Recent Closings. Armstrong Mortgage Company.

Columbus, Ohio (November 7, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $10.4 million to refinance the Cloud Park Apartments, a 216 unit apartment community located in Dayton Ohio. The loan is projected to save the project almost $150,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company, est. 1971, is a Columbus Ohio based mortgage bank specializing in financing for multifamily housing, office, retail and industrial projects. The company has 35+ years experience in determining the feasibility of and financing rental projects and has the depth of experience to complete transactions from $750,000.

Armstrong Mortgage Company Refinances $625k in Mark-to-Market Restructurings In Ohio

Columbus, Ohio (June 2, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $625k to restructure the financing of Jeffersonville Green Apartments in Jeffersonville Ohio.

Jefferson Green Apartments, a 49 unit apartment complex was constructed in 1982 to provide affordable housing for low-income families. The loan was insured under HUD’s Section 221(d)4 program. The new insured loan of $625,000 has a 30-year maturity. As part of the restructuring, a new Section 8 contract covering all the units was put in place.

Armstrong Mortgage Company Refinances $14.9M of Multifamily Units in Dayton Ohio

Columbus, Ohio (October 2, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $14.9 million to refinance the Wexford on the Green Apartments, a 256 unit apartment community located in Beavercreek, a suburban Dayton Ohio community. The loan is projected to save the project almost $100,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances a $171k Mark-to-Market Restructuring in Ohio

Columbus, Ohio (August 14, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $171,400 to restructure the financing of Creative Living in Columbus Ohio.

Creative Living built their first 18 units in 1974 to provide affordable housing for physically disabled adults to pursue a college education. The facility is located on Perry Street next to The Ohio State University. The refinancing was complicated by recent legislation that made college students under the age of 24 ineligible for Section 8 assistance. This had the unintended consequence of making many of Creative Living’s current residents ineligible to receive needed assistance to remain in their apartments and jeopardized Creative Living’s mission. Armstrong Mortgage worked with Creative Living to seek legislative relief which was secured through the efforts of Congresswoman Deborah Pryce and Senator Mike DeWine.

The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. As part of the restructuring, a new Section 8 contract covering all the units was put in place.

Armstrong Mortgage Company, est. 1971, is a Columbus Ohio based mortgage banking firm specializing in financing for multifamily housing, office, retail and industrial projects. The company has 35+ years experience in determining the feasibility of and financing rental projects and has the depth of experience to complete transactions from $750,000.

Armstrong Mortgage Company Provides $12M to Finance Multifamily Units in Columbus Ohio

Columbus, Ohio (July 10, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $12 million to refinance Morse Glen Apartments in Columbus, Ohio. The project, situated on Columbus’ north east side, is comprised of 254 town home and garden style one and two-bedroom apartments. The restructured debt is projected to save the project $204,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $4.3M for Multifamily Units in London Ohio

Columbus, Ohio (June 19, 2006, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $4.3 million to refinance the Charter Club Apartments, an 80 unit apartment community located in London Ohio. The restructured debt is projected to save the project $50,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $29.8M for Multifamily Units in Columbus Ohio

Columbus, Ohio (June 7, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $29.8 million to refinance Marble Cliff Commons, a 276 unit community in Columbus, Ohio. Marble Cliff is located near Upper Arlington on the old Marble Cliff Quarries site. The project consists of large Ranch style and Garden Walkup one, two and three-bedroom units and includes amenities such as a pool, hot tub, clubhouse, exercise room, picnic area and walking trails. The restructured debt is projected to save the project $487,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Refinances $837k in Mark-to-Market Restructurings In Ohio

Columbus, Ohio (June 2, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting of high-quality real estate loans, announced today that it has provided $837,300 to restructure the financing of two apartment communities in Ohio.

Wilmington Green Apartments in Wilmington Ohio and Sprucewood Commons in Cridersville Ohio are 50 unit apartment complexes built in 1982 to provide affordable housing for low-income families. The loans were insured under HUD’s Section 221(d)4 program. Wilmington Green’s new insured loan of $656,800 has a 30-year maturity. Sprucewood Common’s loan is $180,500 with a 30-year maturity. As part of the restructuring, a new Section 8 contract covering all the units was put in place.

