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1 6 12 Transactions including 15 Buildings Acquired A 4 7 1 523 West 160th Street manhattan new york 10032 5 A of Apartments of Stories 21 Laundry 2 3 1 A Building Size 5 Bsmt 16 907 Sq Ft 6 projects completed Purchase Price 3 500 000 C Price Per Sq Ft 1 207 1 Price Per Unit A 196 Units Repositioned with 41 under construction C 9 166 667 1 Cap Rate 6 27 8 A C B D Subway Lines 523 West 160th Street Sales Metrics 2021 Sales comps Washingthon Heights Gross Rent Mult 8 85x Acquisition Gross Rent Mult 13 46x Market GRM Cap Rate 6 27 Acquisition Cap Rate 4 46 Market Cap Rate Price Sq Ft 207 Sq Ft Acquisition Price Sq Ft 213 Market Sq Ft Price Unit 166 667 Unit Acquisition Price Unit 182 301 Market Unit 1 523 West 160th Street NY 10032 2 Columbia Presbyterian Hospital 3 Columbia Nursing School 4 Yeshiva University 5 High Bridge Park 6 Fort Washington Park 7 George Washington Bridge 8 City College of New York 9 Riverbank State Park Significant Area Upside From Ariel Property Advisors 1H21 Northern Manhattan Sales Report Gross Rent Multiple 8 85x Near 95 Equity Repatriation on Repositions Presented by Real Estate Development Asset Evaluations Zoning Code Analysis Layout Design Experise Sourcing Debt Equity Creative Capital Stack Structuring Poroperty Disposition Budget timelines Accounting Requisitions Property Management Stone Restoratoin Licensed Riggers Structural Steel Restoration Parapet Facade Restoration Waterproofing Since 2018 Architectural Metal Roofing Systems Balcony Restoration Sheet Metal Landmark Preservation Managed By Growth without limitation

Year 6 Year 7 Year 8 Year 9 3 Bed 8 964 849 4 Year 10 4508 353 5 Bed 3 500 000 472 571 481 246 490 098 499 133 5RET Bed 7 956 000 84 682 7 089 7 219 7 351 7 487 7 625 7 089 7 219 7 351 7 487 7 625 RET 295 026 COMM ent Total Profit XIRR Equity Multiple 20 028 458 394 466 809 475 396 484 159 493 102 SIS Portfolio Snapshot Portfolio Snapshot Renovation Cost Renovation Assumptions Cost Assumptions COMM ent Total Profit XIRR Equity Multiple 249 709 2 905 792 28 98 3 37x OTHER 244 737 Opportunity to Increase Net Income 523 West 160th523 Street West 160th Street Buildings Gut Reno Cosmetic RenoCosmetic Re Gut Reno 461 147 469 617 478 260 487 080 496 082 1 Buildings 1 Buildings 7 533 287 34 26 3 51xBuildings OTHER 464 114 1 880 281 25 29 2 71x 3 849 448 Total Units Studio Total Units Studio 3 21 2021 22 Units 25 000 3 500 3 21 2021 22 Units 25 000 3 500 4 745 971 27 85 2 76x 8 964 849 1 025 511 48 47 9 38x Income Expense Growth Residential 1 Bed Residential 1 Bed 6 21 2021 21 30 000 5 000 6 21 2021 21 30 000 5 000 128 864 137 576 146 891 156 849 167 497 Assumption 2 787 316 77 20 6 30 2031 10 30x Ret Comm Other Income Expense Growth 2 Bed Ret Comm Other1 2 Bed 6 30 2031 35 000 6 500 Assumption ted 1 35 000 6 500 Free Market Total SF As Built 3 Bed Total SF As Built 3 Bed 10 0 Years 16 907 40 000 10 000 10 0 Years 16 907 40 000 10 000 73 509 75 210 76 950 78 733 80 558 Free Market Rent Stabilized Total SF Buildable Total SF Buildable 16 907 45 000 10 000 16 907 45 000 10 000 0 0 4 Bed 04 Bed 0 0 Stabilized sk Cap Rate Stabilized Yield On Cost Per Building Per Unit Per Gross SF GRM 30 00 Rent Controlled 5 Bed 5 Bed 50 000 10 000 50 000 10 000 Total Expenses 202 373 212 786 223 841 235 582 248 056 Rent Free Market Apt currently 164 056 being sk Cap Rate Stabilized N A Yield On Cost Per Building Per Unit Per Gross GRM 10 00 Rent Controlled 5 04 4 500 000 204 545 266 SF Expense Ratio 30 00 Retail Checks RET Checks 11 38 RET 30 25 30 25 42 76 43 88 45 31 46 80 48 37 50 00 Equity Investment Total Profit XIRR Equity Multiple FALSE COMM Equity Investment Total Profit XIRR Equity Multiple FALSE TRUE COMM Renovations 20 15 Renovations 20 15 6 21 N A 8 600 000 172 000 191 9 89 Retail Commercial 0 00 30 00 held aside for emloyee 1 224 448 2 905 792 28 98 28 98 3 37x TRUE OTHER 1 224 448 2 905 792 3 37x TRUE FALSE OTHER Rent Roll Proforma 5 5 Rent Roll Proforma 5 Net Operating Income 