Greenwood Apartments BOV - March 2021

GREENWOOD MARKETING PROPOSAL 24 Units | Built 1979 5304 San Francisco Ave SW | Lakewood, WA 98499

INVESTMENT ADVISORS MITCHELL BELCHER Managing Director T: +1 (206) 801-3072 mitchell.belcher@berkadia.com STEVEN CHATTIN Managing Director T: +1 (206) 521-7224 steven.chattin@berkadia.com JAY TIMPANI Managing Director T: +1 (206) 801-3067 jay.timpani@berkadia.com

MAGNOLIA

CHAD BLENZ Associate Director T: +1 (206) 801-3075 chad.blenz@berkadia.com

2

BERKADIA NORTHWEST 601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com | northwest.berkadiarea.com BERK ADIA

TABLE OF CONTENTS 5

RENTAL COMPS

15

SALE COMPS

19

BERKADIA TEAM & SERVICES

23

MAGNOLIA

BERK ADIA

FINANCIAL ANALYSIS

3

I

FINANCIAL ANALYSIS

PROPERTY OVERVIEW GREENWOOD

MAGNOLIA

RENT SCHEDULE UNIT TYPE

COUNT

AVG. UNIT SF

TOTAL SF

CURRENT RENT

MARKET RENT

RENOVATED RENT

MONTHLY RENT

ANNUAL RENT

RENT/SF

1 Bed / 1 Bath

6

650

3,900

$775

$875

$1,000

$6,000

$72,000

$1.54

2 Bed / 1 Bath

18

800

14,400

$865

$975

$1,100

$19,800

$237,600

$1.38

TOTAL/AVERAGE

24

763

18,300

$843

$950

$1,075

$25,800

$309,600

$1.41

6 BERK ADIA

SUMMARY LOCATION Property Name Address City, State, Zip County Parcel Number

UNITS

% TOTAL

AVG SF

Greenwood

1 Bed / 1 Bath

6

25%

650

5304 San Francisco Ave SW

2 Bed / 1 Bath

18

75%

800

24

100%

763

Lakewood, WA 98499

TOTAL / AVERAGE

Pierce 0219114194

BUILDING Units

24

Built

1979

Buildings

6

Stories

2

Total Apartment SF Average Unit SF Market Avg Apartment Rent/Unit

1.65 18,300 763

TOTAL UNITS

$843

75%

1 BD / 1 BA

MAGNOLIA

2 BD / 1 BA

UNIT MIX

Site Size (Acres)

25%

7

BERK ADIA

PRO FORMA BERKADIA PRO FORMA

INCOME Scheduled Market Rent

$309,600

Less: Vacancy

5.00%

($15,480)

Net Rental Income

$294,120

Other Income Plus: RUBS Income

PER UNIT 85.00%

Plus: Other Income

$1,020

$24,480

$250

$6,000

Total Other Income

$30,480

Total Operating Income

$324,600

EXPENSES

PER UNIT

Administrative

$175

$4,200

Marketing & Advertising

$50

$1,200

Payroll

$400

$9,600

Repairs & Maintenance/Turnover

$550

$13,200

$812

$19,476

$1,200

$28,800

Management Fee Utilities

6.00%

Contract Services

$300

$7,200

Real Estate Taxes

$1,164

$27,925

Insurance

$250

$6,000

Replacement Reserves

$250

$6,000

Total Expenses

TOTAL NOI Less: Debt Service

MAGNOLIA

Projected Net Cash Flow

$123,601 Per Unit:

$5,150

Per SF:

$6.75 $1,005,328 ($81,606) $119,393

Total Economic Loss

5.00%

Cash-on-Cash Return (Based on Potential Reach)

10.19%

Cash-on-Cash Return (Based on Competitive Offer)

