Torrey Investors, LLC

The Vineyards is a residential and mixed-used development entitlement project sponsored by Arlen Capital as Manager of Torrey Investors LLC (“Torrey). The property, comprised of approximately 15.9 acres, is located in the City of Vista in northern San Diego County at the intersection of Vista Way and Foothill Drive (“Property”). The Property is one of the few remaining large developable properties in Vista. The site was previously the site of the Delpy family ranch, the first vineyard in San Diego, growing grapes on the gently sloping hillside of the Property.

The Property was originally entitled in 1985 with a Specific Plan allowing for a residential mixed-use development on 12 acres of the Property, and commercial retail on the 3 acres on the corner. Torrey acquired the Property in December 2004 and processed the entitlements with the City of Vista, which approved the Tentative Tract Map and Specific Plan on June 26, 2007. The new Specific Plan includes an updated concept of mixed-use, incorporating both small-lot single-family lots and live/work housing in lieu of commercial retail. The Tentative Map provides for a two-tiered site development with live/work multifamily product (59 units) lining the lower perimeter of the site along Foothill and Vista Way with small-lot detached homes (46) located in the upper portion of the Property (“Project”). Investor Information

Rowan Investors, LLC

Rowan Investors, LLC (“Rowan”) assembled 60 acres of land from 17 different owners over a two-year period commencing in January 2005. Initially, Rowan intended to entitle the project as a development of 390 attached residential units. In May of 2007 Rowan changed its business plan and entered into a joint venture with Acacia Equity Partners for the entitlement, development, construction and management of a ClubLife Senior Living Campus (average age 75). (See: Acacia Investors, LLC)
Investor Information

Acacia Investors, LLC

Acacia Investors, LLC (“Acacia”) is a joint venture between Rowan Investors, LLC (“Rowan” an Arlen Capital sponsored company) and Acacia Equity Partners (“AEP” sponsored by a developer of senior residential housing). Acacia owns approximately 60 acres (“the Property”) in the City of Carlsbad in northern San Diego County. The Property is surrounded by many high-end residential projects and is located within 2 miles of two world-class resorts: The Four Seasons at Aviara and La Costa Resort and Spa. The Project is less than 2.5 miles from the Pacific Ocean.

Acacia is seeking entitlements for, and will develop, construct, sell and manage approximately 428 senior independent living condominiums known as The Bridges at Aviara (”The Bridges”). It is anticipated that the average age of a purchaser and resident of The Bridges will be 70-75 years of age and they will pay a mandatory “service fee” of approximately $3,000 per month. The Bridges application for a Tentative Map and certification of an Environmental Impact Study was first filed with the City of Carlsbad in July 2005. The progress of obtaining an approved Tentative Map and certification of the EIR from the City of Carlsbad is a difficult and time consuming process. Investor Information

Hickory Investors, LLC

Emerald Acres is a residential entitlement project sponsored by Arlen Capital as Manager of Hickory Investors, LLC (“Hickory”). The property consists of 333 acres of land in the County of Riverside, immediately adjacent to the western border of the City of Hemet, California. Emerald Acres is being entitled as a master-planned residential community consisting of five villages (“Project”). Each village in the Project will provide distinct single family detached residential product which will not compete with the residential product offered in the other villages. Hickory anticipates that the community will ultimately be approved for 657 to 674 single-family residential lots and should receive approval of its Tentative Map by the fourth quarter of 2009. Investor Information

Tamarack Investors, LLC

The 476 Broadway Project in the City of Chula Vista is comprised of two adjacent properties, namely the Flamingo Trailer Park located at 466 Broadway, and the USA Discounters Building located at 476 Broadway, for a combined project area of 2.94 acres.

