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August, 21 2017
2017 Top Brokers
June, 8 2017
4 takeaways from RE Journal's 2017 Student Housing Conference
June, 1 2017
Edward Dushman completes 14,550 in retail leases
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Foresite Showcase

3869-3873 East Main Street | St. Charles, Illinois

2,500 - 11,070 Square Feet of Retail Available at Located at: East Gate Commons 3869-3873 East Main Street St. Charles, Illinois 60031...

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Company News

2017 Top Brokers - 8/21/2017
Foresite Realty Named to the Top Brokers for 2017.
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4 takeaways from RE Journal's 2017 Student Housing Conference - 6/8/2017
RE Journal's hosted its 3rd Annual Student Housing Conference at the Gleacher Center in Chicago's Streeterville neighborhood on Thursday. Developers, principals and investors discussed the current trends and issues within the student housing sector.
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April Pribe to speak at Chicago Student Housing Conference on June 8th - 4/28/2017
Thursday, June 8, 2017
7:30 AM - 10:30 AM

University of Chicago: Gleacher Center
450 N. Cityfront Plaza Drive
Chicago, Illinois 60611
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Perseverance, hard work continue to lead Foresite's Hadac to success - 1/15/2017
After a 19-year career, Jamie Hadac has earned her keep as an EVP at Foresite Realty Partners in Chicago. But the road from the University of Delaware wasn't always easy.
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Recent Assignments - November - 11/15/2016
Recent Assignments - November
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Foresite Named to the Best of the Best List - 9/15/2016
Foresite has been named to the Top Brokers and Property Management list in the Midwest for 2016.
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Recent Assigments - October 2015 - 10/7/2015
New Recent Assigments
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Foresite Welcomes Patrick Toomey - 10/1/2015
We are pleased to announce that Patrick Toomey has joined the firm as Vice President,Multifamily Operations based in Rosemont, Illinois.
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Court Decisions Extend Chicago's Transfer Tax Ordinance to Cover Mortgage Assignment - 8/19/2015
Earlier this month, in a case of first impression, the Circuit Court of Cook County, Illinois in the consolidated cases of City of Chicago v. KTCP 225, LLC, Case No. 13 L 050290, and City of Chicago v. Horizon Group XXI, LLC, Case No. 13 L 050291 (the"KTCP/Horizon Cases"), reviewed and analyzed the Chicago Real Property Transfer Tax Ordinance (the "Ordinance") to determine whether one who purchases a loan and mortgage through an assignment of mortgage acquires a "beneficial interest in real property" such that the parties are subject to transfer taxes on the assignment, and further whether the transaction qualifies under Exception C of the Ordinance, which exempts from taxation the granting of mortgages. Just last week the Circuit Court of Cook County again addressed these issues in Halsted West v. City of Chicago, Case No. 11 CH 19010, consolidated in the City of Chicago v. Elm State Property and Halsted West, Case Nos. 14 L 050273 and 14 L 050274 (the "Halsted West Cases").
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Jamie Hadac, Executive Vice President named to the Women of Influence 2015 in Real Estate Forum - 8/5/2015
Jamie Hadac, Executive Vice President named to the Women of Influence 2015 in Real Estate Forum
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Forsite Named to the 2015 Best of the Best - 8/3/2015
Foresite named to the Best of the Best in the Midwest for Management and Brokerage

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By Daniel I. Dorfman

It was less than a decade ago that Don Shapiro sensed it was time to start a new chapter in his professional life. "I wanted to go on my own," remembered Shapiro, now a 30-year veteran of the real estate industry.

That was the impetus in 2005, when Shapiro, working in conjunction with a number of partners all of whom had an Indiana University bond, formed Foresite Realty Partners, LLC.

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You Won't Recognize the Office of the Future - 9/3/2014
With some companies achieving well below 100 SF/employee, will we be too close for comfort in tomorrow’s offices? (We better learn to get along because soon we'll be sitting on each other's laps.) That's why downsizing has to be done efficiently, we learned at Bisnow’s Property Management & Office of the Future event.
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Three Ways To Keep Your Tenants Happy Featuring Don Shapiro - 7/24/2014
Tech is transforming the way office buildings retain tenants in today's market, so we're thrilled to be holding Bisnow's Property Management & Office of the Future summit next month to discuss new ways owners and property managers are keeping buildings competitive. Some tips:
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Don Shapiro to Moderate Property Management and Office of the Future Conference - 7/22/2014

Thursday, August 28, 2014

Trump International Hotel & Tower Chicago
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Appellate Court Opines On Propriety of Communications Between Condominium Board Members - 4/7/2014
On the heels of the long-awaiting reversal of the Spanish Courts II appellate decision, condominium associations have been hit again with a First District Appellate Court ruling which has the potential to drastically impact the operation of many boards.

The Illinois Appellate Court’s March 21, 2014, order in Palm vs 2800 Lake Shore ("Palm II") interprets the open meeting requirements of the Illinois Condominium Property Act ("ICPA") and the authority of a condominium board to delegate in a manner which is inconsistent with how most boards currently operate.

ICPA Section 2(w) provides that a "meeting of the board" occurs only when a majority of a quorum of the members of the board gather for the purpose of conducting board business. The original language of Section 2(w) defined "meeting of the board" as any gathering of a majority of a quorum of the members of the board held for the purpose of discussing board business. On January 1, 1994, Section 2(w) was amended to change the word "discussing" to "conducting." Conducting board business has since been generally interpreted to mean voting, and some associations adopted procedures to discuss matters at working sessions or otherwise outside of open, properly noticed board meetings. A "meeting of the board" entitles all owners to notice and the opportunity to attend the meeting.
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Grab the Wheel — Michigan's New Road to Receiverships Could Get Bumpy effective May 1, 2014. - 4/7/2014
Attorneys and clients seeking the appointment of a receiver often face the dilemma of uncertainty. The process can be riddled with questions: Will the court appoint the requested receiver? If not, will the court appoint a receiver with knowledge of, let alone specialization in, the subject matter of the receivership? Will the court even appoint a receiver? How long will it take to get the appointment, if ever? And, if the receiver appointed is other than the one requested, will the appointment add so much extra cost to the case that you will wish you had never asked?