11.92%

Cash-on-Cash Return (Based on Strong Price Support) Debt Service Coverage

14.36% 2.46

8 BERK ADIA

VALUATION PRICE

$/UNIT

$/SF

IN PLACE CAP RATE

RENOVATED + COSTS CAP RATE

MARKET CAP RATE

Potential Reach

$3,480,000

$145,000

$190

3.95%

5.53%

5.78%

Competitive Offer

$3,310,000

$137,917

$181

4.15%

5.80%

6.07%

Strong Support

$3,140,000

$130,833

$172

4.38%

6.10%

6.40%

PRICING SUMMARY

POTENTIAL REACH

$94,300,000

POTENTIAL REACH

$94,300,000

POTENTIAL REACH COMPETITIVE OFFER

$3,480,000 $94,300,000

10-YR IRR

CASH IRR

Potential Reach

9.09%

14.40%

Competitive Offer

9.79%

16.48%

Strong Support

10.53%

19.03%

ALL FINANCING Total Loan Amount

$92,300,000

$2,331,600

Down Payment

COMPETITIVE OFFER COMPETITIVE OFFER STRONG SUPPORT

$1,171,716

LTV

$3,310,000 $92,300,000

67%

Monthly Payment

($6,801)

Debt Constant

$92,300,000

LEVERED IRR

3.50%

$3,140,000 $90,500,000 NEW MORTGAGE

STRONG SUPPORT

$90,500,000

LTV Amount

S T R OEXIT N G CAP SUPPORT SENSITIVITY ANALYSIS

Year 11 NOI $276,984

CAP RATE

PRICE

$90,500,000 PRICE/UNIT

10-YR CASH IRR

10-YR LEVERAGED IRR

67% $2,331,600

Interest Rate

3.50%

Amortization

Interest Only

4.95%

$5,590,000

$232,917

9.72%

15.49%

Payment

5.05%

$5,480,000

$228,333

9.56%

15.21%

Fees

5.15%

$5,380,000

$224,167

9.40%

14.93%

Years IO

5.25%

$5,280,000

$220,000

9.25%

14.67%

5.35%

$5,180,000

$215,833

9.09%

14.40%

5.45%

$5,080,000

$211,667

8.95%

14.14%

5.55%

$4,990,000

$207,917

8.80%

13.88%

5.65%

$4,900,000

$204,167

8.66%

13.63%

5.75%

$4,820,000

$200,833

8.52%

13.38%

($6,801) 1.00% -

© 2021 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. 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; Vincent B. Norris, CA BRE Lic. #00843890. 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. For state licensing details visit: http://www. berkadia.com/legal/licensing.

All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

BERK ADIA

MAGNOLIA

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 expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.

9

10-YEAR CASH FLOW Income

Acquisition

Scheduled Market Rent

EOY 1 $309,600

% Growth Vacancy Net Rental Income

($15,480) $294,120

% NRI Growth

EOY 2

EOY 3

EOY 4

EOY 5

EOY 6

EOY 7

EOY 8

EOY 9

EOY 10

EOY 11

$318,888

$328,455

$338,308

$348,458

$358,911

$369,679

$380,769

$392,192

$403,958

$416,077

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

($15,944) $302,944

($16,423) $312,032

($16,915) $321,393

($17,423) $331,035

($17,946) $340,966

($18,484) $351,195

($19,038) $361,731

($19,610) $372,582

($20,198) $383,760

($20,804) $395,273

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

3.00%

Other Income RUBS Income Other Income Total Other Income

$24,480 $6,000 $30,480

$25,092 $6,180 $31,272

$25,719 $6,365 $32,085

$26,362 $6,556 $32,919

$27,021 $6,753 $33,774

$27,697 $6,956 $34,653

$28,389 $7,164 $35,554

$29,099 $7,379 $36,478

$29,827 $7,601 $37,427

$30,572 $7,829 $38,401

$31,336 $8,063 $39,400

Total Operating Income (EGI)

$324,600

$334,216

$344,117

$354,312

$364,809

$375,618

$386,748

$398,209

$410,010

$422,161

$434,673

($4,200) ($1,200) ($9,600) ($13,200) ($19,476) ($28,800) ($7,200) ($27,925) ($6,000)

