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River Colony is located in one of San Diego’s premier shopping, hotel, entertainment and

dining areas on nearly nine and one-half acres on the northwest corner of Camino De La Reina

and Qualcomm Way adjacent to the south bank of the San Diego River. With prices ranging

from the low- to mid- $200,000s, sales are expected to commence this spring. The development

provides 261 two bedroom, two bath homes ranging from 977 to 1,025 square feet and 39 one

bedroom, one bath homes ranging from 712 to 739 square feet.

During the conversion, several million dollars in improvements will be made to the

property, first built in 1991 by Mission Colony Partners, an affiliate of Pacific Scene, Inc.

Improvements will commence in phases, beginning with the first of six 3-story buildings, and

include new GE appliances and tile counters in the kitchens, as well as new carpet, paint and

window coverings. Other amenities included in these floor plans are washer/dryers, wood-

burning fireplaces, central air conditioning, security alarms, and bay windows. Community

grounds will feature a new recreation/fitness center as well as multiple fountains and courtyards

with walking, jogging and biking trails connecting San Diego’s River Walk.

In 2001, Hearthstone provided nearly three-quarters of a billion dollars in financial

commitments to the homebuilding industry, funding 21 single-family home projects with 16

builders in seven states representing 3,024 homes.

Celebrating its 10th anniversary in 2002, Hearthstone is the nation’s largest institutional

investor of residential developments with nearly $6 billion committed to the homebuilding

industry, representing nearly half of the $14 billion market associated with the funding of

builders and developers in the United States. Hearthstone is presently funding more than 90

projects in 20 states throughout the nation. The firm represents a substantial and secure source

of investment capital from public and private pension plans, university endowments, Fortune 100

companies and large private trusts.

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