219 584 258 774 256 831 254 419 251 498 248 026 Commercial 0 00 Other 6 48 6 84 1 880 281 25 29 3 500 000 166 667 207 8 85 30 00 1 102 003 25 29 2 71x TRUETRUE 1 102 003 1 880 281 2 71x 90 00 90 00 Total Deal CostTotal Deal CostTRUE 6 72 6 67 6 61 Other 6 53 6 44 6 71 7 40 1 025 511 48 47 7 956 000 159 120 177 9 15 Over 8 00 30 00 Tax Assumptions Reimbursement Grow LaundryTotal Storage Income 48 47 9 38x 0 Income Expense Growth 1 025 511 9 38x Total 0 Income Expense Growth Assumptions 10 00 122 445 10 00 122 445 Acquisition Costs Tax Reimbursement Debt Equity Re Finance Reimbursement Growth Equity Split Waterfall FM 3 00 Equity Split Waterfall Free Market Free Market FM 3 00 Acquisition 3 500 000 Equity Split Equity Split Re Fi RS 1 50 Rent Stabilized Rent Stabilized RS 1 50 Debt Equity Re Finance Existing Mortgage Yes Operating Exp Reimbursement Growth Optimize Energy Efficiency Acquisition Cost Subtotal 3 500 000 Total Price Discount to Ask Cap Rate Stabilized Yield On Cost Per Building Per Unit Per Gross SF GRM Total PriceUp Discount to Ask Cap Rate Stabilized Yield On Cost Per Building Per Unit Per Gross SF GRM Up to 8 00 30 00 Rent Controlled RC 0 00 Up to 8 00 30 00 Rent Controlled RC 0 00 Existing Mortgage 2 350 000 00 Re Fi Yes 2 Operating Exp Front Per Building Per Unit Per Gross SF Actual Timing Year 24 00 Inflation 4 500 000 0 00 5 04 5 04 N A 4 500 000 0 00 N A 4 500 000 204 545 266 11 38 11 38 Up to 8 00 8 00 30 00 30 00 Retail RET 3 00 4 500 000 204 545 266 Up to Retail RET 3 00 Up Front Per Building Per Unit Per 207 01 Gross SF Actual Year 2 24 00 3 500 000 166 667 Senior Loan 2 625 000 Sr Debt Bal 2 625 000 Real Estate 3 500 000 Hard Costs 0 0 Up Timing 0Up to 8 00 0 0 0 0 0 0 Inflation 0 Taxes 0 Commercial Commercial 0 00 8 00 30 00 30 00 COMM 3 00 0 00 to COMM 3 00 7 956 000 159 120 176 80 Senior Loan 5 967 000 Sr Debt Bal 5 967 000 Real Estate Taxes 7 956 000 3 500 000 3 500 000 166 667 207 01 LTV 75 00 NOI for Sizing 262 137 CM Fee Hard Costs 523 West 160th Street is a6 48 43 33 wide 6 48 future count 3 500 000 in each apartment Unit Renovations Subtotal 0 23 345 Over 13 393 0 0 0 0 0 0 of 0 Other Other Remove DEP8 85 W S from Frontage 3 500 000 22 22 6 84 3 500 000 166 667 207 Over 8 00 0 8 00 30 00 30 00 OTHER 2 00 3 500 000 22 22 6 84 bedroom 166 667 207 8 85 OTHER 2 00 5 7 956 000 story Basement 16 970 7 956 000 square foot 159 120 176 80 0 LTV 75 00 NOI for Sizing Agency Debt 668 672 CM Fee Fee of Hard Costs Tax Reimbursement No Tax Reimbursement No Interest Rate 3 25 5 00 Constant Acquistion turn key walk up building The property Zoned R7 2 the property is currently Re Finance Debt Rate Equity Debt Equity Re Finance GrowthAcquistion REIMB 2 00 ReimbursementReimbursement Growth REIMB 2 00 Capital Improvements 0 to allow for 1 2x Interest 3 50 5 00 Constant Fee 6 696 304 0 40 36 738 Term Months 120 5 242 740 40 LTV 75 Valuation is located on the border of Washington overbuilt from a square footage standpoint Existing Mortgage Re Fi 78 818 Re Fi Yes Min Operating Exp Operating Exp Existing Mortgage 2 50 2 50 OpEx OpEx Capital Improvements Subtotal 0 670 0 and Yes 0 0 0 0 0 0 0 DSCR Automate Repairs Actual Maintenance 86 869 1 737 1 93 336 823 Term Months 120 Actual 13 373 430 69 LTV 75 Valuation 77 986 4 61 GeneralHard Assumptions DSCR 1 27x 79 488 Months 360 up to 280 LTV Year Total Budget Total Heights Budget Up Front Up FrontPer Building 3 545 Per buildings Building Per Unit Per Unit Perfor Gross SF Per Gross SF Amortization Heights and Hamilton Manhattan However the envelope allows Timing Timing Min Year 2 24 00 24 00 Inflation Inflation Cost Hard 1 50 Cost 1 50 which presents 2 625 0003 25 208 157 4 163 General Vacancy Assumptions 116 226 84 682and 3 849 5 01 Amortization 360 2 625 000 DSCR Min 1 23x Period 24 Months Interest Only Months 3 500 000 166 667 166 667 207 01 207 01 Senior Loan Senior Loan 2 625 000 Sr Debt Bal Rate Sr Debt 14 063 Bal 2 625 000 Real Real RE0 Tax RE 7 00 Tax 7 00 3 500 000 3 500 000 3 500 000 3 500 000 3 500 