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CapitalSource Inc. Providing $22,750,000 Senior
Mortgage Loan for Development of Pond Bay
Resort on St. John, U.S. Virgin Islands

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ST. JOHN, USVI (September 14, 2004) - St. Barth's highly acclaimed Isle de France Club will welcome a seaside sister club in 2006 on St. John in the U.S. Virgin Islands: Pond Bay.  Consisting of 56 exquisitely furnished 3 and 4 bedroom cottages and villas (the 'Residences'), upon completion, Pond Bay will rival the Caribbean's finest resorts, boasting six-star service and exclusive amenities, such as a full-service spa by ESPA and the seamless service that has made Isle de France one of the world's preeminent boutique properties.

CapitalSource Inc. (NYSE: CSE) has provided a senior mortgage loan up to $22,750,000 for the continued development of this highly desirable private residence club. The villas will be located on 15 acres of beachfront property lapped by the crystal blue waters of Chocolate Hole Bay and are being sold as a deeded fractional product consisting of 1/9th ownership interests.

Pond Bay will be overseen by Marlborough Management under Nicholas Crawley, one of Europe's finest hoteliers and President of the Isle de France's hotel entity. 

Pond Bay has been designed as an intimate village within which tropical West Indian elegance meets the best of today's design world.  Thoughtfully landscaped to ensure ample privacy, the Residences have been created to keep the sea a constant visual companion.  Seascapes are complemented by high ceilings, Brazilian hardwood floors and Old World textures to create a warm, welcoming atmosphere.  Authentic craftsmanship and cutting-edge kitchen and bathroom fixtures sit alongside solid wood cabinetry and marble and granite countertops. 

Recreational facilities include a large beachfront pool with gazebo bar and trellises, two tennis courts, and a smaller hillside infinity pool for those who seek added peace and privacy.  The heart of Pond Bay - both socially and geographically - is The Club, which is home to an elegant-yet-comfortable 140-seat restaurant, a 12,000 square-foot ESPA spa and a gym featuring a wide array of cardiovascular and strength-building equipment.  Together these spaces create a refined and convenient gathering place overlooking the Bay. 

Through limited shared ownership of the Residences, Pond Bay members have generous use of luxurious accommodations as well as extensive resort amenities and services, while avoiding the financial burden and logistical hassles of full vacation home ownership. 

Pond Bay is offering special introductory "founders" rates beginning at $275,000.  Ownership queries should be directed to Holiday Homes of St. John, the island's oldest and most successful real estate agency (tel: 800-905-6824) or to Pond Bay's Membership number 888-649-3155.


 
Contact:
Melanie Brandman
Tel: 212-683-2442
E: nina@brandmanpr.com
Also See: The Hotel St. Barth Isle de France Sold to Group of UK Private Investors / Mar 2001


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