Capri Capital Advisors, LLC Acquires Trilogy Capital Advisors, LLC; Portion of Transaction to be financed by CharterMac.

CHICAGO -- Capri Capital Advisors, LLC ("Capri Capital") today announced that it has acquired Trilogy Capital Advisors, LLC, ("Trilogy Capital"), a Kansas City based real estate securities investment management firm. Upon closing, Trilogy Capital became a wholly owned subsidiary of Capri Capital and the advisory entity will be referred to as Capri Real Estate Securities, LLC. A portion of the financing for the transaction was provided by a subsidiary of CharterMac (AMEX:CHC), one of the nation's leading full service real estate finance companies. CharterMac and Capri Capital have a strategic alliance that was formed in July of 2004.

Trilogy Capital was formed in 1999 and opened its first real estate securities fund in February of 2000. Trilogy Capital was one of the first firms in the U.S. to manage a long/short, or hedged, investment strategy solely focused on public real estate securities. Trilogy Capital currently manages onshore and offshore vehicles.

"The addition of the Trilogy Capital funds as well as its extensive experience in the real estate securities investment management business will enable us to offer our clients a number of compelling and unique products in the rapidly growing market for publicly traded real estate securities," commented Quintin E. Primo III, Chairman and CEO of Capri Capital. "The public markets have become an effective and liquid alternative for gaining real estate exposure and we intend to offer our clients the best products available in this area."

Tom Dreyer, founder of Trilogy Capital added: "Combining our existing investment management business with Capri Capital's real estate investment platform will substantially enhance our ability to access real-time information on various property types across the U.S. Furthermore, Capri Capital's relationship with CharterMac is very attractive to us, as it will provide us with access to one of the most sophisticated real estate finance companies in the nation. Our new platform will enable us to immediately begin to add top industry talent to our existing investment management team. Our goal is to build on our current success in order to become one of the premier real estate securities managers in the U.S."

"This transaction demonstrates the value of the strategic alliance between CharterMac and Capri Capital and represents another step in CharterMac's strategy to expand our fund management platform," said Stuart J. Boesky, Chief Executive Officer of CharterMac. "We look forward to assisting Capri Real Estate Securities with their expansion goals."

Quintin E. Primo III has been appointed Chairman and Tom Dreyer is President and CEO of Capri Real Estate Securities, LLC. Capri Real Estate Securities LLC will maintain its Kansas City office and will open a new office in New York City at CharterMac's headquarters.

Capri Capital is one of the country's leading institutional real estate investment advisory firms, investing in and managing commercial real estate portfolios nationally since 1992. Capri Capital offers a broad spectrum of equity and debt products to its customers - through separate account and commingled fund vehicles - that include core equity, joint venture and mezzanine debt financing. Diversified assets managed on behalf of its pension fund and other institutional clients as of June 2005 total approximately $2.3 billion, with investment offices maintained in Chicago and Irvine. For more information please call 312-573-5300.

CharterMac, through its subsidiaries, is one of the nation's leading full-service real estate finance companies, with a strong core focus on multifamily financing. CharterMac offers capital solutions to developers and owners of commercial properties throughout the country and quality investment products to institutional and retail investors. For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Shareholder Services Department directly at 800-831-4826.

Certain statements in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are detailed in CharterMac's Annual Report on Form 10-K for the period ended December 31, 2004, and in its other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. CharterMac and Capri Capital expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security relating to Trilogy Capital Advisors, LLC, Capri Capital Advisors, LLC or any of their funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.