n e w s

August 24, 2006
For More Information Contact:
David Songy, CEO, or Todd Nocerini, COO, Songy Partners, 404.995.8170, or
Erica Stephens, Schroder PR, 770.845.3663, erica@schroderpr.com

Songy Partners Recapitalized Through Suntrust Robinson Humphrey

ATLANTA, August 24, 2006 - Songy Partners Limited has been recapitalized with approximately $25 million in privately-placed equity and subordinated notes through SunTrust Robinson Humphrey. The first closing of the two-phase recapitalization occurred on June 30, the second on August 15.

In return for the proceeds, a minority interest of the company was sold, while allowing prior sponsorship held by David Songy, CEO, and Perry Waughtal, chairman, to retain full control and majority ownership. The company name was changed from Songy Partners Limited to Songy Partners LLC.

"The placement of the capital is well timed," said David Songy, CEO and co-founder of Songy Parnters LLC. "The company has already acquired or has under contract seven projects totalling over $200 million in acquisition and development cost scheduled for 2006.   The projects are located in the South Florida, Houston, and Atlanta metropolitan areas."

Benefits to the new entity include a stronger balance sheet, higher liquidity for investment purposes, enhanced financing terms from lenders and equity partners, and greater independence to acquire assets without reliance on outside capital sources.

Songy Partners LLC operates primarily in the office and hotel sectors,   acquiring strategically located sites in select southeastern markets for ground-up and mixed-use developments, as well as specializing in the renovation of older buildings.

About Songy Partners LLC

Songy Partners LLC www.songypartners.com , is a commercial real estate firm based in Atlanta, with company offices and projects in Atlanta, Houston, Miami, Mexico City, Knoxville, Tampa, Boca Raton, Lafayette, and Dallas. The partnership was formed to acquire, renovate and develop institutional quality real estate projects throughout the United States.