Arbor Appoints Susan Seoylemezian as Vice President, Taxation

Uniondale, NY (Sept. 20, 2010) – Arbor Commercial Mortgage, LLC, a leader in the commercial real estate finance industry, has announced today the appointment of Susan Seoylemezian (top right photo) to Vice President, Taxation, in Arbor’s Uniondale, NY, headquarters.

She reports to Paul Elenio (middle left photo), Chief Financial Officer.

Ms. Seoylemezian is now responsible for the oversight of Arbor’s taxation department and ensuring that Arbor is in compliance with all federal, state and local tax laws.

Ms. Seoylemezian possesses more than 10 years of tax management experience in the mortgage banking and REIT industries.

 Prior to joining Arbor, Ms. Seoylemezian held the position of Vice President and Assistant Controller of Tax at American Home Mortgage Corp., where she established the company’s in-house tax department and, more recently, ensured compliance with REIT qualification tests, oversaw tax provision calculations in compliance with FAS 109 and analyzed open tax years for uncertain tax positions to ensure compliance with FIN 48.

Ms. Seoylemezian also previously held the position of Senior Tax Consultant at Deloitte and Touche LLP, where she provided various tax services to its mortgage banking, foreign banking and securities clients.

Ms. Seoylemezian received a Juris Doctor degree from St. John’s University’s School of Law in New York. She also received a Bachelor of Science degree in Accounting from St. John’s. She resides in Garden City, NY.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Arbor Closes $1,354,800 Fannie Mae DUS® Small Loan

Uniondale, NY (Sept. 20, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,354,800 loan under the Fannie Mae DUS^® Small Loan product line for the 24-unit complex known as Lakeside Manor Apartments (top left photo) in Montville, CT.

The 10-year loan amortizes on a 30-year schedule.

The loan was originated by John Edwards (lower right photo), Vice President, in Arbor’s full-service Boston, MA, lending office. “We were pleased with the opportunity to provide financing for a new client in this deal and we look forward to future opportunities,” Edwards said.

Contact:  Christopher Ostrowski, costrowski@arbor.com

Grubb & Ellis Facilitates Sale of 555 Sixth Ave. in New York City for $67.3 Million to Stonehenge Partners

NEW YORK (Sept. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the company’s Capital Markets Group represented St. Vincent Catholic Medical Center in the disposition of 555 Sixth Ave. (top left photo)  for $67.3 million. The 180,000-square-foot apartment building was purchased by Stonehenge Partners, an owner and investor in apartment buildings.

Vincent Carrega, executive vice president, Neil Helman, executive vice president, Yoav Oelsner (lower left photo), executive vice president, Jon Epstein (lower right photo), executive vice president, and Charles Kingsley, executive vice president, facilitated the transaction.

“There was a tremendous level of interest in the property, resulting in a sale price significantly higher than the $48 million bid extended by a stalking horse bidder prior to our taking the property to market,” said Carrega. 

“This sale clearly reaffirms the strength of the New York investment market. Significant interest in this asset was evidenced by more than 20 qualified bids.”

Situated at the crossroads of both Chelsea and the Flatiron District – two of Manhattan’s most dynamic and vibrant neighborhoods – 555 Sixth Ave. features six stories plus lower level and basement and is situated on an entire blockfront between West 15^th and West 16^th Streets. 

 The elevatored building contains a total of 178 studio, one-bedroom and two-bedroom apartments, as well as a 90-car parking garage and 27,585 square feet of lower level commercial space.  The offering included excess development rights of more than 64,000 square feet. 

The property was most recently used by St. Vincent’s to house employees and other affiliated residents.  It was delivered vacant with the exception of three residential tenants and an operating agreement for the parking garage, which could be terminated by the new owner.

Contact:            Erin Mays                                  

Phone:              312.698.6735

Email:              erin.mays@grubb-ellis.com

Grubb & Ellis Healthcare REIT II Acquires $45 Million Skilled Nursing Facility Portfolio in Virginia

SANTA ANA, Calif. (Sept. 20, 2010) – Grubb & Ellis Healthcare REIT II, Inc. today announced that it has acquired a seven-building portfolio of skilled nursing facilities located throughout Virginia. 

The approximately 230,000-square-foot, 563-bed portfolio was built between 1989 and 2004.  Laurel Healthcare and Kissito Healthcare operate the facilities under long-term absolute net leases.  The acquisition closed on Sept. 16. 

“Skilled nursing facilities in general are of great interest to us because there is a fairly constrained supply and they cater to a rapidly growing segment of our population,” said Danny Prosky (top right photo) , president and chief operating officer of Grubb & Ellis Healthcare REIT II. 

 “This portfolio of skilled nursing facilities is particularly attractive to our REIT because they are leased by two exceptional operators and they provide excellent and predictable income that adds value to our stockholders.”

