Prestigious Advisory Board Signs on with Pembrook Capital's Real Estate Investment Management...

Harvard's Joint Center for Housing Nicolas Retsinas, Former Assistant Secretary HUD; Freddie Mac's Adrian Corbiere, Oversees $93 Billion Portfolio; Mariner Investment Group's Lee Sachs, Former Assistant Secretary of Treasury; Denise Kiley, Former Chief Credit Officer for CharterMac's $24+ Billion

NEW YORK -- Pembrook Capital Management ("Pembrook Capital"), a real estate investment management company recently founded by the former Chief Executive Officer of CharterMac (NYSE:CHC), Stuart J. Boesky, together with Mariner Investment Group, Inc., a leading SEC registered investment advisory firm specializing in alternative investment management, today announced the appointment of four key industry leaders to the Advisory Board of Pembrook Capital. The Board members are leaders in the commercial real estate and investment management industries and are expected to play key roles in guiding the strategic direction of Pembrook Capital toward its goal of becoming a major force in real estate investment management.

"Pembrook Capital's Advisory Board has been involved in the oversight of more than $125 billion in investments. We expect the Board's guidance and advice to now prove invaluable in forging Pembrook Capital into an important real estate investment management firm," said Stuart J. Boesky, Founder and Chief Executive Officer of Pembrook Capital. "We could not have asked for a more seasoned and savvy Board. The great success of our Board members in their own respective careers also speaks to the confidence they have placed in Pembrook's investment strategy and business platform."

Pembrook Capital Management provides capital to developers and owners of commercial real estate on a national basis through the acquisition and/or origination of a wide variety of real estate debt and preferred equity. The company also provides unique capital solutions to underserved property sectors and underserved geographic locations such as affordable housing and assets in urban locations. Mariner Investment Group, a major institutional fund manager that along with its affiliates manages more than $11 billion in assets, is providing Pembrook Capital with substantial equity.

Pembrook Capital announced the following four executive appointments to its Advisory Board:

Nicolas P. Retsinas

Nicolas P. Retsinas is Director of Harvard University's Joint Center for Housing Studies, www.jchs.harvard.edu. The Center conducts research to examine and address the most critical housing and community development issues in America. Mr. Retsinas is also a Lecturer in Housing Studies at Harvard University and in Real Estate at the Harvard Business School.

Prior to his appointment in 1998, Retsinas served as Assistant Secretary for Housing-Federal Housing Commissioner at the United States Department of Housing and Urban Development (HUD), www.hud.gov, and as Director of the Office of Thrift Supervision, www.ots.treas.gov. He also served on the Board of the Federal Deposit Insurance Corporation, the Federal Housing Finance Board and the Neighborhood Reinvestment Corporation. Mr. Retsinas' many awards include a Meritorious Service Award from the US Treasury Department, Excellence in Public Service Award from the Rental Housing Association, and the Housing Leadership Award from the National Low Income Housing Coalition. He is in the National Housing Hall of Fame and was named one of the most influential people in real estate by the National Association of Realtors.

Retsinas also previously served as Executive Director of the Rhode Island Housing and Mortgage Finance Corporation. He received his master's degree in city planning from Harvard University and his AB in economics from New York University.

Retsinas currently chairs Habitat for Humanity International and serves on the Board of Trustees for the National Housing Endowment and Enterprise Community Partners, and is on the Board of Directors of the National Housing Conference among other associations. He has written extensively on housing, community development and banking issues including co-editing Building Assets, Building Credit: Creating Wealth in Low-Income Communities (2005). He is a Fellow at the National Academy for Public Administration and the Urban Land Institute.

Adrian B. Corbiere

Mr. Corbiere is a Senior Vice President of Freddie Mac, www.freddiemac.com. In that position, he is responsible for the company's $93 billion multifamily portfolio, which includes the cash mortgage, negotiated transaction, CMBS and low-income housing tax credit portfolios.

Before joining Freddie Mac, Mr. Corbiere was a managing director at Allstate Insurance Corp. responsible for all real estate, mortgage and CMBS investments. Prior to his position at Allstate, he was senior vice president of fixed-income investments, including mortgages and private placement bonds, at New England Mutual Life Insurance Company. He also held various real estate finance positions at both Cigna and Phoenix Mutual Insurance Companies.