As if those uncertainties weren’t challenging enough, Michigan attorneys now face a new bump on the road to receivership beginning May 1.

A 2013 proposal attempted to hedge some of the uncertainty in the appointment process by amending the court rules governing receiverships to, among other things, direct the court to "defer to the petitioner’s nomination of receiver. . ."

That phrase, however, became not just a bump in the road, but a huge pothole filled by an avalanche of opposition to the proposed amendment. Opponents feared the phrase removed a judge’s discretion in the appointment process and would result in the appointment of receivers who were beholden to the party who sought the appointment.

The final amendments, which take effect May 1, do not require the Court to defer to the petitioning party. Instead, the new rules make clear that, even if stipulated or not contested in a timely manner, "the court shall appoint the receiver nominated by the party . . . unless the court finds that a different receiver should be appointed." This language, combined with the broad grounds for disqualification set forth in the new rules, ensures that the court retains complete discretion over the appointment of receivers.

There are other changes to Michigan Court Rule 2.622 as well which impose obligations on parties seeking the appointment of a receiver. For example, the petitioning party must now provide specific detail on how the nominated receiver has the requisite competence, qualifications and experience to serve as a receiver, after considering factors such as relevant business, legal and receivership knowledge, and ability to obtain a bond.

Foresite Named to NREI 2014 Top Brokers survey for 2013 - 4/7/2014
It was another year of robust growth for commercial real estate brokerage firms. Increases in investment sales and leasing activity enabled many of the firms on our list to grow their transaction volumes by 15 percent or more, with some firms experiencing particularly robust growth rates. The top dog on our list remains CBRE Group Inc. It is the 11th consecutive year that CBRE has lead the industry in total transaction volume. The firm reported a total volume of $233.30 billion in 2013...
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Ohio’s HB 487 Presents Property Valuation Appeal Opportunities - 4/1/2014
In Ohio, recent purchasers may soon be able to prevent increases of their newly acquired property to the purchase price
when extenuating circumstances are present in the underlying transaction. Anyone who has purchased a property in Ohio is
aware that if a school board attorney wants to increase the property from market value to the purchase price, all he or she
needs to do is file an Increase Complaint.
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Emanuel's pension deal would cost taxpayers much more than advertised. - 4/1/2014
Mayor Rahm Emanuel's proposed pension deal with city unions representing about half of its workforce would cost property owners much more than the city initially admitted, with the city's gross property tax levy destined to rise almost a third by 2020 if the deal is implemented as proposed, city officials now are conceding.

And the proposed deal does not include the potential cost of deals that have yet to be struck covering city police, firefighters and Chicago Public School teachers — or the cost of a recently finalized pact for Chicago Park District workers.
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Freed, Bank of America settle bitter Block 37 foreclosure case - 3/15/2014
As he turns to fighting off federal fraud charges, beleaguered Chicago real estate developer Laurance Freed has resolved one of his long-running legal headaches.

After nearly five years of proceedings, Mr. Freed and Bank of America N.A. settled the foreclosure litigation over the Block 37 shopping mall downtown, a court filing shows.

The case was dismissed March 5, according to an order signed by Cook County Circuit Judge Margaret Ann Brennan, who handled the case and had pushed both sides to cut a deal.

Charlotte, N.C.-based Bank of America brought the suit in October 2009 against a venture of Mr. Freed's real estate firm, Joseph Freed & Associates LLC, which developed the 275,000-square-foot shopping mall, setting off a court fight that resulted in the bank taking back Block 37 and selling it to Los Angeles real estate firm CIM Group two years ago for $84 million.

Terms of the resolution between Mr. Freed and B of A weren't disclosed in court records. It's likely that Bank of America won't collect the full amount it claimed it was owed, however. As of last June, the lender claimed Mr. Freed and one of his affiliates owed at least $132 million, an amount that was increasing by $27,000 per day.
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Foresite Named to Crain's Chicago's Largest Property Management Firms 12/31/13 - 3/3/2014
Crain's Chicago's Largest Property Management Firms 12/31/13
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U-Haul company buys landmark warehouse in Pilsen - 11/25/2013
By: Abraham Tekippe November 25, 2013

An affiliate of U-Haul International Inc. paid $4.7 million for a historic Pilsen warehouse that's been tied up in foreclosure for more than a year.

A venture of Phoenix-based AMERCO Real Estate Co., the real estate arm of U-Haul's parent company, acquired the 309,000-square-foot building at 500 W. Cermak Road, according to property records. The venture bought the rights to the property from the building's lender, an affiliate of Newport Beach, Calif.-based Sabal Financial Group L.P., which was the successful bidder at a foreclosure sale earlier this year, records show.
Built in 1911, the seven-story warehouse originally housed the Thomson & Taylor Spice Co., a purveyor of spices, coffees, flavoring extracts and other household products, according to a city report on the property. The warehouse is one of four industrial buildings in the landmarked Cermak Road Bridge District, a cluster of riverfront properties surrounding the Cermak Road Bridge.

More recently, the building has operated as a loft-office and self-storage facility. The warehouse was previously owned by a venture led by Donald Murney, head of Scottsdale, Ariz.-based Storage Today, which has locations at 500 W. Cermak and 2536 W. 63rd St. in West Englewood as well as a third property in Charleston, S.C., according to its website.
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September 2013 - Newsletter - 8/28/2013
September 2013 - Newsletter
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Renters Get New State Protection From Foreclosures - 8/23/2013
Renters whose apartments are involved in foreclosures will get special new protections under a bill signed into law today by Gov. Pat Quinn.

The measure, sponsored by Sen. Jacqueline Collins and Rep. Kelly Cassidy, both Chicago Democrats, covers residents who live in multifamily developments who have hit financial problems and are foreclosed on.

Specifically, the measure requires anyone who is acquiring residential property through a foreclosure to honor their tenants' existing leases or provide them a minimum of 90 days to move. The measure takes effect in 90 days and strengthens provisions of a measure that is set to expire in 2014.

