New York Stock Exchange (top left photo, trading floor) that it is not in compliance with the NYSE’s continued listing standards.

The company’s business operations, SEC reporting requirements and credit agreements are unaffected by the notification.

Grubb & Ellis is considered below criteria established by the NYSE because the company’s total market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported stockholders’ equity was less than $50 million.

In accordance with NYSE procedures, Grubb & Ellis has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to bring the company in compliance with the listing standards within the required timeframe. The company intends to cure the deficiencies and to return to compliance with the NYSE continued listing requirements.

On February 20, 2009, prior to the NYSE’s imposition of a moratorium with respect to the minimum average trading price of listed securities, the company was notified that it was not in compliance with the NYSE’s continued listing standard related to maintaining a minimum average closing price of $1 per share over 30 consecutive trading days.

The six-month cure period was suspended until the moratorium was lifted on August 1, 2009, giving the company until January 23, 2010 to come back into compliance with the minimum average closing price per share requirement.

Contacts:

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

Rich Pehlke, 312.698.6711, rich.pehlke@grubb-ellis.com

Fannie Mae DUS Lender Bulls Capital Partners Appoints Robert Russell as Chief Production Officer

VIENNA, VA Aug. 17, 2009 - -Bulls Capital Partners, LLC, a multifamily financial service provider and Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, announced the appointment of Robert Russell (top right photo) as Senior Vice President and Chief Production Officer.
As Chief Production Officer, Mr. Russell is responsible for sourcing and structuring multifamily loan transactions.

With 14 years of experience in real estate finance, Mr. Russell has executed primarily multifamily and commercial transactions totaling in excess of $6 billion.

These transactions have involved debt placement, equity placement, advisory services and share purchases. Mr. Russell's client base includes some of the largest publicly traded and privately held owners and operators of real estate in the United States.

Prior to joining Bulls Capital Partners, Mr. Russell held a similar position at Arbor Commercial Mortgage. He previously served as Managing Director at Wachovia Securities and Credit Suisse where his responsibilities included developing client relationships, originating loans, underwriting, structuring and closing transactions. Mr. Russell has also held positions at Nomura Asset Capital Corporation, Rosenman & Colin, LLP and LTCB Trust Company.

"Rob's successful track record of providing financial solutions for entrepreneurs and institutions makes him a great addition to our team," said Herman Bulls, (middle left photo) President and CEO of Bulls Capital Partners. "Bulls Capital Partners is committed to ensuring his continued success."

"Bulls Capital Partners and Goldman Sachs offer a platform that is unmatched in the multifamily capital markets," Mr. Russell said. "The combined firms' access to capital, expertise of senior management and reputation for client-focused service delivery makes the joint venture a powerhouse in multi-family finance."

"The addition of Rob Russell to head our Production efforts and his sole focus on Fannie Mae DUS originations will help us expand our reach while continuing to provide premium service to our customers," said Mark Van Kirk, (middle right photo) Bulls Capital Partners Co-Founder and COO.

Bulls Capital Partners is a joint venture of Goldman Sachs Commercial Mortgage Capital and Bulls Multifamily, LLC, a minority-controlled firm headed by President and CEO Herman Bulls.

Bulls previously ran a successful DUS lending operation, and has extensive commercial real estate experience with one of the world's leading real estate service providers.

Co-founding Bulls Capital Partners with Bulls is Mark Van Kirk, Chief Operating Officer. Van Kirk previously served as Director of Counterparty Risk at Fannie Mae.

Bulls Capital Partners, LLC is a Fannie Mae-approved Delegated Underwriting and Servicing (DUS®) lender that offers a full array of financing solutions to owners of multifamily property.

Bulls Capital Partners' key capabilities under the DUS program include small loan solutions, affordable housing solutions, student housing, market-rate multifamily mortgages, and credit facilities, among other offerings.

Contacts:
Herman Bulls, President & CEO, (202)256-1814, Herman.Bulls@Bullscapitalpartners.com

Mark B. Van Kirk, Co-Founder-COO, (703)283-9700,Mark.Vankirk@Bullscapitalpartners.com

Johnson-Laux Completes Florida Hospital Waterman Project

ORLANDO, FL – Orlando-based general contractor Johnson-Laux Construction completed Florida Hospital Waterman’s newest project: Vista Del Sol Adult & Geriatric Medical Associates’ 2,775 square-foot tenant build-out for the medical practice of Gretchen San Miguel, MD, located at 3330 Waterman Way in Tavares, near Orlando, FL.

Johnson-Laux has completed approximately 20 medical projects at Florida Hospital Waterman since 2005. The Vista Del Sol work totaled approximately $300,000 according to Johnson-Laux President Kevin Johnson, (top right photo) LEED Accredited Professional.

