THE CARLTON GROUP

Founded in 1991, The Carlton Group is a leading international real estate investment bank prominent in investment sales,equity and debt placement, recapitalizations and commercial and residential loan sales. The firm also specializes in providing asset valuations and advising clients on commercial loan restructuring.

We have completed over $80 billion of transactions which includes over $25 billion of "Post Credit Crunch" closed transactions.

Carlton executes a specialized practice of raising equity capital and we excel at coordinating and organizing asset specific bid strategies, for large transactions, often with multi-tiered capital tranches in order to generate the maximum amount of proceeds for our clients.

We have a proven ability in generating maximum sales proceeds through a negotiated or competitive sales process, or by arranging passive promotable equity from qualified investors. Additionally, we also possess a tremendous international rolodex of private equity, ultra high net worth, sovereign wealth investors, hedge funds, family offices, money managers, and other capital sources that are highly motivated to invest in quality projects with you.

Carlton's advisory practice focuses on the following areas, which enable us to provide you with a targeted and focused effort, which will result in maximizing proceeds and terms for you.

• EXECUTIVE MANAGEMENT TEAM:

  Howard L. Michaels, Chairman - New York Office - 212 716-5607
  Mr. Michaels is Owner and Chairman of the Carlton Group. Since 1990, Mr. Michaels has been instrumental in the marketing, sale and financing of over $80 billion of commercial and residential assets through the Carlton Group and its related entities. In addition to his responsibilities as Chairman, Mr. Michaels directs CarltonÂ’s loan sales and debt and equity placement activities. In this capacity, he has established a reputation as one of the nationÂ’s foremost dealmakers, and has arranged capital for such notable transactions as The General Motors Building, Manhattan House, 666 Fifth Avenue, and the Starrett-Lehigh Building in New York, among numerous others. He is a graduate of American University with a BS in Business Administration.

  Michael Campbell, Partner - New York Office - 212 716-5611
  Mr. Campbell has over 15 years of commercial real estate experience. Since joining Carlton in 1998, he has been integrally involved in the structuring and procuring of equity and debt capital for over $40 billion of real estate projects around the world as well as a senior member of CarltonÂ’s principal business. Prior to joining Carlton, Michael spent five years at various Prudential real estate groups including PRG, PCG and PMCC. He has extensive experience in all facets of real estate investments including: complex equity and debt capital structuring, business origination & development, loan/REO auctions and underwriting for all property classes. Michael has a degree in Financial Engineering from James Madison University and a masterÂ’s in Real Estate Finance and Investments from New York University.

• Daniel Bildner, Managing Director & General Counse l- New York Office – 212 716-5634
  Daniel Bildner is a Managing Director and the General Counsel of The Carlton Group and its related companies. In addition to his role as general counsel, Mr. Bildner is involved in Carlton's advisory, consulting, principal transaction and workout and restructuring businesses. He has over 15 years of experience in the real estate industry. Most recently, Mr. Bildner was vice president and general counsel of Armstrong Capital Management LLC, an owner and operator of nearly 3 million square feet of retail, shopping center, office, and multifamily properties, where in addition to being the chief legal officer of Armstrong, he also oversaw and led the acquisitions, financings, and joint ventures of the company. Prior to that Mr. Bildner was a partner at the international law firm of Greenberg Traurig, LLP
  where he practiced in the Real Estate Department for twelve years handling numerous complex acquisition, financing, construction and joint venture matters.

• Joseph Korbar, Managing Director & Co-Head of Loan Sale Group - New York Office – 212 716-5627
  Mr. Korbar is a Managing Director of the Carlton Group and Co-Head of its Loan Sale Group. Mr. Korbar is a residential loan and capital markets expert having held senior positions for JP Morgan Chase, Mortgage It and Deutsche Bank over a 20 year period. At Deutsche Bank, Mr. Korbar was a Senior Banker in the RMBS Fixed Income Division where he was responsible for pricing and new product development for a $25 billion per year book of investments. In addition, Mr. Korbar managed risk, hedged positions and determined best execution strategies for the portfolio. Prior to Deutsche Bank, Mr. Korbar worked at JP Morgan Chase as a Senior Vice President in the Finance Division. Mr. Korbar has a B.S. in Finance from Seton Hall University.

