Cohen Commercial Properties Announces the Acquisition of Former McRae's Department Store in Birmingham, AL

NEW YORK, NY /PRNewswire/ -- Cohen Commercial Properties is pleased to announce that its affiliate, American Commercial Realty, has purchased a 64,000 square foot former McRae's Department Store (top left photo) located in Birmingham, Alabama.

The non-contingent contract had a firm closing date of 30 days from contract signing and American Commercial Properties closed with cash.

The former McRae's (a division of Saks) is a 64,000 square feet free standing building with two floors of retail. The store is located in Roebuck Marketplace (middle right photo) in a 167,140 square foot community shopping center shadow anchored by Super Wal-Mart.

Roebuck Marketplace is a true community shopping center currently owned by an affiliate of Cohen Commercial Properties and managed by American Commercial Realty.

 Formerly anchored by Winn Dixie and Goody's, the center has been re-tenanted by Cititrends, It's Fashion Metro, and Rainbow Shops.

In addition, a full redevelopment is planned for the shopping center including the addition of several outparcels in addition to the renovation of the former McRae's.

Cohen Commercial Properties has owned the Roebuck Marketplace shopping center since 2004 and has been actively repositioning the property with the continual growth spurred by the Super Wal-Mart traffic to the area.

 The center is going through a renaissance has seen tremendous leasing interest in the retailing of soft goods and now hard goods in the center.

Cohen Commercial Properties, with its affiliates, Cohen Asset Advisory, LLC and American Commercial Realty Corp., own and operate properties throughout the United States.

For further information, please contact
Arun Singh, Acquisitions Director, 212.803.5781, asingh@cohenco.com

Arbor Closes $4,800,000 Fannie Mae DUS® Loan for Pastorius Court Apartments in Philadelphia, PA

Uniondale, NY (Sept. 29, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,800,000 loan under the Fannie Mae DUS^® product line for the 42-unit complex known as Pastorius Court Apartments (top left photo) in Philadelphia, PA. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by John Kelly (lower right photo), Vice President, in Arbor’s full-service Boston, MA, lending office.

“Arbor was pleased to provide permanent financing for this project,” Kelly said. “Our client had finished a major renovation, exceeded lease-up expectations and the asset is positioned for long-term success. We look forward to growing this financial partnership with this repeat client.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

NAI Realvest Negotiates $425,000 Acquisition of Professional Office in Downtown Orlando Area

MAITLAND, FL – NAI Realvest recently negotiated the acquisition of a 2,445 square foot medical/professional building on a .32-acre site at 1517 E. Robinson Street in the downtown Orlando area.

The NAI Realvest team of Kevin O'Connor (top right photo), Matt Cichocki, (bottom left photo) principals and associate Faith Thompson negotiated the transaction representing the buyer, Degas Holdings, LLC of Winter Park.

The property will be used as a doctor’s office.

The seller, Orlando-based Thomas Osborne & Associates, PA, was represented by Sherri Dyer of Kelly Price & Company.  

For more information, contact:
Matt Cichocki,  NAI Realvest, 407-875-9989, mcichocki@realvest.com

Kevin O’Connor,  NAI Realvest, 407-875-9989, koconnor@realvest.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Concord Hospitality Enterprises Adds Record 18 Hotels to Portfolio Year-to-date

CHARLOTTE, N.C., Sept. 29, 2010—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it has signed contracts to manage a record 18 hotels year to date and is fast approaching its goal of being ranked one of the 10 largest U.S. hotel management companies.  The company’s portfolio now exceeds 75 hotels.

“Our rapid, but planned, expansion reflects our three-pronged growth strategy, which includes pure third-party management, joint-ventures and wholly owned acquisitions and development,” said Mark G. Laport (top right photo), president and CEO of Concord Hospitality. 

“We are fortunate to have the financing and relationships to continue to grow aggressively, despite the downturn.  With an improving outlook, we believe our diversified platform will continue to generate significant growth.”

Laport said the company will continue expanding its full-service hotel portfolio, noting that 30 percent of the company’s rooms growth during this recent period of expansion has been in the full-service segment. 

