Fitch Rates Health Care REIT, Inc.'s $152MM Convertible Senior Notes 'BBB'

NEW YORK, NY--Fitch Ratings has assigned a 'BBB' rating to the newly issued $152 million 3.0% convertible senior notes due 2029 offered by Health Care REIT, Inc. The Rating Outlook is Stable.

The company intends to use the net proceeds from this offering to repurchase a portion of its 4.75% convertible senior notes due 2026 and 2027.

Based in Toledo, Ohio, Health Care REIT, Inc. is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides property management and
development services. As of March 31, 2010, the company's portfolio consisted of investments in 608 properties in 39 states.

For additional information, please refer to Fitch's Credit Analysis report 'Health Care REIT, Inc.,' dated Oct. 29, 2009, and Fitch's Rating Action Commentary, 'Fitch Affirms Health Care REIT, Inc. at 'BBB'; Outlook Stable,' dated Oct. 5, 2009, available at 'www.fitchratings.com.'

Contact:
Janice Svec +1-212-908-0304 or Steven Marks +1-212-908-9161, New York.

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

Additional information is available at http://www.fitchratings.com/.

Fitch U.S. CMBS Newsletter: Is Stronger Underwriting Here to Stay?

NEW YORK, NY--While the first new Fitch-rated U.S. CMBS transaction in two years contains the strong underwriting emblematic of the early days of the market, time will tell if that remains the case as more deals come to market, according to Fitch Ratings in the latest edition of its weekly U.S. CMBS newsletter.

JPM 2010-C1, the first Fitch-rated multi-borrower CMBS deal since 2008, reflects stronger issuer underwriting practices such as in place cash flow, marked-to-market where applicable, with no reliance on pro-forma income, attributes that resembled the norm in the new issue environment between 1995 and 2004. In addition, borrowers are retaining material equity in the properties with equity contributions generally ranging form 25-50% based on purchase prices.

This represents a stark contrast to the underwriting in 2007, when collateral was often originated based on expectations that cash flow would continue to rise in a commercial real estate market already experiencing dramatic upward trends.

 Fitch's new CMBS presale reports provide the market with evidence of lessons learned since 2007.

The pressing question remains: How long will these positive attributes last? 'If and when underwriting levels do deteriorate, expect to see Fitch raise their credit enhancement levels,' said Group Managing Director and U.S. CMBS group head Huxley Somerville. (lower right photo)

Additional information is available in Fitch's weekly e-newsletter, U.S. CMBS Market Trends'. The link below enables access to Fitch's U.S. CMBS Market Trends weekly updates:

Contact:
Huxley Somerville +1-212-908-0381 or Eric Rothfeld, 1-212-908-0761, New York.
Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278:, sandro.scenga@fitchratings.com.

Chatham Lodging Trust Signs Contract to Acquire Upscale Extended Stay Hotel in Greater Metropolitan New York Area

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, has signed a contract to acquire an upscale extended stay hotel in Greater Metropolitan New York area in an all-cash transaction for $21.3 million.

The new hotel represents the 11th hotel acquired or under contract to purchase by Chatham since its April 21, 2010 initial public offering.

“This is a very well-located property with superb visibility and accessibility,” said Jeffrey H. Fisher (top right photo) , Chatham’s chief executive officer. “It is in a market with one of the highest barriers to new competition in the country.

“We have an aggressive appetite for properties and continue to work our extensive contacts and relationships to source transactions both on and off the market,” Fisher said.

“This acquisition continues our focus on acquiring upscale extended-stay hotels and premium-branded select-service properties, either as multi-property portfolios or individual hotels, located in major markets with high barriers to entry near strong demand generators.”

Completion of the new hotel acquisition is subject to satisfactory completion of due diligence and customary closing conditions.