000 on 220 655 West 160th between Broadway a density of 25 apartments which 4 63 provides Hard Cost Subtotal 0 102 163 0 0 0 0 Estate Taxes 0 Estate Taxes 0 General 0 an opportunity al 3 500 000 3 500 000 3 500 000 3 500 000 3 500 000 3 500 000 166 667 166 667 207 01 207 01 LTV LTV 75 00 75 00 NOI for Sizing NOI for Sizing 262 137 262 137 CM Fee of Hard CM Fee Costs of Hard Costs 3 50 3 50 Amsterdam is comownership 5 901 the ability to split apartments 557 478 Avenue The building 295 026 6 56 to Rate Interest Only Period 24 Months 3 50 General Vacancy 30 Years PMT 137 089 99 Credit Loss Amo for an additional Interest Rate Interest Rate 3 25 3 25 5 00 5 00 30 Years 2 00 2 00 Constant Constant Acquistion Fee Acquistion Fee prised of 21 apartments split between one create additional units 225 000 of Soft Costs PMT 321 533 96 Credit Loss Amo 19 733 897 1 17 Sizing Debt New PMT 206 570 Hard Soft Cost Contingency 19 733 6 696 6 696 304 304 0 40 0 40 6 696 6 696 36 738 and nine 36 738 Term Months Term Months 120 120 5 242 740 40 LTV 075 LTV 75 debt proceeds at Valuation Valuation 0 1 studio ten 10 one bedroom Soft Cost Subtotal 20 028 New 0 5 242 740 40 0 0 0 0 Hard Soft0 Cost 0 246 019 4 920 5 47 Sizing Debt PMT 543 635 296 13 0 02 296 77 986 apartments 2 887 086 LTC 75 360 0 Funded FeeContingency refinance 77 986 77 986 3 545 3 545 4 61 4 61 General Assumptions General Assumptions Management 77 986 79 488 79 488 Once Amortization Months Amortization Months 360 DSCR Min DSCR Min 1 27x 1 27x 3 955 399 9 246 019 two bedroom The building a part of the Vacant Buildings 3 690 74 0 08 3 690 6 723 637 LTC 75 Funded 10 088 740 Management Fee 20 028 20 028 910 1 18 Closing Costs 2 6 34 985 42 Gut 3 248 766 Debt Yield 7 00 84 682 84 682 116 226 116 226 84 682 84 682 3 849 3 849 5 01 5 01 Rate Rate Period Period 24 Months 24 Months 1 5 1 5 Interest Only Interest Only 3 25 3 25 General Vacancy General Vacancy also has a laundry room which is leased to program of the 1990s the property has Hard Soft Cost Subtotal 0 122 192 14 063 0 0 0 0 0 0 0 0 PMT 10 958 630 PMT 137 089 99 30 Years Credit Loss Credit Loss 1 5 1 5 Amo Amo 249 709for 215 per month 249 709 Debt Yield 137 089 99 5 50 Closing Costs 30 Years 2 6 Gut Hercules an expiring 4 994 regulatory agreement 5 55 which 2 282 609 DSCR 1 15x Equity Proceeds 1 227 559 19 381 45 Cosmetic 31 544 Hard Soft Cost Reserve Balance 104 711 17 481 New PMT 31 544 206 570 31 544 206 570 31 544 31 544 31 544 31 544 31 544 31 544 19 733 19 733 897 897 1 17 1 17 Sizing Debt Sizing Debt 19 733 19 733 19 733 19 733 New PMT Hard Soft Cost Hard Contingency Soft Cost Contingency 1 5 1 5 in 2029 will allow for the rent stabilization 5 188 696 DSCR 1 15x Equity Proceeds 3 859 432 Cosmetic 244 737 11 124 14 48 At Closing 244 737 Re Fi Debt Payoff 3 243 685 39 553 99 M2M 296 13 13 0 02 0 02 296 apartment 296 2 887 086 2 887 086 LTC 75 LTC 75 Funded Funded 3 955 399 3 955 399 Management Fee Management Fee 4 5 4 5 The average size 296 is roughly 296 to 296 revert back to free market a significant 464 114 9 282 10 31 At Closing Re Fi 464 114 244 737 244 737 11 124 14 48 Equity 15 000 00Gut0 Absorption 0 Resi Closing Financing Costs Subtotal 244 737 0 0 Payoff 0 34 985 42 0 34 985 42 Gut 0 0 M2M 0 20 028 20 028 20 028 20 028 and 20 028 20 028 in a 910 910 1 18 3 248 766 3 248 766 Debt Yield 1 224 448 7 00 Debt Yield 7 00 Closing Costs ClosingDebt Costs 2 6 0 2 6 8 332 653 2 Months 2 Months 707 square feet and the irregular shaped rare opportunity current state and 1 18 464 114 464 114 9 282 10 31 Equity 2 997 849 Absorption Resi 3 880 991 3 849 448 174 975 227 68 Limited Partner 1 102 003 108 920 86 Retail Comm osts 2 282 609 2 282 609 DSCR 1 15x DSCR 1 15x Equity ProceedsEquity Proceeds 1 227 559 1 227 559 19 381 45 19 381 45 Cosmetic Cosmetic 0 50 Months 0 50 Months building provides significant window light city where destabilization is no longer an 6 21 2021 6 30 2022 6 30 2023 6 30 2024 6 30 2025 6 30 2026 6 30 2027 6 30 2028 6 30 2029 6 30 2030 6 30 2031 