Home at Last Breaks Ground for Disabled Veteran's House

OAKLAND, FL, Aug. 30, 2010 — A groundbreaking ceremony was held on Saturday, August 28, 2010 at the Oakland Pointe community that will soon be home to wounded Afghanistan War veteran Sergeant Major Patrick Corcoran, his wife and two sons, Patrick, 3 and TJ, 12.

 As the third such home created by the nonprofit organization Home at Last, a special project of the West Orange Habitat for Humanity, the one-story, handicapped accessible home is being built entirely on donations and in-kind contributions of construction materials and labor.

The $300,000 home is planned for completion in early 2011.

Jack Scott of Winter Park Design is the home’s architect. General contracting services are donated by Winter Park Construction, Hensel Phelps Construction Company and A.D. Owens Construction Corp. Home at Last’s goal is to present the home to the Corcoran family mortgage-free.

The four-bedroom, two-bath home features a painted stucco façade with a shingle roof in the modern-styled ranch design. In keeping with universal design standards, the home has lower outlets, switches and thermostats to accommodate a person in a seated position.

Hallways are four-feet wide and doors are 36-inches wide for easy wheelchair access throughout the residence.

Level changes throughout the home are ramped including ingress and egress points. The master bath has a roll-in shower, and the floor plan includes an exercise/rehabilitation room to allow SGM Corcoran to continue his rehabilitation. Accessible elements in the kitchen and laundry room accommodate both disabled and able-bodied family members.

PR contact: Elaine Ingra, PR WORKS, 407 348-1344, elainei@pr-works.com

Winter Springs, FL Picks D & A Building Services for Town Center Landscape Contract

LONGWOOD, FL,  Aug. 30, 2010 — The City of Winter Springs, Fla., has selected D & A Building Services Inc. for an annual landscape maintenance contract.

Under the scope of its services, the facility maintenance company is providing mowing, trimming, edging, weeding, pruning, annuals, and irrigation maintenance for the right-of-ways and medians on State Road 434 from Tuskawilla Road to the Oak Forest subdivision.

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

Plaza Advisors Announces Second Walgreens Sale of 2010

TAMPA, FL, Aug. 30, 2010--Plaza Advisors is pleased to announce the recent sale of a newly constructed Walgreen’s store in Ocala, Florida.

This building totaled 16,510 square feet and is situated at the intersection of State Road 200 and SW 80th Avenue, at the entrance to the On Top of the World residential communities. The Walgreen’s opened in June 2010 and features a liquor store.

Plaza Advisors represented the seller in the transaction and co-managing partners Anthony Blanco (top left photo)  and Jim Michalak (top right photo), together with Senior Associate Lenard Williams (lower right photo), were involved in the engagement. The sale of this property marks the second freestanding Walgreen’s sale by Plaza Advisors in 2010.

Plaza Advisors is a real estate brokerage firm that specializes in the disposition of retail properties in the southeastern United States. The firm has offices in Tampa and Miami. Plaza Advisors’ clients include private equity investors, developers, and major institutions including fund advisors, servicing agents, life insurance companies, REITs, and money center banks.

Co-managing partners Jim Michalak and Anthony Blanco have a combined 40 years investment brokerage experience. The duo has closed over 140 shopping center transactions, with a combined GLA exceeding 15 million square feet with an aggregate sales volume in excess of $2 billion.

Contact: Jim Michalak, Managing Partner, Plaza Advisors, 3412 Bay To Bay Boulevard Tampa, FL 33629, 813.837.1300 Ext. 101, Fax 831.2627
jim.michalak@plazadvisors.com
http://www.plazadvisors.com/

Grubb & Ellis Commercial Florida Negotiates new lease agreement for Fastener Distributor at industrial facility in Tampa

TAMPA – Grubb & Ellis Commercial Florida, associated with 130 Grubb & Ellis offices worldwide, negotiated a lease agreement for 15,945 square feet of industrial space at 4300 E. 7th Ave. at the intersection of N. 43rd Street in Tampa.

Chuck Bohac, (top right photo) vice president in the Industrial & Land Services Group at Grubb & Ellis Commercial Florida, brokered the transaction representing the new tenant Vertex Distribution. Vertex is an Attleboro, Mass.-based distributor of fasteners, rivets and clamps relocating its Tampa operations from nearby Adamo Drive.

