INVESTMENT SUMMARY

WG Stephanie, LLC entered into a Loan Sale Purchase Agreement with a national banking institution.  Concurrently, WG Stephanie entered into an agreement to purchase the property from the borrower.  Both acquisitions closed May 20, 2009.

INVESTMENT CHARACTERISTICS

The subject property is 21.9 acres of land and a suburban office building which is a part of a mixed use development located at the southeast corner of Stephanie Street and Wigwam Parkway in Henderson, NV.  Offsite improvements are completed.  Onsite improvements include wet and dry utilities, perimeter landscaping, pylon signage and two story building totaling 27,683 square feet of space to be used for office and or recreation.

Identifiable improvement costs to date are estimated to be $12.1 million with 10% allocated to soft costs.  This does not include any raw land contribution.  The asset was appraised for $23.7mm in February of 2008 and is available for sale.