Leland C. Pillsbury Receives ISHC Pioneer Award

WASHINGTON, D.C., February 16, 2010 — One of the hotel industry’s most innovative leaders, Leland C. Pillsbury, co-chairman and chief executive officer of Thayer Lodging Group, was named recipient of the 2010 Pioneer Award by International Society of Hospitality Consultants (ISHC).

From  left to right: Sean Hennessey, ISHC vice president and CEO Lodging Advisors; Leland Pillsbury; and Matthew Arrants, ISHC president and managing director, Pinnacle Advisory Group.


 The Pioneer Award annually recognizes an individual or organization who dramatically improves, or whose dynamic contributions to, the hospitality industry in one or more of the following specialties: consulting, planning, developing, marketing, and or managing, uplifts the entire industry. The award was presented at the Americas Lodging Investment Summit (ALIS) held recently in San Diego.

Pillsbury’s far-reaching impact on the hospitality industry ranges from launching new hotel brands to pioneering revenue management and yield management systems, to creating a global internet marketing company.

 He is recognized as one of the hotel industry’s most savvy hotel acquisition and turn-around experts. Pillsbury is founder and director of the Leland C. and Mary M. Pillsbury Institute for Hospitality Entrepreneurship at Cornell University, which provides aspiring entrepreneurs and innovators with the knowledge and skills they need to fulfill their ambitions.

He also is a leader in developing strong business relationships with China’s hotel community. Through a joint venture formed in 2005 between Thayer and Shanghai Jin Jiang International Hotels (Group) Company Limited (“Jin Jiang Hotels”), he formed Hubs1, China’s only fully automated central reservations system and Global Distribution System (GDS).

In December 2009, a 50/50 joint venture between subsidiaries of Thayer and Jin Jiang Hotels, China’s largest hotel company, signed a definitive agreement to acquire Interstate Hotels & Resorts, the nation’s largest independent hotel management company, in a transaction valued at approximately $307 million. The acquisition is expected to close in the first quarter of 2010, pending stockholder approval.

He began his hospitality career at age 16 working at a Howard Johnson’s, later graduated from Cornell University’s School of Hotel Administration and then joined Marriott Hotel Company. Early on, he held various operations positions and rose quickly through the corporate ranks.

He made his first major contribution there with the revamping of Marriott’s pricing strategies, created the company’s first generation of revenue management and yield management systems and introduced the company’s first frequent guest program.

He launched ventures that led to Marriott’s entry into the time-sharing segment and creation of the Fairfield Inns economy lodging segment and engineered the acquisition of the Residence Inn brand, which today remains the extended-stay segment leader.

In 1989, he founded Grand Heritage Hotels, a manager of historic and unique independent properties and sold the company two years later. With Fred V. Malek, he then co-founded Thayer Lodging Group, a leading hotel real estate investment fund sponsor that has remained in the top 5 percent of all fund sponsors for the past 19 years.

The company is a value-add investor that works with major lodging brands to acquire and reposition hotels. Thayer recently announced the closing of its fifth investment fund, Thayer Hotel Investors V LP, and its parallel fund, V-A LP, together totaling $280 million. Additionally, Thayer Lodging Group recently placed another $100 million under management in a separate vehicle.

Other hospitality ventures Pillsbury has created include: founder and partner in TIG Global Internet Marketing Company; EMC Venues, representing conference centers and resorts; HQuant Lodging Real Estate Index Group; and Thayer Insurance Group, which provides specialized health, benefits, liability and property insurance to hotels nationwide.

In addition to a bachelor’s degree of science from the Cornell School of Hotel Administration, Pillsbury holds an Executive M.B.A. from Northwestern University J.L. Kellogg Graduate School of Management. He serves on the University Council at Cornell University, the Dean´s Advisory Board of J.L. Kellogg School of Management. Pillsbury is founder and director of the Leland C. and Mary M. Pillsbury Institute for Hospitality Entrepreneurship at Cornell University.

