BINGHAM BUILDING RENOVATION GARNERS NATIONAL AWARD

Real Estate Organization Awards Project 'Deal of the Year'

CLEVELAND, OH October 3, 2003-The W. Bingham Building renovation in downtown Cleveland has been recognized as "Deal of the Year" by the Commercial Real Estate Women (CREW) Network, a real estate organization comprised of 5,000 members from across North America.

The Bingham Building, located in downtown Cleveland, is the latest project of Bingham Burnside LLP, a Chicago-based residential developer. This award is bestowed on an exceptional real estate transaction involving multiple disciplines and multiple CREW members throughout the country. Key CREW members include Karin Schulz with Kennedy Wilson Properties, and Mary Lovett and Deborah Lausch with Cowden, Humphrey Nagorney & Lovett, and David O'Neill with Colliers International. All are members of the Cleveland CREW chapter.

When completed, the Bingham renovation project will offer 340 luxury loft apartments with full amenities, including an 9,000 ft. grocery store, indoor parking, a staffed fitness center, concierge and doorman. Apartment units in The Bingham will be available in February 2004.

"This is a large renovation project, with many complicated components," said Neal Singer, a partner with Bingham Burnside. "But the concerted efforts of many groups in Cleveland have resulted in one of the largest renovation projects of its kind in downtown. These apartments represent true luxury in the heart of downtown Cleveland."

Financing for the Bingham Building renovation was provided through the U.S. Housing and Urban Development Department's 220 Urban Renewal Program. The loan was facilitated by Draper and Kramer, a mortgage banker from Chicago, through a partnership between PFC Corporation of Newport Beach, CA and an investment through the AFL-CIO (American Federation of Labor-Congress of Industrial Organizations). Locally, National City Bank invested $16 million in historic tax credits and conservation easements for the project, and the Cleveland Development Partnership provided a $1.25 million bridge loan during acquisition and construction. Additional bridge loans were financed by ColeTaylorBank and LaSalle Bank of Chicago.

Principals of Bingham Burnside LLP are George "Bud" Arquilla, Jr., George Arquilla III, and Neal Singer of Burnside Construction Company; and John Helander, corporate counsel, all of the Chicago area. Bingham Burnside is an affiliated company of Burnside Construction, founded in Chicago in 1911. Burnside Construction has built more than 25,000 homes in the Chicago area, and is currently launching several active adult residential communities in the Chicago suburbs under the name Traditions in 2004.

Bingham Burnside management is working with Sandvick Architects and Marous Brothers Construction Co. as partners in this renovation. Kennedy-Wilson Ohio Management will manage the property.

The Bingham Building was designed by one of Cleveland's most prominent architectural firms Walker & Weeks in 1915 and originally housed one of the Midwest's largest hardware companies, the W. Bingham Company.