WIREWORKS AT C.O.I.L. Nathanael Greene Developments Tyler T.J. - - PowerPoint PPT Presentation

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Sep 11, 2022 104 likes •596 views

WIREWORKS AT C.O.I.L. Nathanael Greene Developments Tyler T.J. Bausinger, Kiera McCloy, Austin Neri, Joseph Vilotti, Katelyn Tufariello I. Introduction & Investment Thesis II. Comprehensive Site Vision III. Demographic Support IV.

SLIDE 1

WIREWORKS AT C.O.I.L.

Nathanael Greene Developments Tyler T.J. Bausinger, Kiera McCloy, Austin Neri, Joseph Vilotti, Katelyn Tufariello

SLIDE 2

I. Introduction & Investment Thesis
II. Comprehensive Site Vision
III. Demographic Support
IV. Building-Level Vision
V. Financials
VI. Conclusion

SLIDE 3

Introduction & Investment Thesis WireWorks at C.O.I.L. represents a step forward in neighborhood creation in Chambersburg with redevelopment of key historic buildings and new structures while attracting future investments due to projected returns of 14% and additional plans for future developments.

SLIDE 4

Roebling Block 2

SLIDE 5

WireWorks at C.O.I.L.

Site Vision

SLIDE 6

WireWorks at C.O.I.L.

Site Vision

SLIDE 7

TRENTON & CHAMBERSBURG: OFFICE, MULTI-FAMILY & RETAIL

SLIDE 8

Market Outlook

Rich History Vibrant Community Strong Economy

SLIDE 9

Band House

Building 51

11,950 sf.
Coffee Shop First Floor
3 Screen Movie Theater and Quick

service food Second Floor

Future Stabilized Yield to Cost:

20.64%

SLIDE 10

Roebling Brewyard

Building 52

13,357 sf.
Brewery and American-style

restaurant

Future Stabilized Yield to Cost:

15.06%

SLIDE 11

Equilibrium

Building 54

100,000 sf.
First Floor:
10,000 sf. American

Steakhouse

10,000 sf. Day Care
30,000 sf. Community Center

& Museum

Second Floor:
Artists Lofts and Colony
35 units (5 Low & Moderate)
Future Stabilized Yield to Cost:

13.56%

SLIDE 12

SLIDE 13

Saxonburg House

Building 57

52,579 total sf.
Loft apartments
59 units (5 Low & Moderate)
Future Stabilized Yield to Cost:

11.83%

SLIDE 14

The Forge

Building 58

42,705 sf.
Collaborative Office Space on 1st

and 3rd floors operated by Benjamin's Desk

Future Stabilized Yield to Cost:

12.86%

SLIDE 15

Mühlhausen Lofts

Building 62

34,387 sf.
Loft Apartments
20 units (4 Low & Moderate)
Future Stabilized Yield to Cost:

17.63%

SLIDE 16

Elizabeth Gardens

63,590 sf.
New Construction
Traditional Multi-Family

Apartments

42 units (10 Low & Moderate)
Future Stabilized Yield to Cost:

15.03%

SLIDE 17

Washington Place

40,275 total sf.
First floor retail (13,425 sf.)
Three floors traditional multi-

family apartments

38 units (10 Low & Moderate)
Future Stabilized Yield to Cost:

14.58%

SLIDE 18

Ferdinand Avenue

Mott Street South Clinton Avenue Hudson Street

SLIDE 19

Urban Farming Initiative

Atop:

– Washington Place – Elizabeth Gardens – Garage on South Clinton – Nathanael Greene

SLIDE 20

Nathanael Greene

SLIDE 21

South Clinton Garage

SLIDE 22

MAKING BLOCK 2 FINANCIALLY VIABLE AND CULTURALLY VIBRANT

Financials

SLIDE 23

Construction Timeline

10 20 30 40 50 60 70 80

Parking Garage Permits/Clean Up Band House Roebling Brewyard Equilibrium Saxonburg House The Forge Mühlhausen Lofts Washington Place Elizabeth Gardens

Ending Month

Phase Starting Month Ending Month Parking Garage 6 Permits/ Clean Up 8 Band House 9 18 Roebling Brewyard 11 20 Equilibrium 11 27 Saxonburg House 14 26 The Forge 20 29 Mühlhausen Lofts 24 36 Washington Place 30 42 Elizabeth Gardens 32 44