ISHC is a professional society of leading hospitality industry consultants. Membership is by invitation only and members are required to abide by the ISHC Code of Professional Conduct. ISHC is represented by some two hundred members who, collectively, have expertise in over 40 different specialty areas and work experience in 65 countries. A complete listing/directory of members and specialty areas of expertise represented within ISHC is available under “Consultant Search” on the ISHC web site at www.ishc.com.

Contact:

ISHC Thayer Lodging Group, Lori Raleigh, (239) 436-3915, lraleigh@ishc.com
Jerry Daly, (703) 435-6293, jerry@dalygray.com

D & A secures contract for retail shopping center in Winter Garden, FL

LONGWOOD, FL,  Feb. 16, 2010 — D & A Building Services Inc. has secured multiple service contracts with Ciminelli Real Estate Services of Florida LLC for Avamar Crossing. (top left photo)

Under one contract, D & A is providing a day porter for janitorial services for the 43,200-square-foot shopping center located in Winter Garden, Fla.

A second contract calls for D & A to provide landscape maintenance, lawn and ornamental pest control and irrigation repairs.

D & A has worked with Ciminelli Real Estate Services at another property since January of 2009.

“These new contracts give us the opportunity to expand our relationship with the Ciminelli team,” said Al Sarabasa, Jr., (bottom right photo)  president/CEO, D & A Building Services Inc.

PR Contact: Elaine Ingra, (407) 384-1344, elainei@pr-works.com

Grubb & Ellis Represents Landlord in 20,000-SF Lease Renewal to NorthShore University HealthSystem in Illinois

ROSEMONT, IL (Feb. 16, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it facilitated the lease renewal of 20,299 square feet of space at 909 Davis St. in Evanston to NorthShore University HealthSystem, where NorthShore-affiliated physicians and other professionals currently operate medical practices.

Jason Streepy (middle left photo) and Linda Garske, (bottom right photo)  senior vice presidents in the Office Group, represented the landlord, American Fund US Investments/ Real Estate Capital Partners, in the transaction. Richard Berger and Michael Cummings of Colliers Bennett & Kahnweiler represented NorthShore University HealthSystem.

“We’re pleased to have retained a quality tenant such as NorthShore, particularly in today’s marketplace,” said Jason Winans, asset manager, Real Estate Capital Partners. “Renewing the leases we have with credit tenants in this facility is tremendously important for the rent roll and overall value of the building.”

Located in downtown Evanston seconds from the Metra Union Pacific North Line and CTA Purple Line, 909 Davis St. offers abundant local area amenities including a fitness center, a range of retail and restaurant options, and adjacent parking. The 195,245-square-foot property currently has 14,353 square feet available for lease, divisible to 9,558 square feet.

Headquartered in Evanston, Ill., NorthShore University HealthSystem is a comprehensive, fully integrated healthcare delivery system that serves the greater North Shore and northern Illinois communities.

NorthShore includes four hospitals – Evanston Hospital, Glenbrook Hospital, Highland Park Hospital and Skokie Hospital. The system has more than 2,000 affiliated physicians, including a multispecialty group practice with over 75 office locations.

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

Pulte Homes Founder William J. Pulte Announces Plans to Retire

BLOOMFIELD HILLS, MI.--(BUSINESS WIRE)--Pulte Homes (NYSE: PHM) announced today that William J. Pulte (top right photo) (77), company founder will retire from the Company and its Board of Directors effective March 31, 2010.

Mr. Pulte’s position on the Board of Directors will not be replaced, reducing the Board size to 11 members.

“With 2010 marking six decades in business, with our merger with Centex complete and a great, proven leadership team in place, and, hopefully, with the worst of this housing cycle behind us, this feels like the right time to officially step away from the business.”

“I was 18 years old in 1950 when I started construction on my first house, making 2010 my 60th anniversary in the building business,” said Bill Pulte. “Many people have heard me say that I have never worked a day in my life because I so love what I do and the people I work with.

“With 2010 marking six decades in business, with our merger with Centex complete and a great, proven leadership team in place, and, hopefully, with the worst of this housing cycle behind us, this feels like the right time to officially step away from the business.

