New York, March 20, 2015 -- Moody's Investors Service (Moody's) was informed that I&G Direct Real Estate 38, LP, a Delaware limited partnership ("Proposed Borrower"), will acquire and assume the loan and become the new Borrower/Environmental Indemnitor, replacing SRI-WR Elliott Avenue LLC, a Delaware limited liability company ("Current Borrower"), sponsored by Shorenstein Realty Investors Seven, LP, a Delaware limited partnership ("Current Sponsor"). The proposed Sale, Transfer and Assumption will become effective upon the closing of the purchase of the subject property, and subject to the conditions set forth in a Assumption Agreement by and among Current Borrower, Proposed Borrower and the lender.

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