"The foreclosure crisis has been devastating to homeowners as well as many families living in rental homes who are at risk of losing their home due to no fault of their own," Mr. Quinn said in a statement. "This law will ensure renters are protected from sudden forced moves that can be costly and disruptive."

The measure was supported by groups including the Heartland Alliance and the Sargent Shriver National Center on Poverty Law, and passed both the Senate and the House without opposition, by votes of 55-0 and 117-0, respectively.
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Growth and Perseverance - 8/22/2013
Foresite Realty Partners Specializes in Challenged or Distressed Assets named Properties-in-Transition. As seen in the Fall 2013 Issue of the DDC Journal pages 33-34.
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How to Manage Properties Like a Boss - 8/14/2013
Mies van der Rohe always thought less is more. Post-downturn, property management is finding kinship with the German architect's minimalist attitude. (And soon the Wrigley Field ivy will be replaced with edelweiss.)

That's why we're bringing in experts that are doing more with less and utilizing outside-of-the-box thinking as outlined by Foresite Realty Partners president and CEO Don Shapiro who will be moderating Bisnow's Property Management & Sustainability Summit on August 28. Don is seeing owners grapple with the costs of technology upgrades when repositioning properties, deferred maintenance expenses (from the downturn), and amenity packages to attract and retain tenants. (Foresite's portfolio today has changed from a significant amount in receivership to over 50% REO.)

Here's how creative leasing can turn around a property: Foresite manages an office at 215 W Ohio and brought it to 100% occupancy by signing an established fitness/yoga operator on the first floor. Trading office space for this alternate use gives tenants/third parties access to classes six to seven days a week in the studio and on the building's roof deck, Don tells us—a unique perk that insta-boosted occupancy. For retail centers, this might mean bringing atypical tenants like medical office, non-profits, or gaming into the mix. (A yoga/doctor combo makes the most sense for the less flexible among us.) Foresite's working with Dotty's gambling cafe—a chain set to take Illinois by storm—pending licensing.

Don has noticed sustainability is primarily a priority for B+ to A buildings (with higher end tenants), since it's generally associated with an added cost. Other hot property management topics: recent rain and flooding have increased tenant interest in sewer and retention systems; and conceal-and-carry gun laws have property managers consulting attorneys and insurance agents about whether or not to allow weapons on site. When Don's not running assets, you'll find him working on his paddle tennis game, one of the fastest-growing sports in northeast Illinois that he looks forward to playing in the middle of winter.

Don Shapiro to moderate the Property Management & Sustainability Conference - 8/10/2013
Join Bisnow and our all-star panel of owners and property managers as they discuss everything there is to know about the challenges, opportunities, efficiencies, and sustainability efforts within the property management industry. As always, come early and stay late for a great opportunity to network and socialize with the best of the Chicago business community.

Wednesday, August 28, 2013

JW Marriott Chicago
151 W. Adams Street
Chicago, IL 60603

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You Can't Kiss a Guy Over Facebook - 8/4/2013
And you can't be a property manager over it either. Today's property manager has to be in the field to be effective, according to experts at Bisnow's Chicago.
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Don Shapiro to speak on the State of the Market - 8/2/2013
The Building Owner/Mangers Summit & Supplier Showcase Conference will be held Friday, September 27th at the Oak Brook Marriott.

1401 West 22nd Street Oak Brook, Illinois 60523

More Hoops To Jump Through For Lenders In Mortgage Foreclousre Cases - 8/2/2013
Mortgage lenders bringing foreclosure suits face new burdens before a judgment will be entered by the court. New Supreme Court rules - which make the foreclosure process more difficult for lenders - impose these new requirements:

The lender must attach to the complaint a genuine copy of the note and whatever else might be needed to establish the lender's standing to bring the lawsuit. That includes all assignments where the lender filing suit is not the original lender.

The lender must submit a detailed affidavit when it requests judgment, identifying the computer program the lender used to track mortgage payments and the books and records the affiant reviewed in drafting the affidavit, and in cases where the mortgagor has filed an appearance or responsive pleading, setting forth the borrower's entire payment history.

Within two days after a borrower is defaulted by court order, the lender must deliver a notice of default to the clerk of the court, and within five days, the clerk must mail a copy of the notice to the borrower, in envelopes addressed to the borrower provided by the lender. The notice must tell the borrower that he may be entitled to vacate the judgment and, if the borrow is unrepresented by counsel, must provide contact information for free legal services.

If the mortgage is foreclosed and a judicial sale will occur, the lender must send to the borrower and all other defendants a notice of sale at least ten days before the sale. If there are surplus funds resulting from the judicial sale -- a rare event, indeed -- the lender must send a special notice to the borrower advising him of the surplus funds and providing the borrower with a form to use to claim the surplus funds for himself.

Lenders must also submit a second affidavit that outlines all loss-mitigation programs available to the borrower; the steps taken by the lender to offer those programs to the customer; and the status of the loss-mitigation efforts. All applicable loss-mitigation programs must be discussed with the borrower including "in-house" programs and loan specific programs. This applies to all pending mortgage foreclosure lawsuits. No judgment of foreclosure may be entered until the lender submits the loss mitigation affidavit to the judge.

Provided by:
Robbins, Salomon & Patt

Million dollar-plus property tax hikes on the way for some city building owners - 8/2/2013
By: Mark Brown
Chicago Sun Times

About the time the buzz of the Blackhawks’ victory parade finally dies down, you can expect more loud cries to start emanating from downtown Chicago.

This time, though, it will be the unhappy owners of major commercial buildings in the central business district raising a ruckus after property tax bills start arriving this week in the mail.

Tax bills with double-digit percentage increases could be commonplace this year for downtown office buildings, hotels and stores as assessment changes shift some of the tax burden away from homeowners.

Nine buildings — including such iconic properties as Water Tower Place and Merchandise Mart — will see tax increases topping $1 million each, according to Cook County tax data obtained by the Chicago Sun-Times.

