Scripps Investments & Loans Arranges $72,575,000 for the Acquisition and Pre-Development of a Lifestyle Retail Power Center in Northlake, Texas, a

LA JOLLA, Calif., Feb. 21 /PRNewswire/ -- On February 9, 2007, Scripps Investments & Loans, a private equity lender in La Jolla, California, arranged $58,575,000 in financing for the Northlake Town Center in Denton, Texas.

The purpose of the Northlake Town Center loan was to assist in the acquisition of a 157.87 acre commercially zoned property at the intersection of I-35W and FM1171 in Denton Texas. The site is located about 1/4th mile north of the Texas Motor Speedway and Interstate 141. The land has preliminary site plan approval to build a 1.3 million square foot power retail center. The loan proceeds were used to: assist the borrower with the purchase of the subject property, complete working drawings, fully engineer the site, achieve final site plan approval, and provide an interest reserve.

LA JOLLA, Calif. On January 26, 2007, Scripps Investments & Loans provided Mission Storage LLC, with $14,000,000 for: the refinance of existing debt, and to provide for 9 months of prepaid interest and transaction related expenses. Mission Storage is a newly completed 1,034 unit, 105,103 net square foot self storage facility that is currently 30% occupied since opening in July 2006. This loan will provide Mission Storage with a bridge to lease-up the property to stabilization. The property is located on 2.52 acres at 735 and 809 W. Carson Street in Torrance, California. The complex is situated on an infill site one-half block west of I-110, just south of the I-405 in an area concentrated with a variety of commercial, industrial, and residential uses in the South Los Angeles County basin.

About Scripps Investments & Loans:

Scripps Investments & Loans, Inc. is one of California's leading acquisition, development and construction lenders, having originated over $1.2 Billion in real estate loans since 1999, through a network of over 600 private and institutional lenders.

Scripps provides financing for real estate acquisition and development, residential and commercial construction, condo conversions, and commercial and multi-unit residential income properties. For additional borrower or investor information on Scripps Investments & Loans, call (858) 866-6300 or visit the website at www.scrippsil.com.

SOURCE Scripps Investments & Loans, Inc.

Contacts

Kyle Ward of Scripps Investments & Loans
Inc.
+1-858-866-6300