Arbor Closes $500,000 Fannie Mae DUS® Small Loan for Sierra Madre Apartments in Fresno, CA

Uniondale, NY (Nov. 9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $500,000 loan under the Fannie Mae DUS® Small Loan product line for the 18-unit property known as Sierra Madre Apartments (top left photo) in Fresno, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.99 percent.
The loan was originated by Greg Gillam, Director, in Arbor’s full-service Manhattan Beach, CA lending office.

“This transaction demonstrates Arbor’s continued ability to provide the most favorable financing available for multifamily properties,” said Gillam. “Arbor was pleased to deliver on the borrower’s request for funding with a competitive rate.

Contact:  Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
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Hawthorn Suites by Wyndham Debuts with New Logo and Web Site

PARSIPPANY, N.J. (Nov. 9, 2009) – A new logo, Web site and cross-sell reservations functionality have been launched to celebrate the integration of the extended-stay Hawthorn Suites by Wyndham® brand into the Wyndham Hotels and Resorts® family.

The brand’s new red and orange logo, featuring a design derived from the Wyndham crown, appears prominently at the top of the brand’s new Web site, www.hawthorn.com.

In addition, cross-sell functionality was introduced among Hawthorn Suites by Wyndham, Wingate by Wyndham® and Wyndham Hotels and Resorts on their Web sites, within their telephone reservations centers and on the Global Distribution Systems used by travel agents.

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

Thomas P. D’Arcy Named President and CEO of Grubb & Ellis

SANTA ANA, CA (Nov. 9, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Thomas P. D’Arcy will join the company as president, chief executive officer and a member of the board of directors, effective Nov. 16.

“Tom is an experienced and respected executive in the commercial real estate industry and we are extremely pleased to have him joining our company. With the recent completion of the company’s recapitalization, we are confident that Tom will accelerate the execution of Grubb & Ellis’ growth strategy and build long-term value for stockholders,” said C. Michael Kojaian, (top right photo) chairman of the board of Grubb & Ellis Company.

 “I also want to take this opportunity to thank Gary Hunt (bottom left photo) for the time and effort he devoted to the company as interim CEO.”

D’Arcy, 49, brings 25 years of successful leadership experience at various public and private real estate companies, and is currently the non-executive chairman of Inland Real Estate Corporation (NYSE: IRC), a $1.5-billion REIT where he has served as an independent director since 2005.

 D’Arcy also previously served as chairman and chief executive officer of Bradley Real Estate, Inc., a NYSE-listed real estate investment trust, from 1989 to 2000.

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

$100M financing arranged by HFF for four-property multi-housing portfolio

CHICAGO, IL – The Chicago and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured $100 million in financing for a four-property multi-housing portfolio in Massachusetts, Minnesota and Missouri.

Working exclusively on behalf of RREEF, HFF senior managing directors Mike Kavanau (top right photo) and Fred Wittmann (bottom  left photo)  placed the four loans with Freddie Mac (Federal Home Loan Mortgage Corporation).

Three of the loans are part of the Freddie Mac CME program and one is part of the Freddie Mac Capped ARM program.

The portfolio totals 1,617 units and has an average occupancy of 95%.

Contacts:

Michael A. Kavanau, HFF Senior Managing Director, (312) 528-3650, mkavanau@hfflp.com

Frederic E. Wittmann, HFF Senior Managing Director, (617) 338-0990, fwittmann@hfflp.com

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

Two Grubb & Ellis New Jersey Properties Receive BOMA’s Inaugural “360 Performance” Award

FAIRFIELD, N.J-– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  announced that 200 Kimball Drive (bottom left photo)  in Parsippany and Parkway Corporate Center (top right photo)  in Montvale, both managed by the company’s New Jersey office, have earned the Building Owners and Managers Association International’s inaugural “360 Performance” award.

