ZIMMERMAN PROPERTIES, LLC
Date: July 30, 2007
For Immediate Release

 Zimmerman Properties, LLC (“ZP”) is pleased to announce the acquisition and initiation of construction of Spring Lake Apartments in Cleveland, Tennessee.

Spring Lake will be a 64-unit community  containing 8-one bedroom / one bath units with rents of $365 per unit, 32 two-bedroom /two bath units with rents of $420 per unit and 24 three bedroom / two bath units with rents of $490 per unit.  Potential residents must qualify with maximum household income not to exceed 50% and 60% of area median income and meet the standards imposed under the federal tax credit program.  It is anticipated that the community will be complete with construction and commence leasing in Spring 2008.

The community is owned by Spring Lake Apartments, LP, a limited partnership comprised of ZP and Centerline Capital, LLC

The partnership has engaged Wilhoit Properties, Inc. to serve as Property Manager with ZPC Contractors, LLC engaged as General Contractor.

The development is being financed with a construction / permanent loan granted by Great Southern Bank.  Tennessee Housing Development Authority awarded the development federal tax credits.

The principals of ZP have developed 50 affordable housing communities in eight states, with Spring Lake being the 1st development in Tennessee.