Contact:
Jerry Daly, Carol McCune, Daly Gray Public Relations, ( Media),(703) 435-6293, jerry@dalygray.com
Peter Willis, Chief Investment Officer, (Acquisitions), (561) 227-1387, pwillis@cl-trust.com

Crossman & Co. Named Exclusive Agent for Water Tower Place in Celebration, FL

ORLANDO, Fla. – Crossman & Company, one of the largest third-party leasing and management firms in the Southeast, has been named the exclusive agent for Water Tower Place (top left photo) , the iconic town center located in Celebration, Fla.

Crossman & Company will be responsible for all leasing and management of the property.

“This landmark property serves as the neighborhood center for Celebration, as well as providing services and shopping alternatives for the surrounding area,” said John Crossman.

The property is located at the intersection of US Hwy. 192 and Celebration Avenue, the main entrance to Celebration, which was developed by The Walt Disney Company in the 1990s. “Its visibility, access from US Hwy. 192 and proximity to local theme parks and attractions makes this an ideal location,” Crossman added.

The property contains over 124,000 square feet of retail space including restaurants, service providers, retailers, banks and a gym.

Crossman stated that because of the property’s location, design, history and the current market, it is an ideal time to take a fresh look at the property to determine what re-tenanting, uses and other changes will be the most valuable for the property as well as the local community and shoppers.

For more information,  please contact:
John Crossman, CCIM, President, Crossman & Company, 407-581-6218, jcrossman@crossmanco.com
Justin Greider, Senior Associate, Crossman & Company/ICSC Southern Division Next Generation Chair, 407-581-6225; jgreider@crossmanco.com;
Molly Delahunty, Crossman & Company, 407-581-6220 mdelahunty@crossmanco.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com
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42-Story Condo Tower Site Sells In Greater Downtown Miami

MIAMI, FL, June 18, 2010--The development site for the proposed 42-story Pointe At Brickell Village (rendering top left)  condominium tower in the heart of Greater Downtown Miami's financial district has been sold for $5.4 million, or $150 per square foot, according to a new report from CondoVultures.com.

Union Credit Bank, a one-branch Florida chartered institution with assets of $167 million, sold the 36,000-square-foot development site at 1100 S. Miami Ave--a block away from the popular Shops at Mary Brickell Village outdoor mall (top right photo)  -- to a private equity group on June 11, according to the report based on Miami-Dade County and FDIC records.

Union Credit Bank repossessed the property on May 26 after a lengthy foreclosure process against the development company,  Brickell Village Partners with principal J. Kevin Reilly.

At the time of the foreclosure, the bank was owed $7.6 million in principal plus an additional $1.2 million in interest, fees, and court costs, according to the final judgment of foreclosure signed by Miami-Dade Circuit Court Judge Gerald D. Hubbart on Jan. 22, 2010.

"Nearly 10 high-rise condo development sites in Greater Downtown Miami have been sold in the last two years, and several more are for sale," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Private equity groups have been buying up deeply discounted condos in Greater Downtown Miami with great velocity for the last 18 months. As the oversupply of new condos is whittled down, buyers are increasingly broadening their criteria. Land is starting to become acceptable - at the right price - once again."

Besides the development site acquisitions, bulk buyers have completed 50 transactions for more than 4,800 units and 6.5 million square feet in the tricounty South Florida region since July 2008, spending more than $1.1 billion, according to the Condo Vultures® Bulk Deals Database™.

For this latest land deal, the buyer, The Point At Brickell Village Corp with principals Diego E. Manfio and Silverio E. Alberto Manfio, paid an amount equal to the current assessed value of $5.4 million established by the Miami-Dade County Property Appraiser's Office.

Originally, Reilly's group purchased the proposed Pointe at Brickell Village land - four separate lots owned by two different groups - in January 2005 for a combined $7.2 million, or $200 per square foot.

Four months later in April 2005, the City of Miami approved Reilly's plans - which were submitted in December 2004 - to construct a 330-unit condo tower designed by the famed Arquitectonica architectural firm for the site. The tower was to proposed to feature nearly 325,000 square feet of residential space, 42,000 square feet of office space, and 14,000 square feet of retail space, according to government records.

The projected construction cost for the proposed 442-foot tall tower was estimated at $142.4 million, according to government records.

