Novare Group's Jim Borders Inducted into REIAC Hall of Distinction

Award Presented by Jim Jacoby, Hall's First Inductee

ATLANTA - November 2, 2006 - The Southeast Chapter of the Real Estate Investment Advisory Council (REIAC) today honored Novare Group President Jim Borders as the 2006 inductee into its "Hall of Distinction." The award was designed to recognize the people and commercial real estate projects that have made the most dramatic impact on Metro Atlanta.

In a ceremony held at The Biltmore, which Borders redeveloped in 1998, the award was presented by Atlantic Station visionary Jim Jacoby, who was the inaugural inductee into the Hall of Distinction in 2005.

"It is fitting that this event was held at The Biltmore," said REIAC President and Founder Jerry Monash. "Novare's renovation of the property has helped return it to landmark status. This is just one of the many contributions Novare has made to the Atlanta community."

As part of the observance, Borders presented a program entitled "Creating the Great Urban Experience." The program included a video presentation of Novare's projects from its founding in 1992 to developments currently underway in Atlanta, Austin, Charlotte, Nashville and Tampa. In a speech which followed, Borders recounted the evolution of Atlanta's in-town condominium market from small adaptive-reuse lofts in the early 1990s to the exclusive high-rise condominiums currently under construction. "It is a great honor to be recognized by both REIAC, of which I am a member, and Georgia State University, of which I am an admirer and with whom Novare is a partner in creating the great urban experience," said Borders during his remarks.

The Hall of Distinction award also carries with it the creation of an oil painting of Borders to hang alongside that of Jacoby in Georgia State's Robinson College of Business. Borders' portrait will be unveiled at a future REAIC/GSU event. The Hall of Distinction is one of several collaborative efforts between REIAC and Georgia State University's Real Estate Department at the J. Mack Robinson College of Business. Monash added, "This presented an excellent opportunity for Atlanta's top real estate executives to show their appreciation to Jim Borders and Jim Jacoby for the transformative work they have done, while making and renewing valuable contacts."

Sponsors for the event included ATC Associates Inc.; CapMark Finance; Crown Advisors; Fidelity National Title Insurance Co.; Marsh USA; and Morris, Manning & Martin, LLP.

The Real Estate Investment Advisory Council (REIAC) is a national nonprofit trade association that provides an open forum for the exchange of ideas, concerns and experiences between people who conduct commercial real estate transactions. The organization is comprised of real estate owners and senior executives of institutions and real estate investment firms who, acting as principals, are primarily engaged in the areas of equity transactions and debt origination. REIAC provides a forum for communication and information exchange between its members; provides opportunities for improving the knowledge and professional standards within the industry; and provides a vehicle for community service. For more information visit www.REIAC.org.

Media contacts:

For Novare Group: Cathy High
(404) 575-4434 or chigh@novaregroup.com

For REIAC: Terri Thornton
404-932-4347 or territhornton@mindspring.com