The Lively at Victor Park - Berkadia

A BERKSHIRE HATHAWAY AND JEFFERIES FINANCIAL GROUP COMPANY

CLASS A+ OPPORTUNITY

250 VICTOR AVENUE • GREER, SOUTH CAROLINA

C A R O L I N A S M U LT I F A M I LY I N V E S T M E N T S A L E S T E A M

M AR K B OYCE Managing Director

GREENBORO BURLINGTON

843.628.3765 mark.boyce@berkadia.com

ROCKY MOUNT

RALEIGH WILSON

MORGANTON

CALEB TROOP Managing Director

DURHAM

NORTH CAROLINA

ASHEVILLE

CHARLOTTE

314.607.3481 caleb.troop@berkadia.com

FAYETEVILLE SPARTANBURG

BL AK E COFFE Y Director

JACKSONVILLE

GREENVILLE ANDERSON

843.628.3766 blake.coffey@berkadia.com

WILMINGTON FLORENCE

GREENWOOD COLUMBIA

CAROLINAS SALES TEAM

MYRTLE BEACH

CURRENT SALES ACTIVITY

AUGUSTA

SOUTH CAROLINA

$3,563,136,027 CHARLESTON

TOTAL SALES

#1

TOTAL UNITS

TOTAL COMMUNITIES

$27B 2021 INVESTMENT SALES TRANSACTION VOLUME

28,256 210

COMPANY-WIDE STATS

SAVANNAH

COASTAL GEORGIA

COMBINED FREDDIE MAC, FANNIE MAE AND FH ORIGINATION VOLUME

$337B SERVICING PORTFOLIO UPB

BRUNSWICK

*Map reflected sales as of 2015 to current.

INVESTMENT SALES CALEB TROOP

MANAGING DIRECTOR 314.607.3481 caleb.troop@berkadia.com

MARK BOYCE

BLAKE COFFEY

RICHARD LEVINE

JOHN BRAY

MANAGING DIRECTOR 843.628.3765 mark.boyce@berkadia.com

DIRECTOR 843.628.3766 blake.coffey@berkadia.com

MORTGAGE BANKING JOSH FINLEY

SENIOR DIRECTOR 404.654.259 josh.finley@berkadia.com

SENIOR MANAGING DIRECTOR 404.654.2590 richard.levine@berkadia.com

SENIOR MANAGING DIRECTOR 404.654.2595 john.bray@berkadia.com

BERKADIA ATLANTA, GA | Three Alliance Center | 3550 Lenox Road, Suite 2600 | Atlanta, GA 30326 CHARLOTTE, NC | 6000 Fairview Road | Suite 1200 | Charlotte, NC 28210 CHARLESTON, SC | 207 East Bay Street | Suite 301 & 312 | Charleston, SC 29401

05 14 CONTENTS

29 35

THE PROPERTY

MARKET POSITIONING

FINANCIALS

MARKET OVERVIEW

THE PROPERTY

PROPERTY SUMMARY

PROPERTY DESCRIPTION # of total units

318

Style

Low-rise

Type

Multifamily

Distance from Downtown

0.7 Miles SE of the city’s center and 15 miles NE of Downtown Greenville

Location

Along Victor Ave., between S. Line St. and 26th St.

Year built

2022 – slated to complete in november 2022

# of total buildings

11 (Including leasing office / clubhouse)

# of stories/floors in each building

Four story

Exterior building materials

Brick and siding

Roof type

Pitched roofs with shingles

Acres of land

20.93 acres

Density

15.19 units per acre

Pets allowed

Yes

Major street exposure

U.S. Route 29 / Wade Hampton Blvd.

Views

Man-made lake

THE LIVELY

6

The Property

UNIT MIX 290

108

478 – 670 SF

579 – 1,048 SF

146

Vic tor

Av e

46

TWO-BEDROOM UNITS

THREE-BEDROOM UNITS

865 – 1,205 SF

1,206 SF

THE LIVELY

t

ONE-BEDROOM UNITS

ne S

STUDIO UNITS

S Li

18

NORTH

7

The Property

COMMUNITY AMENITIES Located in the Heart of Downtown Greer on the Former Victor Mill Site Resort-Style, Saltwater Swimming Pool with In-Pool Loungers, Large Sundeck, Cabanas, Fire Pit, Poolside Grilling Area, and Bocce Court Clubhouse with Entertainment Space, TV Lounge, Two-Sided Fireplace, Flexible Work and Lounge Space with Cold Brew Tap, and Kitchen 24 / 7, Two-Story Fitness Center with Cardio and Weightlifting Equipment, Free Weights, and Rock-Climbing Wall Sky Lounge Dog Park with Pet Spa Lobby with Lounge Area, Leasing Office, and Elevators Valet Trash Service and Recycling Center Online Resident Portal Plenty of Convenient, On-Site Parking and Car Care Center with Complimentary Vacuum Professionally Landscaped with Manicured Grass, Plants, Young Trees, Brick-Paved Courtyard, and Man-Made Lake Close to Parks, Lakes, Schools, Stores, Restaurants, and Entertainment Options Near the 12-Acre Greer City Park Featuring an Amphitheater for Public Concerts and Ceremonies, Large Water Fountain, Pond, Playground, Green Space, and Walking Track Convenient Access to Interstate 85, State Route 80, U.S. Highway 29, Public Transportation (Greenlink Bus Line), and GSP International Airport

