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1 6 12 Transactions including 15 Buildings Acquired 1 A 4 7 1 258 Wadsworth Avenue manhattan new york 10033 5 A Building Size 3 2 1 A of Apartments of Stories 45 175 Sq Ft 49 Super s 5 Bsmt Purchase Price Price Per Sq Ft Cap Rate Unlevered 6 projects completed C 1 A 196 Units Repositioned with 41 under construction C 1 8 7 956 000 176 6 47 A C B D 258 Wadsworth Sales Metrics 2021 Sales comps Washingthon Heights Gross Rent Mult 9 15x GRM Acquisition Gross Rent Mult 13 46x Market GRM Cap Rate 6 47 Acquisition Cap Rate 4 46 Market Cap Rate Price Sq Ft 177 Sq Ft Acquisition Price Sq Ft 213 Market Sq Ft Price Unit 159 120 Unit Acquisition Price Unit 182 301 Market Unit 1 258 Wadsworth Avenue Manhattan 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 Significant Area Upside From Ariel Property Advisors 1H21 Northern Manhattan Sales Report Prime Washington Heights Below replacement Cost 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

SF As Built Total SF Buildable Total SF Buildable 10 0 Years 258 ent Total Profit Total Profit 7 533 287 7 533 287 4 745 971 4 745 971 2 787 316 2 787 316 SIS ent XIRR XIRR 34 26 Equity Multiple Portfolio Snapshot Portfolio Snapshot Equity Multiple 3 51x Buildings 1 Buildings 3 51xBuildings 2 76x Total Units Total Units 50 Units 2 76x Residential Residential 10 30x 49 10 30x Ret Comm Other Ret Comm Other1 Wadsworth Avenue Washington Heights 258 Wadsworth258 Avenue Wadsworth Avenue 34 26 27 85 5 19 2021 5 19 2021 27 85 77 20 8 19 2021 8 19 2021 77 20 8 31 2031 8 31 2031 10 0 Years 10 0 Years Per SF Unit Price per Price per SF 45 000 60 000 60 000 1 Buildings 50 Units 49 1 45 000 60 000 283 399 315 315 Gross Residential Revenue Checks General Vacancy Checks Renovations Credit Loss Deal Exit Deal Exit Residential Effective Rent Renovations Rent Roll Proforma Month Month Total Effective Gross Revenue Rent Roll Proforma Total Deal Cost FALSE Year 0 Year 1 FALSE TRUE Opportunity to Increase Net Income 120 TRUE Year 2 Total Uses Sources Uses Year 3 Year 4 859 857 Acquisition 961 124Costs 1 045 416 Costs 15 681 Hard Costs 12 898 Acquisition 14 417 Costs TRUE 8 599 Hard Soft Costs 9 611 10 454 Sources Uses Sources Uses 838 360 Soft 937 096 TRUE Costs FALSE Closing Financing1 019 281 Costs Sources Sources 838 360 937 096 1 019 281 FALSE Closing Financing Costs TRUE Total Uses 872 489 13 087 8 725 850 677 120 850 677 Gross Sale Price Gross Sale Price 14 169 958 14 169 958 DealExit Cost 0 5 00 ExitTotal Cap Total Cap 5 00 TRUE Total Fixed Expenses 142 579 Total 0 6 00 Sales Costs Sales Costs 6 00 Increase pref rents Price Per Unit Price Per Unit 283 399 283 399 Total Variable Expenses 192 209 Price per SF Price per SF 315 315 Senior Loan TRUE LP Equity Senior Loan Year 5 1 066 345 15 995 10 663 1 039 686 1 039 686 5 967 000 Year 6 8 964 849 7 956 000 Year 7 Year 8 Year 9 3Year 10 4 Bed 4 Bed 5 1 087 745 1 109 628 1 132 007 1 154 893 1 178 300 1 202 240 5RET Bed 295 026 16 316 7 956 000 16 644 16 980 17 323 17 675 18 034 RET 295 026 COMM 249 709 10 877 11 096 11 320 11 549 11 783 12 022 Renovation Cost Renovation Assumptions Cost Assumptions 1 060 552 464 114 1 081 888 1 103 707 1 126 021 1 148 843 1 172 184 COMM 249 709 OTHER Gut Reno Cosmetic RenoCosmetic Re Gut Reno 1 060 552 8 964 849 1 081 888 1 103 707 1 126 021 1 148 843 1 172 184 OTHER 464 114 90 LP 10 gp Equity Requirement 30 Promote over 8 rEturn to LP Studio 5 967 000 Studio 25 000 10 000 25 000 10 000 Total Uses 8 964 849 Income Expense Growth Assumption 1 Bed 1 Bed 2 698 064 30 000 11 500 2 698 064 30 000 11 500 142 579 LP Equity 151 041 160 057 169 665 179 906 190 823 202 463 214 874 228 110 242 227 Income Expense Growth 2 Bed 2 Bed GP Equity 299 785 35 000 13 000 Assumption ted GP EquitySplit Waterfall 299 785 35 000 13 000 Equity Free Market Total SF As Built 3 Bed Total SF As Built 3 Bed 45 000 Total