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Commercial Alliance Group, a Central Florida real estate development and financial services firm, through a managed affiliate, closed May 9, 2008, on the bulk acquisition from Centex Homes of the 31 unsold new condominium units in the 72-unit Waterways South building at the Palm Coast Resort.

The company contracted to aqiure the subject property on March 31, 2008. In the interim, the company arranged an acquisition first mortgage, which was also closed on May 9. On April 18, Commercial Alliance Group released a $6.3 million private equity offering of which approximately $4.2 million was sold or committed prior to closing. The company anticipates completion of its private equity offering by May 31.

The three bedroom, two bath and three bedroom, three bath condominiums range in size from approximately 1,300 to 2,000 square feet and were completed in 2007 with the high-end luxury finishes expected in a one-million-dollar price point waterfront community. All of the units have views of the Intracoastal Waterway. The company intends to resell the condominiums. The condominiums may be rented on a nightly basis through hospitality group arrangements. Palm Coast Resort includes a 96-slip marina, a marine store, fueling facility and land for future development not included in the present transaction.

Property owners may join The Ocean Club at Hammock Beach, an exclusive Ginn Resorts facility approximately three miles from Palm Coast Resort, where members can enjoy fine cuisine, relax in an oceanfront pool complex or get pampered in the 10,000 square-foot, world-class spa. Golf membership includes world-class golf on the Jack Nicklaus-designed Ocean Course at Hammock Beach and the Tom Watson-designed Conservatory Course.

"We're excited to offer to the public the opportunity to purchase lavish resort-style living in such an unspoiled Florida landscape at one-half of the Centex Homes August 2006 preconstruction prices. This is an opportunity which will not last long. This project cannot be replaced at our retail pricing," said Scott Colon, Commercial Alliance Group vice president.

The city of Palm Coast is situated between St. Augustine and Daytona Beach. The beach resort community is a short drive from Orlando and Jacksonville and is served through international airports.

Real estate brokers involved in the transaction include Stirling Sotheby's International Realty, CAG Realty Services, LLC and Centex Realty, Inc.

About Commercial Alliance Group

Commercial Alliance Group, Inc. is an integrated real estate development and financial services firm providing capital and consulting services to qualified developers. In addition to being a real estate development company, it is a direct provider of mezzanine debt and equity capital. Commercial Alliance Group, Inc. acts as agent in the placement of senior capital and provides business, financial and strategic planning services to its real estate developer clientele. The company's real estate development ventures and debt and equity-financing products form the platform for investment opportunities available to individual and institutional-accredited investors -- an innovation developed by the principals of Commercial Alliance Group. The Sanford, Fla.-based company serves as the bridge between the real estate development project concept and the capital necessary for the project's success. For more information visit www.commercialalliancegroup.com or call Scott Colon, vice president of Commercial Alliance Group, at (407)330-3062.

Commercial Alliance Group, Lake Mary
Scott Colon, 407-330-3062
www.commercialalliancegroup.com