2 - New Penn Financial

Report
Developer Services Division
Company & Staff
Overview
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Agenda
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Meet New Penn Financial
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Meet The Team
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Our Unique Qualifications
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What People Are Saying
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Current Projects
3
Meet New Penn Financial
New Penn Financial is a leading full service
residential mortgage banking firm
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100% of our business consists of originating, underwriting and funding of
quality residential mortgage loans. We have no additional lines of business
that mandate over conservatism to satisfy shareholder concerns
We are direct seller/servicers for FNMA as well as correspondent lenders for
many of the top secondary investors
We are licensed in 42 states including California and operate 26 branch
offices nationwide. The company has approximately 450 “best in class”
employees, uniquely trained in their respective positions.
The Vision Behind The Company
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The vision behind the company was a synergy between processing,
underwriting and origination along with a fundamental commitment to
developer/builder business – a segment that has been abandoned by
traditional banks and that which smaller mortgage bankers and brokers are
not set up for
We define ourselves by execution and providing outstanding service to our
clients
Our unique in-house structure gives us transactional control that separates
us from the banks and brokers. Whether it is originating, processing,
funding or closing, it is all done under one roof which results in some of the
fastest turn times in the industry
New Penn Has an Unequaled Capital Structure
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New Penn is a subsidiary of Shellpoint Partners and Shellpoint Capital, a
Wall Street securitization firm which gives us an unequaled capital structure
Shellpoint Partners believes in a company philosophy that revolves around
trust and transparency
New Penn is the 8th strongest capitalized residential mortgage banking firm
in the United States
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Meet The Team
Jeffrey Brown
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Co-manages the Developer Services Division (“DSD”) for New Penn
The DSD is also one of the largest providers of FHA and FNMA project
approvals in the market and has been solely responsible for delivering these
approvals after other major lenders failed in the same task
Has been engaged as exclusive preferred lender for projects developed
and/or owned by Starwood Capital, ST Residential, Lefrak, Texas Pacific
Group, the FDIC, MSD Capital and the investment arm of the Disney Family
among others
Prior to joining NPF, Jeffrey created and managed the South Florida new
construction condominium finance platform at JPMorgan Chase, which at
the time was the largest in the United States
Adam Rosenblatt
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Co-manages the Developer Services Division with Jeffrey Brown. Adam also
came to NPF from JPMorgan Chase where he had been managing the REO
Division
While at Chase, Adam implemented a mandatory policy to fully preunderwrite (including an examination of all income and asset documents) all
buyers of Chase REO properties, which led to a dramatic reduction in
closing time frames and greatly increased pull-through
Adam has a very diverse background in the mortgage business having
helped create and grow Chase’s Builder Division and Countrywide’s Joint
Venture Division earlier in his career
He is a specialist at managing mortgage partnerships, implementing
successful growth strategies, and structuring residential end loan financing
solutions in the most challenging environments
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Our Unique Qualifications
LARGE INDEPENDENT FULL-SERVICE MORTGAGE LENDER
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As a full-service mortgage lender, NPF underwrites and funds its own loans
for sale directly into the secondary market
Unlike large banking institutions, we are committed solely to making
mortgage loans
We do not suffer from legacy issues or hemorrhaging portfolios, which other
lenders do and keep them overly conservative and “gun shy” from new
mortgage originations
We exist to do only one thing and to do it better than anyone else, and that
is close quality residential loans in the shortest possible time frame.
FOCUS AND COMMITMENT
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NPF’s seasoned management team has focused on leveraging our core
competencies and natural advantages in mortgage lending as an engine for
building strong relationships with our developer and builder partners
Using our decades of experience, NPF has selectively acquired the best
talent available in each segment of mortgage lending and built a team that
is unrivaled in the industry
We are 100% committed and dedicated to ensuring robust residential
lending solutions for our clients
OPERATIONAL EXCELLENCE
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Unlike our competitors who use centralized out of State fulfillment centers
to process loan files, our files are originated, processed, closed and funded
in the SAME LOCAL BRANCH to ensure complete control and unmatched
speed. Our average closing time is 22 days versus our competitors that
often take more than two (2) MONTHS. Our unique DNA saves you time
and money by dramatically reducing your carrying costs on unclosed
inventory.
