March 3, 2008
Gemstone Development Announces Permanent Construction Loan

Gemstone Development announced that it has refinanced the debt for its ManhattanWest project into a $156 million combined permanent construction loan, secured by Tharaldson Financial Group. Gemstone has put more than $50 million into the development to date.

"We are pleased to have our permanent financing in place," said Alexander Edelstein, CEO of Gemstone Development, "Securing one of the most successful refinancings of 2007 in a period of unprecedented financial turbulence is a function of the sales success and construction progress at ManhattanWest. The commitment allows us to continue moving forward with the project on our current construction timeline, which calls for completion of the first buildings in Q3 of this year."

About Gemstone Development
Gemstone Development, the developer of ManhattanWest, is one of the most prolific condominium developers in Las Vegas. Gemstone's previous project, Manhattan Condominiums, was the first new mid-rise condominium to be built in Las Vegas since 2002, and at $230 million dollars is one of the largest mid-rise projects in Las Vegas. Manhattan Condominiums sold out its initial 700 units, and recently has finished construction on its last building. Gemstone delivers unique, state-of-the-art features such as its ManhattanTransfer® errand service and ManhattanMD® medical services. Gemstone Development was founded by Alexander Edelstein in 2003. ManhattanWest can be viewed on the web at ManhattanWest.com. Gemstone can be reached on the web at: GemstoneDev.com.

Contact:
Mark Chatow
Gemstone Development, LLC
702.614.3193
markc@gemstonedev.com
www.gemstonedev.com

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