Complex Multi-layered Project Financing Arranged By CFA - $26 Million for Portland's Newest Private Student Housing Facility

LOS ANGELES, Calif. - November 13, 2007 - Corporate Finance Associates (CFA) a leading middle-market mergers and acquisitions firm, announced it has completed the financing arrangements for the Bayside Village student housing complex located on Marginal Way in Portland, Maine. The new facility, which is under construction in downtown Portland, includes 146,000 sq. ft. of living space plus a 105 car sheltered parking garage. CFA placed approximately $26 million of financing, including equity and mezzanine debt through a private equity group and senior construction and term debt through Key Bank.

Additionally, CFA helped the developer secure a tax increment financing commitment from the City of Portland. "The Bayside neighborhood has recently seen tremendous growth that few other places on the Portland peninsula could match for further large-scale development. We found city officials and capital providers were both excited about this particular project and the prospect of future redevelopment in this part of Portland," said Peter Moore, Managing Director of CFA's Portland Office.

At the onset of the project, Joseph M. Cloutier, the developer, recognized that securing capital from multiple sources for the private student housing project was not only a complex process, but one that needed expert management from start to finish. To address this need the Portland office of CFA was retained to advise Cloutier's development company. Services included modeling the capital structure, sourcing the capital (from unrelated sources), coordinating the negotiation of terms and insuring that the closing of each transaction was synchronized with project milestones.

Bayside Village will be Portland’s largest privately-owned and managed apartment complex marketed distinctly to the college student population. The greater Portland area is home to the University of Southern Maine and several small colleges, many of which have limited on-campus or off-campus housing. This new complex will provide a modern alternative for up to 400 students.

"The multi-layered and multi-stage nature of the financing is a perfect match for the expertise that CFA brings to bear on complex transactions," said Corporate Finance Associates CEO, Peter Heydenrych. "Bayside Village really wasn’t the kind of project that a single lender would typically handle because equity and mezzanine debt were required in addition to senior construction and term debt."

With busy schedules and a reliance on technology, today's college students are looking at prospective accommodations with a discriminating eye. Bayside Village hopes to attract students by featuring fully-furnished suite-style apartments with all utilities included in the rental rates. Amenities will include cable television and high-speed internet in each bedroom and living room, as well as WiFi capability throughout the building, multiple lounges and a courtyard.

The complex will include several first floor retail tenants, and will be ideally located just a short walk from the University of Southern Maine’s Portland campus, Portland’s Back Cove Trail, and numerous recreational and cultural venues as well as employment opportunities in downtown.

About Corporate Finance Associates

Corporate Finance Associates is a major investment banking services firm, with over 30 offices across North America providing privately held companies with a wide range of financial advisory services and access to capital resources. From project inception to completion a senior principal guides clients through every challenge, advocates on their behalf, and leverages CFA's experience and extensive resources. More information is available via the Internet at www.corporatefinanceassociates.com.