Mr. Corbiere graduated from Lehigh University with a B.S. in Finance. He holds a master's degree from the University of Hartford and completed additional graduate work at the Kellogg School of Management at Northwestern University. Mr. Corbiere is active in real estate industry groups, including the Mortgage Bankers Association, National Multi Housing Council, Urban Land Institute, Real Estate Roundtable, National Association of Home Builders, Commercial Mortgage Securities Association (Board of Governors), Chartered Realty Investor Society (Founding Board of Governors), and the National Equity Fund (Board of Directors).

Lewis A. (Lee) Sachs

Lee Sachs is a Partner of Mariner Investment Group where he is Chairman of the Investment Committee and a member of the Management Committee. Prior to joining Mariner, Mr. Sachs was CEO of Cornerstone Asset Management, an investment management firm, and until 2003, Vice Chairman of Perseus LLC, a merchant bank and private equity fund management firm. Previously, Mr. Sachs served in the Clinton Administration as Assistant Secretary of the Treasury for Financial Markets. He was a Senior Advisor to the Secretary of the Treasury and Chairman of the Steering Committee of the President's Working Group on Financial Markets, leading the development of administration policy initiatives regarding hedge funds, derivatives and other matters, and also initiating significant innovations in federal debt management policy.

Prior to joining Treasury, Mr. Sachs was a Senior Managing Director and a member of the Board of Directors at Bear, Stearns Companies Inc. During his 13-year tenure at the firm, he also served as Head of Global Capital Markets responsible for the firm's underwriting, trading and research for corporate and sovereign securities.

Lee Sachs is a Trustee and serves as Co-Chairman of the Investment Committee of Denison University and is a member of the Advisory Board of The Johns Hopkins Institute for Policy Studies.

Denise L. Kiley

Ms. Kiley is a former Managing Trustee and the former Chief Credit Officer of CharterMac, www.chartermac.com, one of the nation's leading real estate financial services firms. Ms. Kiley was the Director of the Company's Asset Management and Underwriting Divisions where she was responsible for overseeing the due diligence and asset management of all multifamily residential properties invested in by CharterMac-sponsored corporate, public and private equity and debt funds, a portfolio that totaled over $24 billion. She was also the Chief Operating Officer of Related Capital Company, a CharterMac subsidiary. Ms. Kiley retired from CharterMac in 2005.

Prior to joining Related Capital Company in 1990, Ms. Kiley was a First Vice President with Resources Funding Corporation, a subsidiary of Integrated Resources, Inc., where she was responsible for acquiring, financing, and asset managing multifamily residential properties. From 1981-1985 she was an auditor with Price Waterhouse.

Ms. Kiley is a Member of the Advisory Committee for the Joint Center for Housing at Harvard University. Prior to her retirement from CharterMac, she was a member of the Multifamily Leadership Board for the National Association of Home Builders and a member of the National Housing & Rehabilitation Association. Ms. Kiley received a Bachelor of Science degree in accounting from The Carroll School of Management at Boston College.

Messrs. Retsinas, Corbiere and Sachs have joined the Pembrook Advisory Board effectively immediately, while Ms. Kiley will begin her advisory role beginning January 1, 2007.

The CEO of Pembrook Capital, Mr. Boesky, has 27 years of commercial real estate experience including 22 years at CharterMac and its successor entity Related Capital Company. He previously engineered the growth of CharterMac into a firm with over $24 billion in real estate assets owned or under management. He also led that firm to become the largest non-government provider of capital to the affordable housing industry.

Pembrook Capital will consider a wide range of investments including first mortgages, mezzanine loans, CMBS, and preferred equity, as well as entity level loans for REITs and real estate operating companies, among other investments. Property types may range from multifamily, office, retail and industrial, to military housing, affordable and workforce housing, and housing finance bonds among others. The firm will also look to create innovative products and solutions to serve developers and investors involved in community investment.

Pembrook Capital Management is a subsidiary of The Pembrook Group, www.pembrookgroup.com. The firm is headquartered in New York with regional offices in Washington D.C. and Boston.

Mariner Investment Group, Inc. is an alternative investment management firm that along with its affiliates manages over $11 billion of assets under management across multiple single-strategy hedge funds, multi-strategy hedge funds, fund of hedge funds, and other alternative investments. Mariner was founded in 1992 and has a 14-year track record of consistently producing attractive risk adjusted returns while preserving capital. Mariner's global clients include insurance and re-insurance companies, public and corporate plan sponsors, endowments, foundations, wealthy families, and institutional money managers. Mariner has 126 employees and its headquarters is in Harrison, New York, with regional offices in located in New York City, Boston, and Tokyo.