Ascend Real Estate Group

Tel: (312) 252 - 9270

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CONSULTING

LENDER SERVICES

PRINCIPALS

CURRENT PROJECTS

PAST PROJECTS

CLIENTS

AFFILIATIONS

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HOME At Ascend Real Estate Group LLC our pledge to our clients, investors and partners is "Integrity and Service."With a combined 73 years of real estate experience, we believe that the best real estate solutions are strategic and require experienced professionals. We help clients achieve real estate objectives within the context of their overall mission - and achieve them more quickly, at a lower cost, and with less risk. As trusted advisors, our focus is on the satisfaction of our client.Our expertise extends to all major property types and land uses - office, industrial, retail, hotel, residential and mixed-use projects. Ascend Real Estate Group serves private, corporate and institutional clients that use real estate to achieve core missions, objectives, as well as public and private investors that own real estate as a financial asset.The firm's real estate experience and services include:Consulting - Workouts and RestructuringReceivership Services, Litigation and Bankruptcy SupportConstruction and Development ManagementProperty and Asset ManagementAcquisitions and DispositionsPortfolio Analysis and Business PlansDue Diligence and Financial UnderwritingDirect Real Estate Investment

Our Mission

“We share and create value and investment returns through the identicication and implementation of unique solutions and creatively developed methods to investing, consulting and planning. Experience that is delivered through various cycles of real estate investment and development in various real estate asset categories.”

CONSULTING

CONSULTING

Ascend Real Estate Consultants LLC is a subsidiary of Ascend Real Estate Group LLC. Project Management services play through the entire life cycle of pre-site selection to occupancy or completion of marketing & sales. Engaging AREC early in the programming and planning allows us to offer the broad skill set to drive down project costs and reduce timelines while increasing return on investments.

Our goal is to insure that real estate strategies are fully aligned with an organizations overall objectives. We focus on addressing complex real estate challenges by first understanding a clients distinct needs, and then applying a multi disciplinary approach. This system allows AREC to offer comprehensive strategies, customized to each clients requirements.

Property and Asset Management

Understanding theimpotance that management has on the profit and performance of your business and investment is at the heart of our success.

AREC's approach to property management goes well beyond traditional service models because we're focused on creating value, and increasing cash flow for our clients.

Our results are achieved by -

Introducing leading practices in the areas of organization, design, property management, technology, operating cost management and reporting.

Leveraging our network of experts, strategic partners, alliances and preferred suppliers.

Delivering actionable insights and considerable results to increase our clients competitive advantage.

Affiliations with the top brokers and leasing firms in the U.S.

Asset Valuation and Due Diligence

Accurate and reliable services are critical to the success of every Real Estate Investment.

Single Asset Valuation

Portfolio Valuation

Market Analysis

Appraisal Reviews

Lease and Cost Analysis

Financial Underwriting and Projections

Due Diligence on Acquisitions

Development and Construction Management Services

Arec undertakes land use studies and provides strategic solutions to real estate planning, development and construction.

Market Analysis

Financial Feasibility Studies

Highest and Best Use Studies

Preparation of Design Briefs

Retail Planning and Tenant Mix Studies

Large-Scale master Plans

Residual Land Value Analysis

Lender Construction Loan Support/Inspections

LENDER SERVICES

Receivership

When lenders need to understand the value of watch list and foreclosed assets, AREG offers experience and the creative minds needed to carry out strategies. Knowing when to go back to the basics while facing the challenges involved with workout and foreclosure assets.

Unfinished development projects or partially entitled land holds untouched value. We can advise on the potential of a project for the lender or can work with a developer to provide added resources to complete a project and help avoid foreclosure. Experience and credibility help differentiate AREG.

Whether the plan is to hold, sell or refinance AREG can achieve client goals by leveraging our industry relationships and market knowledge to obtain the best possible results.

Asset Management

Maximize recovery of non-performing loans

Property/portfolio valuations

Construction assessment

Loan restructuring

Property financing evaluations

Property management and operations reviews

Project Management

Reposition and improve property

Operating Plan development

Attract and retain quality tenants

Financial reporting

Property Accounting

Dispositions

Select broker representation

Create marketing plan

Create full sales packages

Manage RFQ or RFP programs

Streamline bidder due diligence

Prequalify buyer and sources of funds

More informed client decision making

Construction Management

Whether you’re seeking a construction manager or a general contractor, we get involved up front, mitigating your risk by partnering with architects, engineers and other consultants to determine the best approach to executing your vision.