Interest Reserve Account Balance 2 221 2 221Payoff 0 3 243 685 0 39 553 99 0 39 553 99 0 027537264 0 0 0 Absorption 0 Retail Comm 0 244 737 179 297 244 737 11 124 11 124 14 48 14 48 At Closing At Closing Re Fi Debt Re Fi Debt 0Payoff 3 243 685 M2M M2M 1 Months 1 Months osts 244 737 to 244 737 244 737 option 9 227 300 8 964 849 199 22 Limited Sponsor ArchitectMonth 108 Fees Unit 2 698 064 122 445 and air exposure allow 244 737 for additional CASH FLOWPartner PRO FORMA At Closing Month 12 Month 24 Month 36 Month 48 Month 60 Month 72 Month 84 Month 96 Month 120 Interest Reserve Account Deductions 0 2 221 0 0 15 000 00 0 15 000 00 Absorption 0 0 0 0 sts Subtotal 244 737 244 737 244 737 244 737 244 737 244 737 11 124 11 124 14 48 14 48 Equity Equity 1 224 448 1 224 448 Resi Absorption Resi 0 Architect Fees Unit 1 Months Sponsor 299 785 ROI Goal1 Months Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8RS Buyout Year 9 Year 10 3 849 448 3 849 448 3 880 991 3 880 991 3 849 448 3 849 448 174 975 174 975 227 68 227 68 Limited Partner Limited Partner 1 102 003 1 102 003 108 920 86 108 920 86 Absorption Retail Comm Absorption Retail Comm 2 Months 2 Months ROI Goal 5 500 UnitBuyout Count 0Multiple TRUE TRUE Unit Distribution Sponsor Sponsor Architect Fees Unit Architect Fees Unit 0 RS 122 445 122 445 5 500 Total Deal Costs 3 880 991 0 14 063 0 00 027537264 0 027537264 0 0 0 0 Gross Residential Revenue 389 295 434 071 447 574 455 739 Rate 464 071 472 571 481 246 490 098 499 133 508 353 Unit Count Multiple 30 00 FAR Allowed e Lot Dimensions ft Lot Size sf Bldg Dimensions ft Building Size sf Stories FAR As Built392 984 Dev Rights sf Assessment 20 21 Millage Projected Taxes Increase 30 00 RS Buyout ROI RS Goal Buyout ROI Goal Vacancy General Vacancy 5 895 5 839 6 511 6 714 6 836 6 961 7 089 7 219 7 351 7 487 7 625 Unit Count Multiple Unit Count Multiple 2 50 2 50 43 33 x 99 92 4 330 43 33 x 99 92 16 907 5 3 9 2 012 709 200 6 714 12 2670 86 998 Reversion Year 3 4 REVERSION Deregulation Threshold Credit Loss 5 895 5 839 6 511 Millage 6 836 6 961 7 219 Increase 7 351 7 487 7 625 edress Lot Dimensions ft Building Lot Size sf Bldg ft Building Size sf Stories FAR Allowed FAR As Built Dev Rights sf Assessment 20 21 Millage Rate Projected 7 089 TaxesIncrease FAR Allowed FAR Allowed Block Lot Block Lot Building Type Lot Dimensions Type Lot ft Dimensions Lot ft Size sf Dimensions Lot Size Bldg sf Dimensions Bldg ft Dimensions Building ft Size sf Building Stories Size sf Sales Proceeds Stories FAR As Built FARDev As Built Rights sf Dev Assessment sf 20 21 Assessment 20 21 Rate Millage Projected Rate Taxes Projected Taxes Vacancy Vacancy 0 00 0 00 5 940 751 Vacancy484 159 Increase 4 330 16 907 0Rights 709 200 86 998 Residential Effective Rent 381 195 377 616 421 049 434 147 12 2670 442 067 450 148 458 394 466 809 475 396 493 102 h Street 2119 54 2119 54 Walk up Walk up 43 33 x 99 92 43 33 x 99 92 4 330 4 330 43 33 x 99 92 43 33 x 99 92 16 907 16 9075 5 3 4 3 4 3 9 3 9 2 012 2 012 709 200 709 200 12 2670 86 998 86 998 Deregulation Threshold Deregulation Threshold 2 733 75 2 733 75 Sales Costs 386 149 25 x 73 15 000 Irreg 45 000 16 907 5 4 0 3 0 15 000 590 140 436 741 12 2670 108 829 Deregulation Threshold Total Effective Gross Revenue 383 639 380 109 423 592 444 713 452 847 461 147 469 617 478 260 487 080 496 082 gs 4 33043 x 85 4 330 16 907 0 0223 326 709 200 709 200 86 998 86 998 Cash Flow Before Debt Service 3 880 991 243 384 262 137 261 394 260 284 258 774 256 831 254 419 251 498 5 802 629 Vacancies due to FM Turnover 590 140 YR 2 Bsmt FM Apt starts to generate rent 15 000 45 000 15 000 108 829 Unlevered Return on Investment Total Fixed Expenses 93 048 93 048 99 289 105 960 113 091 128 864 146 891 156 849 167 497 srojected Insurance Total Fixed Expenses Fuel Water Sewer Utilities Repairs Maintenance Elevator Maintenance Payroll Management Fee Misc OpEx 120 714 Total Variable Expenses 137 576 Total Expenses PropertyRent TaxesStabilized Property Taxes Insurance Insurance Total Fixed