“These awards are a testament to the strong and seamless partnerships we have with our clients,” said Eric Stone, executive vice president and managing director of Grubb & Ellis’ Northern and Central New Jersey offices.

 “In everything we do, with every owner and tenant we represent, we strive to provide the optimal service for all functions. This is the type of full-service dedication our clients have come to expect, and one we work hard to deliver.”

The awards were announced during the 2009 BOMA International Conference in Philadelphia.

The “360 Performance” award recognizes properties that demonstrate best practices on a holistic basis in all major areas of building operations and management, according to BOMA.

Managed by Erika Morasco of Grubb & Ellis on behalf of Principal Real Estate, 200 Kimball Drive and Parkway Corporate Center, managed by Delores Bocian of Grubb & Ellis on behalf of TIAA-CREF, were among three facilities in New Jersey and 23 properties internationally to receive the award.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Arbor Closes $3.2M Fannie Mae DUS® Loan for Marsh Highland Apartments in Carrollton, TX

UNIONDALE,  NY (Nov.  6, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,200,000 loan under the Fannie Mae DUS® product line to finance the 102-unit complex known as Marsh Highland Apartments in Carrollton, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.54 percent.

The loan was originated by John Edwards, (top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents a great opportunity to provide low leverage at an attractive rate for a strong owner/operator,” said Edwards. “In addition, we recognize the continuing efforts of our long-term relationship with Fred Vogell of Mortgage Resources in orchestrating this financing.”

Contact:
 Ingrid Principe, P: 516.506.4298, F: 516.542.2555, iprincipe@arbor.com, http://www.arbor.com/
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Lodgian Reports 2009 Third Quarter Results

ATLANTA, Ga., November 5, 2009—Lodgian, Inc. (NYSE Alternext US:LGN), one of the nation’s largest independent hotel owners and operators, has reported results for the 2009 third quarter ended September 30, 2009.

Third quarter 2009 total revenue for continuing operations declined 17.6 percent to $50.6 million, compared to the same period in 2008.

 Loss from continuing operations was $(39.8) million in the 2009 third quarter, compared to a loss of $(2.3) million in the 2008 third quarter.

 The 2009 third quarter loss was driven primarily by a $34.2 million impairment charge largely related to seven hotels which are expected to be returned to their lenders.

Six of these hotels are expected to be returned to the lender after unsuccessful negotiations to extend and modify the Merrill Lynch Fixed Rate Pool 3 loan agreement.

The “35 continuing operations hotels” comprise those Lodgian properties that were not held for sale as of September 30, 2009. Lists of properties, both continuing operations and held for sale, are shown in the company's complete  press release.

For a complete copy of the company's news release and financials, please contact Debi Neary Ethridge, Vice President, Finance & Investor Relations,, (404) 365-2719,  dethridge@lodgian.com

Paramount Hotel Group Named Manager of Three Florida Distressed Hotels

FAIRFIELD, NJ—Paramount Hotel Group, an independent hotel management and ownership group, today announced that it has been named by institutional lenders in two separate transactions to operate three hotels currently in foreclosure and has an active pipeline of additional distressed properties.

 The company also will act as receiver for one of the properties. The hotels, which together have more than 500 rooms, are located in Florida and include two branded and one independent property.

“We have a long, proven track record with distressed hotel operations and are working closely with institutional lenders, special servicers and regional banks to help them determine and execute the right strategies to recover the optimum value of their hotel assets,” said Ethan Kramer, (top right photo) Paramount’s president.

“Our senior management team has been involved in the successful work-out and turn-around of more than 50 hotels in markets across the nation. Additionally, Paramount has established relationships with every major national franchisor in the U.S.

“Our approach is not just caretaking the property," Kramer says.. "We have take-over SWAT teams on stand-by who can take control of a property with just 24-hours notice.

