Jim Osterling has spent his entire 28-year career in the real estate industry as a senior executive with prominent homebuilders and real estate developers; and as an investment banker, consultant and as a principal.

Mr. Osterling has structured, negotiated and administered corporate borrowings in excess of $500 million, and sourced and closed project-level debt and equity financings totaling more than $1 billion. He has been involved in the acquisition and financing of real estate projects with a developed value of several billion dollars. He has also acquired and financed portfolios of distressed real estate purchased from lenders, regulatory agencies and bankruptcy proceedings with a combined transaction value of more than $200 million. He has been involved in a variety of property types including residential (both for-sale housing and rental properties), retirement community, retail, office, industrial, self-storage, resort, golf course, aviation and master planned community.

Mr. Osterling obtained his investment banking experience at Saybrook Capital where he was the originator and partner in a proprietary fund that provided Option Contract financing to large publicly owned merchant homebuilders. During Mr. Osterling's tenure, over $200,000,000 of investment was funded by and every contract performed successfully. Mr. Osterling was also a Managing Director in Saybrook Capital's real estate advisory practice, assisting Saybrook Capital's real estate developer clients in raising debt and equity capital for large-scale developments and in the strategic disposition of major real estate assets.

Mr. Osterling's experience as a real estate executive includes serving as Senior Vice President and Chief Financial Officer for California Pacific

Homes, a home building and master-planned community development company affiliated with The Irvine Company in Newport Beach, California. Before joining Cal Pac, Mr. Osterling was Senior Vice-President and Chief Financial Officer for Shea Homes, a homebuilding company and master planned community developer based in Walnut, California. During his tenure, Shea Homes became the largest privately owned homebuilder in the United States with annual revenues of $450 million. Most recently, Mr. Osterling served as the Chief Financial Officer and as an Executive Committee Member for Griffin Industries, a Builder 100 5th generation merchant homebuilding company and master planned community developer.

Mr. Osterling began his career as a senior tax consultant with Arthur Andersen & Company, specializing in analyzing and structuring real estate and other tax shelter investments.

Mr. Osterling received his BS in Business Administration from Iowa State University. He received an MBA from the Kellogg Graduate School of Management at Northwestern University. Mr. Osterling completed course work towards his MBA degree at The University of Southern California Marshall School of Business.

Mr. Osterling is a Certified Public Accountant and a member of the California Building Industry Association (CBIA), the Urban Land Institute (ULI), the American Institute of Certified Public Accountants (AICPA), and the California Society of Certified Public Accountants (CACPA). He is a founding board member and past president of the USC LUSK Real Estate Alumni Group. Mr. Osterling is married with two children and has been actively involved in youth sports and other community activities in Pasadena, CA.