Contact: Kenneth H. Cristol 407-774-2515

Tri-City Electrical Donates Backpacks to Children's Home Society of Central Florida

ORLANDO, FL – Employees of Altamonte Springs-based Tri-City Electrical Contractors, Inc. donated more than 100 fully-supplied school backpacks to Children’s Home Society of Central Florida for children in need in our local community. Supplies included paper, crayons, notebooks, lunchboxes, pens, pencils, pencil boxes, markers, highlighters and more. This year, Tri-City’s employees filled and donated a record-breaking 102 backpacks which is the largest number ever.

Contact: Kenneth H. Cristol 407-774-2515

Fitch: Distressed Asset Sales Offset U.S. CREL CDO Delinquency Drop

NEW YORK CITY, NY, Aug. 17, 2009-- Realized losses continue to rise for U.S. CREL CDOs as delinquencies declined to 7.6% from 8.2% in June, according to the latest CREL CDO Delinquency Index (CREL DI) index results from Fitch Ratings.

On average, 2.7% of the CDO par balance has been lost to date due to distressed asset sales and discounted payoffs. Had the loans, which were resolved at a loss over the past three months (1.5%) remained in the transactions, the CREL DI would have exceeded 9% this month.

‘Though the number of distressed sales to third parties and discounted payoffs for troubled CDO assets is on the rise, many of these losses have been masked as managers often use the proceeds to purchase new assets at an even deeper discount, which builds par’ said Senior Director Karen Trebach. ‘Par building can preserve equity distributions as overcollateralization tests are either cured or maintained.’

Because preferred shares are not written down for CDOs, collateral losses are not always apparent to investors. Fitch determined that 21 of the 35 rated CREL CDOs had realized losses totaling over $600 million, or approximately 2.7% of the fully ramped CDO balances. Individual CDO loss rates range from 0.4% to as high as 20% for one CDO, which had a high percentage of losses attributed to subprime RMBS asset sales.

In the July reporting period, 12 troubled assets were disposed of through either third party sales or discounted payoffs. The average recovery on these loans was approximately 46% resulting in realized losses to five different CREL CDOs totaling $95.3 million.

Over the same one month period, CDO managers reported approximately $97 million of par building from discounted asset purchases.

Although the total dollar amount is similar to the total realized losses for the month, the par building has not necessarily occurred in the same CDOs as the realized losses.

In addition, a couple of issuers purchased assets at par. Currently, a total of 10 of the 35 Fitch rated CREL CDOs are failing at least one OC test.

At least seven additional CDOS are within 1.5% of breaching an OC test. As assets continue to near maturity, the pace of impaired assets in individual CDOs is expected to increase, placing additional pressures on OC ratios. Failure of OC tests leads to the cutoff of interest payments to subordinate classes, including preferred shares, which are typically held by the CDO asset managers.

Faced with limited options, some managers are also managing OC ratios by extending and/or restructuring loans. In the July 2009 reporting period, asset managers reported 48 loan extensions (4.2% of loans), which is nearly double the prior month’s total of 26.

These extensions are reducing the number of matured balloon loans. However, many of these extensions and modifications merely have the effect of postponing inevitable losses.

Fitch anticipates high default rates within CREL CDOs as these loans mature into the trough of the current commercial real estate cycle. As such, Fitch is currently finalizing review methodology and anticipates significant downgrades to all Fitch rated CREL CDOs in the coming months.

Contact:

Karen Trebach +1-212-908-0215 or

Stacey McGovern +1-212-908-0722, New York.

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

Starwood Hotels & Resorts Launches First Dedicated Customer Toll Free Number in Vietnam

SINGAPORE — Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced the launch of a dedicated customer toll free number for Vietnam.

Starwood is the first international hotel group to introduce a toll free reservation and enquiry hotline : 1206 5111 for customers in Vietnam.

The calls will also be answered by native Vietnamese associates.

In conjunction with the launch of the toll free number, Starwood Hotels & Resorts also announces that its newest addition to Vietnam : Sheraton Nha Trang Hotel & Spa (top right photo) officially opens its reservation lines today.

“Vietnam is among the fastest growing nation in Southeast Asia and in the world and has been experiencing strong leisure and business travel within and into the country," says Patricia Neo, Senior Director, Customer Contact Centre for Starwood Hotels & Resorts Asia Pacific. "The growing demand presents us with tremendous opportunities to better serve the needs of guests here."