SLIDE 24

Construction Timeline Details

Quarter Cost Source Building Q1 (0 -4) $6,837,091 Construction Loan, Historic Tax Credit, City of Trenton Equity Parking Garage/ Clean-Up Q2 (5-8 ) $4,497,091 Construction Loan, Historic Tax Credit Parking Garage/ Clean-Up Q3 (9-12) $1,358,382 Construction Loan Band House/ Brewyard/ Equilibrium, Pavement Q4 (13-16) $5,698,823 Construction Loan, Historic Tax Credit, City of Trenton Equity Band House/ Brewyard/ Equilibrium/ Saxonburg Q5 (17-20 ) $6,689,134 Construction Loan, Historic Tax Credit Band House/ Brewyard/ Equilibrium/ Saxonburg Q6 (21-24) $9,180,772 Construction Loan, Historic Tax Credit, Band House, Brewyard Revenue Equilibrium/ Saxonburg/ The Forge Q7 (25-28 ) $8,087,983 Construction Loan, Historic Tax Credit, Band House, Brewyard, Equilibrium, Saxonburg Revenue Equilibrium/ Saxonburg/ The Forge/ Muhlhausen Q8 (29-32) $3,416,293 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge Revenue Building E/ Muhlhausen/ Wash. Place Q9 (33-36) $6,100,861 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge Revenue Building Muhlhausen/ Wash. Place/ Elizabeth Q10 (37-40 )$5,292,361 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge, Muhlhausen Revenue Building Wash. Place/ Elizabeth Q11 (41-44) $6,465,055 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge, Muhlhausen, Wash. Place Revenue Building Wash. Place/ Elizabeth/ Green Roof

SLIDE 25

Sources & Uses

USES

sq. ft

Green Roof 52,993 Turf 7,150 Total Ground Area 269636 Contingency $191,179.70 Green Roof $1,059,860.00 Clean-Up $1,348,182.00 Landscaping $2,966,000.40 Pavem ent $270,000.00 Turf $107,250.00 Parking Garage $7,020,000.00 Band House $1,556,451.65 Roebling Brewyard $1,583,031.00 Equilibrium $11,564,138.05 Saxonburg House $9,024,000.00 The Forge $7,644,252.00 Muhlhausen Lofts $3,384,000.00 Washington Place $8,506,766.23 Elizabeth Gardens $7,332,000.00 Total Cost $63,557,111.03

SOURCES Construction Loan $41,312,122.17 Historic Tax Credit $19,067,133.31 LEED Gold $197,027.04 City of Trenton Equity $2,980,828.51 Total Financing $63,557,111.03

SLIDE 26

Consolidated Pro Forma

Pro-Form a 1/ 31/ 2018 12/ 31/ 2019 12/ 31/ 2020 12/ 31/ 2021 12/ 31/ 2022 12/ 31/ 2023 12/ 31/ 2024 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Rental Revenue Total Rental Revenue $ - $ 303,004 $ 4,176,858 $ 7,321,330 $ 7,467,757 $ 7,617,112 $ 7,769,454 Total Percentage Rent $ - $ 878 $ 3,855 $ 5,061 $ 5,162 $ 5,265 $ 5,370 Parking Revenue $ - $ 30,087 $ 242,775 $ 355,283 $ 362,389 $ 369,637 $ 377,029 Total Tenant Revenue $ 8,750 $ 47,214 $ 261,630 $ 376,094 $ 383,616 $ 391,288 $ 399,114 Potential Gross Revenue $ 8,750 $ 350,218 $ 4,438,488 $ 7,697,424 $ 7,851,373 $ 8,008,400 $ 8,168,568 Operating Expenses Total Operating Expenses $ 683,571 $ 819,115 $ 837,191 $ 855,712 $ 858,823 $ 860,129 $ 861,462 Net Operating Incom e $ (674,821) $ (487,935) $ 3,335,489 $ 6,368,830 $ 6,455,160 $ 6,600,133 $ 6,748,005 Developm ent Total Developm ent Costs $ 13,797,743 $ 19,714,752 $ 13,641,566 $ 6,309,253 $ 52,140 $ 52,140 $ 52,140 Cash Flow Before Debt $ (14,472,564) $ (20,370,717) $ (10,910,379) $ (60,729) $ 6,276,698 $ 6,419,145 $ 6,564,440 Debt Service Interest $ 154,183 $ 147,499 $ 143,776 $ 139,882 $ 135,810 $ 131,550 $ 127,095 Principal $ 74,350 $ 81,034 $ 84,757 $ 88,651 $ 92,723 $ 96,983 $ 101,439 Loan Repayment $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 Total Debt Service $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 Cash Flow After Debt Service $ (14,929,630) $ (20,827,783) $ (11,367,445) $ (517,795) $ 5,819,632 $ 5,962,078 $ 6,107,374 Cash On Cash Yield 26% 27% 28% Net Sale Proceeds $ 73,288,488 $ (14,929,630) $ (20,827,783) $ (11,367,445) $ (517,795) $ 5,819,632 $ 5,962,078 $ 79,395,862 Projected IRR 14%

