Transaction Summary The Norseman Group, LLC recently completed a $9,000,000 financing, on a property located at One Rodgers Street, Cambridge, MA, for a special purpose   entity   owned   by Rockwood  Capital  (the

'Borrower' or 'Rockwood').  Norseman provided Rockwood with a flexible low cost approach of extracting value from the property, without undertaking to sell any portion of its interest.

The financing was structured as a proprietary form of mezzanine note (the 'Norseman Credit Tenant Note™' or 'CTN™'), which financed the excess cash flow generated by an office lease with IBM ('Lessee') after taking into account the senior mortgage loan’s debt service and having reserved through a cash management structure for all Borrower related obligations.  At closing, Norseman successfully structured and placed the $9,000,000 mezzanine loan, with an institutional investor. Using the Norseman CTN™, Rockwood was able to distribute to its fund investors the increase in the property value derived from the recently signed lease agreement with IBM, while preserving the opportunity to garner further appreciation as the Boston real estate market rebounds.

Transaction Highlights:   $9,000,000 mezzanine loan at 350 basis points over floating 30 day LIBOR.   Structured first 'Rated' Mezzanine Loan.   Collateralized by excess cash flow and pledge of membership interests.   Landlord Obligations secured by Rockwood Fund Guaranty.

Mezzanine Loan Structure The $9,000,000 CTN™ was structured as a fully amortizing 60 month loan.  The loan was priced at 350 basis points over floating 30 day LIBOR. The ability to underwrite a floating rate mezzanine loan was achieved because a high DSCR was available to absorb any foreseeable increases in LIBOR. The CTN™ is repaid by rent payments from a staggered term space lease (5 to 10 years) with IBM.  The rent payments are deposited into a lock box cash management

account which first pays Anglo Irish its senior mortgage payment, escrows any tax and insurance paid by the tenant as additional rent, the CTN™ loan payment, and finally remits the excess cash flow to the Borrower. The Norseman debt service represents approximately 80% of the excess cash flows after payment of the senior loan and ground rent.  The CTN™ is secured by a pledge of the membership interests in the Borrower. Corporate Profiles Rockwood Capital is a privately held real estate investment company that manages funds for individuals and institutions having offices in Greenwich, Connecticut and San Francisco, California.  Since 1980, Rockwood has invested in over 100 properties with an aggregate value of approximately $3.2 billion, consisting of office, R&D space, residential, retail and hotel product types.  Rockwood has earned its investors a 15.4% IRR (net) from 1980-present.  Currently, Rockwood has five separate funds under management at different stages of maturity comprised of nearly $1.1 billion in invested commercial real estate assets. IBM is the world's largest information technology company.  Measured by revenue, IBM is the biggest provider of IT services ($43B), hardware ($28B) and rental and financing ($3B).  IBM Cambridge is home to over 40 leading research scientists, designers, and developers that are focused primarily on inventing technologies that foster and improve collaborative work.