Boston, MA, September 8, 2008

Intercontinental Acquires Senior Living Portfolio in PA, DE, IL, and MA on behalf of U.S. Real Estate Investment Fund, LLC

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of five senior living communities from BayNorth Capital, LLC.  The communities are located in Blue Bell, PA; Media, PA; Wilmington, DE; Westmont, IL; and East Long Meadow, MA.  The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Steven Centrella, Senior Director, Acquisitions, at Intercontinental.

The Senior Living Portfolio consists of five (5) Class A senior living communities totaling 500 beds.  Constructed between 1998 and 2002, the communities offer a range of accommodations and services designed for independent living, assisted living, and specialized care.  All of the units in the portfolio are licensed for the provision of assisted living services, thus allowing for operational flexibility.  Three of the communities are geographically clustered in suburban Philadelphia/Delaware, one in Western Massachusetts, and one in Suburban Metropolitan Chicago.  The communities are well located in major markets with solid fundamentals, growing senior populations, limited new supply, and attractive income demographic trends.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental stated, “The portfolio provides us with the opportunity to acquire five institutional quality communities in various markets that exhibit attractive senior living demand fundamentals with limited new supply.  It will be a strong addition to our US REIF portfolio.”

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.