Armstrong Mortgage Company Refinances $2.4M of Multifamily Units in Texas

Columbus, Ohio (May 23, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $2.4 million to refinance Carrera Run Apartments, a 110 unit one and two bedroom apartment community in Mesquite Texas. The refinancing is expected to save the project about $38,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $11.1M of Multifamily Units in Ohio

Columbus, Ohio (May 16, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided $11.1M in financing to The Cove at Cooper Lakes, a 240 unit apartment community located on the north east side of Columbus Ohio. It is anticipated that the refinancing will save the project over $187,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $9M of Multifamily Units in Texas

Columbus, Ohio (May 16, 2006) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing totaling more than $9 million to refinance two multifamily apartment complexes in Texas.

Hunter’s Creek Apartments is a 336 unit facility located in Lancaster Texas. Armstrong Mortgage Company provided $6.2 million to refinance the balance of a loan originally insured under the Federal Housing Administration’s Section 221(d)(4) program. The annual savings from the refinancing are expected to be over $97,000. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Riverbend is a 143 unit apartment development located in Lancaster Texas. Armstrong Mortgage Company provided $2.8 million to refinance the project. The refinancing will save the project over $33,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Provides $72.4M in Refinancing of Multifamily Units in Ohio

Columbus, Ohio (August 30, 2005) – Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing totaling more than $64 million to refinance eleven multifamily apartment complexes located throughout Ohio and Florida.

Abbot’s Cove is a four phase 216 unit apartment community located on the west side of Columbus Ohio. Armstrong Mortgage Company provided $6.75 million to refinance the properties. It is anticipated that the refinancing will save the projects $150,000 annually. The loans are insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

The Sanctuary of Geneva is a 39 bed assisted living facility located in Geneva Ohio. Armstrong Mortgage Company restructured $2.4 million in debt. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. The refinancing is projected to save the project $50,000 annually.

Sheffield Commons comprises 56 one and two bedroom units located in London Ohio. The $2.7 million in refinancing provided by Armstrong Mortgage Company will save the project over $41,000 annually. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Kensington Place is a 126 unit facility serving senior citizens in Columbus Ohio. Armstrong Mortgage Company provided $8.1 million to refinance the balance of a loan originally insured under the Federal Housing Administration’s Section 221(d)(4) program. The annual savings from the refinancing are expected to be over $116,000. The loan is insured by Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Alkire Glenn is a 252 unit apartment development located on the southwest side of Columbus Ohio. Armstrong Mortgage Company provided $11 million to refinance the project. It is anticipated that the refinancing will save the project $164,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Sunbury Ridge is a 226 unit apartment community located on the east side of Columbus Ohio. Armstrong Mortgage Company provided $10.4 million to refinance the project. It is anticipated that the refinancing will save the project over $226,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Trotter’s Landing is a 218 unit apartment community located in Delaware Ohio. Armstrong Mortgage Company provided $12.4 million to refinance the project. It is anticipated that the refinancing will save the project over $286,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Pickerington Run is a 20 unit apartment community located in Columbus Ohio. Armstrong Mortgage Company provided $1.4 million to refinance the project. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Catalina Club, a 156 unit apartment development located in Pataskala Ohio, received $8.9 million from Armstrong Mortgage Company to refinance the project. It is anticipated that the refinancing will save the project over $138,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Shannon Green is a 164 unit apartment development located in Canal Winchester Ohio. Armstrong Mortgage Company provided $8.4 million to refinance the project. It is anticipated that the refinancing will save the project over $149,000 annually. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $6.5M in Construction of Multifamily Units in Sandusky Ohio

Columbus, Ohio (May 23, 2005) – Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing for the construction of Bogart Landing, a 90-unit, $6.5 million multifamily apartment complex in Sandusky Ohio.

