New Office, Hotel, Retail and Residential Project Planned for Atlanta

12th & Midtown project to span three city blocks


"The Canyon-Johnson Urban Fund is dedicated to bringing quality residential and retail opportunities to rapidly growing urban areas, such as Midtown Atlanta," said CJUF Partner Earvin "Magic" Johnson. "We enjoyed working with Daniel and Selig on The Plaza Midtown and look forward to continued success with these well established partners. Thanks to Mayor Shirley Franklin's leadership in urban redevelopment this is an exciting time to continue investing in the City of Atlanta."

"The 12th & Midtown project is consistent with our prior investments aimed at accelerating the redevelopment of urban Atlanta," said CJUF Managing Partner Bobby Turner. "Canyon-Johnson is proud to work with proven local partners like Daniel Corporation and Selig Enterprises to spur investment and enhance value in urban neighborhoods throughout America."

"Midtown Alliance is overjoyed that this development team is helping to turn the 'Midtown Mile' vision into reality," said Susan Mendheim, president and CEO of Midtown Alliance. "We appreciate working with community leaders like Steve Baile and Scott Selig who demonstrate such a strong ongoing commitment to Midtown's growth."

ABOUT THE DEVELOPMENT TEAM

About Daniel Corporation

Founded in 1964, Daniel Corporation (www.danielcorp.com) is an innovative, full-service real estate organization engaged in the development, acquisition and management of commercial office, multi-family, residential and senior living properties. These activities have resulted in a substantial and diverse portfolio. Headquartered in Birmingham, Ala., with a regional office in Atlanta, Daniel Corp. currently focuses on markets in the Southeast and Mid-Atlantic states. Daniel Corp.'s broad range of real estate expertise and fiduciary tradition enables the company to respond with the flexibility and timeliness demanded by the real estate industry.

About Selig Enterprises, Inc.

For nearly a century, Selig Enterprises (www.seligenterprises.com) has maintained a commitment to excellence, dedicated to meeting the needs of its tenants as well as the community. Founded in 1918 by Ben J. Massell, Selig Enterprises' portfolio includes shopping centers, industrial complexes and office developments throughout the Southeast. The company provides leasing, development, acquisition, space design, construction, legal, property management, brokerage and accounting services for more than 250 properties. Under the direction of S. Stephen Selig III, Selig Enterprises is one of the largest privately held real estate companies in the Southeast.

About The Canyon-Johnson Urban Funds

The Canyon-Johnson Urban Funds (www.CJUF.com) are a joint venture between Canyon Capital Realty Advisors and Earvin "Magic" Johnson, formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. The Funds' objectives are to seek current income and capital appreciation and, in addition to meeting investment goals, the fund is committed to providing for and fostering economic opportunities for the residents of the urban neighborhoods in which CJUF invests. With nearly $1 billion in committed equity capital, the fund is positioned to facilitate more than $4 billion in development and revitalization in major U.S. metropolitan areas.

CONTACT: Sugerman Communications Group Steve Sugerman, 310-689-7535 steve@sugermangroup.com or Edelman Heather Hutson/Stacy Kirk, 404-262-3000 heather.hutson@edelman.com stacy.kirk@edelman.com KEYWORD: GEORGIAINDUSTRY KEYWORD: BANKING REAL ESTATE BUILDING/CONSTRUCTION PRODUCTSOURCE: Canyon-Johnson Urban Fund

<<Business Wire -- 11/13/06>>