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Tampa Bay Property ReportPrepared Exclusively for Largo CapitalDecember 22, 2021

Max Downing I Tampa Bay Property ReportPosted by: Max DowningDate: December 22, 2021The purpose of this report is to discuss some of the critical developments and properties under contractacross multifamily, hotels, and mixed-use assets in Tampa, Florida. The area has seen extensiverevitalization and tremendous economic growth as the commercial real estate market has strengthenedagainst the overall U.S. market.Additionally, multifamily properties are experiencing faster rent growth than nationally, new leasingvolume is rising quickly on office space, and commercial transactions will be picking up in 2022 asCOVID subsides, businesses operate at a higher capacity, and for the hotel industry, as personal andbusiness travel increases. Therefore, I want to capitalize on these circumstances and develop newbusiness for Largo Capital.New Key Projects & Developers by Asset ClassHere are just a few projects with the potential for refinancing with Largo Capital. Based on their forwardstatements, the developers of these projects plan to invest billions of dollars in Florida real estate overthe coming years, contributing to Largo's future business after we secure these initial opportunities.1. MultifamilyTampa had 18,847 multifamily units under construction as of September 2020, with some of thelargest new assets including:■ Altis Grand [449 units]The Altman Companies has recently broken groundon the 449 unit project, Altis Grand, with the firstunits expected to be available in 2023. PNC Bankprovided the original financing, with RockpointGroup investing equity capital.The Altman Companies have developed fivecommunities in the Tampa market and opened AltisMiramar in Miramar, FL, and Altis Ludlam Trailin Miami.■ Reign Living [126 units]This $70 million project is being built by Western New York developer Gordon Reger, who ownsand runs Reger Holdings LLC, to meet the area's demand for student housing shortages.Reger recently completed another Reign Living project in Columbia, SC, with the same numberof units. They built a mixed-use 89-unit luxury condo project in Portland, Maine, and havePage 1

several ventures in Austin, TX, on the way totaling over $1 billion when all is said and done. IfReger Holdings is not already a client of Largo, this will be one of the first clients I contact as apotential prospect.2. HotelsHere are some of the major hotel projects and developers contributing to the development of 1,500new hotel rooms with recent renovations to 1,000 more:■ Edition Hotel [173 rooms]Opening in the Spring 2022 and located in the heart of Water Street Tampa district, the Editionproject will be the city’s first five-star hotel. Strategic Property Partners are developing theproject. Strategic Property Partners is a partnership between Bill Gates' Cascade InvestmentsLLC and Tampa Bay Lightning Owner Jeff Vinik.■ Hotel Haya [178 rooms]Hotel Haya opened in September 2020 and was developed by Aparium Hotel Group in Tampa’sYbor City.■ Hotel Alba [222 rooms]Hotel Alba recently underwent an $11.3 million renovation and is part of Sotherly Hotels’collection of boutique properties. Sotherly is a self-managed lodging REIT focused on acquiring,renovating, branding, and repositioning upscale full-service hotels in the Southern US.Sotherly’s current portfolio consists of investments in 12 hotel properties comprising 3,156rooms, and most of their properties operate under the Hilton Worldwide, Hyatt Hotels, andMarriott International Inc. brands.■ Home2Suites & Hampton Inn [213 rooms]Noble Investment Group acquired the Hampton Inn and Home2Suites in July 2021, located inTampa’s rapidly growing downtown Channel District. Noble Investment Group is aminority-owned real estate investment group specializing in the upscale U.S. lodging sector.They have invested more than $4 billion in communities throughout the country.3. Mixed-Use■ Legacy Encore [228 units]This recently opened asset is located within a $3 billion redevelopment in downtown Tampa bynational real estate firm Legacy Partners and alternative asset manager Griffin Capital.This property is part of Encore, the Tampa Housing Authority’s $3 billion, 40-acre mixed-useredevelopment. The Encore is Leadership in Energy and Environmental Design [LEED] certifiedand features senior, workforce, and luxury housing options.Page 2

■ Artistry [246 units]Avanti Residential has recently acquired the 246-unit Artistry in St. Petersburg, FL, for $92million. Milhaus Development built the asset in 2020, and Newmark represented the seller.With this purchase, Avanti has invested more than $300 million into Florida multifamily assetsthis year. In August, the company acquired 341 units in Boynton Beach and 226 units outsideMiami for $102.5 million in October.■ Novel Midtown [390 units]The $500 million Novel Midtown project opened earlier in 2021 and was developed by CrescentCommunities. Crescent’s development portfolio includes more than 57 multifamily communities,20 million square feet of commercial space, and 60 single family master-planned communities.Projects Under ContractBelow is a list of smaller multifamily properties recently placed under contract in Tampa and St.Petersburg that could be immediate financing prospects for Largo over the coming weeks with a totalcombined value of about $20 million and 165 total units:■ Casa De La Rosa [62 units]Casa De La Rosa is a multifamily property located in St. Petersburg, FL, and currently undercontract for around $9 million.■ Evergreen Manor Apartments [40 units]Evergreen Manor Apartments is a 40 unit apartment complex currently under contract for $3.6million.■ Friendship Palms [24 units]Friendship Palms is a 24 unit multifamily community located in Tampa, Florida, about 5 minutesfrom Tampa’s Seminole Heights District.■ Lawtone Apartments [17 units]The Lawtone Apartments are recently under contract for $3.84 million and are located in theheart of Downtown St. Petersburg.■ Karin Court [16 units]Karin Court is a 16 unit multifamily property located in Tampa, FL, near the Innovation AllianceDistrict of Tampa, surrounded by over 74,000 jobs, 4,100 companies, and over $1 billion innearby developments. The acquisition price is $2,550,000, or $159k per unit.■ Phillips Street Apartments [6 units]Phillips Street Apartments is a 6 unit multifamily property located in Tampa, FL, about 10minutes Northeast of Downtown Tampa. The property is currently under contract at anacquisition price of $1.07 million.Page 3