Contact: Hwee-Peng Yeo, Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Four points by sheraton kicks off promotional activities in China

SHANGHAI, CHINA – In celebration of Four Points by Sheraton being appointed as the official hotel partner for the upcoming 2009 Asia Euro All Stars Table Tennis Series, Four Points by Sheraton kicks off a series of hotel marketing and promotional activities in China including Beijing, Shanghai, Hangzhou, Changshu, Shenzhen and Lhasa.

A series of marketing and promotional activities take place from now until August 27, 2009.

SPG Moments at Four Points by Sheraton Beijing, Haidian (top right photo)

As the host hotel of 2009 Asia-Europe All Star Table Tennis Series, Four Points by Sheraton Beijing, Haidian offers all Starwood Preferred Guest members a once in a lifetime SPG moments opportunity. Table tennis fans will get a chance to play one-on-one table tennis with each of four top world ranked table tennis players.

Contact: Hwee-Peng Yeo Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424
Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Wyndham Brand Enters Oklahoma with Opening of New Hotel

PARSIPPANY, NJ– Wyndham Hotels and Resorts today announced its continued expansion in North America with the opening of its first hotel in Oklahoma: the 244-room Wyndham Garden Hotel Oklahoma City Airport. (top left photo)

“Oklahoma’s capital continues to be one of the Midwest’s most dynamic travel hubs,” said Jeff Wagoner, (bottom right photo) president of Wyndham Hotels and Resorts.

“With the addition of Wyndham Garden Hotel Oklahoma City Airport to our growing portfolio, we are now able to provide visitors with the personalized service and style that has become a hallmark of the Wyndham brand.”

Owned and operated by Fianna Oklahoma, LLC, the newly renovated hotel underwent a multi-million dollar renovation before joining the Wyndham system.

Guest rooms feature complimentary high-speed wireless Internet access, 32-inch flat-screen televisions, Wyndham signature BeWellTM bedding and granite bathroom countertops.

The property also features a 24-hour airport shuttle, state-of-the-art business and fitness centers, heated indoor pool, game room, laundry service, shoe-shine service, express check-out and more than 7,000 square feet of meeting space, with the largest room capable of accommodating up to 500 guests.

CONTACT: Evy Apostolatos, 973-753-6590, evy.apostolatos@wyndhamworldwide.com

Hotel Pros Martin Armistead and Clyde Guinn Join Wyndham Hotel Group

PARSIPPANY, NJ– Lodging industry veteran Martin Armitstead (top right photo) has joined Wyndham Hotel Group, the world’s largest hotel company with approximately 7,000 hotels and 11 brands, as senior vice president of development for the Europe, Middle East and Africa (EMEA) region.

Based in Wyndham Hotel Group’s London office, Armitstead is tasked with increasing the company’s EMEA portfolio through further expansion of its Wyndham®, Ramada®, Days Inn® and Super 8® brands through management contracts and franchise agreements.

Armitstead is an accomplished global executive with over three decades of experience and has executed development deals in more than 50 countries. He previously served as director and head of hospitality, EMEA, for DTZ Hospitality Group, a London-based real estate and investment banking firm.

Clyde Guinn Appointed President of Days Inn

PARSIPPANY, NJ – Thirty-five-year hospitality professional Clyde Guinn (bottom right photo) has joined Wyndham Hotel Group, the world’s largest hotel company with approximately 7,000 hotels and 11 brands, as president of the Days Inn® chain.

Guinn will be responsible for the growth and performance of the brand, which currently has a portfolio of more than 1,850 hotels and nearly 150,000 rooms around the world, and will work closely with the brand’s operations and property openings, design and development, franchise services, quality assurance, training, development and marketing teams.

He comes to the company after serving more than nine years as senior vice president of operations for Stanford Hotels Corporation, a San Francisco-based hotel company specializing in the development and management of full-service hotels spanning various brands.

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

Marcus & Millichap Names New VPs

KENT WILLIAMS PROMOTED TO SENIOR VICE PRESIDENT IN SAN DIEGO

SAN DIEGO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kent Williams (top right photo) to senior vice president, according to Harvey E. Green, president and chief executive officer of Marcus & Millichap.

“Kent is a tremendous resource for our investment professionals and investor clients in San Diego and throughout Southern California,” explains Green. “Under his leadership, the San Diego office has consistently ranked as one of Marcus & Millichap’s top-producing offices nationwide.” Williams joined Marcus & Millichap in 1991 as an agent in the Ontario office.

BRAD NATHANSON IS NEW VICE PRESIDENT INVESTMENTS IN PHILADELPHIA OFFICE

PHILADELPHIA, PA– The board of directors of Marcus & Millichap Real Estate Investment Services has named Brad Nathanson (middle left photo) the position of vice president investments. Spencer I. Yablon is regional manager of the firm’s Philadelphia office. Nathanson began his career with Marcus & Millichap in 2003, specializing in the sale of retail properties.