Reilly never developed the proposed Pointe at Brickell Village project as some 22,250 new condo towers were constructed in Greater Downtown Miami between 2003 and 2010 in a 60-block stretch where 11,500 units had been built between 1963 and 2002, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

At the end of the first quarter of 2010, some 6,600 new condo units were still unsold in Greater Downtown Miami. At the current pace of 240 sales per month, the current unsold inventory will take more than two years to sell, according to a recent Condo Vultures® White Paper™.

For Reilly, this is not the only proposed condo project that he planned but was never was able to build.

In February 2007, a Reilly company, Brickell Citicentre LLC, deeded to the lender 26 lots totaling nearly 247,000 square feet of developable land on both sides of South Miami Avenue between 7th and 8th Streets in Greater Downtown Miami's Brickell Avenue area, according a previous Condo Vultures® Market Intelligence Report™.

The Brickell Citicentre land is three blocks north of the Pointe at Brickell Village land.

Reilly's company had planned to construct a three-tower, mixed-used complex with more than 2,400 condo units, 200,000 square feet of retail and restaurant space, and 130,000 square feet of office space to be called Brickell Citicentre at 700 and 701 S. Miami Ave., according to Miami Today newspaper.

Hong Kong-based Swire Properties, which built most of Brickell Key, paid $41.2 million, or $167 per square foot, for the 5.7 developable acres in October 2008. At the time of Swire's acquisition, the land was assessed at $49 million, or $199 per square foot, according to the Miami-Dade County Property Appraiser's Office.

Reilly's company originally purchased the Brickell Citicentre land for $46.5 million, or $189 per square foot, and borrowed $58.1 million, or $236 per square foot, from a Delaware entity controlled by iStar Financial, according to government records.

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

Stirling Sotheby's International Realty is Leading Revival of Luxury Home Sales at Bella Collina in Monteverde, FL

ORLANDO – Bella Collina, (top left photo)  the exclusive ultra-luxury community that started development overlooking Lake Apopka in Monteverde just before the housing market collapsed, is experiencing a revival.

Part of the reason is bargain pricing—golf course home sites that were priced from $490,000 to $935,000 at the height of the real estate boom are now selling for under $50,000.

Just two months ago, the LR team at Stirling Sotheby’s International Realty announced an international marketing campaign to spur sales in the luxury neighborhood.

Roger Soderstrom, (bottom left photo)  founder and owner at Stirling Sotheby’s International Realty in Orlando, said through May of this year two luxury homes have sold at Bella Collina and six luxury home sales are currently pending. Twelve luxury homes are currently listed for sale at Bella Collina with the average list price of $3.3 million.

“Home sites at Bella Collina are a bargain right now,” said Dan Natoli, a partner with the LR Team.

“Golfside home sites on the market right now are priced from $2,900 to $80,000 and they were originally priced from $490,000 to $935,000,” he said.

Luxury homes for sale at Bella Collina today range in price from $900,000 to $7.9 million. However, Natoli foresees new homes priced in the $400-500,000 range in some neighborhoods in the coming year. Those prices will be driven by very affordable lot pries and new consumer buying trends.

Stirling Sotheby’s LR Team (middle  right photo, Dan Natoli, Carolyn Burgiel, and Darren Iozia) of the firm’s Windermere/Dr. Phillips office—said that buyer interest is growing everyday.

“Buyer interest at Bella Collina has been extremely strong in 2010, the strongest we have seen in three years,” Burgiel said.

“We’re talking with traveling professionals, couples downsizing, pre-retireds and professionals from the Orlando area looking for a high-quality lifestyle and attractive pricing,” Burgiel added.

