About the Seligman Group: Overview

Founded in 1954, by Irving R. Seligman, Seligman & Associates, Inc. ("Seligman") continues to be a leader in development, acquisition, and management of commercial and residential properties throughout the western United States. The predecessor company was started as Stern & Seligman in 1947.

Seligman was initially founded to construct garages in a post-war era, which soon led to the development of single-family homes and apartments in Detroit and Las Vegas. Simultaneously, Mid-States Mortgage, Co. was founded to provide HUD financing for first home buyers. In 1971, Seligman went public.

In 1976, Irving's son, Scott Seligman, became Group Vice-President of Seligman, responsible for single-family building operations as well as management of multi-family properties located in the Metropolitan Detroit area. From 1977 to 1983 Scott was Seligman's President, Director and Chief Operating Officer, a position he held in addition to becoming President of Mid-States Mortgage Corporation in 1983. Between 1959 and 1985, Seligman developed 10,000 multi-family units. In 1987, the Seligman family again took Seligman private.

Building upon his experience with both Mid-States Mortgage and the family's growing real estate portfolio, in 1984, Scott Seligman chartered the Sterling Savings and Loan Association which focused on mortgage lending and servicing. In 1990, an expansion of Sterling led to the development of the commercial lending division, including commercial equipment leasing and financing, as well as commercial real estate lending. In 1993, with the addition of a Trust division, Sterling became Sterling Bank And Trust, FSB—a Federal Savings Bank. Further diversification in 1994 led to the development of the consumer lending area which focused on indirect auto and marine lending.

Today, Sterling Bank And Trust has a $92 million net worth, which was internally generated from the initial $3 million capitalization.

In the late 1990's, Seligman began selling its Michigan properties and reinvesting capital, developing and purchasing office properties in Orange County, California. Along with a Southern California office portfolio, Seligman owns office buildings in Northern California and Las Vegas. With a reputation for superior management and maintenance, the office portfolio consists of numerous Class B properties with tremendous upside in rent growth. From 1999 to 2001 Seligman acquired 16 multi-family properties in positive growth areas within Greater Los Angeles, California. All of the properties were constructed in the late 1920's and have been renovated to the highest standard. No expense was spared, resulting in these historic buildings being converted into classic apartment communities, which consistently outperform the competition.

In addition to the Los Angeles Apartment Portfolio, Seligman owns large retail properties in California, Hawaii, Michigan, and Nevada.

Seligman Western Enterprises, Ltd. II ("SWEL") was established as a local California presence to further the tradition of a "hands-on management" philosophy.

Through Pioneer Realty of Michigan, LLC, Seligman continually seeks portfolio properties which fit into the Seligman core holding model, and which can benefit from Seligman management expertise. Seligman incorporates a staff of experienced real estate and tax professionals who continue to position their tenants, employees, and properties toward a bright future.

Seligman, along with its affiliates are continuously looking for value investment opportunities in office, warehouse and industrial, multi-family, and retail real estate, with ventures primarily focused in Michigan, California, Nevada, Texas, Arizona and Hawaii. In addition, Seligman has and continues to establish many joint venture opportunities.