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September, 2009

Starpointe Communities continues to thrive as Denver investor buys notes formerly owned by Amtrust

Condo Capital Solutions has been awarded the bid on the purchase of two notes from Amtrust Bank, which are secured by the unsold units at Aderra condominiums in Phoenix, Ariz., and Corriente condominiums in Scottsdale, Ariz. Aderra and Corriente are vibrant residential projects currently being developed and sold by Starpointe Communities in Scottsdale. The purchase of the notes comes after federal regulations have required Cleveland-based AmTrust Financial Corp. and its bank, AmTrust, to sell performing and non-performing notes. AmTrust has been operating under regulators’ orders received Nov. 19, 2008. Condo Capital Solutions has been awarded the bid on the purchase of two notes from Amtrust Bank, which are secured by the unsold units at Aderra condominiums in Phoenix, Ariz., and Corriente condominiums in Scottsdale, Ariz. Aderra and Corriente are vibrant residential projects currently being developed and sold by Starpointe Communities in Scottsdale. The purchase of the notes comes after federal regulations have required Cleveland-based AmTrust Financial Corp. and its bank, AmTrust, to sell performing and non-performing notes. AmTrust has been operating under regulators’ orders received Nov. 19, 2008.

To date, Condo Capital Solutions has acquired completed and partially completed condo projects, valued at $140 million. The purchase of the Amtrust notes is a significant step toward the investor’s target to purchase $400 million in condo projects by year-end. Investors, Peter Wells and Marcel Arsenault, partners in the investment firm, recently were recognized in the national media spotlight for the company’s $20.3 million purchase of 64 unsold condominium units at Bridgeview, a luxury condominium tower at Hayden Ferry Lakeside in Tempe, Ariz.

“We are committed to long-term investments in the Phoenix market and in particular, to quality projects” said Peter Wells, partner, Condo Capital Solutions. “We offered an aggressive bid for Aderra and Corriente, as they are aligned with the quality properties in our portfolio. These projects are well-positioned assets in desirable locations.”

Wells continued, “The strong sales Starpointe has experienced, even during the real estate downturn, is indicative of the quality construction, design and lifestyle of these properties. Investment opportunities for assets such as these are a rare find.”

Starpointe is Arizona’s largest condominium developer with a reputation as an award-winning industry leader in the Phoenix metropolitan area. Consistently recognized for excellence in construction and development, Starpointe projects continue to remain in demand by homebuyers seeking well-designed homes in ideal locations.

“Starpointe enjoyed an excellent long-term lending relationship with Amtrust Financial over the years,” said Rob Lyles, Starpointe Partner. “We understand their current situation and the regulatory requirements they are under to sell notes. We only wish them the best. Looking forward, we’re encouraged and committed to our new relationship with Condo Capital Solutions, and believe it will enhance stability to our residents and the unique properties, Aderra and Corriente.”

About Condo Capital Solutions Condo Capital Solutions, based in Denver, Colorado, provides successful condo conversions for failing projects or defaulting condo loans. The experienced team, led by seasoned investment partners, Marcel Arsenault and Peter Wells, offer a potent combination of strategic vision, more than $100 million in capital and a decade of profitable condo success stories. For more information, please visit www.condosolutions.biz.

About Starpointe Communities Starpointe Communities has a 14-year history of building condominium homes, setting the standard in innovation, quality, location, value and lifestyle. For more information, please visit www.starpointecommunities.net.

This information was current at the time it was published.

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