Recap Advisors Acquired by Consolidated American Services.

Move Strengthens Recap's Leadership Position in the Affordable Housing Industry and Provides Clients With Greater Access to Capital and Best-in-Class Property Management

BOSTON -- Recap Advisors, LLC (Recap), a Boston-based affordable housing consultancy providing advisory and transactional

Recap is known industry-wide for its transactional skills in affordable housing finance and its authoritative and independent voice on affordable housing policy issues. As part of CAS, Recap's business objective to create positive economic and social outcomes will remain unchanged.

"Recap will continue to do what it does best: seek, structure, and execute the most complex and challenging transactions in affordable housing," said David A. Smith, chief executive officer for Recap. "But with CAS's coast-to-coast property management, access to capital, and growth capacity, we can now offer our clients a more comprehensive range of services. This is a positive step for our customers and for Recap."

Formed in 2006, CAS is a rapidly growing organization made up of affiliated companies that provide a broad range of services involving the management, maintenance and insurance of residential property. CAS owns property management firms (Riverstone Residential, Banyan Realty and Stratus Real Estate) that collectively manage more than 125,000 apartments. Recap is the first financial services company CAS has acquired.

"Acquiring Recap is key to our long-term business goal of providing a comprehensive suite of services for residential real estate and affordable housing owners and capital providers," said Keith Miles, chairman of CAS. "Recap's lengthy track record, reputation and entrepreneurial spirit are unmatched and will enable us to offer transactional services and financial advice to affordable housing owners, lenders and investors."

Under the acquisition, David Smith assumes the role of chief executive officer for Recap. Todd Trehubenko, formerly senior vice president, replaces Smith as president.

The deal closed on April 19, 2007. Terms of the transaction were not disclosed.

About Recap

Since its founding in 1989, Recap has provided exceptional leadership and innovation through transactions creating positive economic and social outcomes in the complex world of affordable housing. Since its founding, the company has successfully completed nearly $2 billion in transactions, including recapitalization, underwriting, asset-management, and sales on hundreds of properties. For more information, visit www.recapadvisors.com.

About CAS

Consolidated American Services is the American property services company of UK-based Regis Capital Ltd. Since 2006, the company has provided residential property management, maintenance, financial services and insurance services. CAS manages more than $13 billion in client assets and 14 million square feet of multi-family business, and has more than 3,300 associates. For more information, visit www.casfirst.com.