Viceroy New York

Developed and opened the Viceroy New York located at 120 West 57th Street in New York City, featuring multiple food and beverage venues, an indoor pool and fitness center, and 241 guest rooms - including 41 luxurious suites, of which approximately half will have Central Park-facing views. The hotel is located near storied Manhattan sites including Bergdorf Goodman, Tiffany & Co., Carnegie Hall and other important landmarks.

859 + 861 Lexington Avenue

Participating first mortgage loan secured by a 65,900 square foot mixed use development project located at Lexington Avenue and 65th Street in New York City. Planned development project consisted of the construction of a 15-story building containing 25 luxury residential condominium units and approximately 5,908 square feet of ground floor retail space.

15 West 55th Street

Acquired 15 West 55th Street in New York City. The property is located just off Fifth Avenue on 55th Street, across the street from the Peninsula Hotel and adjacent to the Fifth Avenue Presbyterian Church. The building represents 60,000 square feet of prime residential and retail space.

19 West 55th Street

Acquired 19 West 55th Street in New York City. The property is located just off Fifth Avenue on 55th Street, across the street from the Peninsula Hotel and is contiguous with 15 West 55th Street. The building represents 40,000 square feet of prime residential and retail space.

The Embassy Row Hotel

Acquired the Embassy Row Hotel located on Massachusetts Avenue just off of Dupont Circle in Washington D.C. This 231-room, full service hotel includes in excess of 10,000 square feet of banquet and event space, a rooftop pool and a 110-space indoor parking facility.

TRYP Quebec Hotel Pur

Acquired a 242-room hotel (formerly a Holiday Inn Select) in Quebec City, Canada. Following an extensive renovation and redevelopment by Ark, this property was repositioned as an urban-lifestyle property and recently rebranded under an agreement with Wyndham as the first TYRP-branded hotel operating in North America. The hotel is managed by Wyndham Hotel Group.

The Franklin Hotel

Acquired The Franklin Hotel in New York City. The 50-room hotel is located on Manhattan's Upper East Side. Ark completed an entire renovation of the property in February, 2008. The hotel is managed by the Denihan Hospitality Group.

38-40 Convent Avenue

Acquired a 75,000 square foot multi-purpose warehouse facility located at Convent Avenue and 129th Street in New York City. The property is centrally located in Harlem near all commercially accessible routes to and from Manhattan.

AKA Central Park

Investment through a joint venture investment with Korman Communities and BlackRock for the redevelopment of 42 West 58th Street, New York, NY into AKA Central Park, a luxury extended-stay residence (www.stayaka.com).

42 West 58th Street

Acquired 42 West 58th Street in New York City. The property is centrally located between 5th and 6th Avenues within steps of some of the City's most prominent residences, businesses, and landmarks, including Central Park, Bergdorf Goodman, and the Plaza Hotel. The property is also directly adjacent to the prestigious and architecturally significant office tower, 9 West 57th Street.

Hawaii Luxury Retail Condominiums

Short-term, mid-term, and long-term mezzanine loan secured by a 96,000 square foot multi-tenant portfolio of luxury retail condominiums in Hawaii. Long term tenants include Chanel, Gucci, Coach, Tiffany & Company, YSL, and Tod's, making this location the area's most prestigious luxury shopping destination. Ark's investment represented an integral component of the acquisition which included senior financing from Lehman.

SoHo Parking Garage

Investment in a parking facility in New York City, conveniently located in the heart of SoHo on the corner of Broome and Crosby streets (adjacent to Bloomingdales SoHo).

The Mansfield Hotel

Acquired The Mansfield Hotel in New York City. The 126-room hotel is centrally located in Midtown Manhattan just west of Fifth Avenue on 44th Street. An affiliate of Ark purchased the hotel from an institutional seller. Ark completed an entire renovation of the property in August, 2007. The hotel is managed by the Denihan Hospitality Group.

Shoreham Hotel

Acquired The Shoreham Hotel in New York City. The 178-room hotel is centrally located in Midtown Manhattan just west of Fifth Avenue on 55th Street. An affiliate of Ark purchased the hotel from an institutional seller. Ark completed an entire renovation and repositioning of the property in 2006. The hotel is managed by the Denihan Hospitality Group.

The Metropolitan

Participating mezzanine loan secured by a 149-unit luxury residential condominium development in downtown West Palm Beach, FL. The development is the latest project of a regional builder with a 25 year successful track record.

510 Sixth Avenue

Investment in the recapitalization of a 55,565 square foot retail condominium located on the high traffic corner of Sixth Avenue and 14th Street in New York City. Ark's investment provided permanent financing complimenting a first mortgage from UBS Warburg.

Industrial Warehouse

Investment in the acquisition of a 383,110 square foot industrial warehouse in York, PA. The property was acquired in the asset sale of a bankrupt retailer. Ark's investment represented an integral component of an opportunistic acquisition which included the assumption of an existing GMAC first mortgage.

Industrial Warehouse

Mezzanine loan secured by an 893,000 square foot multi-tenant industrial facility in Murfreesboro, TN, a suburb of Nashville. The property represents the largest facility in the area. Ark's investment represented an integral component of a tax exchange acquisition which included the assumption of an existing Deutsche Banc first mortgage.

1411 K Street

Investment in the acquisition of a 14-story, 64,615 square foot office building located in Washington D.C. Ark's investment represented an integral component of an opportunistic acquisition which included the assumption of an existing Deutsche Banc first mortgage.

Sheraton Meadowlands

Investment in a joint venture between Prime Hospitality (NYSE: PDQ) and United Capital (AMEX:AFP) which acquired the 425-room Sheraton Meadowlands Hotel and Conference Center, East Rutherford, NJ.

Holiday Inn Select

Investment in a joint venture between Prime Hospitality (NYSE: PDQ) and United Capital (AMEX:AFP) which acquired the 238-room Quebec City Holiday Inn Select, Quebec City, Canada.

One Penn Center

Acquired a significant interest in One Penn, a 660,000 square foot multi tenant office building located in downtown Philadelphia, after repayment of Ark's initial acquisition mezzanine loan.

West 150th Street Parking Garage

Investment in the acquisition of a parking garage located on West 150th Street near Amsterdam Avenue in New York City. The 125-space indoor garage is located in a densely populated residential neighborhood, providing convenient monthly parking for local residents as well as servicing a significant taxi and limousine business community.

East 39th Street Parking Garage

Investment in a parking facility in New York City, conveniently located in Midtown on East 39th Street between Second and Third Avenues (between the approach to and exit off the Queens Midtown Tunnel).