SLIDE 27

Sensitivities

Construction Construction Year 5 Stabilized Cost Cost PSF IRR $61,557,111 $228.30 9.45% $62,057,111 $230.15 9.38% $62,557,111 $232.01 9.30% $63,057,111 $233.86 9.23% $63,557,111 $235.71 9.16% $64,057,111 $237.57 9.09% $64,557,111 $239.42 9.01% $65,057,111 $241.28 8.95% $65,557,111 $243.13 8.88%

Cap Selling Price Stabilized Rate Price PSF IRR 6.00% $97,717,984 $362.41 20.00% 6.50% $90,201,216 $334.53 18.00% 7.00% $83,758,272 $310.63 17.00% 7.50% $78,174,387 $289.93 16.00% 8 .0 0 % $73,28 8 ,48 8 $271.8 0 14.0 0 % 8.50% $68,977,400 $255.82 13.00% 9.00% $65,145,323 $241.60 12.00% 9.50% $61,716,621 $228.89 11.00% 10.00% $58,630,790 $217.44 10.00%

SLIDE 28

SLIDE 29

MARKET

DEMOGRAPHICS TRENTON DEMOGRAPHIC SEGMENTATION TRENTON AREA MULTI-FAMILY TRENTON AREA OFFICE ROEBLING BREWYARD EQUILIBRIUM FAST/CASUAL DINING

Appendix

FINANCIALS

INDIVIDUALIZED PRO FORMAS BAND HOUSE ROEBLING BREWYARD EQUILIBRIUM SAXONBURG HOUSE THE FORGE MÜHLHAUSEN LOFTS WASHINGTON PLACE ELIZABETH GARDENS AMORTIZATION SCHEDULE SAXONBURG BEDROOM SPLITS ELIZABETH GARDENS BEDROOM SPLITS THE FORGE FLOOR SPLITS

SLIDE 30

Demographics

According to Esri, an online database of

demographics and income statistics for every zip code:

Chambersburg median age is 32.2 years
Median income is $40,000/ HH
Most residents are new to the area, and

have children

There are many single mothers living here
Main demographic is young Hispanic

families new to the area

SLIDE 31

Trenton Area Multi- Family

Large concentration of single family

attached units

Most units are pre-1940 construction
Minimal class A units in area – 8 units
73 class B units available in area

SLIDE 32

Trenton Area Office

Limited class A office space -

<190,000SF

Low vacancy rate for both A and B

space - <5%

SLIDE 33

Trenton Demographic Segmentation

SLIDE 34

Roebling Brewyard

Craft Beer - a growing industry (over 4000 breweries in

the US and increasing)

Need for sustainable production

– Each gallon of beer produced= 15-20 gallons of water used – Sustainable breweries use 3-4 gallons of water

Solar panels, water and packaging recycling initiatives
Young urban residents = high demand for an upscale

brewery with carbon footprint concerns

SLIDE 35

Equilibrium Building 54

According to the National Restaurants Association:

– 40% of US consumers dine out in full service restaurants 1-3 times a month – With an improving economy, restaurant sales achieved over $710B in sales in 2015 – There is a strong demand for daycare in Trenton, as many facilities are run-down, or have poor reviews

nline
The average weekly cost for daycare in Trenton

is $235/week per child – Many families in Chambersburg are young, Hispanic, and working class

