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First Capital Real Estate Trust Appoints New Board Member

First Capital Real Estate Trust Inc., a non-traded REIT formerly known as United Realty Trust, announced that its board appointed Michael McCook as an independent board member to replace J. Tim Pruban, who recently resigned from his post.

According to a filing with the Securities and Exchange Commission, J. Tim Pruban resigned “due to his current work load and family commitments” and not because of any disagreement with the company.

Michael McCook will replace Pruban and will also serve as a member of the audit committee and the compensation committee.

McCook has nearly 40 years of experience in the residential development finance industry and is the principal of Michael B. McCook Consulting, where he consults international clients on management, marketing, strategic planning and analysis of real estate investments.

McCook previously served as vice chairman, executive vice president and director of The Resmark Companies, a registered pension fund advisory firm and the managing member of over $800 million in institutional investments on behalf of the California Public Employees Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS). He has also served as a senior investment officer of Real Estate at California Public Employees’ Retirement System (CalPERS), overseeing all investment activity for the entire real estate investment portfolio.

McCook was a member of the board of the Building Industry Association, Home Capital Mortgage International, Home Federal Trust Company, and the Pension Real Estate Association. He holds a master’s degree in business administration from the University of San Diego and a bachelor’s degree in business administration from Loyola Marymount University of Los Angeles.

Last month, First Capital purchased United Realty Trust, a New York-based non-traded real estate investment trust founded by Jacob Frydman.

In other First Capital news, the company replaced its independent public accounting firm, Ernst & Young LLP, with Marcum LLP.

First Capital Real Estate Investments LLC was founded in 2003 and is a vertically integrated company working in the following capacities: finance structuring (debt and equity), real estate acquisition, land development, construction of both residential and commercial, retail operations and asset reposition to stabilization.

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