SOURCE: Montecito Corporation

March 18, 2008 19:35 ET

Montecito Residential, LLC, Announces Launch of Residential Asset Recovery Division

New Services Are Response to Marketplace Demands

SANTA BARBARA, CA--(Marketwire - March 18, 2008) - Montecito Residential, LLC, a subsidiary of Montecito Corporation, a premier owner of medical and residential properties throughout the United States, announced today that it is launching Montecito Asset Recovery Services, an affiliate of Montecito Property Company (MPC) and Montecito Realty Company (MRC). The new division will offer third-party services focused on restoring distressed rental or failed condominium conversion properties, and is launching as the nation's housing credit crisis has placed increasing numbers of multifamily projects in foreclosure.

Montecito Asset Recovery Services will make MPC's development and management expertise available to banks and third parties, helping ensure that condominiums and rental properties that are in foreclosure remain in the housing market. MPC was founded in 2003, and currently manages communities in Florida, Arizona, North Carolina and Georgia. The new division will be directed by Barry Gillingwater, who has more than 30 years of experience in real estate development and management, and has developed and managed more than 25,000 residential units.

"When a bank forecloses on a multifamily apartment/condominium project, it creates an immediate need for management expertise," said Gillingwater. "Banks are not in the business of owning and operating multifamily projects, and are eager to find alternatives that will enable them to manage a project efficiently. Montecito Asset Recovery Services will work with banks and other developers to provide residential management services that will allow distressed projects to continue operating."

A native of Texas, Gillingwater has been a leader in the state's residential and commercial real estate industry since 1969. He has been responsible for the marketing of commercial and residential properties valued at over $750 million, and has developed and managed more than 25,000 rental units and more than two million square feet of commercial space. He provides consultation on construction, planning and development concerns, facilitates financial partnerships and successfully brings together buyers and sellers of property in Texas and throughout the United States.

"There is no better leader for this new venture than Barry Gillingwater," said Chip Conk, president and chief executive officer of Montecito Corporation. "He knows the markets and his residential management expertise is second to none. More importantly, he understands the needs of the community, and is committed to providing much-needed investments to the housing market, particularly at a time when financial resources are otherwise tight."

Montecito Property Company

One of the fastest-growing property development companies in America, Montecito Property Company acquires well located, upscale multi-family communities then renovates and repositions them for sale as luxury condominiums. The Jacksonville, Fla.-based company currently owns properties in Arizona, California, Florida, Georgia, and South Carolina. In recent years, it has emerged as one of the nation's premier condo-conversion specialists. For more information, please visit www.montecitopropertycompany.com.

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