Sources Total Sources Waterfall 8 964 849 40 000 14 500 8 964 849 40 000 14 500 Free Market 183 261 190 486 195 020 199 665 204 423 209 299 214 294 219 411 224 654 175 376 Equity Split Rent Stabilized Total SF Buildable 4 Bed Total SF Buildable 4 Bed 60 000 Uses 45 000 16 000 Uses 45 000 16 000 0 0 Up to 0 0 0 0 0 0 Rent Controlled 0 0 Equity Split Stabilized sk Cap Rate Stabilized Yield On Cost Per Building Per Unit Per Gross SF GRM 8 00 10 00 5 Bed 5 Bed 7 956 000 7 956 000 50 000 17 500 50 000 17 500 Acquisition Costs Acquisition Costs Establish increased Legal RS rents 317 955 334 301 350 543 364 685 379 571 395 247 411 761 429 167 447 521 466 881 Total Expenses 334 788 sk Cap Rate Stabilized N A Yield On Cost Per Building Per Unit Per Gross 8 00 10 00 Rent Controlled 6 21 8 600 000 172 000 191 SF Checks GRM 9 89Checks Up to Retail RET RET Hard Costs 295 026 30 25 Hard Costs 295 026 30 25 Expense Ratio 39 36 37 93 35 67 34 39 35 08 35 79 36 53 37 31 38 11 38 95 39 83 FALSETRUE TRUE COMM COMM Equity Investment Equity Total Profit Renovations FALSE Soft Costs 249 709 20 15 Renovations Soft Costs 249 709 20 15 6 21 N A Total Profit XIRR 8 600 000 172 000 191 9 89 Up to Retail Commercial Investment XIRR Equity MultipleEquity Multiple 0 00 2 997 849 7 533 287 34 26 34 26 3 51x TRUE FALSE OTHER 2 997 849 7 533 287 3 51x TRUE FALSE OTHER Rent Roll Proforma Closing Financing Costs 464 114 5 5 Rent Roll Proforma Closing Financing Costs 464 114 5 Recapture 3 600 Sq Ft of Bsmt Space Commercial 0 00 to 668 738 6 71 7 40 4 745 971 27 85 7 956 000 159 120 177 9 15 Over 8 00 30 00 520 405 602 795Up 675 001 680 981 686 641 691 946 696 854Other 701 322 705 303 Net Operating Income 515 889 2 698 064 27 85 2 76x TRUE TRUE 2 698 064 4 745 971 2 76x TRUE 90 00 Total Uses 8 964 849 90 00 Total Deal CostTotal Deal CostTRUE Total Uses 8 964 849 Other 6 71 7 40 2 787 316 77 20 7 956 000 159 120 177 9 15 Over 8 00 30 00 7 49 7 56 7 62 7 69 7 75 7 80 7 85 7 90 Tax Reimbursement 77 20 10 30x Total 0 Income Expense Growth Assumptions 2 787 316 10 30x Total 0 Income Expense Growth Assumptions 10 00 299 785 10 00 299 785 Acquisition Costs Tax Reimbursement Debt Increase Equity FM rents Re Finance Reimbursement Growth Equity Split Waterfall FM 3 00 Equity Split Waterfall Free Market Free Market FM 3 00 Acquisition 7 956 000 Equity Split Equity Split Re Fi RS 1 50 Rent Stabilized Rent Stabilized RS 1 50 Debt Equity Re Finance Existing Mortgage 2 350 000 00 Yes Operating Exp Reimbursement Growth 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 10 00 Rent Controlled RC 0 00 Up to 8 00 10 00 Rent Controlled RC 0 00 Acquisition Cost Subtotal 7 956 000 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 8 600 000 0 00 6 21 6 21 N A 8 600 000 0 00 N A 8 600 000 172 000 191 9 89 9 89 Storage Income Up to Retail RET 3 00 8 600 000 172 000 191 Up to Retail RET 3 00 Laundry Up Front Per Building Per Unit Per 176 80 Gross SF Actual Timing Year 2 24 00 Inflation 7 956 000 159 120 SeniorEstablish Loan 5 967 000 Sr Debt Bal 5 967 000 Real Estate Taxes COMM 7 956 000 Commercial Commercial 0 00 3 00 0 00 COMM 3 00 Hard Costs 0 3 Up to 1Up to 0 0 0 0 0 0 0 0 Senior Loan 5 967 000 Sr Debt Bal 5 967 000 Real Estate Taxes 7 956 000 7 956 000 159 120 176 80 LTV 75 00 NOI for Sizing 668 672 CM Fee of Hard Costs 258 Wadsworth Avenue is 6 71 a 5 story 6 71 The average apartment size is roughly Other Other 7 956 000 7 49 7 40 7 956 000 7 956 000 159 120 177 9 15 9 15 Over 8 00 8 00 30 00 30 00 OTHER 2 00 7 956 000 7 49 7 40 159 120 177 Over OTHER 2 00 Unit Renovations Subtotal 0 192 343 144 480 0 0 0 0 0 0 0 0 Basement walk up 800 square feet and the irregular shaped Energy Efficiency 7 956 00045 175 square foot 7 956 000 159 120 176 80 LTV Optimize 75 00 NOI for Sizing 668 672 CM Fee Fee of Hard Costs Tax Reimbursement No Tax Reimbursement No Interest Rate 3 50 5 00 Constant Acquistion 