The landlord is ABD Capital Corporation of Tampa.

Media contact:  Beth Payan, Larry Vershel, lvershel@aol.com

NAI Realvest Negotiates Sale of Industrial Condo for $272,500 in Southwest Orlando

MAITLAND, FL - NAI Realvest recently negotiated the sale of an industrial condo at Southwest Orlando’s All Star Service Center, 6610 Kingspointe Parkway off Sandlake Rd. West near the Florida Turnpike.

NAI Realvest associate Drew Saphos (top right photo)  negotiated the transaction along with principal Christie Alexander (lower left photo)  and chairman George Livingston. NAI Realvest represented the seller, Columbus, Ohio-based United Midwest Savings Bank.

Legend Express, Inc. USA is the buyer who paid $272,500 for the 4,800 square foot facility which includes 720 square feet of office/showroom space.

Chuck McNulty of McNulty Group represented the buyer in the transaction.

For more information, please contact:
Christie Alexander or Drew Saphos, NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com;
 Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com

Grubb & Ellis Apartment REIT Agrees to Acquire Nine Properties and Property Management Business for $182M

 SANTA ANA, CA (Aug. 30, 2010) – Grubb & Ellis Apartment REIT, Inc. today announced that it has entered into definitive agreements totaling $182 million to acquire nine multifamily properties from affiliates of MR Holdings, LLC and substantially all of the assets of Mission Residential Management, LLC, the Mission Residential property management business.

The acquisitions are subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreements.

“The proposed acquisitions announced today will be a tremendous step in the growth and evolution of Grubb & Ellis Apartment REIT that will strengthen the company and add significant value for our stockholders,” said Stanley “Jay” Olander Jr., (top right photo)  chairman and chief executive officer.

“We will enjoy greater economies of scale, equity will increase by approximately 18 percent, and the transactions will be immediately accretive to our bottom line earnings, increasing funds from operations and coverage of our investor dividend.”

The nine multifamily properties include 2,676 apartment units located in North Carolina, Tennessee and Texas.

One of the properties is owned by a limited partnership for which an affiliate of MR Holdings serves as general partner.

The other eight properties under contract are owned by Delaware statutory trusts for which affiliates of MR Holdings serve as trustee.

Total consideration for the acquisition of the nine properties totals $176.9 million comprised of cash, debt and limited partnership interests in Grubb & Ellis Apartment REIT’s operating partnership.

Mission Residential Management is the property manager of 41 multifamily communities, including the nine under contract for purchase, totaling approximately 12,000 apartment units in Georgia, Texas, North Carolina, Tennessee, Utah and Florida.

Under terms of the asset purchase agreement, Grubb & Ellis Apartment REIT will acquire substantially all of the assets of Mission Residential, including workforce in place and the assignment and assumption of the property management agreements for all of the Mission Residential properties, for $5.5 million in cash plus the assumption of certain liabilities.

According to Olander, “The acquisition of the Mission Residential property management business will provide immediate fee income to Grubb & Ellis Apartment REIT, provides a platform for the self-management of our entire portfolio, and adds nearly 300 experienced professionals to our talented employee base.”

Additionally, Grubb & Ellis Apartment REIT will seek the consent of the respective tenant-in-common owners of six multifamily communities totaling 1,510 apartment units in North Carolina and Texas to acquire these properties.

 Total consideration for these proposed acquisitions would be $99.5 million, including limited partnership interests in the REIT’s operating partnership and assumed debt.

The Grubb & Ellis Apartment REIT portfolio is currently comprised of 14 multifamily properties totaling 3,747 apartment units valued at approximately $358 million, based on purchase price.

Should the REIT successfully complete all 15 proposed property acquisitions, its portfolio will total 29 multifamily properties totaling 7,933 apartment units valued at approximately $661.4 million, based on purchase price.

FBR Capital Markets & Co. served as financial advisor to MR Holdings in connection with the transactions, while Wells Fargo Securities / Eastdil Secured served as financial advisor to Grubb & Ellis Apartment REIT.

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

Arbor Closes $1,080,000 Fannie Mae DUS® Small Loan for Haltom Oaks Apartments in Haltom City, TX

Uniondale, NY (Aug. 30, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,080,000 loan under the Fannie Mae DUS® Small Loan product line for the 68-unit complex known as Haltom Oaks Apartments (top left photo) in Haltom City, TX.