For more information,  contact:
Carolyn J. Burgiel, Sales Executive, Stirling Sotheby’s International Realty 407-864-0605;
Roger Soderstrom, Founder/Owner, Stirling Sotheby’s International Realty 407-581-7890; rsoderstrom@stirlingSIR.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142; lvershelco@aol.com

East Coast Retail Investment Team at Lavista Associates Negotiates Largest Sale of Multi-Tenant Retail Center in Jacksonville, FL

ATLANTA - The East Coast Retail Investment Team at Lavista Associates, one of the Southeast’s leading commercial property brokers, based in Atlanta, recently negotiated the sale of Crossroads Square (top left photo)  retail center on Blanding Blvd. at I-295 in Jacksonville, Fla.

Whitney Knoll, (middle right photo) managing director of The East Coast Retail Investment Team at Lavista Associates and Pierce Mayson, director, negotiated the sale representing the seller, Abrams Properties, Inc. of Atlanta.

Global Fund Investments LLC, a real estate investment company headquartered in Miami Beach, acquired the 174,153 square foot power/community center. The sale represents the largest multi-tenant shopping center transaction in Jacksonville in more than three years.

“It’s always a pleasure to work with such veteran shopping center owners,” Knoll said. The sale was the third transaction Knoll has negotiated on behalf of long-time client Abrams Properties.

Over the past 36 months, Knoll has sold 35 properties in six states in the Southeast, totaling 3.3 million square feet. Property sales have generated more than $400 million in revenues.

Anchored by Floor & Decor, Office Depot, Dollar General and Harbor Freight Tools, Crossroads Square is 95 percent leased. Knoll said Lat Purser and Associates deserves some credit for the sale, as the property management firm has maintained a healthy 91+ percent occupancy at Crossroads Square retail center throughout the recession.

The purchaser assumed an existing Protective Life loan.

Serving Atlanta for over 37 years, Lavista Associates, Inc. is one of metro Atlanta’s leading commercial real estate companies, representing clients in the sale and leasing of a broad spectrum of commercial, industrial, office and retail properties. The firm’s goal is excellence of service to its clients resulting in the highest value for their real estate holdings.


For more information, contact:
C. Whitney Knoll, Managing Director East Coast Retail Investment Team, Lavista Associates, Inc. 3105 Northwoods Place, Norcross, Ga. 770-729-2818; wknoll@lavista.com;
Kimberly Steele, Lavista Associates, Inc. 770-729-2824; ksteele@lavista.com;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Marcus & Millichap Names Kent R. Williams Managing Director

ENCINO, CA, June 18, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Kent R. Williams (top right photo) as a managing director, according to Harvey Green (top left photo) , president and chief executive officer.

Williams currently serves as the regional manager of both the San Diego and Las Vegas offices.

Most recently, Williams was a senior vice president of the firm.

“Under Kent’s leadership, Marcus & Millichap’s San Diego office has ranked first in revenue firm wide for the past two fiscal years and has captured a significant portion of the San Diego County investment brokerage market,” says Green.

 “Kent consistently provides a high level of service to our Southern California investor clients and fosters an environment that supports the success and professional fulfillment of the firm’s brokers. The San Diego office has also produced more award-winning graduates of the firm’s sales intern program than any other office.”

Williams began his career at Marcus & Millichap in 1991 as an agent in the Ontario office. He was named sales manager of the San Diego office in 1998 and was promoted to regional manager in 1999.

Williams became a vice president of the firm in 2001 and was elected as a first vice president in June 2004. He received the company’s Regional Manager of the Year award in 2005. In 2008, Williams was promoted to senior vice president.

Williams attended San Diego State University.(middle  right photo)  He has served on the board of directors for CCIM (Certified Commercial Investment Member) and the University of San Diego’s real estate board where he assisted in the development of that school’s real estate master’s degree program.

Danny K. Bahng Named Associate Vice President Investments in Los Angeles

LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm,  announced the promotion of Danny K. Bahng (middle left photo)  to associate vice president investments in the Los Angeles office, according to first vice president and regional manager Stephen D. Stein (middle right photo) . Most recently, Bahng was a senior associate.

“Danny has extensive experience as a multifamily investment property specialist in the Los Angeles office,” explains Stein. “Throughout his career with Marcus & Millichap, he has matched numerous private and institutional investors with investment real estate in the Los Angeles metropolitan area and throughout Southern California. Danny has been instrumental in driving our business forward and helping to establish our firm as a market leader.”

