EMAIL DETAILS

Folks,
As discussed with everyone separately today the excitement never stops.
Prior to the unfortunate Aleman development we were at roughly a $20k
surplus of sub documented LPs. However, the table below and attached
details the updated status on Atlanta equity gap.

We need to sell this as, 'a unique opportunity to take advantage of an
allocation in an incredible deal that would not otherwise be available but
for the distress in one of our investors unrelated assets, which has created
a liquidity crunch with the investor, and has thereby prevented them from
being able to fund the transaction. We're closing the transaction and have
this rare opportunity to let said investor in.' The merits of the deal
speak for themselves and the fact Michael Sachs put a dollar into the deal
from his PA should be validation enough in our underwriting. 10% + current
yield and mid 20's% return, largest tenant (25%of occupancy) not rolling off
until 2020. Rapidly expanding sub market of Atlanta, etc.

(Storino & Archer are included in the retail bucket number)

ATLANTA FUNDRAISING
as of 6/28/11


TOTAL FUNDING REQUIRED $17,000,000

Commitments
RREAF (including Lone Rock) $9,233,000
Retail $4,782,500
Total committed Funding $14,015,500

Excess / (Gap) in Committed Equity $(2,984,500)


Investor Detail

RREAF
Funds Received in Escrow
Griswold $1,000,000
Navarro $128,000
Lofft $200,000
Hutchinson $500,000
Sacks $250,000
Total RREAF Received $2,078,000

Outstanding Commitments
Krinsk $1,500,000
Aleman $-
Van Wyck $100,000
Yarmuth $625,000
Lone Rock $4,930,000
Total RREAF Outstanding $7,155,000

TOTAL RREAF COMMITMENTS $9,233,000

RETAIL
Funds Received in Escrow $3,245,000
Outstanding Commitments $1,537,500
TOTAL RETAIL COMMITMENTS $4,782,500