Town Pointe BOV - Combs

TOWN POINTE Our Commitment Is To Help Our Clients Create And Preserve Wealth By Providing Them With The Best Real Estate Investment Sales, Financing, Research And Advisory Services Available

2025 Cincinnati, Ohio

C O N T E N TS Asset Summary

06

Local Competitors

10

The Fianancials

16

Local Market

28

LEAD AGENTS Chuck Combs Associate Cincinnati Office D. 513.878.7704 chuck.combs@marcusmillichap.com

Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com

Nick Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com

Austin Sum First Vice President Investments Cincinnati Office D. 513.878.7747 austin.sum@marcusmillichap.com

A Legacy of Success, Built for the Future For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest. We also assembled the industry’s largest and most qualified team of specialists to help provide real estate solutions that match your unique investment needs. Connect with an advisor today.

$ 49. 6 B

7,836

$ 1 0. 9 B

1,249

Value Of Recently Closed Transactions

Closed Sales In Most Recent Year

Total Value Of Recent Listings

Closed Financings In Most Recent Years

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Calabasas, California

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2,500

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Employees

YOUR TEAM

CORPORATE SUPPORT

Jordan Dickman

Liz Popp

First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Nick Andrews First Vi ce Pre s i d e n ts Dire c tor, Nmhg

Mi d w e st O p erati o n s Man age r

Josh Caruana

Austin Sum

V i ce Pre si d en t Re gi o n al Man age r

First Vi ce Pre s i d e n ts Dire c tor

I n d i an ap o l i s | C i n c i n n ati | Lo ui sv i l l e | St Lo u i s | Ka n s a s C i ty

Austin Hall I nve st m e n t As s o c i ate

Alden Simms I nve st m e n t As s o c i ate

Jack Stava I nve st m e n t As s o c i ate

Peter Stanley N ati o n al D i re c to r

N ati o n al Mul ti H o usi n g G ro up

Michael Glas s

I nve st m e n t As s o c i ate

S en i o r V i ce Pre si d e n t Mi d w e st D i v i si o n Man ager N ati o n al D i re c to r, Man ufac ture d Ho m e C o m m u n i t i e s G ro u p

BROKER SUPPORT

OUR LOCATION

Chuck C ombs

S am Petrosino Va lu ati o n & Re s e a rch

Brett Martin I ntern a l Acco u n ta n t

Alex Papa Marke t i n g C o o rd i n ator

300 WEST 4TH STREET CINCINNATI, OHIO

TOWN POINTE 47

79%

1972

35,600

Unit Count

Occupancy

Construction

Rentable SqFt

111 E Obryan Ave, Bardstown, KY

SUMMARY PROPERTY DETAILS Property Address: City, State, Zip: Submarket: County: Year Built/Reno: Number Of Units: Avg Unit Size: Rentable Sqft: Number of Parcels: # of Buildings: # of Stories: Current Occupancy: Parking Type: Parking Surface: # Garage/Carport:

111 E Obryan Ave Bardstown, KY 40004 Bardstown Nelson 1972 47 757 35,600 1 2 2 79% Lot Asphalt Plenty

UNIT MIX SUMMARY CURRENT

Averages

MARKET RENTS

PRO FORMA RENTS

UNIT INTERIORS

02

LOCAL COMPARABLES

RENT MATRIX | ONE BEDROOM

Terrace View Apts | $800 Slate Run Apts | $769

Subject Effective | $793

Bardstown Village | $680

One Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

Subject Pro Forma

1972

47

750

$825

$1.10

Terrace View Apartments

1995

21

600

$800

$1.33

Slate Run Apartments

1988

54

650

$769

$1.18

Subject Average Effective

1972

47

750

$724

$0.97

1980/1989

88

579

$680

$1.17

Bardstown Village

RENT MATRIX | TWO BEDROOM

100 Muddy Spgs | $1,250 Polo Springs | $1,327 Terrace View Apts | $875 Slate Run Apts | $994

282 Pineview | $995 Subject Effective | $793

Bardstown Village | $893

2350 Filiatreau Ln | $,400

Two Bedroom Property

Year Built

# Units

Avg SF

Avg Rent

Avg Rent/SF

2350 Filiatreau Ln

2024

18

1070

$1,400

$1.31

Polo Springs Apartments

2009

104

1051

$1,327

$1.26

100 Muddy Springs Ln

2024

16

1000

$1,250

$1.25

282 Pineview Dr

2023

46

994

$995

$1.00

Slate Run Apartments

1988

54

912

$994

$1.09

Subject Pro Forma

1972

47

900

$965

$1.07

Bardstown Village

1980/1989

88

700

$893

$1.28

Terrace View Apartments

1995

21

600

$875

$1.46

Subject Average Effective

1972

47

900

$793

$0.88

03

THE FINANCIALS

UNIT MIX BREAKDOWN AV E R A G E E F F E C T I V E

MARKET

PROJECTED

UNIT TYPE

NO. OF UNITS

R E N TA B L E S F

T O TA L S F

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

Studio 0BR/1BA Totals / Wtd. Averages

16 Units 16 Units

600 SF 600 SF

9,600 SF 9,600 SF

$620.23 $620.23

$1.03 SF $1.03 SF

$9,924 $9,924

$725.00 $725.00

$1.21 SF $1.21 SF

$11,600 $11,600

$725.00 $725.00

$1.21 SF $1.21 SF

$11,600 $11,600

One Bedroom 1BR/1BA Totals / Wtd. Averages

19 Units 19 Units

800 SF 800 SF

15,200 SF 15,200 SF

$724.43 $724.43

$0.91 SF $0.91 SF

$13,764 $13,764

$800.00 $800.00

$1.00 SF $1.00 SF

$15,200 $15,200

$825.00 $825.00

$1.03 SF $1.03 SF

$15,675 $15,675

Two Bedroom 2BR/1BA Totals / Wtd. Averages

12 Units 12 Units

900 SF 900 SF

10,800 SF 10,800 SF

$793.18 $793.18

$0.88 SF $0.88 SF

$9,518 $9,518

$965.00 $965.00

$1.07 SF $1.07 SF

$11,580 $11,580

$965.00 $965.00

$1.07 SF $1.07 SF

$11,580 $11,580

Summary Studio One Bedroom Two Bedroom Totals / Wtd. Averages

16 Units 19 Units 12 Units 47 Units

600 SF 800 SF 900 SF 757 SF

9,600 SF 15,200 SF 10,800 SF 35,600 SF

$620.23 $724.43 $793.18 $706.51

$1.03 $0.91 $0.88 $0.93 SF

$9,924 $13,764 $9,518 $33,206

$725.00 $800.00 $965.00 $816.60

$1.21 SF $1.00 SF $1.07 SF $1.08 SF

$11,600 $15,200 $11,580 $38,380

$725.00 $825.00 $965.00 $826.70

$1.21 SF $1.03 SF $1.07 SF $1.09 SF

$11,600 $15,675 $11,580 $38,855

UNIT DISTRIBUTION

UNIT RENTS

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

RENT/UNIT

RENT/SF

T O TA L R E N T POTENTIAL

OCCUPANCY

INCOME & EXPENSES Rent Roll: As of March 2025 Income and Expenses: January 2024 - December 2024 INCOME

T12 GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

% of GPR

% of GP

32.97% 0.00% 55.99%

$460,560 ($50,844) $409,716 $26,491 $436,207 ($105,763) $0 $330,444

$23,431 Auditor $8,490 $31,921 $10,737 T12

% of EGI 7.78% 2.82% 10.60% 3.57%

Per Unit 499 181 679 228

Electric & Gas

$43,231 T12

14.36%

Water & Sewage

$4,825 T12

1.60%

Trash Removal

$4,816 T12 $1,112 T12 $53,983 $96,641

$0 $9,433 T12 $3,145 T12

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$460,560 RR ($50,844) $409,716 RR $26,491 $436,207 ($135,098) T12 Economic $0 $301,109

Per Unit

9,799 (1,082) 8,717 564 9,281 (2,874) 0 6,407

Total Other Income

EXPENSE

T6 11.04% 6.47%

RR

11.04 RR

6.47% T6 Economic

25.81 0.00 63.15%

$23,431 $8,490 $31,921 $10,737

Auditor

T12

7.09 2.57 9.66 3.25%

920

$43,231

T12

13.08

103

$4,825

T12

1.46

1.60% 0.37% 17.93% 32.09%

102 24 1,149 2,056

$4,816 $1,112 $53,983 $96,641

T12

1.46 0.34 16.34 29.25%

0.00% 3.13% 1.04%

0 201 67

$0 $9,433 $3,145

NON-CONTROLLABLE Real Estate Taxes 2024 Taxes Adjustment for Sale Total Real Estate Taxes Insurance Utilities

