City Officials Gather to Celebrate Groundbreaking of The Bradford, New Residential and Retail Development, in Bedford Stuyvesant, Brooklyn

NEW YORK–(BUSINESS WIRE)– BRP Companies, The NYC Housing Development Corporation (HDC), and NYC Department of Housing Preservation and Development (HPD) today announced the commencement of construction of The Bradford, an innovative, $45 million housing and retail development in Bedford-Stuyvesant, Brooklyn. U.S. and New York City officials joined the developers and financial supporters of this project at a ceremony today celebrating the groundbreaking.

The Bradford, located at 1560-1576 Fulton Street, will offer 105 apartments for rent to low- and middle-income families and represents a significant milestone in revitalizing the area of Bedford Stuyvesant. The project, which is slated for completion in the summer of 2012, is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. To date, the plan has funded the creation or preservation of nearly 108,600 units of affordable housing across the five boroughs. Under the NHMP, more than 2,940 affordable homes have been financed in Brooklyn Community District 3 where The Bradford is being built.

The groundbreaking was attended by Edolphus Towns, U.S. Congressman; Marty Markowitz, Brooklyn Borough President; Albert Vann, New York City Council Member; Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs; Colvin Grannum, President and CEO of Bedford Stuyvesant Restoration Corp.; Rafael E. Cestero, Commissioner of NYC Housing Preservation and Development; Marc Jahr, President of NYC Housing Development Corporation; Deborah Wright, CEO of Carver Bancorp; and Geoff Flournoy and Meredith Marshall, Managing Directors of BRP.

Goldman Sachs, the sole private investor in The Bradford, worked closely with HDC, HPD, and BRP Companies to develop an innovative financing structure. This project represents the first time HDC financing has been used in conjunction with New Markets Tax Credits (NMTC). Goldman Sachs’ investment in the project, coupled with the HDC and HPD financing, enabled the project to move forward despite the difficult real estate financing environment and diminishing government resources.

“The Bradford is the type of development that can help transform underserved communities into sustainable and vibrant neighborhoods by providing more affordable housing and community-serving retail space,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs. “The Bradford is the latest investment in a series of mixed-income community development projects Goldman Sachs has made in Bedford-Stuyvesant and across New York City.”

In addition to The Bradford, Goldman Sachs has financed two other mixed-use mixed-income real estate projects in Bedford Stuyvesant, including Vendors Market and Garvey, which total an additional $50 million in development costs.

For The Bradford, HDC issued $20.7 million in recycled tax exempt bonds for the construction financing and provided $6.8 million in subsidy from its corporate reserves.

“HDC works with a variety of partners to make the new, affordable housing a reality in communities across the city,” said Marc Jahr, President of HDC. “The opportunity to bring the financial and intellectual capital of Goldman Sachs to bear on financing The Bradford by putting New Markets Tax Credits to work will benefit many future generations here in Bed-Stuy. This innovative structure has enabled The Bradford project to move forward, allowing the City to meet the needs of this community, which is creating sustainable homes for our New Yorkers.”

Additionally, HPD provided $4.38 million in City Capital funds, $1.9 in HOME funds and $1 million in HTF funds. Goldman Sachs, in addition to fulfilling the role as equity backer for the bond issuance, has also provided $6.5 million in NMTC equity.

“There has been a revitalization taking hold in Bedford Stuyvesant that is undeniable and today’s groundbreaking is positive proof of the City’s ongoing commitment to the success of this vibrant neighborhood,” said HPD Commissioner Rafael E. Cestero. “The affordable housing we are creating at The Bradford will provide a place for families to settle and grow roots, and the new retail space can be a catalyst for growth and opportunity that will strengthen the community for years to come. Under the Mayor’s housing plan, we have financed more than 2,900 affordable homes in this community board, but we could not have done it alone. I’d like to thank our partners Goldman Sachs and BRP Companies who have played a key role in helping to advance our mission of creating a more affordable and sustainable New York.”

The not-for-profit and development partners are the Bedford-Stuyvesant Restoration Corporation (BSRC), the nation’s oldest community development corporation, and BRP Companies, a development firm of multi-family housing throughout New York City and Philadelphia.

