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07/02/2007

iStar Financial Completes Acquisition of Commercial Real Estate Lending Business and Interest in Portfolio of Assets From Fremont General Corporation

NEW YORK, July 2 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: SFI), a leading publicly traded finance company focused on the commercial real estate industry, announced today that is has closed on its previously announced transaction with Fremont Investment & Loan, a subsidiary of Fremont General Corporation (NYSE: FMT). iStar acquired Fremont's commercial real estate lending business and retained an interest in Fremont's commercial loan portfolio in this transaction.

"The combination of Fremont's and iStar's commercial real estate organizations expands our geographic reach, almost doubles the number of our employees and creates one of the strongest construction lending and direct loan origination platforms in the industry," said Jay Sugarman, iStar Financial's chairman and chief executive officer. "iStar professionals across the country and in Europe will continue to offer new and existing customers a broad range of innovative, custom-tailored financing solutions."

After giving affect to the Fremont transaction, iStar has nearly $20 billion in assets under management and 350 real estate professionals in 11 regional investment offices throughout the United States plus its European subsidiary based in London.

iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry. The Company primarily provides custom- tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust ("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns on equity to shareholders by providing innovative and value added financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.

SOURCE iStar Financial

CONTACT:
Catherine D. Rice, Chief Financial Officer
or
Andrew G. Backman, Vice President, Investor Relations
both of iStar Financial
1-212-930-9400
Web site: http://www.istarfinancial.com

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