Colbrook Development Corp.

292 Madison Ave - 20th Floor

New York, NY 10017

Phone: 212-686-5952 Fax: 212-684-4083

Email: Info@ColbrookDev.Com

Colbrook Development Corp. is a real estate development company pursuing a focused strategy to develop affordable and market-rate family and seniors housing in the New York City and New Jersey area and in select communities nationwide. Colbrook's mission emphasizes involvement in real estate ventures that contribute to the revitalization of urban neighborhoods and to the preservation and enhancement of the built and natural environments. Colbrook also provides consulting services to real estate investors on development and finance issues.

Among Colbrook's completed projects is Carteret Senior Living, the redevelopment of an 80,000 square foot historic former hotel in midtown Elizabeth, New Jersey. The former Elizabeth-Carteret Hotel has been converted into an affordable assisted living residence with 99 apartments plus on-site food and other services, as well as a 60-person adult medical day care operation. Also in development are several residential projects in New Jersey and New York City.

Colbrook's principal is Howard N. Wallick. Mr. Wallick, a licensed real estate broker, has over eighteen years' experience in all aspects of real estate development and investment, both commercial and residential, with an emphasis on planning, financial analysis and project management.

In addition to his responsibilities at Colbrook, Howard Wallick has assumed a leadership role at The Wallick Companies, the Columbus, Ohio based real estate development company founded by his late father, Jack L. Wallick. Howard Wallick is an active member of the board and is involved in oversight of the company's extensive multi-regional portfolio of development, construction and management projects in the multi-family sector.

Mr. Wallick has also served as a corporate board member and officer at several other companies. Currently, he is a director and member of the audit committee of Merrick Bank Corporation. Salt Lake City-based Merrick Bank is a leading national issuer of credit cards and provides merchant processing of credit cards and financing for boats and recreational vehicles.

Mr. Wallick was previously employed by The Sepco Companies, where he served for over ten years as Vice President and was responsible for real estate and financial analysis, project management, and leasing, sales and mortgage negotiations for residential and commercial properties in the New York region and nationally.

Among his major projects at Sepco, Mr. Wallick supervised the startup of a new property management computer accounting system; managed, as owner's representative, a $21,000,000, 160,000 square foot commercial redevelopment in Manhattan; and negotiated, as a member of the owner's team, a lease for a 202,000 square foot headquarters building for a major government agency in Manhattan.

At Sepco, Mr. Wallick was occupied with issues relating to building design, engineering, and construction; asset and property management; governmental regulatory procedures, including zoning, environmental concerns, building permits, landmarks, and tax abatements; property auction, condemnation, bankruptcy, foreclosure, and in rem tax and tax lien procedures; and low-income housing, particularly the housing tax credit program.

Prior to his work at Sepco, Mr. Wallick worked at Rose Associates, a major real estate development firm and was a philanthropic fundraiser at the UJA-Federation Campaign, both in New York City.

Mr. Wallick received a Master of Science Degree in Real Estate Development from the architecture school at Columbia University, where he wrote his thesis on Congregate Housing for the Elderly and its Applicability in an Urban Environment. He studied architecture and urban design in a postgraduate institute and is a Phi Beta Kappa graduate of Columbia University.

He is a former member of the Task Force on Economic Development for the City of Elizabeth, New Jersey, and is currently a member of the Urban Land Institute and the New York State Association for Affordable Housing. He also participates in a number of charitable organizations as officer, director and committee member.

Mr. Wallick's passions are choral singing and skiing. He resides with his wife and three children in Brooklyn, New York.