COMPANY OVERVIEW
QUALITY. PRESERVATION. INNOVATION.
For more than 20 years, Walters Homes has distinguished itself from other homebuilders by approaching all projects with a commitment to these ideals. From maintaining the highest construction standards to upholding an unrelenting dedication to the preservation of the natural environments where they build, Walters Homes prides itself on a commitment to quality and innovation. The company’s experienced staff of professionals overcome everyday obstacles to handle even the most difficult projects with skill and vision. Walters Homes has been recognized for their achievements by some of the industry’s most prestigious organizations. In recent years, the company received numerous FAME (Fabulous Achievement in Marketing Excellence) awards from New Jersey Shore Builders Association, including the coveted Best Community Award in the $375K and under category, and has been the recipient of the highly esteemed New Jersey Builders Association SAM awards. Walters Homes is dedicated to the communities they serve, and among numerous other award designations, employees regularly earn accolades for their individual accomplishments in the industry and commitments to the community. In the past, the company has made generous contributions to the Food Bank of Monmouth and Ocean Counties, Habitat for Humanity, The American Cancer Society, and the Musser Blood Center in Philadelphia, among others.

EXECUTIVE BIOS

EDWARD WALTERS JR.
Edward Walters Jr., founder and partner of Walters Group, the parent company of Walters Homes. He has been influential in cultivating the business opportunities that sparked the growth of the company since its inception. While earning a B.A. in English from St. Joseph’s University in Philadelphia, PA in 1984, he began his career as a carpenter and an entrepreneur. His first construction project involved custom single-family homes in communities in the Long Beach Island and Forked River region of Ocean County, NJ. Building on this activity, he expanded into the creation and planning of residential communities with a vision to develop vibrant neighborhoods where families could live, work, and grow. To this day, Mr. Walters, a member of the New Jersey Builders Association (NJBA), upholds the promotion, protection, and improvement of the building industry. He serves as a guide for the growth of his organization and remains involved in all aspects of the business with a focus on the construction process.

TIMOTHY REGAN
Timothy Regan, chief financial officer and partner of Walters Group, oversees property development, business development, and finance for the company. Since joining the organization in 1992, Mr. Regan has spearheaded the closing of more than $300 million in financing for construction, development, and permanent mortgages. Prior to joining Walters, Mr. Regan worked as an asset manager at Vesterra Corporation, a shopping center development and management firm in Blue Bell, PA. His responsibilities included managing more than one million square feet of space. Mr. Regan also specialized in the real estate and banking industries while serving with the audit and management consulting departments of KPMG. Mr. Regan is a member of the NJBA and serves on the advisory board of Penn Liberty Bank, headquartered in Wayne, PA. He earned a B.S. in financial management (accounting) in 1985 from St. Joseph’s University.

JOSEPH A. DELDUCA
Joseph A. DelDuca, partner and general counsel, is responsible for all of the company’s legal activities relating to land use, public/private partnerships, approvals, and environmental matters. Before officially joining Walters Group in 2004, Mr. DelDuca had a 10-year relationship with the company, where he was an integral part of the team that spearheaded the growth of Walters Group. Prior to joining Walters, Mr. DelDuca was a partner at Madden, Madden and DelDuca, where he represented retail and residential clients including Walters Homes, Commerce Bank, Home Depot USA, and the Haddonfield Planning Board. Mr. DelDuca has authored several law review articles and is often invited to speak publicly on land use, environmental law, and real estate issues. After obtaining his B.A. in history from Ursinus College, Collegeville, PA, he went on to earn his J.D. at Rutgers University in New Jersey.

GREG WALTERS
Greg Walters, partner, has been a key member of the organization since 1984. Mr. Walters is primarily responsible for overseeing the Walters Homes’ homeowner warranty division. He has been instrumental in developing a reputation in the construction industry for customer satisfaction.

KEN DEMAYO
Ken DeMayo, vice president of construction, joined Walters in 1995 and currently oversees all aspects of site development management, construction personnel, purchasing and estimating. Since joining the organization, Mr. DeMayo has directed construction of hundreds of single-family homes and apartment units, more than 100,000 square feet of retail and office space, and a number of site and road improvement projects. Presently, Mr. DeMayo coordinates with the sales, marketing and warranty departments at Walters Homes. Most recently, he received the 2005 Director/V.P. of Construction of the Year Award from New Jersey Shore Builders Association (NJSBA). Prior to joining Walters, Mr. DeMayo served as project manager for the Garden State Land Group, where he was responsible for the construction of more than 200 high-end single-family homes in Mercer County, N.J. Mr. DeMayo earned a B.A. in Economics from Bethany College in West Virginia.

