BOSTON (August 12, 2009) - CAS Financial Advisory Services (CAS FAS), the asset management arm of CAS Partners, today announced that despite the most challenging financial environment in decades, it had successfully structured and completed a $130 million refinancing transaction on behalf of the owner of Church Park Apartments in Boston. Located adjacent to city landmarks including Symphony Hall and the I.M. Pei-designed Christian Science Plaza, this property includes a Class A apartment complex with 508 luxury apartments, 71,400 square feet of retail space, and structured parking for 540 vehicles. The 10-year fixed-rate loan, at an interest rate of 5.51 percent, was obtained through CW Capital LLC and Freddie Mac's Capital Markets Execution program.

"We have a longstanding relationship with CAS Financial Advisory Services, and we are thrilled with the result of this transaction and the value we have created in the property over the last 40 years," said F. William Smith, President of Boyd-Smith Inc. and one of the developers of Church Park. Curtis R. Kemeny, CEO of Boston Residential Group and Bill Smith, Jr., Vice President of Boyd-Smith Inc. are principals in the transaction along with Mr. F. William Smith.

The refinancing success is particularly gratifying for CAS FAS and its principals, who have worked closely with the owners for three decades. This transaction, the fourth financing CAS FAS has arranged for the property since 1996, culminates more than a decade of strategic actions each of which has built value for the property. During this time, CAS FAS has provided property repositioning advice and support, completed an exit from value-restricting regulations, restructured critical partnership agreement provisions, and negotiated an extension of the owner's land use rights.

"This transaction speaks volumes about the high quality of the property and its management team," said Ed Sarno, the owner's chief financial officer.

"This refinancing is just the most recent and visible benefit of the close partnership between the owner and ourselves," said Todd Trehubenko, president of CAS FAS. "Even with a highly desirable asset, we had to resolve a myriad of challenges to obtain attractive financing terms in this troubled market, and it took all of our skills, creativity, and persistence to achieve this outstanding result for the client."

"Accolades are in order here," said Richard N. Thielen of RINET Company, LLC, the limited partners' representative. "This is, and has been, a truly remarkable investment whose rate of return tops the charts of any passive real estate investment our firm has seen or recommended in the 35 years I've been in practice. Investors should be very proud of their investment."

About CAS Financial Advisory Services
CAS Financial Advisory Services (formerly Recap Advisors) is a Boston-based financial services company that provides solutions to complex multifamily asset problems. It is the financial services and asset management group of CAS Partners. Over the company's history, CAS Financial Advisory Services has completed transactions on more than 780 properties nationwide, with aggregate property value of more than $2.7 billion. It currently manages nearly $5 billion in multifamily assets. Through its wholly owned subsidiary On-Site Insight, it has performed more than 6,000 capital needs assessments. CAS Financial Advisory Services and CAS FAS are trade names of Recap Advisors, LLC. Visit www.casfas.com.

About CAS Partners
CAS Partners is a world-class property and asset management services company. The company's integrated business approach provides clients with a comprehensive array of multifamily real estate business services. CAS Partners' unique network of services includes property management, financial advisory services, insurance services, construction management, utility services, screening services, and purchasing services. CAS Partners is the trade name of Consolidated American Services, Inc. For more information, visit CAS Partner's Web site at www.CASPartners.com.