MBA Applauds Extension of Term Asset-Backed Securities Loan Facility

WASHINGTON, DC - Michael D. Berman, (top right photo) Vice Chairman of the Mortgage Bankers Association (MBA), issued the following statement after the announcement by the Federal Reserve Board approving the extension of the Term Asset-Backed Loan Facility (TALF) program for newly issued ABS and legacy CMBS through March 31, 2010 and new issue CMBS through June 30th, 2010.

"MBA has consistently advocated for a longer duration for the CMBS TALF program as an essential element for its success. We strongly endorse today's announcement by the Federal Reserve to extend the program in order to promote financial stability and to enhance liquidity in the CMBS market," said Berman.

The Federal Reserve will now make TALF loans against newly issued ABS and legacy CMBS through March 31, 2010, and because new CMBS deals can take a significant amount of time to arrange, the Federal Reserve and Treasury approved TALF lending against newly issued CMBS through June 30, 2010.

The securities already eligible for collateralizing TALF loans include the major types of newly issued, triple-A-rated ABS backed by loans to consumers and businesses, and newly issued and legacy triple-A-rated CMBS.

MBA will continue to closely monitor the implementation of the CMBS TALF program in order to optimize its impact on commercial real estate liquidity.

CONTACT: Sarah Tinsley, (202) 557-2730, stinsley@mortgagebankers.org

RTI International Comes to Orlando

ORLANDO, FL – (Aug. 18, 2009) – RTI International, one of the world’s leading research institutes, has signed a three-year lease for 1,938 SF to open an office on Metric Drive near University of Central Florida and Central Florida Research Park in East Orlando.

This is RTI International’s first office in Central Florida, and they will be providing simulation training services as a government defense contractor.

Through employees placed with subcontractor clients, RTI International had a presence in Orlando for several years before deciding to locate an office here. They plan to add new jobs to this office as they win more contracts.

Carol Tanner (top right photo) represented the tenant while she was with GVA Advantis, the commercial real estate firm that closed in July. Tanner was negotiating on the tenant’s behalf with Chris Kern of Commercial Realty of Central Florida representing the landlord. After the deal closed, Tanner joined Kern’s firm.

Kern, who founded Commercial Realty of Central Florida in 2003, said, “I’ve known Carol for a long time and I’m pleased she has joined my firm. My expertise is land and multi-family properties, while Carol has spent a great deal of time focusing on office and industrial properties in North Orange and Seminole Counties. It’s a great fit and we are looking to expand in this market.”

Media Contact: Shelli Browning 407.381.4897, sh_browning@yahoo.com

Cushman & Wakefield negotiates sale of Doral Oaks in Temple Terrace, FL for $10.7M

TAMPA, FL– Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Doral Oaks (top right photo) for $10,700,000.


The purchaser was GMC Properties. Executive Director Byron Moger and Director Luis Elorza negotiated the sale on behalf of the owner, AIMCO.

Doral Oaks, located at 105 Sunnyside Road in Temple Terrace, Florida adjacent to Temple Terrace’s Downtown City Center development site, was built in 1967.


It is a 266,912 square foot, 252-unit apartment community that offers a mix of 1, 2 and 3 bedrooms. Doral Oaks features controlled access, two resort-style swimming pools, a clubhouse, fitness center and children’s playground.

“Doral Oaks’ stable operating performance and infill location made this an attractive acquisition. Given improving market fundamentals this is a good time for investors to build up their Florida apartment portfolios,” said Luis Elorza (bottom left photo) of Cushman & Wakefield, Inc.

Contact: Byron Moger, 813-204-5316, Byron.Moger@cushwake.com

Arbor Closes $1.8M Fannie Mae DUS® Loan for Liberty Place Apartments in Fayetteville, NC

Uniondale, NY (Aug.18, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,800,000 loan under the Fannie Mae DUS® Loan product line for the 79-unit complex known as Liberty Place Apartments (top left photo) in Fayetteville, NC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.39 percent.

The loan was originated by John Edwards, Vice President, in Arbor’s full-service Boston, MA lending office. “We were pleased with the opportunity to provide financing for a repeat Arbor client,” said Edwards.

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

EastGroup Properties Acquires Three Dallas Buildings for $6.7M

JACKSON, MS, Aug.18, 2009– EastGroup Properties (NYSE-EGP) today announced the acquisition of three business distribution buildings containing 227,000 square feet in Dallas for a combined purchase price of $6,675,000.



The buildings, which will be renamed Interstate Distribution Center V, VI and VII, are located in the city's close-in northwest submarket along the Stemmons Freeway (top right photo).

They were constructed in 1979-81 and are presently 87% occupied by six customers.



The buildings are projected to generate an annualized 9.2% yield at their current occupancy.

David H. Hoster II, (bottom left photo) President and CEO, stated, "The acquisition of Interstates V, VI and VII allows EastGroup to expand in an attractive in-fill submarket where we have a successful existing base of assets.


"It increases our cluster of business distribution properties there to over 800,000 square feet in ten buildings. We are continuing to look for additional acquisition opportunities in our major markets."


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

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/

Follow us on Twitter @ arbor1

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