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

Bulls Capital Partners Closes $8.9 Million DUS Loan in Suburban Baltimore

Vienna, Virginia--March 13, 2006 -  Bulls Capital Partners, LLC, a multifamily financial service provider and Fannie Mae Delegated Underwriting & Servicing (DUS) lender, has placed a loan on the Piney Ridge Apartments in Eldersburg, Maryland, in the amount of $8.9 million. In addition, Bulls Capital Partners will utilize Fannie Mae’s Supplemental Loan product to increase the mortgage amount this summer when construction is completed and occupancy is stabilized on two additional buildings at Piney Ridge Apartments.

Piney Ridge Apartments is a newly-constructed 134- unit townhouse-style apartment property situated on a 10.1-acre site in Eldersburg, Carroll County, Maryland. The complex consists of nine buildings, two of which are scheduled for completion in July 2006. The buildings contain spacious two-bedroom units that include new appliances, washers and dryers and enclosed patios. Piney Ridge is conveniently located near Baltimore, Maryland and metropolitan Washington, D.C. job centers.

Baltimore Developer Finances First Phase of Project

The borrower, developer Rachuba Group, was represented in the financing transaction by Theresa Leatherbury. The Bulls Capital Partners team was led by COO and Co-Founder Mark B. Van Kirk, Chief Production Officer Andrew Ellis, and Deputy Chief Underwriter Patrick McMahon.

“By tapping Fannie Mae’s Supplemental Loan product, this experienced borrower was able to close out the construction loan on the property even though two buildings have not been completed and leased up,” notes Herman Bulls, President & CEO of Bulls Capital Partners. “Fannie Mae was instrumental in helping us demonstrate the advantages of the supplemental program to the borrower, who will be able to tap the proceeds from additional value created when the final buildings are completed and leased up.”

“Fannie Mae and Bulls Capital Partners saw the borrower’s need for immediate funding as well as additional funding sooner than the usual one-year seasoning requirement,” says Mark B. Van Kirk, COO and Co-Founder of Bulls Capital Partners. “This transaction marks Bulls Capital Partners’ first financing in Baltimore, and the fact that Rachuba Group is such a strong operator and experienced borrower in the area helped the process go smoothly.”

“Bulls Capital was a terrific partner in this transaction,” says Theresa Leatherbury of Rachuba Group. “Mark, Patrick and Andrew were on top of the process the entire way. We had a short closing period and they helped us get through it.”

Larry Dendtler, Vice President of SunTrust Bank originated the loan. “It was really great working with our joint venture partner Bulls Capital Partners. They were very creative in structuring the deal and they brought Fannie Mae into the process early on, two key selling points to the borrower,” he said.

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.