 In 2010, Concord also added two new brand families, Hyatt and Sheraton, to its existing portfolio of Marriott, Hilton and InterContinental hotel brand groups. 

 “With more than 75 properties in the U.S. and Canada, we are geographically diversified and of a size that offers owners the benefits of extensive economies of scale, proprietary systems and management depth,” he said. 

Development

           

The company has opened four new built hotels this year and has five properties under development, including the first LEED-Certified Courtyard by Marriott (middle left photo), which will open in Pittsburgh next week.  The design will be the “green” prototype for all future Courtyards.  The company has committed to developing only LEED-Certified properties for all future ground-up development projects. 

Joint Venture Investment

Concord has established relationships with several investor and ownership groups to expand its investment and joint venture activity.  “We continue to partner with organizations that share our values of quality, integrity, community and profitability,” he noted.  “Different groups have different criteria and needs, which translates into a diverse mix and timetable for ownership.  We established a number of new relationships this year and look forward to creating new ones.”

Third-party Management

Third-party management now accounts for approximately 60 percent of the company’s overall portfolio, with the remaining properties either joint ventures or wholly owned properties.    “We always will co-invest because we believe in the benefits of ownership.  However, as we grow, third-party management as a percentage of our business will probably expand at a faster rate,” he said.

Outlook

Looking at the remainder of the year, Laport said the company has a very active pipeline in all of its growth avenues.  “Development has slowed somewhat, with financing hard to come by and the economy still sluggish, but we are finding great locations,” he said, noting a recent announcement to develop a Springhill Suites by Marriott in Latrobe, Pa., in a joint venture with golfing legend Arnold Palmer (bottom left photo). 

 “Construction and land costs both are noticeably lower, helping some projects get off the drawing board.” 

Contact:  Chris Daly, Jerry Daly, Daly Gray Public Relations, (703) 435-6293

Arbor Closes Two NYC Fannie Mae DUS® Small Loans Totaling $4.2 Million

Uniondale, NY (Sept. 29, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans under the Fannie Mae DUS^® Small Loan product line. These loans include:

• 95-101 St. Marks Place Apartments (top left photo), New York, NY – The 83-unit complex received $3,000,000 funded under the Fannie Mae DUS^® Small Loan product line. The five-year loan amortizes on a 30-year schedule.
  

• 539 West 49^th Street, New York, NY (Lower right photo) – The 20-unit complex received $1,200,000 funded under the Fannie Mae DUS^® Small Loan product line. The five-year loan amortizes on a 30-year schedule.
  

The loans were originated by Edward Petti, Director, in Arbor’s full-service New York, NY, lending office.

“These two loans were part of a three-loan portfolio that we closed. The other property is known as Haven Avenue,” Petti said.

 “These were all refinancings where the borrower reduced the existing rates significantly by going with our interest-only products.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

Grubb & Ellis Names Michael Edward Managing Director of Boston Office

 SANTA ANA, Calif. (Sept. 29, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that commercial real estate veteran Michael Edward (top right photo), SIOR, will assume the role of executive vice president and managing director of the company’s Boston office, effective immediately. 

In this role, he will be responsible for the company’s Real Estate Services operations in the Boston area. 

“Mike is a great fit for us because of his reputation in the industry, deep relationships and demonstrated success in leadership roles,” said Shawn Mobley (lower left photo), president, Brokerage Services.  “Boston is a tremendously important growth market for Grubb & Ellis, and I’m confident that the experience, dedication to client service and integrity Mike brings to the table will help us build a better foundation for that growth.”

Edward, 50, has 28 years of commercial real estate experience and was most recently senior vice president with Lincoln Property Company, where he headed the company’s Boston brokerage operation since 2008. 

 During this time, the office secured 1.5 million square feet of additional agency leasing assignments and had success in strategically recruiting leading professionals to expand Lincoln Property Company’s presence in key submarkets. 

 Previously, Edward was a senior vice president and shareholder with Colliers Meredith & Grew for 14 years, where he focused on agency leasing in the CBD.  Prior to joining Colliers Meredith & Grew in 1994, he spent 12 years with several Boston-based boutique real estate brokerage firms. 

