Resume Detail

1. M i ch a e l J. W h i t e
Senior Executive Resume Detail

2. Michael J. White Completed Transactions
National Transaction Credentials by State
Professional credentials
in Law, Securities, Real
Estate Finance
High-level executive
relationships with Life
Companies, Private
Equity, and Real Estate
Developer/Operators .
25 years career
experience with over
$1.5B of transaction
credentials as key lead
executive.
National Practice
encompassing a broad
bandwidth of asset
classifications.

3. MICHAEL J. WHITE
CAPITAL MARKETS EXECUTIVE BANDWIDTH
JOINT VENTURE - STRUCTURED FINANCE - SENIOR DEBT - PRIVATE EQUITY
•Unique professional expertise in combined disciplines of:
(1) real estate equity and debt capital markets
(2) real estate operations management
(3) institutional investment practices
(4) SEC regulated environments
(5) law
•Access equity capital for real estate clients to establish project-specific and programmatic joint ventures or investment programs. These
transactions typically involve the acquisition, development, recapitalization or restructuring of multi-asset, multi-regional real estate
portfolios using multiple equity, structured finance, debt or mezzanine capitalization techniques based on extensive computer modeling.
•Multi-region executive management responsibility over operational profit centers and strategies: delivered highest per capita profitability
benchmarks during tenure: defined, implemented and staffed a new strategic capability that more than tripled margins on executable
business already engaged by the company.
•Structure and negotiate joint venture transactions involving incentive compensation upon achieving specified returns for the investors.
The levels and forms of incentive compensation vary according to the sponsor’s co-investment, the strategy and risk profile. The sponsor
may also receive market-based fees for services such as property management, development and leasing.
•Lead executive role in private equity fundraising and institutional marketing presentations for public and private real estate companies,
with a primary focus on opportunity and value-added real estate funds. Distinguished by soliciting and successfully completing the most
challenging assignments – first-time discretionary funds, follow-on discretionary funds and/or funds seeded with partially-specified
portfolios, and entity-level venture capital funds.
•Longstanding capital relationships with public and corporate pension funds, endowments and foundations providing a working knowledge
of institutional investors’ decision-making processes, legal concerns and structuring preferences.
•Contacts and reputation in the industry have allowed Mr. White to repeatedly execute capital raising programs and establish long-term
institutional relationships at key executive levels over a 25 year career. He has been a guest speaker for NMHC, MFHW and REIC.

4. Michael J. White
ASSET-SPECIFIC INVESTMENT CAPITALIZATIONS
OFFICE
MEDICAL OFFICE
MULTI-TENANT, R&D AND WAREHOUSE- DISTRIBUTION INDUSTRIAL
APARTMENTS
STUDENT HOUSING
RETAIL
BIO-TECH WET LAB RESEARCH SPACE
ASSISTED LIVING & CONGREGATE CARE RETIREMENT COMMUNITIES
MASTER-PLANNED DEVELOPMENTS
GROUND LEASES
PORTFOLIO ACQUISITION & RECAPITALIZATION

5. INTEGRATED EXECUTIVE DISCIPLINES
THE CAPITAL RAISING PROCESS
Lead Executive
Pre-Oering Oering Closing
•Contact investors and their advisors;
•Advise the sponsor on the •Provide advice in connection
schedule meetings
optimal terms and conditions with preparing the partnership
agreement
•Manage and coordinate investor/
•Assess potential for contribution
•Assist in the negotiation of
advisor meeting logistics
of assets to program
partnership documents
•Follow up with potential investors on
•Develop/draft oering
•Coordinate closing and assist
a regular basis
memorandum
in post-closing activities
•Provide continuous feedback to the
•Create and prepare presentation
sponsor on investors' level of interest
to investors
and issues
•Develop overall marketing
•Coordinate dialogue between
strategy and investor list
investors and the sponsor
•Assist sponsor in approaching
•Manage and coordinate investors'
existing investors and
due diligence requests
relationships
•Approach a focused group of
investors and industry consultants
•Prioritize specific investor
contacts

