Exhibit 21.1



LNR PROPERTY CORPORATION



List of Subsidiaries

November 30, 2003



|   |  |                                                    |  |                       
|-- |  | -------------------------------------------------- |  | ----------------------
|   |  | Corporation                                        |  | State of Incorporation
|1  |  | 128th Street Associates, LLC                       |  | Florida               
|2  |  | 250 Brannan Holdings, Inc.                         |  | California            
|3  |  | 3445 Causeway Boulevard Limited Partnership        |  | Delaware              
|4  |  | Alexandria LP, Inc.                                |  | Virginia              
|5  |  | Alexandria LP-II, Inc.                             |  | Virginia              
|6  |  | American Pacific Properties, Inc.                  |  | Oregon                
|7  |  | Antelope Housing, Inc.                             |  | Oregon                
|8  |  | Arbor Lake Club, Ltd.                              |  | Florida               
|9  |  | Arsenal Capital Holdings, Inc.                     |  | Delaware              
|10 |  | Atlantic Holdings, Inc.                            |  | Louisiana             
|11 |  | Aurora LP, Inc.                                    |  | Colorado              
|12 |  | Avenal Family Housing Partners Limited Partnership |  | California            
|13 |  | Bear Valley Housing Partners Limited Partnership   |  | Colorado              
|14 |  | Bert L. Smokler & Company                          |  | Delaware              
|15 |  | Bossier City Beverage Management, Inc.             |  | Louisiana             
|16 |  | Bressi Ranch Family Housing Limited Partnership    |  | California            
|17 |  | Cape May Apartments, LLC                           |  | Delaware              
|18 |  | Chrysanthemum Capital Holdings, Inc.               |  | Delaware              
|19 |  | College Station LP, Inc.                           |  | Delaware              
|20 |  | Commuter Park Redevelopment, LLC                   |  | Delaware              
|21 |  | DCA Homes, Inc.                                    |  | Florida               
|22 |  | DCA Management Corporation                         |  | Florida               
|23 |  | DEBI Equity, Inc                                   |  | Delaware              
|24 |  | DEBI Reliance, Inc.                                |  | Delaware              
|25 |  | Delaware Bonds Holdings, Inc.                      |  | Delaware              
|26 |  | Delaware Securities Holdings, Inc.                 |  | Delaware              
|27 |  | Devco Shopping Centers, Inc.                       |  | Florida               
|28 |  | Devonshire Capital Holdings, Inc.                  |  | Delaware              
|29 |  | Doral Park Joint Venture                           |  | Florida               
|30 |  | DSHI Beebe, Inc.                                   |  | Delaware              
|31 |  | DSHI Blue, Inc.                                    |  | Delaware              
|32 |  | DSHI Commercial Investments, Inc.                  |  | Delaware              
|33 |  | DSHI Financial Corporation                         |  | Delaware              
|34 |  | DSHI Green, Inc.                                   |  | Delaware              
|35 |  | Escondido Housing Partners Limited Partnership     |  | Delaware              
|36 |  | Escondido Housing Partners, LLC                    |  | California            
|37 |  | Esther Short Park Housing Partners, LLC            |  | Washington            
|38 |  | Grandview LP, Inc.                                 |  | Florida               
|39 |  | H. Miller & Sons of Florida, Inc.                  |  | Florida               
|40 |  | H. Miller & Sons, Inc.                             |  | Florida               
|41 |  | HCD Belen Manager, Inc.                            |  | Delaware              
|42 |  | HCD/HCM Manager, Inc.                              |  | Delaware              
|43 |  | HCM West Mesa Manager, Inc.                        |  | Delaware              
|44 |  | Hempstead LP, Inc.                                 |  | Delaware              
|45 |  | Highlands Legacy Limited Partnership               |  | Delaware              
|46 |  | Hoover Housing Partners, LLC                       |  | California            
|47 |  | Houston LP, Inc.                                   |  | Florida               





