SOURCE: Resource America, Inc.

May 20, 2008 09:41 ET

Resource America, Inc. Announces the Completion of Resource Real Estate Investors 6, L.P.

PHILADELPHIA, PA--(Marketwire - May 20, 2008) - Resource America, Inc. (NASDAQ: REXI) (the "Company") announced today that its subsidiary, Resource Real Estate ("RRE"), has successfully completed the private offering of Resource Real Estate Investors 6, L.P. ("R6" or the "Fund"). The Fund acquired eight assets, with a gross value of $76 million, which include five equity positions and three subordinated debt investments. The following is a list of properties that R6 has acquired: Coach Lantern in Scarborough (Portland), ME, Foxcroft in Scarborough (Portland), ME, Memorial Towers in Houston, TX, Park Hill in San Antonio, TX and the Villas of Henderson Pass in San Antonio, TX. The following is a list of the properties in which the Fund purchased subordinated debt investments: Acacia Park in San Bernardino, CA, the Hillwood Apartments in Montgomery, AL and Southern Cove in Las Vegas, NV. This is RRE's eighth multifamily fund; to date RRE has raised approximately $247 million in gross offering proceeds for its multifamily programs which has purchased $577 million worth of multifamily real estate assets.

RRE invests and manages real estate investments for its own account and third party investors in five primary areas: (1) stable income-generating multifamily properties; (2) real estate debt investments; (3) value-added multifamily investments; (4) distressed real estate and (5) Commercial Mortgage Backed Securities. In total, RRE manages over $1.7 billion in assets under management as of March 31, 2008.

RRE owns and manages real estate investment vehicles on behalf of itself and for outside investors and operates the Company's commercial real estate debt platform. RRE offers investment programs that acquire stable income-generating multifamily real estate assets throughout the U.S. in areas with solid demographic and real estate fundamentals that provide tax-advantaged cash flows to investors. RRE currently manages an apartment portfolio of approximately 10,000 multifamily units representing 38 properties.

According to Alan F. Feldman, SVP of Resource America, Inc. and CEO of Resource Real Estate, "We are seeing tremendous opportunities in the marketplace to acquire multifamily properties as the credit crunch has forced many highly leveraged buyers out of the market leaving fewer buyers competing for multifamily acquisitions. Simultaneously, the U.S. subprime mortgage crisis is expected to drive more Americans into rental properties. We believe that R6 is a good example of how RRE can take advantage of some of the dislocations in the marketplace caused by the ongoing credit crisis. While RRE will maintain its focus on stabilized and value-added multifamily properties and associated investment products, we are also looking towards additional opportunistic real estate investments, including what appears to be a growing opportunity to acquire distressed real estate throughout the U.S."

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the commercial finance, real estate and financial fund management sectors. For more information please visit our website at or contact

Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Resource America, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10Q, reports on Form 8-K and annual reports on Form 10-K.

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