Coming early 2012, The Sanctuary (1519 E Denny- Capitol Hill) will reenter the sales market!  There have been a couple units reserved for a first right or refusal and all construction will be completed by December this year.   The unique floorplans and more photos can be viewed on The Sanctuary website, click here for more details!

Just released:

RECEIVER APPOINTS CONSTRUCTION/DESIGN TEAM TO COMPLETE THE SANCTUARY BY DECEMBER, 2011
Additional Project Improvements will Optimize Market Value; Several Unit Reservations Pending

(October 5, 2011) SEATTLE, WA – Resource Transition Consultants (“RTC”), the court-appointed
receiver for the lender of The Sanctuary, has announced the appointment of a design and construction
team – led by Seattle-based general contractor Belfor Property Restoration – to complete the 12-home
development by December, 2011.  The project is expected to reenter the marketplace for sale in January,
2012.

“We’ve assembled a world-class development team to complete the vision of The Sanctuary – a century-
old church in Seattle’s Capitol Hill neighborhood that was converted into a premier multifamily
community – and we look forward to successfully reintroducing the project for sale in the New Year,”
said Rob Nall, Principal of RTC.

In addition to RTC, project lender Pathfinder Partners, LLC and Belfor, The Sanctuary development
team now includes:

- Architect – Runberg & Associates
- Construction Representative –The Justen Company
- Interior Designer – Robin Chell Design
- Marketing and Sales – Realogics Sotheby’s International Realty

“Construction is well underway and includes many design improvements recommended by brokers and
prospective homebuyers,” said Nall. “We’re retooling the homes for today’s market – resetting prices
while adding value to the finished product.”

According to Marty Goodman, principal of The Justen Company, the project scope now includes  new
clear and operable window systems to complement the historic stained  glass in several units; elevator
options; acoustical attenuation; refurbishing the central atrium; and restoration work on the historic
exterior. In addition to warranties offered by manufacturers of installed systems and appliances,
homeowners will benefit from a third party home warranty program that will be included with each sale.

“We’re fortunate that RTC and Pathfinder are investing substantial resources to reach the full potential
of this extraordinary development,” said Goodman.

Belfor Property Restoration, a division of Belfor Construction, is tasked with completing the
construction of the 12 concrete and steel townhomes and restoring the historic façade of the original
building.

“The homes are new construction with state-of-the-art building systems, designer finishes and premium
fixtures and appliances throughout,” says Ross Minshull, site supervisor for Belfor, which has developed
dozens of high-rise properties and restored a number of historic buildings.  “At The Sanctuary, we’re
building high-rise quality within a historic landmark – it’s the best of old and new.”

One of the most striking attributes of The Sanctuary is the central atrium, an expansive interior common
area with 38-foot-high ceilings and a breathtaking stained-glass dome.  Seattle-based Robin Chell
Design is converting the atrium into a residential amenity that draws on the building’s history and
architecture and provides a central hub for residents and guests alike.

“This project is matchless in concept, design characteristics, historical significance and overall quality of
construction – especially at this price point,” said Chell, who will also design some of the project’s
model homes. “Such a hybrid of rich, nostalgic features and modern design elements make this
community unique in the Northwest, if not in the country.”

Although the official listings for sale are still several months away, Nall says two unit reservations have
already been accepted with more expected in the coming weeks.  Unit reservations provide prospective
homebuyers with a first right of opportunity to purchase a particular home when it’s offered for sale.

“Every home is distinctive with unique floor plans and features so brokers and homebuyers are vying for
the best possible selection,” said Nall.

Additional information on The Sanctuary can be found at www.LiveatSanctuary.com.

Just in!  Olive 8 has sold 15 condos since the begining of the year (over $10M in sales), 10 of which were sold as a bulk-sale to a foreign investor…see below for more details or click here.

“Reset” Pricing, Improved Consumer Confidence and Foreign Buyers Spur Sales
Olive 8 Closes Fifteen New Condo Sales Grossing $10 Million Since Market Reintroduction on 1.1.11

SEATTLE, WA. (February 17, 2011) – Executives at RC Hedreen Company, the developer of Olive 8, recorded fifteen new condominium sales grossing approximately $10 million in revenue since “resetting” prices on January 1, 2011. The reintroduction was comprised of reduced asking prices averaging 15-25% below previous list prices (up to 40%
below original presale values), the restructuring of construction debt with US Bank and a model home showcase of the premier “Sky Collection” residences above the 27th floor, which offer greater natural light and views over adjacent buildings.

“We’re certainly encouraged by this exciting start to the New Year,” says David Thyer, President of RC Hedreen Company. “We’re continuing to listen to buyers, establish our value and sell into an improving marketplace.” Beyond attractive prices, Thyer says homebuyers today want confidence in both the product offering and the developer’s business plan.

“(These) new closings will satisfy a third of our remaining construction debt,” said Thyer. “We consider Olive 8 to be
stable, with a minimal debt/unsold home value ratio. And we feel the homes are well positioned in the
marketplace.”

RC Hedreen Company is planning on transitioning control of the Home Owner’s Association to the residents this
Spring. “Our community belongs to the homeowners and not to a bank,” added Thyer. “This is a pivotal milestone
for Olive 8 and it demonstrates our commitment to delivering certainty, stability and enduring value within the
building.”

That confidence helped spur a bulk sale of ten units to a foreign investor, represented by Julie Roh and James
Stroupe (The Stroupe Group) of Realogics Sotheby’s International Realty. “Improving market conditions, favorable
exchange rates and the investment value at Olive 8 was compelling” said Roh, the buyer’s agent who is leveraging
her affiliation with the Sotheby’s International Realty® Brand. “We helped our client make an informed decision
using our experience and research tools found at www.stroupe.com. Our buyer could have selected any metro area
in the US but preferred our economic outlook and the fundamentals of supply and demand for in-city condominiums.
It’s a reminder that Seattle is on the radar of many interstate and international buyers; whether it’s for lifestyle or
investment purposes. In this instance, Olive 8 provides for both.”

Stroupe points to a convergence of sharper pricing, low interest rates, the prospect of job growth downtown, rising
rents and the fact that no new condominiums are planned for the future. “The (new construction) supply pipeline is
shut down,” he said. “Based on trends, I believe the resale market is going to shore up property values in the near
future.”

The “reset” of remaining homes at Olive 8 followed a high-profile condo auction held during September 2010. In a
strategic effort, the closing of 32 units below the 27th floor was accelerated in order to restructure the remaining
construction financing with US Bank while simultaneously satisfying Fannie Mae requirements that now enables
greater mortgage product options to new homebuyers. A video documentary by Tom Kelly, a nationally syndicated
real estate columnist, covered the story as posted at www.Olive8Reset.com. A follow up interview with David Thyer
will be hosted on Kelly’s Real Estate Today radio talk show at KIRO 97.3FM this Sunday on February 20th at 9am.
Guests are welcomed to call into the program with their questions at 1.888.973.5476.