References & Services Provided (Partial Reference List)

C. Family Investments (Contact: Please phone or email The Carlson Company)

2006: Originated and arranged financing (cash-out refinance) of 38 unit apartment complex owned/located in NW Portland. Negotiated acquisition as Exclusive Buyer's Agent of 108 unit apartment complex located in Salem, Oregon with a combination of cash-out proceeds from refinance (equity capital) and permanent financing (debt capital). Value of Real Estate Dispositions and Acquisitions ~$5,500,000 and Permanent Financing Originated and Arranged ~$4,700,000.

2007: Directed and coordinated IRC 1031 Exchange of 38 unit apartment complex (disposition) and 104 unit apartment complex (acquisition-pending close 7-20-2007). Exclusively represented Client as Seller's Agent (disposition) and Buyer's Agent (acquisition). Originated and arranged permanent financing (debt capital) for 104-unit apartment acquisition. Balance of funds needed (down payment) from proceeds of 38-unit apartment sale (equity capital). Value of Real Estate Dispositions and Acquisitions ~$10,500,000 and Permanent Financing Originated and Arranged ~$5,000,000.

Lynn and Denise W. (Contact: Lynn W., 503-526-1331)

2006: Directed and coordinated simultaneous IRC 1031 Exchange of ten- (10) single family rental homes (dispositions) and two- (2) acquisition investment properties including a 44 unit apartment complex (acquisition) and 30,000 square foot office building (acquisition). Exclusively represented Client as Seller's Agent (dispositions) and Buyer's Agent (acquisitions). Originated and arranged permanent financing (debt capital) for both acquisition properties. Balance of funds needed (down payment) from proceeds of ten- (10) single-family rental homes (equity capital). Value of Real Estate Dispositions and Acquisitions ~$10,000,000 and Permanent Financing Originated and Arranged ~$5,500,000.

2007: Commenced (June, 2007) second IRC 1031 Exchange of remaining single-family rental home (disposition). Proceeds will be pooled with additional investors for tenant-in-common acquisition. The Carlson Company, Inc. will direct and coordinate all disposition, acquisition and financing activities. Estimated Value of Real Estate Dispositions/Acquisitions ~$1,500,000 and Financing to be Arranged ~$800,000.

Gary M. (Contact: Gary M., 503-201-9404)

2004: Directed and coordinated IRC 1031 Exchange of two- (2) disposition properties including a 13-unit apartment complex (disposition) and duplex (disposition) and 20-unit apartment complex (acquisition). Exclusively represented Client as Seller's Agent (dispositions) and Buyer's Agent (acquisition). Originated and arranged permanent financing (debt capital) for acquisition property. Balance of funds needed (down payment) from proceeds of two- (2) disposition properties (equity capital). Value of Real Estate Dispositions and Acquisitions ~$2,100,000 and Permanent Financing Originated and Arranged ~$800,000.

2006: Originated and arranged financing (cash-out refinance) of 10 unit apartment complex owned/located in SE Portland. Value of Permanent Financing Originated and Arranged ~$600,000.

2007: Originated and arranged financing (cash-out refinance) of 16 unit apartment complex owned/located in NE Portland. Value of Permanent Financing Originated and Arranged ~$800,000.

Linda & Merlyn G. (Contact: Linda G., 503-932-2938)

2002/2003: Directed and coordinated IRC 1031 Exchange of four- (4) 7 to 22 unit multi-family disposition properties and exchanged into single 80 unit apartment complex (acquisition). Exclusively represented Client as Seller's Agent (dispositions) and Buyer's Agent (acquisition). Originated and arranged permanent financing (debt capital) for acquisition property. Balance of funds needed (down payment) from proceeds of four- (4) disposition properties (equity capital). Value of Real Estate Dispositions and Acquisitions ~$4,000,000 and Permanent Financing Originated and Arranged ~$1,800,000.

2004/2005: Exclusively represented Client as Seller's Agent (dispositions) on sale of remaining three- (3) smaller multi-family properties. Value of Real Estate Dispositions and Acquisitions ~$1,000,000 .

2007: Currently consulting/advising Client on matters relating to tax advantaged exit strategies/options. Estimated Value of Real Estate Dispositions ~$4,000,000.

Jack & Donna F. (Contact: Jack F., 503-636-3838)

2004: Directed and coordinated simultaneous IRC 1031 Exchange of five- (5) smaller multi-plex properties and one- (1) single family rental condo (dispositions) into one- (1) 84 unit apartment complex (acquisition). Exclusively represented Client as Seller's Agent (dispositions) and Buyer's Agent (acquisition). Originated and arranged permanent financing (debt capital) for acquisition property. Balance of funds needed (down payment) from proceeds of six- (6) disposition properties (equity capital). Value of Real Estate Dispositions and Acquisitions ~$4,700,000 and Permanent Financing Originated and Arranged ~$2,700,000.

W. Holdings (Contact: Please phone or email The Carlson Company)

2005: Represented Client as Exclusive Buyer's Agent to complete and place IRC 1031 Exchange sale proceeds from disposition of New York real estate. Negotiated acquisition of 54-unit mixed-use complex and 30 unit apartment complex located in Portland, Oregon. Originated and arranged permanent financing (debt capital) for both acquisitions. Value of Real Estate Acquisitions ~$6,800,000 and Permanent Financing Originated and Arranged ~$4,500,000.

John B. (Contact: Please phone or email The Carlson Company)

2004: Directed and coordinated IRC 1031 Exchange of four- (4) duplexes (dispositions) plus refinanced (cash-out) two- (2) additional small multi-plex properties. Acquired two- (2) multi-family investment properties of 52 and 27 units. Exclusively represented Client as Seller's Agent (dispositions) and Buyer's Agent (acquisitions). Originated and arranged permanent financing (debt capital) for both acquisition properties. Balance of funds needed (down payment) from sale proceeds and cash-out dollars (equity capital). Value of Real Estate Dispositions and Acquisitions ~$4,350,000 and Permanent Financing Originated and Arranged ~$2,500,000.

2007: Originated and arranged financing (refinance of 52 unit apartment acquisition in 2004) of apartment complex owned/located in SE Portland. Value of Permanent Financing Originated and Arranged ~$1,675,000.

* Additional references available upon request.