0 building located in Washington Heights building provides light Re Finance Debt Rate Equity Debt Equity Re Finance Constant GrowthAcquistion REIMB 2 00 ReimbursementReimbursement Growth REIMB 2 00 Interest 3 50 5 00 Fee 86 869 1 737 significant window 1 93 336 823 Term Months 120 13 373 430 69 LTV 75 Valuation Capital Improvements 0 Manhattan on Wadsworth Avenue and air exposure to allow for additional 2 350 000 00 2 350 000 00 Re Fi Re Fi Yes Yes Operating Exp Operating Exp Existing Mortgage Existing Mortgage 2 50 2 50 OpEx OpEx 86 869 1 737 1 93 336 823 Term Months 120 13 373 430 69 LTV 75 Valuation 0 0 0 0 0 GeneralHard 0 Cost 0Cost Capital Improvements Subtotal 213 431 DSCR 4 163 4 63 Assumptions Min 1 23x 220 655 Months Remove DEP W SActual from 360 Frontage TotalW Budget Up 208 157 Front FrontPer Building Per Building Per Unit Per Gross SF Per Gross SF Amortization Actual0 between 186th Total WBudget 187th Street Up The future bedroom count Per Unit Timing Timing 7 224 Year 2 0 Year 2 24 00 24 00 Inflation Inflation Hard 1 50 1 50 208 157 7 956 000 7 956 000 5 901 4 163 4 63 General Vacancy Assumptions 557 478 295 026 6 56 220 655 Amortization 360 5 967 000 DSCR 1 23x Interest Only Months Period 24 Months General 7 956 000 159 120 159 120 176 80 176 80 Senior Loan Senior Loan 5 967 000 Sr Debt Bal Rate Sr Debt Min Bal 5 967 000 5 967 0003 50 Real Estate Taxes Real Estate Taxes RE Tax RE 7 00 Tax 7 00 7 956 000 7 956 000 7 956 000 building is comprised of 49 apartments 151 704 0 0 0 0 0 0 0 0 Hard Cost Subtotal 0 405 774 al 7 956 000 7 956 000 7 956 000 7 956 000 7 956 000 7 956 000 159 120 159 120 176 80 176 80 LTV LTV 75 00 75 00 NOI for Sizing NOI for Sizing 668 672 668 672 CM Fee of Hard CM Fee Costs of Hard Costs 3 50 3 50 split between thirty 30 one bedroom the property s 14 985 square 557 478 295 026 thir Zoned R7 2 5 901 6 56 Rate Interest Only Period 24 Months 3 50 General Vacancy 30 Years PMT 321 533 96 Credit Loss Amo Interest Rate InterestUnion Rate 3 50 3 50 5 00 5 00 30 Years 2 00 2 00 Terminate Contract w Super Constant Constant Acquistion Fee Acquistion Fee teen 13 two bedroom and six 6 threefoot lot area allows for an FAR of roughly PMT 321 533 96 Credit Loss Amo 246 019 4 920 5 47 Sizing Debt New PMT 543 635 Hard Soft Cost Contingency 246 019 Soft Costs 86 869 buildable 86 869 1 737 1 737an 1 93 1 93 86 869 336 823 336 823 60 000 Term Months Term Months 120 120 13 373 430 69 13 373 430 69 LTV 75 LTV 75 Valuation Valuation bedroom 86 869 apartments The building has square feet providing 246 019 4 920 5 47 Sizing Debt New PMT 543 635 Hard Soft0 Cost 3 690 74 0 08 3 690 6 723 637 LTC 75 360 0 Funded FeeContingency 208 157 208 157 4 163 4 163 4 63 General Assumptions General Assumptions 208 157 208 157 220 655 220 655 additional Amortization Months Amortization Months 360 DSCR Min DSCR Min 1 23x 0 1 23x 10 088 740 Soft Cost Subtotal 252 051 5 583 0 0 0 0 0 Management 0 an 246 019 additional 50th apartment for the live in 14 825 square feet of air rights 4 63 3 690 74 0 08 3 690 6 723 637 LTC 75 Funded 10 088 740 Management Fee 249 709 249 709 4 994 5 55 Closing Costs 2 6 Gut 10 958 630 Debt Yield 5 50 295 026 295 026 557 478 557 478 295 026 295 026 5 901 5 901 6 56 6 56 Rate Rate Interest Only Period Interest Only Period 24 Months 24 Months 1 5 1 5 3 50 3 50 General Vacancy General Vacancy super in the basement for employee use beyond the existing square footage of the Automate Repairs Maintenance PMT 10 958 630 PMT 321 533 96 30 Years Credit Loss Credit 1 0 1 0 Amo 657 825 Closing Amo 157 287 249 709 249 709 4 994 5 55 Debt Yield 321 533 96 5 50 0 Costs 30 Years 0 2 6 only The building also includes roughly building The buildings current envelope 5 188 696 DSCR 1 15x Equity Proceeds 3 859 432 Cosmetic 0 0 0 0 0 Loss 0 Gut 0 Hard Soft Cost Subtotal 246 019 246 019 4 920 4 920 5 47 5 47 Sizing Debt Sizing Debt 246 019 246 