SLIDE 36

Fast/Casual Dining

SLIDE 37

Amortization Schedule

Am ortization Schedule: Fulton Bank Loan-To-Value (LTV) 65.00% Loan Term 10 Loan Value 41,312,122.17 $ Amortization Term 30 Amortization Periods 300 Calculated Payment $229,626 Interest Rate 4.50%

SLIDE 38

Band House Individual Pro Forma

Property Name/ Address Value Owned Retail RSF 11,9 50 SF Required Parking Spots per 1,000 RSF 4 .0 0 48 spots Coffee Shop RSF 50 .0 0 % of RSF 5,975 RSF Movie Theater RSF 50.00% of RSF 5,975 RSF Construction Schedule 9 m onths Post-Construction Lease-Up Duration 3 m onths Total Project Timeline 12 m onths Coffee Average Annual Base Rent PSF NNN $ 25.0 0 PSF Movie Theater Average Annual Base Rent PSF NNN $ 30 .0 0 PSF Annual Percentage Rent/ Parking/ Ancillary Income $ 8 37 Gross Potential Annual Operating Income - Coffee $149,375 Gross Potential Annual Operating Income - Movie $179,250 Outparcel Ground Rent $0 Percentage Rent/ Parking/ Ancillary Income $837 Less Annual Vacancy & Credit Loss 7.0 0 % ($23,062.31) Total Annual Revenue, Net $306,399 "Current" Stabilized Net Operating Incom e (NOI) $ 30 6 ,39 9 Base Building Hard Cost & Contingency $930,953 Tenant Improvements (TIs) $298,750 Soft Cost - % of Hard Costs, Contingency & TIs $310,318 Leasing Commissions - Coffee $7,469 Leasing Commissions - Movie $8,963 Total Project Cost (TPC) 0.0% $ 1,556 ,4 52 Per GSF $130.25 Band House Band House

SLIDE 39

Roebling BrewYard Individual Pro Forma

Property Name/ Address Value Owned Retail RSF 13,357 SF Required Parking Spots per 1,000 RSF 4 .0 0 53 spots Brew House RSF 10 0 .0 0 % of RSF 13,357 RSF Construction Schedule 6 m onths Post-Construction Lease-Up Duration 3 m onths Total Project Timeline 9 m onths Brew House Average Annual Base Rent PSF NNN $ 20 .0 0 PSF Annual Percentage Rent/ Parking/ Ancillary Income $ 9 35 Gross Potential Annual Operating Income $267,134 Percentage Rent/ Parking/ Ancillary Income $935 Less Annual Vacancy & Credit Loss 5.0 0 % ($13,403) Total Annual Revenue, Net $254,666 "Current" Stabilized Net Operating Incom e (NOI) $ 254 ,6 6 6 Base Building Hard Cost & Contingency - today's value $1,064,526 Tenant Improvements (TIs) - today's value $333,918 Soft Cost - % of Hard Costs, Contingency & TIs $354,842 Leasing Commissions - Small Shops 5-year term $12,733 Total Project Cost (TPC) 0.0% $ 1,76 6 ,0 19 Per GSF $132.22 Roebling Brew yard Roebling Brewyard