Expenses Total Fixed Expenses Fuel Apartments Fuel Water Sewer Water Utilities Sewer Repairs Utilities Maintenance Repairs Maintenance Elevator Maintenance Elevator Maintenance Payroll Payroll Management Fee Management Misc FeeOpEx Misc Total OpEx Variable Expenses Total Variable Total Expenses ExpensesTotal Expenses Free Market Total 7 31 2021 8 31 2021 10 31 2021 11 30 2021 12 31 2021 1 31 2022 9 28 2 28 2022 3 31 2022 4 30 2022 0 36 5 50 0 60 0 94 0 15 0 33 0 00 6 21 2021 0 41 1 02 9 30 2021 0 33 3 78 71 008 63 735 66 858 71 849 73 509 75 210 76 950 78 733 80 558 5 15 5 15 0 36 0 36 5 50 5 50 0 60 0 60 0 94 0 94 0 15 Total Variable Expenses 0 15 0 33 0 33 0 00 0 00 0 41 0 41 1 02 1 02 0 33 68 644 0 33 70 228 3 78 3 78 9 28 9 28 DEBT At Closing Month 12 Month 24 Month 36 Month 48 Month 60 2 904 27 Month 72 Month 84 Month 96 Month 108 Month 120 275 00 4 229 43 275 00 4 229 43 461 10 725 00 115 28 250 00 318 18 250 00 0 784 72 0 784 72 0 0 0 7 133 71 0 0 7 133 71 0 0 0 3 954 43 3 954 43 275 00 4 229 43 461 10Water 461 10 725 00 725 00 115 28 115 28 250 00 250 00Elevator 0 00 0 00 0 00 318 18 318 18 784 72 250 00 250 00 2 904 27 2 904 27 7 133 71 Average Average Average s Insurance Total Fixed Expenses Fuel Sewer Utilities Repairs Maintenance Maintenance Payroll Management Fee Misc Total VariableYear 6 Expenses Total Expenses Year 0 Year 1 Year 2 Year 3 Year 4OpEx Year 5 Year 7 Year 8 Year 9 Year 10 6 050 00 93 047 56 10 144 20 15 950 00 2 536 05 5 500 00 0 00 7 000 00 17 263 77 5 500 00 63 894 02 156 941 58 86 997 56 86 997 56 6 050 00 6 050 00 93 047 56 93 047 56 10 144 20 10 144 20 15 950 00 15 950 00 2 536 05 2 536 05 5 500 00 5 500 00 0 00 0 00 7 000 00 7 000 00 17 263 77 17 263 77 5 500 00 5 500 00 63 894 02 63 894 02 156 941 58 156 941 58 Total Expenses 164 056 156 783 166 146 174 604 183 319 192 563 202 373 212 786 223 841 235 582 248 056 Monthly Rent Monthly Rent Monthly Rent Expense Ratio 0 28 42 76 41 25 39 22 0 85 39 98 41 22 42 52 43 88 45 31 7 08 46 80 48 37 50 00 0 75 3 17 1 15 0 81 0 07 0 00 0 53 0 22 3 91 Unlevered Cash Flow 3 880 991 223 326 243 384 262 137 261 394 260 284 258 774 256 831 254 419 251 498 5 802 629 Units Units 675 00 725 00 63 00 250 00 0 00 480 00 5 75 763 18 200 00 6 367 76 6 27 6 75 63 894 02 6 74 63 894 02 6 71 3 516 18 6 67 6 62 6 56 6 48 6 39 Rent 1 035 00 Sq 93 047 56 Ft Rent Sq Ft Size Sq Ft Rent 6 050 00 Sq 2 851 58 Ft h Street22 86 997 56 22 86 997 56 6 050 00 93 047 56 10 144 20 10 144 20 15 950 00 15 950 00 2 536 05 Net Operating Income 2 536 05 5 500 00 5 500 00 7 000 00 7 000 00 17 263 77 257 446 17 263 77 5 500 00 156 941 58 156 941 58 219 584 223 326 262 137 5 500 00 261 394 260 284 258 774 256 831 254 419 251 498 248 026 Equity Investment 142 579 00 3 150 00 12 500 00 38 158 96 175 808 96 318 387 96 6 050 00 93 047 56 6 050 93 048 51 750 00 10 144 20 15 950 00 2 536 05 5 500 00 7 000 00 17 263 77 5 500 00 63 894 02 156 941 58 22418 33 750 00 86 998 22 86 998 6 050 93 048 10 144 36 250 00 10 144 15 950 15 950 2 536 2 536 5 500 5 500 0 0 00 1 224 448 0 7 000 24 000 00 7 000 17 264 17 264 5 5006 81 5 500 10 000 00 63 894 63 894 156 942 156 942 42 76 42 76 6 79 6 76 6 72 6 67 6 61 6 53 6 44 Mortgage Balance 2 625 000 6 050 0 93 048 10 144 15 950 2 536 0 7 000 17 264 5 500 156 942 0 00 42 76 nses 0 0 0 0 0 0 0 0 0 0 0 5 500 0 0 0 0 0 0 0 0 0 0 0 0 0 63 894 0 0 00 Acquisition Costs Debt Service 85 313 137 090 137 090 137 090 137 090 137 090 137 090 137 090 0 0 0 0 0 0 0 85 313 0 0 0 0 137 090 0 00 Acquisition 0 3 500 000 Type Per SF Price Per SF I O I O to MarketAmortizing Amortizing Amortizing Amortizing Amortizing Amortizing Amortizing Amortizing ons Price Per MonthPrice Per Month Price Discount to Market Discount 33 750 00 142 579 00 51 750 00 36 250 00 3 150 00 12 500 00 24 000 00 38 158 96 10 000 00 175 808 96 318 387 96 Acquisition Cost Subtotal 3 500 000 Average DSCR 2 62x 3 02x 1 27x M2M Only1 27x 1 26x 1 25x 1 24x 1 23x 1 22x 1 20x Average Studio Studio 1 Bed 1 Bed 2 BedAverage 2 Bed 3 Bed 3 Bed 4 Bed 4 Bed 5 Bed 