CWCapital Hires Former Wachovia Executive; Jeffrey Baevsky to Join Structured Finance Division.

NEEDHAM, Mass. -- CWCapital, a full-service national lender to the multifamily and commercial real estate industries, today announced that it has hired Jeffrey Baevsky as Managing Director within the company's Structured Finance division. Baevsky is a former Senior Vice President in the Real Estate Finance division of Wachovia Bank, and will be focused on originating high-yield transactions for CW. He will be based out of New York City and Greenwich, Connecticut and will report to Kent Daiber, Senior Managing Director of CW's Structured Finance division.

"Jeffrey Baevsky brings a tremendous amount of real estate experience and a demonstrated ability to think "outside the box", which is how we distinguish ourselves in the structured finance arena. His extensive relationships in the commercial real estate world are highly complementary to our existing client base and we believe that Jeffrey will be instrumental in helping us continue to grow our structured finance business," said Daiber.

Baevsky is a 20-year veteran of the industry and has an impressive background in real estate finance and investment. While at Wachovia, he managed the firm's coverage of private institutional owners of real estate, including opportunity funds and pension fund advisors. In addition, he was responsible for the origination and syndication of over $3 billion in senior debt, mortgage placements, B Note and mezzanine investments, CMBS, derivatives and a large portfolio of property mortgage loans. Prior to joining Wachovia, he served as Regional Director for Arbor Commercial Mortgage where he launched the firm's New York City Office. Baevsky is also a sixteen-year veteran of Deutsche Bank Securities where he most recently served as Managing Director within the Real Estate Investment Banking division. Mr. Baevsky graduated magna cum laude from the University of Pennsylvania with a B.S.E.E. and holds a M.B.A. from MIT's Sloan School of Management.

The hiring of Baevsky is a significant step in CWCapital's strategic objective to further expand its structured finance business. In 2004 the firm originated 20 structured finance loans totaling approximately $400 million. Those numbers increased significantly in 2005 to 36 loans totaling over $1 billion. Daiber has indicated that the growth can be attributed to a variety of factors, the most important being a growing list of repeat clients who value the creativity and certainty of execution that CW offers.

Growth in the structured finance business line is not the only way that CWCapital has been increasing its visibility in the industry. In the second half of 2005 the company gained considerable attention by implementing changes to its servicing procedures designed to address borrower dissatisfaction with the industry's post-securitized loan assumption and lease approval processes. In the first quarter of 2006, and in connection with the acquisition of CRIIMI MAE Inc. by CDP Capital Financing, CWCapital Asset Management (CWCAM) acquired the special servicing on 24 separate Commercial Mortgage Backed Security (CMBS) transactions totaling over $10.3 billion in outstanding principal balance. Recently, the company has announced several new hires, the launch of a new Chicago office, and intentions to launch a new investment fund. First quarter closings indicate CW will far exceed its projected origination goals for 2006.

About CWCapital

CWCapital is a leading, national full-service lender to the multifamily and commercial real estate industries. With more than 290 employees located in 15 offices nationwide, the company closed approximately $2.5 billion of loans in 2005. CWCapital currently services over $6 billion of loans in 44 states and, through CWCapital Investments and CWCapital Asset Management, controls special servicing and subordinate CMBS on approximately $100 billion of multifamily and commercial loans in over 60 loan pools. The company generally services all loans that it originates as well as loans for institutional investors. Cadim, a Montreal-based real estate advisor and portfolio manager, holds a majority interest in CWCapital Investments and CWCapital. Cadim is a subsidiary of the Caisse de depot et placement du Quebec, the leading institutional fund manager in Canada with more than $187 billion of assets under management. For more information, visit www.cwcapital.com.