McKinley Appointed Receiver for Large Florida Portfolio

April 18, 2013

ORLANDO, FLORIDA - McKinley announced today that Kenneth P. Polsinelli, its Chief Real Estate Officer, has been appointed Receiver for the Florida Empirian Portfolio. The portfolio consists of 21 assets and a total of 2,141 units located throughout Southern, Central and Northern Florida. "We are very excited to apply the resources of our Florida platform to this assignment," commented Polsinelli. "This is a complex assignment as the geography stretches from Southern Dade County up to the Panhandle. There are few organizations that can mobilize instantly to take over a distressed portfolio of this size with such a broad geography throughout the state of Florida," added Polsinelli.

Florida is McKinley's largest concentration of assets under management with over 12,000 multifamily units and a large retail and office portfolio located throughout the state. McKinley has been actively managing and investing in Florida since 1982, and it has over 500 marvelous team members on the ground throughout the state. "Ken has done an extraordinary job mobilizing quickly for this takeover with the support of Alex Jackiw and her Florida based leadership team," said Albert M. Berriz, CEO. "We will execute at a very high level for all of the stakeholders in this most complex real estate transaction and are committed to delivering superior results" added Berriz.