Utlities - Other Utilities Total Non-Controllable

T12

CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME

$12,578 $34,066 T12 $2,656 T12 $6,848 T12 $765 T12 $21,513 T12 $14,100 Note 1 $92,526 $189,166 $111,943

4.18% 11.31% 0.88% 2.27% 0.25% 7.14% 4.68% 30.73% 62.82% 37.18%

268 725 57 146 16 458 300 1,969 4,025 2,382

$12,578 $34,066 $2,656 $6,848 $765 $21,513 $14,100 $92,526 $189,166 $141,277

T12 T12 T12 T12 T12 T12 T12 Note 1

0.00 2.85 0.95

3.81 10.31 0.80 2.07 0.23 6.51 4.27 28.00 57.25 42.75

PR

UNDERWRITING NOTES 1

T3 Per Unit

1% 0% %

$460,560 ($50,844) $409,716 $26,491 $436,207 ($99,016) $0 $337,192

9% % 6% %

% of EGI 499 181 679 228

$23,431 $8,490 $31,921 $10,737

Auditor

8%

920

6%

103

6% 4% 4% %

0% 5% 5%

%

1% 1% 0% 7% 3% 1% 7% 0% 5% 5%

STABILIZED % of GPR

9,799 (1,082) 8,717 564 9,281 (2,250) 0 7,031

4%

Replacement & Reserves: added based on market norm of $300 per unit per year

Per Unit

% of GPR

Per Unit

24.17% 0.00% 64.79%

9,799 (1,082) 8,717 564 9,281 (2,107) 0 7,174

$466,260 ($9,325) $456,935 $27,286 $484,221 ($36,555) ($9,139) $438,527

8.00% 2.00% 88.00%

9,920 (198) 9,722 581 10,303 (778) (194) 9,330

T12

% of EGI 6.95% 2.52% 9.47% 3.18%

Per Unit 499 181 679 228

$23,431 $8,490 $31,921 $28,200

6.95% 2.52% 9.47% 8.36%

% of EGI 499 181 679 600

$43,231

T12

12.82%

920

$44,095

13.08%

938

$4,825

T12

1.43%

103

$4,921

1.46%

105

102 24 1,149 2,056

$4,816 $1,112 $53,983 $96,641

T12

1.43% 0.33% 16.01% 28.66%

102 24 1,149 2,056

$4,912 $1,134 $55,063 $115,184

1.46% 0.34% 16.33% 34.16%

105 24 1,172 2,451

0 201 67

$0 $9,433 $3,145

0.00% 2.80% 0.93%

0 201 67

$1,645 $9,400 $1,645

0.38% 2.14% 0.38%

35 200 35

268 725 57 146 16 458 300 1,969 4,025 3,006

$12,578 $34,066 $2,656 $6,848 $765 $21,513 $14,100 $92,526 $189,166 $148,025

RR

11.04% RR

6.47% T3 Economic

T12

T12 T12 T12 T12 T12 T12 T12 Note 1

3.73% 10.10% 0.79% 2.03% 0.23% 6.38% 4.18% 27.44% 56.10% 43.90%

268 725 57 146 16 458 300 1,969 4,025 3,149

$12,690 $32,900 $2,350 $42,300 $4,700 $21,926 $14,100 $130,966 $246,150 $192,377

2.00% 5.97%

3.76% 7.50% 0.54% 9.65% 1.07% 5.00% 3.22% 30.73% 56.13% 43.87%

270 700 50 900 100 467 300 2,787 5,237 4,093

INCOME

CASH FLOW YR 1

YR 2

YR 3

YR 4

YR 5

YE APR-2026

YE APR-2027

YE MAR-2028

YE MAR-2029

YE MAR-2030

$460,560 ($50,844) $409,716 $26,491 $436,207 ($99,016) $0 $337,192

$466,260 ($9,325) $456,935 $27,286 $484,221 ($22,847) ($9,139) $452,235

$480,248 ($9,605) $470,643 $27,832 $498,475 ($23,532) ($9,413) $465,530

$494,655 ($9,893) $484,762 $28,388 $513,151 ($24,238) ($9,695) $479,217

$509,495 ($10,190) $499,305 $28,956 $528,261 ($39,944) ($9,986) $478,331

$524,780 ($10,496) $514,284 $29,535 $543,819 ($41,143) ($10,286) $492,391

$31,921 $10,737 $53,983 $12,578 $34,066 $2,656 $6,848 $765 $21,513 $14,100 $189,166