The $45 million acquisition is comprised of the following properties:

The Laurels of Charlottesville – Charlottesville (middle left photo)

The Laurels of Charlottesville is a single-story skilled nursing facility constructed in 2004 comprised of 120 beds and 48,000 square feet on a 3.81-acre parcel. The property currently has a lease in place that runs through June 2016 with two additional five-year renewal options.  

Bland Nursing & Rehabilitation Center – Bastian

Bland Nursing and Rehabilitation Center is a two-story facility built in 1989 that is comprised of 57 beds and 31,000 square feet on a 4.52-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options. 

Maple Grove Health Care Center – Lebanon

Maple Grove Health Care Center is a single-story building constructed in 1990 that consists of 60 beds and 23,000 square feet on a 4.12-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

  

The Brian Center of Fincastle – Fincastle

The Brian Center of Fincastle is a single-story skilled nursing facility built in 1990 that consists of 60 beds and 27,000 square feet on a 5.55-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

The Brian Center of Low Moor – Low Moor

The Brian Center of Low Moor is a single-story assisted living facility/skilled nursing facility constructed in 1989 comprised of 26 assisted living beds and 60 skilled nursing beds for a total of 86 beds. The facility totals 43,000 square feet on a 3.01-acre parcel with a lease in place that runs through January 2025 with two additional 10-year renewal options. The Brian Center of Low Moor is located on the campus of Alleghany Regional Hospital, a 204-bed general acute care hospital.

The Laurels of Willow Creek – Midlothian  (lower right  photo)

The Laurels of Willow Creek is a single-story skilled nursing facility built in 1991 that consists of 120 beds and 38,000 square feet on a 5.28-acre parcel. The property currently has a lease in place that runs through February 2025 with two additional five-year renewal options. 

The Springs Nursing Facility – Hot Springs

The Springs Nursing Facility is a single-story facility constructed in 1990 comprised of 60 beds and 20,000 square feet on a 4.67-acre parcel. The property currently has a lease in place that runs through January 2025 with two additional 10-year renewal options.

Tim Cobb of Heavenrich & Company, Inc. represented the seller, CLC RE, LLC & Albemarle Health Investors, LLC, an unaffiliated third party, in the transaction. 

Contact:           Damon Elder

Phone:              714.975.2659

Email:  damon.elder@grubb-ellis.com

Brandywine Realty Trust Selects Grubb & Ellis to Lease Lake Merritt Tower in Oakland, CA

         WALNUT CREEK, Calif. (Sept. 20, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Brandywine Realty Trust has appointed John Dolby (bottom  right photo), senior vice president, Office Group, and Cale Miller, senior associate, Office Group, as the leasing agents of Lake Merritt Tower, (top left photo) a 201,000-square-foot office building in Oakland. 

“We are thrilled to have the opportunity to lease Lake Merritt Tower, which offers tenants the construction advantages of a well-designed, high-quality office building, with the additional benefit of a beautiful surrounding landscape,” said Dolby, who joined Grubb & Ellis in August.  

Built in 1990 near the shore of Lake Merritt, the 10-story Class A office tower offers views of the lake, as well as Oakland Hills and the San Francisco Bay.  The property is located at

155 Grand Ave.

, and is currently 67 percent leased to multiple tenants, including CH2MHill and KEMA Inc.  

Space availability at Lake Merritt Tower ranges in size from 1,500 square feet to 40,000 square feet.  The property also includes 4,000 square feet of retail space, currently leased to Bank of Alameda, Bay Commercial Bank and Specialty’s Café & Bakery. 

The office tower is located within close proximity to Interstates 980 and 580, State Route 24 and a Bay Area Rapid Transit station.  Lake Merritt Tower is equipped with two levels of underground parking and 24-hour security. 

For more information, call 925.939.3500 or contact Dolby at john.dolby@grubb-ellis.com, or Miller at cale.miller@grubb-ellis.com.

Contact:          Julia McCartney                                  

Phone:             714.975.2230                                     

Email:              julia.mccartney@grubb-ellis.com  

Grubb & Ellis Landauer Valuation Advisory Services Opens for Business with Presence in 12 Key Markets

SANTA ANA, Calif. (Sept. 20, 2010) – Grubb & Ellis Landauer Valuation Advisory Services opened for business today with 12 offices, just three months after Grubb & Ellis Company (NYSE: GBE) announced its intent to launch a national valuation advisory business, which will ultimately grow to more than 350 appraisers with a presence in every key market throughout the United States.

The business, which is run by industry veterans, Douglas Haney, president, and Eduardo Alegre, executive managing director, is fully operational and staffed with experienced appraisal professionals in New York City, Boston, Atlanta, Orlando, Houston, San Antonio, Austin, Texas, Phoenix, Las Vegas, Los Angeles, Orange County, Calif., and Seattle.  