The $6.5 million loan is insured by the Federal Housing Administrations and funded with GNMA-guaranteed mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $1.7M in Mark-to-Market Restructurings in Ohio and Florida

Columbus, Ohio (February 23, 2005) – Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing totaling more than $1.7 million to refinance three multifamily apartment complexes in Ohio and Florida

Hudson Estates is a 52 unit project located in Hudson Florida. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $689,000 to refinance the project. The Federal Housing Administration insured the loan which is funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.4 Million in subordinate debt to complete the refinancing.

Manorview is a 30 unit project located in Lewisburg Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $321,000 to refinance the project. The Federal Housing Administration insured the loan which is funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $496,359 in subordinate debt to complete the refinancing.

Beasley Mills is a 37 unit project located in Athens Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $773,800 to refinance the project. The Federal Housing Administration insured the loan which is funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $571,587 in subordinate debt to complete the refinancing.

Armstrong Mortgage Company Provides $29.6M in Refinancing for Multifamily Units in Ohio

Columbus, Ohio (December 20, 2004) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing totaling more than $29.6 million to refinance four multifamily apartment communities located throughout Ohio.

The Cannery, located in Dayton Ohio, is a 156 unit converted warehouse with street level commercial space. The project refinanced $14 million through Armstrong Mortgage Company. The loan is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Canal’s Edge is a 224 unit project located in Canal Winchester Ohio. Armstrong Mortgage Company provided $6.1 million to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

McMillen Woods is a four phase, 303 unit community of one, two, and three bedroom apartments located in Newark Ohio. Armstrong Mortgage Company provided $7.0 Million to refinance the loans which are insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Wilmington Green is a 50 unit project located in Wilmington Ohio. Armstrong Mortgage Company provided $1.9 million to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $5.1M in Mark-to-Market Restructurings in Ohio

Columbus, Ohio (August 20, 2004) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it recently provided financing totaling more than $5.1 million to refinance seven multifamily apartment complexes located throughout Ohio.

Findlay Green is a 45 unit project located in Findlay Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $568,800 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.0 million in subordinate debt to complete the refinancing.

Lawrence Commons is a 44 unit project located in South Point Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $267,000 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.5 million in subordinate debt to complete the refinancing.

Carpenter Hall is a 53 unit project located in Athens Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $983,400 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $914,295 in subordinate debt to complete the refinancing.

Findlay Commons is a 50 unit project located in Findlay Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $746,200 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.1 million in subordinate debt to complete the refinancing.

Lake Grant is a 47 unit project located in Mount Orab Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $493,200 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.4 million in subordinate debt to complete the refinancing.

Lehnert Green is a 157 unit project located in Galloway Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $1.9 million to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $3.5 million in subordinate debt to complete the refinancing.

Fostoria Green is a 48 unit project located in Fostoria Ohio. Through Housing and Urban Development’s Mark-to-Market program, Armstrong Mortgage Company provided $275,700 to refinance the loan which is insured by the Federal Housing Administration and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company. HUD provided $1.2 million in subordinate debt to complete the refinancing.

Armstrong Mortgage Company Finances $5.1M in Construction of Multifamily Units in Marion Ohio

Columbus, Ohio (June 29, 2004) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $5.1 million in financing for the construction of Wheeler Arms, a 96-unit multifamily development located in Marion Ohio. The loan is insured under the Federal Housing Administration’s 221(d)(4) mortgage insurance program and funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Armstrong Mortgage Company Finances $1M in Mark-to-Market Restructurings in Ohio

Columbus Ohio (December 10, 2003) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $1 million to refinance two apartment communities in Ohio.

Salem Acres, a 45 unit apartment community in Salem Ohio, completed a $1.6 million Mark-to-Market restructuring. The new first mortgage of $451K is funded through GNMA mortgage-backed securities issued by Armstrong Mortgage Company and insured by the Federal Housing Administration. To complete the financing, Housing and Urban Development provided $1.2 million in subordinate financing.