Contacts:         Janice McDill                                                  Erin Mays

Phone:             312.696.6707                                                  312.698.6735

Email:              janice.mcdill@grubb-ellis.com                        erin.mays@grubb-ellis.com

HFF retained by Walton Street Capital L.L.C. to market for sale the Houston Galleria Office Towers

 HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been retained to market for sale the Houston Galleria Office Towers (top left photo), three Class A office buildings totaling nearly 1.1 million square feet.

HFF senior managing director Robert Williamson (top right photo) will lead the marketing efforts on behalf of the seller, which is an affiliated entity of Walton Street Capital, L.L.C.  The portfolio is being offered without an asking price free and clear of debt.

The Galleria Office Towers are located at 2700 Post Oak Boulevard, 5051 Westheimer and 5065-5075 Westheimer close to Interstate 610 about five miles west of downtown Houston. 

 The properties are connected to the Houston Galleria,(lower left photo)  a mixed-used development that includes a mall with 2.3 million square feet of upscale retail, two Westin hotels and three office towers.

 Tenants at the 90% leased towers include Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santander and BBVA Bancomer.

“This offering represents a unique opportunity to own part of a world-renowned Houston landmark that is one of the largest and most successful mixed-use projects in the country,” said Williamson. 

 “Development of the Galleria helped define what has become Houston’s largest and most prestigious suburban office submarket.”

Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of $5.7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals.

Affiliates of Walton Street Capital have invested and/or committed to invest approximately $4.5 billion of equity in approximately 180 separate transactions.

Contacts: 

Robert E. Williamson, HFF Senior Managing Director, (713) 852-3500, rwilliamson@hfflp.com

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

HFF arranges refinancing totaling $109 million on behalf of Cornerstone Real Estate Advisers

 BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged refinancing totaling $109 million for two Class A multi-housing communities on behalf of Cornerstone Real Estate Advisers.

 The properties, Pacific Place Apartments (top left photo) and Glenview House Apartments, (bottom right photo) are respectively located in Los Angeles, California and Stamford, Connecticut.

HFF senior managing director Dana Brome (top right photo), director Tina Derderian (middle left photo) and senior real estate analyst Carlos Febres-Mazzei secured a five-year, fixed-rate loan through MetLife Real Estate Investments for the Los Angeles property.  Loan proceeds took out an existing construction loan on the property.

 Brome and Febres-Mazzei placed a floating-rate loan for Glenview House Apartments through Freddie Mac’s capped adjustable-rate mortgage program.  Loan proceeds are also refinancing a construction loan.  HFF will service the loan through their Freddie Mac Program Plus® Seller/Servicer program. 

Pacific Place Apartments is located at 5211 Pacific Concourse Drive in the Del Aire neighborhood of Los Angeles, close to Los Angeles International Airport, Interstates 405 and 105 and Pacific Beach. 

 Completed in 2008, the 96% leased property has two, four-story buildings with 430 studio, one-, two- and three-bedroom units averaging 900 square feet each. 

Community amenities include two swimming pools, barbeque pits, a fitness center, business center, media center, clubhouse, lounge and underground parking.

Located at 25 Glenbrook Road, Glenview House Apartments is within walking distance of Stamford’s central business district and close to mass transit via the New York MTA Metronorth railway, Amtrak and Interstate 95.

 The four-story property was completed in 2008 and has 146 residential units (14 are below market-rate) and 14,820 square feet of ground-floor retail space that is leased to Walgreens. 

 Glenview House Apartment is 99% occupied.  Residents have access to amenities including a business center, fitness center and resort-style pool.

Cornerstone Real Estate Advisers had over (US) $30 billion in assets managed or serviced as of June 30, 2010, and is one of the world’s largest global real estate investment organizations with capabilities in public and private debt and equity.

Contacts: 

Dana e. Brome, HFF Senior Managing Director, (617) 338-0990,

dbrome@hfflp.com

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

                                            

Chatham Lodging Announces First Dividend

PALM BEACH, Fla., Sept. 29, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a common share dividend of $0.175 for the 2010 third quarter. 

