FOR IMMEDIATE RELEASE    
Contact: Danielle Richardson
April 3, 2006    
(410) 494-4834     
drichardson@mackenziecommercial.com

84M Financing Deal Closes for 518,000 Square Foot Class A Office Building in Baltimore City

Baltimore – MacKenzie Capital, LLC (MacKenzie Capital), the real estate financing arm of MacKenzie Commercial Real Estate Services, LLC, has arranged a construction loan in the amount of $84 million for Canton Crossing Tower. 

Baltimore banker Ed Hale is the developer of Canton Crossing.  The Canton Crossing development, along the east side of the Inner Harbor of Baltimore, is a major redevelopment of 67-acres of former warehouses and waterfront industrial buildings.  When completed, the development will contain over 1.5 million square feet of office space, 270,000 square feet of retail and restaurant space, over 500 luxury housing units and a 450-room hotel.  This project is arguably one of the most significant projects to be developed in Baltimore since the Inner Harbor Development created by the Rouse Company. 

This 17-story office tower will be the largest built in the city's eastside neighborhoods and will be a landmark of Canton Crossing.  The tower will house the headquarters of First Mariner Bank, Thomson Prometric, as well as other office and retail users. 

Regarding the financing market at the end of the first quarter, Glenn Ercole, Senior Vice President and Principal of MacKenzie Capital stated, “the 10-year Treasury is hovering around 4.85% which is about a 75 basis point increase since June 2005.  There is plenty of liquidity in the marketplace and borrowers are finally realizing the low interest rate environment is coming to an end”. 

Through their extensive network of debt and equity providers, MacKenzie Capital facilitates the financing of commercial real estate for owners and developers while meeting their capital needs and objectives at competitive market base pricing.    

As one of the largest commercial real estate services firms in the State of Maryland, MacKenzie has more than 120 employees throughout the MacKenzie affiliated companies. In addition to the firm’s broad spectrum of brokerage related services, MacKenzie can provide solutions to a full array of commercial real estate needs, including property and asset management, finance services, construction services and development. The combined depth of MacKenzie services in conjunction with the Cushman & Wakefield platform provides a new level of service and breadth of resources to the region.

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Cushman & Wakefield is the world's premier real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. We also provide valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit the firm's Web site at www.cushmanwakefield.com.

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