“We couldn’t be more pleased to be launching Grubb & Ellis Landauer with a fully integrated platform,” said Thomas P. D’Arcy, (top right photo) president and chief executive officer of Grubb & Ellis Company.  “Doug and Ed have combined their unmatched expertise to create a business structured around valuation-related services, state-of-the-art technology and proprietary systems, and also have attracted experienced professionals who share our vision of building on the tradition and excellence of the Landauer brand.”

Jack Van Berkel, (middle left photo) president, Real Estate Services, said the launch of Grubb & Ellis Landauer provides another important service offering to clients who are looking for both comprehensive commercial real estate solutions and a trusted advisor in today’s uncertain environment. 

“The strength of any organization lies in its people, and while we’ve received considerable interest from experienced appraisers throughout the country, we are being extremely selective when it comes to staffing Landauer Valuation Advisory Services,” said Haney. 

“With the significant changes taking place throughout the commercial real estate industry, and the impact those changes have had on property values, there is a critical need for best-in-class valuation advisory services.  We see this as an opportunity to build a unique organization – one that can provide meaningful analyses and solutions to real estate owners and financial institutions.  As with the other services provided by Grubb & Ellis, our objective is to provide clients with a competitive advantage as they look to solidify their real estate strategies.”

When fully staffed, Grubb & Ellis Landauer will have eight regions: Northeast, Southeast, Florida, Midwest, Texas, Rocky Mountain, California and Pacific Northwest.  To date, the following senior managing directors are in place:

• Northeast – John Brengelman, MAI, CRE, FRICS.  Brengelman brings 26 years of commercial appraisal and valuation experience.  Most recently, he spent three years as vice president and chief appraiser of AIG Global Real Estate, where he managed the market valuations of fund assets and directly owned real estate, both foreign and domestic.  Previously, he spent nearly 20 years with Landauer Real Estate Counselors in New York, ultimately rising to the position of senior managing director. 

• Southeast – Daniel Boring, MAI.  Boring has 18 years of commercial real estate experience, having specialized in the valuation, analysis, acquisition and disposition of institutional investment-grade real estate on both a national and international basis.  His experience spans a wide range of property types, including mixed-use, residential, office, industrial, retail, medical, senior housing, marine, natural resources, agribusiness, infrastructure and special-use assets.  His specialties also include valuation for financial reporting and dispute resolution and litigation support.  Prior to joining Grubb & Ellis Landauer, Boring was a senior director with Cushman & Wakefield.  He also held a similar position with Colliers International.
  
• Florida – Scott Tew, MAI, MRICS. Tew brings nearly 20 years of commercial appraisal and valuation experience to his role as senior managing director, Florida and head of the Orlando office.  He joins Grubb & Ellis Landauer Valuation Advisory Services from Tew Realty Advisory, a private valuation and appraisal company he opened in 2005.  Servicing all of Florida, the company primarily assisted national lending institutions with multi-tenant leased assets and distressed residential assets.  Earlier, Tew spent six years as a commercial appraiser at CB Richard Ellis.
  
• Texas – Michael Miller, MAI.  A 26-year industry veteran, Miller joined Grubb & Ellis Landauer in August from Cushman & Wakefield where he spent 16 years as senior director, Appraisal Management Group.  In this position, he was responsible for the oversight of appraisal professionals, as well as serving financial institutions and corporate clients.  Prior to joining Cushman & Wakefield, Miller spent 10 years with CB Richard Ellis, where he began his career and most recently served as senior vice president, Appraisal. 
• Rocky Mountain – Ted Wall.  Wall brings more than 13 years of commercial appraisal and valuation experience.  Most recently, he spent two years with Strategic Valuation Group, PLC, a private valuation and consulting firm he co-opened in 2008.  Previously, he spent three years as a vice president of CB Richard Ellis Valuation & Advisory Services, where he serviced clients with Class A office properties, master-planned communities, regional malls and other complex income-producing properties.
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• California – Robert Bell (left photo), MAI. A 32-year veteran of the appraisal industry, Bell joined Grubb & Ellis after spending three years as a director of Integra Realty Resources’ Orange County office.  He specializes in mass valuation assignments as well as valuation of acreage, master-planned communities and large retail developments. Prior to joining Integra, he was Southern California area manager of Colliers International Realty Advisors, director and manager of Cushman & Wakefield Valuation and Advisory Services and vice president of CB Commercial Appraisal Services. 
• Pacific Northwest – Chad Campbell, MAI, MRICS.  Campbell brings 21 years of commercial appraisal and valuation experience.  Most recently, he spent three years as managing director, Northwest Region, of CB Richard Ellis Valuation & Advisory Services.  Earlier, Campbell spent 12 years with Tully West Company, a private valuation and consulting company he opened in 1994.  Campbell also serves on the Appraisal Foundation’s Appraisal Qualification Board, which is responsible for establishing the minimum criteria to certify and license real property appraisers in all states.