“One of the things that has thrilled me most over the last few years is working with the people who are now in place and running Pulte Homes. This is particularly true of Richard Dugas, (top left photo) who has become a great leader for this company. I plan to remain a large shareholder of Pulte Homes and have never been more confident in the leadership and future success of the company.”

Following his retirement, Mr. Pulte will assume the title of Founder and Chairman Emeritus and serve as a key advisor to the senior executive team and Board of Directors under a two-year consulting agreement with the Company.




Pulte Homes, Investors: Jim Zeumer, (248) 433-4502, email: jim.zeumer@pulte.com
Media: Caryn Klebba, (248) 433-4840, Email: caryn.klebba@pulte.com
(a) Web sites: www.pulteinc.com; http://www.pulte.com/;  http://www.centex.com/;  http://www.delwebb.com/;

Florida Roofing Consultant Servcor International Sues Bayer AG Subsidiary for More Than $50M

Servcor Alleges Drunken Executive Breached Agreements, Botched Massive Airport Contract

ST. PETERSBURG, FL, Feb. 15, 2010--(BUSINESS WIRE)--In a lawsuit that details the complexities of working with large multi-national corporations on government contracts, Florida roofing and construction industry consultant Servcor International recently sued a Bayer AG subsidiary for more than $50 million plus punitive damages.

Servcor alleges that Bayer breached its partnership agreement with Servcor when it shut Servcor out of a $15 million airport roofing contract.

 Bayer further violated its fiduciary duties to Servcor following a significant ethical breach by a Bayer executive who leaked confidential information to a roofing contractor customer and Servcor competitor. The suit alleges that the national sales manager disclosed the information while intoxicated at a business dinner.

The 32-count complaint names Bayer MaterialScience, LLC, a manufacturer of the components and materials used in spray-on polyurethane foam (SPF) roofs. Bayer MaterialScience is a subsidiary of Bayer AG, the German conglomerate best known in the United States for aspirin and other pharmaceutical products.

The suit also names Insulated Roofing Contractors, a Kentucky roofing company, and Mike Gomez Construction Consultants, Inc., a Miami general contractor.

The suit alleges breach of fiduciary duty, breach of contract, negligence, fraud and deceptive and unfair trade practices by Bayer, the existence of a conspiracy involving all defendants, and counts against IRC and/or Gomez for fraud, negligence and interference both with contractual and advantageous business relationships.

“We brought a significant contract to Bayer, only to have it taken from us following the inexplicable, drunken actions of a Bayer executive,” said David Looney, president of Servcor International. “The breach of duty and conspiratorial acts of the defendants harmed our company’s present and future sales as well as damaged the ultimate consumer.”

According to the complaint filed in Pinellas County, Fla. Circuit Court by Servcor attorney Daniel L. Moody of Tampa Bay area law firm Moody and Shea, P.A., Servcor was not only a distributor of Bayer’s roofing products but also Bayer’s business partner in many roofing related services while also providing business strategies to increase Bayer’s market share.

Servcor also built a strong relationship with the Miami-Dade Aviation Department which specified materials and services co-branded by Servcor and Bayer on a 10-acre roofing project at Miami International Airport, (top left photo)  saving the county over $10 million.

According to the complaint, the drunken disclosure of confidential information by Bayer’s sales manager set off a string of events wherein Bayer conspired to intentionally cause financial harm to Servcor and to put Servcor out of business.

Servcor International provides commercial roofing and waterproofing services to both consumers and product manufacturers. More information about Servcor is available at www.servcorintl.com or by calling (727) 894-3415. A copy of the lawsuit is available at http://servcorintl.com/media.pdf.

Contacts: For Servcor International, Daniel L. Moody, Esq., 727-596-3000, Fax: 727-596-3006, dmoody@moodyandshea.com

Foreclosures to Impact 20 Million Homeowners

 

DESTIN, FL, Feb. 15, 2010 --(PR.com)-- Foreclosures are likely to impact 20-million homeowners in the U.S. if government officials don’t take action to lessen the severity of the foreclosure crisis, according to Housing Predictor.

The real estate research firm was the first to forecast the foreclosure epidemic, triggering the worst economic turmoil since the Great Depression.