($4,305) ($1,230) ($9,840) ($13,530) ($20,053) ($29,520) ($7,380) ($28,623) ($6,150)

($4,413) ($1,261) ($10,086) ($13,868) ($20,647) ($30,258) ($7,565) ($29,339) ($6,304)

($4,523) ($1,292) ($10,338) ($14,215) ($21,259) ($31,014) ($7,754) ($30,072) ($6,461)

($4,636) ($1,325) ($10,597) ($14,570) ($21,889) ($31,790) ($7,947) ($30,824) ($6,623)

($4,752) ($1,358) ($10,862) ($14,935) ($22,537) ($32,585) ($8,146) ($31,595) ($6,788)

($4,871) ($1,392) ($11,133) ($15,308) ($23,205) ($33,399) ($8,350) ($32,385) ($6,958)

($4,992) ($1,426) ($11,411) ($15,691) ($23,893) ($34,234) ($8,559) ($33,194) ($7,132)

($5,117) ($1,462) ($11,697) ($16,083) ($24,601) ($35,090) ($8,773) ($34,024) ($7,310)

($5,245) ($1,499) ($11,989) ($16,485) ($25,330) ($35,967) ($8,992) ($34,875) ($7,493)

($5,376) ($1,536) ($12,289) ($16,897) ($26,080) ($36,866) ($9,217) ($35,747) ($7,681)

Operating Expenses Administrative Advertising Payroll Repairs & Maintenance/Turnover Management Fee Utilities Contract Services Real Estate Taxes Insurance

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

($6,000)

Total Expenses % Growth

Replacement Reserve

($123,601)

($126,631) 2.45%

($129,740) 2.45%

($132,929) 2.46%

($136,200) 2.46%

($139,557) 2.46%

($143,000) 2.47%

($146,532) 2.47%

($150,157) 2.47%

($153,875) 2.48%

($157,689) 2.48%

Net Operating Income (NOI)

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$259,853

$268,286

$276,984

($78,000)

($78,000)

$122,999

$129,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$259,853

$4,829,967 $5,098,253

Purchase Price CapEx Reversion Proceeds Cash Flow Before Debt

MAGNOLIA

Mortgages Mortgage Fees Principal Interest Cash Flow After Debt Service Capitalization Rate Leveraged Cash-on-Cash All-Cash IRR Leveraged IRR

($3,480,000)

($3,480,000) $2,331,600 ($23,316)

($1,171,716)

($1,805,285) ($44,746) ($80,893) ($2,640)

($46,338) ($79,301) $3,945

($47,986) ($77,653) $88,738

($49,693) ($75,946) $95,744

($51,460) ($74,179) $102,970

($53,290) ($72,349) $110,422

($55,186) ($70,453) $118,109

($57,149) ($68,491) $126,037

($59,181) ($66,458) $134,214

($61,286) ($64,353) $3,167,329

5.78% (0.23%) 0.51% (14.03%)

5.97% 0.34% 4.86% (0.13%)

6.16% 7.57% 6.66% 7.50%

6.36% 8.17% 7.56% 10.84%

6.57% 8.79% 8.10% 12.53%

6.78% 9.42% 8.44% 13.44%

7.00% 10.08% 8.69% 13.95%

7.23% 10.76% 8.86% 14.22%

7.47% 11.45% 8.99% 14.35%

7.71% 12.17% 9.09% 14.40%

10 BERK ADIA

YIELD SCHEDULE Residual Calculations

EOY 1

EOY 2

EOY 3

EOY 4

EOY 5

EOY 6

EOY 7

EOY 8

EOY 9

EOY 10

EOY 11 $276,984

Net Operating Income

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$259,853

$268,286

Cap Rate

5.88%

5.87%

5.81%

5.74%

5.68%

5.61%

5.55%

5.48%

5.42%

5.35%

Residual Value

$3,533,000

$3,652,000

$3,813,000

$3,982,000

$4,159,000

$4,344,000

$4,538,000

$4,741,000

$4,954,000

$5,176,000

(Selling Expense)

