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JEN Partners sells portfolio of prime real estate assets in Arizona and Florida to Avatar Holdings

October 2010

Client(s) JEN Partners, LLC

Jones Day represented JEN Partners, LLC in the $70 million sale of a portfolio of prime real estate assets in key geographic retirement areas in Arizona and Florida to Avatar Holdings, a leading real estate company.

The purchase price consisted of $30 million in cash, $20 million in restricted Common Stock subject to a two-year lock up agreement, and $12 million of Notes divided equally into two $6 million notes, one with a 1-year maturity and the second with a 2-year maturity. In addition, the agreement provided for up to $8 million in Common Stock, subject to the achievement of certain agreed upon metrics related to the CantaMia project by December 31, 2014.

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