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NewStar Financial Closes $10,800,000 Loan on Bell Plaza Office Buildings in Sun City, Arizona

Keystone Commercial Capital Advises the Principals of Echelon Management

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Boston, MA – January 23, 2008 – NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialty finance company, announces it has provided $10,800,000 in non-recourse, first mortgage loan financing on Bell Plaza. The 96,814 square foot (NRA) property consists of two Class B+ multi-tenant office buildings in Sun City, Arizona. The Sponsor includes the principals of Echelon Management, a privately held real estate investment and operating company active in the Southwest. Keystone Commercial Capital acted as the exclusive financial advisor to the Borrower and will service the loan on behalf of NewStar. The NewStar loan provides both acquisition financing and additional capital to fund the renovation and re-tenanting of the property. The new owner will invest heavily in the renovation of lobbies and building common areas to create a modern environment for current and future tenancy. Echelon sought a lender who would feel comfortable with near term rollover risk and who would structure a loan to fund the additional capital necessary to market and re-lease the vacant space. Greg Herzner, Managing Partner of Echelon, said, "Bell Plaza is an excellent value-add opportunity with the right combination of financing and management. In NewStar we found a group that understands the opportunity but more importantly the business fundamentals required to reposition this asset."The facility was structured with a 3-year term and two one-year extension options. NewStar provided flexible prepayment options to allow the borrower to refinance the property upon stabilization. NewStar's deal team for the transaction included Dan Adkinson, Scott McIsaac, Mary Baccash, Erica Salkow and Adam Sureau. Keystone's team was led by Jeremy Hammill in the Phoenix office. About NewStar Financial, Inc.:

NewStar Financial (NASDAQ:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing senior secured debt financing for the acquisition or recapitalization of mid-sized companies and commercial real estate. NewStar originates loans directly through a team of experienced, senior bankers organized around key industry and market segments. The Company targets 'hold' positions of up to $20 million and selectively underwrites or arranges larger transactions for syndication to other lenders. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. For more detailed transaction and contact information, please
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Corporate Inquiries:

NewStar Financial

Anne G. Bork

(617) 848-4318

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