“The Bradford represents a significant milestone in BSRC’s initiative to re-envision and revitalize Fulton Street, the major commercial corridor in Bedford-Stuyvesant,” said Colvin W. Grannum, President of BSRC. “The project will transform one of the most blighted sections of Fulton Street by creating a significant amount of mixed income, affordable housing and attractive, flexible commercial space.”

Of the 105 rental units, 21 will be reserved for families earning no greater than 30% of the Area Median Income (AMI), currently $23,760 for a family of four. In addition, 32 of the units will have rents set at 125% AMI (currently $99,000 for a family of four) and 51 set at 130% AMI ($102,960 for a family of four), and the remaining units may be rented to households earning up to 160% AMI ($126,720 for a family of four). The ground floor retail space contains approximately 9,700-square-feet for reserved for small businesses, providing both job and expanded retail opportunities.

BRP Companies is currently developing approximately $250 million in seven mixed-use properties in New York City. The Bradford is part of a broader strategic partnership between the Urban Investment Group at Goldman Sachs and BRP to invest in mixed-income community development projects in neighborhoods across New York City.

“BRP is very proud to be developing The Bradford as it serves as a model for affordable, sustainable and transit-oriented development in emerging urban markets. This project was conceived over five years ago and would not have become a reality without the support of local community groups, city agencies, community development entities and Goldman Sachs,” said Meredith Marshall, Managing Director of BRP Development Corporation. “In addition to the much needed economic stimulus, we are particularly excited about The Bradford’s cutting-edge green elements including an on-site co-generation plant and other sustainable features that put the project on track for LEED Silver certification.”

Other projects jointly developed by BRP, HDC and HPD include Garvey Apartments, a 78-unit low-income rental development on the same block as The Bradford, which will be completed in the summer of 2011, and The Douglass, a 38-unit condominium project in Harlem, which is currently 80 percent sold and includes apartments for low-income families. Additional projects in the pipeline include developments in Central Brooklyn, the South Bronx, Queens, and Upper Manhattan.

For more information regarding The Bradford, please contact Megan Raphael at or (212) 867-8778 x232.

About BRP Companies:

Co-founded by Geoff Flournoy and Meredith Marshall in 1995, BRP Companies ( is a New York based real estate company that is at the forefront of affordable, mixed-income, and market-rate housing. From the company’s modest beginning as a local Brooklyn developer, BRP Companies has successfully evolved into a vertically integrated organization offering a full complement of development, construction, and property management services. With an experienced staff responsible for approximately 400,000 SF of development and construction, with some 800,000 SF currently in its pipeline, BRP Companies’ goal is to develop and build quality affordable, mixed-income, and market-rate housing throughout the city of New York and beyond. Many of the company’s projects include partnerships with leading financial institutions; government agencies; not-for-profit and various faith-based organizations.

About The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

Established in 2001, the Urban Investment Group deploys the firm’s capital by making investments and loans that benefit underserved communities. Through its comprehensive community development platform, UIG is a catalyst in the revitalization of distressed urban neighborhoods. UIG has committed more than $1.2 billion, facilitating the creation and preservation of approximately 9,000 housing units — 75% of which are affordable to low, moderate and middle-income families — as well as over 600,000 sq. ft. of community facility space and approximately 900,000 sq. ft. of commercial and retail space. UIG is part of The Goldman Sachs Group, Inc. (NYSE:GS – News). To learn more about UIG, visit

About the NYC Department of Housing Preservation and Development (HPD)

HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation or 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 100,000 affordable homes have been created or preserved. For more information, visit

About the New York City Housing Development Corporation (HDC)

The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC’s programs are designed to meet the wide range of affordable housing needs of the City’s economically diverse population. In partnership with the NYC Department of Housing Preservation and Development, HDC works to implement Mayor Michael R. Bloomberg’s New Housing Marketplace Plan to create of preserve 165,000 affordable housing units by 2014. Since the plan launched in 2004, HDC financed nearly 44,200 homes for low- , moderate- and middle-income New Yorkers. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s.