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|    |  |                                                    |  |                       
|--- |  | -------------------------------------------------- |  | ----------------------
|    |  | Corporation                                        |  | State of Incorporation
|48  |  | Houston LP-II, Inc.                                |  | Florida               
|49  |  | Houston LP-III, Inc.                               |  | Florida               
|50  |  | Kirby Drive Houston LP, Inc.                       |  | Florida               
|51  |  | Legacy LP, Inc.                                    |  | Colorado              
|52  |  | Legend Oaks Limited Partnership                    |  | Delaware              
|53  |  | Leisure Colony Management Corp.                    |  | Florida               
|54  |  | Leisure Communities Management, Inc.               |  | Florida               
|55  |  | Lennar Alabama Partners, Inc.                      |  | Delaware              
|56  |  | Lennar Atlantic Holdings, Inc.                     |  | Florida               
|57  |  | Lennar California Partners, Inc.                   |  | California            
|58  |  | Lennar Capital Corporation                         |  | Florida               
|59  |  | Lennar Capital Services, Inc.                      |  | Florida               
|60  |  | Lennar Central Holdings, Inc.                      |  | Florida-              
|61  |  | Lennar CGA Holdings, Inc.                          |  | Nevada                
|62  |  | Lennar Commercial Properties, Inc.                 |  | Florida               
|63  |  | Lennar Dakota Partners, Inc.                       |  | North Dakota          
|64  |  | Lennar Funding Corporation                         |  | Florida               
|65  |  | Lennar HCP, Inc.                                   |  | Delaware              
|66  |  | Lennar Illinois Partners, Inc.                     |  | Illinois              
|67  |  | Lennar Kearny Holdings, Inc.                       |  | California            
|68  |  | Lennar Legend Oaks Holdings, Inc.                  |  | Colorado              
|69  |  | Lennar LW Nevada Assets, Inc.                      |  | Nevada                
|70  |  | Lennar Marietta Holdings, Inc.                     |  | Georgia               
|71  |  | Lennar Massachusetts Partners, Inc.                |  | Massachusetts         
|72  |  | Lennar Mayfair Holdings, Inc.                      |  | Florida               
|73  |  | Lennar MBS, Inc.                                   |  | Nevada                
|74  |  | Lennar Mortgage Holdings Corporation               |  | Florida               
|75  |  | Lennar Mortgage Holdings I, Inc.                   |  | Florida               
|76  |  | Lennar Nevada Partners, Inc.                       |  | Nevada                
|77  |  | Lennar New Jersey Partners, Inc.                   |  | New Jersey            
|78  |  | Lennar Northeast Holdings, Inc.                    |  | Florida               
|79  |  | Lennar Park Center III Holdings, Inc.              |  | Virginia              
|80  |  | Lennar Park J.V., Inc.                             |  | Florida               
|81  |  | Lennar Partners Europa Associates Management, Inc. |  | Florida               
|82  |  | Lennar Partners Europe Limited                     |  | Ireland               
|83  |  | Lennar Partners France S.à.R.L.                    |  | France                
|84  |  | Lennar Partners of Los Angeles, Inc.               |  | California            
|85  |  | Lennar Partners United Kingdom Ltd.                |  | England & Wales       
|86  |  | Lennar Partners, Inc.                              |  | Florida               
|87  |  | Lennar Rolling Ridge, Inc.                         |  | California            
|88  |  | Lennar Securities Holdings, Inc.                   |  | Florida               
|89  |  | Lennar Texas Partners, Inc.                        |  | Texas                 
|90  |  | Lennar U.S. Holdings, Inc.                         |  | Florida               
|91  |  | Lennar Utah Partners, Inc.                         |  | Utah                  
|92  |  | Lennar Wilshire Holdings, Inc.                     |  | Nevada                
|93  |  | LFS Asset Corp.                                    |  | Nevada                
|94  |  | Lily Lane Housing Partners, LLC                    |  | Wisconsin             
|95  |  | Lincoln Road Portfolio Manager, Inc.               |  | Florida               
|96  |  | LNR 16th Street, Inc.                              |  | Florida               
|97  |  | LNR 2000 Fund I MM, Inc.                           |  | Florida               
|98  |  | LNR 2000 Fund III MM, Inc.                         |  | Florida               
|99  |  | LNR 2001 Fund I MM, Inc.                           |  | Florida               
|100 |  | LNR 2001 Fund III MM, Inc.                         |  | Delaware              



