Robert Fourniadis Joins Prism as Senior Vice President

Experienced Real Estate Attorney/Homebuilder will Lead Firm's New Residential Division. End Quote

Newark, NJ (1888PressRelease) July 25, 2012 - Robert Fourniadis has joined Prism Capital Partners as senior vice president-residential. In this capacity, he will lead the Bloomfield-based Prism's new residential division, reporting to Principal Partners Eugene Diaz and Edwin Cohen.

"The new division has been created specifically to develop and construct new for-sale housing," said Cohen. "He will be working in concert with our firm's construction division, headed by Bob Gibson, to identify and complete new and redevelopment residential projects."

Among Prism's initial multifamily projects are two major redevelopments. In Bloomfield, construction is under way on Parkway Lofts, the conversion of a six-story former General Electric warehouse overlooking the Garden State Parkway. Originally constructed in 1897, the landmark building will be converted into 365 loft-style apartments.

In West Orange, N.J., Prism is working in the city's Downtown Redevelopment Area to convert 21 acres into 610 residential units in three phases, including adaptive reuse of the historic Thomas Edison Battery Building.

From 1999 to 2009, Fourniadis served as senior vice president of Centex Homes, leading that company's New Jersey division, and prior to that was senior vice president and general counsel for Calton, Inc. More recently he served as real estate counsel in the Law Offices of Robert S. Dowd, as a principal of RNA Real Estate Services, a real estate consulting firm, and as a partner in Rainmaker Capital, a real estate development firm.

"Bob brings a lot of real estate experience to our firm, particularly on the residential side," said Diaz. "We are very fortunate to have him on our team." This move by Prism into the For-Sale housing space follows our entrepreneurial and opportunistic roots, by seeking to take advantage of weak land pricing at a time when most homebuilder balance sheets are too compromised to react quickly to opportunities as they arise. We remain bullish on well-priced, well-built for-sale housing in the Northern New Jersey market.

Based in Bloomfield, N.J., Prism is geographically focused in the tri-state region of New York, New Jersey and Connecticut, specializing in identifying, acquiring and creating unique, value-added opportunities in the office, retail, industrial and residential markets. Since its inception in 2002, the firm has orchestrated the repositioning of an impressive list of properties and projects.

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