6. Michael J. White
Notable Transactions

7. Michael J. White
NOTABLE TRANSACTIONS
$5,337,000
$25,000,000 Timberstone Apartments
$200,000,000
Pierce Education Properties, LP
Olympic Investors / PERSI
Entity Level Equity Joint venture acquisition of a 240 unit, Class
A apartment complex in a challenging
Start-up entity level venture capitalization for Investment program to acquire value-added
Houston market.
an education-related real estate development multifamily properties nationally on behalf of
and student housing acquisition campaign. a public pension fund.
$142,000,000
$43,058,000 $130,000,000
Southgate Land Loan Pratt Portfolio Michigan Student Housing
Circle Capital Partners Portfolio
92% LTV, non-recourse structured acquisition
financing of a 30-acre un-entitled land parcel Joint venture to acquire a 2 million square Joint venture acquisition of a 4-property,
in Southgate, CA (infill L.A.) to be developed foot industrial/flex portfolio in Logmont, Class A student housing portfolio
into a 600,000+ SF retail center. Colorado. totaling 1,080 units (3,516 beds)
$50,000,000
Master Development Corp.
Discretionary venture to acquire and develop
industrial properties in Southern California.

8. MICHAEL J. WHITE
NOTABLE TRANSACTIONS - DETAIL
Michigan Student Housing Portfolio
Deal:
Joint Venture Equity and Debt
Profile:
Acquisition of a 4-property, Class A
student housing portfolio in East Lansing
and Mt. Pleasant, Michigan totaling
1,080 units (3,516 beds)
Size:
$130,000,000
Date Closed: January 2007
Challenges:
Multiple assets, geographically dispersed in an economically depressed area.
First deal for a start-up entity who had no financial co-invest capacity and no prior
institutional investment experience or relationships.
Short time period: deal was under contract with hard money deadline of 60 days.
Solution:
Arranged JV equity and debt commitment providing acquisition and asset
management fees to the Sponsor with zero co-invest and a promoted participation.

9. MICHAEL J. WHITE
NOTABLE TRANSACTIONS – DETAIL
Pierce Education Properties Entity Level Venture Capital
Deal:
Profile:
Start-up entity level capitalization for an
education-related real estate development
and student housing acquisition campaign.
Size:
$25,000,000 equity operating capital
commitment
Date Closed: September 2007
Challenge:
An unusual, complicated business plan focused on an esoteric specialization spanning two
business platforms: master planned university campus development and student housing
acquisition. Sponsor had a 5 year business plan based entirely on one prior transaction with
no future capitalization capability.
Solution:
Provided a 5 year equity venture capitalization of both business platforms. This funded the
full operational, overhead, and investment expenses of the Client going forward. The Client
maintains majority control subject to performance guidelines. The capital was provided
through the investment management entity of one of the wealthiest private individuals in the
US.

10. MICHAEL J. WHITE
NOTABLE TRANSACTIONS – DETAIL
Southgate Land Loan
Deal:
Land Acquisition for Retail Development
Profile:
92% leverage non-recourse acquisition
of a 30-acre land parcel in Southgate, CA
(infill L.A.) to be developed into a 600,000+
SF retail center
Size:
$43,058,000
Date Closed: November 2006
Challenge:
No entitlements; no comparables. City had gone B/K, and Sponsor needed a non-
recourse land loan that would include 18 months to entitle the project.
Solution:
Arranged a 92% loan-to-cost, non-recourse land loan and secured the additional
leverage through assignment of a unique put-option contract structure negotiated with
the City. This allowed the City to avoid credit impacts on their balance sheet and
eliminated the Client’s risk of design and entitlement approvals prior to close.
Execution:
Sponsor had unsuccessfully marketed the opportunity for 5 months before
retaining Mr. White – who completed the deal within 10 days of engagement.
Comments: This urban-infill, media-enriched design will be one of the largest shopping centers
to be completed in the LA Metro area in 2009-2010.

11. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS
Master Development Corporation
Deal:
Discretionary Joint Venture Equity
Profile:
First targeted “Boutique” Discretionary
raise defined by targeting a specific
regional market and asset class for a
single investor.
Size:
$50,000,000
Date Closed: October 2006
Challenge:
Small size for a first fund execution. The Client required non-crossed execution within
the fund (every investment stands alone) and conforming debt facility.
Solution:
Structured a three-pronged investment strategy (land acquisition, vertical
development, and existing acquisitions) within a single fund. Sourced debt
financing from a single capital source to complement this unique structure.
Execution:
The fund was capitalized by a single Pension Trust investor; the debt was sourced
through a correspondent Life Company – which had never previously engaged this type
of debt structure.
Comments: One fund integrated three objectives that the Client had previously allocated among 4-5
dierent equity partners.

12. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS
Olympic – IDA Funds I and II
Deal:
Programmatic Joint Venture
Profile:
Programmatic venture for the acquisition of
core plus and value-add multi-family
properties nationwide
Size:
$100 Million initial commitment; increased
to $200 Million
Date Closed: June 2006
Challenge:
First program for the Client. Client wanted to reduce cost of capital below existing Life
Company partners with 5% maximum co-invest. Client also wanted to book profits
individually on deals cleared prior to 10 year cross collateralized promote structure.
Solution:
New program delivered cost of capital that was compelling and additionally created a
mechanism by which the Client can realize incentive fees on individual deals.
Comments: The program structure subsequently extended to include the Clients’ expansion into
LIHTC product and hospitality assets as a result of flexibility created in the structure.

13. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS
Pratt Portfolio
Deal:
Joint Venture Portfolio Acquisition/Reposition
Profile:
Pension Fund Advisor and new entity
“Circle Capital Partners” joint venture
acquisition of a 2 MM SF, 41 building
flex / industrial portfolio
Size:
$142,000,000
Date Closed: April 2005
Challenge:
First transaction for a start-up entity. The Client had a 30-day hard money contingency
date. Industrial portfolio was only 65% occupied at time of acquisition and a single
building occupied by a tenant with deteriorating credit compromised a significant
percentage of the total portfolio revenues.
Solution:
Successfully arranged the equity commitment prior to the hard money date and
delivered a significantly more attractive incentive compensation structure to the client.
Execution:
Went to market in January and closed the deal in April.
Comments: Largest single industrial transaction in the state of Colorado (capitalization).
Sponsor assumed existing debt.

14. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS
Timberstone Apartments
Deal:
Multifamily Joint Venture Placement
Profile:
Acquisition of a 240 unit, Class A
apartment complex in a challenging
Houston multifamily market
Size:
$5,337,000
Date Closed: November 2004
Challenge:
Asset was located in Houston: Flat rent growth demographic was shunned by
institutional equity. Initial deal for a new apartment investment subsidiary of
Starwood.
Solution:
Capitalized on a due-diligence discovery that the aordable housing revenue
component of this complex hadn’t been adjusted in 5 years! A new regional
hospital with 4000 jobs just ¼ mile from the project would start construction 3
months after close. The Seller had not discovered either opportunity.
Execution
Short time period execution; The deal was under contract with hard money due in
Horizon:
60 days.
Comments: The investment realized a 20% increase in NOI within 3 months of close.

15. PROFESSIONAL BIOGRAPHY
Michael J. White
Mr. White is a Managing Director of Holliday Fenoglio Fowler, LP in Orange County, CA and is also a general securities
representative member of HFF Securities, LP, an afiliate of HFF. His specialization in the negotiation and structure of
complex institutional equity joint ventures is augmented by 25 years of nationwide experience in structured finance and
senior debt executions with over $1.5 billion of transactions personally executed as lead originator. Mr. White's expertise in
both developmental and acquisition capitalizations includes master-planned developments, portfolio financing, bio-tech
facilities, senior living, ofice, industrial, student housing and multi-family assets. Securities executions have included both
programmatic and discretionary raises and entity-level venture capital assignments.
Prior to joining HFF, Mr. White was a founder and principal of The Emmaus Group, responsible for all JV and structured
finance executions for the firm prior to expanding that role into a multi-state afiliation with Bonneville Realty Capital. From
1983-1990 Mr. White directed the Orange County/Inland Empire mortgage banking operations of John Burnham Company's
Real Estate Finance Division as Vice President and Regional Manager, achieving top producer status in every year of
production. Before joining John Burnham Co, Mr. White worked for The Irvine Company, administering and negotiating
contract compliance of the firm’s residential joint venture and ground lease portfolios.
Mr. White graduated cum laude from USC with a Business Administration Degree in Real Estate Finance. He obtained his Juris
Doctor Degree from the University of Utah College of Law in 1981 and is admitted to practice before the California State Bar
and US Federal District Court Bar. In addition, he is a Registered Securities Representative with Series 7 and Series 63
designations and is a licensed Real Estate Broker in the State of California. He is a member of the Global Exchange Council of
the ULI, the NAIOP, the California Mortgage Bankers Association and is a certified High Adventure/Backpacking Adult Leader
with the Boy Scouts of America. Mr. White is a founder and current Chairman of SOS Humanity Foundation, a Catholic non-
profit 501(c)(3) charitable foundation which funds educational and social solutions in the world’s most desperate areas of
poverty.