"Our immediate goal is to stabilize the asset in terms of cash management, human resources, life safety and security. Subsequent to our assessment, we develop strategic options tailored to the Lender’s objectives. T

"he essential needs of the operation to continue as a going concern are identified and if capital is available for improvement, we recommend how best to deploy. Maximizing return on investment and generating the highest sale price on disposition is the ultimate driver in distressed hotel cases.”

Kramer noted that Paramount expects that opportunities to manage distressed hotels will expand rapidly over the next 12 to 18 months.

 “There is an unprecedented number of troubled hotel loans that will need to be resolved over the near-term. In many cases, these properties have been neglected and suffer from deferred maintenance.

"We have an in-house construction team that can quickly assess these problems and determine realistic costs to remediate. If the lender so desires to expend funds for capital improvement, Paramount will provide detail budgeting for renovation and repositioning, thereby enhancing value.

“As owners ourselves, we bring a seasoned eye to the problems these hotels face. We provide honest assessments of the properties’ potential based on more than 25 years of operational experience with distressed assets.

"Lenders want to recoup as much of their investment as possible without undertaking unnecessary risks of losing additional capital. We provide the operational and asset management expertise to help them realize their goals.”

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

Best Western Bowery Hanbee Hotel Receives Director’s Award for Quality

NEW YORK, NY – The Best Western Bowery Hanbee Hotel  (centered photo below) in New York City has received the Best Western Director’s Award for outstanding achievement in quality standards.

The Director’s Award recognizes Best Western International hotels in North America that meet or exceed cleanliness and maintenance inspection scores of at least 950 points out of a possible 1,000. Hotels must also meet Best Western’s requirements for design and high guest satisfaction scores in order to qualify.

“The Best Western Bowery Hanbee Hotel is committed to providing quality accommodations for our guests,” said General Manager Raymond Sun. ”Our staff has worked very hard to achieve this level of excellence and we are delighted to receive this important symbol of distinction from Best Western.”

Newly built in 2008, the Best Western Bowery Hanbee Hotel is located at 231 Grand Street in the heart of downtown New York City. The hotel is ideally situated between Chinatown and Little Italy in Lower Manhattan, surrounded by some of the most vibrant New York City neighborhoods such as Tribeca, Soho and the Lower East Side.

 Abundant subway access is a few blocks from the hotel. City Hall, Battery Park (above centered photo) , Trinity Church and PACE University are within walking distance. All 102 guestrooms feature a modern, comfortable design with 32-inch flat panel TVs and high-speed Internet access. The 100% non-smoking hotel also offers complimentary continental breakfast, Wi-Fi in the lobby, and a fitness center.

The Best Western Bowery Hanbee Hotel is owned by Ben Wong, founder and principal owner of New York-based Wok and Roll Restaurants,(above centered  photo)  and operated by Interstate Hotels & Resorts, the nation’s largest independent hotel management company (http://www.ihrco.com/).

 For more information about the Best Western Bowery Hanbee Hotel in New York City, please visit www.bw-boweryhanbeehotel.com or call Best Western International toll-free (800) WESTERN.

Contact:

Raymond Sun, General Manager, Best Western Bowery Hanbee Hotel, (212) 925-1177 raymond.sun@ihrco.com,
http://www.bw-boweryhanbeehotel.com/

HFF secures $120M recap for W Hotel & Residences in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $120 million recapitalization for the W Hotel & Residences, (rendering centered below) a luxury mixed-use project under construction in Austin, Texas.

Working on behalf of Stratus Properties, Inc. and the Canyon-Johnson Urban Fund, HFF senior managing director Whitaker Johnson (top right photo)  placed a new five-year construction loan originated by CLG Hedge Fund, LLC, a hedge fund affiliated with Beal Bank Nevada.

This loan is replacing an original $165 million construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008. As part of the recapitalization, Stratus and Canyon-Johnson are also contributing $45 million to the project.