019 246 019 246 019 New PMT New PMT 543 635 543 635 Hard Soft Cost Hard Contingency Soft Cost Contingency 1 5 1 5 4 000 square feet of vacant 464 114 windowed per zoning allows for the density 10 31 of sixtyHard Soft Cost Reserve Balance 105 165 Equity 262 452 262 452 262 452 262 452 262 452 262 452 5 188 696 DSCR 1 15x552 660 Proceeds 3 859 432 Cosmetic 9 282 At Closing 464 114 Re Fi 262 452 Debt Payoff 262 452 8 332 653 M2M 262 452 3 690 3 690 which 74 provides 74 0 08 3 690 3 690 3 690 six 6 723 637 6 723 637 LTC 75 LTC 75 Funded Funded 10 088 740 10 088 740 Management Fee Management Fee 4 5 4 5 basement space which will 3 690 eventually be 66 apartments future 0 08 464 114 249 709 9 282 10 31 At Closing Re Fi Debt Payoff 8 332 653 M2M 464 114 Equity 10 958 630 10 958 630 2 997 849 Absorption Resi 249 709 249 709 249 709 249 709 249 709 4 994 4 994 5 55 5 55 Debt Yield 5 50 Debt Yield 5 50 Closing Costs Closing Costs 2 6 2 6 Gut Gut 2 Months 2 Months combined with 1st floor apartments to ownership the ability to split apartments to 0 0 0 0 0 0 0 0 Absorption 0 Resi 0 Closing Financing Costs Subtotal 422 582 464 114 464 114 9 282 units within the 199 22 10 31 Equity 9 227 300 8 964 849 179 297 Limited Partner 5 188 696 2 698 064 Retail Comm osts 5 188 696 DSCR 2 997 849 1 15x DSCR 1 15x Equity ProceedsEquity Proceeds 3 859 432 3 859 432 Cosmetic Cosmetic 0 50 Months 0 50 Months create garden duplex apartments create additional existing 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 464 114 179 297 9 282 9 282 10 31 10 31 At Closing At Closing osts 464 114 464 114 464 114 Re Fi Debt Payoff Re Fi Debt Payoff 8 332 653 8 332 653 M2M M2M 1 Months 1 Months 9 227 300 8 964 849 464 114 envelope 199 22 Limited Partner Sponsor Architect Fees Unit 2 698 064 Absorption Retail Comm 299 785 as 464 114 they become vacant 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 Interest Reserve Account Balance 55 969 0 0 0 0 0 0 0 0 0 0 sts Subtotal 464 114 464 114 464 114 464 114 464 114 464 114 9 282 9 282 10 31 10 31 Equity Equity 2 997 849 2 997 849 Absorption Resi Absorption Resi 1 Months 1 Months Sponsor Architect Fees Unit 299 785 Year 0 Buyout Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Interest Reserve Account Deductions 55 969 0 0 0 0 0 0 0 RS 0ROI Goal2 Months 0 8 964 849 8 964 849 9 227 300 9 227 300 8 964 849 8 964 849 179 297 179 297 199 22 199 22 Limited Partner Limited Partner 2 698 064 2 698 064 Absorption Retail Comm Absorption Retail Comm 2 Months RS ROI Goal 5 500 UnitBuyout Count Multiple TRUE TRUE Unit Distribution Sponsor Sponsor Architect Fees Unit Architect Fees Unit 299 785 299 785 5 500 872 489 859 857 961 124 1 045 416 1 066 345 1 087 745 1 109 628 1 154 893 1 178 300 Gross Residential Revenue 0 157 287 0 0 0 0 Buyout ROI1 132 007 0Buyout ROI Goal 0 Unit Count 0Multiple 1 202 240 0 Total Deal Costs 9 193 693 30 00 30 00 RS RS Goal e Lot Dimensions ft Lot Size sf Bldg Dimensions ft Building Size sf Stories FAR Allowed FAR As Built 13 087 Dev Rights sf Assessment 20 21 Millage Projected Taxes General Vacancy 12 898 14 417 15 681 15 995 Rate 16 316 16 644 16 980 17 323 17 675 18 034 Unit Count Multiple Unit Count Multiple 1 67 1 67 Vacancy Increase e Lot Dimensions ft Lot Size sf Bldg Dimensions ft Building Size sf Stories FAR Allowed FAR As Built 8 725 Dev Rights sf Assessment 20 21 Millage Projected Taxes 8 599 9 611 10 454 10 663 Rate 10 877 11 096 11 320 11 549 11 783 12 022 Credit Loss Reversion Year REVERSION Vacancy Increase x 73 Type Building Irreg 45 000 5Stories 4 0 3 0FARDev 15 000 590 140 12 2670 Deregulation Threshold dress Block Lot 25Block Lot Building Lot Dimensions Type15 000 Lot ft Dimensions Lot ft Size43 sf x 85 Lot Size Bldg sf Dimensions Bldg ft Dimensions Building ft Size sf Building Size sf Residential Effective Rent Stories FAR Allowed FAR Allowed FAR As Built As Built Rights sf Dev Rights