October 30, 2009

Dear David and Jamie,

I wanted to express our appreciation for your efforts in the recent sale of our property,
Park West Townhouses in Petaluma, CA. I have been involved in quite a number of
commercial property purchases and sales and this one was unusually difficult and
complex. Having taken over the management and control of the property from the
owner in lieu of foreclosing, Creekwood Capital was put in a challenging position.

You were drawn into a structure that had a buyer, and owner who had relinquished
control to his second mortgage lender, Creekwood Capital. This one had three primary
participants instead of two in the most challenging market conditions ever seen. I look
back on the stances of buyer and seller at the beginning of this process and recall the
seller would never agree to put up an additional amount of money, and the seller would
not sell under certain other conditions. Well, at the end of the day, you both did a
masterful job in guiding all of us to a close where we all did exactly what we said we
wouldn’t do. But in the end, your calm prevailed and we all saw what compromises
were required to get the deal done.

I’d also like to say I found you both to have a high level of expertise in the area of
multifamily and this combined with your professionalism gave all the participants, I
believe, a higher level of confidence that we were getting the right guidance.

Stacey and I look forward to that celebration lunch or dinner, and we look forward to
the opportunity to work with you again in the future.

Best regards,

Mark Egide