We collaborate with colleagues in development, leasing, corporate finance, property management and brokerage to deliver the best-informed solution. You’ll experience the confidence of having a fully integrated team standing behind your project.

Litigation and Bankruptcy Support

Managing and stabilizing property

Unfinished Construction & project analysis

Litigation and bankruptcy support

Marketing and sales strategies

Workouts and REO dispositions

PRINCIPALS

Walter A. Rebenson

CEO

With over 29 years of experience in the real estate industry, Walt has worked for large public companies with assets ranging from $2.0 to $7.0 B.

Walt has extensive experience in various asset classes including office, retail, hotel, condominiums, townhomes, apartments, single family homes and land development.

Walt's experience includes acquisitions of existing properties as well as extensive experience in development and construction. He has directed over $2.5 B in direct investments in real estate assets and developments throughout the U.S.

Previously, Walt was the COO of the Fordham Company for 10 years. More recently Walt was the Vice President of Development for AvalonBay Communities, Inc. a top five REIT in the apartment, development and management sector.

In addition, Walt was a senior officer of Banyan Management Corporation which was formed to reposition and liquidate a portfolio of 8 REITS with over 78 properties throughout the U.S.

William F. Purcell

President

With over 25 years of experience in real estate investment and development, Bill has been involved in over $1.6 B in various real estate assets including new development. Bill's experience includes office, residential, medical, retail and education sectors.

Previously, Bill was President at Kimball Hill Homes where he has focused on the development and redevelopment of suburban and city center areas in Chicago.

Prior to Kimball Hill Homes, Bill was the Senior Vice President of the Fordham Company and was involved in the company's strategic planning, administration, sales and marketing and business development.

Previous to the Fordham Company, Bill was a Director of Global Consulting at Jones Lang LaSalle, (a publicly traded international real estate provider) focused on higher education consulting where he managed complex development and redevelopments.

Robert G. Eshoo

Senior Vice President of Construction

With over 19 years of experience in commercial and residential real estate development, Rob has been recognized for his achievements in establishing operations, increasing revenue, construction and project management and employee development.

Most recently Rob served as Vice President of Construction for Terrapin Properties, a residential developer in Chicago. In this position, he was responsible for new residential construction as well as conversion projects with construction costs totalling over $400 million. Rob played a key role in forming a scalable organization, revamping all processes and in doing so completing three high rise projects, two multi-family projects and managing projects in Florida and Arizona.

Prior to Joining Terrapin, Rob was Vice President of Construction for MCL Companies where he managed all residential construction projects in Chicago and Colorado.

CURRENT PROJECTS

AREG or AREC has been engaged as a consultant by several lenders, institutional investors and private owners and currently have $100 M in projects under managment. Consulting services range from Receivership, work out/restructuring consulting, market analysis and planning, financial underwriting and projections, property management, condominium management, development management and construction management services. AREG has assignments on land parcels to complete planning, zoning, annexation and engineering to position land assets for eventual development and sale.

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Roselle, IL - 62 Condo Units Plus Retail

Property over 92% sold out in less than 12 months

Receiver assignment

Defaulted condo and retail project with unsold units and vacant retail space

Completed market review, new pricing and marketing program

Established new marketing website for project

Created new sales contracts and coordinate all closings

Stepped into developer Board of the Association to clean up operations and economic performance of the property and property manager

Completed bidding for completion costs of unfinished condo units

Completed new leases and manage build out of retail space

Managed rented condo units

All reporting requirements as Receiver during foreclosure by Lender

Manage home owner association meetings

Manage property operations and all accounting functions and funding requirements of Lender

Managing commitments and relationship with municipality

Identified, managed and completed full property inspections by third party consultants

Stabilized the property and association and positioned units for sale and retail space for leasing

Maximize recovery by lender, as well as protected the borrower during Receivership and through the foreclosure process

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New Lenox, IL - 6.4 Acre Retail Land Parcel

Completed annexation, zoning, subdivision and preliminary engineering

REO land parcel engaged as consultant for planning, zoning, engineering and annexation for new shopping center