5 Bed RET RET COMM COMMOther Other Cosmetic Cosmetic M2M Only 33 750 142 579 2 150 00 2 750 00 36 250 3 150 24 000 38 159 175 809 37 35 Price Per 12 500 SF Discount to 0 Market Debt Yield 8 37 0 8 51 9 81 9 99 9 96 9 92 9 86 318 388 9 78 9 69 9 58 Monthly Rent Monthly 51 750 Rent Monthly Rent 1 750 00 1 750 00 2 150 00 2 750 00 3 200 00 3 200 00 3 800 00 3 800 00 135 00 135 00 55 00 0 55 00 55 00 55 00 0 0 10 000 hhStreet Hard Costs 0 0Cosmetic 0 0 0Only 0 0 0 0 0 Months of Amortization at Reversion 96 0 0 0 0 0 0 0 0 0 00 1 0 Bed 2 0 Bed 3 0 Bed 4 0 Bed 5 0 Bed RET COMM Other M2M Unit Renovations Subtotal 0 23 345 13 393 ges Balloon Debt Payment No Refi 0 0 0 00 0 0 0 0 0 0 Price Per MonthPrice Per Month Price Per 135 00 SF Price Per SF Size Sq Ft 2 150 00 3 800 00 55 00 55 00 0 Rent Sq 2 750 00 Ft Rent 3 200 00 Sq Ft Rent Sq Ft 0 627 Studio Studio 1 Bed 1 Bed 2 Bed 2 Bed 3 Bed 3 Bed 4 Bed 4 Bed 5 Bed 5 Bed RET RET COMM COMMOther Other Interest 85 313 85 313 206 570 206 570 206 570 206 570 206 570 206 570 206 570 206 570 h Price Per SF Discount to Market ACQUISITION ANALYSIS Portfolio Snapshot Capital Improvements Senior Debt Payoff Refi 0 2 625 000 0 0 0 0 0 0 0 0 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed RET COMM Other 78 818 Cosmetic M2M Only Price Per SF Street Deal Name Capital Improvements Subtotal 0 670 0 523 West 0 160th 0 0 0 0 Buildings 0 0 Re Finance 1B 3 000 00 3 800 00 55 00 55 00 0 0 lace Rents 1 950 00 Price Per MonthPrice Per Month 2 500 00 Price Per 135 00 SF Price Per SF 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed RET COMM Other Re Finance Debt Funded 0 3 955 399 0 0 0 0 0 0 0 0 Average Average Average Total Units 3 21 2021 2 Studio Studio 1 Bed 1 Bed 2 Bed 3 Bed 3 BedRent 4 Bed 4 Bed 5 Bed Analysis 5 Bed Date RET RET COMM COMM0 Other Other 0 0 0 0 0 0 0 0 0 3 243 685 Re Finance Debt Payoff Hard Cost Subtotal 102 163 14 063 0 Monthly Rent2 Bed Monthly Monthly Rent 1 725 32 1 725 32 2 690 00 2 690 00 2 188 58 2 188 58 0 00 0 00 0 00 0 00 0 00 Closing 0 00Date 0 00 0 00 0 00 0 00 0 00 0 000 Re Finance Fee 102 840 0 0 0 0 0 0 0 0 Residential 6 21 2021 Price Per SF Estimated Equity Cash Flow 138 014 1 387 851 55 567 54 825 53 714 52 204 50 261 47 849 44 928 2 352 374 Soft Costs 4 Bed 5 Bed RET Other Rent Sq3FtBed Rent Sq Ft Price Per SF Ret Comm Other Reversion Date Estimated COMM 1 224 448 6 30 2031 Rent Sq Ft2 Bed Size Sq Ft 1 Bed Cash On Cash 11 27 14 06 1786 35 1762 48 1726 78 1678 24 1615 78 1538 22 1444 32 1332 73 Soft Cost Subtotal 0 20 028 0 0 0 0 0 0 0 0 0 836 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed RET COMM Other IRR Period Total SF As Built28 75 Hold 10 0 Years 1 2 690 00 2 188 58 0 00 0 00 0 00 0 00 0 00 0 00 Equity Multiple 3 46x Hard Soft Cost Subtotal 0 6 30 2027 122 192 6 30 2030 14 063 6 30 2031 0 0 0 0 0 Total SF Buildable 0 0 15 Pref Rents with 6 21 2021 6 30 2022 6 30 2023 6 30 2024 6 30 2025 6 30 2026 6 30 2028 6 30 2029 6 30 2030 0 6 30 2031 6 21 2021 6 30 2022 6 30 2023 6 30 2024 6 30 2025 6 30 2026 6 30 2027 6 30 2028 6 30 2029 1 Significant Arbitrage in Price Per SFMonth 48 Hard Soft Cost Reserve Balance 104 711 17 481 Month 108 31 544 Month 120 31 544 31 544 31 544 31 544 31 544 31 544 31 544 31 544 CASH FLOW PRO FORMA CASH FLOW PRO FORMA At Closing Month 12 Month 24 Month 36 Month 48 Month 60 Month 72 Month 84 Month 96 Month 108 Month 120 At Closing Month 12 Month 24 Month 36 Month 60 Month 72 Month 84 Month 96 5 659 mo of rent current market Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 0 Year 1 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 1 Bed 2 Bed rents 3 Bed 4 Bed Year 0 5 Year 2 Bed RET COMM Other arbitrage Closing Financing Costs Subtotal 0 0 0 0 0 0 0 0 0 1 770 07 1 850 00 1 929 84 0 00 0 00 0 00 0 00 244 737 0 00 0 Returns Summary Total SF As Built SF Buildable Total SF Buildable 10 0 Years 523 Price Per Unit per SF Price per SF 45 000 16 907 60 000 283 399 346 315 Year 0 Year 1 West 160th Street Border of Washington Hamilton Heights Year 2 Total Uses