About Mayor Michael R. Bloomberg’s New Housing Marketplace Plan

New York City’s affordable housing program to build or preserve 165,000 units of housing — enough to house half a million New Yorkers — is the most ambitious and productive in the nation—creating housing as well as jobs for New Yorkers. In April, 2010 the City reached the critical benchmark of 100,000 units financed—representing an investment of $4.5 billion to date by the City, not including roughly $5 billion in bonds issued by HDC.

Led by HPD Commissioner Rafael E. Cestero, the Plan has been recast to maintain production momentum while confronting head-on the economic challenges facing the City, the State, the housing industry, the financial sector and individual New Yorkers and their families. In order to fulfill the NHMP goal of 165,000 units, HPD and the NYC Housing Development Corporation (HDC) are responding to market realities and focusing on three primary goals: strengthening neighborhoods, expanding the supply of affordable and sustainable housing and stabilizing families by keeping them in their homes. To read more about the NHMP, please visit

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Warsaw Stock Exchange Wins Approval From Regulator to Sell Shares in IPO

Poland’s financial regulator approved the prospectus for an initial public offering by the Warsaw Stock Exchange, paving the way for the first trading debut by a central European bourse operator.

Poland plans to sell 64 percent of the country’s sole exchange this month as part of a plan to raise 25 billion zloty ($8.8 billion) to help finance the 2010 budget gap and curb borrowing, the financial-services regulator said in e-mail. The government this year sold stakes in the nation’s biggest insurance, energy, copper and phone companies.

The exchange will publish its IPO prospectus on its website early on Oct. 14, Anna Wisniewska, a spokeswoman for the Warsaw bourse said by phone.

The Polish bourse is the third-largest in emerging Europe after Russia and Turkey, with a market capitalization of $187 billion and more than 550 companies listed on its main market and NewConnect platform.

Poland has had the highest number of IPOs annually in the region since at least 2004, Bloomberg data show. Companies have raised $4.35 billion in 51 IPOs this year, with the largest offerings coming from energy utility Tauron Polska Energia SA and insurer Powszechny Zaklad Ubezpieczen SA.

First in Region

The bourse, created two years after the 1989 fall of communism, will be the first publicly traded exchange operator in central Europe. It’s the second exchange IPO this year, following a June listing by CBOE Holdings Inc., the last major U.S. securities exchange owned by its members. CBOE raised $339 million selling 11.7 million shares at $29 each after offering them at $27 to $29.

Poland’s exchange posted net income of 91 million zloty in 2009. NYSE Euronext, the biggest operator of U.S. stock exchanges, currently trades at 11.8 times last year’s earnings, while Nasdaq OMX Group Inc. is valued at 10.9 times profit, according to Bloomberg data.

The Warsaw bourse’s regional peers in Prague and Budapest, in which Wiener Boerse AG owns stakes, aren’t publicly traded.

Warsaw’s benchmark WIG20 Index has increased 10 percent this year, compared with 9.9 percent for Hungary’s BUX Index and the Czech PX Index’s advance of 2 percent. The WIG20 Index added 0.4 percent to 2,636.64 at 2:05 p.m. today.

Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS AG will be the IPO’s global coordinators. Ipopema Securities SA, KBC Groep NV, Societe Generale SA, PKO Bank Polski SA, Bank Ochrony Srodowiska SA, Alior Bank SA, Banco Espirito Santo SA, IDM SA and Wood & Co. will also help manage the offering, according to the Treasury Ministry’s website.

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Retail Opportunity Investments Corp. Closes on $110 Million Dollars of Shopping Center Assets in the 3rd Quarter

PURCHASE, N.Y., Oct. 4, 2010 (GLOBE NEWSWIRE) — Retail Opportunity Investments, Corp. (the “Company”) (Nasdaq:ROIC – News), a fully integrated owner and operator of shopping centers, announced today that it has completed the acquisition of the Gramor Portfolio, The Shops at Sycamore Creek and the Claremont Center conveyance-in-lieu of foreclosure, and has entered into an agreement to acquire the Gateway Village Shopping Center.