Page 2 of 9



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|    |  |                                               |  |                       
|--- |  | --------------------------------------------- |  | ----------------------
|    |  | Corporation                                   |  | State of Incorporation
|101 |  | LNR 2001 TCF Fund I GP, Inc.                  |  | Delaware              
|102 |  | LNR 300 Washington, Inc.                      |  | California            
|103 |  | LNR 909 4th Y Investor, LLC                   |  | Delaware              
|104 |  | LNR 909 4th Y Limited, Inc.                   |  | Washington            
|105 |  | LNR 99 Fund I IM, LLC                         |  | Delaware              
|106 |  | LNR 99 Fund I MM, Inc.                        |  | Florida               
|107 |  | LNR Academy Heights Limited, Inc.             |  | Colorado              
|108 |  | LNR Affordable Housing Investments            |  | Nevada                
|109 |  | LNR Affordable Housing of the Rockies, Inc.   |  | Colorado              
|110 |  | LNR Affordable Housing, Inc.                  |  | Florida               
|111 |  | LNR Alexandria Holdings, Inc.                 |  | Virginia              
|112 |  | LNR Altoona Limited, Inc.                     |  | Oregon                
|113 |  | LNR Anderson Farms Limited, Inc.              |  | Oregon                
|114 |  | LNR Apache Junction Limited, Inc.             |  | Arizona               
|115 |  | LNR Apache Pines Limited, Inc.                |  | Nevada                
|116 |  | LNR Apple Tree Investor, LLC                  |  | Delaware              
|117 |  | LNR Apple Tree Village Limited, Inc.          |  | California            
|118 |  | LNR Arbor Millennium Holdings, LLC            |  | Delaware              
|119 |  | LNR Arbor Millhouse, LLC                      |  | Louisiana             
|120 |  | LNR Arman S.à.R.L                             |  | Luxembourg            
|121 |  | LNR Arrowhead Limited Partnership             |  | Delaware              
|122 |  | LNR Arrowhead Ranch Holdings, Inc.            |  | Arizona               
|123 |  | LNR Ashworth Woods Limited, Inc.              |  | Oregon                
|124 |  | LNR Auburn Limited, Inc.                      |  | Oregon                
|125 |  | LNR Austin Holdings, Inc.                     |  | Florida               
|126 |  | LNR Avenal Investor, LLC                      |  | Delaware              
|127 |  | LNR Avondale Holdings, Inc.                   |  | Arizona               
|128 |  | LNR Banning Investor, LLC                     |  | Delaware              
|129 |  | LNR Banning Limited, Inc.                     |  | California            
|130 |  | LNR Bear Valley Investor, LLC                 |  | Delaware              
|131 |  | LNR Bear Valley Limited, Inc.                 |  | Colorado              
|132 |  | LNR Belleville Investor, LLC                  |  | Delaware              
|133 |  | LNR Belleville Limited, Inc.                  |  | Illinois              
|134 |  | LNR Boalsburg II Limited, Inc.                |  | Pennsylvania          
|135 |  | LNR Boardwalk Limited, Inc.                   |  | Washington            
|136 |  | LNR Brazos County Holdings, LLC               |  | Delaware              
|137 |  | LNR Bressi Ranch Family Housing Investor, LLC |  | Delaware              
|138 |  | LNR Bressi Ranch Family Housing Limited, Inc. |  | California            
|139 |  | LNR Bressi Ranch, Inc.                        |  | California            
|140 |  | LNR Brickell Bayview Corporation              |  | Florida               
|141 |  | LNR Brookwood Park Limited, Inc.              |  | Michigan              
|142 |  | LNR Burlington Square Limited, Inc.           |  | Oregon                
|143 |  | LNR California Investments, Inc.              |  | Florida               
|144 |  | LNR Canyon Rim Limited, Inc.                  |  | Delaware              
|145 |  | LNR Cape May Holdings, Inc.                   |  | California            
|146 |  | LNR Capital Mortgage Holdings, Inc.           |  | Florida               
|147 |  | LNR Caprock GP, LLC                           |  | Georgia               
|148 |  | LNR Caprock Holdings, Inc.                    |  | Georgia               
|149 |  | LNR CDO 2002-1 Ltd.                           |  | Cayman Islands        
|150 |  | LNR CDO 2002-1 Corporation                    |  | Delaware              
|151 |  | LNR CDO 2003-1 Ltd                            |  | Cayman Islands        
|152 |  | LNR CDO 2003-1 Corporation                    |  | Delaware              
|153 |  | LNR Cedar River Limited, Inc.                 |  | Oregon                



