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

LOS ANGELES (April 14, 2009) - Commercial real estate investment banking firm, George Smith Partners, Inc.’s (GSP) Asset Sales and Advisory Group has been exclusively retained by an established California-based private mortgage fund to sell a first mortgage in the advanced stages of default. The note is secured by a prime location condominium development in Henderson (Las Vegas), Nev.

The first mortgage balance is $37.5 million. Foreclosure on the property has already been published and may be completed within a short time at the discretion of the first mortgage holder.

The note is secured by the Vantage Lofts, a multi-phase development in the City of Henderson, NV. The first phase of the development is comprised of three buildings; two 40-unit buildings that are approximately 90 percent complete, and a 30-unit building that is approximately 50 percent complete. The property also features additional land that may be approved for 320 additional units.

“This mortgage is a true opportunity for a serious real estate note buyer secured by rare loft product located in an area widely recognized as one of the finest communities in the State of Nevada. It is suited for an investor who will acquire nearly completed inventory and is looking to sell into the housing recovery,” said David Rifkind, Principal/Managing Director of George Smith Partners. “The Vantage Lofts are targeted to young professionals. The property includes contemporary design, luxury amenities and large, loft style units with high ceilings. The location, design concept and potential price point will make Vantage Lofts highly desirable to buyers in a recovering market. We anticipate that the mortgage will sell quickly.”

The Vantage Lofts are in the hills of Henderson, close to high-end shopping and dining at The District at Green Valley Ranch. The largely single-family estate neighborhood, which includes McDonald Highlands, a premiere gated golf course estate community, provides easy access to work places throughout the city.

George Smith Partners’ Asset Sales and Advisory Group’s services include portfolio evaluation, workout advice and executable strategies designed for rapid execution for the highest recovery available. This is the fourth major assignment the group has taken to market since inception in November 2008.

The Asset Sales and Advisory Group is one of several recent initiatives by GSP to respond to the rapidly changing commercial real estate and 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.

For additional information or to make an inquiry, please contact Max Friedman (mfriedman@gspartners.com) or Craig Hamilton (chamilton@gspartners.com) of George Smith Partners.

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.