Representative Past Developments Tesoro del Valle

Borstein provided co-invest equity for three master planned communities in July 2001, which included Tesoro del Valle (Santa Clarita), Hidden Valley (Norco) and Brentwood (Victorville). The investment in all projects was paid in full in 2003. Tesoro consists of 1,109 units on approximately 489.2 gross acres with a variety of product types. The project is located north of Valencia in the Santa Clarita Valley and 35 miles from downtown Los Angeles. The development includes a school, the Tesoro del Valle Recreation Center and various neighborhood amenities.