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Foresite Realty Partners - Best of the Best 2013 - 7/16/2013
Foresite Realty Partners has been named one of the Top Property Management Companies in the Midwest Real Estate News Best of the Best 2013.
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Foresite Realty Partners appointed Receiver for Lincolnshire shopping center - 7/15/2013
A judge appointed Rosemont-based Foresite Realty Partners LLC as the receiver for the CityPark Retail center in Lincolnshire, according to Foresite President Don Shapiro, who declined to comment further. Wells Fargo Bank N.A. filed an $18.5 million foreclosure lawsuit against a venture of Lincolnshire-based ECD Co. that owns the 75,000-square-foot retail complex after it stopped making monthly mortgage payments in March.
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July 2013- Newsletter - 7/1/2013
July 2013 Newsletter
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Keeping you in the Game - 6/8/2013
Brief overlook on how Foresite can keep you in the Game!
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Greektown loft office buildings sell for $14 million - 5/13/2013
Loft office landlord Urban Innovations Ltd. paid $14 million for two Greektown buildings, a sign that it's getting tougher to find good deals in River North, the firm's home turf.

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Foresite Realty Partners is Moving - 3/26/2013
Effective March 29, 2013 Our New Address is:
9525 West Bryn Mawr Avenue | Suite 925
Rosemont, Illinois 60018
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Federal Action on Forced-Place Insurance Could Pressure Profits for Major Players - 1/18/2013
Federal regulators Thursday moved to tighten the regulations governing the small but highly profitable forced-place homeowners insurance market—and more is on the way.

Consumer advocates say the new initiatives give them hope that creation of the new Consumer Financial Protection Bureau through the Dodd-Frank Act will lead to lower rates in other highly profitable niche markets.

There is some disagreement among financial-services companies as to whether the new regulations exceed the mandate provided through DFA. Officials of Assurant, the largest player in forced-place insurance, says it will comply with the new regulations, while an official of a group representing the banking industry says the regulations exceed the law’s mandate.
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Multifamily Monday: Locals vs. Institutions--Schaumburg Villas - 8/21/2012
Real estate values still haven't come back in Chicago (it's Monday afternoon, do you know where your values are?), and there's a risk of more defaults should interest rates rise, says Foresite Realty Partners CEO Don Shapiro. So who's waiting on the other side of receivership to buy those properties?
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Lender looks to lease up Greektown buildings it seized - 8/15/2012

(Crain's) — After taking over a pair of distressed office buildings in Greektown, a lender now faces the challenge of luring tenants to the properties to boost their occupancy — and potential sale price.

Wells Fargo Bank N.A. is now the owner of an eight-story building at 833 W. Jackson Blvd. and a five-story building at 322 S. Green St., the result of a three-year legal fight with the properties' owners that included a foreclosure suit and two trips through Bankruptcy Court.
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Don Shapiro to speak at the Chicago's Property Management Conference - September 6, 2012 - 8/7/2012
"State of The Market"
Don Shapiro will be apart of a panel of senior level property management executives, representing third party management firms and property owners, discuss some of the most important issues in the industry, from the management perspective—managing distressed properties, improving profitability, etc.
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Distressed Real Estate Panel Discussion - Don Shapiro to moderate - 6/6/2012
The Chicago Real Estate Council invites you to our next event, a Distressed Real Estate Panel Discussion, to be held on Wednesday, June 6, 2012 at Maggiano's, 111 W. Grand Avenue, with check-in at 11:30 a.m. The panelists are Brian Holmes of McGladrey, Rick Levin of Rick Levin & Associates and Charles Krawitz of Fifth Third Bank. The moderator is Donald Shapiro of Foresite Realty Partners.

As always, there is no charge for CREC members; the guest fee is $75.00 Please respond by return e-mail, fax or phone (877-898-2732). Guests can register on our website ( The deadline for registration is Monday, June 4th. See you there!
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Chicago Commercial Real Estate Conference: The Transition Out of Distressed Real Estate - 4/4/2012
Come join Donald Shapiro as he Moderate's the Buying and Selling of Notes and Assets. Jamie Hadac will also be sitting on the panel for Managing Distressed Properties.
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Largest Property Managers - 3/5/2012
Foresite Realty Partners ranked 23 overall and 5th in retail space managed on Crain's List Chicago Largest Property Managers.
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Foresite's Don Shapiro to Participate as Speaker at the Commercail Real Estate Forcast Conference in Chicago. - 1/24/2012
Foresite will be a sponsor at the 10th Annual Commercial Real Estate Forecast Conference Wednesday, January 24, 2012 at the Chicago Marriott Downtown 540 North Michigan Avenue Chicago.
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Foresite Realty Partners LLC has been appointed receiver of 2313-2323 West 95th Street in Chicago - 9/13/2011
Chicago-based PrivateBancorp Inc. has filed a $3.3-million foreclosure suit against a Beverly strip mall owned by a venture led by Chicago retail brokers Ed Zifkin and Todd Cabanban. Rosemont-based Foresite Realty Partners LLC has been appointed receiver of the property.
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Foresite - Best of the Best in Property Management 2011 - 7/12/2011
Midwest Real Estate News publishes it's special supplement: Best of the Best 2011 and Foresite is included as a Top Property Management Company.
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Foresite Realty Newsletter - August 2011 - 7/1/2011
Foresite is happy to welcome two new employees! Mike Pontarelli joins our Property Management Team as Senior Property Manager and Sabrina Newman joins the Office Services Team.
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Foresite Sponsors GreenPearl Conference: Chicago 2011 Beyond Distressed - 5/12/2011
Focusing on recovery and stagnation with special topics including: Robbing the Bank: Note acquisitions and loan sales, Walk It Off: When Workouts Don't Work Out, Rinse & Repeat: How savvy investors are making 40%+ returns on 1-4 Family REOs at high volume
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Foresite's Don Shapiro on AIRE panel "A Broker's Guide to Distressed Real Estate" - 5/3/2011
AIRE's monthly Lunch, Learn & Lead event this month will discuss the impact distressed real estate has on the market.
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New Focus for the New Economy - Foresite Interviewed in Bisnow - 4/11/2011
"Foresite Realty Partners sold all its assets in 2007 and has been doing receiverships for the last four years. But that's about to change"
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Don Shapiro a Featured Panelist at Chicago Real Estate Council Event - 3/17/2011
What's Going On Out There Today? Marketing Investment Real Estate Today. The event will feature a receiver (Don Shapiro), an auctioneer and a broker discussing how they are able to get deals
done in today's environment. Click the link below to learn more and register.
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Foresite Sponsors Distressed Real Estate Summit: Florida - 1/27/2011
"A powerful one-day informational and networking event that brings together c-suite and senior executives in commercial and residential real estate to discuss the opportunities and challenges of today’s real estate market."
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Foresite's Don Shapiro to speak on panel at Interface Distressed Assets: Florida - 12/8/2010
"Interface Distressed Assets: Florida will provide an important update on opportunities associated with loan maturities in an evolving debt climate."
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Foresite's Don Shapiro to speak on panel at the Fall 2010 Midwest Banking Conference - 11/2/2010
"The Road Ahead in CRE & Bank Regulation" Fall 2010 Midwest Banking Conference is being held at The University Club of Chicago on Tuesday, November 2nd. Don will be a speaking on Panel 1: Work Out or Get Out: Managing Distressed CRE Portfolios.
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Foresite Sponsors GreenPearl Distressed Real Estate Summit:New York, October 21st - 10/21/2010
Foresite's Don Shapiro to speak on expert panel to address distressed asset pricing, asset quality and availability. Click below to register.
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Don Shapiro Named Receiver for Riverside,OH Office Properties - 10/19/2010
A receiver has been appointed in the foreclosure lawsuit filed against the owners of two large Dayton-area office properties — Wright Point I and II in Riverside,OH.
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Foreclosure suit hits East Loop office building - 10/13/2010
While the Loop has not yet seen a rash of foreclosure filings, many downtown office landlords have lost tenants because of the recession, says Don Shapiro, president of Rosemont-based Foresite Realty Partners LLC, who isn't involved in the case.
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Foresite Sponsors RealShare Distressed Assets, Dallas, TX - 9/16/2010
Join Special Servicers Berkadia, Midland, Helios, Cohen and Trimont at The Adolphus Hotel in Dallas, to hear how they're dealing with extensions, what they're looking for from operators, their outlook for maturing loans, investor interest in the various property types, etc.