The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.51 percent.

The loan was originated by Anthony Tarter (bottom  right photo), Director, in Arbor’s full-service Dallas, TX, lending office.

“We were pleased to be able to provide financing for the repeat Fannie Mae borrower and this good quality property, which sits in a desirable location within the Dallas/Fort Worth area.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Grubb & Ellis Commercial Florida Negotiates Sublease for 4,000 SF of Downtown Tampa Office Space at 100 N. Tampa St.

TAMPA - Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently negotiated a sublease agreement for 4,000 square feet of class A office space in the 100 N. Tampa Street building in downtown Tampa.

Richard Andretta (top right photo), SIOR, vice president in the firm’s Office Group and associate Rob Turner (lower left photo) negotiated the sublease representing the new subtenant Grubb & Ellis Company, who will occupy suite 2450 in the building for a new southeast regional office headed by senior vice president Tim Rivers and executive managing director Randy Buddemeyer.

The sublandlord is HKS Architects, Inc., a Texas corporation.

Contacts:
Richard Andretta SIOR 813-639-1111 Ext 255;
Jeffrey Sweeney SIOR President 407-481-5387;
Larry Vershel Communications 407-644-4142

Marcus & Millichap Capital Corp. Arranges $6.7M in Refinancing Loans

ENCINO, CA– Marcus & Millichap Capital Corporation (MMCC) has arranged $6,775,000 in loans to refinance two multifamily assets. The properties and loan amounts are:

A 44-unit apartment complex in Canoga Park, Calif., $3,000,000
A 132-unit multifamily property in Hurst, Texas, $3,775,000

Sharone Sabar (top left photo), a director in the firm’s Encino office, arranged the loans.

“The Canoga Park property was stabilized but the lender was concerned that the trailing 12-month operating statement did not underwrite to the borrower’s loan request,” says Sabar.

 “I was able to mitigate the property’s poor operating history with the borrower’s financial strength and the strong rental market in Canoga Park.

"Through negotiation, the lender agreed to use a trailing three-month income history rather than a trailing 12-month,” adds Sabar.  “This enabled us to underwrite to the borrower’s loan request.”

The Canoga Park apartment loan has a 5.05 percent interest rate, fixed for seven years with a 30-year amortization. The loan to value is 72 percent.

“The Hurst property is located in a tertiary Texas market and was challenging to place,” continues Sabar.

 “The property had not been performing well due to poor third-party management and the borrower needed long-term nonrecourse debt and a quick close.

"MMCC was able to close the deal within 45 days, two days prior to the maturity date of the borrower’s previous loan,” concludes Sabar.

The Hurst multifamily property loan has a 5.27 percent interest rate, fixed for 10 years with a 30-year amortization. The loan to value is 65 percent.

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

Marcus & Millichap Sells 38-Unit Apartment Building in Tampa, FL

TAMPA, FL, Aug. 27, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Holiday Oaks,(lower left photo)  a 38 unit Apartments property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

 The asset commanded a sales price of $1,025,000.

Michael P. Regan, (top right photo)  a senior investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

 The buyer, a nonprofit organization that utilized the City of Tampa’s neighborhood stabilization program, was also secured by Michael P. Regan.

Holiday Oaks is located at 5126 North Habana Avenue. The property was built in 1981 and is comprised of 38 units.

 It is well situated with frontage on Habana Avenue and situated just south of Hillsborough Avenue, a main, east-west thoroughfare of Tampa.

Just west of the property is Dale Mabry Highway, the main north-south thoroughfare of Tampa.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Brad Brown Joins Cortland Partners as Chief Acquisitions Officer

Atlanta, GA (Aug. 27, 2010) – Brad Brown (top right photo) has joined Atlanta-based multifamily real estate firm Cortland Partners as Chief Acquisitions Officer.

“Brad has more than 20 years direct experience in multifamily acquisitions and dispositions, handling more than $1.2 billion worth of transactions involving more than 200 rental communities,” said Cortland Partners president Steven DeFrancis. “He has the skills we need as we aggressively pursue new deals.”

Brown has in-depth knowledge of several key markets throughout the Southeast; Washington, D.C. metro area; Texas and Colorado.