Sources Uses Year 3 389 295 Acquisition 434 071Costs 447 574 Acquisition Costs 5 839 Hard 6 511 Costs 6 714 6 511 6 714 HardCosts Costs TRUE 5 839 Soft 377 616 421 049 434 147 Sources Uses Sources Uses TRUE Soft Costs FALSE Closing Financing Costs 380 109 Sources423 592 436 741 Sources FALSE Closing Financing Costs TRUE Total Uses Senior Loan Senior Loan TRUE Uses LP Equity LP Equity 93 048 Total 99 289 105 960 GP Equity GP EquitySplit Waterfall Equity Total 63 735 Sources Total Sources 68 644 Equity 66 858 Split Waterfall Uses 0 Uses 0 0 Equity Split Up to Acquisition Costs Acquisition Costs 156 783 166 146 174 604 Hard Costs 41 25 Hard Costs 39 22 Up to 39 98 TRUE Soft Costs Soft Costs Up to FALSE Closing Financing Closing Financing Costs 223 326 257 446 Up toCosts262 137 Over TRUE Total Uses Total Uses 6 81 Gross Residential Revenue 392 984 Checks General Vacancy 5 895 Credit Loss Checks FALSE 5 895 Renovations Residential Effective Rent 381 195 Deal Exit Deal Exit FALSE Renovations TRUE Rent Roll Proforma Month Month Total Effective Gross Revenue 383 639 120 TRUE 120 Rent Roll Proforma Total DealGross CostSale Price 5 843 353 Gross Sale Price 5 843 353 Total Deal Cost Total 0 4 175 Exit Cap Exit Cap 4 175 TRUE Total Fixed Expenses 93 048 Total 0 6 50 Sales Costs Sales Costs 6 50 pref Price Recapture Per Unit Price Per Unit rents 265 607 265 607 Total Variable Expenses 71 008 Price per SF Price per SF 346 346 Year 4 455 739 6 836 6 836 442 067 444 713 2 625 000 1 102 003 113 091 122 445 3 849 448 70 228 0 8 00 3 500 000 183 319 8 00 84 682 41 22 20 028 8 00 244 737 261 394 8 00 3 849 448 6 79 Year 5 464 071 6 961 6 961 450 148 452 847 2 625 000 1 102 003 120 714 122 445 3 849 448 71 849 0 3 500 000 192 563 84 682 42 52 20 028 244 737 260 284 3 849 448 6 76 90 LP 10 gp Equity Requirement 30 Promote over 8 rEturn to LP 70 000 4 032 2 Acquisition Fee 5 CM Fees 25 33 Return within 24 Months 100 Equity Repatriation from Refi 63 829 Addl LP Equity Pulled at Refi 20 Studio 1 Beds 2 Beds 1 10 8 Studio 0 Pref Studios 0 Month Arbitrage 1 Beds 6 Pref 1 Beds 331 Month Arbitrage 2 Beds 6 Pref 3 Beds 612 Month Arbitrage 1 1 725 50 1 623 31 1 647 24 0 0 1 21 1 0 0 0 0 0 0 10 9 Gross Residential Revenue Gross Residential Revenue General Vacancy General Vacancy Credit Loss Credit Loss Residential Effective Rent Residential Effective Rent 1 850 Month Total Effective Gross Revenue Total Effective Gross Revenue 56 Sq Ft Fixed Expenses Fixed Expenses Property Taxes Property Taxes Insurance Insurance Total Fixed Expenses Total Fixed Expenses Variable Expenses Variable Expenses 2 400 Month Fuel Fuel Water Sewer Water Sewer 45 Sq Ft Common Area UtilitiesCommon Area Utilities Repairs MaintenanceRepairs Maintenance Elevator Maintenance Elevator Maintenance Salaries Salaries Total Management FeeTotal Management Fee Miscellaneous OpEx Miscellaneous OpEx 2 925 Month Total Variable Expenses Total Variable Expenses Total Expenses 44 Sq Ft Expense Ratio Total Expenses Expense Ratio Net Operating IncomeNet Operating Income 1 725 50 1 623 31 1 647 24 392 984 5 895 5 895 381 195 383 639 872 489 389 295 13 087 5 839 8 725 5 839 377 616 850 677 380 109 850 677 859 857 434 071 12 898 6 511 8 599 6 511 421 049 838 360 423 592 838 360 86 998 6 050 93 048 86 998 108 829 6 050 33 750 93 048 142 579 93 087 108 829 6 201 33 750 99 289 142 579 164 056 42 76 10 144 51 750 15 950 51 000 2 536 4 800 5 500 12 500 00 7 000 24 000 17 105 38 159 5 500 10 000 63 735 192 209 0 156 783 334 788 41 25 39 36 10 398 51 750 16 349 36 250 2 599 3 150 5 638 12 500 00 7 175 24 000 19 062 37 726 5 638 10 000 66 858 175 376 00 166 146 317 955 39 22 37 93 219 584 223 326 515 889 257 446 520 405 10 144 22 000 3 600 5 500 0 7 000 17 264 5 500 71 008 Interest Reserve Account Balance 9 611 10 454 10 663 6 714 6 836 6 961 Interest Reserve Account Deductions 434 147 442 067 450 148 937 096 1 019 281 1 039 686 961 124 447 574 14 417 6 714 1 045 416 455 739 15 681 6 836 452 847 1 039 686 1 087 745 472 571 16 316 7 089 10 877 7 089 458 