Our complete control over the transaction from beginning to end is what
allows us to consistently outperform our competition in execution, turntimes, loan quality, and customer service
SERVICING AND SECONDARY CAPABILITIES
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Through Shellpoint, NPF has access to servicing and secondary
capabilities which can be leveraged to provide unique portfolio solutions for
our clients
We can design specialized portfolio products to meet specific needs
including: the creation and implementation of original and custom
underwriting guidelines, the drafting and servicing of mortgage notes, and
the facilitation of bulk sales to secondary market investors
We have the flexibility to adapt to any situation we are engaged in.
UNSURPASSED ACCESS TO MORTGAGE PRODUCTS
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NPF’s expertise and access to both the secondary market as well as the
wholesale market gives us access to virtually any product or program
currently available at the market’s most competitive rates. This includes
conventional, FHA, VA and USDA loans as well as Jumbo, Foreign
National, and unique portfolio program investor loans, a product totally
abandoned by the money center banks.
Generally, lenders do not want to be pioneers and will not be the first to
close in developments that are being built out. We will NOT have these
issues and will close the first loan without hesitation or delay
ADVANCED TECHNOLOGY
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We utilize a variety of interconnected systems that allow for real-time
pricing, point-and-click underwriting approvals, and a wealth of product and
program knowledge. This enables our mortgage specialists to find the right
product for each customer
In order to provide responsive fulfillment at local sites throughout the
country, NPF provides access to high level services (pricing, automated
underwriting, web based documents, etc) through reliable remote platforms
Overview of Key Components of NPF’s technology
Platform That Will Be Available to Our Partners
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100% Paperless electronic files
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Web Based Document Delivery
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Email notification
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Direct Print
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Real-time Loan pricing
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Single system production – origination, processing, underwriting all utilize
one common platform
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Searchable, online underwriting guidelines
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Online File and Package viewing
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Real-time file status
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Security Hierarchy access controls
OUR EXPERTISE DRIVES OUR GROWTH
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The banks have been systematically reducing loan officer compensation to a
fraction of what they had been previously earning. This has resulted in a
mass exodus of the leading talent from every major bank into the
correspondent channel and has enabled us to hire seasoned people in the
industry
At NPF our loan officers don’t just take mortgage applications, they originate
quality and qualified mortgage loans
Our loan officers are highly trained in underwriting guidelines and perform a
thorough pre-underwrite of all loan files prior to accepting an application; this
eliminates the closing day surprises so common with our competitors. Our
Developer Services Desk, in particular, prides itself on a 100% successful
closing rate. We have never failed to close a file we have originated
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What People Are Saying
What People Are Saying
Jeffrey and Adam completely understood what I was looking for and provided me
with the most adequate solution for my needs. Their handling of the entire
process, from application to closing, was extremely professional and efficient.
-Caetano
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Jeffrey Brown and Adam Rosenblatt were great throughout the whole process.
They responded e-mails or telephone calls during the day or at night, as well as during
the weekends, and made the closing possible on the date requested by a lot of hard
work.
-Felipe
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Jeffrey and Adam are awesome!! They worked really hard (even on the weekends) and
were very knowledgeable and communicative during the whole process. I would
recommend both of them to my friends and family who may be in need of a mortgage!
Thank you! Thank you! Thank you for doing such a great job!!!!!!
-Kiki Qi
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What People Are Saying
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I work at a bank and I still choose New Penn because they were the only institution (including
my own bank) that were willing to finance my beautiful condo. They worked around the clock to get
me a great rate and a quick closing. It was a hassle-free process and every question I had was
answered promptly and thoroughly I have definitely become a life-long customer.
- Karli
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My current banks, HSBC and JP Morgan Chase, were very friendly and made it seem like it
would go well. But the people I met were not decision makers and in fact the loans were denied
even though the original loan officers said they were approved. With New Penn, Adam was on top of
every detail and made sure it all happened on schedule. Their loan “approval” turned in to a closing
unlike the two other banks I went to first. New Penn was the only lender to give me reliable and
honest answers!
-Paul
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People make a difference. I was fortunate to have both extraordinary professionals, Jeff Brown
and Adam Rosenblatt, leading with my loan process. I want to recognize their positive attitude,
Proactive business sense and commitment. My honest and personal thanks to both of them.
