FOR IMMEDIATE RELEASE
Contact: Herman Bulls, President & CEO
+1 (202) 256-1814
herman.bulls@bullscapitalpartners.com

Bulls Capital Partners Completes HOPE VI Financing of a 165-Unit Apartment Property in Atlanta, GA.

Bulls Combines With Partner SunTrust to Complete Transaction
 

Vienna, VA January 24, 2007 -- Bulls Capital Partners LLC, a multi-family financial services provider and Fannie Mae Delegated Underwriting and Servicing (DUS) lender, today
announced it issued a forward commitment for the credit enhancement of tax-exempt bonds in the amount of $3,425,000 on a to-be-built property in Atlanta, GA.

Villages at Carver Phase V, a 165-unit planned apartment development, will be part of a master planned community designed to reflect the concepts of “new urbanism.”  The community, once fully developed, will include both rental and homeownership units as well as a YMCA and the Atlanta Braves Baseball Academy to create a community where people can live, work and play.  The property will include public housing units made available through U.S. Department of Housing and Urban Development’s HOPE VI program, Low Income Housing Tax Credit units, and market-rate units.

Financing was provided through the sale of tax-exempt bonds.  Credit enhancement for the tax- exempt bonds was originated by Derrick Brown of SunTrust, a direct correspondent for Bulls Capital Partners.  SunTrust, as construction lender, will credit enhance the bonds during construction, and Fannie Mae will credit enhance the bonds once the property is built and stabilized.  SunTrust also provided equity through the purchase of Low Income Housing Tax Creddits.  Douglas Westfall, Senior Vice President of Production, represented Bulls Capital Partners in the transaction.

The development of the project is a joint venture between Integral Properties, LLC (a subsidiary of The Integral Group, LLC), Russell New Urban Development, LLC (a subsidiary of H. J. Russell & Company) and the Atlanta Housing Authority.  Egbert Perry, Chairman and CEO of The Integral Group, LLC and H. Jerome Russell, Jr., President of H. J. Russell & Company have extensive experience in the development and management of mixed-use and
affordable housing properties across the country.
  
“We are very proud to be involved in this transaction,” said Herman Bulls, President and CEO of Bulls Capital Partners, LLC.  “This project will result in quality affordable housing for the Atlanta market and furthers our commitment to work with minority development firms.  I am very pleased to provide financing to another African-American controlled commercial real estate entity comprised of leading African-American real estate executives, Egbert Perry and H. Jerome Russell, Jr.”

“We are very pleased to have been able to work with Integral Properties, the Russell Companies, and the Atlanta Housing Authority in providing permanent credit enhancement for the last phase of a very successful redevelopment of a previously troubled public housing site,” added Douglas Westfall of Bulls Capital Partners.  “SunTrust's involvement in providing construction lending and equity through their investment in Low Income Housing Tax Credits demonstrates why they continue to be a leader in the industry.  Villages at Carver is a wonderful example of how the HOPE VI program and public/private partnership can transform neighborhoods and provide safe, quality housing to low income families."

Vicki Lundy Wilbon, Executive Vice President of the Development Division-Planned Communities for The Integral Group, LLC stated, “These transformational urban mixed-used developments are critical to the continued success of Atlanta’s in-town neighborhood revitalization.  Usually it is the financial structure that makes these private/public transactions particularly complex and challenging.  However, working with Douglas Westfall and the other professionals at Bulls was very refreshing.  The Bulls team offered unique solutions and a relentless drive toward our goal of achieving financial closing on the fifth phase of rental housing within The Villages at Carver community.”

“After meeting with Herman, I was impressed with his personal touch and his commitment to affordable housing,” said Jerome Russell, President of Russell New Urban Development, LLC.  “He and his team at Bulls Capital Partners demonstrated their deep knowledge of mixed-finance housing using HUD's HOPE VI grant and the Low Income Housing Tax Credit program by taking control of the ball and getting it over the goal line."

“Phase V of the Villages at Carver represents the last multifamily rental phase of this successfully created mixed-use, mixed-income community in South Atlanta providing quality housing (rental and for sale) with wonderful amenities, outstanding neighborhood schools, beautiful green space and parks, world class family YMCA and first class retail,” said Renee Glover, CEO of Atlanta Housing Authority.  “Partnering with a lender who understands the complexities of working with multiple capital sources in a public/private partnership was crucial to getting this transaction completed and funded on time.  Douglas Westfall and Bulls Capital Partners understood the dynamics of working as a team to solve problems.  They performed above expectations by providing the leadership necessary to make it look effortless.”

About The Integral Group, LLC

The Integral Group LLC (“Integral”) is a privately held real estate development and investment management company. Since its formation in 1993, Integral has distinguished itself by compiling a track record of achievements in implementing residential, retail, office, institutional and mixed-use projects in urban markets. The principals of Integral have been active in the urban real estate market for over twenty-five years.  Headquartered in Atlanta, Georgia, Integral is active in ten cities across the United States, with greatest concentration of activity in Atlanta and the southeastern region. The Company is built on the core values of Excellence, Integrity, Innovation, Collaboration, Discipline and Achievement. Integral’s mission is to create value in cities and (re)build the fabric of communities through thoughtful, responsible and economically viable real estate solutions.

Website: http://www.integral-online.com


About Russell New Urban Development, LLC


Russell New Urban Development, LLC, the development arm of H. J. Russell & Company, is a
catalyst for urban transformation. With over 50 years of experience in urban development, they are uniquely qualified to provide the expertise and vision required to be successful in today’s marketplace. From single and multifamily properties to mixed-use communities, they identify and define locations primarily throughout the Southeast that offer homebuyers and retailers appreciable advantages and a great place to live, work and play. Their mixed-use communities offer a range of services and offerings that attract a diverse group of consumers and businesses.

Website: http://www.hjrussell.com/development.htm

 

About Bulls Capital Partners, LLC

Bulls Capital Partners, LLC is a Fannie Mae approved Delegated Underwriting and Servicing (DUS™) lender that offers a full array of financing solutions to owners of multifamily property. Bulls Capital Partners’ key capabilities under the DUS program include small loan solutions, affordable housing solutions, student housing, market-rate multifamily mortgages, and credit facilities, among other offerings.

Bulls Capital Partners is a joint venture of SunTrust Bank, one of the nation’s largest commercial banking organizations, and Bulls Multifamily, LLC, a minority-controlled firm headed by President & CEO Herman Bulls. Mr. Bulls previously ran a successful DUS lending operation, and currently leads the securitization of tens of thousands of military housing units as President of Public Institutions at Jones Lang LaSalle, a leading global real estate services firm. Co-Founding Bulls Capital Partners, LLC with Mr. Bulls is Mark Van Kirk, Chief Operating Officer. Mr. Van Kirk previously served as Director of Counterparty Risk at Fannie Mae.

DUS is a trademark of Fannie Mae.

---end---