JON PARKER
Jon Parker, construction manager, joined Walters in 1994 and currently oversees all field aspects of new home construction from permit to certificate of occupancy. Since joining the organization, Mr. Parker has constructed approximately 500 homes and has managed the construction of apartment buildings for the Atlantic Heights project. He was the recipient of the New Jersey Builders Association SAM award for Project Superintendent of the Year in 2000. Mr. Parker holds a residential construction building inspectors license and has attended Ocean County College.

PAMELA SCHUSTER
Pamela Schuster, sales and marketing manager, joined the company’s sales department in 1993. Today, Ms. Schuster oversees all residential and corporate marketing, and residential sales and closings for single- and multi-family for-sale communities. Previously, Ms. Schuster was an administrative assistant with the Stewardson-Dougherty real estate firm in Princeton, N.J., and worked as a sales representative and sales processor for The Linpro Group. Most recently, she received the 2005 Sales Manager of the Year and 2004 Community of the Year Award from New Jersey Shore Builders Association (NJSBA). Ms. Schuster has served on the Stafford Township School District Special Education Committee and is a current member of the Southern Regional Home and School Association (SRHSA). She obtained her NJ Real Estate License after attending Rider College in New Jersey.

MELISSA GIARRATANO
Melissa Giarratano, asset manager, joined Walters in 2002 as community manager. Ms. Giarratano oversees property management of the organization’s diverse portfolio of residential and commercial properties. Ms. Giarratano began her career as a leasing agent where she served as assistant manager of 294 units. She previously received an award for “Assistant Community Manager of the Year” at Zom Residential Services in Orlando, Florida for achieving 100% occupancy during the lease-up process. She received her Florida real estate license while attending Florida Atlantic University. Ms. Giarratano obtained her NALP designation through the New Jersey Apartment Association (NJAA) in 2003 and is an active member of the NJAA.

KEVIN PRICE
Kevin Price, co-controller, joined Walters in 2002 as the accounting supervisor. Mr. Price oversees all aspects of accounting including financial analysis; general, cost, and property accounting; accounts payable; and the preparation of interim and annual financial statements. Mr. Price has accounting experience in both public and private accounting. He earned a B.S. in accounting from Rutgers University and is also a certified public accountant and a member of the NJ Society of Certified Public Accountants.

WAYNE BACSKAI JR.
Wayne Bacskai Jr., co-controller, joined the company in 2003 as an accounting supervisor. Mr. Bacskai prepares financial analysis of operations, including interim and final financial statements with supporting schedules. He also is involved in the supervision of general, property, and cost accounting; internal auditing; and budgeting controls. Mr. Bacskai has more experience in public accounting. He attended the Richard Stockton College in New Jersey, where he earned a B.A. in accounting.

 

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STAFFORD PARK
STAFFORD TOWNSHIP, NJ
Walters has proposed Stafford Park, a multi-million dollar mixed-use redevelopment on 320 acres in Stafford Township at Exit 63 of the Garden State Parkway. The development will include 530 senior housing units within a village center that also incorporates 25,000 square feet of office space with various municipal facilities; more than 650,000 square feet of retail and recreational facilities and an affordable housing component.

WHISPERING HILLS
BARNEGAT AND STAFFORD, NJ
Located in southern Ocean County’s Barnegat and Stafford Townships this multi-family project is ideally positioned near abundant recreational amenities including swimming, fishing, and boating. This highly anticipated residential community is situated on 78 acres and will consist of single-family homes, townhomes, and affordable apartments. The project is awaiting final site plan approval and completion of infrastructure improvements. It is expected to commence in the fall of 2006

LUXURY HOMES
BUILDING QUALITY HOMES
Whatever your dreams may hold for a new luxury home, Walters has the experience and capacity to make it a reality. Regardless of a project’s complexity in architectural style or landform issues, Walters Homes offers the expert way to build the lifestyle of your dreams without ever second guessing its certainty.

