05/22/2007

Condyne and Prudential Real Estate Investors (PREI®) Successfully Obtain $12 Million in Financing

Condyne and Prudential Real Estate Investors (PREI®) have successfully obtained $12 million in financing from Webster Bank in Swansea, MA, for their recent acquisition of 81 Commerce Drive in Fall River, MA.

81 Commerce Drive, located in the Fall River Industrial Park, is a 600,000 square foot facility, including 540,000 square feet of manufacturing and high bay distribution center with a 60,000 square foot first class office attached to the main building. The facility is fully leased to two tenants, Quaker Fabrics and Elkin McCallum. Quaker Fabrics, one of the undisputed leaders in the U.S. upholstery fabric industry, is headquartered in Fall River and occupies 540,000 square feet of the building for a variety of manufacturing purposes. The remaining 60,000 square feet of office space is leased back by the seller and is being marketed to several different office users. The property will be managed by Condyne, LLC.

PREI, the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), is comprised of fund management centers in Parsippany, N.J.; Atlanta, Ga.; Munich, Mexico City, London and Singapore, is supported by a network of local offices throughout the world. PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of September 30, 2006, PREI managed $32.9 billion in gross assets ($23.7 billion net).

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Condyne is one of the leading commercial developers in New England. Condyne was recently named the fifth largest commercial developer in Massachusetts in Boston Business Journal’s 2007 of Lists. Condyne’s growth to the top of the industry has been highlighted by such projects as Revolutionary Way Commerce Center, a 140,000 square foot industrial warehouse and office building located in Taunton, MA; the redevelopment of 111,840 square feet of warehouse and office space at 160 Dascomb Road in Andover, MA; as well as the redevelopment of a 36,500 square foot warehouse/office building in Franklin, MA. At present, Condyne continues to be a market leader with 1.5 million SF of development projects in the final stages of construction and development.

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Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 160 banking offices, 308 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank, Member FDIC.