The capital markets have been selectively financing new projects. Greystone, working with its clients and their bankers, have closed financing and started construction on over $600 million in projects, including:

• The Stayton at Museum Way in Fort Worth, Texas an affiliate of Senior Quality Lifestyles Corporation;

• Aberdeen Heights in St. Louis, Missouri an affiliate of Presbyterian Manor of Mid America;

• Mirador in Corpus Christi, Texas an affiliate of Senior Quality Lifestyles Corporation; and

• Park Place of Elmhurst in Elmhurst, Illinois an affiliate of Providence Life Services.

These CCRCs represent almost 1,200 housing and supportive health care units.

Greystone also began providing development consulting services to Masonic Homes of Kentucky to assist the organization expand into providing market rate independent living apartments on its campus in Louisville, KY.

As we look toward the last half of the year we are opening The Amsterdam at Harborside, a 300+ unit CCRC located on Long Island in New York. We also plan to start construction on one redevelopment and two new CCRCs. Please visit our website regularly for progress on these communities.

For more information, contact:

Mark Andrews, Greystone