Before joining Cortland Partners, he headed the real estate investment division of Southeast Capital, where he was a senior partner.

He previously spent ten years as principal and executive vice president – acquisitions and disposition at Miles Properties, where he was instrumental in the company’s expansion into 22 cities in 11 states.

 A licensed real estate broker, he earned his business degree from the University of Kentucky, Lexington. His first day at the firm was August 9.

Cortland Partners also recently announced that it acquired and is renovating two apartment communities in metro Atlanta - Avalon on Montreal (middle left and right photos) apartments in DeKalb County, and Northchase Apartments in Dunwoody. Plus, the $25 million first phase of construction is underway on West M Apartments in Lake Charles, Louisiana.

Cortland Partners is an innovative, progressive, full service multifamily real estate acquisition and development firm specializing in unique, financially successful, intown developments.

Cortland views opportunities from a different perspective, and takes an investment-management approach to its projects.

This helps the firm build thoughtful and interesting homes in unique locations that are site-specific, culturally relevant to their neighborhoods, profitable for investors and partners, and perfectly suited to residents.

For more information, visit http://www.cortlandpartners.com/

Contact: Terri Thornton, 404-687-8760 404-932-4347 (Cell), http://www.territhornton.com/

Expedia Shares Perspective on New Orleans' Resurgence as Travel Destination

As city marks fifth anniversary of Hurricane Katrina, online travel leader looks back at New Orleans’ road to recovery

BELLEVUE, WA.– Aug.t 27, 2010 – Expedia, Inc. (NASDAQ: EXPE), parent company to online travel sites Expedia.com® and Hotels.com®, in cooperation with the New Orleans Convention and Visitors Bureau, is recognizing the fifth anniversary of Hurricane Katrina this week.

Members of the Expedia® market management team in New Orleans are looking back over the past five years and offering perspective on the immediate impact the disaster had on New Orleans’ tourism industry, and honoring the city’s resilience and dedication to rebuilding one of the nation’s most popular tourist destinations.

Data on hotel bookings to New Orleans made on Expedia and Hotels.com-branded sites worldwide shows the dramatic decline in hotel bookings by nearly 70 percent year over year for the three-months before Hurricane Katrina hit in 2005 vs. the same three-month period one year later.

Since then, hotel bookings on Expedia and Hotels.com sites have steadily increased.

The data is consistent with a recent business and economic report by the University of New Orleans (UNO), showing that the city’s tourism industry was the hardest-hit during the first two years after Hurricane Katrina.

Expedia has conducted a number of initiatives over the last five years in an effort to support New Orleans’ recovery.

Expedia market managers in New Orleans, who are part of the company’s global team of hotel revenue and marketing experts located in cities worldwide, have worked closely with local hotels to create marketing and distribution strategies that matched the capacity and demand of the local tourism market.

“No other city in the nation can match the level of spirit and energy of New Orleans,” said Seth Bertenthal, who was recently appointed Expedia market manager for New Orleans.

 “In the immediate aftermath of Hurricane Katrina, hotels opened their doors to displaced residents and those searching for missing family members.

 The dedication local hotels showed to those in need is a testament to the level of strength and stability they bring to the city of New Orleans, and is a perfect example of the positive impact they have had on the city’s ability to recover.”

The partnership between the New Orleans tourism community and Expedia continues today.

New Orleans recently took advantage of Expedia Media’s recent $3 to $1 matching program to fund advertising campaigns for markets impacted by the recent Gulf oil spill.

The funds were used to spotlight the city in an Expedia.com homepage takeover earlier this month, with initial results of that promotion showing a nearly 60% average increase in online travel bookings to New Orleans during the campaign.

In addition, the Greater New Orleans Foundation is participating in Expedia Affiliate Network’s TravelRelief.org program, which pays a share of hotel bookings made on the site to a participating charitable organization of the customer’s choice
.

“We are committed to our partners in the destinations we serve,” said Vishal Singh, Director of Market Management for Expedia Partner Services Group.

 “2010 itself has seen many ups and downs for New Orleans, from the Saints’ Super Bowl victory, and the oil spill tragedy. Through it all, we are working closely with our hotel partners in New Orleans to ensure the strength of the local tourism industry.”

