APEXCapital

Our Management Team

Steve Kiefer – Partner

As President and founder of APEXCapital, Mr. Kiefer is responsible for strategic planning, business development, capital formation and overall company operations. Mr. Kiefer chairs the APEXCapital Investment Committee where he oversees the review and approval of all major decisions. Through APEXCapital, Mr. Kiefer has formed and managed two real estate investment funds in partnership with the Public Safety Personnel Retirement System of the State of Arizona with debt and equity commitments in excess of $700 million.

Prior to forming APEXCapital in 2001, Mr. Kiefer was one of the founding partners of a national real estate finance company that invested in residential and commercial income producing properties and provided “off balance sheet” financing to public home builders throughout the United States. Between 1991 and 2001, Mr. Kiefer participated in the formation of a series of real estate funds with committed capital totaling in excess of $800 million. These funds included substantial capital commitments from institutional investors and endowment funds such as: The Metropolitan Museum of Art, Princeton University, The Rockefeller Foundation, Yale University, The Museum of Modern Art (New York), the International Monetary Fund and GMAC-RFC. Mr. Kiefer was a member of the Investment Committee responsible for approving all entity investment decisions and was responsible for new business development and capital formation. During this period, Mr. Kiefer participated in the acquisition of approximately 28,000 residential lots.

Prior to 1988, Mr. Kiefer was the Marketing Director of a national office, industrial and retail real estate development company. He was responsible for the oversight of approximately 15 million square feet of commercial property throughout the United States. From 1979 to 1984, Mr. Kiefer served as a commercial real estate specialist for Cushman & Wakefield and also served as the Assistant Project Manager for Rockefeller Center Development Corporation with responsibilities that included the development, leasing and management of a $100 million multi-use commercial development. Mr. Kiefer commenced his business career in 1976 with International Business Machines.

Mr. Kiefer attended business school at the University of Southern California.

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skiefer@apexcapital.com

Mike Franta – Partner

Mike manages the Minneapolis office and is actively involved in strategic planning, client relations, investment originations and overall company operations. He serves on the AIC where he participates in the review and approval of all major decisions including capital commitments, investments and dispositions. Prior to joining APEXCapital, he served as president and chief operating officer of GMAC ResCap Business Capital Group (“BCG”) that consisted of five diverse financial service businesses with $7.5 billion in assets. As a member of BCG’s Executive Board, Mike led the strategy to grow the business and transform through the dramatic downturn in both the credit and real estate markets. Mike also chaired the BCG credit committee and was responsible for development and oversight of the BCG credit and workout departments. Prior to these assignments, Mike helped develop, grow and lead the marketing of BCG’s senior secured debt portfolio from $135 million to $3.5 billion.

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mfranta@apexcapital.com

Jim Fritz – Vice President & Chief Financial Officer

Jim is responsible for strategic planning as well as oversight of the finance, accounting, reporting and compliance functions of the APEXCapital group of companies. He serves on the APEXCapital Investment Committee where he participates in the review and approval of all major decisions including capital commitments, investments and dispositions.

Prior to joining APEXCapital in 2006, Jim was a senior financial officer for a national real estate finance company that invested in residential and commercial income producing properties and provided “off balance sheet” financing to public home builders throughout the United States. He played an integral role in the start-up and growth of the company which, over his 13 year tenure, formed and managed fourteen investment funds with individual and institutional investor capital commitments totaling $1.4 billion and aggregate lender commitments of $1 billion.

Jim graduated Summa Cum Laude from Arizona State University with a B.S in Accounting. He is a licensed Certified Public Accountant and a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. His work experience includes public accounting positions with Ernst & Young LLP and Arthur Andersen & Co.

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jfritz@apexcapital.com

Mike Hare – Senior Vice President

Mike manages APEXCapital’s investment fund business, including home builder relations, investment originations, and asset management. He maintains a strong working knowledge of the homebuilding industry with a primary concentration in residential land acquisition and development. Since joining APEXCapital in 2005, Mike has organized the acquisition and development of approximately 6,100 residential lots valued in excess of $370 million. He serves on the APEXCapital Investment Committee where he participates in the review and approval of all major company decisions including investment structures, capital allocations (by builder & market share), and asset management procedures.

Prior to joining APEX, Mike served 11 years as a senior investment officer for a national real estate finance company that invested in residential and commercial income producing properties and provided “off balance sheet” financing to public home builders throughout the United States. During this period, Mike participated in the acquisition of approximately 33,000 residential lots valued in excess of $1.8 billion.

Mike earned a Bachelor of Business Administration from the University of Georgia with concentrations in finance and real estate. Mike also holds an Arizona real estate license.

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mhare@apexcapital.com

Mike Pedersen – Vice President of Finance

Mike’s responsibilities include financial accounting, fund analytics and investment reporting for the APEXCapital group of companies.

Prior to joining APEX in 2005, Mike served 11 years as a senior financial analyst for a national real estate finance company that invested in residential and commercial income producing properties and provided “off balance sheet” financing to public home builders throughout the United States. During this period, Mike participated in the capital formation of nine residential housing funds and six income property funds with total assets valued in excess of $3 billion. His core responsibilities included budgeting, loan analysis, cash flow management and investor reporting.

Mike’s background also includes nearly six years at Peter Kiewit Sons Construction, one of the nation’s largest highway and utility contractors, where he performed job costing and office management duties on projects up to $30 million. Mike earned his business degree from the National Education Center after a four-year enlistment in the U.S. Air Force.

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mpedersen@apexcapital.com

Ryan Benscoter – Vice President and Designated Broker

Ryan manages APEXCapital Realty and has additional underwriting and management responsibilities for the APEXCapital group of companies.

Prior to joining APEXCapital, Ryan worked for a leading national real estate brokerage firm, advising clients on the lease, purchase and sale of residential & commercial land and income producing properties located throughout the Phoenix metropolitan area. Ryan’s experience also includes managing the land acquisition, due diligence and development process for a regional residential real estate development company.

Ryan graduated with a Bachelor of Science degree in Real Estate from the Marshall School of Business at the University of Southern California. Ryan also holds an Arizona real estate brokers license.

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rbenscoter@apexcapital.com