Based on the company’s $20 IPO price in April and the closing price of the common shares at the close of business on September 28, the annualized dividend represents a yield of approximately 3.5 percent and 4.0 percent, respectively.

“As expected, our current hotels are producing sustainable cash flow that gives our Board of Trustees the confidence to start paying a dividend five months after our IPO,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer. 

 “We are on schedule to close on our $85 million line of credit and complete our 12^th and 13^th acquisitions, and our pipeline remains very active as we continue to source attractive opportunities.”

The common dividend is payable October 29, 2010, to shareholders of record on October 15, 2010.

Contact:    

Jerry Daly, Carol McCune,  Daly Gray Public Relations, (Media) (703) 435-6293   jerry@dalygray.com                                                                                                            Dennis Craven, Chief Financial Officer (Company) (561) 227-1386 

dcraven@cl-trust.com

                                                          

Stirling Sotheby’s International Realty Appointed Exclusive Marketing Agents For $399,000 Waterfront Home Site on Merritt Island, FL

ORLANDO - Stirling Sotheby’s International Realty has been named exclusive sales and marketing agents for a 1.28 acre luxury waterfront home site on Merritt Island in Brevard County that is listed at $399,000.

Stirling Sotheby’s International Realty Associate Kim Tillett (top right photo), a luxury home specialist who serves the upscale Brevard market, said the property is a one-of-a-kind opportunity.

“Merritt Island is one of the most exclusive areas in Florida,” Tillett said. “It is a community of luxury homes and mango groves that is unlike any other in the state.”

 (Dragon Point on southern tip of Merritt Island, bottom left photo)

The property for sale is located in the Honeymoon Hill area of south Merritt Island on a high bluff overlooking the Banana River. The property will accommodate dock facilities for boats and jet skis and includes deeded access to Honeymoon Lake.

To view photos of the property and listing details, go to http://www.stirlingsir.com/index.php?action=listingview&listingID=880756

For more information,  contact:   

Kim Tillett, Luxury Home Specialist, Stirling Sotheby’s International Realty, 407-581-7890; KTillett@StirlingSIR.com;

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

  

Bayrock Portfolio in Boca Raton, FL Gets $9.495 Million Loan

Boca Raton, FL—Sept. 28, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $9,495,000 for the Bayrock Portfolio, a portfolio of six single-tenant restaurant and bank properties.

Patrick Madore (top right photo), Company Vice President, secured financing for the Bayrock Portfolio through Thomas D. Wood and Company’s relationship with a local bank. 

 The variable line of credit has a five-year term, and is tied to the Wall Street Journal Prime Rate, adjusting as and when changed.  The full-recourse loan has a loan-to-value of 69%.  The Bayrock Portfolio includes major tenants Burger King, McDonald’s, Capital One Bank and SunTrust Bank, located in five different states.

 
For further information, please contact:

Patrick Madore (561) 338-9799   pmadore@tdwood.com

Jessica Kinnee  (407) 937-0470  jkinnee@tdwood.com

Mark S. Wilson Named General Manager of the Bourbon Orleans Hotel

 NEW ORLEANS, La., September 28, 2010 – Mark S. Wilson has joined the Bourbon Orleans Hotel (top left photo)  as general manager. 

Most recently, he served as director of marketing and sales for the Roosevelt New Orleans (middle right photo), which re-opened as part of the Waldorf Astoria Collection in New Orleans in 2009.

Working closely with the city of New Orleans, Wilson spearheaded marketing and branding efforts in the $170 million historic preservation and re-opening of the landmark hotel.  A 25-year hospitality industry veteran, Wilson began his career with the San Francisco Hilton. He has since held various director-level positions at such hotels as the Sheraton New Orleans, Fairmont and Royal Sonesta.

 Wilson brings a strong dedication to community leadership, serving as the president of the French Quarter Business Association in New Orleans from 2006–2008.

 He is currently the president of the Friends of the Vieux Carré Commission, is a board member of the New Orleans Police and Justice Foundation, and on the board of the New Orleans Wine and Food Experience.