SLIDE 40

Equilibrium Individual Pro Formas

Property Name/ Address Value Owned Retail RSF 50 ,0 0 0 SF Required Parking Spots per 1,000 RSF 4.0 0 200 spots Restaurant RSF 20 .0 0 % of RSF 10,000 RSF Day Care RSF 20.00% of RSF 10,000 RSF Community Service RSF 20.00% 10,000 RSF Museum RSF 40.00% 20,000 RSF Pre-Construction Duration 0 m onths Construction Schedule 13 m onths Post-Construction Lease-Up Duration 3 m onths Total Project Timeline 16 m onths Restaurant Average Annual Base Rent PSF NNN - today's value $20 .0 0 PSF Day Care Average Annual Base Rent PSF NNN - today's value $15.0 0 PSF Community Service Average Annual Base Rent PSF NNN - today's value $0 Museum Average Annual Base Rent PSF NNN - today's value $0 Percentage Rent 2,50 0 .0 0 $ Gross Potential Annual Operating Income - Restaurant $200,000 Gross Potential Annual Operating Income - Day Care $150,000 Gross Potential Annual Operating Income - Community Service $0 Gross Potential Annual Operating Income - Museum $0 Percentage Rent/ Parking/ Ancillary Income 2,500.00 $ Less Annual Vacancy & Credit Loss 5.0 0 % ($17,625) Total Annual Revenue, Net $334,875 "Current" Stabilized Net Operating Incom e (NOI) $334,8 75 Base Building Hard Cost & Contingency - today's value $3,879,980 Tenant Improvements (TIs) - today's value $1,250,000.00 Soft Cost - % of Hard Costs, Contingency & TIs $1,616,658 Leasing Commissions - Restaur 5-year term $10,000 Leasing Commissions - Day Care $7,500 Leasing Commissions Community Service $0 Leasing Commissions Museum $0 Total Project Cost (TPC) $6,764,138 Per GSF $135.28 Equilibrium Retail Value Property Name/ Address Equilibrium Residential Square Footage 41688 sq. ft. Units 35 units Required Parking Spots 1.0 / unit 35 spots Construction Schedule 13 m onths Post-Construction Lease-Up (Monthly Rate) 3 months Total Time to Stabilization 16 m onths Average Unit Size 1,0 0 0 RSF Average Monthly Rent $2.35 PSF $2,350 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $1,044,000 Annual Gross Potential Revenue - Parking $21,000 Less Annual Vacancy and Credit Losses 7.0 0 % ($74,550) Annual Potential Revenue, Net $990,450 Monthly Operating Expenses $350 / unit ($12,190) Real Estate Taxes $150 / unit ($5,190) Total Operating and Taxes $500/ unit ($17,380) "Current" Stabilized Annual Net Operating Incom e (NOI) $973,0 70 Base Building Hard Cost & Contingency $2,880,000 Tenant Improvements $960,000 Soft Cost % Hard Cost & Contingency & TIs $960,000 Total Project Cost (TPC) $4,8 0 0 ,0 0 0 Per Apartment $137,143

Low and Moderate Style Units SF Average Monthly Rents 1 BR 5 650 $950

Equilibrium Retail Equilibrium Residential

SLIDE 41

Saxonburg House Individual Pro Forma

Value Property Name/ Address Saxo n burg H o use Building Square Footage 52579 sf Maximum Allowable Units 59 units Required Parking Spots 1.0 / un it 59 spots Construction Schedule 9 m o n ths Post-Construction Lease-Up (Monthly Rate) 3 months Total Time to Stabilization 12 m o n ths Average Unit Size 8 30 RSF Average Monthly Rent (today's value) $ 2.35 PSF $1,951 Average Monthly Parking Rent $ 50 Annual Gross Potential Revenue - Apartments $1,442,754 Annual Gross Potential Revenue - Parking $35,400 Less Annual Vacancy and Credit Losses 7.0 0 % ($103,471) Annual Potential Revenue, Net $1,374,683 Monthly Operating Expenses - today's value $ 350 / un it ($247,800) Real Estate Taxes - today's value $ 150 / un it ($106,200) Total Operating and Taxes $500/ unit ($354,000) "Curren t" Stabilized An n ual Net Operatin g In co m e (NOI) $ 1,0 20 ,6 8 3 Base Building Hard Cost & Contingency - today's value $5,865,600 Retail Tenant Improvements - today's value $1,353,600 Soft Cost % Hard Cost & Contingency & TIs $1,804,800 To tal Pro ject Co st (TPC) $ 9 ,0 24 ,0 0 0 Per Apartm ent $152,949

Low and Moderate Style Units SF Average Monthly Rents 1 BR 1 650 $950 2 BR 4 750 $1,050