Bahng joined the firm in June 2000 and was promoted to associate in 2001. He was promoted to senior associate in 2003.

Richard J. Ringer Promoted to First Vice President Investments in West Los Angeles

LOS ANGELES, CA— The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Richard J. Ringer (bottom left photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Kevin Assef, senior vice president, managing director and regional manager of the firm’s West Los Angeles office.

Most recently, Ringer was a vice president investments.

Ringer joined Marcus & Millichap in May 1998. He was promoted to associate in 2000 and earned senior associate status in October 2001. Ringer was named a senior investment associate in July 2004 and a vice president investments in January 2008.

He specializes in the sale of multifamily assets and currently serves as a senior director of the firm’s National Multi Housing Group. Ringer has received numerous sales achievement awards from Marcus & Millichap, including seven National Achievement Awards.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Stirling Capital Investments Secures 65,000-SF Lease with Plastipak Packaging Inc. for Additional Space at Southern California Centre in Victorville, CA

VICTORVILLE, CA (June 17, 2010) – Stirling Capital Investments announced it has secured a eight-year, 65,000-square-foot lease with Plymouth, MI-based Plastipak Packaging, Inc., valued at $2 million for additional space at Southern California Logistics Centre (SCLC) (top left photo), a 2,500-acre commercial and industrial complex in Victorville, Calif.

 In September 2009, Plastipak signed a lease for 231,185 square feet at SCLC. Plastipak Packaging, Inc., a leading manufacturer of plastic packaging containers for many of the world’s largest consumer product companies, will expand its operation to manufacture and distribute plastic bottles from its new SCLC facility.

“Southern California Logistics Centre continues to attract high caliber tenants such as Plastipak, with a strategic Southern California location that meets the diverse logistical needs of companies with its air, ground and rail connections,” said Brian Parno, (middle right photo)  chief operating officer of Stirling Capital Investments, the master developer of SCLC.

“Some of America’s top companies are investing in and are locating at Southern California Logistics Centre due to its direct access to Interstate 15, Highway 395 and key modes of transportation, attractive lease rates, available and qualified labor pool and incentive programs.”

The recently lease signed by Plastipak continues the success SCLC had in 2009.

Jay Dick and Mark Latimer of CB Richard Ellis represented Stirling Capital Investments.

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Jones Lang LaSalle Completes 17,139-SF Lease for BakerCorp in Seal Beach, CA

SEAL BEACH, CA, June 17, 2010 – Jones Lang LaSalle represented BakerCorp in a 17,139-square-foot lease renewal at Bixby Office Park, (top left photo)  a 106,267-square-foot property located at 3020 Old Ranch Parkway in Seal Beach, California. This facility serves as the company’s headquarters.

BakerCorp is the industry leader in containment, pumping, filtration and shoring equipment rental solutions.

Jones Lang LaSalle Senior Vice President Paul Park and Vice President Mitch Lundquist represented BakerCorp in the transaction. The Landlord, Bixby Land Company, represented itself.

“The current commercial real estate market allowed BakerCorp the opportunity to achieve a more favorable term by extending their lease,” said Lundquist.

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Gulf West Investment Properties Announces the Purchase of 20 Acres in North Tampa for Development

TAMPA, FL /PRNewswire-FirstCall/ -- Gulf West Investment Properties, Inc. (Pinksheets: GLFW) is pleased to announce the purchase of 20 acres already zoned and permitted for 105 units in North Tampa.

GLFW can build an average 2,100 square foot house and sell it in the low 200's.

First time home buyers can qualify and get all the tax credits and GLFW can actually provide family housing for less than the price of a two bedroom apartment. GLFW is passing these types of savings along to the consumer. In addition, GLFW can stay at the same profit margins while delivering a superior product.

