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Community Investments


What We Do

The Aegon Community Investments group has been investing in tax credits since 1987. Our staff members have in-depth knowledge of affordable housing development and finance, and can provide insight and expertise on the structure of any tax credit development. We have invested over $3 billion in more than 280 affordable housing partnerships nationwide, helping create more than 120,000 units of housing. We are proud to have many repeat clients and a reputation for integrity, responsiveness and timely execution.

We seek development partners with a history of success in building long-term, high quality affordable housing. With a variety of distribution options, Aegon has the ability to customize pricing and pay-in schedules to meet the needs of each individual development. Each development goes through a single underwriting process and requires only one Investment Committee review. A dedicated team, including highly experienced LIHTC counsel, works closely with each client throughout the entire process to ensure an efficient and timely closing.

What Sets us apart • A professional staff with diverse backgrounds in community development, finance, property management, project management, syndication and tax. • A streamlined closing process with one Investment Committee review. • An asset management staff that is a resource, not a roadblock, to developers.

The Community Investments group invests both directly and on behalf of non-affiliated investors in low-income housing and historic tax credit partnerships with for-profit and non-profit sponsors.

www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing


Low Income Housing Tax Credit nvestment Terms

Eligible Properties: Nationwide new construction or substantial rehabilitation of multifamily housing for families or seniors that have a 9% or 4% Low Income Housing Tax Credit (LIHTC) reservation. Mixed Income & other Credit Types: Properties may include mixed income, historic, and state credits. For historic credit transactions, properties can include commercial uses.

Eligible Developers: For profit and non-profit developers nationwide with prior LIHTC experience. Debt service coverage ratio (DSCR): A minimum DSCR of 1.15x is required. Replacement Reserves: A minimum annual amount of $300 per unit for family housing on rehabilitation projects, and $250 per unit for senior housing or new construction projects.

Guarantees: Standard guarantees include completion, operating deficit, tax credit, and taxes on LP income guarantees, as well as standard environmental indemnities. Adjusters: Standard capital adjusters based on net price per credit. Third Party Reports: The developer shall submit all third party reports to Aegon, such as the appraisal, market studies, environmental reports and plans and specifications. Approvals: Only one Investment Committee approval is required. The Investment Committee meets weekly.

www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing


INVESTMENT OPPORTUNITIES

Aegon is uniquely positioned to invest in tax credits utilizing various platforms: • Traditional Syndication • Credit Enhanced Syndication • Direct Investment Having the corporate resources and multiple distribution opportunities gives Aegon the flexibility to meet the needs of a variety of investors, including insurance companies, banking institutions, technology firms and other C-Corporations.

Traditional Syndication: Aegon structures funds with corporate investors to invest in tax credit partnerships. A unique aspect of the Aegon program is our ability to co-invest alongside non-affiliated investors. Aegon constructs both multi-investor and proprietary funds to meet highly specific investment parameters, both economic and CRA. CREDIT ENHANCED Syndication: Since 2003, Aegon has been syndicating tax benefits to institutional investors with the added security of a AA- credit rating. To date, we have credit enhanced approximately $2.5 billion in tax benefits. This platform is primarily for clients who require a more predictable delivery of tax credit benefits, and the associated financial returns, along with preferable accounting treatment. Direct Investment: Aegon invests on a direct basis for its affiliates where we have the ability to pursue large transactions, more complex structures, mixed income projects, as well as projects with layered financing.

www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing


AEGON REALTY ADVISORS SENIOR TEAM

Christoph Gabler Christoph has been with Aegon since 2000 and is responsible for oversight of the Community Investments group. FOR INVESTORS: Lynn Ambrosy Lynn is a Vice President and is responsible for investor development, relationship management and fund management responsibilities across all tax credit fund platforms. FOR DEVELOPERS: Christopher Long Chris is a Vice President and Head of Acquisitions and Underwriting, leading the acquisitions team of the Community Investments group.

Anne Simpson Anne is a Vice President and is responsible for originating, pricing, structuring and closing tax credit investments, and developing internal underwriting policies and guidelines for the Acquisitions team. Sean Creedon Sean is a Director and is responsible for originating, pricing, structuring and negotiating tax credit investments, as well as promoting the Aegon tax credit investment platforms.

CONTACT INFORMATION: Christoph Gabler Senior Vice President 415-983-5441 cgabler@aegonusa.com Investor Contacts: Lynn Ambrosy Vice President 319-355-5871 lambrosy@aegonusa.com Developer Contacts: Christopher Long Vice President 415-983-5443 cjlong@aegonusa.com Anne Simpson Vice President 415-983-5451 asimpson@aegonusa.com Sean Creedon Director 415-983-5454 screedon@aegonusa.com

www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing


4% LOW INCOME HOUSING TAX CREDIT EQUITY nvestments

4% LOW INCOME HOUSING TAX CREDIT EQUITY Blue Plate lofts 1315 S Jefferson Davis Parkway New Orleans, LA 70125 $8,936,700 Equity Investment 72 units 70% Affordable 30% Market Rate Developed by:

Investment: Blue Plate Lofts Developer: HRI Properties Location: New Orleans of the best decisions ever make. one Equity: $9you’ll million Characteristics: • Adaptive Re-Use

Christoph Gabler Senior Vice President 415-983-5441 cgabler@aegonusa.com

www.aegonrealty.com

Tax CrediT iNVeSTOr

• Federal HTC

Investment: Dana Strand Developer: ROEM Apartment Communities Anne Simpson, Director 415-983-5451 Location: Los Angeles asimpson@aegonusa.com Equity: $5 million Community Investments 505 Sansome St., Ste. 1700 CACharacteristics: • New Construction San Francisco, 94111

• Senior 55+

te4C 0411

Investment: Sorrento at Miramar Developer: The NRP Group & ZOM Location: Miramar, FL Equity: $11 million Characteristics: • New Construction

• New Issue Bonds

Investment: Kuhio Park Terrace Developer: Michaels Development Company Location: Honolulu, HI Equity: $50 million Characteristics: • Rehab/Public Housing

www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing


COLUMBIA PARC

Project Name Columbia Parc at the Bayou District Location New Orleans, LA Property Type Family Building Type New Construction Project Amenities Central air conditioning Dishwasher Ceiling fans Walk-in closets Frost-free refrigerator Patio/Blacony Washer/Dryer furnished Storage electric range/Oven ● ● ● ● ● ● ● ●

Total Equity $64,965,602 Number of Units 466 Unit Mix 1BR-94 2BR-171 3BR-186 4BR-15

Mini/Vertical blinds or drapes Fire sprinklers Swimming pool Interactive splash park Clubhouse/ Community room Fitness center

Developers Columbia Residential Housing Authority of New Orleans Management Company Columbia Residential Property Management

Courtyard with barbeque picnic area Laundry room Library Computer/ Education center Tot lot/Playground Storage Business center Resident theatre

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olive street

Project Name 740 South Olive Street

Total Equity $15,391,840

Location Los Angeles, CA

Number of Units 309

Property Type Senior/Section 8

Unit Mix Studio-33 1BR-275 2BR-1

Building Type Rehabilitation

Project Amenities Elevator upgrades HVAC upgrades Renovated kitchens with new appliances Electric range/Oven New bathroom fixtures and cabinets Upgraded light fixtures ●

Blinds/Window coverings New exterior windows Exercise room New Laundry room New carpeting Computer room Updated security cameras

Developer Related Development Company of California Management Company Related Management Company

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Updated community kitchen and common area Renovated rooftop deck Resident theatre New property management office


dana strand

Project Name Dana Strand Senior Apartments Location Los Angeles, CA Property Type Senior

Total Equity $5,487,471

Developer ROEM Apartment Communities

Number of Units 100

Management Company FPI Management

Unit Mix 1BR-99 2BR-1

Building Type New Construction Project Amenities Central air conditioning Dishwasher Garbage disposal Microwave oven Refrigerator Cable TV and internet connections ●

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Washer/Dryer hook-up Storage Electric range/Oven Blinds/Drapes Fire sprinklers Elevators Community center Patio/Balcony

Laundry room Computer/ Education center Secured access Perimeter fencing On-site manager Fitness center Lawn irrigation ● ●

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blue plate lofts

Tax CrediT iNVeSTOr Project Name Blue Plate Lofts

Total Equity $8,936,799

Developer HRI Properties

Location New Orleans, LA

Number of Units 72

Management Company HRI Management Corporation

one of the best decisions you’ll ever make.

Property Type Unit Mix Artist Lofts 1BR-44 • 505 Sansome St., Ste. 1700 • San Francisco, CA 94111 Community Investments (Market Rate / LIHTC) 2BR-28 www.aegonrealty.com 4C 0411 Building Type Historic Rehabilitation Project Amenities Central air conditioning Dishwasher Microwave oven Ceiling fans Walk-in closets Frost-free refrigerator Electric cook-top range Washer/Dryer hook-up

Storage Blinds/Drapes Fire sprinklers Elevators Clubhouse/ Community room Fitness center

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Barbecues/Picnic area Computer/Business area Secured access Perimeter fencing Bicycle storage Lawn irrigation/Sprinklers


kuhio park

Project Name Kuhio Park Terrace

Total Equity $50,153,221

Developer Michaels Development Company

Location Honolulu, HI

Number of Units 556

Management Company Interstate Realty Management

Property Type Family Public Housing

Unit Mix 1BR- 45 2BR- 316 3BR- 195

Building Type Rehabilitation Project Amenities Clubhouse Elevator Fitness center BBQ/Picnic area Laundry room ●

Video surveillance Balconies/Lanais Computer/Business center Day care

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Fire sprinklers Tot lot/Playground Security


We’re invested with you. 505 Sansome Street, 17th Floor | San Francisco, CA 94111 | 415.983.5420 www.aegonrealty.com/en/Home/Investment-approach/Tax-Credit-Investing

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Aegon USA Realty Advisors, LLC

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Aegon Realty - Community Investments

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