Americenters of Cantera, LLC
Warrenville,  IL
28,000 sqft multi-tenant executive office bldg.

BUILD Fund Mezzanine Debt Amount: 1,300,000
Total Project Cost: 4,810,000

Avon/Rochester, LLC
Rochester Hills,  MI
650 units of climate controlled self storage space.

BUILD Fund Equity Investment Amount: 3,000,000
Total Project Cost: 9,000,000

BF Investment Partners of Michigan, LLC
Saginaw,  MI
New construction of a 170,000 light mfg. facility

BUILD Fund Mezzanine Debt Amount: 2,150,000
Total Project Cost: 10,667,000

Big Sky Development Flint, LLC
Flint,  MI
Acquisition & expansion of an existing self-storage facility

BUILD Fund Equity Investment Amount: 1,225,000
Total Project Cost: 4,725,500

Big Sky Development Grand Rapids, LLC
Grand Rapids,  MI
Acquisition & expansion of an existing self-storage facility

BUILD Fund Equity Investment Amount: 2,077,000
Total Project Cost: 6,553,697

Big Sky Development Saline, LLC
Saline,  MI
New construction of 140,000 sq. ft. (50,000 sq. ft. of industrial and 90,000 sq. ft. of storage)

BUILD Fund Equity Investment Amount: 2,000,000
Total Project Cost: 7,103,484

Build Covington Greens, LLC
Findlay,  OH
264 Unit Luxury Apartment community in a larger PUD.

BUILD Fund Equity Investment Amount: 6,550,000
Total Project Cost: 20,675,000

Cancer Center Developers
Warsaw,  IN
13,000 sq. ft. medical office bldg. designed to support hospital's outpatient cancer treatment program

BUILD Fund Participating Mortgage Amount: 2,150,000
Total Project Cost: 2,380,000

Chilson Commons, LLC
Hamburg,  MI
Approximately 60,000 square feet of inline retail shadow - anchored by Kroger.

BUILD Fund Equity Investment Amount: 2,200,000
Total Project Cost: 8,755,860

Corner House Lofts, LLC
Ann Arbor,  MI
A 42 unit high-rise student apartment bldg.

BUILD Fund Equity Investment Amount: 2,525,000
Total Project Cost: 9,025,000

Corvus Trotwood Interests
Dayton,  OH
Acquisition/Rehabilitation of 400,000 sq ft of a sub-assembly distribution center

BUILD Fund Equity Investment Amount: 5,000,000
Total Project Cost: 21,600,000

Gateway Apartments
Grand Blanc,  MI
Phase I of a 400 unit (Two-phase) Multi-Family Apartment Community located in the southern most part of Genesee County.

BUILD Fund Equity Investment Amount: 4,500,000
Total Project Cost: 23,200,000

Genesis World Holdings, LLC
West Bloomfield,  MI
52,000 square foot phase two retail development. Construction was completed in September 2001. Property is leasing up.

BUILD Fund Equity Investment Amount: 3,000,000
Total Project Cost: 8,753,000

Grand River Haggerty
Novi,  MI
84,000 sqft, 681-unit self storage facility with approx. 60% climate control units.

BUILD Fund Equity Investment Amount: 3,000,000
Total Project Cost: 7,390,473

Haggis Capital Partners
Howell,  MI
GM supplier industrial building in Howell, MI

BUILD Fund Mezzanine Debt Amount: 1,500,000
Total Project Cost: 7,237,435

Huron 275 Center, LLC
New Boston,  MI
Two multi-tenant buildings totaling 75,000 sqft.

BUILD Fund Equity Investment Amount: 1,500,000
Total Project Cost: 5,036,000

Kennedy Square, LLC
Detroit,  MI
New 250,000 square foot office building.

BUILD Fund Equity Investment Amount: 15,000,000
Total Project Cost: 51,000,000

Lafayette Partners, LLC
Detroit,  MI
45,700 sf retail center along East Lafayette Street in downtown Detroit.

BUILD Fund Equity Investment Amount: 1,294,082
Total Project Cost: 6,413,164

Longacre Ponds, LLC
Fairview Heights,  IL
252 unit market rate apartments

BUILD Fund Equity Investment Amount: 5,300,000
Total Project Cost: 23,065,000

Lordstown Industrial
Lordstown,  OH
A 70,440 build-to-suit for AutoModular Inc. a tier one supplier to GM.

