Meecorp Closes on $5.1 Million Mezzanine Revolving Line of Credit for Sunrise Retirement Village; Acquisition Loan is First in a $75.0 Million Line of Credit Extended to AREI

Meecorp Capital Markets, a privately owned commercial real estate lender and investment banker specializing in value-added commercial real estate projects, today announced the closure of a three-year $5.1 mezzanine revolving line of credit to Roseville Capital Resources, an affiliate of Redding, California-based Asset Real Estate & Investment Co. (AREI), for the purchase of Sunrise Retirement Village, a 176,923 square foot, 196-unit/bed assisted living and special care facility in Roseville, CA.

The investment banker bringing Meecorp and AREI together, P.J. Camp of New York City-based Shattuck Hammond Partners LLC, noted, "MeeCorp provided the mezzanine capital to our client in an efficient manner allowing them to make this important acquisition quickly in a competitive market."

The loan is the first in a $75.0 million line of credit series to be provided to AREI by Meecorp, and is the third successful loan between the companies. This specific loan carries a debt to equity ratio of nearly 60 percent and a combined loan to value approaching 87 percent.

"The assisted living facility sector of the seniors housing business is growing dramatically as the age demographic for assisted living (85 and over) is projected to double over the next five years," says Peary D. Wood, chief executive officer, AREI. "In order to stay active in a very competitive acquisition market, creative capital structuring and reliable execution are essential. We have found both of those with Meecorp."

"The interest being generated in assisted living properties as baby boomers start to grey and plan for their December years is great," says Daniel Edrei, director at Meecorp Capital Markets. "In 2005, GE did $1.4 billion in senior housing and plans to greatly exceed that number in '06. And guess what, Meecorp is one of the only players in the mezzanine market for senior living."

ABOUT MEECORP CAPITAL MARKETS

Based in Fort Lee, New Jersey, Meecorp Capital Markets is a commercial real estate lender providing fast, creative funding solutions nationwide. Meecorp provides bridge loans, mezzanine debt, construction financing (including land development) and occasionally even equity participation, and specializes in non-conforming transactions ranging from $1 million to $100 million and above. For more information visit http://www.meecorp.com.

ABOUT ASSET REAL ESTATE & INVESTMENT CO.

Asset Real Estate and Investment (AREI) is a diversified real estate holding company. AREI specializes in investment, marketing, development and management of real estate projects which range from business centers and mini-storage facilities, housing subdivisions to assisted care facilities, upscale homes and golf courses.

AREI operates in partnership with other developers, as well as creating new projects. These projects are funded through syndicates with equity partners. AREI also provides venture capital for selected new and existing businesses.

ABOUT SHATTUCK HAMMOND PARTNERS LLC

Shattuck Hammond Partners LLC is an independent investment banking and financial advisory firm with offices in New York, Atlanta, Chicago and San Francisco. The Firm offers a broad array of strategic and financial services related to mergers & acquisitions, capital markets and real estate. Shattuck Hammond has deep industry expertise in healthcare as well as other sectors such as specialty non-profit, and real estate.

Shattuck Hammond's investment bankers have executed over $10.8 billion in M&A transactions and over $13.8 billion in capital raising transactions since 1993. For more information regarding Shattuck Hammond Partners LLC, please visit our website at www.shattuckhammond.com .

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.