BNY Mellon Investment Manager, Priderock Plan Conversion To Luxury Rental Apartments

PLYMOUTH MEETING, PA, March 4, 2010 — An investment fund managed by URDANG, part of BNY Mellon Asset Management, and its joint venture partner Priderock Capital Partners, LLC have acquired the unfinished Eden Condominiums in Boca Raton, Florida, from an area real estate firm. The joint venture partners plan to complete the Boca Raton property by year end and convert the condominiums to luxury rental apartments.

Terms of the transaction were not disclosed.

URDANG made its share of the acquisition through Urdang Value-Added Fund II, L.P., a private real estate fund managed by Urdang Capital Management Inc. The name of the property will be changed to The Heritage at Boca Raton. Once completed, the property will have 248 residential apartments.

“We believe we are serving both our investors and the community by completing a project that was begun in 2002 and has sat unfinished since then,” said David Rabin, managing director, acquisitions, Urdang Capital Management. “Our market intelligence indicates that this will be far more successful as upscale rental units with top-of-the-line amenities including an 18,000 square-foot clubhouse and swimming pool than as condominiums. Given the current market environment, we were able to acquire the property at a very attractive price. By completing the construction and converting the property to rental apartments, we expect to generate strong return for our clients.”

“Over the last six months, our team has worked tirelessly to re-position a deeply distressed condominium project for a successful execution as luxury rental apartments,” said George Banks, co-founder of Priderock. “Through patient and exhaustive due diligence, we were able to work with the previous owner and the city team within the local municipality to identify and resolve many of the risks associated with acquisition of the project.”

Priderock Capital Partners, LLC was founded by George Banks and David Khoury to manage and seek above-average risk adjusted returns for third-party institutional and high net worth investors and to improve the local communities in which they acquire assets, through thorough due diligence and creative asset management. PRCP’s investment goal is to generate exceptional returns by identifying true value-added investment opportunities where PRCP can generate its targeted returns by acquiring assets at an attractive basis while utilizing conservative operating assumptions. PRCP focuses on creating value by identifying complicated and/or distressed situations and by mitigating the project risks through thorough and exhaustive due diligence and bringing high quality human resources to focus on each specific issue.

Founded in 1987 with an exclusive focus on institutional investment grade real estate, URDANG offers a variety of strategies and products, managing approximately $1.6 billion in public real estate securities through Urdang Securities Management, Inc. and approximately $2.0 billion in debt and private equity real estate investments through Urdang Capital Management, Inc. for institutional investors and high net worth individuals throughout global markets and across public and private capital sectors. URDANG’s research-driven process combines top down economic analysis and market/country selection with bottom up underwriting of properties, companies and management teams to seek high, risk-adjusted returns. It is one of the investment boutiques of BNY Mellon Asset Management.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon’s affiliated investment management firms and global distribution companies.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.

All information source BNY Mellon Asset Management as at December 31, 2009. This press release is qualified for issuance in the US only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance.
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