Assembled and managed professional team including legal, land planning, engineering, traffic and environmental professionals

Completed market research and leasing strategies in order to create a viable retail development plan

Run presentation meetings with municipality and staff and all public hearings

Establish exit strategies for owner/lender to maximize the land value

Completed financial projections and sensitivity analysis on the proposed development

Met with adjacent neighbors to secure support and resolution including access issues

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New Buffalo, MI - 41 Condos plus 6 Retail Stores

Appointed Receiver on property in foreclosure

Second home resort community with condos and retail

Manage condo association and have stepped into board role for the association

Completed reviews and amendments to the association financials, budgets and operations

Completed market research and new marketing and pricing plans for the unsold units

Interviewed, negotiated and engaged new listing agent

Completed full budgets and projects for the property

Completed bidding and estimates of hard costs to complete units and retail spaces

Ongoing assignment with scheduled completion target for year end 2010

Created pricing and marketing plan to reduce holding costs and maximize collateral value within a set holding period

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Riverwoods, IL - 2 Existing Shopping Centers - Approximately 69,000 s.f.

Property Management services on two shopping centers

Established cost controls and detailed reporting requirements

Stabilized occupancy and lessee/tenant relations

Working with leasing broker to complete lease up of centers

Riverwoods, IL - Planned 320,000 s.f. New Shopping Center

Development Management services to complete planning, annexation, zoning, TIF creation on land for a new community shopping center

Identified and assembled a team of consultants including legal, land planning, environmental, traffic, TIF support and leasing

Principal working with municipality to secure all approvals required to position the property for development and construction

Complete full underwriting and financial projections for the planned development

Lead efforts with leasing agent to secure tenants for the development

Negotiate terms of leases

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Lincoln & Peterson, Chicago, IL -

9,000 s.f. planned strip retail

Walgreens and Bank of America on adjacent parcels

Receiver assignment

Protect planned development and construction permit approval

Create marketing package for eventual sale

Update surveys, restrictive covenants and shared easements

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Waukegan, IL

Receiver assignment

Established cost controls and detailed reporting requirements

Stabilized occupancy and lessee/tenant relations

Protect planned development and construction permit approval

Managing commitments and relationship with municipality

Identified, managed and completed full property inspections by third party consultants

Stabilized the property and association and positioned units for sale and retail space for leasing

Maximize recovery by lender, as well as protected the borrower during Receivership and through the foreclosure process

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Polk and Dearborn, Chicago, IL

Small retail parcel, partially completed

Receiver assignment

Protect planned development and construction permit approval

Create marketing package for eventual sale

Update surveys, restrictive covenants and shared easements

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Ashland & Division, Chicago, IL

Receiver assignment

Established cost controls and detailed reporting requirements

Secured Property

Researched redevelopment potential

Created Marketing Package for Disposition

Secured multiple offers and analysis

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PAST PROJECTS

Project Page 1

Clark and Polk, Chicago

AvalonBay

1,000 Apartments in 2 high-rise buildings

PD Complete ready for construction

$300 M total project

The Covington Apartments

AvalonBay

196 Apartments, Redevelopment started

$27.4 M project

Poplar Creek Apartments

AvalonBay

220 Apartments

$26 M Redevelopment Complete

The Fordham Tower, Chicago

The Fordham Company

$250 M, 245 Unit Condo Tower

The Pinnacle, Chicago

The Fordham Company

$260 M, 213 Unit Condo Tower

65 E. Goethe, Chicago

The Fordham Company

$46 M, 23 Unit Luxury Condo, Complete

Bolingbrook

Mixed Use 160,000 s.f. retail, 220 Townhome

complete

Southmore Commons, Orland Park

The Fordham Co. and JV with retail partner

80,000 s.f. shopping center, One pad remaining

The Cascades Apartments, West Palm Beach

Banyan Group of REIT's

$27 M, complete

330 apartment homes, ground up construction

Banyan, Key Biscayne Hotel and Villas

$450 M, mixed use, hotel, condos, townhomes & retail

Completed zoning and Infrastructure

sold to local developer

Banyan, Washington, D.C.

