Construction of Gramercy Court, LLC

Gramercy Court is a new, 224-unit condominium complex in the Medical Center district in Houston, TX. Gramercy was financed by a $34,500,000 Promissory Note Secured by Mortgage issued by a group of approximately 300 investors.

CCM Pathfinder Gramercy Court, LLC

CCM Pathfinder Gramercy Court, LLC ("CCM Pathfinder Gramercy") was formed to acquire fragmented loan share interests in Gramercy Court, which it began doing in April, 2007. CCM Pathfinder Gramercy is owned jointly by Pathfinder Partners, LLC and Contrarian Capital Management, a financial institution with $5 billion of capital under management specializing in distressed debt and opportunistic real estate investments.