Assessment sf 20 21 Assessment 20 21 1 019 281 Rate Millage Projected Rate Taxes Projected Taxes 108 829 0 00 0 00 838 360 937 096 Millage 1 039 686 1 060 552 1 081 888 1 103 707 1 126 021 1 148 843 1 172 184 850 677 Vacancy Increase Vacancy Increase Sales Proceeds 14 848 490 x 73 43 x 85 15 000 Irreg 45 000 5 5 4 0 3 0 15 000 590 140 12 2670 108 829 Deregulation Threshold 15 000 45 000 Total Effective Gross Revenue 850 677 838 360 937 096 1 019 28112 2670 1 039 686 1 060 552 108 829 1 081 888 1 103 707 1 126 021 1 148 843 1 172 184 Avenue 1580 50 25 1580 Walk up 50 Walk up25 x15 000 73 25 x 73 15 000 43 x 85 Irreg 43 x 85 Irreg 45 000 45 000 5 4 0 4 0 3 0 3 0 15 000 15 000 590 140 590 140 12 2670 108 829 Deregulation Threshold Deregulation Threshold 2 733 75 2 733 75 Sales Costs 890 909 15 000 45 000 45 000 15 000 590 140 668 738 108 829 gs 15 000 15 000 45 000 15 000 15 000 590 140 590 140 108 829 108 829 Vacancies due to FM Turnover Cash Flow Before Debt Service 9 193 693 520 405 445 508 675 001 680 981 686 641 691 946 696 854 701 322 14 662 884 5 CM Fees 24 Return within 24 Months 100 611 726 Addl LP Equity Pulled at Refi 42 7 49 Rent Stabilized Free Market Total Apartments Total Fixed Expenses Unlevered Return on Investment 142 579 142 579 151 041 160 057 169 665 179 906 190 823 202 463 214 874 Insurance Total Fixed Expenses Sewer Utilities Repairs Maintenance Maintenance Elevator Maintenance Payroll Management Fee Misc OpEx Total Variable Expenses Total Expenses 183 261 Misc 190 486 195 020 199 665 204 423 209 299 214 294 192 209 175 376 6 21 2021 7 31 2021 8 31 2021 9 30 2021 10 31 2021 11 30 2021 12 31 2021 2 28 2022 Property Taxes Property Taxes Insurance Insurance Total Fixed Expenses TotalFuel Fixed Expenses Fuel Water Fuel Water Sewer Water Utilities Sewer Total Variable Expenses Repairs Utilities Repairs Maintenance Elevator Maintenance Elevator Maintenance Payroll Payroll Management Fee Management FeeOpEx Misc Total OpEx Variable Expenses Total Variable Total Expenses Expenses Total Expenses 1 31 2022 Average AverageFuel 0 0 0 OpEx Month 60 0 0 0 0 Insurance Total Fixed Expenses WaterAverage Sewer Utilities Repairs Maintenance Elevator Maintenance Payroll Management Fee0 Misc Total Variable Expenses Total Expenses DEBT At Closing Month 12 Month 24 Month 36 Month 48 Month 72 Month 84 Month 96 0 75 2 42 3 17 1 15 0 81 0 07 0 28 0 53 0 85 0 22 7 08 429 167 2 42 0 75 0 75 3 17 3 17 1 15 1 15Rent 0 81 0 81 0 07 Total Expenses 0 07 0 28 0 28 0 00 0 00 0 00 0 53 0 53 0 85 0 85 0 22 350 543 0 22 364 685 3 91 3 91 7 08 3 91 7 08 Monthly Rent Monthly Rent Monthly 334 788 317 955 334 301 379 571 395 247 411 761 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 2 176 58 2 176 58 675 00 2 851 58 1 035 00 1 035 00 725 00 725 00 63 00 Expense Ratio 63 00 250 00 250 00 0 00 0 00 0 00 480 00 480 00 763 18 763 18 200 00 3 516 18 3 516 18 6 367 76 6 367 76 0 75 3 17 675 00 2 851 58 1 035 00 1 15 0 81 0 07 0 28 0 53 0 85 0 22 3 91 7 08 38 11 675 00 2 851 58 725 00 63 00 250 00 480 00 763 18 200 00 3 516 18 6 367 76 39 36 37 93 35 67 34 39 200 00 35 08 35 79 36 53 37 31 108 829 00 108 829 00 33 750 00 142 579 00 51 750 00 51 750 00 36 250 00 36 250 00 3 150 00 3 150 00 12 500 00 24 000 00 24 000 00 38 158 96 38 158 96 10 000 00 10 000 00 175 808 96 175 808 96 318 387 96 318 387 96 675 00 2 851 58 33 750 00 142 579 00 725 00 63 00 250 00 12 500 00 0 00 0 00 0 00 480 00 763 18 200 00 3 516 18 6 367 76 33 750 00 142 579 00 36 250 00 3 150 00 12 500 00 38 158 96 10 000 00 318 387 96 520 405 445 508 668 738 675 001 680 981 175 808 96 686 641 691 946 696 854 Unlevered Cash Flow 9 193 693 24 000 00 Rent 51 750 00 1 035 00 Sq Ft Rent Sq Ft Size Sq Ft Rent Sq Ft 520 4055 66 602 795 668 738 675 001 680 981 686 641 691 946 696 854 515 889 691 33 750 00 142 579 00 51 750 00 36 250 00 3 150 00 Net Operating Income 12 500 00 0 00 24 000 00 38 158 96 10 000 00 