Page 3 of 9



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|    |  |                                              |  |                       
|--- |  | -------------------------------------------- |  | ----------------------
|    |  | Corporation                                  |  | State of Incorporation
|154 |  | LNR Centennial East Investor, LLC            |  | Delaware              
|155 |  | LNR Centennial East Limited, Inc.            |  | Colorado              
|156 |  | LNR Central Senior Limited, Inc.             |  | Delaware              
|157 |  | LNR Certificates Corp.                       |  | Delaware              
|158 |  | LNR Chasey Lane Limited, Inc.                |  | Florida               
|159 |  | LNR Cherry Tree Limited, Inc.                |  | California            
|160 |  | LNR Chestnut Village Investor, LLC           |  | Delaware              
|161 |  | LNR Chestnut Village Limited, Inc.           |  | California            
|162 |  | LNR Churchman Hill Plaza, LLC                |  | Delaware              
|163 |  | LNR Clare House Investor, LLC                |  | Delaware              
|164 |  | LNR Clare House Limited, Inc.                |  | Washington            
|165 |  | LNR Clark Holdings, Inc.                     |  | New Jersey            
|166 |  | LNR Clark, LLC                               |  | Delaware              
|167 |  | LNR Clayton Meadows Limited, Inc.            |  | Oregon                
|168 |  | LNR Clear Creek Spectrum Limited Partnership |  | Texas                 
|169 |  | LNR Clear Creek, Inc.                        |  | Texas                 
|170 |  | LNR CLH Ventures, Inc.                       |  | Delaware              
|171 |  | LNR CMBS Holdings Corp.                      |  | Delaware              
|172 |  | LNR College Station Holdings, Inc.           |  | Texas                 
|173 |  | LNR Collins Cove Investor, LLC               |  | Delaware              
|174 |  | LNR Collins Cove Limited, Inc.               |  | Florida               
|175 |  | LNR Colorado Highlands Holdings, Inc.        |  | Colorado              
|176 |  | LNR Columbia Park Investor, LLC              |  | Delaware              
|177 |  | LNR Columbia Park Limited, Inc.              |  | Oregon                
|178 |  | LNR Commencement Limited, Inc.               |  | Oregon                
|179 |  | LNR Commerce City Senior Investor, LLC       |  | Delaware              
|180 |  | LNR Commerce City Senior Limited, Inc.       |  | Colorado              
|181 |  | LNR Commercial Lending, Inc.                 |  | Florida               
|182 |  | LNR Concord Park Holdings, Inc.              |  | Texas                 
|183 |  | LNR Conservatory Place Court Limited, Inc.   |  | Washington            
|184 |  | LNR Country Village Limited, Inc.            |  | Oregon                
|185 |  | LNR Covey Run Limited, Inc.                  |  | Oregon                
|186 |  | LNR Crossroads Marketplace, LLC              |  | California            
|187 |  | LNR Dearborn, Inc.                           |  | Delaware              
|188 |  | LNR Deer Creek Limited, Inc.                 |  | Oregon                
|189 |  | LNR DSHI Interhold, Inc.                     |  | Delaware              
|190 |  | LNR Durant Investor, LLC                     |  | Delaware              
|191 |  | LNR Durant Limited, Inc.                     |  | Michigan              
|192 |  | LNR East Wenatchee Limited, Inc.             |  | Oregon                
|193 |  | LNR Eastern Lending, LLC                     |  | Georgia               
|194 |  | LNR Eastlake Village Limited, Inc.           |  | Oregon                
|195 |  | LNR Edgefield Senior Investor, LLC           |  | Delaware              
|196 |  | LNR Edgefield Senior Limited, Inc.           |  | Delaware              
|197 |  | LNR Englewood Limited, Inc.                  |  | Oregon                
|198 |  | LNR Escondido Limited, Inc.                  |  | California            
|199 |  | LNR Essex Investor, LLC                      |  | Delaware              
|200 |  | LNR Essex Limited, Inc.                      |  | Wisconsin             
|201 |  | LNR Esther Short Park Investor, LLC          |  | Delaware              
|202 |  | LNR Esther Short Park Limited, Inc.          |  | Washington            
|203 |  | LNR Euro CMBS S.à.R.L.                       |  | Luxembourg            
|204 |  | LNR Executive Tower, Inc.                    |  | Colorado              
|205 |  | LNR Federal Way Limited, Inc.                |  | Oregon                
|206 |  | LNR Fenix Limited, Inc.                      |  | Oregon                



