JERSEY CITY, N. J. (July 13, 2009)— At Mandalay on the Hudson, a 25-story tower of 269 luxury condominium homes in Jersey City, N.J., developer Pinnacle Companies has created an exceptional opportunity for homebuyers. With less than 15 percent of the community's residences available for sale, the community is offering an array of flexible financing options to fortunate purchasers.

Pinnacle, committed to providing buyers with the home of their dreams for a price that fits within their budgets, is currently offering financing programs that allow buyers to purchase a riverfront community home with as little as 3.5 percent of the purchase price as a down payment. Mandalay is approved by the FHA to offer these loan types, and Pinnacle's program also provides contributions towards the buyers' closing costs.

In addition to the community's affordable pricing — one-, two- and three-bedroom homes are being offered at prices starting in the low $400,000s — the community's PILOT taxes enhance this value even more.

This presents a great opportunity for prospective buyers from all over the region. In addition to providing residents who work in New York City with an easy commute, Mandalay's central location and access to many nearby public transportation modes, also provides a convenient commute for residents that work throughout New Jersey.

"With more than 85 percent of the community's condominiums already sold, Mandalay on the Hudson is bubbling with activity and will soon be fully occupied," said Mary Boorman a Senior Vice President of the Pinnacle Companies. "Mandalay's value-driven prices and affordable taxes are making luxury living available to a broader range of buyers. And with our flexible financing options, qualified buyers are afforded an even more compelling opportunity to purchase the luxury waterfront condo they've always wanted."

Mandalay is a condominium conversion and homes can be purchased 'as is' or with a standard package including hardwood floors. Kitchen and bathroom upgrades are also available and include European style cabinetry, granite countertops and stainless steel appliances. A garage parking space is included in the purchase price.

Mandalay also features a heated outdoor pool on the Hudson waterfront that is surrounded by gardens and picnic and barbeque areas set against a backdrop of the Manhattan skyline. The pool is accessible from the Residents' Club, which is perfect for special events or smaller gatherings, or to watch sports on the plasma television screen in front of the fireplace.

Another popular feature is the convenience of a 24-hour concierge and valet service for dry cleaning and repairs. Residents also have access to a fully equipped fitness and exercise area, while the outdoor playground and promenade along the riverfront, which surrounds the perimeter of the community, is ideal for walkers and joggers alike.

Within walking distance of Mandalay on the Hudson are two PATH stations, two ferry terminals and the New Jersey Transit Hudson-Bergen Light Rail, which transport riders to Manhattan, Hoboken, Bayonne and other cities along New Jersey's dynamic Gold Coast. With transportation so close, the work and leisure opportunities of New York City are easily accessible to Mandalay residents. In addition, Jersey City's dramatically revitalized downtown, complete with trendy restaurants and clubs, is only three blocks away. The nearby Newport Centre Mall offers 140 businesses and stores.

For more information,on Mandalay on the Hudson, visit www.mandalayonthehudson.com.

About The Pinnacle Companies:

The Pinnacle Companies, which includes Pinnacle Communities, Pinnacle Custom and Pinnacle Downtown, is among the most respected real estate development and investment companies in the industry for their ability to anticipate trends in the changing real estate market and create "what's next" in luxury residential communities. Pinnacle's innovative approach to development and creative problem-solving abilities are qualities that continually position Pinnacle as an industry leader in the real estate market. The award-winning company has built an enviable reputation in the sale and rental of luxury, active-adult and custom housing, as well as the office, retail and mixed-use markets. Since the company's founding in 1984, Pinnacle has built in excess of 4,500 luxury attached and detached homes as well as several million square feet of retail, hotel and restaurant space. For more information on Pinnacle, visit www.pinnaclecompanies.net or contact the company's Chatham headquarters at 973-379-1900.