• Brendan P. Sullivan, Managing Director & Co-Head of Hospitality Group - 212-716-5624
  Mr. Sullivan has executed hospitality-related principal and advisory transactions with a market value in excess of $5.0 billion. Prior to joining Carlton, Mr. Sullivan was President of Stephen W. Brener Associates/InterBank Brener Hospitality, where he was responsible for the companyÂ’s three primary business lines: Investment Banking and Principal Activities; Advisory and Brokerage Services; and Strategic Relationships. His major clients included Marriott International/Host Marriott, Ladbroke (Hilton), FelCor Lodging Trust, Thayer Lodging Group and the Port Authority of NY and NJ, among others

• John Bralower, Managing Director & Co-Head of Hospitality Group - 212-716-5631 During his career, Mr. Bralower has completed over $20 billion of debt, equity, corporate finance, M&A advisory and leasing transactions for many of the real estate and hospitality industryÂ’s leading companies. Mr. BralowerÂ’s positions prior to joining Carlton include Managing Director and co-head of global real estate investment banking at Houlihan Lokey Howard & Zukin and President of Sonnenblick-Goldman Company. Mr. Bralower is a member of the board of the Lincoln Center Corporate FundÂ’s Real Estate and Construction Council and of the advisory board of Distressed Assets Reporter. He is a Trustee Emeritus of the Advisory Board of New York UniversityÂ’s Tisch Center for Tourism and Hospitality and is also a member of the New York State Bar and the Chairman of the Planning Board of the Village of Oyster Bay Cove.

• Sybil Ellis, President of Investment Management Division
  Ms. Ellis is President of CarltonÂ’s Investment Management Division and has over 27 years of extensive real estate investment and management experience in all commercial property types of the real estate industry. Her areas of expertise include complex negotiation skills and origination of acquisition and disposition transactions as well as a background in strategic mergers, development and due diligence. As former Co-Head and Executive Vice President of Real Estate Investments at Sam ZellÂ’s Equity Office Properties Trust, Ms. Ellis was one of the top five executives and comanaged all acquisitions, joint ventures, dispositions and development activity throughout the country. She played a key role in the formation of strategies and growth of Equity Office during her eighteen year tenure with the company.

• Anthony F. Marando, Managing Director  – 212-716-5636
  Mr. Marando is a Managing Director in Carlton's Equity/ Debt Advisory and Strategic Ventures Departments, responsible for the origination and placement of large corporate and real estate related structured transactions and funds. Prior to joining Carlton, as a veteran of the commercial real estate market for the past 30 years, he has personally originated and placed over $1 billion of commercial real estate and corporate transactions throughout his career. He has also been a Licensed NYS Real Estate Broker since 1983. Mr. Marando is happily married for over 21 years and is a proud father of 3 children.

• Patrick Blount, Managing Director  – 212-716-5606
  Patrick has 21 years experience in exclusively in loan sales management. He served as President/CEO of Benewolf, LLC, as Managing Director of Loan Sales for The Debt Exchange, as an Acquisition Specialist for Security National Servicing Corporation, as Partner and Managing Director of The NPA Group (a loan sale advisory firm), and as Senior Vice President of Koll-Dove (loan sale advisors). Pat began his career as a licensed real estate broker in Houston, Texas in 1975 and prior to focusing on the loan industry, he was President and CEO of a firm which specialized in real-estate partnerships and resort hotel financing. Pat founded BENEWOLF in February of 2007, and has established the company as a nationally-recognized leader in the loan sales industry. BENEWOLF works with lenders nationwide to guide them through every aspect of managing under-performing loan portfolios and REO properties.