Expedia, Inc. is the largest online travel company in the world, with an extensive brand portfolio that includes more than 90 localized Expedia.com®- and Hotels.com®-branded sites; leading U.S. discount travel site Hotwire®; leading agency hotel

 company Venere.com™; Egencia™, the world's fifth largest corporate travel management company; the world's largest travel community TripAdvisor® Media Network; destination activities provider ExpediaLocalExpert®; luxury travel specialist Classic Vacations®; and China's second largest booking site eLong™.

For more information, media only: Katie Deines, Expedia, +1 425 679-7991
press@expedia.com

Chris Daly, Senior Vice President, Daly Gray Public Relations, ph: 703-435-6293
Follow us on Twitter: http://twitter.com/dalygray

HFF arranges $32.75M permanent financing for The Berkeley in Fort Worth, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $32.75 million permanent financing for The Berkeley (top left photo), a 406-unit, Class A multi-housing community in Fort Worth, Texas.

HFF executive managing director Jody Thornton (top right photo)  and associate director John Ahmed worked exclusively on behalf of the borrower, owned by Lincoln Property Company and a multifamily development fund operated by Sarofim Realty Advisors, to secure the 35-year, fixed-rate FHA 223(f) loan through MAP lender, Metropolitan Funding Corporation.

 Proceeds will be used to retire the existing construction loan and recapitalize the asset with assumable, long-term, non-recourse financing.

The Berkeley is located at 2001 Park Hill Drive in the Berkeley neighborhood of Fort Worth, close to downtown, the hospital district and Texas Christian University.

Completed in 2008, the property features a clubhouse, fitness center, pool and spa, and conference room.

Sarofim Realty Advisors is a registered investment advisor with the Securities and Exchange Commission. The company manages real estate investments on behalf of institutional investors and has investments located throughout the United States. Sarofim Realty Advisors delivers investments that optimize the balance of risk and return.

Lincoln Property Company is one of the oldest and largest comprehensive, vertically integrated real estate firms in the United States. Founded by Mack Pogue (lower leftt photo) in 1965, Lincoln has grown to nearly 5,000 employees in more than 30 states and 200 cities.

Lincoln is currently ranked, in terms of size, as the fifth largest residential property manager in the United States, with more than 130,000 apartment units currently under management.

Over 65% of Lincoln’s apartment management portfolio is comprised of fee management accounts for third party investors. Lincoln manages conventional, military and affordable communities across the country.

Contacts:
John Ahmed, HFF Associate Director,(214) 265-0880 jahmed@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com

HFF retained by Wells Fargo & Co.  to market for sale 42-acre development site in Dallas, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been retained by Wells Fargo & Company to market for sale Walnut Park, a 42.14 -acre development site in Dallas, Texas.

HFF senior managing directors Doug Hazelbaker (middle right photo)  and Bill Miller (middle left photo)  and managing director Ryan Shore will market the site on a fee-simple basis.

Walnut Park is located on the northwest corner of North Central Expressway (US-75) and Walnut Hill Lane adjacent to the Preston Hollow neighborhood.

“The property represents a rare opportunity to own one of the largest infill tracts of land in the southwest,” said Hazelbaker.

Contacts:

T. Douglas Hazelbaker,HFF Senior Managing Director (214) 265-0880
dhazelbaker@hfflp.com
William D. Miller,HFF Senior Managing Director (214) 265-0880 bmiller@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500 krmurphy@hfflp.com

HFF secures $2.4M refinancing for 39-unit multi-housing property in Portland, OR

IRVINE, CA – The Orange County office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $2.4 million refinancing for Elaine Station, (top left photo) a 39-unit, three-story multi-housing community in Portland, Oregon.

Working exclusively on behalf of Rael Development Corporation, HFF associate director Charles Halladay (middle right photo)  placed the 10-year, 5.17% fixed-rate loan with M&T (FNMA). The loan was used to payoff existing debt.

Elaine Station is located at 123 NE 172 Avenue in Portland’s East Gresham submarket, east of downtown via Interstate 84. Rael Development purchased the property vacant and has since fully stabilized it as apartment rentals. Elaine Station was built in 2008.

“HFF was pleased to assist Rael Development Corporation in securing a fixed-rate loan allowing them to optimize their business plan and take advantage of today’s attractive low interest rate environment,” said Halladay.

