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Old Kent Bank and Hartger & Willard Mortgage Assoc

Re: Woodland Plaza Shopping Center
      93,000 S.F. Retail Center
      Ann Arbor, Michigan

Dear Bob:

On behalf of Old Kent Bank and Hartger & Willard Mortgage Associates, Inc., I would like to extend thanks to you for your efforts in coordinating the sale of the above referenced project. As you are well aware, as mortgagee, we have worked diligently over the past five years to preserve the value of this asset. In view of the difficult situation, we were extremely pleased that you were able to structure a sale in which all parties were able to benefit.

I know that you were faced with some challenges such as a changing REIT market, an unforeseen increase in interest rates, and the seller’s demand for a top dollar sales price. The additional pressure of consummating a transaction prior to year end made this a difficult case to say the least. We are obviously pleased that you were able to successfully overcome these obstacles.

We naturally hope that we won’t be faced with any similar situations in the future, but in the event we are confronted with another difficult case, we will not hesitate to call on your services.

Sincerely,

Otto Kern
Vice President

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