UNIT AMENITIES Open and Airy Floor Plans with Rustic, Artisan-Style Design Beautifully Appointed with High-End Finishes Including Stainless Steel Appliances, Granite Countertops, Wood-Style Flooring, Custom Light Wood Cabinetry, Signature Hardware, Tiled Kitchen Backsplash, Undermount Sink with Gooseneck Faucet, and Upgraded Lighting Modern Kitchen with Electric Stove with Glass-Top Range, Refrigerator, Built-In Microwave, Dishwasher, Kitchen Island / Breakfast Bar, and Plenty of Cabinet and Counter Space Full Size Bathroom with Tub and Shower Combination / Walk-In Shower Lighted Ceiling Fans, Nine Foot Ceilings, Plush Bedroom Carpeting, and Mini Blinds Generous Closet Space Large Windows Allowing in Abundant Natural Light In-Unit Washer and Dryer Select Units Feature Concrete Floors, Private Patio / Balcony / Juliette Balcony with Glass Panel / Sliding Glass Doors, and Enclosed Garage with Direct Access

POINTS OF INTEREST 39

30 33 29 28

32

37 43

6

10

15

12

22

17 21

11

9

34

3

4

2

27

8

24

16

18

26

14

36

5

7

13

42

38

35

31

25

20 23

19 48

47

44

49

45

50 51 52

46

S

1

THE LIVELY

11

The Property

41

40

POINTS OF INTEREST S

THE LIVELY VICTOR PARK

18

Starbucks

36

Nissan of Greer

1

Prisma Health Greer Memorial Hospital

19

The Home Depot

37

Kia of Greer

2

Walmart Supercenter

20

GNC

38

Chevrolet

3

Walmart Neighborhood Market

21

Chick-fil-A

39

Toyota of Greer

4

Planet Fitness

22

Cook Out

40

Greer Mitsubishi and the Truck Farm of Greer

5

Belk

23

Food Lion

41

Hyundai of Greer

6

Anytime Fitness - Greer, SC

24

Papa Johns Pizza

42

Enterprise Rent-A-Car

7

ALDI

25

Staples

43

Family Dollar

8

Gold's Gym Greer

26

Panera Bread

44

Greer City Park

9

Firehouse Subs Greer

27

Dunkin'

45

Cannon's Drive-In & Catering

10

Walgreens

28

Applebee's Grill + Bar

46

Wild Ace Pizza & Pub

11

Panera Bread

29

Domino's Pizza

47

Harvest Kitchen

12

Chili's Grill & Bar

30

Little Caesars Pizza

48

The Great Bay Oyster House

13

Kohl's

31

Subway

49

Barista Alley Speciality Coffee and Smoothie Bar

14

Ross Dress for Less

32

Walgreens

50

SELECT Restaurant - Greer

15

Five Below

33

Big Lots

51

The Mason Jar

16

Lowe's Home Improvement

34

Dollar Tree

52

Cartwright Food Hall

17

Dairy Queen Grill & Chill

35

Dick Brooks Honda

NEIGHBORHOOD DESCRIPTION

GREER, SC THE LIVELY VICTOR PARK NEIGHBORHOOD QUICK FACTS

34.7k Population

N E I G H B O R H O O D S H O PPI N G

10.2mi 1.2m 130

DEMAND DRIVER

2.8mi 570 82

FROM THE PROPERTY

SF SHOPPING DESTINATION STORES AND RESTAURANTS

Dillard’s | Belk | Pottery Barn | Banana Republic | Apple

FROM THE PROPERTY

JOBS SUPPORTED HOSPITAL BEDS

Prisma Health Greer Memorial Hospital

(Within Three Miles)

33%

N E I G H B O R H O O D CO N V E N I E N C E S

DEMAND DRIVER

3.2mi 1.0k 600k

Renter Occupied Housing Units (Within Three Miles)

210.6k

$

Median Housing Unit Value (Within Three Miles)

56.0k

$

Median Household Income (Within Three Miles)

2.5%* City Unemployment Rate (*Preliminary for August 2022)

THE LIVELY

Within a four-mile drive of the property

PR I M A RY E D U C AT I O N

77.5k 99 9.8k

JOBS SUPPORTED SF FACILITY

Plastic Omnium

DEMAND DRIVER STUDENTS SERVED

SCHOOLS AND CENTERS JOBS SUPPORTED

Crestview ES | Greer MS | Greer HS

13

FROM THE PROPERTY

3.6mi 11.0k 7.0m

FROM THE PROPERTY

TOTAL JOBS SUPPORTED SF FACILITY

BMW Manufacturing Corporation

The Property

MARKET POSITIONING

COMPARABLE RENTALS PROPERTY S Lively at Victor Park 1 Ashford Park

CITY

DISTANCE

Greer

MARKET AVG RENT

AVG RENT / SF

833

$1,506

$1.81

UNITS

BUILT

OCCUPANCY

AVG SF

318

2022

25%

Duncan

6.81 Miles

242

2016

100%

1,116

$1,123

$1.01

2 Ryder Junction

Greer

0.89 Miles

264

2022

0%

931

$1,359

$1.46

3 The Residences at Century Park

Greer

1.35 Miles

298

2018

96%

1,091

$1,466

$1.34

4 The Groves at Berry Creek

Duncan

8.52 Miles

266

2019

87%

1,070

$2,987

$2.79

5 Palisades at Duncan

Duncan

5.87 Miles

246

2019

94%

1,059

$1,592

$1.50

1,053

$1,712

$1.62

AVERAGES*

1,316

*Averages do not include Subject Property

S. THE LIVELY AT VICTOR PARK

1. ASHFORD PARK

2. RYDER JUNCTION

3. THE RESIDENCES AT CENTURY PARK

4. THE GROVES AT BERRY CREEK

5. PALISADES AT DUNCAN

THE LIVELY

15

Market Positioning

COMPARABLE RENTALS 29

PARKVIEW GREER

XXX UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

3 THE RESIDENCES AT CENTURY PARK

2022 0.61 0%

ASHFORD PARK

242 UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

80

298 UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

2018 1.35 96% 325,004 1,091 $1,466 $1.34

1

LIVELY AT VICTOR PARK

318 UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

290

2022

PALISADES AT DUNCAN

25% 264,896 833 $1,506 $1.81

246 UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

85

14

2016 6.81 100% 269,962 1,116 $1,402 $1.24

2019 5.87 94% 260,430 1,059 $1,592 $1.50

5

4

THE GROVES AT BERRY CREEK

266 UNITS

101 RYDER JUNCTION

264 UNITS

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

THE LIVELY

2016 0.89 0% 245,673 931 $1,359 $1.46

296

Built : Distance : Occupancy : RSF : Avg SF : Avg Rent : Avg Rent/SF :