Page 4 of 9



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|    |  |                                             |  |                       
|--- |  | ------------------------------------------- |  | ----------------------
|    |  | Corporation                                 |  | State of Incorporation
|207 |  | LNR Five Corners Investor, LLC              |  | Delaware              
|208 |  | LNR Five Corners Limited, Inc.              |  | Washington            
|209 |  | LNR Florida Affordable Housing, Inc.        |  | Florida               
|210 |  | LNR Florida Funding, Inc.                   |  | Florida               
|211 |  | LNR Fontana, Inc.                           |  | California            
|212 |  | LNR Fund XII MM, Inc.                       |  | Delaware              
|213 |  | LNR Glendale Housing Limited, Inc.          |  | Wisconsin             
|214 |  | LNR Gowe Court Limited, Inc.                |  | Washington            
|215 |  | LNR Grandview GP, LLC                       |  | Texas                 
|216 |  | LNR Grandview Holdings, Inc.                |  | Texas                 
|217 |  | LNR Hamilton Holdings, Inc.                 |  | California            
|218 |  | LNR Hamilton Industrial, Inc.               |  | California            
|219 |  | LNR Harbor Bay, LLC                         |  | Delaware              
|220 |  | LNR Harbor Fund GP IV, Inc.                 |  | Oregon                
|221 |  | LNR Harbor Fund GP IX, Inc.                 |  | Florida               
|222 |  | LNR Harbor Fund GP V, Inc.                  |  | Oregon                
|223 |  | LNR Harbor Fund GP VIII, Inc.               |  | Florida               
|224 |  | LNR Harbor Fund Limited Partnership No. III |  | Oregon                
|225 |  | LNR Harbor Fund Limited Partnership No. IV  |  | Oregon                
|226 |  | LNR Harbor Fund Limited Partnership No. V   |  | Oregon                
|227 |  | LNR Hastings Limited, Inc.                  |  | Oregon                
|228 |  | LNR Hawthorne, Inc.                         |  | California            
|229 |  | LNR Hazelwood Station Investor, LLC         |  | Delaware              
|230 |  | LNR Hazelwood Station Limited, Inc.         |  | Oregon                
|231 |  | LNR Heron Millennium Holdings, LLC          |  | Delaware              
|232 |  | LNR Hoover Housing Investor, LLC            |  | Delaware              
|233 |  | LNR Hoover Housing Limited, Inc.            |  | California            
|234 |  | LNR Horizon Pines Investor, LLC             |  | Delaware              
|235 |  | LNR Horizon Pines Limited, Inc.             |  | Nevada                
|236 |  | LNR Houston Partner, Inc.                   |  | Texas                 
|237 |  | LNR Investment Fund XI MM, Inc.             |  | Delaware              
|238 |  | LNR Investment Fund XII, LLC                |  | Delaware              
|239 |  | LNR Jefferson Holdings, Inc.                |  | Florida               
|240 |  | LNR Kearny Mesa, Inc.                       |  | California            
|241 |  | LNR Lafayette Holdings, Inc.                |  | Louisiana             
|242 |  | LNR Lafayette LP, Inc.                      |  | Louisiana             
|243 |  | LNR Lake Placid Holdings, Inc.              |  | New York              
|244 |  | LNR Lake Wood Ranch II Investor, LLC        |  | Delaware              
|245 |  | LNR Lakewood Meadows Investor, LLC          |  | Delaware              
|246 |  | LNR Lakewood Meadows Limited, Inc.          |  | Washington            
|247 |  | LNR Land Partners Sub II, Inc.              |  | Nevada                
|248 |  | LNR Land Partners Sub, Inc.                 |  | Delaware              
|249 |  | LNR Lily Lane Investor, LLC                 |  | Delaware              
|250 |  | LNR Lily Lane Limited, Inc.                 |  | Wisconsin             
|251 |  | LNR LLC Investor, Inc.                      |  | Delaware              
|252 |  | LNR LLC Manager, Inc.                       |  | Delaware              
|253 |  | LNR Loan Participations, Inc.               |  | Delaware              
|254 |  | LNR LP Holdings, Inc.                       |  | Florida               
|255 |  | LNR Lynwood Investor, LLC                   |  | Delaware              
|256 |  | LNR Lynwood Limited, Inc.                   |  | Florida               
|257 |  | LNR Madison Square, Inc.                    |  | Delaware              
|258 |  | LNR Magnolia Terrace Limited, Inc.          |  | Florida               
|259 |  | LNR Mare Island, Inc.                       |  | California            



