Miller-Valentine Group Forms Joint Venture with CrossHarbor Capital Partners, LLC

Contact:
Lesley Jones Edward Howard - 937-228-1141 or
Mike Green Miller-Valentine Group - 513-774-8400

Miller-Valentine Group Forms Joint Venture with CrossHarbor Capital Partners, LLC

$66 million of equity committed to develop over $450 million of luxury apartments

Cincinnati, Ohio (November 28, 2007) - Miller-Valentine Group and Boston based CrossHarbor Capital Partners, LLC, have committed $66 million of equity to jointly develop over $450 million of luxury apartment communities throughout the United States, with a primary focus in the Midwest and Southeast over the next three years. The venture provides privately held Miller-Valentine Group increased financial support and offers CrossHarbor an opportunity to capitalize on the development firm's team of professionals in the Midwest and Southeast.

“To compete with the public companies, private developers are going to have a couple of choices to make," said Mike Green, senior partner and CEO, MV Residential. "They can be bought by a public company; form a strategic alliance with one; or access large pools of private capital via investment funds. As developers themselves, the principals of CrossHarbor have an excellent understanding of active development. Partnering with a private equity group like CrossHarbor who is highly experienced in the development process will aid us in our growth objectives.”

The luxury apartment communities will range from three-story walk-up buildings to town homes with private garages. Each apartment community will contain a full range of amenities including club houses, fitness centers, swimming pools, and walking trails. Groundbreaking on the first of these communities, which is located in Charlotte, North Carolina, took place this summer. Groundbreaking on a second community in Ada, Michigan is expected this winter.

About Miller-Valentine Group Miller-Valentine Group offers total real estate solutions in the areas of Design/Build Construction, Development, Management, and Financing for both commercial and residential markets and also provides Renovation, Brokerage, and Leasing services for commercial markets. All of Miller-Valentine Group’s divisions have combined to provide customers with more than 50 million square feet of commercial space and over 8,000 residential housing units. Miller-Valentine Group, founded in 1963, operates offices in Dayton and Cincinnati, Ohio, and Columbia, South Carolina. Miller-Valentine Group offers a wide range of commercial products, including office, retail, lodging, healthcare, manufacturing and distribution facilities and an equally wide range of residential products, including multi-family, single family, active adult, and military housing throughout the Midwest and MidAtlantic regions. Miller-Valentine Group has been awarded the prestigious national “Developer of the Year Award” by the National Association of Industrial and Office Properties (NAIOP); Miller-Valentine Construction has been awarded OSHA’s Voluntary Protection Program “STAR” designation – the first general contractor to receive this designation at a statewide level.

About Cross Harbor Capital Partners, LLC CrossHarbor Capital Partners LLC is an alternative investment management company that specializes in commercial real estate. The firm invests in a wide variety of opportunistic and value-oriented transactions where the conditions exist for exceptional risk-adjusted returns over a short and medium duration. CrossHarbor invests in single property transactions, multiple property portfolios, real estate-related operating companies, and all forms of real estate debt and equity securities. The firm invests extensively throughout the United States and selectively considers transactions in other countries and provinces. CrossHarbor's investments are structured in numerous capital forms including equity, preferred equity, mezzanine loans, and transitional mortgages. Since 1993, CrossHarbor has committed $1.7 billion of invested capital to more than 140 transactions and $8 billion of underlying real estate.