2019 8.52 87% 284,710 1,070 $2,987 $2.79

2

NORTH

16

Market Positioning

COMPARABLE RENTALS

THE LIVELY AT VICTOR PARK 250 Victor Avenue Greer, SC 29651 Units: Built: Occupancy:

6+34+4614Q 3 BED / 2 BA

STUDIO

2 BED / 2 BA

1 BED / 1 BA

14%

46%

THE LIVELY

6%

34%

318 2022 25%

UNIT MIX UNITS 6 8 4 40 60 8 8 71 49 18 6 8 8 24 318

17

TYPE Studio Studio Studio 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 478 646 670 579 580 697 865 933 933 958 1,048 1,205 1,206 1,206 833

MARKET RENT $1,225 $1,175 $1,226 $1,308 $1,347 $1,395 $1,574 $1,545 $1,589 $1,554 $1,725 $1,995 $1,800 $1,842 $1,506

RENT / SF $2.56 $1.82 $1.83 $2.26 $2.32 $2.00 $1.82 $1.66 $1.70 $1.62 $1.65 $1.66 $1.49 $1.53 $1.81

Market Positioning

COMPARABLE RENTALS

ASHFORD PARK 151 Bridgepoint Dr Duncan, SC 29334 Distance (mi): Units: Built: Occupancy:

0+36+559Q 3 BED / 2 BA

9%

2 BED / 2 BA

55%

THE LIVELY

1 BED / 1 BA

36%

6.81 Miles 242 2016 100%

UNIT MIX UNITS 44 44 66 66 22 242

18

TYPE 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 791 919 1,125 1,253 1,717 1,116

MARKET RENT $980 $1,030 $1,080 $1,215 $1,450 $1,123

RENT / SF $1.24 $1.12 $0.96 $0.97 $0.84 $1.01

Market Positioning

COMPARABLE RENTALS

RYDER JUNCTION 900 Conductor Cir Greer, SC 29651 Distance (mi): 0.89 Miles Units: 264 Built: 2022 Occupancy:

0+41+4910Q 3 BED / 2 BA

10%

2 BED / 2 BA

49%

THE LIVELY

1 BED / 1 BA

41%

UNIT MIX UNITS 108 84 45 27 264

19

TYPE 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 743 1,026 1,029 1,220 931

MARKET RENT $1,237 $1,406 $1,391 $1,644 $1,359

RENT / SF $1.66 $1.37 $1.35 $1.35 $1.46

Market Positioning

COMPARABLE RENTALS

THE RESIDENCES AT CENTURY PARK 3000 Daventry Cir Greer, SC 29650 Distance (mi): Units: Built: Occupancy:

0+42+508Q 3 BED / 2 BA

8%

2 BED / 2 BA

50%

THE LIVELY

1 BED / 1 BA

42%

1.35 Miles 298 2018 96%

UNIT MIX UNITS 48 76 66 24 60 12 12 298

20

TYPE 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 835 914 1,176 1,185 1,255 1,373 1,469 1,091

MARKET RENT $1,279 $1,290 $1,542 $1,542 $1,565 $1,840 $1,880 $1,466

RENT / SF $1.53 $1.41 $1.31 $1.30 $1.25 $1.34 $1.28 $1.34

Market Positioning

COMPARABLE RENTALS

THE GROVES AT BERRY CREEK 101 Halehaven Dr Duncan, SC 29334 Distance (mi): Units: Built: Occupancy:

0+34+4521Q 3 BED / 2 BA

21%

2 BED / 2 BA

45%

THE LIVELY

1 BED / 1 BA

34%

8.52 Miles 266 2019 87%

UNIT MIX UNITS 30 30 30 30 30 30 30 30 26 266

21

TYPE 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 840 870 938 1,022 1,085 1,093 1,157 1,298 1,370 1,070

MARKET RENT $1,245 $1,380 $1,290 $1,465 $1,505 $1,445 $1,475 $1,775 $1,795 $1,481

RENT / SF $1.48 $1.59 $1.38 $1.43 $1.39 $1.32 $1.27 $1.37 $1.31 $1.38

Market Positioning

COMPARABLE RENTALS

PALISADES AT DUNCAN 1010 Palisade Wds Dr Duncan, SC 29334 Distance (mi): Units: Built: Occupancy:

0+37+4419Q 3 BED / 2 BA

19%

2 BED / 2 BA

44%

THE LIVELY

1 BED / 1 BA

37%

5.87 Miles 246 2019 94%

UNIT MIX UNITS 36 36 18 90 18 24 24 246

22

TYPE 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 1 Bedroom / 1 Bath 2 Bedrooms / 2 Baths 2 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths 3 Bedrooms / 2 Baths Weighted Average

