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March 3, 2005

L.J. Melody & Co.

L.J. Melody & Co., has arranged a $128 million long-term loan and $33 million in equity for Lincoln Square. Michal Makar, managing director, and Jack Standeford, director of L.J. Melody's Seattle office, secured the funding for both transactions. The New York State Teachers Retirement System provided the $128 million on behalf of a venture between CIGNA Investments Inc., Starwood Hotels and Resorts, and affiliates of Kemper Development Co., which is developing Lincoln Square.

The $128 million will be secured by the hotel and retail components of the project and will be delivered when they open this fall, according to Makar.

Makar said the $33 million represents a joint venture. It was secured on behalf of the Connecticut General Life Insurance Co. General Account. CIGNA Investments Inc., has entered the venture with Kemper Development affiliates and Starwood Hotels and Resorts. L.J. Melody is the real estate banking arm of CB Richard Ellis.




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