MIAMI, Nov 20, 2000 (BUSINESS WIRE) -- National Rehab Properties, Inc. (OTC-BB:
NRPI.OB) Richard Astrom, President and CEO announced today that "NRPI has
received formal funding commitment from First Housing Development Corp. First
Housing is a financial institution specializing in construction financing in
Florida and the SE United States, with offices in Tampa and Jacksonville,
Florida. This funding paves the way for a 60 unit apartment building that upon
completion, projected appraisal will be $7,000,000 based on Market Value and
income generated of the built units."
 
Conquistador Plaza Apts is a 60 unit luxury apartment project that will be built
on the land the company has a contract to buy at 32 Ave and SW 23 Street, Miami,
Florida. Richard Astrom, President and CEO stated: "with a mortgage commitment
comes closing instructions for the lawyers for NRPI and lender, to close the
loan, which we expect to occur at the end of December. Construction will begin
immediately thereafter." The loan is insured by US Dept of Housing and Urban
development loans with very favorable terms of 40 years and approximately 7 7/8
per cent interest. The loan includes $3,100,000 construction escrow and $300,000
interest reserve.
 
Richard Astrom, President and CEO said: "Conquistador Plaza is the third project
to be started by the company. I salute and congratulate the stockholders of the
company that have stayed with us and believed in the company for the long period
of building a pipeline of construction projects. Our first big project started
was the subdivision at Eagle Trace, and is already under construction in Vero
Beach, Florida. Granada Grand is our second project to be built, another 60 unit
building. We anticipate sizeable profits to the company from these projects."
 
This release emphasizes the company intention to keep NRPI investors informed
about company operations.
 
 
     ABOUT THE COMPANY
 
NRPI, based in Miami, is a fully reporting company. The company's business is
real estate development. NRPI projects are: building a 60 unit luxury apartment
house in Miami known as GRANADA GRAND, mortgage commitment and funding will
generate $7,000,000 revenues and $2,500,000 net income in 2001; building a 60
unit luxury apartment house in Miami known as CONQUISTADOR PLAZA, generating
$7,000,000 revenues and $2,500,000 net income in 2001; Now under construction,
the company is developing a subdivision in Vero Beach, Florida, known as EAGLE
TRACE. EAGLE TRACE is a heavily deed restricted, walled, gated community with a
lake in the center. NRPI will build houses and sell lots to other builders. The
sale of the lots in EAGLE TRACE will generate $1,500,000 net income in year
2001. A 60 unit condominium project known as COSTA DEL SOL, located on Bay
Harbor Island, which will generate $10,000,000 in revenues and a $3,000,000
profit to the company in year 2002; ENCORE SERVICES, INC. is a licensed Florida
contractor, which is licensed to obtain building permits and build the company
developments.
 
The company is seeking acquisitions and land for real estate developments.
 
Forward-looking statements in this press release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation reform act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including without limitation, continued acceptance of the
company's products, competition, completion problems, technological changes and
other risks.
 
 
 CONTACT:          National Rehab Properties, Inc., Miami
                   Richard Astrom, President and CEO, 305/573-8882
                   FAX: 305/571-8357
                   WEB Page: nrpi.com
                   or
                   Investor Relations:
                   PMR & Associates LLC
                   Patrick Rost, 760/942-0015