Due for completion in December 2010, the W Hotel and Residences will have 252 guest rooms and suites. In addition, approximately 159 residential units, in one- to four-bedroom layouts, will be located on floors 18 to 37 and will feature views of Lady Bird Lake, the Hill Country and the city skyline.

 Hotel guests will have access to the W’s signature Living Room experience and Whatever/Whenever, the hotel’s 24-hour concierge service that provides guests with the ultimate in amenities at any hour. On-site amenities will include an elevated garden incorporating a swimming pool and bar, a spa, and approximately 54,000 square feet of retail and office space.

There will also be an entertainment venue operated by Live Nation and a new studio for KLRU-TV’s Austin City Limits show. The W Hotel and Residences is located at 2nd Street and Lavaca in downtown Austin’s 2nd Street District.

“HFF was pleased to line up new construction financing to mitigate any risks associated with the health and stability of the in-place senior construction lender, Corus Bank. Construction never wavered throughout the process and upon completion, the W is going to be an outstanding addition to the downtown Austin area,” said Johnson.

Stratus Properties is a diversified real estate company engaged in the acquisition, development, management and sale of commercial, multifamily and residential real estate properties located primarily in the Austin area.

CLG Hedge Fund, LLC is a hedge fund affiliated with Beal Bank Nevada that focuses on commercial real estate lending. CLG originates loans from $10 million to more than $550 million on all types of collateral, including income properties, raw land, land development and construction, with emphasis on individual pricing based on each asset’s specific characteristics and risk profile.

Beal Bank Nevada is a well-capitalized financial institution with capital in excess of $1.8 billion and assets in excess of $5.5 billion as of June 30, 2009. Beal Bank Nevada is a member of the FDIC.

Contacts:

Whitaker M. Johnson, HFF Senior Managing Director, (214) 265-0880, wjohnson@hfflp.com
Anthony Sassine, CLG Hedge Fund, LLC, (214) 395-8101, ASassine@clghedgefund.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, murphy@hfflp.com

 (Downtown Austin photo bottom right)

Construct Two Group wins construction excellence award for FAMU – Developmental Research School

ORLANDO, FL— Construct Two Group, a construction management company, has won an Eagle award for best in category at the annual Excellence In Construction award program sponsored by the North Florida Chapter of Associated Builders and Contractors.

Construct Two Group snagged top honors for its role building the Florida A & M University-Developmental Research School (FAMU-DRS). Awards were presented at a banquet held in the University Center Club in Tallahassee, Fla., on October 15, 2009.

On hand to accept the award were Construct Two Group’s Founder and Chairman Derrick Wallace (top right photo)  and President/CEO Keith Williams, (middle left photo)  who are both FAMU Alumni.

Construct Two Group completed its $24.3 million contract in just 19 months. Located on the campus of FAMU, the K - 12 school is composed of a six building complex that includes buildings for elementary, middle and high school, administration, cafeteria/auditorium and gymnasium. The 132,116-square-foot campus opened in January 2009.

“As FAMU alumni, Keith and I have felt a special pride in having the opportunity to build this school,” said Derrick Wallace, chairman, Construct Two Group. “This award is a tribute to the strength of the construction management team we have built.”

Rhodes + Brito Architects, Orlando, Fla., designed the facility. TLC Engineering for Architecture, Orlando Fla., provided the electrical and structural engineering. Mechanical and plumbing engineering was provided by J.J. Christie & Associates, Winter Park, Fla.

Subcontractors under contract with Construct Two Group included: site grading by Genesis Engineering & Constructors Corp, Tallahassee, Fla., tilt-up concrete by Bolognese Construction Services Inc., Bonita Springs, Fla., electrical by Joyner Electric Inc., Tallahassee, Fla., mechanical by Lang Mechanical, Thomasville, Ga., plumbing by Dowdy Plumbing Corp., Tallahassee, Fla., and fire protection by Fire Sprinkler & Systems, Inc., Ellerslie, Ga.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com, http://www.pr-works.com/

Marcus & Millichap Closes $28.1M Receiver's Sale of Multi-Family Asset in Torrance, CA

TORRANCE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully concluded the court- appointed receiver’s sale of Hampton at South Bay, (top left photo)  a 152-unit, 156,324-square foot luxury multifamily apartment building in Torrance. The sales price of $28.1 million represents $184,868 per unit and approximately $180 per square foot.