 Wilson earned a Master of Business Administration in Marketing and Finance from Tulane University and is a graduate of the University of Denver’s School of Hotel and Restaurant Management.

About the Bourbon Orleans Hotel

The Bourbon Orleans Hotel is a 218 room, 28 suite luxury property located in the center of the French Quarter of New Orleans, between Royal and Bourbon Streets. 

 The property is a leader in small meetings and formal catered events in the city, and offers luxurious amenities such as heated courtyard saltwater pool, Bourbon Oh! Bar, Paillards Restaurant for breakfast and dinner and high-speed internet access. 

The Bourbon Orleans is a member of the New Orleans Hotel Collection, a group of seven properties providing top quality lodging choices in the downtown area and near the New Orleans airport.  For more information, visit

www.neworleanshotelcollection.com.

Arbor Closes $5,925,000 Fannie Mae DUS® Loan for Garden Park Apartments in Arlington, TX

Uniondale, NY (Sept. 28, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $5,925,000 loan under the Fannie Mae DUS^® product line for the 252-unit complex known as Garden Park Apartments (top left photo) in Arlington, TX. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by Ronen Abergel, Director, in Arbor’s full-service New York, NY, lending office.

Contact:   Christopher Ostrowski, costrowski@arbor.com

Chief Executive Thomas D’Arcy to Participate in Panel at Bank of America Merrill Lynch Global Real Estate Conference

 SANTA ANA, Calif. (Sept. 27, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced today that Thomas P. D'Arcy (top right photo), president and chief executive officer, will participate in a panel discussion entitled “The World According to Agents” at the Bank of America Merrill Lynch Global Real Estate Conference in New York on Tuesday, Sept. 28, 2010, at 1:20 p.m. Eastern time.

A live audio webcast of the panel discussion will be accessible via the Investor Relations section of the company's website at www.grubb-ellis.com/InvestorRelations.  An audio replay of the webcast will be posted on the site within one hour of the live event and be available until Friday, Oct. 15, 2010.

Contact:           Janice McDill

Phone:              312.698.6707                                     

Email:               janice.mcdill@grubb-ellis.com    

Curtis Paul Joins Grubb & Ellis as Senior Vice President, Office Group

 WASHINGTON, D.C. (Sept. 27, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Curtis Paul (top right photo), an 18-year veteran of the commercial real estate industry, has joined the company as senior vice president, Office Group, effective immediately.

 Paul will focus on agency leasing and tenant representation in the Washington, D.C. metropolitan area.

 “Curtis has developed an excellent reputation with owners as well as the commercial real estate community at large, and he’s known for the experience and talent he brings to his clients,” said Paul Adkins (lower left photo), executive vice president and managing director of Grubb & Ellis’ Washington, D.C. and Baltimore offices.  “He makes a tremendous addition to our team and will serve to expand our leasing business.”

 Paul joins Grubb & Ellis from Newmark Knight Frank, where he was a managing director responsible for office leasing.  Prior to joining Newmark Knight Frank in 2004, Paul spent eight years as a leasing representative with Vornado/Charles E Smith Commercial Realty, where he was responsible for leasing a 2.5 million-square-foot office portfolio.

 Previously, he spent two years as a leasing representative with Washington Real Estate Investment Trust, after beginning his career with Colquitt-Carruthers, Inc., in 1992.

 Contact:  Erin Mays, Phone:  312.698.6735                       

 Email:  erin.mays@grubb-ellis.com

EastGroup Properties Announces Third Quarter 2010 Conference Call and Webcast

JACKSON, MS, Sept. 27, 2010– EastGroup Properties (NYSE-EGP) announced today that it will hold its Third Quarter Conference Call and webcast on Friday, October 22, 2010 at 11:00 A.M. Eastern Daylight Time.

On the call, David Hoster (top right photo), President and CEO, and Keith McKey (bottom left photo), CFO, will review the third quarter results and discuss EastGroup's current operations.

EastGroup plans to release third quarter 2010 earnings on October 21, 2010. The earnings release and supplemental information package will be posted on the Company's website, www.eastgroup.net, on October 21, 2010.