UNIT SF 771 831 949 1,102 1,224 1,303 1,383 1,059

MARKET RENT $1,410 $1,415 $1,500 $1,575 $1,615 $1,915 $1,920 $1,592

RENT / SF $1.83 $1.70 $1.58 $1.43 $1.32 $1.47 $1.39 $1.50

Market Positioning

COMPARABLE RENTALS ANALYSIS

1 BEDROOM $1,600

$1,400

Average $1,253 $1,200

$1,237

$1,000

$1,286

$1,430

$1,305

$1,336

The Groves at Berry Creek

Lively at Victor Park

$1,005

$800

$600

$400

$200

$0 Ashford Park

THE LIVELY

Ryder Junction

The Residences at Century Park

23

Palisades at Duncan

Market Positioning

COMPARABLE RENTALS ANALYSIS

2 BEDROOMS $1,800 $1,600

Average $1,431

$1,400

$1,401

$1,473

$1,551

$1,562

$1,582

The Residences at Century Park

Lively at Victor Park

Palisades at Duncan

$1,200 $1,000

$1,148

$800 $600 $400 $200 $0 Ashford Park

THE LIVELY

Ryder Junction

The Groves at Berry Creek

24

Market Positioning

COMPARABLE RENTALS ANALYSIS

3 BEDROOMS $2,500

$2,000

Average $1,731

$1,644

$1,500

$1,784

$1,918

$1,846

$1,860

Lively at Victor Park

The Residences at Century Park

$1,450 $1,000

$500

$0 Ashford Park

THE LIVELY

Ryder Junction

The Groves at Berry Creek

25

Palisades at Duncan

Market Positioning

COMPARABLE SALES PROPERTY

UNITS

BUILT

PRICE

S The Lively at Victor Park

318

2022

1 NOVO Mauldin

330

2021

$81,500,000

$246,970

2 Trailside Verdae

276

2020

$69,000,000

3 The Lofts at Woodside Mill

307

2021

$107,000,000

AVERAGES*

PRICE/UNIT

AVG SF

CAP RATE

833

0.00%

$348.29

943

0.00%

$250,000

$690.00

1052

0.00%

$348,534

$227.66

1114

0.00%

$281,835

$421.98

1,036

0.00%

S. THE LIVELY AT VICTOR PARK

1. NOVO MAULDIN

2. TRAILSIDE VERDAE

3. THE LOFTS AT WOODSIDE MILL

THE LIVELY

26

PRICE/SF

Market Positioning

COMPARABLE SALES THE LOFTS AT WOODSIDE MILL

1 E MAIN ST, GREENVILLE, SC 29611 Built: Units Dist(mi) Price/Unit Sale Price

2021 307 13.06 $348,534 $107,000,000.00

THE LIVELY AT VICTOR PARK

250 VICTOR AVENUE, GREER, SC 29651 Built: 2022

3 Greenville TRAILSIDE VERDAE

180 WOODRUFF RD, GREENVILLE, SC 29607 Built: Units Dist(mi) Price/Unit Sale Price

2

2020 276 8.69 $250,000 $69,000,000.00

Five Forks

1 Mauldin NOVO MAULDIN

101 MCCAW STREET, MAULDIN, SC 29662 Built: Units Dist(mi) Price/Unit Sale Price

2021 330 10.91 $246,970 $81,500,000.00

NORTH

THE LIVELY

27

Market Positioning

COMPARABLE SALES ANALYSIS

PRICE PER UNIT

$400,000

$350,000

$700.00

$348,534 $300,000

$690.00

Average $281,835

$250,000

$246,970

PRICE PER SF

$800.00

$600.00

$500.00

$250,000

Average $421.98

$200,000

$400.00

$150,000

$300.00

$100,000

$200.00

$50,000

$100.00

$348.29 $227.66

$0.00

$0

NOVO Mauldin

THE LIVELY

Trailside Verdae

The Lofts at Woodside Mill

The Lofts at Woodside Mill

28

NOVO Mauldin

Trailside Verdae

Market Positioning

FINANCIALS

FINANCIAL SUMMARY PROPERTY FACTS Year built Occupancy as of (10/02/22) Total Units Size Average Unit Size Market Rent ($/sqft) Effective Rent ($/sqft) No. of Stories Submarket Upfront Capital Expenditures/Unit PROFORMA UNDERWRITING ASSUMPTIONS Rental Income FYI Annual $5,485,973 FYI Monthly $457,164

VALUES

COMPETITIVE OFFER

STRONG PRICE SUPPORT

4.99%

5.06%

5.38%

$69,000,000

$68,000,000

$64,000,000

$216,981

$213,836

$201,258

$260

$257

$242

Cap Rate(FY1) 2021 24.53% 318 264,896 SF 833 SF $1.81 $0.00 3 Greer $0

Price Price/Unit Price/SF

VALUATION $69,000,000

$68,000,000

Total Income $5,928,349 $494,029

RE Tax Assumption NOI (T3 w/Tax Adjustment) NOI (FY1 w/Tax Adjustment) 5-Year NOI Growth (Cum.)

75% Reval. in FY1 ($79,500) $3,457,903 16%

LOAN TERMS Loan Amount Loan to Value (LTV) Interest Rate Term Amortization Period Interest Only DSCR

NEW FINANCING $39,780,000 58% 5.65% 10 30 10 1.249886334

RESIDUAL Holding Period Cap Rate Gross Value Per Unit

POTENTIAL REACH

$64,000,000 POTENTIAL REACH

COMPETITIVE OFFER

STRONG PRICE SUPPORT

LEVERAGED YIELDS - VALUE ADD Unlevered Cash on Cash

5.85%

5.88%

5.97%

Levered Cash on Cash

6.13%

6.18%

6.39%

Cash on Cash(FY1 with I/O)

4.00%

4.05%

4.23%

Cash on Cash(FY1 with amort)

2.30%

2.35%

2.53%

INTERNAL RATE OF RETURN (IRR) - VALUE ADD

10 Years 6.00% $82,200,000 $258,491

All Cash IRR

6.93%

6.98%

7.17%

Levered IRR

8.39%

8.49%

8.89%

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the express written consent of Berkadia. Not responsible for errors and omissions.