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Foresite Sponsors CREW Chicago's 1st Annual Golf Outing - 7/13/2010
A golf, networking and dinner event at The Glen Club Golf Course in Glenview, IL. Register today!
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Foresite's Don Shapiro Comments on Trepp's Chicago Special Servicing Trends in Real Estate Bisnow - 7/12/2010
"Foresite Realty Partner's Don Shapiro says the special servicers he's been dealing with are often serving 50-60 loans each, far more than he's seen in the past. He also says that a second wave of loans going into special servicing could be coming up in 2012 to 2014 when many loans are set to mature. Those loans might be a little smaller in number, but larger in volume than this wave. "We'll have a general flattening of the curve, which should last for 2010 to 2012," Don says. "Loans in special servicing will grow in volume and complexity in the years after that."
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Don Shapiro will Participate in Chicago Industrial Properties® Seventh Annual Industrial Summit - 6/9/2010
"The 7th Annual Chicago Industrial Summit, produced by Chicago Industrial Properties, checks the pulse of today's market while looking ahead to the future. Topics will include:

-View from the Executives
-Critical Markets
-De-Stressing the Market
-Industrial Values and Opportunities"
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Everyone's Distressed, it's Intelligence That's Prized - 6/4/2010
"The banks and courts can't keep up. In Columbus, OH for example, there's just one foreclosure judge. That's it – all the cases go to him. If we think we're going to work through this in the next six to 12 months, it's not going to happen." - Don Shapiro at RealShare Chicago.
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Foresite Sponsors "RealShare Chicago" Donald Shapiro to Speak on Panel June 3rd - 6/3/2010
8th Annual RealShare Chicago, the leading real estate networking conference for the Chicagoland commercial real estate market.
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Freed fights more B of A foreclosure suits - Crain's Chicago Business - 5/19/2010
"The war between Joseph Freed & Associates LLC and Bank of America Corp. is spreading to multiple fronts.

Chicago-based Freed, which is battling the bank’s foreclosure lawsuit against the new Block 37 mall downtown, recently surrendered two local properties to a court-appointed receiver in the wake of a $105-million B of A foreclosure suit."

Foresite is currently receiver of these two properties: Evanston Plaza in Evanston, IL and West Town Center in the Wicker Park neighborhood of Chicago.
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Distressed RE Summit Chicago - Conference Audio - 5/13/2010
A View from the Bench: How Are Judges Viewing the Foreclosure Process?

•How is the current real estate cycle similar and/or different to prior downturns in terms of volume of financially-troubled real estate loans in Illinois?
•Past precedents: Have Illinois judges, historically, sided with the borrower, or lender?
•How will judges view the significant volume of commercial real estate maturities in the next five years?
•Analysis and review of receiver selection process
•How is the current cycle likely to change or impact new regulation and/or legislation related to financial oversight and disclosure?

Hear From:

•Moderator: Don Shapiro, President/CEO, Foresite Realty Partners
•Hon. Alan J. Greiman (Ret.), First District, Illinois Appellate Court
•Judge James F. Henry, Of Counsel, Meckler Bulger Tilson Marick & Pearson LLP
•Hon. John Hourihane (Ret.), ADR Systems
•Hon. Clifford L. Meacham (Ret.), Cook County

Follow link, then click at top of website on audio bar.
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Neighbors of Foreclosure; Don Shapiro on ABC Channel 7's Special Segment - April 12th - 4/12/2010
Advice for homeowners facing problems with foreclosed properties next door. Click below to go to ABC Channel 7's website.
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Legal Issues: Impacting Commercial Real Estate - April 22nd - 3/24/2010
Donald Shapiro along with other distinguished members of the legal and commercial real estate communities will be presenting the case and providing insights and strategies for working through a variety of legal issues.
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Dayton Business Journal: New Receiver (Foresite) Seeks to Revive Dayton Office Building - 3/23/2010
Don Shapiro, president and chief executive officer of Rosemont, Ill.-based Foresite Realty Partners LLC, was named the receiver of the 110 North Main Building as part of the federal foreclosure lawsuit on the property.