• Robert Mudry, Managing Director 212-716-5618
  Mr. Mudry oversees the Carlton Merchant Banking/Equity Placement and Advisory Service Groups. Mr. Mudry is a seasoned sales and marketing professional with over 30 years of business development, capital raising and managerial skills. He has raised billions of dollars in capital from global sources for financial institutions including, prominent hedge funds, private equity and family offices. He has also served as advisor and provided strategic direction and financing for several listed public companies over the last decade.

• Jonathon Ivory, Director
  Jonathon Ivory is a Director and head of Carlton's London office. Mr. Ivory has more than a decade of international commercial and residential real estate experience including direct property investment, development, financing and asset management and has played leading roles in real estate transactions globally totaling over $2 billion. Prior to joining Carlton Jonathon was Vice President at Broberg Capital, a U.S. distressed real estate investment group, as well as had previous roles including the Head of Global Development at Cornhill Capital, a U.K. based investment company and a Development Executive at The Raven Group. Jonathon has advised over 100 European financial
  institutions, family offices and high net worth individuals during his career. He received his Social Sciences Bachelors Degree from Bristol University.

• Dennis Cisterna, Director
  Mr. Cisterna is a Director with Carlton Advisory Services and has more than a decade of experience in
  commercial and residential investment and development. Most recently, he served as Sr. Vice President at Broberg Capital, where he led principal investment activities and served as an advisor on distressed real estate to more than 70 financial institutions and family offices across the U.S and Europe. Previously, he held key management positions with Lennar and Toll Brothers, two of the largest U.S. home builders, where he was responsible for more than $225 million in land acquisitions.

• Ken Montgomery, Managing Director
  Mr. Montgomery has over 15 years of extensive investment and management experience in all commercial property types of the real estate industry. His areas of expertise include the implementation of repositioning and restructuring strategies for complex real estate assets as well as the sourcing and structuring of acquisition and disposition transactions for both investment managers and funds. During his career, Mr. Montgomery has been involved in the origination, underwriting, closing and management of over $5 billion of real estate transactions including senior mortgages, convertible debt, preferred equity, mezzanine financing, equity financing, development bond financings,
  joint ventures and portfolio restructurings. His previous positions include Director of Structured Finance for CIT's Commercial Real Estate Group and ING Bank's Commercial Real Estate Finance Group.

• Lori Jean Casey, Managing Director
  Mrs. Casey has more than decade of experience in real estate investments across all asset types and is perhaps best known for her expertise in acquiring, disposing and asset managing residential investments. Mrs. Casey has been involved in the asset management and dispositions of over 10,000 multifamily units and has spent the last ten years working for some of the top residential investors in the country. Prior to Carlton, Mrs. Casey has held a senior position at RCG Longview where she was head of the REO Team responsible for analyzing, formulating and executing work-out plans for multifamily asset which involved over a $1bn of dollars of residential value. Overall, Mrs. Casey has been directly involved in the valuation, asset management and capitalization of over $12bn of asset throughout the US, Mexico and Europe. She has also worked at the Fifteen Group and AIGGRE with responsibilities for portfolios in excess of 15,000 multifamily units. We are delighted to have Lori Jean on our team and believe he will be a great addition and help in growing our Multifamily platform remarked Carlton Partner Michael Campbell.
  

• Richard Nordin, Managing Director
  Mr. Nordin has over 15 years experience in real estate and private equity, with extensive experience living and working in Russia and Eastern Europe. His previous positions include Managing Director of Lone Star Ventures, a Moscow-based property developer, in which role he raised and deployed over $900 million of capital for industrial developments in Russia and Kazakhstan. Prior to Lone Star, Mr. Nordin managed a private equity fund with investments in Moscow, St. Petersburg, Kiev (Ukraine) and Almaty (Kazakhstan), as well as stints in portfolio companies in the broadcast television and telecommunications fields in Russia. Mr. Nordin is a fluent Russian speaker, and received B.A. and M.A. degrees from Harvard University. He is a CFA Charterholder.