-Tonatiuh
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What Our Developers Are Saying
Adler Group
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Mr. Brown and his team worked closely with the executives of Boca Developers as
well as the salespeople from each of our 6 projects throughout the State of Florida
and became a trusted advisor and friend to all. Having been in the real estate industry
for more than 15 years and having worked with hundreds of individuals in this
industry, I can say without any hesitancy that his market knowledge and expertise
within his field are second to none. In each of the projects he managed, he closed the
vast majority of all loans and when other major banks failed to deliver commitments,
he was able to perform and obtain the financing. In one instance at our Marina
Grande Holly Hill project, he literally took a file on a Friday afternoon and closed it by
the end of the day on Monday. I was astounded, having never seen execution like this
ever before.
- Robert M. Smither Jr. C.F.O.
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Miami River, LLC.
When Key International developed the ivy at the riverfront, it was burgeoning market with seemingly
endless demand. However, by the time we delivered our project in downtown Miami the market had
suffered a catastrophic correction and we were left with 500 units in a now oversaturated market. This
Problem was compounded by the almost immediate pullback of nearly all major mortgage lenders; simply
nobody wanted to touch our project. Jeffrey Brown stepped in and offered to get the project approved.
Having been subject to so much negativity coming from our other lenders, we were almost dismissive when
he said he would get it done for us. We just couldn’t believe it. A few weeks later Jeffrey delivered us the
project approval, just like he said he would.
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From that point on. He became a trusted ally. Jeffrey never missed a commitment date, fought through
difficult issues when they arose, and kept us constantly informed with regular communication when
reporting. He ended up funding the majority of the loans at the Ivy. When all the other major lenders failed
us, Jeffrey was our go-to-guy and he never once let us down. Many times we had foreign national borrowers
whose deals at other banks fell apart at the 11th hour, and Jeffrey was always there to pick up the pieces and
get the loans closed. He is an invaluable asset to any developer through his experience, savvy, creativity
and determination.
- Inigo Ardid, Vice President
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Florida East Coast Realty
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Mr. Brown started working on our 630 unit Opera Tower project while he was with JP Morgan Chase, during the high
point of the collapse of the real estate market. In spite of the timing of the relationship, Mr. Brown delivered a quick project
approval and started to immediately work with our buyers to obtain loans.
In mid-2009 I contacted the local FNMA representatives to get a PERS approval for our Opera Tower project. During the
initial conversation I said that Jeffrey Brown was the banker I was working with for buyer end loans. The FNMA representative
replied that Mr. Brown was the individual with the most experience in the area of PERS approvals and that I would be well
advised to work with him for the PERS approval on our building.
I have continued to work with Mr. brown since his move to New Penn because he and his organization provide the
necessary tools to get deals closed in the most efficient manner:
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The most responsive organization
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Great communication to keep us up to date on each transaction in the pipeline
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Loans delivered on time, every time
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The ability to handle troubled loans that other major banks and brokers could not close
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Most knowledgeable on the market and competitive properties
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Local operations, allowing problems to be solved immediately.
- Bruce Kassman, Development Officer
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Majestic Properties
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I can see why Jeffrey has a glowing and lengthy list of recommendations!
As director of sales with Majestic Properties on multiple new construction
projects I have had the fortune of working with Jeffrey on the lion-share of our
financing deals. In every single case Jeffrey and his team approved and closed
deals faster than any other lending institution. They not only made the process
seamless for our buyers but also stepped in on numerous occasions to save
deals that other lenders could not bring to fruition. I honestly can't imagine
there being anyone as knowledgeable and market-savvy as Jeffrey in the
business today.
- Ivan Chorney, Director of Sales
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Douglas Elliman of Florida
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As the President of Douglas Elliman Realty of Florida, I have had the good and sometimes bad fortune, to work
with many mortgage lenders on all types of residential loan transactions and I can safely say that there is not a more
qualified, professional or knowledgeable mortgage lender in the business than Jeffrey Brown.