175 808 96 318 387 96 4 85 7 27 7 34 7 41 7 47 7 53 7 58 Units Units 1 Beds Avenue 50 50 nses ons 14 751 Equity Repatriation from Refi rojected s s 159 120 2 Acquisition Fee 25 108 829 00 50 108 829 50 33 750 00 0 1 404 24 5 108 829 00 33 750 00 108 829 33 750 142 579 00 33 750 0 0 0 33 750 00 142 579 00 33 750 142 579 Average 33 750 142 579 0 Per MonthPriceMonthly 0 Rent Price Per Month 0 Studio Studio 1 Bed 0 1 Bed 2 Beds 12 5 lace Rents 3 Beds11 Bed Bed Size Sq Ft 1 151 Studio 0 00 15 Pref Rents with 1 Bed 6 943 mo of rent 1 Bed 1 770 07 arbitrage 1 770 07 1 Beds 11 Pref 1 Beds 448 Month Arbitrage 2 Beds 3 Pref 2 Beds 439 Month Arbitrage 3 Beds 1 Pref 3 Beds 696 Month Arbitrage 1 5552 Bed 16 Studio 1 Bed 0 00 1 770 07 Rent Sq Ft2 Bed 142 579 0 1 1 1 458 19 1 700 00 1 700 00 1 950 00 hAvenueSize Sq Ft Rent 1 950 00 Sq Ft 921 h 1 Bed 2 Bed ges Price Per MonthPrice Per Month 1 BedStudio 2 Bed 1 950 00 Studio 1 2 500 00 Bed 1 Bed 1 950 00 2 500 00 Average Monthly Rent Price Per MonthPrice Per Month 30 1 703 1 454 30 25 36 250 00 33 750 00 142 579 00 142 579 00 51 750 00 51 750 00 142 579 51 750 00 0 51 750 00 51 750 Average 0 Monthly 51 750 Rent 02 Bed 2 Bed 1 514 203 Bed 51 750 0 13 6 3 Bed 2 500 00 2 500 00 3 000 00 Rent Sq Ft 2 Bed 3 Bed 3 000 00 2 Bed 3 000 00 Average Monthly Rent 3 Bed 2 070 22 3 Bed 1 Bed 2 Bed 2 Bed 3 Bed Bed Rent Sq3Ft 1 770 07 1 850 00 1 850 00 1 929 84 Significant2Arbitrage in Bed CASH FLOW PRO BedFORMA CASH FORMA FLOW3PRO current 1 850 00 market 2 Bed rents 3 Bed 1 929 84 1 850 00 1 929 84 Gross Residential Revenue Gross Residential Revenue General Vacancy General Vacancy Credit Loss Credit Loss Residential Effective Rent Residential Effective Rent 2 050 Month Total Effective Gross Revenue Total Effective Gross Revenue 40 Sq Ft Fixed Expenses Fixed Expenses Property Taxes Property Taxes Insurance Insurance Total Fixed Expenses Total Fixed Expenses Variable ExpensesVariable Expenses 2 650 Month Fuel Fuel Water Sewer Water Sewer 36 Sq Ft Common Area Utilities Common Area Utilities Repairs Maintenance Repairs Maintenance Elevator Maintenance Elevator Maintenance Salaries Salaries Total Management Fee Total Management Fee Miscellaneous OpEx Miscellaneous OpEx 3 250 Month Total Variable Expenses Total Variable Expenses 30 Sq Ft Total Expenses Expense Ratio Total Expenses Expense Ratio Net Operating Income Net Operating Income 51 750 36 250 36 250 00 0 0 36 250 00 36 250 Average 36 250 0 Rent Monthly 0 3 Bed 4 Bed 1 462 19 3 000 00 Rent Sq 3 800 00 Ft 4 Bed 4 Bed 3 800 00 3 Bed 4 Bed 3 800 00 Average Monthly Rent 4 Bed 3 Bed 4 Bed 4 1 929 84 Bed Rent Sq Ft 0 00 1 641 17 6 21 2021 6 21 2021 6 30 2022 At Closing4 Bed At Closing Month 12 Year 0 0 00 Year 1 4 Bed Year 0 0 00 872 489 13 087 8 725 850 677 850 677 872 489 859 857 13 087 12 898 8 725 8 599 850 677 838 360 838 360 850 677 108 829 33 750 142 579 51 750 51 000 4 800 12 500 0 24 000 38 159 10 000 192 209 36 250 00 3 150 00 Equity Investment 3 150 00 12 500 00 Acquisition Costs 2 964 242 24 000 00 12 500 00 24 000 00 38 158 96 7 49 38 158 96 10 000 00 7 56 10 000 00 175 808 96 7 62 175 808 96 318 387 96 7 69 318 387 96 Mortgage Balance 5 967 000 36 250 3 150 3 150 12 500 12 500 0 0 24 000 24 000 00 24 000 38 159 38 159 10 000 10 000 175 809 318 388 318 388 3 150 00 12 500 00 38 158 96 10 000 00 175 809 175 808 96 Acquisition 7 956 000 Debt Service 208 845 208 845 321 534 321 534 0 0 0 0 0 0 0 0 0 0 0 0 321 534 0 321 534 0 0 0 0 3 150 00 12 500 00 24 000 00 38 158 96 10 000 00 175 808 96 3 150 12 500 0 24 000I O 38 159 Amortizing 10 000 175 809 Type Amortizing Amortizing Amortizing I O Acquisition Cost Subtotal 7 956 000 3 150 0 24 000 38 159 10 000 175 809 0 0 Discount 0 01 26x DSCRPer 12 500 Price SF 0 Price Per SF Discount to 0 Market 1 23x 2 49x to Market 2 89x 1 24x 1 25x 0 0 0 0 0 4 Bed 5 Bed Hard Costs 5 Bed RET RET COMM 0 COMMOther Other Cosmetic M2M Only M2M