Several projects including 500,000 s.f. office building

1,000 acre master planned mixed use community

A hotel and convention mixed use project

Banyan, Chicago

220 Townhome project, South Loop

$25M, completed in partnership with Thrush Development

Fordham Hill Estates, Lemont

The Fordham Company

$9.8 M, 100 lot subdivision, lot sale program to homebuilders

Chicago, Kimball Hill Homes

PD Complete ready for development

$100 M mixed-use

Milwaukee, Kimball Hill Homes

100 Condos and 75 Townhouses

completed and sold

$150 M, mixed-use project

Dupage County, Kimball Hill Homes

41 Units completed and sold

$50 M Condo and Townhouse project

Kane County, Kimball Hill Homes

$400 M mixed-use approved for 2,700 homes and 200,000 s.f. retail

100 Units built and sold

Cook County, Kimball Hill Homes

$35 M, PD approvals in place, 258 Units

The project information listed on this page represents past projects worked on by AREG principals during previous employment with prior employers.

Project Page 2

Altgeld Club, Lincoln Park

MCL Companies

46 TH, 4 Single Family $40 M,

60 Condos Midrise, $11 M

Central Station, Near North South

MCL Companies

45 TH - $20 M

Old Town Square, Old Town

MCL Companies

$50 M

Old Town Village East, Old Town

MCL Companies

8 Single Family, 48 Condo, 23 TH,

60 Condo, $40 M

Old Town Village West, Old Town

MCL Companies

8 Single Family, 129 Condos

$25 M

The Pointe at Lincoln Park

MCL Companies

115 Condos, $35 M

Mohawk North, Old Town

MCL Companies

21 Single Family, 63 Condos

$15 M

Burnham Pointe, Chicago

Terrapin Group

$100 M, 298 High Rise

909 W. Washington

Terrapin Group

106 Units, $40 M

Madison 901

Terrapin Group

$50 M, 146 Units

Regal Point

Terrapin Group

Apartment Conversion

162 Units, $35 M

Grand Plaza

Terrapin Group

Condo Conversion, 284 Units

$110 M

The project information listed on this page represents past projects worked on by AREG principals during previous employment with prior employers.

Project Page 1
Project Page 2

CLIENTS

Asset Valuations

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Development Management

Acquisition & Disposition

Valuation & Advisory Services

Property & Asset Management

Project Management

AFFILIATIONS

The Ascend Real Estate Group (AREG) has had the privilege of partnering with some of the leading firms in the real estate industry. To learn more about these firms, please click on the available link below.

National Tax Search (NTS)a Women's Business Enterprise (WBE), was established in 1996. The founders applied 50 years of national tax consulting experience to design a comprehensive property tax tracking and reporting service that combines a state-of-the-art, online system with responsive customer service. NTS provides mortgage and banking firms, as well as property owners, a superior level of property tax management unique in todays business environment.As one of the largest tax servicing companies, NTS continues to expand its services to both commercial and residential clients who manage local and national property portfolios. NTS clients gain the reliability of an expert service partner while saving time, money and reducing their liability for delinquent taxes.
Fitzgerald & Associates FitzGerald Associates Architects is the fifth generation of a firm founded in 1919 as Rissman & Hirschfeld. The firm currently employs architects, designers and planners with a broad array of backgrounds and skills.In 1973, Rissman & Hirschfeld became Reinheimer and Associates and Patrick FitzGerald joined in 1978. Its principal, Martin Reinheimer, was known and respected for his pragmatic approach to construction, as exemplified in the development of hundreds of residential and commercial commissions spanning three decades.Martin combined a builders love for materials with an engineers instinct for solutions that work. He expected everyone in his employ to share his enthusiasm for making buildings that function well. It was a unique opportunity and a privilege to learn architecture from such an accomplished practitioner.These lessons have not been forgotten. In 1986, Patrick FitzGerald became President of FitzGerald Associates Architects. The firm has since grown steadily but has never lost its orientation as an innovator with extensive practical knowledge of the entire building process.Pat FitzGerald foresaw the tremendous growth in urban living that has since occurred in Chicago and positioned his firm to play a significant role in this urban renaissance. He has directed it to a leading place in design of new and rehabilitated housing as well as commercial and office space.The firm is now acknowledged as preeminent in the design of urban loft space and is widely known for its renovations and adaptations of vintage structures of all kinds. FitzGerald Associates Architects is located in a renovated loft space at 912 West Lake Street in Chicago, Illinois.
GMX Real Estate Group, LLC is a privately-owned boutique real estate service company based in Northbrook, Illinois with a principal focus on retail-related transactions. GMX's core business involves shopping center development, acquisitions, property repositioning, advisory services, management and operations. GMX specializes in various types of retail projects including:• Single tenant build-to-suits;• Grocery-anchored community centers;• Regional power centers; and,• Urban mixed-use projects.The company's executives bring approximately 40 years of collective professional experience in the shopping center industry with approximately 8.0 million square feet of joint venture deals (equal to more than $1.0 billion of investment) around the United States. Since the company's inception in 2004, GMX has been involved with and/or closed approximately 4.0 million square feet of joint venture deals around the Midwest.