Page 5 of 9



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|    |  |                                                               |  |                       
|--- |  | ------------------------------------------------------------- |  | ----------------------
|    |  | Corporation                                                   |  | State of Incorporation
|260 |  | LNR Marlay, Inc.                                              |  | California            
|261 |  | LNR Meeker Court Limited, Inc.                                |  | Washington            
|262 |  | LNR Memphis Holdings, Inc.                                    |  | Tennessee             
|263 |  | LNR Memphis LP, Inc.                                          |  | Tennessee             
|264 |  | LNR Millennium Manager, Inc.                                  |  | Florida               
|265 |  | LNR Montclair Promenade, LLC                                  |  | California            
|266 |  | LNR Mountain View Investor, LLC                               |  | Delaware              
|267 |  | LNR Mountain View Limited, Inc.                               |  | Oregon                
|268 |  | LNR Newport Plaza, Inc.                                       |  | California            
|269 |  | LNR Normandy Sands Investor, LLC                              |  | Delaware              
|270 |  | LNR NWHL Holdings, Inc. (f.k.a. Jingu Capital Holdings, Inc.) |  | Delaware              
|271 |  | LNR Oak Glen Investor, LLC                                    |  | Delaware              
|272 |  | LNR Oak Glen Limited, Inc.                                    |  | Florida               
|273 |  | LNR Ocala Interhold, Inc.                                     |  | Delaware              
|274 |  | LNR Orange Tree Investor, LLC                                 |  | Delaware              
|275 |  | LNR Orange Tree Village Limited, Inc.                         |  | California            
|276 |  | LNR Orlando Limited, Inc.                                     |  | Oregon                
|277 |  | LNR Otay Mesa, Inc.                                           |  | California            
|278 |  | LNR Parallel Holdings, Inc.                                   |  | New York              
|279 |  | LNR Park Court Limited, Inc.                                  |  | Washington            
|280 |  | LNR Park Crest Limited, Inc.                                  |  | Oregon                
|281 |  | LNR Parkview Millennium Holdings, LLC                         |  | Delaware              
|282 |  | LNR Parkwood Investor, LLC                                    |  | Delaware              
|283 |  | LNR Parkwood Limited, Inc.                                    |  | Indiana               
|284 |  | LNR Partners Japan, Inc.                                      |  | Delaware              
|285 |  | LNR Partners New Hampshire, Inc.                              |  | New Hampshire         
|286 |  | LNR Philadelphia Place I, Inc.                                |  | California            
|287 |  | LNR Philadelphia Place II, Inc.                               |  | California            
|288 |  | LNR Philadelphia Place III, LLC                               |  | Delaware              
|289 |  | LNR Philadelphia Place IV, LLC                                |  | Delaware              
|290 |  | LNR Phoenix LP, Inc.                                          |  | Arizona               
|291 |  | LNR Phoenix LP-II, Inc.                                       |  | Arizona               
|292 |  | LNR Phoenix LP-III, Inc.                                      |  | Arizona               
|293 |  | LNR Pike Peak Investor, LLC                                   |  | Delaware              
|294 |  | LNR Pike Peak Limited, Inc.                                   |  | Colorado              
|295 |  | LNR Port Washington Investor, LLC                             |  | Delaware              
|296 |  | LNR Port Washington Limited, Inc.                             |  | Wisconsin             
|297 |  | LNR Property Corporation                                      |  | Delaware              
|298 |  | LNR Property Corporation Eastern Region                       |  | Georgia               
|299 |  | LNR Property Corporation Northeastern Region                  |  | Massachusetts         
|300 |  | LNR Quayside Place Holdings, Inc.                             |  | Florida               
|301 |  | LNR Quincy Crossing, LLC                                      |  | Delaware              
|302 |  | LNR Racine Street Investor, LLC                               |  | Delaware              
|303 |  | LNR Racine Street Limited, Inc.                               |  | Washington            
|304 |  | LNR Redhill Manager, Inc.                                     |  | California            
|305 |  | LNR Redhill, LLC                                              |  | Delaware              
|306 |  | LNR Related Venture, Inc.                                     |  | Nevada                
|307 |  | LNR REMIC Holdings, LLC                                       |  | Delaware              
|308 |  | LNR Renaissance Manager, Inc.                                 |  | Georgia               
|309 |  | LNR Renaissance Square, LLC                                   |  | Georgia               
|310 |  | LNR Repak 2003-1, LLC                                         |  | Delaware              
|311 |  | LNR Retail Center Holdings, LLC                               |  | Florida               
|312 |  | LNR Retail Center Manager, Inc.                               |  | Florida               