These two properties are in the center of the City’s Redevelopment District, on the west side of Broadway, north of H Street. The City’s approved redevelopment Urban Core Specific Plan (“Specific Plan”) anticipates revitalization of the downtown urban core through the implementation of the Specific Plan. While the Property is currently unentitled for the proposed use, the Property is within the City’s Redevelopment area and is planned for the proposed land use and density. A formal application has been submitted for the approval of the Property as a condominium project with a density of 321 condominium units, ranging from studio units to three bedroom units, plus 13,378 sq.ft. of ground floor retail space. It is anticipated that the entitlements approving this design will be obtained by the fourth quarter of 2009. Investor Information

Pine Investors, LLC

In August 2007, Pine Investors, LLC (“Pine”), sponsored by Arlen Capital as Manager, acquired 4,400 acres in Napa County, California (the “Property”). The Property is located on the eastern, undeveloped side of Lake Berryessa and has over two miles of spectacular, unobstructed views of the lake and its surrounding mountains. The topography varies throughout the Property’s 4,400 acres, ranging from gently sloping hills along the road to dramatic valleys and peaks in the eastern portions of the Property. Over 30 miles of jeep trails and roads traverse the Property, with 3 wells and 11 ponds in various locations on the Property. The Property is currently zoned for agricultural use, and a portion of the Property has been an operating cattle ranch for several decades. Pine is currently investigating the economics of several potential business plans for the Property to maximize financial returns to its members.
Investor Information

Robinia Investors, LLC

Robinia Investors, LLC (“Robinia”) is an Arlen Capital sponsored and managed entity that entered into a Purchase and Sale Agreement in March 2007 to purchase approximately 1580 acres in Solano County, California (the “Property”) which lies midway between San Francisco and Sacramento.  The project, known as Rockville Trails Estates (“Project”), is located approximately three miles north of the Interstate 80-680 interchange between the cities of Fairfield and Vallejo, and only six miles from Napa County to the west.  The Property is being entitled for a total of 370 residential lots (356 one-acre and 14 twenty-acre), surrounded by approximately 810 acres of open space.  Robinia is obligated to fund the entitlement process, but is not obligated to close escrow on the Property until the Tentative Map has been approved with certification of the Final Environmental Impact Report.
Investor Information

Teak Investors, LLC

Carlsbad Transit Village is a 4.8-acre parcel of land located in the City of Carlsbad in northern San Diego County. The parcel is adjacent to the Poinsettia Transit Station, a regular stop for the Coaster (North County Transit District), at the intersection of Avenida Encinas and Embarcadero Way. The parcel is a short walk from Carlsbad State Beach, enabling the Project to provide a unique combination of coastal living and access to downtown San Diego, via a short commute. We are looking to create a mixed-use development consisting of 61 live/work units and townhomes, and 11 "affordable" loft units, over 15,000 square feet of commercial retail space and a child daycare facility. Investor Information

Mango Investors, LLC

Mango Investors, LLC ("Mango") was formed by it's manager Arlen Capital who was responsible for Mango's capital to: (i) acquire a parcel of land covering the entire block of 6th Avenue, Cedar Street, Seventh Avenue and Highway 5 in the Cortez Hill area of Downtown San Diego; (ii) to complete entitlements on the parcel for the development of 133 luxury apartments and 3,250 square feet of ground floor retail space; and (iii) complete the development of the project with occupancy scheduled for mid-2003. Investor Information

Koa

On July 2, 2002, Koa Investors, LLC ("Koa") acquired the First Mortgage on a hotel formerly known as the Kona Surf Resort ("Hotel") located in Keauhou on the Big Island of Hawaii, just south of Kailua-Kona. The face value of the First Mortgage was in excess of $35,000,000 and it was acquired at a very deep discount. The Hotel, located on ocean-front property leased from Kamehameha Schools (Bishop Estate), was closed by its former owner in June 2000. The property, which required major refurbishing, had 530 rooms, two swimming pools, three tennis courts, restaurants, meeting rooms and convention facilities. The main building, constructed in 1971, had 432,000 square feet and the convention building, constructed in 1982, had 14,000 square feet.

Koa renegotiated the ("Ground Lease") with Kamehameha Schools to increase the term to 65 years commencing in 2004. Koa then executed a management agreement with Starwood Resorts International to operate the Hotel as a Sheraton. The renovations, which were made via a new construction/mini-perm loan, include a new arrival area, a new restaurant and lobby overlooking Keauhou Bay, and a large fantasy swimming pool with a 200-foot water slide (the longest slide in Hawaii). These renovations began in October 2003 and the Hotel had its "Soft Opening" October 1, 2004 and had its "Grand Opening" in April 2005. Koa is jointly managed with Brickman & Associates.