AARON BOVE MOVES UP TO VICE PRESIDENT INVESTMENTS IN SAN DIEGO

SAN DIEGO, CA-- The board of directors of Marcus & Millichap Real Estate Investment Services has named Aaron Bove (middle right photo) to the position of vice president investments. Kent R. Williams is senior vice president and regional manager in the firm’s San Diego office. Bove began his career with Marcus & Millichap in 2001, specializing in the sale of multi-family properties.

THREE AGENTS NAMED TO VICE PRESIDENT INVESTMENTS IN SACRAMENTO

SACRAMENTO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services has named Scott Crowle, (middle left photo) Ryan DeMar (middle right) and Robert “Bobby” Loeffler to the position of vice president investments. Robert B. Hicks is senior vice president/regional manager in the firm’s Sacramento office.

Scott Crowle began his career with Marcus & Millichap in 2002, specializing in retail properties. Ryan DeMar began his career with Marcus & Millichap in 2003, specializing in the sale of multi-family properties. Robert “Bobby” Loeffler began his career with Marcus & Millichap in 1999, specializing in multi-family properties.

DOROTHY JACKMAN STEPS UP TO VICE PRESIDENT INVESTMENTS IN TAMPA

TAMPA, FL– The board of directors of Marcus & Millichap Real Estate Investment Services has named Dorothy Jackman (middle left photo) to the position of vice president investments. Bryn D. Merrey is regional manager in the firm’s Tampa office. Jackman began her career with Marcus & Millichap in 2003. She specializes in the sale of student housing properties.

MICHAEL EARLY PROMOTED TO VICE PRESIDENT INVESTMENTS IN SOUTHERN VIRGINIA

WILLIAMSBURG, VA – The board of directors of Marcus & Millichap Real Estate Investment Services has named Michael Early (bottom right photo) to the position of vice president investments. Gary R. Lucas is regional manager in the firm’s Southern Virginia office. Early joined Marcus & Millichap in 2000. He specializes in retail and net-leased investment sales.

ALVIN MANSOUR PROMOTED TO SENIOR VICE PRESIDENT INVESTMENTS IN SAN DIEGO

SAN DIEGO, CA – The board of directors of Marcus & Millichap Real Estate Investment Services has promoted Alvin Mansour (bottom left photo) to the position of senior vice president investments. This achievement is one of the highest levels of recognition the firm awards to its investment specialists.

“Alvin has earned a reputation as one of the most knowledgeable investment specialists in the nation,” says Kent Williams, senior vice president and regional manager of the firm’s San Diego office.

Mansour began his career with Marcus & Millichap in 2003 as an agent in the San Diego office. He specializes in retail and single-tenant net leased investments and serves as a director of both the National Retail Group and Net Leased Properties Group.

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

National Retail Properties Declares Dividend for Its Series C Preferred Stock

ORLANDO, FL /PRNewswire-FirstCall/ -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend on its Series C Cumulative Redeemable Preferred Stock of 46.09375 cents per depositary share payable September 15, 2009, to shareholders of record on Aug. 31, 2009. The dividend represents an annualized rate of $1.84375 per depositary share.

For more information on the company, visit www.nnnreit.com.
Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

Grubb & Ellis Selected to Market 654 Acres on South Padre Island

SAN ANTONIO, TX– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Cameron Acquisitions LLC has selected the company to market 654 acres of land for sale on South Padre Island, (bottom left photo) located on the Gulf of Mexico.

The property will be jointly marketed by Kit Corbin, (top right photo) an executive vice president in Grubb & Ellis’ San Antonio office, and Mary Phillip of SPI Coastal Properties, which is located on South Padre Island.

Located approximately seven miles from the Queen Isabella Causeway, the land offers more than 1.5 miles of beach frontage along the Gulf of Mexico, as well as 1.4 miles of frontage on Laguna Madre Bay. It is within two miles of the South Padre Island Convention Center.

“We believe that the site will be attractive to mixed-use developers and owners who are interested in creating a beach resort near the popular South Padre Island resort community,” Corbin said.

“With excellent frontage on a beach with water that’s crystal clear, the land is in an excellent location for a hotel, retail, condo or residential development.”

Contact: Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

New Faces at Grubb & Ellis

Andrew Hitchcock is Vice President, Industrial Group for South Puget Sound market

SEATTLE, WA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that Andrew Hitchcock has joined the company as vice president, Industrial Group, effective immediately. Hitchcock will focus on industrial leasing and sales throughout the South Puget Sound industrial marketplace.