Page 6 of 9



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|    |  |                                                                     |  |                       
|--- |  | ------------------------------------------------------------------- |  | ----------------------
|    |  | Corporation                                                         |  | State of Incorporation
|313 |  | LNR Richland Limited, Inc.                                          |  | Oregon                
|314 |  | LNR Ridge Investor, LLC                                             |  | Delaware              
|315 |  | LNR River Pointe Investor, LLC                                      |  | Delaware              
|316 |  | LNR Riverside Holdings, Inc.                                        |  | California            
|317 |  | LNR Riverside Land, Inc.                                            |  | California            
|318 |  | LNR Riverside, LLC                                                  |  | California            
|319 |  | LNR Riverwood Village Limited, Inc.                                 |  | Delaware              
|320 |  | LNR Rocky Mountain Partners, Inc.                                   |  | Utah                  
|321 |  | LNR Roosevelt Center Holdings, Inc.                                 |  | New York              
|322 |  | LNR Roosevelt Raceway, Inc. (f.k.a. LNR Partners New York, Inc.)    |  | New York              
|323 |  | LNR Royal Palms Investor, LLC                                       |  | Delaware              
|324 |  | LNR Royal Palms Limited, Inc.                                       |  | Arizona               
|325 |  | LNR Sabella Investor, LLC                                           |  | Delaware              
|326 |  | LNR Sabella Limited, Inc.                                           |  | Florida               
|327 |  | LNR San Diego Spectrum I, Inc.                                      |  | California            
|328 |  | LNR San Diego Spectrum II, LLC                                      |  | California            
|329 |  | LNR Sands Holdings, Inc.                                            |  | Nevada                
|330 |  | LNR Santa Clara I, LLC                                              |  | Delaware              
|331 |  | LNR Santa Fe Limited II, Inc.                                       |  | New Mexico            
|332 |  | LNR Santa Fe Limited, Inc.                                          |  | Oregon                
|333 |  | LNR Santa Rosa Gardens Investor, LLC                                |  | Delaware              
|334 |  | LNR Santa Rosa Gardens Limited, Inc.                                |  | California            
|335 |  | LNR Santa Teresa Family Homes Limited, Inc.                         |  | New Mexico            
|336 |  | LNR Scottsdale, Inc.                                                |  | Arizona               
|337 |  | LNR Seaview, Inc.                                                   |  | California            
|338 |  | LNR Shelf I, Inc.                                                   |  | Florida               
|339 |  | LNR Sisters Investor, LLC                                           |  | Delaware              
|340 |  | LNR SLP, Inc.                                                       |  | Delaware              
|341 |  | LNR Snow Cap Limited, Inc.                                          |  | Colorado              
|342 |  | LNR Solari Investor, LLC                                            |  | Delaware              
|343 |  | LNR Somerset Investor, LLC                                          |  | Delaware              
|344 |  | LNR Somerset Limited, Inc.                                          |  | California            
|345 |  | LNR South Forty Limited, Inc.                                       |  | Delaware              
|346 |  | LNR South Jordan II, LLC                                            |  | Delaware              
|347 |  | LNR South Shore Development, Inc.                                   |  | Massachusetts         
|348 |  | LNR South Shore, LLC                                                |  | Delaware              
|349 |  | LNR Southeast Investments, Inc.                                     |  | Delaware              
|350 |  | LNR Stewart Pines Limited, Inc.                                     |  | Nevada                
|351 |  | LNR Summer Palms Investor, LLC                                      |  | Delaware              
|352 |  | LNR Summit Pointe Investor, LLC                                     |  | Delaware              
|353 |  | LNR Summit Pointe Limited, Inc.                                     |  | Florida               
|354 |  | LNR Sunbelt Mortgages, Inc.                                         |  | Delaware              
|355 |  | LNR Sunflower Limited, Inc.                                         |  | Oregon                
|356 |  | LNR Surrey Row Limited, Inc.                                        |  | Oregon                
|357 |  | LNR Tax Compliance, Inc.                                            |  | Delaware              
|358 |  | LNR Temescal, Inc.                                                  |  | California            
|359 |  | LNR The Groves Investor, LLC                                        |  | Delaware              
|360 |  | LNR The Groves Limited, Inc.                                        |  | Florida               
|361 |  | LNR The Oaks Investor, LLC                                          |  | Delaware              
|362 |  | LNR The Oaks Limited, Inc.                                          |  | Florida               
|363 |  | LNR Titus Limited, Inc.                                             |  | Oregon                
|364 |  | LNR Town Center Investor, LLC                                       |  | Delaware              
|365 |  | LNR Treasure Island, Inc. (f.k.a. LNR Normandy Sands Limited, Inc.) |  | California            