THE LIVELY

30

Financials

YEAR ONE FORECASTED OPERATING STATEMENT RENTAL REVENUES UNITS 6 8 4 318

TYPE Studio Studio Studio

UNIT SF 478 646 670 833

TOTAL SF 2,868 5,168 2,680 264,896

MARKET RENT $1,225 $1,175 $1,226 $1,506

VALUES Potential Reach (High) Competitive Offers (Mid) Strong Price Support (Low) Debt Service Coverage(I/O) Debt Service Coverage (Amortizing)

$69,000,000 $68,000,000 $64,000,000 1.51 1.25

YEAR ONE FORECASTED OPERATING STATEMENT INCOME YR 1 PROFORMA INCOME

ANNUAL MONTHLY

Scheduled Market Rent Less: Loss to Lease Subtotal Gross Potential Rent (GPR) Less: Physical Vacancy Less: Concessions Less: Non Revenue/Model Less: Employee Unit Less: Bad Debt Less: Down Unit Net Rental Income Economic Occupancy % Effective Rent/SF (GPR Less Concession Loss)

5.00% 1.00% 0.27% 0.10% 0.50%

Plus: Utility Reimbursements Plus: Other Income Plus: Parking Income Plus: Fee Income Total Other Income Total Operating Income (EGI)

THE LIVELY

RENT/SF MONTHLY MARKET RENT ANNUAL MARKET RENT $2.56 $7,350 $88,200 $1.82 $9,400 $112,800 $1.83 $4,905 $58,860 $1.81 $478,980 $5,747,760

31

$5,920,193 ($29,601) $5,890,592

$493,349 ($2,467) $490,883

($294,530) ($58,906) ($15,840) ($5,891) ($29,453) $0 $5,485,973 6.87% $1.83

($24,544) ($4,909) ($1,320) ($491) ($2,454) $0 $457,164

$190,266 $63,600 $0 $188,510 $442,376 $5,928,349

$15,856 $5,300 $0 $15,709 $36,865 $494,029

Financials

YEAR ONE FORECASTED OPERATING STATEMENT ANNUAL AMOUNTS OPERATING EXPENSES

ANNUAL

MONTHLY

/UNIT

% OF EGI

/SQ FT.

Apartment Prep/Turnover

$39,750

$3,313

$125

0.7%

$0.15

Administrative

$79,500

$6,625

$250

1.3%

$0.30

Marketing & Promotion

$63,600

$5,300

$200

1.1%

$0.24

$127,200

$10,600

$400

2.1%

$0.48

$95,400

$7,950

$300

1.6%

$0.36

Payroll

$436,508

$36,376

$1,373

7.4%

$1.65

Utilities

$318,000

$26,500

$1,000

5.4%

$1.20

Other Controllable Expenses1

$0

$0

$0

0.0%

$0.00

Other Controllable Expenses2

$0

$0

$0

0.0%

$0.00

Total Controllable Expenses

$1,159,958

$96,663

$3,648

19.6%

$4.38

Management Fee

$177,850

$14,821

$559

3.0%

$0.67

Insurance

$111,300

$9,275

$350

1.9%

$0.42

Real Estate Taxes

$955,688

$79,641

$3,005

16.1%

$3.61

Other Taxes & Assessments

$0

$0

$0

0.0%

$0.00

Other Non-Controllable Expenses1

$0

$0

$0

0.0%

$0.00

Other Non-Controllable Expenses2

$0

$0

$0

0.0%

$0.00

Total Non-Controllable Expenses

$1,244,838

$103,737

$3,915

21.0%

$4.70

Total Operating Expenses

$2,404,796

$200,400

$7,562

40.6%

$9.08

Net Operating Income

$3,523,553

$293,629

$11,080

59.4%

$13.30

$79,500

$6,625

$250

1.3%

$0.30

$3,444,053

$287,004

$10,830

58.1%

$13.00

Contracted Services Repairs & Maintenance

Replacement Reserves Net Operating Income after RR

THE LIVELY

32

Financials

DETAILED UNIT MIX TOTAL UNIT % OF COUNT MIX

IN-PLACE MAX RENT RENT PER SF ACHIEVED

MARKET RENT

MARKET RENT PER SF

POST-RENO MARKET RENT

POST-RENO MARKET RENT PER SF

UNIT TYPE Studio

478

6

2%

$1,162

$2.43

$1,185

$2.48

$1,225

$2.56

$1,225

$2.56

Studio

646

8

3%

$1,095

$1.70

$1,200

$1.86

$1,175

$1.82

$1,175

$1.82

Studio

670

4

1%

$1,169

$1.74

$1,335

$1.99

$1,226

$1.83

$1,226

$1.83

1 Bed / 1 Bath

579

40

13%

$1,253

$2.16

$1,320

$2.28

$1,308

$2.26

$1,308

$2.26

1 Bed / 1 Bath

580

60

19%

$1,279

$2.20

$1,395

$2.41

$1,347

$2.32

$1,347

$2.32

1 Bed / 1 Bath

697

8

3%

$1,410

$2.02

$1,460

$2.09

$1,395

$2.00

$1,395

$2.00

2 Bed / 2 Bath

865

8

3%

$1,493

$1.73

$1,495

$1.73

$1,574

$1.82

$1,574

$1.82

2 Bed / 2 Bath

933

49

15%

$1,611

$1.73

$1,705

$1.83

$1,589

$1.70

$1,589

$1.70

2 Bed / 2 Bath

933

71

22%

$1,521

$1.63

$1,610

$1.73

$1,545

$1.66

$1,545

$1.66

2 Bed / 2 Bath

958

18

6%

$1,572

$1.64

$1,690

$1.76

$1,554

$1.62

$1,554

$1.62

3 Bed / 2 Bath

1,048

6

2%

$1,725

$1.65

$1,725

$1.65

$1,725

$1.65

$1,725

$1.65

3 Bed / 2 Bath

1,205

8

3%

$1,995

$1.66

$1,995

$1.66

$1,995

$1.66

$1,995

$1.66

3 Bed / 2 Bath

1,206

24

8%

$1,878

$1.56

$1,965

$1.63

$1,842

$1.53

$1,842

$1.53

3 Bed / 2 Bath

1,206

8

3%

$0

$0.00

$0

$0.00

$1,800

$1.49

$1,800

$1.49

833

318

100%

$1,401

$1.68

$1,522

$1.83

$1,506

$1.81

$1,506

$1.81

WA/Totals

IN-PLACE RENT

MAX RENT ACHIEVED PER SF

SIZE (SF)

