Subject: Atlanta Portfolio
From: "Devon Archer" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Donald Storino" <[email-masked]>, "Arlene Busch" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Cc: "Daniel Burrell" <[email-masked]>, "Jenny McMahan" <[email-masked]>
Date: Thu, 30 Jun 2011 21:34:48 +0200

Folks,
As discussed with everyone separately today the excitement never stops.
Prior to the unfortunate Aleman development we were at roughly a $20k
surplus of sub documented LPs.  However, the table below and attached
details the updated status on Atlanta equity gap.

We need to sell this as, 'a unique opportunity to take advantage of an
allocation in an incredible deal that would not otherwise be available but
for the distress in one of our investors unrelated assets, which has created
a liquidity crunch with the investor, and has thereby prevented them from
being able to fund the transaction.  We're closing the transaction and have
this rare opportunity to let said investor in.'  The merits of the deal
speak for themselves and the fact Michael Sachs put a dollar into the deal
from his PA should be validation enough in our underwriting.  10% + current
yield and mid 20's% return, largest tenant (25%of occupancy) not rolling off
until 2020.  Rapidly expanding sub market of Atlanta, etc.

(Storino & Archer are included in the retail bucket number)

ATLANTA FUNDRAISING
     as of 6/28/11 

 TOTAL FUNDING REQUIRED    $17,000,000
          
 Commitments      
 RREAF (including Lone Rock)    $9,233,000
 Retail      $4,782,500
 Total committed Funding    $14,015,500
          
 Excess / (Gap) in Committed Equity    $(2,984,500)

Investor Detail    
      
 RREAF        
 Funds Received in Escrow
   Griswold   $1,000,000
   Navarro   $128,000
   Lofft   $200,000
   Hutchinson   $500,000
   Sacks   $250,000
   Total RREAF Received   $2,078,000
        
 Outstanding Commitments
   Krinsk   $1,500,000
   Aleman   $-     
   Van Wyck   $100,000
   Yarmuth   $625,000
   Lone Rock   $4,930,000
   Total RREAF Outstanding   $7,155,000
        
 TOTAL RREAF COMMITMENTS    $9,233,000
      
 RETAIL      
   Funds Received in Escrow   $3,245,000
   Outstanding Commitments   $1,537,500
 TOTAL RETAIL COMMITMENTS    $4,782,500