BUILD Fund Participating Mortgage Amount: 4,085,000
Total Project Cost: 4,280,479

Madison Heights Self Storage
Madison Heights,  MI
90,000 sqft. 691 storage units, 40% are climate controlled.

BUILD Fund Equity Investment Amount: 1,710,000
Total Project Cost: 7,000,000

Maplelawn Airport, LLC
Troy,  MI
83,000 sqft build-to-suit industrial facility for Woodbridge Group

BUILD Fund Equity Investment Amount: 1,500,000
Total Project Cost: 5,796,916

Midstar Retail Portfolio
Dallas,  TX
Acquisition/Rehab of 480,708 sq ft of retail space and 115,763 of warehouse space.

BUILD Fund Equity Investment Amount: 15,300,000
Total Project Cost: 50,000,000

NewVentures Center, LLC
Davenport,  IA
40,000 square foot office building.

BUILD Fund Participating Mortgage Amount: 3,900,000
Total Project Cost: 4,400,000

Northeast Village
Detroit,  MI
A 50,000 sq ft retail center anchored by Mike's Market

BUILD Fund Equity Investment Amount: 1,660,000
Total Project Cost: 6,400,000

Perrysburg Plaza, LLC
Perrysburg,  OH
Infill retail on a 16.5 acre site next to Lowe's with 8,500 sq ft outlot retail space followed by Phase II with up to 150,000 sq ft of additional retail space.

BUILD Fund Equity Investment Amount: 2,695,000
Total Project Cost: 5,295,000

Pinnacle Place Development Partners, LLC
Tampa,  FL
A 380 unit, two building, 41-story waterfront condominium project

BUILD Fund Mezzanine Debt Amount: 15,000,000
Total Project Cost: 183,000,000

Riviera Dunes, LLC
Palmetto,  FL
A 186-unit, three fifteen-story building luxury condominium development.

BUILD Fund Mezzanine Debt Amount: 16,990,000
Total Project Cost: 128,411,427

San Pablo
Emeryville,  CA
Acquisition/Rehab/Development of 532,000 sq ft building

BUILD Fund Equity Investment Amount: 15,000,000
Total Project Cost: 100,000,000

Sanctuary Development Partners, LLC
Palmetto,  FL
240 acre land development project

BUILD Fund Mezzanine Debt Amount: 20,500,000
Total Project Cost: 55,000,000

Southfield Gateway II, LLC
Southfield,  MI
116,000 square foot warehouse distribution center with 15,000 square feet of office space. Build-to-suit for Corporate Express.

BUILD Fund Equity Investment Amount: 2,278,629
Total Project Cost: 9,206,736

Southfield Gateway
Southfield,  MI
Up to 200,000 sq ft of high tech office space in up to four buildings

BUILD Fund Equity Investment Amount: 616,371
Total Project Cost: 1,153,794

St. Joseph's Medical Office Building, LLC
Mt. Clemens,  MI
New construction, 95,000 sq. ft. medical office building attached to St. Joseph Hospital in Clinton Twp, MI

BUILD Fund Equity Investment Amount: 2,600,628
Total Project Cost: 14,402,628

Village at Lake Norman
Cornelius,  NC
2,500,000 square foot to be constructed mixed-use center.

BUILD Fund Mezzanine Debt Amount: 23,500,000
Total Project Cost: 142,900,000

Warren Industrial Investors, LLC
Warren,  MI
Acquisition/Expansion(150,000 sqft) of existing industrial facility; $1,350,000 of original investment repaid with refinance.

BUILD Fund Equity Investment Amount: 7,545,000
Total Project Cost: 35,539,323

Whispering Woods I-III
Brownstown Township,  MI
A 93,000 sq. ft. retail center anchored by a 50,000 sqft. Kroger. The project is 95% leased. Construction completed in October 2001. 6,400 sq. ft. addition to the existing 93,000 sq. ft. retail center Addition of 40,000 sq. ft. to and an existing 99,400 sq. ft. (Phases I and II) retail center.

BUILD Fund Equity Investment Amount: 3,753,400
Total Project Cost: 17,598,550