FOR IMMEDIATE RELEASE

Media Contact: Nadene Bristow/ Dominique Pacheco

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LEADING MULTIFAMILY FINANCE TEAM OF PALMER, CHASE AND SHERMAN

FORM MULTI-HOUSING CAPITAL ADVISORS, INC.
Dynamic Team Expands Its Industry-Leading Investment Sales Capabilities

(LOS ANGELES, CA – JUNE, 2009) –Curtis A. Palmer, Herb S. Chase III and Peter M.
Sherman, market-making principals and three of Southern California’s top-performing multi-
housing professionals, have announced they have formed the first of its kind Multi-Housing
Capital Advisors, Inc. (MHCA), a full-service brokerage company specializing in the acquisition,
disposition and financing of multifamily properties throughout the country as well as an expertise
in student housing. Led by a strong team of regional experts with proven track records of
success, including its founders, MHCA brings a wealth of industry knowledge and experience to
the marketplace.

Founded on Success
The firm is an active player in the market, representing several notable apartment communities
and financing assignments, with plans to execute more than $500 million in transactions before
year end. MHCA will provide institutional investment sales, debt and equity financing services to
apartment owners, developers, pension fund advisors, financial institutions and insurance
companies. Capitalizing on its expertise in multi-housing financing, the firm recently expanded its
capabilities as a correspondent DUS lender, facilitating Fannie Mae, Freddie Mac and HUD
loans.

These seasoned professionals’ diverse clientele include many of the best known and successful
institutions including ING Clarion, Prudential Real Estate Investors, Westar Associates, US Bank,
AIG Global Real Estate, Bank of America, Blackstone, Goldman Sachs, Morgan Stanley, AIMCO,
Bear Stearns and JP Morgan, to name a few.

Collectively, they have successfully completed more than $20 billion in sales and financing
transactions, making them among the top multi-housing advisors in the United States. The team
represents the best in the multifamily industry and are experts at managing and executing a
comprehensive range of real estate services including:

• Investment property sales

• Single family and apartment land sales
• Note sales
• Acquisition, bridge and mezzanine financing
• Joint venture equity placement
• Portfolio and asset recapitalization
• Fannie Mae, Freddie Mac, FHA Financing

“During these times, our clients are demanding a greater degree of sophistication and creativity
when it comes to delivering long-term investment strategies, allowing them to seize new
opportunities and continuing to be successful,” said Mr. Palmer, principal and founder. “With an
infusion of talent and industry experience, MHCA provides an ideal, comprehensive platform from
which we can continue to innovate and lead,” added Mr. Chase, principal and founder.

A few of the team’s notable transactions include:

• Tuscany, Los Angeles, CA - $75 million sale of a mixed-use property adjacent to the
University of Southern California consisting of 120 units and 6,171 square feet of retail
space. The sale represents the highest price per unit price ($625,000) in the Western
United States in 2009.
• Berkeley Portfolio, Berkeley, CA – $146 million sale of a portfolio including 418
apartment units located in the heart of downtown Berkeley within walking distance to the
University of California at Berkeley.
• City Place, Santa Ana, CA - $27 million sale of a 60,000-square-foot retail center.
• On Broadway, San Diego, CA – $20,875,000 sale of a mixed-use property consisting of
33 units, 36,715 square feet of retail space and a 275 car parking garage in Downtown
San Diego.

MHCA is ideally poised to take maximum advantage of the diverse opportunities arising in all
areas of the Southern and Northern California regions, some of largest, hottest commercial real
estate markets in the nation.
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About Multi Housing Capital Advisors (MHCA)
Founded by industry leaders Curtis Palmer, Herb Chase III and Peter Sherman, MHCA provides
institutional investment sales, debt and equity financing services to apartment owners,
developers, pension fund advisors, financial institutions and insurance companies. Over the past
decade, the founders of MHCA have completed more than $20 billion in investment sales and
financing transactions. MHCA recently expanded its capabilities as a correspondent DUS lender
facilitating Fannie Mae, Freddie Mac and HUD loans utilizing its expertise in multi housing
financing.