Not surprisingly, Jeffrey is available 24/7 for me and our clients. Jeffrey has continuously made the seemingly
impossible, possible and both he and his team of loan officer professionals take a personal interest in every individual
they work with “holding their hands” with professional and unequaled guidance throughout the process. In some cases
where buyers have first selected other lenders at the suggestion of their agents, Jeffrey has been able to take declined
loans from others and turn them in to quick approvals and closings.
In our market which is largely made up of condominiums, it seems that nearly every major lender will find any
excuse not to do loans, while to the contrary, Jeffrey and his group finds solutions to problems and get those same
loans closed, in some instances in as little as a few short days.
I have advised all of my 200 agents that if they want to get their transactions closed, the safest and most reliable
choice in the mortgage business is to deal with Jeffrey Brown.
If you are looking to buy a property, sell a property or simply refinance an existing property, do not make the
mistake of choosing a lender simply because they have a large household name or offer a rate that sounds too good to
be true. Choose Jeffrey and you cannot go wrong!
- Vanessa Grout, President
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GFS Development
As a condominium developer for over 20 years in Miami, I recognize how important relationships are with
trustworthy and reliable mortgage lenders to get my units financed and closed. Having worked with every major
lender in the business, I can say without any hesitation that Jeffrey Brown and his team are the most professional,
knowledgeable and assertive in the industry.
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Jeffrey provided both the necessary Fannie Mae and HUD (FHA) approvals for my 164 unit condominium
development in Miami and provided nearly 100% of all loans to our borrowers. While other major lenders have
issued approvals and ultimately declined to close loans for one reason or another including issuing low
appraisals or failing to approve the building, Jeffrey has never failed us nor a single borrower of ours. Often
times, Jeffrey picked up the pieces of broken loans from major financial institutions and was able to close what
they could not in 90 or more days in as little as 3 days.
Additionally, I have never met such a hard working individual. He is available around the clock 7 days a
week, even when he has been traveling on business 6000 miles away overseas. Day, Night or weekends, he is
always available to us and his clients. Our buyers and brokers have even thanked us for making the introduction
to Jeffrey and his company because they know that if he takes the loan application, it is certain to close.
There is simply no better lender in the business, period!
- Scott Greenwald, President
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Keller Williams Realty
As a broker associate and sales director at Keller Williams, Miami Beach, I
have worked with many mortgage brokers and lenders and can say without hesitancy,
that Jeffrey Brown is the most competent and reliable mortgage lender I have ever done
business with.
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He is available around the clock to speak to me and my agents about deals in progress and 100%
of every loan we have given him for our buyers has closed on time without issues. Many of the loans
we have entrusted him with were loans that fell apart at Bank Of America, Chase, Wells Fargo and
others, but Jeffrey and his company always find ways to get them done. When they issue an
approval, we always know the loan will close and we have recently hired him and his loan officers for
all of our projects.
We have a 100% level of confidence in Jeffrey and his company as they are the most reliable
lender in the business. When all other lenders seem to fail even after issuing approvals to borrowers
and take many months in the process, Jeffrey and his group get our loans done in a fraction of the
time, always closing every application they work on.
It is truly a pleasure working with Jeff and his team!
- Ann Norman, Director of Sales
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Dubrow Development/Shamrock Capital
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We first met Jeffrey Brown and his Condominium Team in late 2010 when they came in to make a
presentation to be the preferred lender for our 4 projects in Miami. Almost immediately, we hired Jeffrey and his company
to provide the Fannie Mae and FHA approvals for our properties and within weeks, the first of several approvals were
given just as they promised they would be. We were especially pleased considering that we had previously hired another
lender who had started the approval process, but was unsuccessful after months of trying. Jeffrey and his team delivered
the desired approvals in a fraction of the time the other lender had taken, but was unsuccessful in doing.
Simultaneous with the approvals, Jeffrey’s company began taking mortgage applications from the buyers of our
Condominium units, including one application from a buyer that had already been to several other lenders (including some
of the largest banks in the country) over a 4 month period, but was still unable to obtain a mortgage. Jeffrey had the
borrower’s initial loan approval in 3 days and closed the loan a few short weeks after, a time frame to date, we have not
seen any lender in the market match. Since the time of our first closing with Jeffrey’s company, we have given them every
piece of business possible and have developed a total lack of trust with him and his company. They have approved and
closed our buyers reliably, expeditiously and seamlessly. In some cases, buyers who have had pre-existing relationships
with their own banks have failed to execute after many months, but Jeffrey is always there to step in and fix what other
lenders could not do. He is always available to speak with me, our sales team and the buyers and responds to calls and
emails immediately, even during the late hours of the night and on weekends. He truly understands what it means to be in
a customer service business unlike 99% of the remainder of the market.
