THE WINDSOR BUILDING

38 Chauncy Street, Boston, MA

A classic value-add office investment opportunity in a Gateway city.

Challenge: Purchase, renovate, reposition, and lease-up a 132,000 square foot office building in the Downtown Crossing District of Boston.

This 132,000 square foot, 12-story, Class-B office property in the Downtown Crossing submarket was acquired "off-market" in 2007 by an affiliate of Haveland Estates in partnership with Black Rock. The Windsor has been extensively renovated and repositioned to succeed in the highly desirable "B"-office market in downtown Boston.

THE GRAMERCY

White Plains, NY

A worthy strategic investment in a strong, high barrier to entry sub-market.

Originally developed as Clayton Park Apartments, this 260-unit Class-A multifamily residential property was acquired "off-market" by an affiliate of Haveland Estates in partnership with Black Rock. Initially slated as a condominium conversion, the property has been extensively refurbished and amenitized to succeed as a premier rental community in a desirable downtown location of White Plains, New York. It contains a mixture of modern, attractive one bedroom/one bathroom and two bedroom/two bathroom apartment units with garage parking for 390 cars beneath the building.

NAPLES 701

Naples, FL

Very affordable housing in proximity to gulf beaches and premier shopping in one of Florida's most desirable destination resorts.

A residential community with 188 one-bedroom apartment units situated on 12 acres in downtown Naples, Florida, Naples 701 was acquired in 2006 by an affiliate of Haveland Estates in a condominium conversion strategy, with acquisition financing from Five-Mile Capital Partners. Deteriorating market conditions precluded the sale of the majority of units at pro-forma levels, thus giving rise to a retention strategy for the unsold units to be offered as affordable rentals. The property was significantly upgraded both internally and externally and positioned for ultimate success when market conditions return to more favorable levels. The property is currently operated and owned 100% by a Haveland affiliate, free of any debt.

234 CAUSEWAY STREET

Boston, MA

Challenge: Execute the first condominium conversion in Boston in 25 years.

• Acquired luxury rental building with 108 units in September, 2003.
• Rebranded the building STRADA 234 with a major public relations effort.
• Mounted a marketing campaign highlighting the location, amenities, parking and Boston harbor views, thereby leading to sales contracts on all units within 14 months.

Result: Highly successful, rapid conversion and execution of condominium sales strategy.

BELL SOUTH TOWER

Jacksonville, FL

Challenge: Acquired 1999, Refinanced 2002, Sold 2004

Acquire, reposition and enhance value of a one million square foot tower comprising 10% of the Central Business District Class-A office space in Jacksonville, FL.

Result: Significant value creation through aggressive leasing, expense reduction and appropriate capital enhancements.

15 NORTH BEACON

Allston (Boston), MA

Challenge: Full renovation and unit upgrades to a part commercial, part residential building in the heart of the Allston neighborhood.

Acquired at year-end 2004 and sold 100% in March 2006, 15 North Beacon is comprised of commercial units on the first floor and 175 residential units on the upper floors, a rooftop pool overlooking Boston, a three-level underground garage with 217 parking spaces, fitness center, business center and spacious lobby.

Result:  Successful repositioning, marketing and full sell out of all commercial and residential units in challenging market conditions.

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