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

Bulls Capital Partners Completes $13.645 Million in Fannie Mae Financing
Kansas Project Financed for CAPREIT, a Rockville, Maryland Based Privately Owned REIT.

Vienna, VA October 5, 2006 -- Bulls Capital Partners, LLC, a multifamily financial service provider and Fannie Mae Delegated Underwriting and Servicing (DUS) lender, today announced it closed on $13.645 million in financing for Signature Place Apartments, a Class A multifamily property in Overland Park, Kansas.

Signature Place Apartments consists of 232 units in 15 garden-style buildings plus a clubhouse. The unit mix includes seven different floor plans—both 1 and 2 bedrooms. The improvements are situated on an 18.68 acre site and were constructed in 1998. The property was acquired for $17,775,000 by CAPREIT, Inc., a privately-owned multi-family investment, management and development company based in Rockville, Maryland.

“This transaction reinforced Bulls Capital Partners’ reputation for closing transactions on a timely and efficient basis while achieving financing terms that will enable CAPREIT to provide strong returns to its investors,” said Herman Bulls, CEO of Bulls Capital Partners. “Fannie Mae continues to demonstrate its flexibility in meeting the needs of longstanding customers like CAPREIT, who invest in quality multifamily assets.”

“We are extremely pleased to expand our geographic reach to the Midwest for the first time with this transaction,” said Mark Van Kirk, COO and Co- Founder of Bulls Capital Partners. “We look forward to working with CAPREIT on additional transactions.”

This marks Bulls Capital Partners’ first transaction with CAPREIT, Inc., an owner of a nationwide portfolio of multifamily rental and condominium communities. “The attractive features of Fannie Mae financing combined with the flexibility and responsiveness of Bulls Capital Partners helped make this acquisition a success,” said Richard Kadish, president of CAPREIT, Inc.

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---