Remington Financial Group, Inc. Announces $60,800,000 Permanent Financing Secured for Student Housing Complex

Business Wire, Oct 2, 2006

PHILADELPHIA -- Remington Financial Group, Inc., a Philadelphia based real estate investment banking firm, secured $60,800,000 in permanent financing for The Edge at Avenue North student housing complex, the largest single structure student housing building in Pennsylvania. The financing was secured from LaSalle Bank on behalf of an affiliate of Tower Investments. The permanent mortgage repaid the construction loan, also secured by Remington about 16 months ago, which financed the construction of the 1200 bed state of the art facility located at the gateway of Temple University's Philadelphia main campus. The 10 year term 30 year amortization permanent financing was entered into with LaSalle Bank approximately 14 months ago on a forward commitment basis. At that time, the developer, Bart Blatstein, elected to lock the rate which resulted in a rate substantially below today's rates.

Tower Investments conceived of The Edge at Avenue North, secured approvals, financing, constructed and delivered with 100% occupancy, all in less than 2 years. Tower Investments, while developing The Edge also developed on the same site another 100,000 sf building that houses a 7 - plex movie theater, retail and restaurants. Prior to and in contrast to Tower's involvement, 2 notable developers consumed over 12 years in their failed attempt to develop the site. "The success of The Edge at Avenue North now serves as a flagship example of privately developed student housing in strategic alliance with the university in which they serve" said Remington Financial Group's president, Matthew McManus. The Edge at Avenue North, the largest privately financed development project in North Philadelphia's history also leads the way as a cornerstone to the revitalization of the North Broad Street corridor between Center City Philadelphia and Temple's campus.

LaSalle Bank outperformed their competitors and got comfortable with the deal by investing the time needed to understand the extreme market demand for student housing. This understanding enabled LaSalle to take the lease up risk and fund 80% of the project's stabilized value upon C of O.

Remington's president Matthew McManus and Kris Wood, senior director structured the financing and lead the negotiations on behalf of the borrower. Chris Kosonen of LaSalle Bank spearheaded his team's handling of the transaction.

Remington Financial Group is a full-service boutique real estate investment bank that narrowly focuses on structuring and delivering debt and equity capital to sophisticated real estate owners and developers nationwide. As one of the leading firms that arranges joint venture equity, bridge, construction and permanent financing, RFG's services include originating, advising, structuring, preparing and underwriting the financing request package, negotiating and coordinating the placement and closing process. For more information on RFG, please visit www.remingtonfg.com.