Monthly Total

$445,542

$483,935

$478,980

$478,980

Annual Total

$5,346,506

$5,807,220

$5,747,760

$5,747,760

THE LIVELY

33

Financials

DEBT SCENARIOS Property: Competitive Offers: Rehab Budget: Total Cost: Property NOI:

The Lively Victor Park $69,000,000 $0 $69,000,000 $3,457,903

Underwritten Debt Terms PRODUCT: Interest Rate Type: Loan Amount: LTPP LTC Underwritten NOI: Term (years): Interest Only (years): Amortization (years):

10-YEAR FIXED Fixed $39,780,000 57.7% 57.7% $3,444,053 10 10

Mezzanine Debt Loan Amount Combined Loan LTPP LTC Max LTV Min DSCR

$39,780,000 57.7% 57.7% 80% 1.25

Interest Rate Type:

Interest Rate Type:

Prepayment: Spread (bps): Index: Index Rate: Interest Rate: Annual P&I: I/O DSCR Amortizing DSCR

Yield Maintenance 175 10yr UST 3.90% 5.65% $2,755,493 1.51 1.25

Interest Rate IO Period (years) Amortization (years) Loan Term Annual P&I: I/O DSCR (w/ amortizing 1st) Amort DSCR (w/ amortizing 1st)

Interest Rate IO Period (years) Amortization (years) Loan Term Annual P&I: I/O DSCR (w/ amortizing 1st) Amort DSCR (w/ amortizing 1st)

VARIOUS DEBT STRATEGIES Product: Originating Lender Master Servicer Special Servicer Loan Type: Original Loan Amount Current UPB LTPP LTC Origination Date 1st Pmt Date 1st Amort Pmt Date Open Prepay Date Prepayment Maturity Date Term Remaining (years) I/O Period Remaining (years) Interest Rate Type: Interest Rate: Amortization (years): Annual P&I I/O DSCR Amortizing DSCR

Existing Loan xyz abc abc CMBS $10,000,000 $10,000,000 14.5% 14.5% 8/1/2015 9/1/2015 9/1/2018 8/1/2020 Yield Maintenance 8/1/2022 5 2 Fixed 4.15% 30 $583,324 8.22 5.93

Product: Interest Rate Type: Loan Amount: LTPP LTC Max DCSR Loan (Actual) Max LTV Loan Max Debt Yield Loan: Underwritten NOI: Term (years): Interest Only (years): Amortization (years): Prepayment: Max LTV: Min DSCR (Actual): Max Debt Yield: Spread (bps): Index: Index Rate: Interest Rate: Annual P&I: I/O DSCR Amortizing DSCR

5-Year Fixed Fixed $45,090,000 65.3% 65.3% $45,090,000 $55,200,000

7-Year Fixed Fixed $47,290,000 68.5% 68.5% $47,290,000 $55,200,000

10-Year Fixed Fixed $39,780,000 57.7% 57.7% $39,780,000 $41,400,000

$3,444,053 $5 $1 $30 Yield Maintenance $1 $1 N/A $271 5yr UST $0 4.21% $2,649,133 1.79 1.30

$3,444,053 $7 $2 $30 Yield Maintenance $1 $1 N/A $254 7yr UST $0 4.14% $2,755,238 1.74 1.25

$3,444,053 $10 $10 $30 Yield Maintenance $1 $1 N/A $175 10yr UST $0 5.65% $2,755,493 1.51 1.25

99 #N/A 6.00% #N/A 75% 7 5.00% 1 30 1.25 #N/A

Interest Rate Sensitivity 5.15% 5.25% 5.35% 5.45% 5.55% 5.65% 5.75% 5.85% 5.95% 6.05% 6.15%

$26,580,000 $26,350,000 $26,120,000 $25,900,000 $25,670,000 $25,460,000 $25,240,000 $25,030,000 $24,820,000 $24,620,000 $24,410,000

$27,810,000 $27,570,000 $27,330,000 $27,090,000 $26,860,000 $26,630,000 $26,410,000 $26,190,000 $25,970,000 $25,750,000 $25,540,000

$24,500,000 $24,300,000 $24,110,000 $23,920,000 $23,730,000 $23,550,000 $23,370,000 $23,190,000 $23,010,000 $22,830,000 $22,660,000

Refinance Scenario Refinance Year UW NOI Cap Rate Refinance Valuation Max LTV New Loan Term (years) Interest Rate Interest Only (years) Amortization (years) Min DSCR Refinance Loan Amount

THE LIVELY

30

Supplemental Loan Loan Amount Combined Loan LTPP LTC Max LTV Min DSCR

$0

34

Preferred Equity Investment Amount Combined Debt / Pref $39,780,000 LTPP 57.7% LTC 57.7% Max LTV 90% Min DSCR 1.05 Minimum Annual Return (%): Minimum Annual Return ($): Total Return Amortization Investment Term DSCR:

$39,780,000 57.7% 57.7% 85% 1.05

$0

3-Year Float Variable $55,200,000 80.0% 80.0%

5-Year Float Variable $55,200,000 80.0% 80.0%

$55,200,000 $38,270,000 $3,444,053 $7 $2 $30 12mth LO; 1% after $1 N/A $0 $375 30-Day LIBOR $0 4.00% $3,162,399 1.54 1.09