"Since the recession there are a lot of great buys out there on properties, to say we purchased this property for a song, will make our investors sing," said Gary Gauthier, President/CEO, Gulf West Investment Properties, Inc. (Pinksheets: GLFW).

For further information, contact cjones@cjonesconsulting.com

Marcus & Millichap Lists $53M Development Site in Tampa, FL

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Fremont Apartments  (top left rendering) development site in Tampa, upon which a 306-unit Class A multifamily property is being developed.

The development site is located in the 10-acre West End Tampa redevelopment project, which will contain approximately 1.5 million square feet of commercial and residential space upon completion. The development site is listed at $53.5 million, which represents the all-in cost.

Paul Bouldin, (middle right photo) Casey Babb, (middle left photo) CCIM, and Bill Renje, (bottom right photo) CCIM, all senior associates in Marcus & Millichap’s Tampa office, are representing the developer, Morin Development.

The Fremont Apartments site is within three miles of more than 20 million square feet of office space, two super regional malls and the Tampa International Airport. The site is also within two blocks of Tampa General Hospital’s newly announced rehabilitation hospital and medical complex, the University of Tampa and Hyde Park.

The Fremont Apartments complex will be financed with a 90 percent construction/permanent loan. The loan will be assumable and nonrecourse with a 40-year fixed interest rate of 6.6 percent and a 40-year amortization and term.

“Demonstrating further demand for this type of product, another multifamily community within the West End redevelopment project, The Vintage Lofts at West End Apartments, was pre-sold for $175,000 per unit in August 2008 and achieved 90 percent occupancy within six months of delivery,” says Babb.

“The Vintage Lofts is currently 98 percent occupied and 99 percent leased. Large-cap apartment development sites within the South Tampa submarket are virtually nonexistent, which is why the existing properties are nearly full and why the existing owners rarely sell,” adds Babb.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Linda Simpson Joins Grubb & Ellis Company as Vice President, Multi Housing

DALLAS, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Linda Simpson (top right photo) has joined the company as vice president, Multi Housing Group.

“Linda has had great success in the investment sector,” said Moody Younger, (bottom left photo)  executive managing director of Grubb & Ellis’ Texas offices. “She joins Grubb & Ellis with numerous client relationships and will be an outstanding addition to our office and the national Multi Housing Group.”

With 19 years of experience in the commercial real estate industry, Simpson has held senior investment sales positions with Jones Lang LaSalle, Trammell Crow Company and Holliday Fenoglio Fowler L.P. She joins Grubb & Ellis from Transwestern, where she spent four years as a vice president providing office leasing, investment consultation and due diligence services to third party clients.

Throughout her career, Simpson has been involved in investment transactions valued in excess of $1.4 billion. Her clients include RREEF, Urdang, Morgan Stanley, JP Morgan, Amerivest, Alecta, Blackstone Group, Invesco, CommonFund and Principal Real Estate Investors.

Simpson holds a bachelor’s degree from Stephens College and has served on the board of directors for the Dallas chapter of Commercial Real Estate for Women. She was recognized as a Best Commercial Real Estate Broker by D CEO Magazine in 2009.

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

New Wyndham Hotel Opens in Philadelphia Market

PARSIPPANY, N.J. (June 16, 2010) – Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE:WYN), today announced its expansion in the Philadelphia area with the opening of the 308-room Wyndham Garden® Hotel Philadelphia Airport.

Located just three miles from Philadelphia International Airport, the Wyndham Garden Hotel Philadelphia Airport provides business and leisure travelers with convenient access to the city’s main transportation hubs as well as the historic sights and attractions downtown Philadelphia has to offer.

The hotel is also a perfect fit for sports fans, located less than 10 miles from the city’s major sporting venues including Lincoln Financial Field, Citizens Bank Park and the Wachovia Center.

The hotel, which is owned by Majestic Holdings LLC and managed by Marshall Hotels & Resorts, is undergoing renovation of its public spaces and guestrooms.

“Philadelphia is a strong hotel market and one of the liveliest cities for travel in the Northeast,” said Jeff Wagoner, (top right photo)  president of Wyndham Hotels and Resorts.