Rael Development Corporation (RDC) acquires and develops a diverse mix of properties located in California, Oregon, Washington, Texas and Oklahoma. The company is headquartered in Irvine, California and maintains offices in the San Francisco Bay Area and Portland, Oregon. RDC was founded in 1977.

Contacts:

Charles W. Halladay, HFF Associate Director, (949) 253-8800, challaday@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Michael Garbers Joins Cushman & Wakefield's Capital Markets Group as Head of Senior Housing Practice in Orlando

ORLANDO, FL, Aug. 26, 2010 – Cushman & Wakefield announced today that Michael Garbers (lower left  photo)  has joined the firm’s Capital Markets Group as Senior Director and head of its Senior Housing Practice. He will be based in the firm’s Orlando, Fla., office.

Mr. Garbers brings more than 17 years of experience as a real estate finance professional, specializing in both healthcare and retail properties.

 He was previously Principal of MJG Advisors, LLC in Orlando, a senior housing market consulting firm.

Prior, he was a Senior Vice President in the Investment Banking Group of Herbert J. Sims & Co. in Orlando and Southport, Conn. While there, Mr. Garbers originated joint venture partnerships with experienced senior housing operators throughout the U.S., and was responsible for deal structuring and negotiations, underwriting, site analysis and asset management.

“Mike brings the necessary expertise to lead the Senior Housing Practice within our Capital Markets Group, which includes Investment Sales, Investment Banking, and debt and equity finance through Cushman & Wakefield Sonnenblick Goldman, said Frank Liantonio,  (top right photo) Executive Vice President of Capital Markets at Cushman & Wakefield. "His presence will allow us to provide clients with the resources and required solutions in this sector."


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

Southern Commercial Completes 18,000-SF Sale in Orlando

ORLANDO, FL.(Aug.  26, 2010) Vice President, Sher Tolan (top right photo)  of Southern Commercial Real Estate Advisors completed an 18,000 square foot sale at 3620 Princeton Oaks Street.

Tolan represented the Buyer, SGPM Enterprises, LLC. The Seller, Wachovia Bank, National Association was represented by Keller Williams – Tampa Central.

Media Contact: Celeste MacKenzie, 321-281-8503, cmackenzie@southerncommercialre.com

Arbor Closes $2,707,500 Fannie Mae DUS® Small Loan for Willoughby Apartments in Los Angeles, CA

Uniondale, NY (Aug. 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,707,500 loan under the Fannie Mae DUS® Small Loan product line for the 32-unit complex known as Willoughby Apartments (top left photo) in Los Angeles, CA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.95 percent.

The loan was originated by Stephen York (lower right photo), Director, in Arbor’s full-service New York, NY, lending office.

 “The borrowers purchased this property in 2008 and substantially improved operations after implementing a major capital improvements plan,” York said. “We were pleased to deliver attractive financing terms. We look forward to future opportunities together.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Marcus & Millichap Names Paul Vetter to Vice President Investments in Atlanta

ATLANTA, GA– The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Paul Vetter (top right photo)  to the position of vice president investments.

The achievement of vice president investment status is one of the highest levels of recognition the firm awards its sales agents. It represents excellence in client relationships, investment real estate expertise and sales volume, according to John J. Kerin, (bottom left photo)  president and chief executive officer.

Most recently, Vetter held the position of associate vice president investments.

Vetter began his career with Marcus & Millichap in 2004, specializing in multifamily investment sales.

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

Jeffrey Ball Joins Grubb & Ellis as Senior Vice President, Industrial Group

SAN JOSE, CA (Aug. 25, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that 25-year commercial real estate veteran Jeffrey S. Ball  (top right photo)  has joined the company as senior vice president, Industrial Group.

“Jeff brings considerable market knowledge as well as a number of client relationships built over two decades,” said Dick Scott, (lower photo) managing director of Grubb & Ellis’ Silicon Valley office.

 “He is an excellent addition to our office and his extensive experience in Monterey and Santa Cruz counties will add strength to our entire team.”

Ball joins Grubb & Ellis from Ball & Company Inc., a Carmel-based private commercial real estate company he founded in 2008, offering investment, office, R&D and industrial services.

Previously, he spent 10 years with Cushman & Wakefield.
Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com