Clemente Creates $200,000,000 Real Estate Distressed Asset Fund

VIENNA, Va., April 30 /PRNewswire/ -- C. Daniel Clemente, Chairman and Chief Executive Officer of Clemente Development Co., Inc. and Manager of Clemente, LLC, announced today the formation of the CDC Real Estate Opportunity Fund I, a private equity fund established to take advantage of extraordinary investment opportunities in income producing commercial real estate created by the current disarray in the global financial markets.

Clemente reports that with $200,000,000 in committed funds he is in serious negotiations to leverage the new fund to $2 Billion.

"With mortgage underwriting standards for commercial real estate tightening and capital availability becoming constrained, defaults are sure to occur upon maturity of loans closed between 2002 and 2007," commented Clemente.

Clemente believes that starting in 2009 asset values will be lower, underwriting standards will be more conservative and capital will not be readily available to bail out syndicators that overpaid for buildings. Clemente further commented, "Our fund intends to capitalize on the results of this 'Perfect Storm,' as commercial real estate begins to trade again at prices based on current net operating income instead of at prices based on unrealistic projections of future rental rates and income."

C. Daniel Clemente has achieved national recognition as a real estate developer, banker, and attorney. He has developed and currently manages a real estate portfolio with a focus on the continuing benefits of property ownership. On behalf of leading national financial institutions and as a Court appointed Trustee in real estate related bankruptcy matters he has successfully restructured non-performing real estate assets collectively valued in the billions. The CDC Companies, based in Tyson's Corner, Virginia, have built, owned, marketed and managed office, retail and residential properties throughout the Washington, DC metropolitan area for more than 30 years.

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Source: Clemente Development Co., Inc.

CONTACT: Carolyn Olshaker of Clemente Development Co., Inc.,
+1-703-506-8985

2008-04-30 18:05:09 0349752 PRNEWSWIRE