Contact:
Judith Brower/Kelly Stephens
Brower, Miller & Cole
(949) 509-6551
jbrower@browermillercole.com

GEORGE SMITH PARTNERS’ LENDER SERVICES, ASSET SALES AND ADVISORY GROUP SECURES LOAN ASSETS FOR SALE
Group has $70 million worth of loans available for bidding

LOS ANGELES (January 13, 2009)— Commercial real estate investment banking firm, George Smith Partners, Inc.’s (GSP) “Lender Services, Asset Sales and Advisory Group” has been retained to sell a 10-loan portfolio secured by Southern California assets, as well as a $31 million whole loan secured by Las Vegas land.

“With a database of more than 18,000 clients, George Smith Partners has a competitive advantage in the note acquisition and REO investment arena, as well as access to more than 500 to 1,000 banks,” noted David Rifkind, Principal/Managing Director of George Smith Partners. “In addition to our four decades of expertise in mortgage and structured finance, GSP’s new Lender Services, Asset Sales and Advisory Group is bringing both sellers and buyers to the table to assist clients in the sale of existing commercial mortgage whole loans and subordinated debt.”

“The sellers will come from trusted relationships with lenders including banks, commercial finance companies, and private mortgage and mezzanine funds that we have worked with for four decades. On the acquisition side, we can turn to our existing client base, many of whom we have also worked with for decades, to make the deals as strong and rapid as possible for both the buyers and the sellers,” Rifkind added.

GSP’s investor/purchaser base of existing clients include private and public funds, domestic and foreign banks, pension fund advisors, specialty finance companies, private equity, hedge funds and high net worth private buyers.

The initial 10-loan portfolio GSP’s Lender Sales, Asset Services and Advisory Group is selling is secured by Southern California residential land for luxury, coastal housing, single-family residence, multifamily and mixed-use product. GSP’s Group is currently taking bids on single loans, groups of loans, or for the entire package.

The second loan GSP’s Group is selling is the $31 million whole loan, which is secured by 5.29 acres of land on the Las Vegas Strip across the street from the Mandalay Bay Resort.

“Our firm is a major player and industry leader in the distressed asset real estate movement, kicking off this Group with more than $70 million worth of loans available and an extensive knowledge of the real estate and financial details of complex assets,” explained David Rifkind, Principal/Managing Director of George Smith Partners.

The Lender Services, Asset Sales and Advisory Group’s services include portfolio evaluation, workout advice and executable strategies designed for rapid execution for the highest recovery available.

The Lender Services, Asset Sales and Advisory Group is one of several recent initiatives by GSP to respond to the rapidly changing capital markets environment. GSP continues to lead the industry with best in class commercial mortgage and investment services, which include mortgage origination, structured finance, loan and asset sales, litigation support, and restructure consultancy.

Founded in 1992, George Smith Partners specializes in arranging financing for commercial and residential properties, including acquisition, construction, bridge and permanent loans as well as mezzanine loans, highly leveraged participating loans and joint venture equity. In 2006, the firm enjoyed a record year, completing 262 transactions totaling more than $4.1 billion. Information about George Smith Partners is located on the company Web site, www.gspartners.com.