Ceebraid-Signal Partners with ING Clarion to Purchase Green Key in Pembroke Pines, Florida

West Palm Beach, FL and New York, NY (PRWEB) July 27, 2005

CSC Pembroke Land, LP, an affiliate of Ceebraid-Signal Corporation, and ING Clarion Partners on behalf of its opportunistic real estate fund today announced the acquisition of Green Key, an apartment complex property in Pembroke Pines, FL.

The purchase price was $34.7 million dollars.

This is the first joint venture between ING Clarion, a leading real estate investment advisory firm and Ceebraid-Signal, a real estate management and development company.

Located about two miles west of the Florida Turnpike on Pines Blvd., Green Key is a ten year old rental community consisting of 250 units with approximately 281,700 square feet. Prior to its planned condominium conversion process, including site renewal and redevelopment of the units, common areas and landscaping, the community will be renamed.

Green Key is a gated community with amenities including a Clubhouse with business center, fitness center and Clubroom with fireplace, swimming pool with sundeck and spa, tennis court, large lake with jogging trail and tropical gardens. The one-, two- and three-bedroom residences feature private balconies and terraces with lake views, tiled living room, kitchen, bathroom and foyer floors, European style kitchen cabinets, breakfast bar and vaulted ceilings in selected units.

Adam Schlesinger, president of CSC, said, “We are pleased to align ourselves with a company that possesses the level of experience, expertise and success that ING Clarion is recognized for. We look forward to doing additional business together in the near future.”

Doug Bowen, managing director of ING Clarion, said, “We are also delighted to have teamed up with such a highly regarded firm that is one of the leading condominium conver4sion experts in Florida. We expect that this will be the first of many investments with CSC for this development fund.”

About Ceebraid-Signal Corporation

CSC, with offices in West Palm Beach, Florida and Stamford, Connecticut, has been managing and redeveloping multi-family real estate for close to fifty years, specializing in condominium conversion projects. The company has repositioned more than 25,000 residential units throughout the eastern United States.

CSC properties in Florida include Eden Condominiums and Bacara Condominiums in Boca Raton, Il Lugano and The Brazilian Court Hotel in Palm Beach, The Traymore Hotel in Miami Beach as well as Audubon Condominium, Beachwalk Condominiums and The Club at Feather Sound in the Tampa Bay area.

About ING Clarion

Founded in 1982, ING Clarion and its affiliates manage $22 billion in assets in the private equity, public equity, and public debt sectors of the real estate markets. ING Clarion is headquartered in New York, with over 700 employees located in major markets throughout the United States. The firm is the U.S. real estate management affiliate of the ING Group, one of the world’s largest integrated financial services companies. ING has more than $610 billion in global assets under management, including $69 billion of real estate assets.

Ceebraid-Signal Contacts:

Business: Adam Schlesinger, President

                561 835-4003

Media: Rosalind Sedacca, Public Relations

                 561 835-4003

ING Clarion Contacts:

Business: Dick Bowen, Managing Director

                212 883-2506

Media: Suzanne Franks, Vice President

                212 883-2538

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