Point on the River Success Forecasted by Mandel Group

Amid a lackadaisical real estate market, Mandel Group today released its
forecast for the success of The Point On The River, a large condominium development located on the Milwaukee River which was placed into receivership in January 2008.

Mandel Group has been retained by the court-appointed receiver to direct the completion and orderly sale of units in the building. “Unlike a lot of real estate investments that are now realized to be of dubious merit, this
project benefits from a lot of positive attributes and is receiving a tremendous reception in the marketplace”, commented Robert B. Monnat, chief operating officer for Mandel Group. “We are enjoying the highest velocity of sales of any condominium development in Milwaukee. People who live in the building love it, and those that are visiting it for the first time are impressed with the quality we’ve built into the final product”.

Lenders involved in the development reviewed and approved a detailed business plan prepared by the Mandel team in October 2008. Since that time, a flurry of activity in the
building has resulted in the completion of an extensive sales center, custom-designed and furnished models, and amenity rooms including a movie theater, party room, board room and
wellness/fitness center.

150 brokers toured the property yesterday during a sneak preview targeted at the real estate sales community, and gave the development an overwhelming ‘thumbs up’. “We are convinced that this will be the comeback kid of the year story” in local real estate, added Monnat.
Units being offered to buyers who registered for the development’s VIP list have been snapped up quickly, stated Garry Benson, principal of Garrison Partners of Chicago.
Garrison Partners is in charge of marketing and sales activity for the property. “In the first two weeks we’ve signed eight contracts and are actively working an additional half-dozen transactions. You’re not seeing this level of activity anywhere else in the market”, Garrison added.

The Point on the River faced substantial challenges due to the incomplete nature of construction when the receivership was named in 2008. Mandel Group organized and led a
team of sales, marketing, and construction experts to complete the building’s infrastructure
and common amenities, and to provide custom buildouts for the unsold units. “Our business plan, which is tracking very close to forecast, is designed to return a high percentage of
invested funds to the lenders, substantially higher when compared to the writedowns we’re
seeing on other repossessed real estate assets”, Monnat indicated.

The project will host an invitation-only grand opening on February 26, with a weekend grand
opening slated for the general public on February 28-March 1.

About The Point on the River | 147 condominium homes ranging in price from $160,000 to $1,500,000.

Located at 106 West Seeboth Street, Milwaukee, WI 53204.

Website: www.thepointontheriver.com

Sales Center: 414-298-1600