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Greenfield Partners acquires balance of Stonehouse property in Williamsburg, VA

October 31, 2006

Dallas-based JTL Capital, LLC announced today that it has sold the balance of Stonehouse, a 4,600 acre master-planned community in Williamsburg, Virginia, to Greenfield Partners of South Norwalk, Connecticut.

JTL Capital purchased this large, mostly undeveloped, property in December of 2002 in partnership with Kenneth G. McDermott of New Jersey.  The partnership spent nearly four years surveying, planning and engineering the property for development.  In late 2005 the partnership broke ground on their first section of lots, called Stonehouse Glen.  Not long thereafter, JTL Capital struck a deal to sell the balance of the property, approximately 4,400 acres, to Greenfield.

Greenfield Partners, LLC ("Greenfield") was founded by Eugene A. Gorab in March 1997, and is a private company dedicated to excellence in real estate investing. Greenfield is organized as a Connecticut limited liability company, and is based in South Norwalk, Connecticut.

Greenfield presently has 34 employees specializing in acquisitions, development, asset management, finance, law, investor relations, and architecture, with offices in South Norwalk, CT and Chicago, IL.

Founded in 1999, JTL Capital, L.L.C. is a closely held, private real estate investment and development concern based in Dallas, Texas.  JTL invests directly in buildings, land, leaseholds, mortgages and other real estate interests and employs a value-enhancement strategy to generate attractive risk-adjusted returns for the company and its investors. 

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