A live broadcast of the conference call is available by dialing 1-800-895-0198 (conference ID EastGroup) or by webcast through a link on the Company's website at http://www.eastgroup.net/.

 If you are unable to listen to the live conference call, a telephone and webcast replay will be available on Friday, October 22, 2010. The telephone replay will be available until Friday, October 29, 2010, and can be accessed by dialing 1-800-727-1367.

The replay of the webcast can be accessed through a link on the Company's website at www.eastgroup.net and will be available until Friday, October 29, 2010.

Contact:

David H. Hoster II, President and Chief Executive Officer

N. Keith McKey, Chief Financial Officer

(601) 354-3555

HFF closes sale of Energy Crossing in Houston, TX

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Energy Crossing (top left photo), a 239,166-square-foot, Class A office building in Houston’s Energy Corridor submarket.

HFF senior managing director Dan Miller (top right photo) and real estate analyst Trent Agnew, along with Adam Jackson and Stewart Lyman of Stream Realty Partners, represented the seller, M&I Bank. 

Lincoln Property Company, on behalf of a public pension fund client, purchased the property for an undisclosed amount free and clear of debt. 

“HFF received an overwhelming response to the offering of Energy Crossing, conducting more than 40 tours and receiving more than 35 offers,” said Miller.  “The buyer pool consisted of high-net worth and institutional opportunistic investors.”

Completed in 2009, Energy Crossing has six floors of office space plus a 900-space, four-story parking garage.  The property is currently in lease up with two tenants in occupancy; KBC Advanced Technologies and Electromagnetic Geoservices ASA.

 Energy Crossing is situated on 5.3 acres on the south side of Interstate 10 at Highway 6 in Houston’s Energy Corridor.  In addition, the sale consisted of 5.5 acres of unimproved land adjacent to the building that is designed for additional office space as well as a 1.2 acre retail parcel. 

Founded in 1847, Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wisconsin with $53.9 billion in assets.  

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

Stream Realty Partners, L.P. is a full service real estate investment, development and services company.  Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 300 real estate professionals.

 For more information, visit Stream’s website at http://www.streamrealty.com/.

Contacts:  

H. Dan Miller,CCIM, SIOR, HFF Senior Managing Director,  (713) 852-3500, dmiller@hfflp.com

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

                                                                            

Arbor Closes $1,150,000 Fannie Mae DUS® Small Loan for Alexandria Apartments in Los Angeles, CA

Uniondale, NY (Sept. 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,150,000 loan under the Fannie Mae DUS^® Small Loan product line for the 12-unit complex known as Alexandria (top left photo) in Los Angeles, CA. The 10-year loan amortizes on a 30-year schedule.

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

 “The borrowers were looking to secure long-term, fixed-rate financing for the purchase of a property in a highly desirable area of Los Angeles,” York said. “We were pleased to deliver attractive financing terms that helped them accomplish their objective. We look forward to future opportunities together.”

Contact: Christopher Ostrowski, costrowski@arbor.com

Bankruptcy Court To Auction 40 New Downtown Miami Condos

 MIAMI, FL--The U.S. Bankruptcy Court plans to auction off a block of the remaining 40 developer units in a new, waterfront condominium tower fronting Biscayne Bay in Greater Downtown Miami, according to a new report from CondoVultures.com.

On Oct. 5, the U.S. Bankruptcy Court is scheduled to sell off more than 60,000 square feet of livable space, 56 parking space reservations, and 15 storage areas in the 28-story Onyx on the Bay condo tower (top left photo) to cover some of the outstanding construction debt of more than $22.3 million still owed by the developer, according to U.S. Bankruptcy Court Southern District of Florida records.

The opening auction bid amount is set to start at effectively $7 million, which equals the current 2010 assessed value for the block of units set by the Miami-Dade County Property Appraiser.

The winning bidder must also cover a host of additional costs that are required to complete the nearly finished building and satisfy unpaid property taxes, according to the court order signed by U.S. Bankruptcy Court Judge A. Jay Cristol.

