Colony Capital Partnering With Argent Management to Manage $1.2 Billion U.S. Land Portfolios

Colony Capital is Among Largest Participants in FDIC Structured Transactions

IRVINE, California, February 3, 2011 - Colony Capital, a leading global real estate investment and advisory
firm, is partnering with Argent Management LLC to acquire and manage a $800
million portfolio of real estate acquisition, development and construction
(ADC) loans that Colony recently acquired from the Federal Deposit Insurance
Corporation (FDIC).

Combined with another $400 million portfolio that Argent has already been
working with Colony in managing, the combined book value of these portfolios
represents $1.2 billion in assets. Argent Management is a provider of real
estate services to institutional investors, private owners, developers and
financial institutions.

Colony Capital is leading a consortium of investors that joined together
to purchase this FDIC offering of loans secured by land assets throughout the
U.S. The FDIC seized these loans from failed banks, and these assets include
numerous residential and commercial developments that are located in Florida,
Michigan, Utah and more than 15 other states.

"We are pleased to partner with Argent on this portfolio," said Paul
Fuhrman, a principal at Colony Capital. "Argent is the best in class, and it
made sense for Colony and Argent to collaborate in managing these portfolios
because of the diverse characteristics of the land assets."

"We are pleased that Colony chose Argent to partner with in acquiring and
managing this portfolio," said Dale Strickland, senior vice president of
Argent Management. "Colony is one of the largest participants in the FDIC's
structured transaction program, and we are honored that our expertise is
being called on to maximize the returns on this collection of assets."

About Argent Management

Argent Management LLC is comprised of a diverse team of experts in the
real estate industry. It is a real estate management company that is owned in
part by principals of SunCal, the largest private developer of master-planned
communities in the U.S. Argent is a provider of real estate services to
institutional investors, private owners, developers and financial
institutions. It provides a full spectrum of services to bring clients from
acquisition to disposition while maximizing return on investment. Our company
is staffed with experts in a broad range of real estate situations, from
complex mixed-use, master-planned communities to diverse portfolios of
distressed loans. For more information, visit www.argentmanagementllc.com.

Joe Aguirre of Argent Management, +1-949-777-4043