In a recent Housing Predictor dot com survey nearly 1 in 3 mortgage holders say they will walk away from their homes if housing prices continue to fall. The action would leave bankers on the hook for trillions of dollars in unpaid mortgages and send the U.S. economy into a worsening financial crisis, resulting in the highest number of renters in decades.

Consumers are saving more in light of the economic turmoil and home sales are improving in many especially hard hit areas of the country with the assistance of first time and move-up home buyers tax incentives.

Foreclosures compose the majority of home and condo sales nationally. Nearly 6-million additional Option Arm adjustable rate mortgages will reset through 2010 and more than three-quarters will not be able to be refinanced under present guidelines.

As a consequence, millions of more homes will go into the foreclosure process and provide a growing inventory of property at bargain prices. Housing Predictor forecasts housing markets in all 50 US states.

Contact:  Housing Predictor, Mike Colpitts, 850-622-1016, mailto:yourrealestatepro@hotmail.com,
http://www.housingpredictor.com/

National Retail Properties, Inc. Declares Dividend for Its Series C Preferred Stock

ORLANDO, FL,  Feb. 15, 2010 /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 March 15, 2010, to shareholders of record on February 26, 2010. The dividend represents an annualized rate of $1.84375 per depositary share.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2009, the company owned 1,015 Investment Properties in 44 states with a gross leasable area of approximately 11.4 million square feet. For more information on the company, visit http://www.nnnreit.com/.

Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348

Apartment Realty Advisors Distressed Assets Solutions Group Brokers Sale of Remaining Units in Madison Oaks Condominium Conversion, Palm Harbor, FL

PALM HARBOR, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of the 199 remaining units at Madison Oaks in Palm Harbor, FL.

 ARA Tampa-based vice president, Patrick Dufour, (bottom right photo) ARA Orlando-based senior vice president, Kevin Judd, (top right photo) and ARA Boca Raton-based principal, Avery Klann, (middle left photo)  represented the seller, a financial institution. J

udd, Dufour and Klann are members of ARA’s National Distressed Assets Solutions Group which provides responsive, professional and knowledgeable brokerage solutions to servicers and lenders of distressed conventional multifamily, land, student and seniors housing assets.

“ARA generated a tremendous amount of interest in this property,” said Judd. “ARA’s unique marketing platform, proprietary and extensive database of prospects, and multitiered marketing strategy were implemented for this offering,” Judd added.

“We have seen a tremendous amount of capital return to the market in the past 90 days,” noted ARA Tampa Vice President, Patrick Dufour. “There is a general feeling in the market that the worst is behind us, and as a result, we have seen a significant increase in the number of qualified buyers for both distressed and stabilized multifamily properties.”

Although Madison Oaks was an REO fractured condominium project, the remaining 199 units were approximately 90% occupied at the time of sale. The remaining 199 units represent 80% of the total property, giving the purchaser control of the homeowner’s association. The buyer plans to continue to operate the property as rentals.

Individual units at Madison Oaks sold for an average price of $172,419 from 2007 to 2008. The remaining units at Madison Oaks were acquired by Rohman Development and RAS Management in partnership with a Private Equity Group for an undisclosed amount.

Madison Oaks represents a class B+ asset in an infill, high barrier-to-entry location in Palm Harbor, a northern suburb of Pinellas County within the Tampa Bay MSA.

The remaining 199 units out of 250 total units at Madison Oaks feature a large average unit size of 1,063 square feet including five different floor plans with one- or two-bedroom flats as well as 2-story townhomes.

Local Contact: Marti Zenor, Apartment Realty Advisors, (561) 988-8800, mzenor@arausa.com
National Contacts: Amy Holland or Lisa Robinson, Apartment Realty Advisors, (404) 495-7300
aholland@ARAusa.com, lrobinson@ARAusa.com

24% Of New Condos Unsold In Sunny Isles Beach, FL

BAL HARBOUR, FL--More than 24 percent of the 6,300 new condo units built or converted in the barrier island city of Sunny Isles Beach during the South Florida boom years remain in the hands of developers, according to a new report from CondoVultures.com.