$55,200,000 $38,270,000 $3,444,053 $10 $5 $30 12mth LO; 1% after $1 N/A $0 $500 30-Day LIBOR $0 5.25% $3,657,797 1.17 0.94

7-Year Float Variable $47,290,000 68.5% 68.5% $47,290,000 $55,200,000 $38,270,000 $3,444,053 $7 $2 $30 12mth LO; 1% after $1 $1 $0 $265 30-Day LIBOR $0 2.90% $2,362,022 2.48 1.46

10-Year Float Variable $39,780,000 57.7% 57.7% $39,780,000 $41,400,000 $38,270,000 $3,444,053 $10 $5 $30 12mth LO; 1% after $1 $1 $0 $273 30-Day LIBOR $0 2.98% $2,007,424 2.87 1.72

$31,140,000 $30,850,000 $30,560,000 $30,280,000 $30,000,000 $29,720,000 $29,450,000 $29,190,000 $28,920,000 $28,660,000 $28,410,000

$30,910,000 $30,620,000 $30,330,000 $30,050,000 $29,780,000 $29,510,000 $29,240,000 $28,970,000 $28,720,000 $28,460,000 $28,210,000

Financials

MARKET OVERVIEW

DEMOGRAPHICS One-Mile Radius

Three-Mile Radius

Five-Mile Radius

Spartanburg County

Greenville-AndersonMauldin, SC MSA

2022 Estimated Population

9,129

34,671

84,083

337,571

954,423

Projected 2027 Population

9,499

36,170

87,899

348,810

986,600

Population Change (2022 - 2027)

4.1%

4.3%

4.5%

3.3%

3.4%

2022 Estimated Median HHI

$41,098

$56,041

$64,454

$55,240

$59,128

Projected 2027 Median HHI

$47,142

$63,393

$72,744

$62,824

$67,926

Median HHI Growth (2022 - 2027)

14.7%

13.1%

12.9%

13.7%

14.9%

Key Renter Age Group (18 to 35)

21%

21%

22%

23%

23%

Households Earning $100,000+ Annually

11%

21%

28%

21%

26%

Bachelor's Degree or Higher (Age 25+)

13%

26%

32%

24%

30%

Single-person Households

32%

27%

24%

26%

26%

Renter-Occupied Housing Units

45%

33%

27%

27%

28%

White-Collar Workers

37%

54%

60%

56%

61%

Workplace Establishments

275

1,022

2,025

7,400

21,628

4,550

16,579

33,656

161,503

354,860

FTE Employees* *Full-Time Equivalent Workplace Employees

THE LIVELY

36

Market Overview

KEY TAKEAWAYS: FIVE-MILE RADIUS TARGET MARKET AREA (TMA)

STURDY POPULATION

HOUSEHOLD DEMOS

RENTER FRIENDLY

4.5% FORECAST POPULATION GROWTH over the next five years, compared to the Greenville MSA of 3.4%

MEDIAN HHI IS PROJECTED TO REACH $72,744 BY 2027, a 12.9% increase from 2022

– 22% OF RESIDENTS in the key renter age group of 18 to 35 – 27% RENTER-OCCUPIED housing units

28% of households earn $100K OR MORE ANNUALLY RENTER VS OWNER MEDIAN HOUSEHOLD INCOME Renter: $38,177 | Owner: $69,249

STRONG WORKFORCE

MARKET RESILIENCY ANALYSIS

60% OF WORKERS IN WHITE-COLLAR POSITIONS

65 OVERALL MARKET RESILIENCY, COMPARED TO 50 NATIONWIDE*

– 32% of residents (age 25+) possess a BACHELOR’S DEGREE OR HIGHER – Education and health services @ 21% is LARGEST EMPLOYED POPULATION THE LIVELY

– Manufacturing @ 18% is SECOND-LARGEST EMPLOYED POPULATION – Wholesale and retail trade @ 14% rounds out the TOP THREE LARGEST EMPLOYED SECTORS

37

Volatility: 100 Demand: 51 Cost of Living: 47 Employment: 61 *The higher the score, the better a market’s ability to withstand an economic downturn (Source: Berkadia Pyxis)

Market Overview

APARTMENT MARKET OVERVIEW

Among the six apartment submarkets in the Greenville metropolitan service area, the Lively Victor Park apartment community is in the North Greenville submarket, according to RealPage.

At the end of the third quarter of 2022, the submarket contained 19,803 market-rate apartments, representing 28% of the total existing inventory metrowide.

THE LIVELY

Multifamily construction consistently added new units in the submarket for the past 10 years, where nearly 2,865 market rate units came online since 2012, a 15% inventory expansion.

38

Market Overview

APARTMENT MARKET OVERVIEW $1,400

100%

RENT VS. OCCUPANCY NORTH GREENVILLE SUBMARKET

$1,200

97%

(Projected)

2022

ANNUAL EFFECTIVE RENT GROWTH NORTH GREENVILLE SUBMARKET

14.8%

2021 $1,000

94%

1.8%

2020

4.4%

$811

$841

$856

$924

$965

$982

$1,145

$1,299

2019 $800

2015

2016

2017

2018

2019

2020

2021

3Q22

$600

1.8%

2017

3.7% 4.6%

2016

88%

Effective Rent

7.9%

2018

91%

2015

Occupancy Rate

0%

16.6%

2%

4%

6%

8%

10%

12%

14%

16%

ANNUAL EFFECTIVE RENT GROWTH 20.8%

Central Greenville

18.3%

Anderson

16.4%

North Greenville

13.2%

Clemson/Pickens County

12.7%

South Greenville

12.6%

Spartanburg *As of 2Q222

0%

10%

20%

EFFECTIVE RENT

OCCUPANCY

RENT VS. OWN

$1,299 PER MONTH IN 3Q22

96.5% AVERAGE OCCUPANCY RATE IN 3Q22

Up 16.4% year over year, outpacing the annual five-year average of $974/month by 33%