Greg Harris (middle right photo),  an executive vice president and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, (bottom left photo) a senior vice president investments and senior director of the NMHG in Los Angeles, represented the receiver, Michael Fiorina, of Los Angeles-based Total Companies.

Financing for the acquisition was arranged by Capmark senior vice president Jim McBirney. The buyer is a Los Angeles-based private investor.

“The property was placed into foreclosure by Union Bank of California through its affiliate, UnionBanCal Equities Inc. Rather than foreclose and take title to the real property, Union Bank decided to pursue a rare receiver’s sale,” explains Greg Harris.

“The complex transaction involved the receiver obtaining court orders to sell the property and stand in the stead of the owners for purposes of contracting, due diligence and document execution.”

“Our marketing produced an almost unprecedented number of offers – 44 in the initial round and 25 best and final offers,” adds Ron Harris. “The transaction closed within 24 days of contract execution.”

Built in 1963 and renovated in 2007, Hampton at South Bay is located at 20707 Anza Ave. The property is comprised of six separate two-story structures and has a unit mix of primarily two- and three-bedrooms. Amenities include a swimming pool, an expansive fitness center, a one-of-a-kind theater room, a recreation/game room, an oversized sundeck and ample controlled-access on-site parking.

Torrance is halfway between Los Angeles and Orange counties and is bound by the Pacific Ocean. The South Bay region is situated on the southwest peninsula of Los Angeles County. Torrance is considered the heart of the South Bay.

Hampton at South Bay represents the upper echelon of rental housing in the South Bay.

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

Richmond/Hampton Roads Industrial Report Q3 2009

RICHMOND, VA--Jones Lang LaSalle Americas, Inc. research reports strong headwinds from the regional and local economies have kept companies cautious with little incentive for expansion plans.

 As a result, closings and cutbacks have placed downward pressure on absorption
and put upward pressure on vacancy rates.

Looking ahead, the credit markets have stifled new development activity, leading to stagnant new supply through 2011. From the demand side, smaller companies have started to reenter the market, generally a leading indicator of stabilization and a possible start into recovery.

For a complete copy of the company's news release, please contact  Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com

Interstate Hotels & Resorts Reports Third-Quarter 2009 Results

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, reported operating results for the third quarter ended September 30, 2009. The company’s performance for the third quarter includes the following (in millions, except per share amounts):

Highlights for the third quarter and through today include:

• · Extended senior secured credit facility to March 2012;
• · Common stock resumed trading on the NYSE effective July 29, 2009;
• · Added 10 properties to third-party management portfolio, including first hotel in India, the new-build Four Points by Sheraton in Jaipur;
• · Secured mortgage financing for Westin Atlanta Airport;
• · Signed purchase and sale agreement to sell wholly owned Hilton Garden Inn Baton Rouge; IHR to retain management of hotel with new ownership.

For a complete copy of the company's news release and financials, please contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320

 

Grubb & Ellis Files Five-Day Extension for Third,Quarter

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has filed a Form 12b-25 with the Securities and Exchange Commission related to the filing of its Form 10-Q for the third quarter ended September 30, 2009.

The company said that the extension is necessary to include information on its $90 million preferred equity transaction, which is expected to close on or about November 6. Grubb & Ellis expected to file its Form 10-Q within the five-day extension period afforded by Form 12b-25.

Grubb & Ellis has scheduled a live webcast to discuss its 2009 third quarter results on Wednesday, November 11, at 10:30 a.m. Eastern Standard Time. The Company will issue its financial results before the market opens that morning.

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