Joint venture vehicle formed to execute a condominium conversion in Orlando, Florida.
| Total Capitalization: | $137.3 million |
| Total Equity: | $27.3 million |
| Investor: | $26.8 million (98%) |
| Operator: | $0.5 million (2%) |
| Leverage: | 80% |
| Term: | 3 Years |
| Closing Date: | October 2004 |