“Andrew provides his clients with a level of professionalism that is unmatched,” said Bill Condon, (top right photo) vice president and managing director of Grubb & Ellis’ Seattle office. “His passion, work ethic and knowledge of the industrial market have made him successful as a brokerage salesperson. He will be a valuable addition to our team.”

Hitchcock joins Grubb & Ellis from Colliers International.

Contacts:

Erin Mays, 312.698.6735, erin.mays@grubb-ellis.com
Julia McCartney, 714.975.2230, julia.mccartney@grubb-ellis.com

Andrew Dornbusch Joins Grubb & Ellis Securities as Regional Vice President

SANTA ANA, CA – Grubb & Ellis Securities, Inc. announced that Andrew Dornbusch has joined the company as a regional vice president. In his new role, Dornbusch is responsible for raising equity in the states of Colorado, Kansas and Nebraska for the various real estate investment programs sponsored or advised by the investment subsidiaries of Grubb & Ellis Company (NYSE: GBE).

These programs include Grubb & Ellis Apartment REIT, Inc. and Grubb & Ellis Healthcare REIT, Inc., both publicly registered non-traded real estate investment trusts.

“Andrew is an accomplished sales professional with an exceptional reputation and thorough understanding of the industry and his markets,” said Richard Arnitz, executive vice president of sales with Grubb & Ellis Securities.

Dornbusch joins Grubb & Ellis from Inland Securities Corp., where he served as first vice president. Prior to entering the securities field, he served as an attorney with Dorsey & Whitney LLP.

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

Brookfield Stock Issue Grosses $1.04B; Weingarten Offering Set at $100M; HPT Selling 8M Shares

NEW YORK, NY—Another busy day in the financial markets.

Brookfield Properties Corp. announced its underwriters exercised their entire over-allotment option to purchase an additional 7.125 million common shares of Brookfield Properties at a price of $9.50 per share.

At the same time, Brookfield Asset Management (BAM: NYSE, TSX) is purchasing directly or indirectly 7.125 million shares representing an equivalent number of shares on a pro rata basis.

The gross proceeds to Brookfield Properties from the exercise of the over-allotment option and the concurrent sale of additional shares to Brookfield Asset Management total $135.4 million.

The total gross proceeds to Brookfield Properties raised in the equity offering from the combined share issuances total $1.04 billion.

Closing is expected to occur on August 21, 2009. RBC Capital Markets, Citi, Deutsche Bank Securities and TD Securities are acting as joint book-running managers.

Weingarten Realty Investors Prices $100M of Senior Unsecured Notes

In Houston, TX, Weingarten Realty Investors (NYSE:WRI) announced today the pricing of $100 million of 8.10% notes due 2019 in an underwritten public offering through Wells Fargo Securities, LLC, RBC Capital Markets Corp. and Morgan Keegan & Co., Inc., as joint book-running managers.

The offering is expected to close on Aug. 19, 2009, subject to customary closing conditions.

The company intends to use the net proceeds of the offering for general business purposes, including reducing amounts outstanding under its revolving credit facility.

Hospitality Properties Trust Selling 8M Common Shares

In Newton, MA, Hospitality Properties Trust (NYSE: HPT) announced it has priced a public offering of eight million common shares at $17.25 per share. The settlement of this sale is expected to occur Aug. 14, 2009.

HPT expects to use the net proceeds to repay debt and for general business purposes. The underwriters have been granted a 30-day option to purchase up to an additional 1,200,000 shares to cover over allotments, if any. The offering size was increased from the previously announced five-million-share offering.

The joint book-running managers are Morgan Stanley, Citi and RBC Capital Markets. The co-lead managers for this offering are Morgan Keegan & Co., Inc., UBS Investment Bank and Wells Fargo Securities. The co-managers for this offering are Janney Montgomery Scott and Oppenheimer & Co.

HFF Arranges $72M Financing of London Properties for TJAC International

In Boston, MA, Holliday Fenoglio Fowler, L.P. arranged $72 million in financing for TJAC International on two multifamily properties in London, England.

Working on behalf of the borrower, HFF director Anthony Cutone placed the loan through CTL Capital, LLC.

Proceeds are being used to acquire and renovate the properties for residential use. Andrew Mann, a managing partner at The Triad Group, represented the buyer, TJAC International, in the sale.

The two properties are located in the Bloomsbury area of central London close to two London Underground stations and numerous hospitals and academic institutions. Byron Court, located at 24-36 Mecklenburgh Square, is a five-story 53-unit building and 74-76 Guilford Street will have 19 residential flats post renovation.