Douglas Wilson Companies Sells Distressed Las Vegas Condo Towers on Behalf of Private Investment Company

Sale of Spanish View Towers Site is the Largest Multi-Family Land Transaction in
Las Vegas in 2009
SAN DIEGO--(Business Wire)--
The project that once boasted the largest crane - 285 feet - ever erected in
southwest Las Vegas Valley has been sold through a "stalking horse" bid process
on behalf of the U.S. Trustee. The announcement was made by Tigg Mitchell,
Director of Brokerage Services for Douglas Wilson Companies, one of the nation`s
most experienced specialists in receivership services for distressed commercial
real estate.

"Our marketing efforts resulted in the largest multi-family land transaction in
Las Vegas this year," said Mitchell. "Our company also re-created due diligence
materials and entitlement assessments."

The Spanish View Towers luxury high-rise project, originally valued at $660
million, was thrown into bankruptcy in 2007 when developer Tower Homes was
served an involuntary petition filed by several of the mechanics` lien
creditors. Construction on the 14.3-acre project stopped in July 2006. One Cap
Mortgage Corporation, a private investment firm and wholly owned subsidiary of
OneCap Holding Corporation, held the trust deeds on the property, valued at
approximately $36 million, including interest and fees.

Located near the Las Vegas Beltway and Buffalo Drive, the partially completed
Spanish View Towers site is fully excavated with a partially constructed
subterranean garage. Entitlements include 390 units with wind turbine capacity
in the top 26 feet of three, 27-story towers and 29,000 square feet of ground
floor retail space.

Douglas Wilson Companies is headquartered at 450 B Street in the financial
district of downtown San Diego. It also has offices in Atlanta, Las Vegas,
Orlando, Miami and San Francisco. For further information, call 619-641-1141 or
visit www.douglaswilson.com.

ABOUT DOUGLAS WILSON COMPANIES

Founded in 1989, San Diego-based Douglas Wilson Companies is one of the largest
firms of its kind, providing a wide range of specialized business and real
estate services to law firms, state and federal courts, corporations,
partnerships, pension funds, REITS, financial institutions and property owners
nationwide.

Services include workout and problem resolution, crisis/force majeure response,
asset management, consulting, business planning, receivership, development,
entitlement, and construction management. To date, the company has provided
problem resolution for more than 500 projects involving assets valued in excess
of $8 billion.

for Douglas Wilson Companies
Jan Percival, 858-452-8958
jpercival@scribecommunications.com

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