TRECAP Partners Acquires Capmark Portfolios

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					            TRECAP Partners Acquires Capmark Investments’
                Real Estate Equity Advisory Business

Philadelphia—March 23, 2010—TRECAP Partners LLC has acquired the real estate
equity investment advisory business of Capmark Investments LP, including investment
management contracts and general partnership interests in its real estate equity funds. The
$4.3 billion portfolio includes 129 multifamily and commercial properties in the United
States and 41 commercial and multifamily assets in Europe. These investments are held
in four U.S. funds, one United Kingdom fund and several single asset/client accounts.
The announcement of the transaction was made here today by Douglas A. Tibbetts, the
chief executive officer of TRECAP, an affiliate of Hunt Companies, Inc.

The entire former Capmark Investments’ real estate equity leadership team--Robert
Fabiszewski, William Martin, Wayne Harris, Paul Dolinoy, and Gene Conway as well as
25 other employees including five in the UK are joining TRECAP to continue to manage
the acquired funds and client accounts. TRECAP additionally offers its clients the
resources of Transwestern’s nationwide network of property services offices and the
Hunt Companies’ extensive operations platform. TRECAP was formed in 2009 to
provide investment management and advisory services to institutional and high net worth
investors as well as insurance companies and sovereign wealth funds.

In the 1990s, Dolinoy and Conway worked together with TRECAP's principals--
Tibbetts, Gary Sligar, and Paul Klick at Equitable Real Estate Investment Management,
then the nation's leading real estate investment manager.

Tibbetts said: "TRECAP embraces the opportunity to work closely and effectively with
all the clients invested in these acquired funds, who consented to this transaction. After a
yearlong effort, we now have an extremely well capitalized firm, with a full range of
investment services, and proudly join together with Bob Fabiszewski and the rest of his
proven team to provide the highest level of service, meet our fiduciary responsibility, and
deliver results," he said. "In especially challenging commercial real estate markets, the
combined experience and knowledge in the TRECAP organization and our affiliates
should provide a major advantage to our investors in core and value added real estate

Fabiszewski, who oversees existing TRECAP funds, said: "The TRECAP platform brings
welcome stability to our team, which stays together, and significantly enhances our
operating capabilities for our clients, who should benefit from the substantial networks of
services and support provided by the TRECAP principals, the Hunt Companies, and
Transwestern. Our team embraces the opportunity to join an organization dedicated to
achieving the highest standards of performance and client service," he said.

TRECAP has offices in Sarasota, Philadelphia, San Francisco, Atlanta, Irvine, and
London. Its operations are supported by Transwestern's U.S. network of 26 offices, and
the Hunt Companies' significant operating platform, headquartered in El Paso, Texas.

Based in suburban Philadelphia, Capmark Investments’ equity real estate investment
management business grew out of GMAC Commercial Mortgage Corporation,
establishing a well regarded series of commercial real estate funds, specializing in
multifamily assets, for institutional investors. More recently, the company expanded
portfolio management into the UK, France and Germany.

About TRECAP Partners:

TRECAP provides real estate investment management and advisory services to pension
funds, corporations, sovereign wealth funds, endowments, insurance companies, banks
and high-net-worth money managers. The company has $4.3 billion in assets under
management and supervision in the United States and Europe and its portfolios comprise
holdings across all commercial property sectors--apartments, office, retail, and industrial.

TRECAP Partners’ portfolio includes:
 Multifamily:                    21,621 units
 Office:              5.4 million square feet
 Retail:              3.6 million square feet
 Mixed-Use:           1.9 million square feet
 Industrial:          1.2 million square feet

TRECAP’s principals headed leading investment and asset management companies,
which steered clients successfully through the last severe real estate industry downturn
and pioneered innovative funds/asset/property management strategies across the risk
return spectrum investing in real estate equity and debt. The company also harnesses the
considerable collective experience, expertise and financial strength of Hunt Companies,
Inc. and Transwestern—and employees from predecessor firms, Capmark Investments
and Equitable Real Estate Investment Management. These combined resources offer
TRECAP clients a proven cycle-tested investment management team, local presence in
26 U.S. markets, proprietary research, and a national dealflow pipeline with extensive
broker/local owner relationships.

A registered adviser with the SEC, TRECAP seeks to achieve long-term relationships
with investors through proper alignment of interests, transparent reporting, frequent and
timely communications, and most importantly an enduring commitment to meeting
fiduciary responsibility. For more information, visit

About Hunt Companies:
Hunt Companies, Inc. and its affiliated companies are a privately held diversified
investment, real estate development, design-build, construction management and
asset/property management holding company. Founded in 1947, Hunt and its affiliated
companies have become one of the nation’s leading developers and contractors with a
focus on public-private ventures, military housing, mixed-use, multi-family housing,
master-planned communities, retail, office, and value added asset management. Hunt’s
real estate investments consist primarily of ownership interests in over 44,000 multi-
family housing units across the country. In addition, Hunt owns commercial and
industrial space, and residential and commercial land. In total, Hunt’s owned portfolio of
real estate assets is in excess of $3 billion. The companies have been headquartered in El
Paso and operated by the Hunt family for four generations. Regional offices are in
Albuquerque, NM; Honolulu, HI; and Washington, D.C. Other Hunt affiliated companies
include Hunt Development Group, Hunt Building Company, Hunt Communities, Hunt
Military Communities, Hunt Holdings (Venture Capital and Private Equity), TRECAP
Partners, and Cimarron Mortgage Capital. For more information, visit

About Transwestern:
Transwestern, one of the largest privately held commercial real estate and development
firms in the U.S., is focused on creating value for clients in each local market it serves.
Transwestern’s unique business model offers fully integrated real estate services and
operates through six distinct functional lines of business - agency leasing, property and
facility management, investment services, tenant advisory, development and research -
for a broad range of property types, including office, industrial, retail, healthcare and
multifamily. Transwestern leads the industry in sustainability and has received multiple
EPA ENERGY STAR® awards. For more information, visit


For TRECAP Partners:
Mary Beth Ryan
Miller Ryan LLC

For Hunt Companies:
Stephanie Sierra
Hunt Companies, Inc.