"We are there to improve upon performance, occupancy and operations, and bring it up to its class A potential," Shapiro said.

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Foresite Sponsors GreenPearl Distressed Real Estate Summit May 13th - 3/3/2010
"Most real estate professionals excel in a strong market, but those who understand the challenges and complexities of a distressed market are best educated to excel in future up and down cycles and are better prepared to implement the foundations of preserving, maintaining and maximizing the value of their real estate assets. Don't miss the May 2010 GreenPearl Events' DISTRESSED REAL ESTATE SUMMIT: CHICAGO to better position yourself in a troubled market and successfully navigate through tougher times."
-- Don Shapiro, President / CEO, Foresite Realty Partners

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Utilities stick customers with new charges for others' unpaid bills - 2/8/2010
Thanks to a state law passed with little notice last year, utility customers who pay their bills will soon shell out more to cover for those who don't.
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Bank sells surrendered St. Charles office property - 1/18/2010
A distressed office park in the western suburbs has found new ownership. St. Charles Corporate Center, 3805 and 3815 E. Main St., was acquired late last month by Wickman Properties Inc. The properties were ultimately surrendered last April to Wells Fargo, which appointed Rosemont-based Foresite Realty Partners LLC as receiver. Don Shapiro of Foresite Realty Partners, LLC was personally named the receiver of the property and his firm managed the property and brokered the sale.

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Brookfield sells JPMorgan building in Rockford - 1/14/2010
Brookfield Asset Management Inc. sold a prominent, 78,875-square-foot office building in Rockford last month for about $7.4 million, or 9% less than the real estate investment company paid in 2007, according to public records. Brookfield acquired the five-story structure at 6001 E. State St. as part of a 33-property, $460-million sale leaseback deal with JPMorgan Chase & Co. Other tenants include logistics company CH Robinson Worldwide Inc. and for-profit Rasmussen College. The buyer is a fund raised by Rockford-based LandMark Development Inc., which says the deal is its first with outside capital. The building is 93% leased, with three-quarters of the building leased until at least 2016, according to Rosemont-based Foresite Realty Partners LLC, which represented Brookfield. A Toronto-based Brookfield spokesman did not return a message requesting comment.

Foresite's Foresight - 10/27/2009

Workouts and receiverships were already on the mind of Foresite Realty Partners Bryan Sullivan, Greg Nieder, and CEO Don Shapiro back in 2005 (the same year it added Jamie Hadac, left, in asset management). Now with more than 100 employees working third party "problem-solving" from workouts to leasing, the team has over 50 court-ordered receiverships throughout 16 midwestern states, about half of in Chicago.

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Distressed Property Summit - 7/28/2009

What Lenders are doing with Distressed and Under Performing Properties and Loans

1031 Exchanges in the Current Real Estate Environment

Property Due Diligence, Inspections and Valuation

Legal Strategies and Consideration for Distressed and Foreclosed Projects

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Capitalizing on Distressed Assets - 6/16/2009

Moderator Bernard Haddigan of Marcus & Millichap and panelists Leslie Andren of Bank of America, Debbie Corson of Apartment Realty Advisors, David Kessler of Reznick Group, P.C., Jerry Ong of Jupiter Realty Corporation and Don Shapiro of Foresite Realty Partners, L.L.C. will discuss the market for distressed assets in 2009 at RealShare CHICAGO, June 16th at the Chicago Renaissance Hotel.

Other event highlights at the seventh-annual real estate networking conference include a special opening address on Real Estate Private Equity Funds, a state-of-the-market Town Hall Meeting panel and individual in-depth sessions on the downtown office, suburban office and multifamily/condo and a special general session on capitalizing on distressed assets.

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The 16th Annual Central States Bankruptcy Workshop, Jamie Hadac Guest Panelist - 5/7/2009

The 16th Annual Central States Bankruptcy Workshop will take place June 11-14 at the fabulous Grand Traverse Resort and Spa in Traverse City, Mich. This year's conference features 24 bankruptcy judges on faculty, as well as an alternative workshop structure: one that caters to the consumer bankruptcy professional and one that caters to the business bankruptcy professional. Also enjoy the resort and surrounding area that boasts vineyards, outdoor activities and museums. One session will be of particular interest to the committee.

Panelists in the session "Remember When That Real Estate Was Worth Something? Dealing with the Distressed Real Estate Market in Insolvency and Restructuring Proceedings" will analyze and discuss recent trends in different sectors of the real estate market as well as new legislation and government programs that could help real estate value. Panelists will include Jamie Leigh Hadac of Foresite Realty Partners, LLC in Rosemont, Ill., Hon. Pamela S. Hollis of the U.S. Bankruptcy Court (N.D. Ill.) in Chicago, Barry P. Lefkowitz of Virchow, Krause & Company, LLP in Southfield, Mich. and Mark L. Radtke of Shaw Gussis Fishman Glantz Wolfson & Towbin LLC in Chicago. Christopher J. Stroebel of von Briesen & Roper, SC in Madison, Wis. will moderate. Please click the link below to view the relevant materials.

Remember When That Real Estate Was Worth Something? Dealing with the Distressed Real Estate Market in Insolvency and Restructuring Proceedings

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Asset Management: The Importance of Effective Management During Turbulent - 4/6/2009
by Matt Baron, Staff Writer, ULI Chicago

Panelists repeatedly acknowledged that guesswork is frequently at play in trying to assess values today. And amid the challenge, there is opportunity, particularly in career growth.

"This is the best cycle in someones career to learn," said Don Shapiro, president and CEO of Foresite Realty Partners, LLC.
His companys work includes serving as a court-appointed receiver on the state and federal levels. That experience has provided him and his colleagues at Foresite with insight on "both sides of the fence," he noted, as they work with lenders to address problems arising from foreclosed assets. Shapiro, who has taken part in about 50 court-ordered receiverships, foresees a "significant redistribution of wealth…people are losing large sums of money."

In answering an audience members question about how money will flow from rescued banks back into the asset management sector, Schoser said, "The world of securitized lending in real estate is dead. We're not going back to that. Public/private opportunities have to exist to replace it."