$31,921 $10,737 $53,983 $12,578 $34,066 $2,656 $6,848 $765 $21,513 $14,100 $189,166

$31,921 $28,200 $55,063 $12,690 $32,900 $2,350 $42,300 $4,700 $21,926 $14,100 $246,150

$32,559 $28,764 $56,164 $12,944 $33,558 $2,397 $43,146 $4,794 $23,276 $14,382 $251,985

$33,210 $29,339 $57,287 $13,203 $34,229 $2,445 $44,009 $4,890 $23,961 $14,670 $257,243

$33,875 $29,926 $58,433 $13,467 $34,914 $2,494 $44,889 $4,988 $23,917 $14,963 $261,864

$34,552 $30,525 $59,602 $13,736 $35,612 $2,544 $45,787 $5,087 $24,620 $15,262 $267,326

$111,943

$141,277

$148,025

$192,377

$213,545

$221,974

$216,466

$225,065

NET CASH FLOW BEFORE DEBT SERVICE

$111,943

$141,277

$148,025

$192,377

$213,545

$221,974

$216,466

$225,065

DEBT SERVICE - Proposed New Loan Principal Payments Interest Payments TOTAL DS - Proposed New Loan

$20,201 $98,150 $118,351

$20,201 $98,150 $118,351

$20,201 $98,150 $118,351

$20,201 $98,150 $118,351

$21,447 $96,905 $118,351

$22,770 $95,582 $118,351

$24,174 $94,177 $118,351

$25,665 $92,686 $118,351

CONSOLIDATED DEBT SERVICE

$118,351

$118,351

$118,351

$118,351

$118,351

$118,351

$118,351

$118,351

NET CASH FLOW AFTER DEBT SERVICE DEBT SERVICE COVERAGE RATIO

($6,408) 0.95

$22,926 1.19

$29,674 1.25

$74,026 1.63

$95,194 1.80

$103,623 1.88

$98,115 1.83

$106,713 1.90

Return Analysis CAP Rate (Purchase Price) 'All-In' CAP Rate (Total Cost) Cash-on-Cash Return IRR

T12 4.76% 4.76% -0.91% n/a

T6 6.01% 6.01% 3.25% n/a

T3 6.30% 6.30% 4.21% n/a

Yr 1 8.19% 8.19% 10.50% 30.77%

Yr 2 9.09% 9.09% 13.50% 25.79%

Yr 3 9.45% 9.45% 14.70% 23.33%

Yr 4 9.21% 9.21% 13.92% 19.75%

Yr 5 9.58% 9.58% 15.14% 18.98%

T12

T6

T3

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

$460,560 ($50,844) $409,716 $26,491 $436,207 ($135,098) $0 $301,109

$460,560 ($50,844) $409,716 $26,491 $436,207 ($105,763) $0 $330,444

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion Labor General & Administrative Management Fee Replacement & Reserves TOTAL EXPENSES

$31,921 $10,737 $53,983 $12,578 $34,066 $2,656 $6,848 $765 $21,513 $14,100 $189,166

NET OPERATING INCOME

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

EXPENSE

TOTAL OTHER INCOME

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS T3

YR 1

YR 2

YR 3

YR 4

YR 5

YR 5

YR 6

1.24% 11.04% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

3.00% 2.00% 3.00%

6.38%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

2.00% 5.00%

INCOME Gross Potential Rent (Loss) / Gain to Other Income EXPENSES Expenses Management Fee**

CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS Physical Vacancy Non-Revenue Units Bad Debt Concessions Total Economic Loss

T3

YR 1

YR 2

YR 3

YR 4

YR 5

YR 5

YR 6

24.17% 0.00% 0.00% 0.00% 24.17%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

8.00% 0.00% 2.00% 0.00% 10.00%

PRICING P U RC H AS E P R I C E

Target Purchase Price Per Unit

A N A LYS I S A S S U M P T I O N S

$2,350,000 $50,000

Per RSF

$66.01

R E N T S U M M A R Y ( M O N T H LY )

Analysis Period

10.00 Years

Analysis Start Date

Apr-2025

Terminal Cap Rate

6.50% 6.00%

Cost of Sale

AC Q U I S I T I O N / A D D I T I O N A L Projected Capital Expenditures Renovation Cost Closing Costs Transfer Tax Total Loan Fees Total Acquisition Costs P U RC H A S E P R I C E Total Cost Per Unit Per RSF

