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November 23, 2005

Belfonti Associates, LLC Completes $10 Million Dollar Refinance of Oaks Apartments

HAMDEN, CT - Michael Belfonti, President and CEO of Belfonti Associates, LLC, announced today the recent refinance of Oaks Apartments, a 200-unit garden-style apartment complex in Manchester, Connecticut, for $10 million, by Oaks at Manchester Limited Partnership, a Belfonti-related entity.

The transaction was closed with Wells Fargo Bank on November 23, 2004. Mortgage brokerage services were provided by Epstein Canarick Corporation of Jericho, New York.

"Even after taking out windfall profits, our new debt service payments are significantly lower than they were before we refinanced," said Belfonti. Belfonti's group took advantage of very favorable interest rates in the market, closing the loan at an interest rate of 5.17%, fixed for 10 years and amortizing on a 30-year schedule.

According to Belfonti, approximately $1.5 million in proceeds will be used for ongoing capital improvements, including window repairs, parking area repavement, new carpeting and painting of the common areas, updated landscaping, and drainage repairs. The property also recently saw the addition of a new swimming pool and new boilers.

"Our core business has always been garden-style apartment complexes," said Belfonti. "We are pleased to be able to continue providing clean, safe, affordable housing to our residents." The Belfonti Portfolio currently contains over 2,000 residential units located in several states.

Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.