www.gmxre.com

www.nationaltaxsearch.com

www.fitzgeraldassociates.net

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BridgeWater Place bridgewaterlogo

BridgeWater Place

225 N. Whittaker Street

New Buffalo, MI

A new destination for comfort, quality and convenience in vacation living. Offering 2 and 3 bedroom condomiiums with luxurious amenities located in the heart of downtown New Buffalo.

Steps from the beach

Surrounded by great restaurants and boutique shopping

60 minute drive from downtown Chicago

Direct stop Amtrak train service

Indoor and Outdoor Pools

State-of-the-art Fitness Center with locker rooms and showers

Large rooftop sun deck with community kitchen for entertaining

www.BridgeWaterofNewBuffalo.com

Park Street Crossing

Park Street Crossing

225 E. Main Street, Roselle, IL

For Information on RETAIL SPACE AVAILALBE, please contact:

Don Grau

Coldwell Banker

(847) 313-4630

www.parkstreetcrossing.com

Ashland and Division

1601 W. DIVISION (SW corner of Ashland & Division)

17,000 s.f. vacant land for sale

Exceptionally located in booming Bucktown / Wicker Park / West Town Neighborhoods

Access to I-90/94 and CTA Blue Rail & Bus Lines

ASHLAND and DIVISION INFO 070.pdf

This .pdf document contains additional informaton on the Ashland & Division Site.

Highwood

BridgeWater Place

Park Street Crossing

Ashland and Division

INVESTMENT FUND

AREG is seeking qualified investors to invest $42M in equity to form a new real estate fund to pursue direct investments in various real estate assets within the Chicago Metro region. We are offering this investment opportunity to accredited investors with a minimum investment amount of $500,000. The anticipated investment period is 5-8 years and projected returns are 14%-16%.

The affiliated investment fund will be called Ascend Real Estate Fund LLC (“AREF”), which will be created as the investment entity for equity investors and AREG. All investments will be directly owned by AREF. AREF and the property investments will be managed by AREG and its principals.

Economic conditions continue to deteriorate and many industries and companies are experiencing a substantial reduction in net operating income and net asset values, balance sheet impairment, debt defaults/maturities, failed project and a constriction in available capital and cash flow. Real estate as an investment category has not been immune to these conditions as values have decreased substantially over the past year. In addition, many asset categories and submarkets within the Chicago metro area have an inventory oversupply of product, especially given dramatic decreases in demand by end users and buyers.

We have experienced cyclical downturns before, but this recession/depression is systemic throughout almost all industries, the country and even internationally. In past cycles, tremendous profits have been created via opportunistic investments in real estate during the recession cycle. Due to distressed conditions, properties and mortgages are heavily discounted by owners and their lenders in order to sell. Compounding these devaluations is the severe lack of debt and capital as well as reduced demand from end users. Eventually (most economists are predicting 2011), demand will stabilize and begin to rebound thus income and values of real estate investments will increase substantially above investment costs.

If you are interested in learning more about this business opportunity, please call us at (312) 252-9270.

CONTACT US

Contact Us

Our Address

912 W. Lake Street

Chicago, IL 60607

Tel: (312) 252-9270

Fax: (312) 563-1919

E-mail: mstone_ascendrealestategroup.com

©Ascend Real Estate Group 2008-2009 - 912 W. Lake Street, Chicago, IL 60607 - (312) 252-9270