Stuart A. Tanz, the Company’s Chief Executive Officer commented, “We are pleased with not only the volume of acquisitions in the 3rd quarter, but the quality of the assets we have acquired. The acquisition of the Gramor Portfolio adds four high quality shopping centers to an already solid group of Pacific Northwest properties and strengthens the Company’s presence in the Portland, Oregon metro market. The Shops at Sycamore Creek and the Claremont Center present the Company with excellent value-add opportunities and, together with the coming acquisition of Gateway Village and our existing portfolio, solidify the Company’s presence in Southern California. Having closed on $110 million of assets in the 3rd quarter, $230 million of assets to date, and with agreements to purchase an additional $90 million of assets, we believe the Company is well-positioned to carry out our business plan.”

The Gramor Portfolio (Oregon and Washington)

On September 23, 2010, the Company completed its previously announced acquisition of the four properties that comprise the Gramor Portfolio, with the closing of the Heritage Market Center. The Company had previously closed on the acquisition of the Happy Valley Town Center and Oregon City Point on July 14, 2010 and the acquisition of Cascade Summit Town Square on August 20, 2010.

Cascade Summit Town Square is a 94,924 sq. ft. shopping center located in the heart of West Linn, Oregon. The property is currently 95.1% occupied and is anchored by a 48,000 sq. ft. Safeway.

Heritage Market Center is a 107,471 sq. ft. shopping center in Vancouver, Washington. The center is currently 94.1% occupied. The center is anchored by a 55,790 sq. ft. Safeway.

Happy Valley Town Center is a 135,422 sq. ft. shopping center located in Happy Valley, Oregon. The property is currently 89.6% occupied and anchored by a 50,000 sq. ft. specialty grocer, New Seasons Market.

Oregon City Point is a 33,305 sq. ft. shopping center located in Oregon City, Oregon. The shopping center is currently 80.8% occupied by a variety of retailers, restaurants and service businesses.

In connection with the acquisition of the Gramor Portfolio, the Company also entered into an agreement to purchase a 5.8 acre parcel of land known as Wilsonville Old Town Square in Wilsonville, Oregon. The Company expects that Wilsonville Old Town Square will be shadow anchored by a 145,000 square foot Fred Meyer (The Kroger Co.) which is currently under construction.

Claremont, California

On September 23, 2010 the Company acquired the Claremont Center pursuant to a conveyance-in-lieu of foreclosure, just four months following the acquisition of the 1st mortgage secured by the shopping center. The 91,000 square foot neighborhood shopping center is located off the I-10 in Claremont, California in Los Angeles County. The Company acquired the 1st mortgage loan secured by the Claremont Center on May 18, 2010 for $7.3 million, which represented a 68.2% discount to the face value of the loan.

The Shops at Sycamore Creek

On September 30, 2010, the Company completed the acquisition of The Shops at Sycamore Creek, a grocery anchored neighborhood shopping center located in Corona, California, for an aggregate purchase of $17.25 million in cash. Sycamore Creek is a 74,198 square foot shopping center constructed in 2008 with direct on and off-ramp access from I-15. In addition, the shopping center sits at the corner of the entryway to the communities of Sycamore Creek and Horsethief Canyon. The shopping center is currently 77.6% occupied and anchored by a 48,119 square foot Vons (Safeway).

Gateway Village

On September 17, 2010, the Company entered into an agreement to acquire Gateway Village, a 91.0% occupied grocery anchored neighborhood shopping center located in Chino Hills, California for an aggregate purchase price of $34.0 million. At closing, the Company intends to assume the Sellers’ obligations under three existing loans totaling approximately $21.8 million carrying a blended 5.8% interest rate and maturing between 2014 and 2016. The Company will pay the remainder of the purchase price in cash. The assumption of these three loans by the Company is subject to the approval by the lender. The 96,959 square foot shopping center is anchored by Henry’s Marketplace (Smart & Final).


Retail Opportunity Investments Corporation (Nasdaq:ROIC – News) is a fully integrated real estate company that intends to qualify as a REIT for U.S. federal income tax purposes. The Company is focused on acquiring, owning, leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the United States. The Company presently owns and operates fourteen shopping centers encompassing approximately 1,260,000 square feet.

Forward-looking statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on the current expectations and projections of the Company about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2009 and the Company’s Quarterly and Periodic Reports filed since the date of the filing of the Company’s Annual Report.

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