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"The Importance of Effective Management during Turbulent Times" - 3/26/2009

ULI Chicago is pleased to welcome Don Shapiro, President and CEO, Foresite Realty Partners, L.L.C., who will moderate our panel and facilitate the Q & A portion of our March 26, 2009 meeting "Asset Management - The Importance of Effective Management during Turbulent Times".

Mr. Shapiro is a 22-year veteran of commercial and multi-family residential markets. He spearheads strategic initiatives and oversees all financial aspects of his company. He holds a BS in Accounting/Finance.

This will be an exciting panel discussion. Online registration is still open until midnight tonight for this meeting.
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City View Center of Garfield Heights in Receivership - 3/11/2009
by: -Michelle Jarobe - Cleveland Plain Dealer

GARFIELD HEIGHTS -- City View Center has landed in receivership, after the ailing shopping center's owners failed to make payments on an $81 million mortgage loan.

U.S. District Court records show that Judge Kathleen O'Malley recently appointed Chicago real estate executive Donald Shapiro to manage the Garfield Heights property.

Creditors seeking to protect their investment sometimes will ask a court to appoint an outside receiver. Shapiro's appointment resulted from a lawsuit filed in federal court in Cleveland by the Bank of New York Trust Co. , which acts as the trustee for bondholders connected to the City View loan.

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City View Center Retail Complex in Hands of a Receiver - 3/10/2009
By: Stan Bullard of the Crain's Cleveland Business

U.S. District Judge Kathleen O'Malley has appointed Donald Shapiro, CEO of Foresite Realty Partners LLC of Chicago, as receiver of the property at the request of Bank of New York Trust Co., which serves as the trustee for bonds that were sold to support the mortgage. Bank of New York Trust filed the lawsuit Feb. 19, saying City View Center LLC, an investor group based in Monsey, N.Y., defaulted on an $80 million loan it provided for the Dec. 29, 2006, property purchase.

Mr. Shapiro said in a phone interview with Crain's Cleveland Business yesterday, March 9, that he visited the property last week and is preparing a strategy to stabilize the asset.

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Selling Real Estate in Today's Market - Panel Discussion - 1/26/2009

Panelist Don Shapiro of Foresite Realty Partners, L.L.C., and other professionals will discuss "Selling Real Estate in Today's Market". Veteran brokers talk about how they have been able to get deals done in today’s tough economic environment. Areas we will cover include traditional brokerage, auctions, differences in handling receiver/foreclosure real estate, and where they see the sales markets for 2009 and beyond.
The event is to take place at Hugo's Frog Bar and Fish House at Gibsons on Wednesday February 11th 2009 at 11:45AM.

The Chicago Real Estate Council is a networking organization comprised of a diverse group of professionals in Chicago's commercial real estate industry. We operate for educational and social purposes with the mission of promoting the development, establishment and expansion of the real estate industry.

The Council is one of the oldest real estate professional networking groups and dates back to 1949. Originally called the "Junior Real Estate Board," the Chicago Real Estate Council (or CREC as it is also known today) was literally founded by the sons of Draper & Kramer and Baird & Warner and today has over 250 members.

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Foresite Realty Partners names Jamie Hadac Senior Vice President - 1/26/2009

Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services.

Since joining Foresite in 2006, Ms. Hadac has been actively involved with lenders, creditors, owners, (borrowers) and CMBS special servicers in the workout, turnaround, receivership, restructuring and disposition of distressed REO and mortgages, which Foresite refers to as "Properties-in-Transition."
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6th Annual Realshare Chicago Conference - 6/10/2008
Suburban Market in Focus

Moderator Don Shapiro of Foresite Realty Partners, L.L.C., will lead a discussion on the outlook for leasing, investment and development in Chicago's suburban markets with John Coleman of The Alter Group, Bill Glazer of Keystone Property Group, Joe Neverauskas of BPG Properties, LTD and Jim Postweiler of Jones Lang LaSalle during a featured session at RealShare CHICAGO, June 10th at the Fairmont Chicago Hotel.

Other sessions at the sixth-annual networking event will cover the investment sales environment, the industrial property sector, the overall downtown and suburban markets, the debt and equity capital markets and more. View the full agenda.

RealShare CHICAGO is produced by Real Estate Media, publisher of Real Estate Forum, the leading national publication covering commercial real estate in the United States for over 60 years,, the premier online portal to daily news, information and business resources, and the RealShare Conference Series, producer of over 30 commercial real estate networking events.

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Foresite Realty Partners, LLC sells 354 apartment units in Evansville, Indiana - 1/23/2008
Evansville, IN—Foresite Realty Partners, L.L.C. announces the sale of Indian Woods and Shiloh Place Apartments, two multi-family communities totaling 354 units, in Evansville, Indiana.

Indian Woods is a 26 building, 202-unit, two-story complex situated on 17.96 acres. Shiloh Place is an 8 building, 152-unit complex on 5.64 acres. The complexes offer a variety of floor plans, including studio, one- and two- bedroom units as well as town home and ranch style floor plans. Amenities include swimming pools with sundecks and feature walking paths and private decks with lake views.

Vice-President Jamie Hadac and President/CEO Donald Shapiro of Foresite Realty Partners represented the seller, a multi-family investor who owns numerous complexes throughout the Midwest, in the transaction. The properties sold to an investor, based out of New York, who also owns other multi-family properties in the Evansville Indiana market.
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Foresite Realty Partners Sells Suburban Chicago Retail Property - 12/28/2007
Rosemont, IL - Foresite Realty Partners, L.L.C. announces the sale of a 26,500 square foot retail property located at 1727-1737 East-West Rd. in Calumet City, IL, within the Torrence Ave. & 159th St. retail trade area. The property is a part of the 240,000 square foot Oakview Shopping Center, which is co-tenanted by a Target Greatland, Circuit City and Wickes Furniture.

The property sold to an investor based out of Atlanta, which made its first commercial property investment in the south suburbs of Chicago. The asking price was over $2.0 million. Greg Nieder and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer.