394 1 060 552 461 147 1 060 552 114 036 133 320 6 678 36 345 120 714 169 665 122 019 142 653 6 845 37 254 128 864 179 906 Deal 436 741 444 713 937 096 1 019 281 Limited Partner Total Deal Costs Sponsor 99 604 106 576 116 447 124 598 Reversion Year 6 356 34 594 Sales Proceeds 105 960 151 041 Sales Costs 6 515 35 459 113 091 160 057 Pricing Analysis Cash Flow Before Debt Service 1 066 345 464 071 15 995 6 961 16 757 37 156 17 176 38 085 5 778 5 923 10 250 10 506 Unlevered Cash Flow 68 644 183 261 70 228 190 486 0 0 0 0 Budget Equity Investment 174 604 183 319 334 301 350 543 Mortgage Balance 39 98 41 22 35 67 34 39 Debt Service Acquisition Costs 262 137 261 394 602 795 668 738 Type 6 81 DSCR 6 79 7 49 466 809 1 081 888 469 617 1 081 888 1 132 007 490 098 16 980 7 351 2 221 11 320 7 351 0 475 396 1 103 707 478 260 1 103 707 130 560 152 638 7 016 38 185 137 576 190 823 7 192 39 140 146 891 202 463 3 880 991 90 00 0 10 00 139 699 163 323 2 71x LP Multiple 10 Yrs 25 29 10 658 10 924 11 197 53 044 54 370 55 729 Unlevered Return on Investment 2 664 2 731 3 229 Price 3 309 Asking 5 778 5 923 12 813 13 133 DEBT 0 0 Recent 0 0Offer Most 7 354 7 538 24 600 25 215 Analysis Price 19 653 20 012 42 169 45 868 1 109 628 481 246 16 644 7 219 2 221 11 096 7 219 17 606 39 037 2 799 3 392 6 071 13 461 0 0 7 727 25 845 20 378 46 786 6 071 10 769 71 849 195 020 0 0 192 563 364 685 42 52 35 08 260 284 675 001 6 76 7 56 3 880 991 223 326 1 154 893 499 133 1 178 300 508 353 1 202 240 17 323 17 675 18 034 7 487 7 625 Equity Investment 0 12 022 11 549 0 11 783 7 487 7 625 2 221 493 102 0 1 172 184 484 159 1 126 021 1 148 843 1 224 448 487 080 496 082 1 126 021 1 148 843 1 172 184 1 102 003 14 063 0 122 445 149 478 159 941 174 756 186 988 200 078 7 371 40 118 156 849 214 874 7 556 41 121 167 497 228 110 243 384 42 149 242 227 262 137 12 360 12 669 60 014 61 514 63 052 Total 12 058 Price Discount to Ask 64 629 18 960 19 434 19 919 42 039 43 090 44 167 45 271 3 015 3 090 3 167 3 653 3 744 0 00 3 838 3 934 4 500 000 7 31 2021 8 31 2021 6 538 6 701 6 869 14 496 14 859 15 230 9 30 2021 15 611 0 0 0 0 Month 24 Month 12 0 0 Month 36 0 Year 1 8 321 8 529 27 833 28 528 Year 2 8 742 29 242 Year 3 29 973 3 500 000 21 522 21 919 22 324 49 667 50 671 22 22 51 698 52 748 11 477 11 764 57 122 58 550 18 046 18 497 40 013 41 014 2 869 2 941 3 477 3 564 6 21 2021 6 223 6 378 13 798 14 143 At Closing 0 0 0 0 Year 0 7 920 8 118 26 492 27 154 20 752 21 133 47 725 48 685 6 223 6 378 11 038 3 880 991 11 314 73 509 75 210 199 665 204 423 0 0 0 0 1 224 448 202 373 212 786 379 571 395 247 43 88 45 31 35 79 2 625 000 36 53 6 538 6 701 11 597 11 887 12 184 262 137 12 489 223 326 243 384 6 869 76 950 78 733 80 558 209 299 219 411 224 654 5 75 214 294 6 27 6 75 0 0 00 00 0 223 841 235 582 248 056 411 761 429 167 447 521 466 881 46 80 48 37 50 00 37 31 38 11 38 95 39 83 258 774 680 981 6 72 7 62 254 419 691 946 I O 6 61 7 75 2 62x LP10 YR IRR 256 831 686 641 6 67 7 69 85 313 85 313 137 090 Total Budget 251 498 696 854 I O 248 026 701 322 Amortizing 705 303 6 53 7 80 3 02x 6 44 7 85 1 27x 7 90 Total Profit 0 0 2 905 792 1 880 281 0 1 025 511 0 0 0 0 0 0 XIRR0 0 28 98 25 29 0 48 47 Equity Multiple0 0 0 0 3 37x 0 2 71x 0 9 38x REVERSION 0 0 0 5 940 751 261 394 Cap Rate 5 04 11 30 2021 10 31 2021 Month 48Month 60 Year 4 Year 5 6 48 261 394 6 74 0 Fees for Asset 386 149 1 025 511 GP Profit 10 Yrs 70 000 203 858 260 284 260 284 6 71 137 090 137 090 Up FrontAmortizing Amortizing 1 27x 1 26x 258 774 256 831 254 419 Month 84 Year 7 Month 96 Year 8 256 831 6 62 254 419 6 56 Stabilized Yield On Cost N A 12 31 2021 1 31 2022 2 28 2022 Month 72 Year 6 6 84 258 774 6 67 Acq Fee 137 090 Per Amortizing 1 25x 137 090 Building Amortizing 1 24x 251 498 5 802 629 251 498 6 48 5 802 629 6 39 PerManagement Building Fee P Disposition Fee and or 2 4 500 000 3 31 2022 4 30 2022 Month 108 Month 120 Refinance Fee taken Year 9 Year 10 3 500 000 1 MGMT Fees 10 YRs 137 090 Amortizing 1 23x 137 090 137 090 Per Unit Amortizing Amortizing 1 22x 1 20x Per