Swerdlow Group has experience in all aspects of acquisition, land use and zoning, environmental permitting, land development, commercial and residential building constructions, sales, leasing, management and finance. During the last 15 years, Swerdlow Group's management team has successfully and profitably navigated through all phases of the business cycle, which has placed the Company in an outstanding competitive position to expand and prosper in the current real estate environment. Swedlow Group is capable of providing the full spectrum of services required to successfully own and develop institutional quality real estate as evidenced by its successful undertaking of numerous large- and small-scale complex projects in South Florida.

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Swerdlow Group is currently operating under three primary legal entities: Swerdlow Development Company, LLC; Bonefish Partners, LLC; and Bonefish Realty Management, LLC. Since 2006, the Company has been actively involved in perusing distressed real estate and debt opportunities that meet their investment criteria. Due to the financial stability of their partners and investors, Swerdlow Group is in an excellent position to quickly act on those opportunities as they arise.

The Company has a proven record of assessing the potential of undeveloped parcels and obtaining necessary entitlements to position such undeveloped parcels for development in anticipation of the eventual upturn in the real estate market. These properties were, for the most part, strategically located in the more densely populated areas of South Florida. Consequently, Swerdlow Group developed great expertise in what came to be known as "infill development".

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In 1999, the Company consolidated its holdings into a new entity called the Swerdlow Real Estate Group, a private REIT whose shareholders included Swerdlow, Fidelity Investments, Colony Capital, Landmark Funds, Stanford Management and Merrill Lynch. The REIT had an initial capitalization of approximately $500 million (approximately $175 million in initial equity) and had grown to approximately $1 billion in total assets. The REIT developed, owned and operated over five million square feet of properties.

POST-REIT HISTORY

More recent projects include Biscayne Landing (land development), Civica Center (retail), and Marina Grande on the Halifax (multi-family). Other projects over the past 15 years include Dolphin Mall, Dolphin Commerce Center (f/k/a Beacon Tradeport), Great Mall of the Bay Area, and Las Olas Riverfront, to name a few.

In 2001, Michael Swerdlow formed Bonefish Partners, LLC as an investment vehicle outside of the REIT to gain entry into the high-rise residential condominium industry. Bonefish successfully negotiated a multi-billion-dollar ground lease with the City of North Miami that facilitated the development of Biscayne Landing, a 190-acre master-planned community that was planned to include 6,000 luxury condominium units in six different waterfront locations along the South Florida corridor. Bonefish partnered with Boca Developers, whose expertise was in the construction of high-rise condominiums. In July 2006, sensing the over-development of the condominium market in Florida, Bonefish successfully sold all of its ownership interests to Boca Developers.

Since 2009, Swerdlow has successfully reacquired two of the premier projects sold in 2006 to Boca Developers. The first is a two-phased condominium project called Marina Grande on the Halifax (MG) located in Daytona Beach. In 2009, Swerdlow purchased Phase 2, a 108-unit apartment complex from the lender with the goal of reacquiring the Phase 1 inventory of unsold units, selling off the inventory, and commencing construction of an additional 486 units on Phase 2 land. In 2011, Swerdlow partnered with a major Boston-based institutional fund to acquire the unsold units at Phase 1 at MG and manage the sale of the remaining 414 unsold developer units. Swerdlow is currently the asset manager on behalf of the joint venture.

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The second, Biscayne Landing, was reacquired in August 2012. Swerdlow Group partnered with the LeFrank Organization, one of the largest private landlords in the United States, managing more than 200 apartment buildings in New York and New Jersey, to reacquire the Biscayne Landing project. Swerdlow was the asset manager overseeing land development activities and the implementation of the new business plan that included the approval for the construction of 4,200 residential units, 750,000 square feet of commercial space, hotels, and other uses. In February 2015, Swerdlow sold its partnership interests to Lefrank for a sizeable profit.

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In May 2013, Swerdlow Group partnered with a Boston-based real estate private equity firm to acquire a hotel site adjacent to the Jackson Memorial Hospital District in Miami, Florida. Prior to the acquisition, the Company successfully changed the existing entitlements to allow for a 45,000-square-foot retail center and an adjacent parcel of land entitled for either multi-family residential or office. Swerdlow Group is the asset manager of the retail center. The project opened in August 2015.

Most of the senior-level staff have been associated with Swerdlow Group for 20 or more years. Swerdlow Group's staff combined a wide array of asset-specific technical skills, broad financial sophistication, and innovative strategic planning. Swerdlow Group's management has engaged in the development, ownership, leasing, and management of festival/entertainment centers, regional power centers, community shopping centers, office buildings, and industrial, commercial, and residential projects. Management enjoys excellent relationships with local governmental and regulatory agencies and many leading regional and national retail organizations, and Swerdlow Group's properties have consistently grown in value through Swerdlow Group's expert asset management.