Only Debt Yield 8 65 8 72 10 10 11 21 11 31 11 41 0 3 Cosmetic 1 0 0 0 0 0 3 800 00 135 00 55 00 55 00 55 00 55 00 0 0 0 0 Months of Amortization at Reversion Price Per 135 00 SF Discount Unit Renovations Subtotal 0 192 343 144 480 to Market 0 0 0 0 00 0 Cosmetic 0 0 Only 0 0 Balloon Debt Payment No Refi Price Per SF Discount to Market ACQUISITION ANALYSIS 5 Bed RET COMM Other M2M Price Per SF Price Per SF Interest 208 845 208 845 543 689 543 689 543 689 543 689 Capital Improvements 0 5 4Bed RET COMMCOMMOther Other Cosmetic M2M 135 00 55 00 0 0 Only Avenue Bed 5 Bed Deal 5Name Bed RET RET COMM 55 00 Other0 00258 Wadsworth 00 00 00 Senior Debt Payoff Refi 5 967 000 7 224 0 Capital Improvements Subtotal 0 213 431 55 00 55 00 0 Re Finance 135 00 Analysis Date 5 19 2021 Price Per SF Re Finance Debt Funded 0 10 089 739 0 0 0 0 151 704 0 0 0 0 Hard Cost Subtotal 0 405 774 Price PerDate Price Per SF Closing 8 19 2021 Price Per SF SF Re Finance Debt Payoff 0 0 0 0 0 0 5 4Bed RET Estimated COMMCOMMOther Other Bed 5 Bed 5 Bed RET RET COMM Other 0 0 0 0 Re Finance Fee 0 262 333 5 0 00 Bed RET Other Date Estimated 8 31 2031 0 00 Reversion 0 00 0 00 0 00 0 00 COMM 0 00 0 00 0 00 Soft Costs Equity Cash Flow 2 964 242 0 Soft Cost Subtotal Hold Period Cash On Cash 6 30 2022 6 30 2023 5 Month 12 Bed Month 24 Year 1 Year 2 5 Bed 0 00 0 00 Price Per SF IRR 6 30 2024 6 30 2023 6 30 2025 6 30 2024 6 30 2026 6 30 2025 Hard Soft Cost Subtotal Price Per SF RET Equity Multiple Month 24 Month 36 Month 48 Month 36 Month 48 Month 60 Hard Soft Cost Reserve Balance Year 2 Year 3 Year 4 Year 3 Year 5 RETYear 4 0 00 Returns 0 00 Summary 1 045 416 961 124 1 066 345 1 045 416 1 087 745 1 066 345 Closing Financing Costs Subtotal 859 857 961 124 12 898 14 417 8 599 9 611 838 360 937 096 937 096 838 360 10 454 9 611 10 663 10 454 10 877 10 663 Interest Reserve Account Balance 1 019 281 937 096 1 039 686 1 019 281 1 060 552 1 039 686 Deal Interest Reserve Account Deductions 1 019 281 1 039 686 1 060 552 937 096 1 019 281 1 039 686 108 829 108 829 33 750 33 750 142 579 142 579 108 829 116 447 33 750 34 594 142 579 151 041 142 653 133 320 37 254 36 345 179 906 169 665 334 788 39 36 51 750 51 750 51 000 36 250 4 800 3 150 12 500 12 500 0 0 24 000 24 000 38 159 37 726 10 000 10 000 192 209 175 376 0 334 788 317 955 39 36 37 93 51 750 53 044 36 250 37 156 3 150 3 229 12 500 12 813 00 24 000 24 600 37 726 42 169 10 000 10 250 175 376 183 261 00 317 955 334 301 37 93 35 67 515 889 515 889 520 405 520 405 602 795 15 681 14 417 15 995 15 681 Limited Partner Total Deal Costs Sponsor 124 598 116 447 133 320 124 598 35 459 34 594 36 345 35 459 16 316 15 995 Reversion Year 160 057 151 041 169 665 160 057 Sales Proceeds Pricing Sales Costs Analysis 54 370 53 044 55 729 54 370 57 122 55 729 Cash Flow Before Debt Service 38 085 37 156 39 037 38 085 40 013 39 037 Unlevered Return on Investment 3 309 3 229 Price 3 392 3 309 Asking 13 133 12 813 13 461 13 133 Most00 Recent 00Offer DEBT 25 215 24 600 25 845 25 215 Analysis Price 45 868 42 169 46 786 45 868 10 506 10 250 10 769 10 506 190 486 183 261 195 020 190 486 Unlevered Cash Flow 00 Budget 350 543 334 301 00 364 685 350 543 Equity Investment 34 39 35 67 35 08 34 39 Mortgage Balance Acquisition Costs 602 795 668 738 668 738 675 001 Debt Service 7 49 Type 7 49 7 56 367 529 252 051 10 51 6 30 2027 6 30 2026 6 30 2027 06 30 2028 COMM Month 60 Month 72 Month 72 Month 84 Year 5 552 660 Year 6 Year 6 Year 7 COMM 0 00 0 00 1 109 628 1 087 745 422 582 1 132 007 1 109 628 16 644 16 316 16 980 16 644 11 096 10 877 11 320 11 096 55 969 1 081 888 1 060 552 1 103 707 1 081 888 1 081 888 1 103 707 1 060 552 1 081 888 152 638 142 653 38 185 37 254 190 823 179 906 9 193 693 6 30 2029 6 30 2028 657 825 Other Month 84 Month 96 105 165 Year 7 Year 8 Other 0 00 0 00 90 00 0 10 00 174 756 163 323 163 323 152 638 39 140 38 185 202 463 190 823 2 76x LP Multiple 10 