GRAYSON SANDERS has been named president of CNL Capital Markets Inc., an affiliate of CNL Financial Group, Inc. Sanders will now be responsible for creating new investment vehicles and expanding the company's retail and institutional investment channels. Sanders, whose career spans 35 years in real estate and financial markets, succeeds former company president Robert Bourne who will now become CEO and vice chairman.

THOMAS BOGLE, formerly of Ernst & Young, has rejoined CB Richard Ellis as executive managing director of strategic accounts in the global corporate services area. The appointment is a homecoming for Bogle who worked for CBRE between 1995 and 1998. Ernst & Young colleagues Brandon Forde and Phil Rowland also joined the CBRE cast as managing directors.

WENDY STAMNAS has been promoted to FHA chief underwriter at Arbor Commercial Mortgage LLC. Stamnas, who formerly held the title of senior FHA underwriter, will be responsible for providing direction and technical guidance to the FHA underwriting group.

TERRY HOWARD has been appointed president of MBK Real Estate's Senior Living Communities division. In his new position, Howard will be responsible for the acquisition and operation of independent and assisted living assets, as well as development of new senior housing communities. Howard's appointment signals an effort by MBK to revitalize its senior living assets after divesting in 1999.

LEA COURT has joined Trammell Crow Co. in Jacksonville, Fla., as vice president of project leasing. Court, who will focus on landlord representation, has more than 17 years of experience in commercial project leasing with companies such as Parmenter Realty Partners and Cushman & Wakefield Asset Services.