Fifteen Group Acquires Non-Performing Loan Encumbering Palm Beach County Land, Unsold Condos

Miami Beach – August 1, 2008 – Fifteen Group announced today that it has acquired a non-performing loan from Colonial Bank encumbering multiple land parcels in Palm Beach County, Florida. The collateral includes developed and undeveloped multifamily land and unsold and partially completed condominium units.

“We see value in land-focused transactions, provided the price is right,” said Fifteen Group Co-Founder Mark Sanders. “This is a very difficult market, but there are opportunities for cash buyers who can move extremely quickly.”