OCEAN ACRES
BARNEGAT, NJ
This exciting residential development of luxury single-family homes is located in the historic town of Barnegat, New Jersey, just minutes from Long Beach Island. Ocean Acres consists of 1,350 buildable lots of which Walters is the majority lot owner. Construction is currently underway on the Colonial-style homes, which will be built in phases over 10 years. The home designs feature bright and airy spaces with large windows and an open flow from room to room. The minimum design has four bedrooms and 2-½ baths, with two-car garages and soaring two-story entryways. Prices begin in the upper $300,000s with floor plans as large as 3,100 square feet. Ocean Acres is a public/private partnership, which incorporates smart growth initiatives and protection of the New Jersey Pinelands through development within designated regional growth areas. Walters became involved in 1998 when it purchased the development rights and began acquiring individual lots. Consequently, the company was designated to develop the project’s infrastructure, including roads, sewer, water, and utilities at an estimated cost of more than $50 million. To date, Walters has invested several million dollars on planning, design, and engineering studies for Ocean Acres. Additionally, they have been working with The Pinelands Commission and the Township to define acreage eligibility for development and conservation areas of the project. Walters reached an agreement with the Pinelands Commission in 2003 that involved protection of rare plants and endangered animal species (primarily snakes) and an expansion of the conservation zone. Approximately 40% of Ocean Acres’ designated development will remain in its natural state.

STAFFORD PARK
STAFFORD, NJ (COMING SOON)
Stafford Park, the exciting and imaginative new mixed-use redevelopment to rise on the site of a former landfill in the New Jersey Pinelands, is on the way to becoming a reality. A project of the Walters Group, a leading residential and commercial real estate developer based in Barnegat, N.J., the 370-acre redevelopment will feature spectacular residential, retail and recreation components. Featuring a village center theme, the development will integrate 667 housing units, 25,000 square feet of office space and 650,000 square feet of retail and recreation, the latter including a 71,000-square-foot twin ice skating rink. The residential component will consist of 565 age-restricted housing units and 112 affordable housing units. The focal point of the retail center will be a Main Street with adequate outdoor seating and lighting. The center itself will consist of three major anchor stores and eight mid-sized retail tenants and a dozen boutiques and restaurants. Target has already announced plans to be the main anchor of the complex and plans to begin construction in June, with its opening scheduled for the summer of 2008. Work on Stafford Park was underway in early December with the excavation of a landfill on the property, part of the Walters Group’s agreement with Stafford Township to undertake a $31 million landfill cleanup. The landfill capping and relocation of the township’s recycling facility, country municipal offices and an animal shelter to another section of the park is the first order of business, along with the environmental remediation process that includes the relocation of various threatened animal and plant species. Stafford Park is the result of three years of intensive scrutiny and negotiations with Stafford Township, the New Jersey Pinelands Commission and the New Jersey Department of Environmental Protection. It was an effort that paid off in many ways, not the least of which was the projects recognition by the Delaware Valley Smart Growth Alliance for meeting the Alliance’s stringent criteria for smart growth. Those criteria include location, density design and diversity of use, transportation, environment, and community assets and participation. The Alliance’s endorsement validated all of the
work involved, bringing the vision of Stafford Park to fruition. With the development of the retail component first on the agenda, the Walters Group has retained Metro Commercial Real Estate, Inc., the region’s premier full-service retail real estate company, as the retail center’s exclusive leasing agent. It is expected that the center will attract a variety of national, regional and local tenants. The project will involve the full resources of the Walters Group, including Walters Homes, builders of single-family and planned communities; Walters Development, specialists in land acquisitions, approvals and environmental remediation; Walters Contracting, construction management and general contracting experts; and Walters Management, the property management and leasing arm. WHISPERING HILLS
BARNEGAT, NJ (COMING SOON)
Located in southern Ocean County’s Barnegat Township, this multi-family project is ideally positioned near abundant recreational amenities including swimming, fishing, and boating. This highly anticipated residential community is situated on 78 acres and will consist of single-family homes, townhomes, and affordable apartments. The project is awaiting final site plan approval and completion of infrastructure improvements. It is expected to commence in spring 2007.
LUXURY HOMES
BUILDING QUALITY HOMES
Whatever your dreams may hold for a new luxury home, Walters has the experience and capacity to make it a reality. Regardless of a project’s complexity in architectural style or landform issues, Walters Homes offers the expert way to build the lifestyle of your dreams without ever second guessing its certainty..

