$85 Million Construction Loan Advances Morrison Mixed-Use Condo in Miami.

MIAMI -- The development partnership of Canyon-Johnson Urban Fund and mFm Construction has secured an $85 million construction loan with Citi Community Capital for Morrison, a 395-residence mixed-use development located just five blocks from Miami's financial district. Preliminary construction, including land clearing and site preparation, is underway, with a formal groundbreaking slated for later this year. Morrison is expected to open its doors in 2009.

According to Eli Dreszer, a partner with Miami-based mFm Construction, Morrison offers an attainable housing solution to a downtown Miami housing market that has seen escalating home prices rise beyond the means of the average middle-income employee.

"Morrison provides middle-income individuals and families, including public workers such as firefighters, police officers, nurses and teachers, with the opportunity to affordably purchase a residence near Miami's urban core and live in the community they serve," said Dreszer. "With more than 50 percent of the development sold, Morrison's sales success proves there is strong demand for well-located housing at prices middle-income buyers can afford."

Peter McDougal and Nancy Griffin of Citi Community Capital facilitated the transaction. Miami-based Greenberg Traurig, led by shareholder Joseph M. Hernandez, participated in the closing of the loan as legal counsel for Morrison.

"As a long-standing supporter of homeownership and financial education, Citi Community Capital is excited to be associated with a development that is fulfilling the demand for urban workforce housing near downtown Miami's job centers," said McDougal of Citi Community Capital. "Together we will continue to work towards our commitment to make communities better because we are there."

Homes at Morrison are designed to appeal to the underserved mid-income workforce market and first-time homebuyers, who otherwise have been priced out of the Miami market. Preconstruction prices for one- and two-bedroom luxury residences range from the low $200,000s to high $300,000s. Incentive packages are also available, including the option for qualified buyers to place a five percent deposit towards their home purchase and distribute deposit payments until the start of construction.

Located at Southwest Flagler Street between Southwest 7th and 8th Avenues in Miami's burgeoning East Little Havana neighborhood, Morrison's two 19-story residential towers sit atop a six-story parking garage. The mixed-use development will also include more than 30,000 square feet of community-serving retail, 34,000 square feet of professional office space, and 667 parking spaces. It is anticipated that retail uses will include a bank branch, coffee houses, drug store, beauty salon, restaurants, and other neighborhood uses.

The designer-ready residences will feature modern European-style kitchen cabinetry; high-end stainless steel appliances; granite countertops in kitchens and baths; tinted, energy-efficient impact-resistant windows and sliding doors; and large, sleek balconies offering expansive views of bay, river and Downtown skylines.

Additionally, when not exploring Brickell Avenue's and Downtown Miami's vibrant entertainment, shopping and cuisine by easily accessible local transit, residents will be able to take advantage of a fully-equipped fitness center, yoga pavilion, two swimming pools, a spa and sauna. Other amenities include a striking club room, multi-purpose room, conference room, and business center with fax, copying and high-speed wireless Internet access. Morrison offers 24-hour concierge services and assigned covered parking with controlled access.

The Morrison Sales Center is located at 1795 SW 3rd Avenue in Miami. Visit www.MorrisonCondos.com or call [phone].

mFm Construction is a full-service real estate construction and development firm led by a team of seasoned principals who bring a combined three decades worth of real estate market knowledge, with expertise in development, construction, banking, sales and finance. For the past decade, mFm Construction has set the benchmark for the development of middle-income housing within emerging neighborhoods throughout South Florida. Visit www.mfmcorp.com.

The Canyon-Johnson Urban Funds (www.CJUF.com) are a joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson, formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The Funds' objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the fund is committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which CJUF invests. With nearly $1 billion in committed equity capital, the fund is positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas.

Citi Community Capital is a member of Citi (NYSE:C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries that provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citi include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. The Citi Foundation focuses its grants primarily in three areas: building communities and entrepreneurs, financial education, and educating the next generation. Including the Morrison loan, Citi Community Capital has an investment of equity and loans totaling over $460 million in the Canyon-Johnson Urban Funds. Additional information may be found at: www.citi.com.