CAPSTONE ADVISORS ANNOUNCES TWO RESIDENTIAL JOINT VENTURES IN SAN JACINTO AND EL CENTRO VALUED AT $7.8 MILLION

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June 12, 2003



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CAPSTONE ADVISORS ANNOUNCES TWO RESIDENTIAL JOINT VENTURES IN SAN JACINTO AND EL CENTRO VALUED AT $7.8 MILLION



SAN DIEGO -- San Diego-based Capstone Advisors, a joint venture partner for real estate developers, has announced a $3 million joint venture with Silverstone Development for the new California residential development Ramona Estates in San Jacinto and another joint venture with Innovative Real Estate Companies in El Centro for $4.8 million.



"We are excited to be involved in these rapidly growing areas. Both El Centro and San Jacinto are experiencing major population expansions that has generated strong demand for residential housing units," said Alex Zikakis, president of Capstone Advisors. "We are excited to team up again with Innovative Real Estate Companies and are looking forward to our new relationship with Silverstone Development."



Silverstone Development’s new residential development at Ramona Estates in San Jacinto is comprised of 600 to be entitled lots for single-family detached homes with panoramic views of the San Jacinto Mountains. Lots will range from 4,500 to 7,200 sq. ft. and will be available for sale within a year. The project, located just northwest of Mt. San Jacinto Community College, also includes community amenities such as a daycare center. Prices are anticipated to range from the mid $100’s to mid $200’s.



"I am very impressed with the speed of Capstone Advisors’ decision making process," said John Guell, CEO of Silverstone Development. "The project we are working on with Capstone Advisors, Ramona Estates, will be an excellent place to live. Nestled in the valley between Temecula and Palm Springs, these lots are close to Southern California attractions and offer beautiful views."



Innovative Real Estate Companies’ El Centro project is comprised of 465 lots for single-family detached homes. Home sizes are 1,100 to 1,900 sq. ft. with lots between 6,200 and 7,000 sq. ft. Prices are anticipated to be in the low $100’s to low $200’s with sales beginning in February 2004, and first move-in scheduled for April 2004.



"Capstone Advisors is an exceptional equity partner," said Tom Dobron, President of Innovative Real Estate Companies. "We have worked with them on numerous developments and their market knowledge is unparalleled."



About Capstone Advisors:

Capstone offers various equity programs for its builder and developer partners. Program options include joint venture equity for builders and developers, mezzanine financing on larger transactions and off balance sheet financing. The company prides itself on its ability to react quickly to the real estate market's ever-changing climate and opportunities in order to be highly effective as an equity partner.



Capstone Advisors' management team includes Alex Zikakis, president; John Trotter, vice president, residential; Lisa Rustin, director; Ira Schwartz, vice president, commercial; and John Speirs, director of builder/developer relations. For more information about Capstone Advisors, call (858) 456-5600.