"The auction should finally bring closure to the drama that has surrounded this distinct, waterfront project that was delivered simply about a year too late," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "If purchased at the right price, some bulk buyer is going to amass a sizable block of new units with waterfront views in Greater Downtown Miami that could have upside going forward. As is always the case, the key will be purchasing at the right price."   

The Onyx on the Bay auction portfolio is comprised of six one-bedroom units, 26 two-bedroom units, seven three-bedroom units, and a single four-bedroom unit, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

Lexington Realty Trust and Transamerica Life Insurance Co. Announce 140,526 SF Lease at 100 Light Street in Downtown Baltimore

 

BALTIMORE and NEW YORK, Sept. 27, 2010 /PRNewswire/ -- Transamerica Life Insurance Company, an AEGON company, is relocating its Baltimore operations and taking 140,526 net rentable square feet at 100 Light Street (top left photo), the 35-story city skyscraper which will be known as the Transamerica Tower.

The building is owned by a wholly-owned subsidiary of Lexington Realty Trust (NYSE: LXP), a real estate investment trust focused on single-tenant real estate investments.

The lease commences no later than November 1, 2011 and continues for a term of 10 years and three months, subject to two five-year tenant renewal options.

 Transamerica has the option to decrease or increase the amount of leased square feet by two floors, or 31,228 square feet, prior to approval of its space plans. Assuming no adjustment in the square feet subject to the Transamerica lease, the building is expected to be approximately 72 percent leased.

T. Wilson Eglin (top right photo), Chief Executive Officer of Lexington, remarked "The addition of Transamerica as a tenant and the renaming of 100 Light Street as the Transamerica Tower successfully culminates our efforts to reposition the building as the premier Class A office property in Downtown Baltimore.

“We are extremely pleased to have procured another marquee tenant and increased leased space from approximately 26 percent to approximately 72 percent in the last 12 months."

Since it acquired its interest in the building on December 31, 2006, Lexington Realty Trust has enhanced the Transamerica Tower by adding a new parking garage across the street, conference center, cafeteria and fitness center and redesigning the plaza and lobby.

"We are pleased to renew our long standing presence in the downtown area in an iconic building, which will now be known as the Transamerica Tower. We look forward to bringing our over 700 employees in Baltimore under one roof," said Mark Mullin (middle left photo), President and CEO of AEGON USA, LLC.

"This is tremendous news for the State of Maryland and for the City of Baltimore. Transamerica Life Insurance Company's decision to keep their business in Baltimore's downtown will help boost Maryland and Baltimore City's economy," said Maryland Governor Martin O'Malley (middle right photo).

 "As we come through these tough economic times stronger and more quickly than other states, we continue to work together to create and save jobs, and improve the conditions under which businesses, large and small, can create and save jobs."

"I am very pleased to see another strong corporate name with global recognition added to Baltimore's beautiful downtown skyline at 100 Light Street," said Baltimore Mayor Stephanie Rawlings-Blake (lower left photo).

 "Just like the iconic Pyramid in San Francisco, Baltimore's Transamerica Tower will be a prominent downtown landmark and a proud symbol of our City's strength as a thriving corporate center that is open for business."

"We are delighted and excited that, with the help of Lexington, one of the nation's largest insurance companies has decided to locate its future home in downtown Baltimore," said Baltimore Development Corporation President M.J. "Jay" Brodie. "This decision inspires confidence in our city's ability to retain and attract major companies."

David Gillece and David Downey of Cassidy Turley represented Transamerica. Matt Seward and John Schulze of Cassidy Turley represented Lexington Realty Trust.

Transamerica Life Insurance Company is an AEGON company. In the U.S., Transamerica is the AEGON companies lead retail brand.

AEGON is an international life insurance pension and investment organization based in The Hague, The Netherlands. AEGON companies have businesses in over twenty markets in the Americas, Europe and Asia and employ approximately 28,000 people and have over 40 million customers across the globe. www.aegon.com

CONTACT: T. Wilson Eglin, CEO of Lexington Realty Trust, +1-212-692-7200, tweglin@lxp.com    Web Site: http://www.lxp.com/