Sonnenblick-Eichner Company Arranges $120 Million of Construction Financing for Playa Del Oro in West Los Angeles, California

LOS ANGELES, CA -- (MARKET WIRE) -- January 22, 2007 --Sonnenblick-Eichner Company announced today that it has arranged $120,000,000 of construction financing for Playa Del Oro, a mixed-use development that will be comprised of 410 luxury apartments, 27,000 square feet of retail space, and subterranean parking for 1,170 cars. The development is located in the community of Westchester in West Los Angeles. Upon completion, Playa Del Oro will be among the most exclusive high-end multifamily communities in Los Angeles.

Accented with an architecturally distinct copper-clad dome, Playa Del Oro will be the new "Town Center" of Westchester. The development will offer 12 live/work units, together with amenities including a large resort-style pool and sundeck, two outdoor spas, a fully equipped state-of-the-art fitness center, a business center and a coffee bar/lounge. Individual units will offer oversized terraces, fireplaces, and state-of-the-art communication capabilities.

Elliot Eichner, a Principal of Sonnenblick-Eichner Company, commented, "We were successful in securing financing for this transaction from a European money center commercial bank who was able to provide non-recourse construction financing with no syndication contingency."

Patrick Brown, also a principal of Sonnenblick-Eichner Company, added, "This is the second major construction loan that we have recently structured in which we arranged non-recourse construction financing and negotiated a cap on the completion guarantee, thereby limiting our client's completion risk exposure."

About Sonnenblick-Eichner Company

Sonnenblick-Eichner Company (www.sonneich.com) is a Los Angeles-based real estate investment banking firm that specializes in arranging structured finance for acquisition, construction and permanent loans, interim and mezzanine financing as well as joint venture equity transactions. The company is recognized for its expertise in marketing institutional real estate for sale and providing capital for all product types including retail, office, hospitality, industrial, and multifamily properties.

Contact Information: Media Contact: Debi Fidler 310-286-7700