Country Apartments is a 56 unit project located in Brownstown Indiana. This 20 year old community’s financing was re-structured through Housing and Urban Development’s Mark-to-Market program. The new first mortgage of $614K is funded through GNMA mortgage-backed securities issued by Armstrong Mortgage Company and insured by the Federal Housing Administration. To complete the financing, Housing and Urban Development took provided $1.0 million in subordinate debt.

Armstrong Mortgage Company Finances $5.4M in Refinancing of Multifamily Units Ohio

Columbus Ohio (August 14, 2003) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in the origination and underwriting of high-quality real estate loans, announced today that it has provided $5.4 million to refinance two apartment communities in Ohio.

Morningside Apartments, a 40 unit apartment complex in Marietta Ohio, refinanced $970K to lower the monthly debt service and increase cash flow. The loan is insured by the FHA and is funded from GNMA mortgage-backed securities issued by Armstrong Mortgage Company.

Woods of Gahanna, a 144 unit apartment complex is located in Gahanna Ohio. This two and three bedroom community built in 1990 refinanced $4.4million. The loan is funded through GNMA mortgage-backed securities issued by Armstrong Mortgage Company and insured by the Federal Housing Administration.

Armstrong Mortgage Company Finances $5.4M in Construction of Multifamily Units in Columbus, Ohio

Columbus, Ohio (December 10, 2002) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $5.4 million in financing to assist in funding the construction of New Village Homes, a $14.7 million, 100-unit, mixed income housing development located in the Italian Village area of Columbus Ohio.

New Village Homes replaces Taylor Terrace, a Columbus Metropolitan Housing Authority owned senior high-rise facility that was demolished in 2002 as a result of functional obsolescence. New Village Homes is comprised of 20 Public Housing units intermingled with 80 Market Rate units. There are single family, duplex, triplex, and fourplex buildings with one, two and three bedroom units. The project encompassed the construction of a playground, two small parks, and a commercial building that contains a retail store and the site manager’s office,.

Funding involved a $5.4 loan insured by the Federal Housing Administration and funded with GNMA-guaranteed mortgage-backed securities issued by Armstrong Mortgage Company. Additional funding was secured by CMHA through a HOPE VI Grant of $2.4 million, CMHA program income and reserve funds.

CMHA (dba the Homes at Second Avenue) is the developer, owner, the general contractor and the property manager.

Brad Armstrong, President of Armstrong Mortgage, said “Armstrong Mortgage is proud to be part of CMHA’s efforts to disperse affordable housing and developing mixed income housing opportunities.”

Armstrong Mortgage Company Finances $9.1M in Construction of Multifamily Units in Willoughby, Ohio

Columbus, Ohio (June 19, 2002) - Armstrong Mortgage Company, a full service mortgage banking firm specializing in originating and underwriting high-quality real estate loans, announced today that it has provided $9.1 million in financing to fund the acquisition and rehabilitation of Oak Hill Village, a 182 unit multifamily development located in Willoughby Ohio.

The apartments are being redeveloped by New Oak Hill Village, LLC, a joint venture between David Lakari and Associates, LLC, of Portland Maine, and Leon N. Weiner and Associates, Inc., of Wilmington Delaware. Mr. Weiner has one of the best known and respected names in affordable housing having developed over 12,700 units, including 8,300 rental units for low to moderate income households. Mr. Lakari most recently established Phenix Housing Preservation Company and was the Executive Director of the Maine State Housing Authority.

The project was built in 1972 and is in good condition but has not had any substantial renovation in its thirty year life. The new owner will make substantial improvements to the property by replacing critical systems and updating unit amenities.

The project’s $13.1 million acquisition and renovation cost was financed through the issuance by the City of Willoughby of $9.1 million in taxable and tax-exempt bonds. The Federal Housing Administration insured the $9.1 million which was funded with GNMA-guaranteed mortgage-backed securities issued by Armstrong Mortgage. The balance of the funding was provided through the syndication of low-income housing tax credits for $2.8 million, income during construction and owner equity.