Foresite Realty Partners L.L.C. is a full service commercial and multi-family residential real estate services and investment firm based in Rosemont, Illinois. Foresite maximizes the value of real estate projects for its clients by providing targeted, multi-disciplinary third-party services throughout the Midwest. In addition, Foresite Realty Partners’ principal investment platform targets value-add opportunities including repositioning, redevelopment, lease-up and adaptive re-use investments. For more information, please visit

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Foresite Realty Partners Sells Bloomington Apartment Portfolio - 10/5/2007
Foresite Realty Partners, L.L.C. announces the sale of the Bloomington Apartment Portfolio, which included three separate projects with a total of123-units each making up its own apartment community located in Bloomington, Illinois.

The property sold to an investor, based out of Illinois, who also owns other multi-family properties in the Bloomington market. The asking price was $3.6 million. Jamie Hadac and Donald Shapiro of Foresite Realty Partners represented the seller, a CMBS Special Servicer, in the transaction. The seller took title in October 2006 through a deed-in-lieu of foreclosure.

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Foresite Realty Partners names Stephen Gundee Financial Analyst - 6/18/2007

Stephen Gundee joins Foresite Realty Partners, L.L.C. as a Financial Analyst. Mr. Gundee is responsible for the financial/investment analysis of prospective property acquisition and disposition assignments, market research-surveillance, due diligence and other brokerage related activities. Prior to joining Foresite, Mr. Gundee employed as an Investment Sales Associate at Marcus & Millichap Real Estate Investment Brokerage in Chicago, Illinois where he analyzed and researched over $60 million dollars in assets throughout the United States. Mr. Gundee attended the University of Colorado in Boulder and received a Bachelor of Arts degree in Economics. He is a member of the International Council of Shopping Centers.

Donald Shapiro Moderates RealShare Chicago Conference Panel - 5/25/2007

RealShare CHICAGO panelists Kirk Booher of Stonebridge Real Estate Partners, Dan Hession of TRANSWESTERN, Larry Much of NAI Hiffman, Joe Neverauskas of Berwind Property Group, Inc and moderator Don Shapiro of Foresite Realty Partners, LLC, will cover all the bases from positive absorption and spec development, to the new investors in the suburban market.

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Members of Foresite participate in Panel at IMBA Event - 3/21/2007

The Illinois Mortgage Bankers Association (IMBA) event held on April 24, 2007 at 191 N. Wacker Drive in Chicago will be a panel discussion on the varied parts of the problem loan process.

Two members of the Foresite team will be inlcuded in this panel discussion; Jamie Hadac, Vice President as the moderator and Don Shapiro, President/CEO as a panelist.

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Foresite Sponsors the Central States Bankruptcy Workshop - 3/19/2007

Foresite Realty Partners is sponsoring The American Bankruptcy Institute's (ABI) 14th Annual Central States Bankruptcy Workshop being held June 14-17, 2007 at the Grand Traverse Resort and Spa in Traverse City, Michigan.

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Foresite to Sponsor 2007 RealShare Conference - Chicago - 3/16/2007

Foresite Realty Partners is a sponsor of the 5th Annual RealShare Chicago Conference being held at The Fairmont Chicago Hotel on June 5, 2007.

Foresite was also a sponsor of this event in 2006.

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Foresite at The 23rd Annual AIRA Conference - 3/13/2007

The 23rd Annual AIRA Conference is being held June 6-9, 2007 at the Westin River North in Chicago.

Members of Foresite would appreciate the opportunity to meet you, so please visit our exhibitor booth.

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Jamie Hadac Moderates TIC Panel for REFF - 3/9/2007

Jamie Hadac, Vice President of Foresite, will moderate a luncheon panel discussion pertaining to Tenants-in-Common investments for the Real Estate Finance Forum (REFF) on April 17, 2007 held at the East Bank Club in Chicago.

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Foresite Realty Partners announces the promotion of Jamie Hadac to Vice President of Business Development - 9/1/2006

Foresite Realty Partners names Jamie Hadac as Vice President. Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services. Additionally, Ms. Hadac assists in executing the firm's various disposition, asset management and tenant representation assignments. Ms. Hadac has over 8 years experience totaling over $600 million in real estate asset management, portfolio management, dispositions and finance.

Foresite Realty Partners names Rob Presbrey Asset Manager - 8/29/2006

Rob Presbrey joins Foresite Realty Partners, L.L.C. as an Asset Manager. Mr. Presbrey is responsible for oversight of the firm's residential assets under management. Prior to joining Foresite, Mr. Presbrey was employed by companies such as Waterton Residential, The Altman Group/EPT Trust and Equity Residential Trust where he was responsible for re-positioning 9 investments, approximately 2,474 units with values totaling $353 million, for disposition. During Mr. Presbrey's tenure in the real estate industry, he has repeatedly increased Net Operating Income during down markets through reducing concessions, involving his maintenance and office teams in expense controls and educating them on the impact they have on a weekly, monthly and annual basis.

Foresite Realty Partners names Jamie Hadac Assistant Vice President of Business Development - 4/24/2006

Jamie Hadac joins Foresite Realty Partners, L.L.C. as an Assistant Vice President of Business Development. Ms. Hadac is responsible for the business development of the firm's third-party Asset Management and "Properties-in-Transition" services. Prior to joining Foresite, Ms. Hadac was an Assistant Vice President of Portfolio Management at Builders Bank in Chicago, Illinois and an Asset Manager for Prudential Real Estate Investors for 7 years, spending the last year based in Chicago. A native of New Jersey, Ms. Hadac attended the University of Delaware and received a Bachelor of Science Degree in Finance and Management.

Foresite Realty Partners names Selena Soto Director, Office Services - 8/26/2005

Selena Soto joins Foresite Realty Partners, L.L.C. as a Director of Office Services. Ms. Soto is responsible for the day-to-day operational aspects of the company including accounting, graphic design, marketing/advertising, information technology, human resources and office management. Prior to joining Foresite, Ms. Soto spent six years focusing on multi-family residential property management, accounting, office/personnel management, human resource development and strategic marketing. Ms. Soto holds a BA in Arts, Entertainment and Media Management with a concentration in Entrepreneurship and a minor in Women and Gender Studies.

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