Countrywide Commercial Penetrates Retail Sector

$320 Million Loan to Regional Mall Portfolio in Southeast U.S. Highlights Countrywide Commercial's Penetration of Retail Sector

CALABASAS, Calif., May 3 /PRNewswire/ -- Countrywide Commercial Real Estate Finance further established its presence in the commercial real estate retail sector by announcing today the closing of a $320 million dollar loan to finance the acquisition of a pool of six regional malls in the Southeast United States.

Countrywide Commercial provided six loans to a newly formed joint venture of General Properties Trust, Babcock & Brown and Colonial Properties Trust, including four fixed-rate loans and two floating-rate loans. "Countrywide Commercial established a national presence in its first year of operation due to a deep understanding of the markets it serves and the power of Countrywide's brand," said Boyd Fellows, Managing Director, Countrywide Commercial. "This retail transaction is another example of how we can deliver custom-designed solutions with speed and certainty of closure -- no matter how complex the deal." Bill Lafferty, Senior Vice President of Countrywide Commercial, led the team in the closing of the transaction.

Malls in the deal included:

Colonial Mall Bel-Air (Mobile, Alabama)
Built in 1966, Colonial Mall Bel-Air is a 1,333,739 square foot super-mall with 130 stores that dominates the Mobile, Alabama market and offers one of the widest selections of retail shopping in the region. The primary market of the mall covers a 20-mile radius consisting of more than 400,000 people.

Colonial Mall Greenville (Greenville, North Carolina)
Built in 1965, Colonial Mall Greenville is a 450,000 square foot mall with more than 65 local and national stores and is a major shopping center in the area. In addition to being located in the retail hub for Eastern North Carolina, it is adjacent to East Carolina State University and its 23,000 full-time students.

Colonial Mall Glynn Place (Brunswick, Georgia)
Built in 1985 and expanded in 1990, Colonial Mall Glynn Place is a 507,000 square foot mall with more than 60 stores in an area that is experiencing tremendous growth in residential development. It is located a mile and a half away from major interstate highway I-95, exclusive beach and golf resorts, and Coastal Georgia Community College.

Colonial Mall Valdosta (Valdosta, Georgia)
Built in 1983 and renovated in 1999, Colonial Mall Valdosta is a 400,000 square foot mall with more than 65 stores with a 112,000 square foot expansion including 4 "Big Box" anchors opening summer 2006. It is a primary shopping destination in the market and located near Moody Air Force Base and Valdosta State University.

Colonial Mall Myrtle Beach (Myrtle Beach, South Carolina)
Built in 1986 and last renovated in 2004, Colonial Mall Myrtle Beach is a 525,000 square foot mall with more than 62 stores. It is located in The Grand Strand area-a premier beach and golf vacation destination that attracts 14 million visitors annually and is part of a surrounding area with a population of more than 215,000 residents.

Colonial University Village (Auburn, Alabama)
Built in 1973 and renovated and expanded in 2004, this 525,000 square foot mall is located next to Auburn University, which is home to nearly 23,000 students and more than 5,000 employees.

About Countrywide Commercial Real Estate Finance, Inc. - Countrywide Commercial Real Estate Finance, Inc., a provider of fixed- and floating-rate financing for multi-family and commercial properties, is a unit of Countrywide Capital Markets, Inc. (CCM), a wholly-owned subsidiary of Countrywide Financial Corporation (NYSE: CFC - News).

Other CCM business units include Countrywide Securities Corporation, a registered broker-dealer specializing in underwriting, buying and selling mortgage-backed debt securities; Countrywide Servicing Exchange, an advisory and brokerage firm specializing in the transfer of bulk loan mortgage servicing rights portfolios between third parties; Countrywide Asset Management, a full-service company that acquires, services and manages distressed residential mortgage loan assets for rehabilitation and eventual sale; and CCM International, Ltd., and Countrywide Capital Markets Asia, Ltd., distributors of American securities in the UK and Japan, respectively.