CARLTON TO CONDUCT $300 MILLION LAND LOAN SALE AUCTION – CONSISTING OF PRIME LAND LOANS AND ACQUISITION AND DEVELOPMENT LOANS – TO BE CONDUCTED VIA SEALED BID AUCTION

Carlton Group (“Carlton”) Chairman Howard L. Michaels announced that Carlton has been appointed exclusive sealed bid advisor by two large financial institutions to sell over $300 million of loans secured predominantly by prime development land and properties that are currently in various stages of development.  The institutions are both seeking bids by December 3, 2008.  Bidder registrations and access to due diligence material are available by calling 866-800-5111.

Many of these loans are performing and secured by acquisition and development land located in prime markets across the country including many properties that are located on a waterfront site and have ocean views.  These land loans are secured by properties located in Florida, Nevada, California, Alabama, North Carolina and South Carolina and include raw land, improved and entitled properties having all necessary developmental licenses and permits and large developments properties with the tremendous opportunity to build them out.

Certain of the loan assets included in these dispositions include:

• Multiple loans to one borrower secured by over 100+ spec homes, 500+ lots and raw land located in the Florida panhandle and Alabama.
• Land Development Loan secured by approximately 80 acres with 175 finished lots in a residential subdivision in Southern California.
• Land Acquisition and Development Loan secured by 200+ acres of developed and partially developed prime land lots located north of Tampa, Florida;
• Loan secured by proposed lots, finished lots and SFR units under construction in various phases of a residential subdivision in Las Vegas, Nevada MSA;
• Land Acquisition and Development Loan secured by Atlantic Oceanfront land located near Daytona Beach and zoned for commercial usage in Florida;
• Land Development Loan secured by land lots in an upscale ski community in North Carolina
• Land Development Loan secured by 42 acre parcel and 148 acre parcel in Tampa, Florida MSA
• Land Development Loan secured by 260 acres of prime vacant land (zoned mixed use) in Pasco County, Florida

Developers and targeted land buyers would be well served to evaluate the numerous land opportunities these current sale initiatives offer.  “We’re delighted to bring these portfolios to the attention of prospective purchasers” said Howard L. Michaels, Chairman of Carlton Advisory Services.

Carlton executives, Thomas McCarthy, Managing Director, Ken Spears, Managing Director, and John MacConnell, Vice President are handling the sale for Carlton.  All questions and inquiries regarding the assets and the sealed bid process should be directed to 866-800-5111.

Carlton Advisory Services, Inc. is a national real estate investment banking firm prominent in debt and equity placement, investment sales, and commercial and residential loan sales. Carlton specializes in arranging passive, promotable equity for real estate and real estate-related Fund vehicles for many of its clients who include some of the most successful developers and institutions nationally. Carlton was founded in 1991 and has consummated in excess of $45 billion of transactions since 1998.