GLENDALE, CA -- (MARKET WIRE) -- April 20, 2007 -- American Realty Advisors announced today the origination of a senior loan to fund the proposed entitlement of retail, hotel, and multi-family projects on 45 acres located at the entrance to Waikoloa Village on the island of Hawaii. The Property is located between the town of Waimea and the upscale Kohala Gold Coast resort communities and enjoys superior views of the Pacific Ocean. This transaction was executed on behalf of one of American's commingled funds.

Kirk Helgeson, Principal and Managing Director, Investments, stated, "We are pleased to provide financing for the acquisition of one of the last available commercial development sites in the world-renowned Kohala Gold Coast region. The site's flexible zoning provides 'by right' ability to develop several asset types within a master-planned community to service area residents and tourists alike. Based on historic and projected population growth and the upgrade/completion of the Saddle Road connecting East and West Hawaii, there is unmet demand for the proposed asset types to be developed on the site."

American Realty Advisors is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.1 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 18 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, and retail properties nationwide. Information regarding American can be found online at www.americanreal.com.