Chicago State of the Market

Mr. Michael W. Reschke founded The Prime Group, Inc. in 1982 and since inception, has directed and managed the development and acquisition of over $11.0 billion of institutional-quality real estate projects across the United States. Mr. Reschke continues to manage and direct the private real estate development and investment activities of Prime. During the 1990’s, Prime achieved the unique distinction of being the founding shareholder of four publicly-traded real estate companies, each one being the successor-in-interest to various operating divisions of Prime. In 1994, Prime organized two publicly-traded real estate companies – Prime Retail, Inc. and Ambassador Apartment, Inc. – which became successors-in-interest to Prime’s retail and multi-family divisions. In 1997, Prime again organized two publicly-traded real estate companies – Brookdale Living Communities, Inc. and Prime Group Realty Trust – which became successors-in-interest to Prime’s senior housing and office/industrial divisions. In 1997, Ambassador Apartments, Inc. was acquired by Apartment Investment and Management Company, Inc. (“AIMCO”) in a stock-for-stock merger. In 2000, Brookdale Living Communities, Inc. was acquired by Fortress Real Estate Investments following a friendly cash tender offer. Recently, Prime Retail, Inc. and Prime Group Realty Trust were separately sold in cash-for-stock merger transactions. From 2000 until 2003, Mr. Reschke served on the board of World Business Chicago – a public-private non-profit organization founded in 2000 to promote and market the City of Chicago on a national basis to business leaders looking for a place to start, expand or relocate their businesses. Currently, Mr. Reschke is a member of the Real Estate Roundtable in Washington, D.C., the Urban Land Institute, the Economic Club of Chicago, and the Chicago Chamber of Commerce. Mr. Reschke is a summa cum laude graduate from Northern Illinois University, receiving a Bachelor of Science degree in Accounting with Honors in 1977. Mr. Reschke also is a summa cum laude graduate from the University of Illinois College of Law, receiving a Juris Doctorate degree in 1980. Mr. Reschke is licensed to practice law in the State of Illinois.

Mr. Primo is founder and executive chairman of Capri Investment Group, a real estate investment and development organization headquartered in Chicago with offices in Los Angeles. Active in the real estate industry for more than 40 years, Mr. Primo has challenged conventional wisdom in developing new markets for investment. Under his leadership, Capri became an early investor in both U.S. multifamily and urban property markets – successfully investing more than $14 billion since the company’s founding – and has pursued developments in India, Africa, and the Middle East. Recently, he was responsible for bringing Google to Chicago’s Central Loop in a groundbreaking redevelopment of the James R. Thompson Center, resuscitating a historically important submarket in decline. In these and other investments, his goal has been to achieve attractive risk-adjusted returns for the firm’s investors, while enhancing those communities in which Capri responsibly invests. In addition to his business interests, Mr. Primo is active in civic and non-profit initiatives. He is a founder and currently co-chairman of the Primo Center for Women and Children, a transitional center and family institute for the homeless; was the founding chairman of the Chicago Alliance to End Homelessness; and is a board member of the Chicago Council of Global Affairs, School of the Art Institute of Chicago as well as board chair of the Church Investment Group. In addition, he has previously served as trustee of the Chicago Community Trust, University of Chicago Hospitals, Metropolitan Planning Council, and the Church Pension Group. Mr. Primo received his M.B.A. from Harvard University Graduate School of Business, and a B.S. in Finance with honors from Indiana University. He has been featured in national publications such as The Wall Street Journal, Fortune Magazine, Forbes, The New York Times, Bloomberg Business Week, and Black Enterprise, and has been a business contributor to CNBC cable news network. In addition to public company board experience, he has written or co-authored numerous articles and industry white papers and is often recognized for his professional, civic, and philanthropic contributions, including receiving an honorary doctorate from Sewanee/University of the South. Mr. Primo is an avid cyclist and resides in the Chicago area with his family.