RICK CARPINELLI

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GENERAL OVERVIEW

Rick Carpinelli has worked for 17 plus years in the areas of Real Estate Development, Construction, Acquisitions and Law for residential and commercial properties. Carpinelli is currently focused on the underwriting, valuation and acquisition of residential and commercial distressed properties for Crown Realty & Development.

Carpinelli most recently completed his work as the owner/developerís Project Manager for the Montelucia Resort & Spa in Paradise Valley, Arizona. Carpinelli oversaw and managed the entitlements, development, construction, sales and opening of the four star Resort & Spa which includes 293 hotel rooms, five food service outlets, a 30,000 square foot spa, 27,000 square feet of function space and 34 single family homes. Montelucia has won numerous awards including the Best Community up to 150 homes for 2008 by the National Home Builders Association and the Top New 150 Hotels by Conde Nast Traveler magazine.

Originally from Ohio, Carpinelli practiced law in Ohio for seven years focusing in the areas of real estate and construction. As counsel, Carpinelli negotiated and drafted purchase agreements, commercial leases and construction contracts for various projects. Carpinelli also represented clients in real property tax appeal matters and litigated construction claims and disputes.

In the late 1990ís and early 2000ís, Carpinelli focused his time in the management of residential development and construction for production home builders. In 2000, Carpinelli joined Crossmann Communities, the Countryís 12th largest homebuilder. Carpinelli managed various aspects of the development, construction and service for Crossmann. In 2001, Crossmann Communities was purchased by Beazer Homes, the Countryís 6th largest homebuilder at the time. While with Beazer, Carpinelli managed the northern Indianapolis division and developed, constructed, sold, closed and serviced approximately 600 homes annually. Carpinelliís last position in production homebuilding was with KB Homes in Phoenix, AZ, the Countryís 5th largest home builder. As the divisionís Executive Vice President, Carpinelli managed the construction, design services, closing and service throughout the Phoenix metropolitan area overseeing the closing of 1,800 homes.

In 2005, Carpinelli joined Crown Realty & Development where he continues to work today as the Senior Vice President of Development.

CONSTRUCTION LAW AND DISPUTES

Carpinelliís legal background in conjunction with his years of experience in the construction industry has provided countless opportunities to hone his dispute resolution skills. While managing the fast paced daily construction and sales activities of production home building, Carpinelli learned to resolve contractor disputes and customer disputes quickly, efficiently and economically. Most notably, during his time with Crossmann, Carpinelli acted as the liaison with the State of Indiana Attorney General to resolve 1,300 consumer complaints that arose as part of a three month investigation conducted by a local media station that was initially inspired by a national story highlighting potential issues in production homebuilding. Carpinelli worked closely with homeowners and the Attorney Generalís office to resolve the 1,300 consumer complaints within a four month window.

Carpinelliís most recent project management experience with the Montelucia project placed him in charge of $200 mm plus of construction and material contracts. Relying on his past experience and knowledge allowed Carpinelli to bring resolution to disputes that would arise on a consistent basis.

EDUCATION AND LICENSES