<h3>Broken Condo Deal (Miami)</h3>
				<table border="0">
				<tbody>
				<tr>
				<td valign="top"><strong>Services:</strong></td>
				<td valign="top">Construction Manager, Property Manager, Disposition Agent</td>
				</tr>
				<tr>
				<td valign="top"><strong>Asset:</strong></td>
				<td valign="top">160 unit Broken Condo deal</td>
				</tr>
				<tr>
				<td valign="top"><strong>Synopsis: </strong></td>
				<td valign="top">GE Capital took back the property after the developer defaulted on the construction loan/mini-perm.</td>
				</tr>
				<tr>
				<td valign="top"><strong>Challenges:</strong></td>
				<td valign="top">• Over 100 lawsuits were filed by contractors, subcontractors and individual homeowners<br /> • A suit was also filed by the Homeowners Association<br /> • The building was not yet finished</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Solutions:</strong></td>
				<td valign="top">• Settled all of the mechanics liens<br /> • Took over the HOA<br /> • Settled lawsuits with HOA and the existing owners<br /> • Hired residential condo broker, but sold remaining units in bulk</td>
				</tr>
				<tr>
				<td class="style27" valign="top"><span class="style17 style10"><strong>Results:</strong></span></td>
				<td class="style25" valign="top">• We marketed and negotiated on behalf of GE a bulk sale of the remaining units <br /> • GE recovered 100% of their original construction loan/ mini-perm</td>
				</tr>
				</tbody>
				</table>

				<h3>DISTRESSED RETAIL CENTERS (PHOENIX)</h3>
				<table border="0">
				<tbody>
				<tr>
				<td valign="top"><strong>Services:</strong></td>
				<td valign="top">Construction Manager, Leasing Agent, Disposition Agent</td>
				</tr>
				<tr>
				<td valign="top"><strong>Asset:</strong></td>
				<td valign="top">3 Retail Centers</td>
				</tr>
				<tr>
				<td valign="top"><strong>Synopsis: </strong></td>
				<td valign="top">GE Capital took back all three properties after the borrower defaulted on the loan. Two properties had existing grocery anchors, the third had a vacant anchor space.</td>
				</tr>
				<tr>
				<td valign="top"><strong>Challenges:</strong></td>
				<td valign="top">• Each retail center had significant vacancy<br /> • The borrower let each property fall into disrepair which required extensive remediation <br /> • The lack of an anchor tenant on one of the centers</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Solutions:</strong></td>
				<td valign="top" width="551">• Evaluated and identified all maintenance issues<br /> • Remediated the deferred maintenance including new parking lots and new roofs <br /> • Installed new facades to update the look of the properties<br /> • Leased the vacant anchor space as well as the vacant shop space</td>
				</tr>
				<tr>
				<td class="style27" valign="top" width="106"><span class="style17 style10"><strong>Results:</strong></span></td>
				<td class="style25" valign="top">• Identified buyers and sold two of the three properties<br /> • Proceeds from the two sold properties have repaid a majority of the outstanding loan proceeds<br /> • We are currently marketing the third property for sale</td>
				</tr>
				</tbody>
				</table>
				
				<h3>DISTRESSED MULTIFAMILY (OHIO &amp; COLORADO) </h3>
				<table border="0">
				<tbody>
				<tr>
				<td valign="top" width="106"><strong>Services:</strong></td>
				<td valign="top">Construction Manager, Property Manager, Disposition Agent</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Asset:</strong></td>
				<td valign="top">3 Multifamily Properties (2 in Columbus; 1 in Colorado Springs)</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Synopsis: </strong></td>
				<td valign="top">Huntington Bank provided mezzanine financing to the borrower behind Fannie Mae first mortgages. The borrower mismanaged the properties which caused a large value erosion.</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Challenges:</strong></td>
				<td valign="top">• The Colorado Springs Property was 65% occupied<br /> • The Columbus properties were each &gt;80% occupied<br /> • All three properties had extensive deferred maintenance</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Solutions:</strong></td>
				<td valign="top" width="551">• Evaluated the physical needs of each property, remediated the deferred maintenance and hired new staff <br /> • Rehabilitated down units and put them back into service/leased vacant units<br /> • Created an extensive marketing campaign for each property</td>
				</tr>
				<tr>
				<td class="style27" valign="top" width="106"><span class="style17 style10"><strong>Results:</strong></span></td>
				<td class="style25" valign="top">• All three properties were leased up to &gt;95% occupancy<br /> • Negotiated and sold the two Columbus properties to one buyer <br /> • Sold the Colorado Springs property to another buyer for the highest price per unit ever paid in Colorado Springs for a 1980s vintage property<br /> • Huntington Bank recaptured in excess of 100% of their original investment</td>
				</tr>
				</tbody>
				</table>
				
				<h3>BROKEN CONDO/ MIXED USE PROPERTY (Wisconsin)</h3>
				<table border="0">
				<tbody>
				<tr>
				<td valign="top"><strong>Services:</strong></td>
				<td valign="top">Construction Manager, Property Manager, Disposition Agent</td>
				</tr>
				<tr>
				<td valign="top"><strong>Asset:</strong></td>
				<td valign="top">147 Condo units with 30,000 s.f. of retail space</td>
				</tr>
				<tr>
				<td valign="top" width="106"><strong>Synopsis: </strong></td>
				<td valign="top">Borrower received TIF financing from the City to build the project but lackluster sales resulted in a borrower default.</td>
				</tr>
				<tr>
				<td valign="top"><strong>Challenges:</strong></td>
				<td valign="top">• The property had many mechanics liens and lawsuits from contractors<br /> • The HOA was in complete disarray<br /> • The City was upset since they provided tax incentive financing<br /> • The vacant retail had not been marketed or leased.</td>
				</tr>
				<tr>
				<td valign="top" width="110"><strong>Solutions:</strong></td>
				<td valign="top">• Remediated the deferred maintenance <br /> • Paid-off all mechanics liens and settled all lawsuits<br /> • Worked in tandem with the HOA<br /> • Implemented new marketing strategy for unsold units and vacant retail</td>
				</tr>
				<tr>
				<td valign="top"><strong>Results:</strong></td>
				<td valign="top">• 52 units have been sold so far<br /> • Negotiating a proposal for 10,000 s.f. (or 1/3) of vacant retail space</td>
				</tr>
				</tbody>
				</table>