 “With the addition of Wyndham Garden Hotel Philadelphia Airport to our growing portfolio of properties in key travel markets, business and leisure travelers alike will have another opportunity to experience the personalized service and style of the Wyndham brand.”

The hotel’s spacious guestrooms feature complimentary high-speed Internet access, 32-inch, flat panel LCD televisions and in-room coffee makers, as well as granite countertops, Speakman shower heads and TrueBlue® Spa Bath & Body Works® amenities. Wyndham’s signature BeWell® bedding, large work desks and ergonomic chairs provide guests with comfort and convenience during their stay.

Contact: Kathryn Zambito, +1 (973) 753-6590, kathryn.zambito@wyndhamworldwide.com

Monmouth Real Estate Investment Corp. Announces New Acquisition

FREEHOLD, NJ.  /PRNewswire-FirstCall/ -- Monmouth Real Estate Investment Corporation (NYSE:MNR) has announced the acquisition of a 112,784 square foot industrial building located in the Lakemont Business Park at 3058 Lakemont Boulevard, York County, Ft. Mill, South Carolina, at a purchase price of approximately $12,600,000.

The property is net-leased through September 30, 2019 to FedEx Ground Package System, Inc., a Delaware corporation.

The building was constructed in 2009. Darren Sides, Porthaven Partners LLC, acted as advisor to MREIC in this transaction.

Eugene W. Landy, President, commented, "We are very pleased to announce this high quality acquisition. This property is ideally located in close proximity to the Charlotte Douglas International Airport.

"The building also has expansion capabilities in excess of 50%. With this acquisition, our gross leasable area is now over 7 million square feet."

Monmouth Real Estate Investment Corporation, which was organized in 1968, is a publicly-owned real estate investment trust specializing in net-leased industrial properties. The Company's portfolio now consists of sixty-two industrial properties and one shopping center located in twenty-five states. In addition, the Company owns a portfolio of REIT securities.

Contact: Susan Jordan, +1-732-577-9996

MBA Report Shows Economic Weakness Continues to Weigh on Commercial Mortgage Performance

WASHINGTON, DC (June 16, 2010) - Delinquency rates continued to increase in the first quarter for all commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report.

The delinquency rate for loans held in CMBS is the highest since the series began in 1997. Delinquency rates for other groups remain below levels seen in the early 1990's, some by large margins.

Between the fourth quarter 2009 and first quarter 2010, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.54 percentage points to 7.24 percent.

The 60+ day delinquency rate on loans held in life company portfolios increased 0.12 percentage points to 0.31 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.16 percentage points to 0.79 percent.

The 60+ day delinquency rate on multifamily loans held or insured by Freddie Mac increased 0.05 percentage points to 0.24 percent. The 90+ day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.32 percentage points to 4.24 percent.

"Weakness in the economy has continued to weigh on commercial properties, which in turn weighs on the mortgages they back," said Jamie Woodwell, (top right photo)  MBA's Vice President of Commercial Real Estate Research. "Economic growth, specifically in areas of jobs and consumer spending, will be key to stabilizing the commercial property and mortgage markets going forward."

Construction and development loans are not included in the numbers presented here, but are included in many regulatory definitions of 'commercial real estate' despite the fact that they are often backed by single-family residential development projects rather than by office buildings, apartment buildings, shopping centers or other income-producing properties.

The MBA analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, Fannie Mae and Freddie Mac. Together these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding.

The analysis incorporates the same measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another.

Based on the unpaid principal balance of loans (UPB), delinquency rates for each group at the end of the first quarter were as follows:

. CMBS: 7.24 percent (30+ days delinquent or in REO);
. Life company portfolios: 0.31 percent (60+days delinquent);
. Fannie Mae: 0.79 percent (60 or more days delinquent)
. Freddie Mac: 0.24 percent (60 or more days delinquent);
. Banks and thrifts: 4.24 percent (90 or more days delinquent or in non-accrual).

Contact:  Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org