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Capstone Advisors' Residential Portfolio Tops $3.8 Billion more than $500 Million in San Diego County Alone

November 9, 2005

SAN DIEGO - Capstone Advisors, a San Diego-based real estate investment and advisory firm, announces that its Southern California residential portfolio has surpassed the $3.8 billion mark with projects in San Diego County alone representing more than $500 million in total buildout value.

"San Diego has been and will always be a key market for us as we continue to follow our strategy of helping to provide a variety of financing options to builders and developers through equity joint ventures and mezzanine debt investments," said Alex Zikakis, president of Capstone Advisors. "We are also expanding our presence in the growing Imperial Valley, Palm Dessert/Riverside County and northern Los Angeles County regions where there is a very high demand for housing at a variety of price points."

Zikakis, who is the 2005 Ernst & Young Entrepreneur of The Year award winner for real estate and finance, reports that Capstone Advisors currently has seven San Diego County residential projects in various stages of development and sales. The projects are adding 1,508 much-need housing units to the market. They are:

• Highpoint, a joint venture with Innovative Resort Communities that is located in Escondido and comprises 39 single-family homes on large 2- to 80-acre lots (buildout value $44 million)
• Warner Ranch, located in North San Diego County, a joint venture with the Monarch Group that is adding 961 single-family lots with a total sales value of $90 million
• Ventana, a joint venture with Trimark Homes that is building 117 single-family homes in Chula Vista (buildout value of $67 million)
• Woodley's Glen, a joint venture with John Laing Homes that includes 86 single-family detached homes in San Marcos (buildout value of $60.5 million)
• The Quorum, a joint venture with Trimark Homes in San Marcos that includes 106 single-family attached homes with a total buildout value of $57 million
• Isla Vista, a joint venture with John Laing Homes in Carlsbad that encompasses 61 single-family detached homes with a buildout value of $55 million
• Montecito, another joint venture with Trimark in Chula Vista that includes 70 single-family detached homes with a buildout value of $67 million
• Montreaux, a joint venture with California Traditions that is adding 68 homes in Escondido with a buildout value of $50.3 million

Capstone Advisors is an active real estate equity investor in development projects throughout California, Arizona, Nevada and other western states. Its residential development portfolio is valued at over $3.8 billion and represents developments throughout the southwest. Additionally, the company's structured finance group specializes in bridge financing for commercial and residential real estate, with emphasis on senior financing in the $5 million to $20 million range for transactions that do not meet the requirements of conventional bank lending.

Capstone Advisors is headquartered in San Diego at 11682 El Camino Real, Suite 300. The phone number is 858-794-7000. The company's web address is www.capstoneadvisors.com.

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