Sunny Isles Beach, an oceanfront city east of Aventura in Northeast Miami-Dade County, is home to the second largest concentration of new condos to be built in South Florida during the go-go days of the last real estate boom.

Today, more than 1,500 units remain unsold and still in the hands of the developers, according to the report produced using the newly released Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

"The Sunny Isles Beach market has experienced many of the same challenges that Greater Downtown Miami - where nearly 23,000 new units were constructed between 2003 and 2010 - is going through," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Much like in Greater Downtown Miami, buyers are willing to purchase today in Sunny Isles Beach but only at the right price. In Greater Downtown Miami, the right price is moving toward $250 per square foot.

"In Sunny Isles Beach, the right price is working out to be about $350 per square foot for a unit in an oceanfront project."

Contact:  Peter Zalewski of Condo Vultures®, 800-750-0517,  email at peter@condovultures.com

Marcus & Millichap Opens New Office in Columbia, SC

COLUMBIA, SC– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has opened a new office in Columbia, according to Gary R. Lucas, (top right photo) regional manager.

The office is located at 1201 Main St., Suite 1170, Columbia, S.C., 29201. The phone number is (803) 678-4900 and the fax number is (803) 678-4910.

The Columbia office is headed by Lucas and lead brokers Scott Taylor and Drew Babcock, both formerly of Coldwell Banker Commercial, United.

“We are extremely excited to bring Marcus & Millichap’s national brand and unique marketing platform to Columbia,” says Lucas.

“During the next several years, there will be tremendous opportunity for growth throughout South Carolina. By acting as long-term advisers to investors in Columbia and throughout the region, we will assist them in acquiring both local and out-of-state investment properties.”

Taylor has 10 years of commercial real estate experience and has closed multifamily, retail, office, large-acreage tract and assemblage development transactions. He is a graduate of the College of Charleston and has an M.B.A. degree from the Darla Moore School of Business at the University of South Carolina.

 Taylor is a candidate of the Certified Commercial Investment Institute (CCIM) and a member of the Institute for Real Estate Management (IREM), the International Council of Shopping Centers (ICSC), the Urban Land Institute (ULI) and the South Carolina Association of Realtors.

Babcock has been a real estate professional for six years, specializing in multifamily and retail property sales. He is a graduate of the University of South Carolina and has attended the ULI Real Estate School for Professional Development. Babcock has also trained at the Certified Commercial Investment Institute and is a member of the Urban Land Institute.

For information about the firm’s services or to inquire about career opportunities, contact
Gary R. Lucas at gary.lucas@marcusmillichap.com, or at (803) 678-4900.

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

Franklin Street Announces Four Property Portfolio Sale in North and Central Florida

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce a note sale of a four property multifamily portfolio.

The communities are located in North/Central Florida. The note had an original face value of $9,165,000, originated in December of 2004. The properties were in Gainesville, Ocala, Havana and Starke, FL, and comprised a total of 356 units.

Franklin Street Partners Darron Kattan, (top right photo)  Bob Goldfinger and Kevin Kelleher represented the existing owner and, together with Alfredo Guardado of Assistance Realty International assisted all parties in the sale.

The buyer was a private partnership. The portfolio was in distress, with one property being vacant at the time of the note purchase and two others being vacated.

The properties were previously under a Project Based Section 8 Contract but these contracts were removed due to non-compliance reasons with HUD on three of the four properties. Franklin Street also negotiated on behalf of the owner to effectuate a transfer of title to the new note holder.

“This was a clear case of the lender not wanting to step into the chain of title and willing to discount the sale of the note significantly to make a deal happen,” said Kattan. “The properties had a variety of challenges, physically and operationally, and significant work and time will be required before the true value of the properties is realized.”

Contact: Mandy Force, Franklin Street Real Estate Services, Phone: 813.839.7300, Fax: 813.839.7330 5420 Bay Center Dr. Suite 100, Tampa, Florida 33609, http://www.franklinstreetfinancial.com/

Richfield Hospitality Lays Out Aggressive Expansion Strategy

DENVER, CO, Feb.  12, 2010—Richfield Hospitality, a leading hotel management company, today laid out a new aggressive growth strategy that will broaden its core, third party-management business.