-Continued on the next slide
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Dubrow Development/Shamrock Capital
He finds solutions to problems and makes even the impossible seem easy.
Our projects have sold faster and at higher numbers since our relationship
started with Jeffrey, in part because of the FNMA and FHA approvals they
delivered. In fact, there are only a handful of buildings in Miami that have both
FNMA and FHA approvals and because of Jeffrey’s involvement, we now own
half of them, allowing us to sell quality, financeable units at top dollar. His
understanding of the market and the business he is in is without question,
unequalled by anyone.
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Over my 25 years in the business of being a real estate developer
and having met hundreds, if not more residential mortgage bankers, I have
safely concluded that there is not a more qualified and professional lender in
the business than Jeffrey Brown and we are most happy to have him as an
invaluable member of our team.
- Mark Dubrow, President of Dubrow Development
and Special Advisor to Shamrock Capital
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Current Projects
Starwood Capital/FDIC
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Projects include Mint at the Riverfront (pictured to
the right) Artecity, the Governor, Paramount Bay,
Infinity at Brickell and Mosaic.
The company was built on a solid foundation,
bringing together four private equity leaders
managing billions of dollars in properties and
some of the most recognized brands in the world.
Has sold over $800 million in real estate – including
more condos than anyone in the U.S. – becoming a
standard-bearer for luxury homes in more than 20
cities.
Shamrock Capital
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Projects include South 27 (Pictured to the
right) Meridian 5, The Jefferson and Ios on the
Bay.
Shamrock Capital is a private fund of the Roy
Disney Family with assets exceeding $1
Billion. Assets include telecommunications
companies and Real Estate holdings
worldwide, including the construction,
development and management of the
condominiums listed above in the South
Florida marketplace.
BCOM INC
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Projects include the 1800 club (pictured to the right)
BCOM is a leading developer of residential real estate
in Florida, with its most recent project being the 470
unit, 40 story luxury hi rise known as the “1800 Club”
in Miami, Florida. The partnership consists of two
prominent real estate firms with over 50 years
experience in the development, construction, sales
and management of residential, commercial and
industrial properties totaling over 10 million square
feet.
BH3
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Projects include Terra Beachside
(Pictured to the right) and Trump
Hollywood
A real Estate firm which focuses
on debt and real estate
acquisitions in the multifamily,
residential condominium, retail
and hospitality sectors.
Currently owns and operates
approximately $330 million of
commercial real estate in
conjunction with its capital
partners
Douglas Elliman Real Estate
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Established in 1911 has offices
throughout Florida and New York City.
4,000 real estate professionals in New
York City and the surrounding luxury
markets, as well as a strategic
partnership with Europe's leading
international real estate firm, Knight
Frank
Financial sponsor, Vector Group, has
a $1.5 billion market cap
Majestic Properties
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Majestic Properties was founded in
1995 by Jeff Morr and is Florida's
premier full-service independent real
estate organization
Majestic boasts over 300 dynamic
sales associates specializing in single
family residential, condominiums,
luxury leases, commercial,
investment, foreclosure and short sale
real estate.
Signature Homes
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Signature Homes has created more
than 30 communities across the
southeast and provided more than
3000 families with a new home
Full time employees engaged in
site selection, development,
strategic planning, estimating,
architectural services, accounting,
technical services, sales and
marketing.
Ranked 80th on Professional
Builder's 2011 Top 400 Giants list.
Codina-Carr Company - Monterra
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Codina is engaged in multiple real estate
development and investment activities. His
firm’s portfolio includes mixed-used
projects, commercial buildings and other
investments primarily in Florida.
Carr founded a land development and
residential home building company which
quickly catapulted into the ranks of the
state’s largest and most respected builders,
with more than 15,000 homes constructed
throughout South Florida.

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