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|    |  |                                                        |  |                       
|--- |  | ------------------------------------------------------ |  | ----------------------
|    |  | Corporation                                            |  | State of Incorporation
|366 |  | LNR Tri-Court Limited, Inc.                            |  | Oregon                
|367 |  | LNR Tropical Pines Limited, Inc.                       |  | Nevada                
|368 |  | LNR UK CMBS S.à.R.L.                                   |  | Luxembourg            
|369 |  | LNR Union City, Inc. (f.k.a. LNR Avenal Limited, Inc.) |  | California            
|370 |  | LNR Van Buren Holdings, Inc.                           |  | Arizona               
|371 |  | LNR Verandah Holdings, Inc.                            |  | Texas                 
|372 |  | LNR Village Crossing Investor, LLC                     |  | Delaware              
|373 |  | LNR Village Crossing Limited, Inc.                     |  | Indiana               
|374 |  | LNR Villas Holdings, Inc.                              |  | California            
|375 |  | LNR Von Karman Holdings, Inc.                          |  | California            
|376 |  | LNR Von Karman, LLC                                    |  | California            
|377 |  | LNR Warner Center, LLC                                 |  | California            
|378 |  | LNR West Lincoln Investor, LLC                         |  | Delaware              
|379 |  | LNR West Lincoln Limited, Inc.                         |  | California            
|380 |  | LNR West Oaks Holdings, Inc.                           |  | Texas                 
|381 |  | LNR West Valley Investor, LLC                          |  | Delaware              
|382 |  | LNR West Valley Limited, Inc.                          |  | Utah                  
|383 |  | LNR Westchase Holdings, Inc.                           |  | Texas                 
|384 |  | LNR Western Properties, Inc.                           |  | California            
|385 |  | LNR Whispering Oaks Investor, LLC                      |  | Delaware              
|386 |  | LNR Whispering Oaks Limited, Inc.                      |  | Florida               
|387 |  | LNR Whittwood Town Center, LLC                         |  | California            
|388 |  | LNR Wiedemann Park Investor, LLC                       |  | Delaware              
|389 |  | LNR Wiedemann Park Limited, Inc.                       |  | Oregon                
|390 |  | LNR Willamette Court Limited, Inc.                     |  | Washington            
|391 |  | LNR Willow Tree Limited, Inc.                          |  | California            
|392 |  | LNR Willows Housing Investor, LLC                      |  | Delaware              
|393 |  | LNR Willows Housing Limited, Inc.                      |  | California            
|394 |  | LNR Windhaven Limited, Inc.                            |  | Oregon                
|395 |  | LNR Woodspring Limited, Inc.                           |  | Oregon                
|396 |  | LNR-Lennar 250 Brannan Street, LLC                     |  | California            
|397 |  | LNR-Lennar Temescal Holdings, LLC                      |  | California            
|398 |  | Millers Plantation Development Company                |  | Florida               
|399 |  | Mountain View Estates Housing Partners, LLC            |  | Oregon                
|400 |  | Nevada Securities Holdings, Inc.                       |  | Nevada                
|401 |  | Normandy Sands Housing Partners Limited Partnership    |  | California            
|402 |  | Okachimachi Capital Holdings, Inc.                     |  | Delaware              
|403 |  | Okachimachi CY, Y.K.                                   |  | Japan                 
|404 |  | Park Center III Limited Partnership                    |  | Delaware              
|405 |  | Parkview Associates, Inc.                              |  | Florida               
|406 |  | Parkview at Pembroke Pointe, Inc.                      |  | Florida               
|407 |  | Parkview Partnership, Ltd.                             |  | Florida               
|408 |  | Pike Peak Housing Partners, LLC                        |  | Colorado              
|409 |  | Port Washington Retirement Community, LLC              |  | Wisconsin             
|410 |  | Prado Apartments, LLLP                                 |  | Florida               
|411 |  | Quayside LP, LLC                                       |  | Delaware              
|412 |  | Quayside Place Partners, LLLP                          |  | Florida               
|413 |  | Rollingcrest, Inc.                                     |  | Delaware              
|414 |  | San Antonio LP, Inc.                                   |  | Florida               
|415 |  | Sisters, LLC                                           |  | Oregon                
|416 |  | Somerset Housing Partners Limited Partnership          |  | Delaware              
|417 |  | South Dade Utilities, Inc.                             |  | Florida               
|418 |  | Springs Development Corporation                        |  | Florida               



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|    |  |                                                |  |                       
|--- |  | ---------------------------------------------- |  | ----------------------
|    |  | Corporation                                    |  | State of Incorporation
|419 |  | The Dreyfus Interstate Development Corporation |  | Delaware              
|420 |  | The Turtle Run Venture, LLP                    |  | Florida               
|421 |  | Ueno Capital Holdings, Inc.                    |  | Delaware              
|422 |  | Universal American Realty Corporation          |  | Delaware              
|423 |  | Village Green Apartments Limited Partnership   |  | Missouri              
|424 |  | Villas of Stevenson Ranch, LLC                 |  | Delaware              
|425 |  | Vista Ridge Housing Limited Partnership        |  | Colorado              
|426 |  | West Coast Mortgage Holdings, Inc.             |  | Florida               
|427 |  | West Valley Housing Partners, LLC              |  | Utah                  
|428 |  | Willows Housing Partners, LLC                  |  | California            
|429 |  | Yugen Kaisha Chrysanthemum Investment          |  | Japan                 
|430 |  | Zoo Capital Holdings, LLC                      |  | Delaware              



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