Yrs 27 85 3 477 3 392 13 798 13 461 00 26 492 25 845 47 725 46 786 11 038 10 769 199 665 195 020 00 379 571 364 685 35 79 35 08 675 001 680 981 7 56 7 62 1 154 893 1 132 007 0 17 323 16 980 11 549 11 320 0 1 126 021 1 103 707 55 969 1 126 021 1 103 707 40 118 39 140 214 874 202 463 4 097 069 5 583 13 29 125 049 0 13 95 1 178 300 1 154 893 0 1 202 240 1 178 300 0 1 202 240 17 675 17 323 18 034 17 675 18 034 Equity Investment 11 783 11 549 12 022 11 783 0 0 12 022 1 148 843 1 126 021 1 172 184 1 148 843 1 172 184 2 997 849 0 1 172 184 1 148 843 1 172 184 1 126 021 0 1 148 843 2 698 064 157 287 0 299 785 186 988 174 756 200 078 186 988 200 078 41 121 40 118 228 110 214 874 42 149 41 121 242 227 228 110 42 149 242 227 61 514 60 014 63 052 61 514 63 052 668 738 64 629 520 405 445 508 64 629 Total Price Discount to Ask 45 271 43 090 42 039 44 167 43 090 45 271 44 167 3 744 3 653 3 838 3 744 0 00 3 934 3 838 3 934 8 600 000 14 859 14 496 15 230 14 859 15 611 15 230 15 611 00 008 31 2021 7 31 2021 00 9 30 20210 Month 12 Month 24 29 973 28 528 27 833 29 242 28 528 29 242 Month 36 29 973 7 956 000 7 49 50 671 49 667 51 698 50 671 52 748 51 698 Year 3 52 748 Year 1 Year 2 58 550 57 122 9 193 693 60 014 58 550 41 014 40 013 42 039 41 014 3 564 3 477 3 653 3 564 14 143 13 798 14 496 14 143 6 21 2021 00 00 27 154 26 492 At Closing 27 833 27 154 48 685 47 725 49 667 48 685 Year 0 11 314 11 038 11 597 11 314 204 423 199 665 209 299 204 423 9 193 693 00 00 395 247 379 571 411 761 395 247 36 53 35 79 2 964 242 37 31 36 53 11 887 11 597 12 184 11 887 12 489 12 184 12 489 214 294 209 299 219 411 214 294 219 411 224 654 520 405 445 508 224 654 668 738 00 00 00 0 5 66 4 85 7 27 429 167 411 761 447 521 429 167 466 881 447 521 466 881 38 11 37 31 38 95 38 11 39 83 38 95 39 83 680 981 686 641 7 62 7 69 691 946 696 854 208 845 7 75 7 80 LP10 YR5 967 000 IRR 686 641 691 946 7 69 7 75 I O 131 312 0 10 0 14 65 Total Budget 696 854 701 322 321 534 705 303 701 322 208 845 705 303 7 80 7 85 7 90 7 85 7 90 I O Amortizing 0 00 00 00 Residential 0 0 8 333 478 0 0 Ret Comm Other0 153 164 157 633 5 785 716 0 0 0 17 09 Total SF As 17 59 Built 18 03 35 49 Total SF Buildable 0 0 0 3 79x 262 452 262 452 262 452 0 262 452 0 262 452 0 262 452 0 0 0 0 0 0 321 534 37 35 Amortizing 37 35 0 00 1 30x 0 00 11 75 0 96 0 0 0 0 Portfolio 0 Snapshot 0 543 689 543 689 543 689 00 Buildings 00 00 142 952 0 15 95 0 0 321 534 Amortizing 1 29x 11 68 0 242 227 224 654 4 30 2022 0 Month 120 466 881 Year 10 39 83 14 662 884 705 303 7 67 7 90 0 0 543 689 00 137 291 Total Profit 0 7 533 287 0 4 745 971 0 2 787 316 7 80 37 35 37 35 318 387 96 00 0 0 148 256 0 16 54 0 Years 15 32 6 30 2030 6 30 2029 6 30 2030 0 6 30 2031 157 287 6 30 2031 0 Month 96 Month 108 Month 120 Month 108 Month 120 262 452 Year 10 262 452 Year 8 Year 9 262 452 Year 10 Year 9 7 75 321 534 321 534 0 00 0 00 318 387 96 318 388 Amortizing Amortizing 0 1 27x 318 388 1 28x 0 11 60 11 51 0 0 228 110 219 411 3 31 2022 0 Month 108 447 521 Year 9 38 95 701 322 701 322 7 63 7 85 0 XIRR 0 34 26 0 27 85 0 77 20 Total Units 0 0 1B 5 4 6 0 Equity Multiple 0 0 0 3 51x 0 2 76x 0 0 10 30x 0 0 0 REVERSION 0 Fees for Asset 14 848 490 675 001 Cap 2 787 316 GP Profit 10 Yrs 159 120 473 743 686 641 691 946On Cost 696 854 Rate 680 981 Stabilized Yield 6 21 N A 10 31 2021 11 30 2021 12 31 2021 1 31 2022 2 28 2022 Month 48 Month 60 Month 72 Month 84 Month 96 6 71 7 40 Year 4 Year 5 Year 6 Year 7 Year 8 675 001 7 34 680 981 7 41 Up Front 321 534 321 534 Amortizing Amortizing 686 641 Acq 7 47 Fee Per 321 534 Amortizing 691 946 7 53 Building 321 534 Amortizing 696 854 7 58 890 909 Management Fee 701 322 14 662 884 Per Building P Disposition Fee and or 1 8 600 000 3 31 2022 4 30 2022 Refinance Fee taken Month 108 Month 120 7 956 000 1 Year 9 Year 10 701 322 14 662 884 7 63 MGMT Fees 10 YRs 7 67 321 534 Amortizing Per Unit 321 534 321 534 Amortizing Amortizing Per