Cash on Cash Return Internal Rate of Return (IRR) CAP Rate (Purchase Price) CAP Rate ("All-In") Gross Revenue Multiplier (GRM)

AC Q U I S I T I O N F I N A N C I N G S U M M A R Y

$0 $0 $0 $0 $0 $0

Loan to Cost (LTC)

$1,645,000 70.00% 70.00%

Existing or Proposed Loan

Proposed

Origination Date

Apr-2025

Interest Rate

6.00%

Loan Amount Loan to Value (LTV)

Equity Required

$705,000

Equity to Value

30.00% 30.00%

Equity to Cost

$707 $817 $827

T O TA L E X P E N S E S S U M M A RY ( P E R U N I T ) T12 T6 T3

$4,025 $4,025 $4,025

N O I S U M M A RY T12 T6 T3

$120,433 $149,767 $156,515

E C O N O M I C L O S S S U M M A RY T12 T6 10-Year Projected Avg.

32.97% 25.81% 11.42%

T12

T6

T3

YR 1

YR 2

YR 3

YR 4

YR 5

YR 6

YR 7

YR 8

-0.91% n/a 5.12% 5.12% 5.74

3.25% n/a 6.37% 6.37% 5.74

4.21% n/a 6.66% 6.66% 5.74

10.50% 30.77% 9.13% 9.13%

13.50% 25.79% 9.45% 9.45%

14.70% 23.33% 9.81% 9.81%

13.92% 19.75% 9.57% 9.57%

15.14% 18.98% 9.94% 9.94%

16.89% 17.65% 9.96% 9.96%

18.23% 17.40% 10.35% 10.35%

19.61% 17.21% 10.75% 10.75%

Tax Reassessment Calculator

Desired Reassessment % Current Taxes / Market Value Ratio Ratio x Proposed Price New Taxes x Desired Reassessment % Total Tax Adjustment

0.00

Years Interest Only

$2,350,000 $50,000 $66.01

Avg. Effective Rent Avg. Current Market Rent Avg. Projected Rent

100% 1.3583% $31,920.74 $31,920.74 $8,489.56

A L L- I N C A P R AT E

CAS H - O N - CAS H R E T U R N S

PRICE

PER UNIT

P E R RS F

T 1 2 TA X A D J.

T3 TA X A D J.

STA B I L I Z E D

T 1 2 TA X A D J.

T3 TA X A D J.

YEAR 1

YEAR 2

$2,467,500 $2,428,333 $2,389,167 $2,350,000 $2,310,833 $2,271,667 $2,232,500

$52,500 $51,667 $50,833 $50,000 $49,167 $48,333 $47,500

$69.31 $68.21 $67.11 $66.01 $64.91 $63.81 $62.71

4.54% 4.61% 4.69% 4.76% 4.84% 4.93% 5.01%

6.00% 6.10% 6.20% 6.30% 6.41% 6.52% 6.63%

7.80% 7.92% 8.05% 8.19% 8.33% 8.47% 8.62%

-0.87% -0.88% -0.89% -0.91% -0.92% -0.94% -0.96%

4.01% 4.07% 4.14% 4.21% 4.28% 4.35% 4.43%

10.00% 10.16% 10.33% 10.50% 10.68% 10.86% 11.05%

12.86% 13.07% 13.28% 13.50% 13.73% 13.97% 14.21%

SUGGESTED LIST PRICE: MARKET BID

Year 3 (Fully Amortizing) 14.00% 14.22% 14.46% 14.70% 14.95% 15.21% 15.47%

Marketing the asset without a specific price allows us to customize our sales approach to each investor’s specific rehab costs, cost of debt and minimum return requirements.

Tax Breakdown Property Address 111 E Obryan Ave Total

Parcel ID 45NE0-17-003

Year Built 1972

Acres 0.00

Market Value $1,725,000 $1,725,000

Assessed Value $1,725,000 $1,725,000

Taxes Payable $23,431.18

$23,431.18

Land Use Code Commercial (40)

DEBT QUOTE

Bank Bridge 70-75% LTC 3-5 year term 1-2 years IO SOFR + 2.75 – 3.00% = 7.10 – 7.35% rate (could be higher) Full Recourse

Noah D. Juran 513.985.2263 614.323.0076 njuran@northmarq.com

RATES & SPREADS AS OF APR 2ND Current Index Rates

Life Companies

5 year Treasury 7 year Treasury 10 year Treasury 30-day Avg SOFR

3.93% 4.05% 4.18% 4.33%

TERM 5-Year 5-Year 10-Year 10-Year 15-Year

RATE 5.23% - 5.63% 5.13% - 5.43% 5.23% - 5.63% 5.43% - 5.83% 5.05% - 5.35% 5.15% - 5.55% 5.40% - 5.80% 5.03% - 5.33% 5.25% - 5.65% 5.60% - 6.00%