• Edward Lee, Senior Associate, Investment Management Division
  Mr. Lee is Senior Associate of Carlton's Investment Management Division and has over 15 years of real estate experience. His areas of expertise include equity and loan underwriting, due diligence, valuations and portfolio management. Most recently Mr. Lee worked as an Associate at Northwestern Mutual. In this role, he analyzed and reviewed over $5 billion in commercial real estate loan and equity acquisition investments. Additionally, he managed over $1 billion in equity and joint venture assets. Prior to this, he held various positions at Vornado Realty Trust, PriceWaterhouseCoopers, and RREEF.

• Kyle Morque, Director
  Mr. Morque is a Director at The Carlton Group and works within its Merchant Banking Division and Carlton Strategic Ventures. Prior to joining Carlton, Mr. Morque was a senior executive at the Moinian Group, where he was directly responsible for the asset management of a 15 million square foot portfolio spanning throughout the country. Mr. Morque is also an acknowledged expert in workouts and loan restructures, having been directly involved in several billion dollars of restructures while at the Moinian Group and other senior positions that he has held.

• Steve Fenster, Managing Director - 212-716-5614
  Steven Fenster is a Managing Director of Carlton Advisory Services, Inc. and Carlton Strategic Ventures. He has over 25 years of combined real estate and investment finance experience.  During the course of his career working both with syndication firms and investment banks he has been involved in raising money from investors for many diverse financial projects throughout the country. Whereas he has familiarity in all areas of Real Estate Equity and Debt financing, he specializes in obtaining Equity for acquisitions, recapitalizations and development projects. He has extensive experience with office buildings, multifamily rentals ,hotels, ground up developments, condominium conversions and mixed use projects. His responsibilities at Carlton include Debt and Equity placement and Investment Sales. Prior to joining Carlton, Steve held significant advisory positions at UBS, Oppenheimer and Lehman Brothers. His responsibilities included financial planning, asset allocation analysis, and portfolio management of investments totaling over 100 million dollars.

• Jeremy Motz, Director
  Prior to joining Carlton, Jeremy was a Senior Vice President at Jefferies & Company, Inc., a mid-market full service investment bank. At Jefferies, Mr. Motz founded and ran the Mortgage Loan Warehouse Finance division. He was responsible for originating and selling over $1 billion in warehouse repo lines. Prior to Jefferies, Mr. Motz was a Senior Vice President at Fimat USA, Inc., a subsidiary of Societe General Bank, one of the largest banks in France. At Fimat, he founded and ran their warehouse finance business and closed and disposed of over $500 million in financing transactions. Mr. Motz also spent three years as a commercial real estate workout specialist at The Dai-Ichi Kangyo Bank, a Japanese bank located in New York. Jeremy is a graduate of Boston University.

• Andrew R. Steel , Vice President - 561-207-6250 
  Mr. Steel’s career has focused on sophisticated problem solving; including CMBS restructuring, loan workouts, development, construction rehabilitation, project management, acquisitions, dispositions, leasing analysis and transactional documentation. Mr. Steel will be responsible for performing underwriting and analysis of various portfolios, the execution of debt and equity transactions and sourcing new clientele. Mr. Steel came to the Carlton Group after acquiring approximately $200MM worth of distressed loans and Real Estate with the Lubert-Adler/ Related Investment Fund. In this role, he was responsible for portfolio valuation and underwriting of all asset classes. Prior to that, he was a Development Manager for Faison where he managed the due diligence and pre-construction process for Multi-Family Housing, Retail and Mixed use developments. Mr. Steel has earned his Bachelor of Business Administration from the University of North Florida with majors in Economics and Finance with a concentration in Real Estate. Mr. Steel has earned his Master of Business Administration from the Crummer Graduate School of business at Rollins College with concentrations in Finance, Management and Entrepreneurship.