SHORE LIVING
BARNEGAT TOWNSHIP – “A BETTER WAY OF LIFE”
A Great Place to Live – Chosen by New Jersey Monthly magazine as one of the top 100 places to live in New Jersey, Barnegat Township also ranks Number One in Ocean County. A community of 17,632 (2000 estimate), Barnegat has a top-quality school system, a wide range of shopping, dining and recreational choices and a wonderful location for residents commuting to work in New York, Philadelphia or Trenton from Barnegat. It is at the heart of Southern Ocean County, which also includes Long Beach Island and Stafford Township. It is an area that offers the charm of small town America with most of the conveniences of a major metropolitan area. As part of the Ocean-Monmouth PMSA (Primary Metropolitan Statistical Area), the region ranked as one of the top 10 “Best Performing Cities: Where America’s Jobs Are Created and Sustained” in a Milken Institute report in 2004. Ocean County, itself, was 39th of 274 areas on Inc. magazine’s “Best Places 2005” list. The county has also garnered such kudos as being ranked among Money magazine’s “Best Places to Live” and Reader’s Digest’s “Best Places to Raise a Child,” as well as being recognized by Fortune and Where to Retire magazines as among the “Best Places to Retire.” A Great Location – Minutes from the Garden State Parkway to the west and the Atlantic Ocean to the east, Barnegat Township provides equally easy access to sand, sun and surf and to the heart of New Jersey’s commerce, government and industry. Route 72, a major east-west corridor provides access to the beaches of the famed Long Beach Island and to Barnegat Bay minutes to the east, and to Philadelphia (50 miles west), Trenton (40 miles west), as well as to such attractions as the Six Flags Great Adventure theme park and the Pinelands National Reserve. The Garden State Parkway and Route 9 lead the way to New York City (60 miles north), Atlantic City (50 miles south) and Victorian Cape May, among other attractions. Great Schools – Quality education is a high priority in Barnegat Township, with a school system that nurtures students from kindergarten through the 12th Grade. The system consists of three elementary schools (K-5), a middle school (6-8) and a new high school (9-11; grade 12 to be added this September), built in 2004, and a total enrollment of 3,569. All three elementary schools and the middle school received high marks on the recently released state report cards. In addition to quality education, the district strives to stabilize school taxes. To that end, the district’s budget for the current school year did not affect the local tax rate and the construction of the high school in 2004 was funded with grants through the New Jersey Schools Construction Corporation. Great Health Care – Barnegat Township is graced with a first-class community hospital that provides comprehensive inpatient, outpatient and emergency services. Southern Ocean County Hospital (SOCH) is a private, not-for-profit 144-patient facility that boasts a medical staff of more than 200 physicians and surgeons in a wide range of specialties. The hospital’s Radiology Department, Women’s Imaging Center and Cancer Center all are equipped with the latest and most sophisticated diagnostic equipment. SOCH’s excellent cardiovascular program is also state-of-the-art, recently adding cardiac catheterization to its impressive arsenal of diagnostic tools. A team of specially trained, skilled physicians called Interventional Radiologists perform minimally invasive procedures that carry less risk and pain and promise a shorter recovery time. And when it comes to the family, SOCH’s staff includes board-certified OB/GYNs, as well as perinatologists, neonatologists, reproductive endocrinologists, pediatric cardiologists and pediatricians. Most importantly, Southern Ocean County Hospital is an institution on the move, constantly improving to meet the growth of the region it serves. Great Community Involvement – Barnegat Township has a love affair with history that is reflected in a Historic District that celebrates its rich past as one of the leading sea ports in the region. The Township takes part in the Ocean County Historical Trail and includes a division of the Edwin B. Forsythe National Wildlife Refuge, as well as parts of the Pasadena and Greenwood Forest Wildlife Management Areas. The Barnegat Township school district enjoys broad community support and involvement through home school associations and booster organizations, a factor that Superintendent Dr. Thomas C. McMahon credits for the District’s success as part of “the wonderful collaboration between the administration, the Board of Education, the staff and faculty of each of our schools.” The Township is also home to a broad range of houses of worship, representing All Faiths, Baptist, Jewish, Lutheran, Methodist, Presbyterian and Roman Catholic. Great Dining, Shopping and Recreation – Barnegat Township and Southern Ocean County is home to a wide range of leisure time activities. The Township’s Historic District is made up of gift shops and boutiques, restaurants, antique stores, museums, parks and ice cream parlors. In addition, 6.14 acres of waterfront area on Barnegat Bay is devoted to a boardwalk and public dock, boat launching, crabbing and fishing and a bathing beach. Long Beach Island also features a wide range of boutiques, restaurants, gift shops, arcades and amusement events designed to appeal to the entire family. Major national retailers are represented by Home Deport, Lowes, Kmart and Wal-Mart, all of which are located on Route 72. Further shopping and dining options are in the near future for the area with the construction of Stafford Park, a mixed-use development, which will feature a 650,000-square-foot retail complex. Target will be one of three major anchor stores, which will be supported by eight mid-sized retail tenants and a dozen boutiques and restaurants. Construction on the Target store is slated to begin in June 2007, with the opening scheduled for summer 2008.