CMBS

Fannie Mae - Conventional Term 15-Year 10-Year 10-Year 10-Year 7-Year 7-Year 7-Year 5-Year 5-Year 5-Year

LTV 65% 55% 65% 80% 55% 65% 80% 55% 65% 75%

DSCR 1.35x 1.55x 1.35x 1.25x 1.55x 1.35x 1.25x 1.55x 1.35x 1.25x

SPREAD 105 - 145 95 - 125 105 - 145 125 - 165 100 - 130 110 - 150 135 - 175 110 - 140 120 - 160 155 - 195

Freddie Mac CME - Fixed Rate Term 15-Year 10-Year 10-Year 10-Year 7-Year

LTV 80% 55% 65% 80% 55%

DSCR 1.25x 1.55x 1.35x 1.25x 1.55x

SPREAD 140 - 165 105 - 110 110 - 130 125 - 150 110 - 125

RATE 5.58% - 5.83% 5.23% - 5.28% 5.28% - 5.48% 5.43% - 5.68% 5.15% - 5.30%

7-Year 7-Year 5-Year 10 ARM

65% 80% 75% 80%

1.35x 1.25x 1.25x 1.25x

130 - 150 145 - 170 145 - 170 210 - 235

5.35% - 5.55% 5.50% - 5.75% 5.38% - 5.63% 6.43% - 6.68%

Term 5-Year 10-Year

LTV 25-30 50%-65% 25-30 60%-75% 25-30 50%-65% 25-30 60%-75% Fully Amortizing 60%-75% AMORTIZATION

Amortization 30 30

LTV 65%-75% 65%-75%

SPREAD 145 - 205 155 - 215 130 - 175 155 - 215 155 - 215

Spread 225-275 225-275

RATE 5.38% - 5.98% 5.48% - 6.08% 5.48% - 5.93% 5.73% - 6.33% 5.92% - 6.52%

Rate 6.43%-6.93% 6.43%-6.93%

“* Rate buy downs available on deal by deal basis.

Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.

Commercial Real Estate Debt + Equity Investment Sales Loan Servicing Fund Management”

BARDSTOWN, KENTUCKY

BOURBON CAPITAL OF THE WORLD The heart of Bardstown? Bardstown’s Historic District. On the National Register of Historic Places, it’s a place where you might feel as if you’ve slipped back in time, thanks to age-old architectural marvels like the Old Talbott Tavern & Inn, the County Courthouse (now home to the Bardstown Visitors Center, a great spot to get your bearings upon arrival) and Spalding Hall — not to mention the charming Cobblestone Path, built-in 1785. But it’s not just about the old days here. The Historic District is a vibrant destination, with unique boutiques, acclaimed restaurants and dynamic shopping options around every corner. Here, the past and the present blend together in magical fashion.

With 11 unique distilleries within 16 miles of Court Square, Bardstown is the ultimate bourbon getaway. We’re like wine country, but with a southern accent. But we’re more than just bourbon! Our walkable downtown is home to nearly 200 historic buildings and has been declared The Most Beautiful Small Town in America by Rand McNally and USA Today. Come experience Bardstown’s southern charm!

11 unique distilleries 200 historic buildings

KENTUCKY BOURBON FESTIVAL

200

BRANDS & EXPRESSIONS

61

PARTICIPATING DISTILLERIES

55

EXPERTS & MASTER DISTILLERS

31

PREMIUM EVENTS & PANELS

Held in the Bourbon Capital of the World™, the Kentucky Bourbon Festival draws bourbon lovers to Bardstown, Kentucky, each year to celebrate the storied history of distilling America’s native spirit during National Bourbon Heritage Month. More than 60 distilleries, with over 200 brands and expressions, will be at this year’s festival pouring samples and offering opportunities for attendees to engage with the most sought-after brands and enjoy engaging sessions with industry leaders and personalities. The weekend-long event includes samples from distilleries, the ability to purchase bottles directly from distillery booths as well as access to KBF exclusive single barrel selections, along with chances to meet Master Distillers, attend workshops, panel discussions, expanded food offerings and dozens of vendors in the Bourbon Marketplace.

TOWN POINTE