Saxonburg House

SLIDE 42

The Forge Individual Pro Forma

Property Name/ Address The Forge Value Lot Square Footage 4 2,70 5 SF Total Allowable FAR 1.0 FAR 42,705 FAR Residual Office GSF 42,705 GSF Rentable Office SF 9 1% Efficiency 38,862 RSF Required Parking Spots per 1,000 RSF 2.0 0 78 spots Construction Schedule 9 m onths Post-Construction Lease-Up Duration 3 m onths Total Project Timeline 12 m onths Average Annual Rent PSF Full Service - today's value $4 0 .0 0 PSF Average Monthly Parking Rent per Spot - today's value $50 .0 0 Gross Potential Annual Operating Income - Office $1,554,462 Gross Potential Annual Operating Income - Parking $46,634 Less Annual Vacancy 5.0 0 % ($80,055) Total Annual Revenue, Net $1,521,041 Annual Operating Expenses - today's value $10 .0 0 PSF ($388,616) Real Estate Taxes - today's value $5.0 0 PSF ($194,308) Total Operating and Taxes $15.0 0 PSF ($582,923) "Current" Stabilized Net Operating Incom e (NOI) $9 38 ,118 % TPC Base Building Hard Cost & Contingency - today $225.0 0 PSF 65.0% $4,968,764 Office Tenant Improvements (TIs) - today's val $4 0 .0 0 PSF 15.0% $1,146,638 Soft Cost % Hard Costs, Contingency & TIs 35.0 0 % 20.0% $1,528,850 Total Project Cost (TPC) 100.0% $7,6 4 4 ,252 Per GSF $179

The Forge

SLIDE 43

Muhlhausen Lofts Individual Pro Forma

Value Property Name/ Address Mühlhausen Lofts Square Footage 34487 Sq. Ft. Maximum Allowable Units 20 units Required Parking Spots 1.0 / unit 20 spots Construction Schedule 9 m onths Post-Construction Lease-Up (Monthly Rate) 10 units/ m o. 2 months Total Time to Stabilization 11 m onths Average Unit Size 1,20 0 RSF Average Monthly Rent (today's value) $2.35 PSF $2,820 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $727,200 Annual Gross Potential Revenue - Parking $12,000 Less Annual Vacancy and Credit Losses 7.0 0 % ($51,744) Annual Potential Revenue, Net $687,456 Monthly Operating Expenses - today's value $350 / unit ($84,000) Real Estate Taxes - today's value $150 / unit ($36,000) Total Operating and Taxes $500/ unit ($120,000) "Current" Stabilized Annual Net Operating Incom e (NOI) $567,456 Base Building Hard Cost & Contingency - today's value $2,030,400 Retail Tenant Improvements - today's value $676,800 Soft Cost % Hard Cost & Contingency & TIs $676,800 Total Project Cost (TPC) $3,38 4,0 0 0 Per Apartm ent $169,200