130 basis points above the submarket’s five-year average (95.2%)

THE MEDIAN HOME PRICE IN ZIP CODE 29651 IS $346,000 (SEPTEMBER 2022) Housing favors renting over homeownership by $742 per month Average Mortgage Payment*: $1,971 Average submarket effective rent: $1,229 Difference: $742

* Calculation based on the following criteria: 30-year fixed, 20% down, 6.24% interest rate, 0.57% SC property tax, $1,249 homeowner’s insurance. Sources: RealPage; National Association of Realtors

THE LIVELY

39

Market Overview

18%

KEY EMPLOYERS COMPANY NAME

ADDRESS

CITY

STATE

ZIP

# EMP

DISTANCE

1

BMW

1400 Highway 101 South

Greer

SC

29651

11,000

3.6

2

Bencore Logistic Systems, Inc.

2501 Highway 101 South

Greer

SC

29651

800

7.1

3

Honeywell International

400 S Buncombe Rd

Greer

SC

29650

645

2.7

4

Mitsubishi Polyester Film, Inc.

2001 Hood Road

Greer

SC

29652

600

3.1

5

Pelham Medical Center

250 Westmoreland Road

Greer

SC

29651

446

6.1

6

Michelin North American Headquarters

1 Parkway S

Greenville

SC

29615

1,400

7.1

Note: Employee counts are estimates Source: Upstate SC Alliance

1 2

3

5

THE LIVELY

4

40

6

Market Overview

KEY EMPLOYERS

HONEYWELL AEROSPACE (2.7 MI.)

MITSUBISHI CHEMICAL CORPORATION (3.1 MI.)

400 S Buncombe Rd, Greer, SC 29650

2001 Hood Rd, Greer, SC 29650

645

600

EMPLOYEES

Major center for the company’s machining, special processes, maintenance repair, and overhaul services for both commercial and military aircraft

THE LIVELY

EMPLOYEES

One of several Honeywell divisions that maintains a footprint within the state

Greer facility in operation for 50+ years

41

193

ACRE SITE

Manufactures synthetic resins, plastics materials, and nonvulcanizable elastomers

Market Overview

KEY EMPLOYERS

BMW (3.6 MI.)

PELHAM MEDICAL CENTER (6.1 MI.)

1400 Highway 101 South, Greer, SC 29651

11,000 EMPLOYEES

Manufacturing plant – BMW sports activity vehicles Largest BMW Group plant in the world $20 million performance driving school

THE LIVELY

250 Westmoreland Rd, Greer, SC 29651

1,500

446

VEHICLES PRODUCED DAILY

EMPLOYEES

$200 expansion announced March 2022 219,000 SF press shop 200 new jobs Start production in summer of 2024

Part of Spartanburg Regional Healthcare System $33.5 million expansion of ER completed in 2019

42

48

HOSPITAL BEDS

Primary physician care, diagnostic capabilities, surgery, and a cancer center

Market Overview

KEY EMPLOYERS

BENCORE LOGISTIC SYSTEMS, INC. (7.1 MI.)

MICHELIN NORTH AMERICAN HEADQUARTERS (7.1 MI.)

2501 SC-101, Greer, SC 29651

1 Parkway S, Greenville, SC 29615

800

1,400

EMPLOYEES

Full-service supply chain management provider Product distribution

THE LIVELY

EMPLOYEES

Transload services

14-acre, 232,000 SF facility consisting of three five-story buildings

Warehouse services

43

Market Overview

LIFESTYLE & ENTERTAINMENT

MAJOR DEVELOPMENTS / CORPORATE EXPANSIONS PROTERRA INC.

Carolina Commerce Center, Greer, SC

� Greer STATIOVN – 12 blocks w/retail, dining, entertainment, & services

Electric vehicle battery factory $76 million initial investment 327,000 SF battery systems factory

� Pelham Mill Park

200 new jobs

� Vicario Micro-Distillery and Farm

Expected to launch in 2H22

� Lake Robinson Recreational Area

VPET USA

� Willow Creek Golf Course

861 Victor Hill Road in Greer, SC

� Greer Golf Course

10.8 million manufacturing plant PET containers

� Greer City Park

40 new jobs Production planned for 4Q22

THE LIVELY

44

Market Overview

INVESTMENT SALES CALEB TROOP

MANAGING DIRECTOR 314.607.3481 caleb.troop@berkadia.com

MARK BOYCE

BLAKE COFFEY

RICHARD LEVINE

JOHN BRAY

MANAGING DIRECTOR 843.628.3765 mark.boyce@berkadia.com

DIRECTOR 843.628.3766 blake.coffey@berkadia.com

MORTGAGE BANKING JOSH FINLEY

SENIOR DIRECTOR 404.654.259 josh.finley@berkadia.com

SENIOR MANAGING DIRECTOR 404.654.2590 richard.levine@berkadia.com

SENIOR MANAGING DIRECTOR 404.654.2595 john.bray@berkadia.com

BERKADIA ATLANTA, GA | Three Alliance Center | 3550 Lenox Road, Suite 2600 | Atlanta, GA 30326 CHARLOTTE, NC | 6000 Fairview Road | Suite 1200 | Charlotte, NC 28210 CHARLESTON, SC | 207 East Bay Street | Suite 301 & 312 | Charleston, SC 29401

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. © 2022 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Adrienne Barr, CA DRE Lic. # 01308753. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada. For state licensing details, visit: https://www.berkadia.com/licensing/ ATS274330