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NewStar Financial Closes $24,000,000 Loan On Arizona Condo Conversion

Churchill Mortgage brokers floating rate loan for Biltmore Holdings and Hudson Opportunity Fund

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Boston, MA - June 12, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided $24,000,000 in non-recourse, first mortgage loan financing on the Arbors, previously known as Pines at University, a 310 unit apartment community in Flagstaff, AZ. The property is owned by a venture among Biltmore Holdings and Hudson Opportunity Fund. Biltmore Holdings is a regional real estate development and investment firm founded by in 1994 by Dick Lund and the late Steven Buchanan. Hudson Opportunity Fund (HOF) is a real estate investment fund sponsored by Hudson Realty Capital LLC which is headquartered in New York. Cindy Hammond, the President of Churchill Mortgage of Arizona acted as exclusive financial advisor to the Borrower and will service the loan on behalf of NewStar.



"NewStar provided a debt structure ideally suited to our needs and execution both swift and clean" noted Dick Lund. Cindy Hammond of Churchill Mortgage agreed "Dan Adkinson and his team crafted a highly customized loan commitment and provided great follow-up on the closing."



The NewStar loan provided acquisition financing and additional capital for interest and operating carry, capital improvements, and unit upgrades associated with condominium sales. The facility was structured with a two year term and three one-year extension options. NewStar's deal team for the transaction included Dan Adkinson and Zibby Shiver.



About NewStar Financial, Inc.:



NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.



Corporate Inquiries:
NewStar Financial
Scott Poirier
(617) 848-2525


Press-Related Inquiries:
Gaffney Bennett Public Relations
Chris Riley
(860) 690-0856


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