Press Release

Circle Bank today announced that it had provided $3.4 million in funding to Equity Based Services (EBS) to finance the acquisition of Anchor Mini-Storage in Rohnert Park.

EBS said it would immediately rebrand the 525-unit facility, located at 220 Business Park Drive, under the EBS corporate brand of American Mini-Storage.  EBS is based in San Diego.

“This is a great addition to our portfolio” said Troy Downing, EBS principal.  “It is a high-end, Class-A build out in a strong local economy. The location is near Sonoma State University and there is also room for expansion as well approved plans for an additional two-story building that adds the potential to significantly add
value to this property.”

The terms of the Circle Bank loan allowed EBS to finance 65% of the purchase price with a 15-year term loan with a 30-year amortization, at interest-only for the first 5 years.
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“It was very important for EBS to obtain the five-year interest-only period,” said Becca Hood, VP/Manager of Loan Client Services.  “This structure allows EBS to maintain cash flow during the rebranding and transition of new ownership”.

The loan was facilitated through Tavernier Capital Partners of Boca Raton, FL. “This transaction is evidence that even in the current credit crunch, favorable financing is available for well capitalized experienced owner operators,” said Saul Hoppenstein, Principal of Tavernier Capital Partners.

“The importance of this transaction to the Sonoma County economy,” said Kim Kaselionis, CEO/president of Circle Bank, “can’t be over-emphasized.  We were able to help an out-of-town buyer, who was working with a financial firm across the country to complete a transaction that will ensure the viability of a local business.”

Said Stephen Kaplan, CEO of EBS, “Prior to this transaction, we had been finding buyers, sellers and lenders were out of sync.  Circle Bank certainly stepped up and made sure that this deal could happen.”

About Equity Based Services, Inc

EBS (www.ebscorp.com), headquartered in San Diego, is a private real estate company specializing in the acquisition and management of self-storage property. EBS currently owns and operates approximately 60 self-storage properties in 11 states with a current market value of more than $300 Million. EBS also manages a family of Private Equity Funds for institutional and high net worth individual investors. The EBS Income Fund, the EBS Income and Growth Fund II, and the Pilot Equity Value Added Fund all closed in 2007.

About Circle Bank