Top Land Development Executive Joins Steve Cameron at Foremost Communities, a New Land Development and Investment Company

IRVINE, Calif. – May 29, 2008 – Foremost Communities Inc., a residential land development and investment company, announced today that Michael L. Canfield has joined the company as Senior Vice President of Land Acquisitions. Canfield comes to Foremost from SunCal Companies, where he led the acquisitions department and oversaw transactions bringing more than 100,000 lots into the portfolio of one of California’s largest residential land developers.

As a member of the senior management team at Foremost, Canfield will be the lead executive responsible for identifying development properties in key Southern California markets that are expected to drive the company’s growth. He also will be the point person coordinating acquisition strategy with Foremost’s principal investment partner, a controlled affiliate of Starwood Capital Group Global, LLC. The goal of the joint venture between Foremost and the Starwood Capital controlled affiliate – Forestar Land Partners LLC – is to invest more than $250 million in residential land over the next several years.

Canfield’s responsibilities also will include negotiating and underwriting acquisitions for Foremost, managing the company’s due diligence efforts, handling transactions through the close of escrow and participating in forward planning efforts.

“Mike is a true heavyweight in the California real estate world, with a proven track record of success at the highest levels,” said Foremost Communities President Steve Cameron, who founded the company in 2007 after more than 16 years as a top executive at Fieldstone Communities Inc. “His addition to our team is a coup of the highest order for Foremost. It gives us the crucial momentum we need to make our venture a success.”

“I am very excited about stepping into this new role at Foremost, particularly at a time when the market is flooded with properties for sale,” Canfield said. “My main objective will be to find the best investments possible for Foremost and Starwood Capital by quickly and accurately cutting through the many properties available in what has become a very active market. We will target investments that promise the strongest economic performance while continuing to grow our company’s reputation for excellence.”
Canfield was a top officer at SunCal, serving since 2002 as that company’s Senior Vice President of Acquisitions during a boom that saw company holdings grow from 10 communities to nearly 80 communities with over 200,000 lots. Prior to his work there, he was the land acquisition manager in Orange County for Toll Brothers, Inc., from 1998 to 2002.

Canfield holds a law degree from the University of California’s Hastings College of Law and a bachelor’s degree in public administration and business economics from California State University at Long Beach. He lives in Yorba Linda with his wife, Tania and daughters, Marina and Catherine. His son, Brandon attends college in Chicago.

About Foremost Communities, Inc.

Foremost Communities, Inc. is a land development and investment company based in Irvine, California that purchases residential property at any stage of the entitlement and develops communities throughout Southern California. In addition, the firm partners with other land developers and will provide both equity and debt to recapitalize existing projects. The performance of Foremost is backed by the leading real estate investment firm of Starwood Capital Group Global, LLC and its residential arm Starwood Land Ventures.

About Starwood Capital Group Global, LLC

Starwood Capital Group Global, LLC is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates “Starwood”). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood’s clients include public and private retirement programs, university endowments, foundations, international and high net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value.

Starwood Capital Group has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, Europe’s second largest hotel network; iStar Financial (NYSE: SFI), the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide (NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., who, together with its private sister company, owned, leased or managed 255 golf courses. It also participated in the formation of and helped led the growth of Equity Residential Properties Trust (NYSE:EQR), one of the premier US multifamily REITs.