In addition, Richfield, along with its parent company, City Development Limited, said that it has significant capital to deploy, ranging from structured finance to joint ventures and direct acquisitions.

“In a cash-starved environment like today, we can provide up to 25 percent sponsorship equity for acquisitions and joint ventures with either existing owners or with capital partners seeking acquisitions,” said Greg Mount, (top right photo) Richfield Hospitality president.

“Third-party management will remain our core business, and our strategy, while aggressive, is to grow on a deliberate, planned basis. We are increasing our management bench strength to handle our future growth, and continue to attract great talent to our team. In addition, we have realigned our corporate services to become a field support center, rather than be bureaucratic red tape.”

As part of that support effort, the company announced plans to expand the role of its Sceptre Hospitality Resources division.

“The ability to deliver top-line revenues through sales and channel management is the key to creating optimum success as the hotel economy begins to rebound. Our corporate realignment ensures each property we operate receives enhanced revenue management supported with interactive marketing," says Mount.

Richfield has formed two operating divisions to provide specialized expertise to various types of hotels: a full-service division that will focus on three- to five-star, branded and boutique hotels and a select-service division that will concentrate on premium-branded properties.

“We will work closely with our contacts in the industry to source contracts and acquisition candidates,” Mount said. “Our goal is to more than triple our size over the next five years from our current portfolio of 20 managed hotels.

“We are aided by an impressive operating track record,” he said. “In 2009, 95 percent of our hotels posted higher year-over-year GOP gains. Our goal is to maintain a market-share RevPAR index premium for all of our properties in line with ownership’s objectives.”

The company will focus its third-party management and acquisition activity on major urban and top suburban markets in the U.S., Caribbean and Canada.

“We have the infrastructure in place to take over single assets or large portfolios on short notice,” Mount said.

Contact: Jerry Daly or Chris Daly, (703) 435-6293

C&W announces sale at Alafaya Business Center for medical offices in Orlando

ORLANDO, FL – Feb. 11, 2010– Cushman & Wakefield Associate Directors Mindy Boehm and Betsy Owens announced the sale of a 2,500 square foot condo unit in the Alafaya Business Center (top left photo)  to Dr. Ronald J. Trevisani for medical offices.

The deal closed on January 14.

Contact: Brook Hines, Tel: 407-541-4401, brook.hines@cushwake.com,  http://www.cushwake.com/

HFF arranges $3.3M refinancing for San Diego area multi-housing community

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $3.335 million refinancing for Silver Oaks Apartments, a 57-unit multi-housing community in El Cajon, California.

HFF associate director Rob Hinckley  and senior managing director Tim Wright (top right  photo) worked exclusively on behalf of the borrower, a Linda Vista, California-based private investor, to secure the 10-year, 5.90% fixed-rate Fannie Mae loan through Centerline Capital Group.

This loan was originated to pay off a seller’s note and secure historically low-priced long-term debt.

Silver Oaks Apartments is located at 945 Estes Street close to Interstate 8 in El Cajon, approximately 12 miles northeast of downtown San Diego. The property has one- and two-bedroom units and is currently 98% occupied. Community amenities include a pool and on-site laundry and storage facilities.

Contacts:

Timothy Wright, HFF Senior Managing Director, (858) 552-7690, twright@hfflp.com

Rob Hinckley, HFF Associate Director, (858) 552-7690, rhinckley@hfflp.com

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

Arbor Closes Two Fannie Mae DUS® Loans Totaling $6,104,300

UNIONDALE, NY– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,104,300 under the Fannie Mae DUS® product line. These loans include:

Crescent Cove I, Evans, CO – A 96-unit complex in the amount of $4,229,300 funded under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.

Amberwood Apartments II & III, Norfolk, NE – A 56-unit complex in the amount of $1,875,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.89 percent.

The loans were originated by Michael Jehle, (top right photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“These two loans were with the same borrower who needed a quick turnaround because their existing CMBS loans were coming due,” said Jehle. “Arbor was able to exceed their expectations in terms of a sift execution at very low interest rates.”

Contact:  Ingrid Principe, Marketing, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1