Low and Moderate Style Units SF Average Monthly Rents 2 BR 4 750 $1,050

Muhlhausen Lofts

SLIDE 44

Washington Place Individual Pro Formas

Property Name/ Address Value Owned Retail RSF 13,425 SF Required Parking Spots per 1,000 RSF 4.0 0 54 spots Sweetgreen RSF 17.0 0 % of RSF 2,282 RSF Panera RSF 16.00% of RSF 2,148 RSF Convenience Store RSF 16.00% 2,148 RSF Fresh Market RSF 17.00% 2,282 RSF Hair and Nail RSF 17.00% 2,282 RSF Art Shop RSF 17.00% 2,282 RSF Construction Schedule 9 m onths Post-Construction Lease-Up Duration 3 m onths Total Project Timeline 12 m onths Sweetgreen Average Annual Base Rent PSF NNN - today's value $28 .0 0 PSF Panera Average Annual Base Rent PSF NNN - today's value $28 .0 0 PSF Convenience Store Average Annual Base Rent PSF NNN - today's value $18 Fresh Market Average Annual Base Rent PSF NNN - today's value $18 Hair and Nail Average Annual Base Rent PSF NNN - today's value $18 Art Shop Average Annual Base Rent PSF NNN - today's value $18 Percentage Rent 939.75 $ Gross Potential Annual Operating Income - Sweetgreen $63,903 Gross Potential Annual Operating Income - Panera $60,144 Gross Potential Annual Operating Income - Convenience Store $38,664 Gross Potential Annual Operating Income - Fresh Market $41,081 Gross Potential Annual Operating Income - Hair and Nail $41,081 Gross Potential Annual Operating Income - Art Shop $41,081 Percentage Rent/ Parking/ Ancillary Income 939.75 $ Less Annual Vacancy & Credit Loss 5.0 0 % ($14,345) Total Annual Revenue, Net $272,548 "Current" Stabilized Net Operating Incom e (NOI) $272,548 Base Building Hard Cost & Contingency - today's value $1,043,123 Tenant Improvements (TIs) - today's value $347,264.58 Soft Cost - % of Hard Costs, Contingency & TIs $347,708 Leasing Commissions - Sweetgree 5-year term $114 Leasing Commissions - Panera $107 Leasing Commissions - Convenience Store $107 Leasing Commissions - Fresh Market $114 Leasing Commissions - Hair and Nail $114 Leasing Commissions - Art Shop $114 Total Project Cost (TPC) $1,738 ,766 Per GSF $129.52 Washington Place Retail Value Property Name/ Address Washington Place Multi Fam Square Footage 26,850 Maximum Allowable Units 68 .7/ acre 38 units Required Parking Spots 1.0 / unit 38 spots Construction Schedule 9 m onths Post-Construction Lease-Up (Monthly Rate) 10 units/ m o. 3 months Total Time to Stabilization 12 m onths Average Unit Size 8 0 0 RSF Average Monthly Rent (today's value) $2.35 PSF $1,880 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $986,880 Annual Gross Potential Revenue - Parking $22,800 Less Annual Vacancy and Credit Losses 7.0 0 % ($70,678) Annual Potential Revenue, Net $939,002 Monthly Operating Expenses - today's value $20 0 / unit ($91,200) Real Estate Taxes - today's value $50 / unit ($22,800) Total Operating and Taxes $250/ unit ($114,000) "Current" Stabilized Annual Net Operating Incom e (NOI) $8 25,0 0 2 Base Building Hard Cost & Contingency - today's value $4,060,800 Tenant Improvements - today's value $1,353,600 Soft Cost % Hard Cost & Contingency & TIs $1,353,600 Total Project Cost (TPC) $6,768 ,0 0 0 Per Apartm ent $178,105

Low and Moderate Style Units SF Average Monthly Rents 2 BR 7 750 $1,050 3 BR 3 850 $1,150 Washington Place Retail Washington Place Multi Family

SLIDE 45

Elizabeth Gardens Individual Pro Forma

Value Property Name/ Address Elizabeth Gardens Lot Acreage 63,590 Maximum Allowable Units 42 units Required Parking Spots 1.0 / unit 42 spots Construction Schedule 9 m onths Post-Construction Lease-Up (Monthly Rate) 10 units/ m o. 3 months Total Time to Stabilization 12 m onths Average Unit Size 1,0 0 0 RSF Average Monthly Rent (today's value) $2.35 PSF $2,350 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $1,238,484 Annual Gross Potential Revenue - Parking $25,200 Less Annual Vacancy and Credit Losses 7.0 0 % ($88,458) Annual Potential Revenue, Net $1,175,226 Monthly Operating Expenses - today's value $20 0 / unit ($100,800) Real Estate Taxes - today's value $50 / unit ($25,200) Total Operating and Taxes $250/ unit ($126,000) "Current" Stabilized Annual Net Operating Incom e (NOI) $1,0 4 9 ,226 Base Building Hard Cost & Contingency - today's value $4,399,200 Retail Tenant Improvements - today's value $1,466,400 Soft Cost % Hard Cost & Contingency & TIs $1,466,400 Total Project Cost (TPC) $7,332,0 0 0 Per Apartm ent $174,571

Low and Moderate Style Units SF Average Monthly Rents 2 BR 7 750 $1,050 3 BR 3 850 $1,150

Elizabeth Gardens

SLIDE 46

Saxonburg Bedroom Splits

Saxonburg Bedroom Split Style Units SF

Average Monthly Rents

Studio 7 500

$1,175

1 BR 12 700

$1,645

2 BR 35 950

$2,233

Low and Moderate Style Units SF Average Monthly Rents 1 BR 1 650 $950 2 BR 4 750 $1,050

SLIDE 47

The Forge Floor Split

The Forge Office Split Floor SF PSF 1 13,928 $40.00 3 13,928 $40.00

SLIDE 48

Elizabeth Gardens Bedroom Splits

Low and Moderate Style Units SF Average Monthly Rents 2 BR 7 750 $1,050 3 BR 3 850 $1,150

Elizabeth Gardens Bedroom Split Style Units SF Average Monthly Rents 3 BR 32 1200 $2,500