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In the new millennium, Genesis formed a relationship with Prudential Real Estate. Prudential backed <br />Genesis in build ing Aqua, one ofthe most significant residential developments in the Los Angeles area. <br />Aqua features 556 homes built in two l8-story lowers on the coast of Long Beach. <br />Genesis was able to navigate the complex entitlement process that involved many distinct public <br />agencies, including the Redevelopment Agency and the City Planning Commission. <br />As an example of our integrity and loyalty, before the closing of the partnership with Prudential and <br />the construction loan with Pacific Life Insurance Company, Genesis was offered a handsome profit to <br />flip out the land since Genesis created a substantial windfall after taking the property through a highly <br />complex entitlement process. Instead Genesis honored its commitment to a future relationship with <br />Prudential even though it was not yet formalized in writing by staying the course and closing into the <br />joint Venture. Some may debate whether this was financially wise. For Genesis, following through <br />with a commitment is the onlyright choice. <br />Aqua financed by Pacific Life Insurance Company was initially built as rental product. Genesis and <br />Prudential collectively decided to take advantage of the booming Southern California condominium <br />market and converted Aqua into a for-sale product, switching financial lenders during this process <br />to Bank of America. Our superior cost management allowed the transaction to be one of the more <br />successful PrudentialJoint Ventures. <br />75B-41