($236,193)

($244,149)

($254,912)

($266,210)

($278,043)

($290,411)

($303,381)

($316,952)

($331,192)

($346,033)

Net Residual

$3,296,807

$3,407,851

$3,558,088

$3,715,790

$3,880,957

$4,053,589

$4,234,619

$4,424,048

$4,622,808

$4,829,967

(Outstanding Debt)

($2,286,854)

($2,240,516)

($2,192,530)

($2,142,837)

($2,091,377)

($2,038,087)

($1,982,901)

($1,925,752)

($1,866,571)

($1,805,285)

Net Capital Proceeds

$1,009,953

$1,167,335

$1,365,558

$1,572,953

$1,789,580

$2,015,502

$2,251,718

$2,498,296

$2,756,237

$3,024,682

Gross Residual Price/Unit

$141,994

$148,254

$154,825

$161,707

$168,900

$176,442

$184,335

$192,617

$201,249

Annual Residual Appreciation

3.37%

4.41%

4.43%

4.45%

4.45%

4.47%

4.47%

4.49%

4.48%

EOY 2

EOY 3

EOY 4

EOY 5

EOY 6

EOY 7

EOY 8

EOY 9

EOY 10

Cash Yields

EOY 1

Holding Period Year 1

Initial ($3,480,000)

IRR $3,497,806

0.51%

Year 2

($3,480,000)

$200,999

$3,615,436

Year 3

($3,480,000)

$200,999

$207,584

$3,772,465

4.86%

Year 4

($3,480,000)

$200,999

$207,584

$214,377

$3,937,172

Year 5

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$4,109,565

Year 6

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$228,609

6.66% 7.56% 8.10% $4,289,650

8.44%

Year 7

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$4,478,367

Year 8

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$4,675,724

8.69%

Year 9

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$4,882,661

Year 10

($3,480,000)

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$259,853

$5,098,253

9.09%

10 Years

$200,999

$207,584

$214,377

$221,383

$228,609

$236,062

$243,748

$251,676

$259,853

$5,098,253

9.09%

Leveraged Yields

EOY 1

EOY 2

EOY 3

EOY 4

EOY 5

EOY 6

EOY 7

EOY 8

EOY 9

EOY 10

8.86% 8.99%

Peak Return Period and Cash Flows:

Holding Period Year 1

Initial ($1,171,716)

IRR $1,007,313

(14.03%)

Year 2

($1,171,716)

($2,640)

$1,171,281

Year 3

($1,171,716)

($2,640)

$3,945

$1,454,296

(0.13%)

Year 4

($1,171,716)

($2,640)

$3,945

$88,738

$1,668,696

Year 5

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$1,892,549

Year 6

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$102,970

$2,125,924

Year 7

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$102,970

$110,422

$2,369,827

Year 8

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$102,970

$110,422

$118,109

$2,624,333

Year 9

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$102,970

$110,422

$118,109

$126,037

$2,890,451

Year 10

($1,171,716)

($2,640)

$3,945

$88,738

$95,744

$102,970

$110,422

$118,109

$126,037

$134,214

$3,167,329

14.40%

($2,640)

$3,945

$88,738

$95,744

$102,970

$110,422

$118,109

$126,037

$134,214

$3,167,329

14.40%

7.50% 10.84% 12.53% 13.44% 13.95% 14.22%

Peak Return Period and Cash Flows: 10 Years

MAGNOLIA

14.35%

11 BERK ADIA

AMORTIZATION SCHEDULE Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

EOY

Month 1 $2,331,600

$2,327,931

$2,324,250

$2,320,560

$2,316,858

$2,313,146

$2,309,422

$2,305,688

$2,301,943

$2,298,187

$2,294,420

$2,290,642

Interest:

($80,893)

($6,801)

($6,790)

($6,779)

($6,768)

($6,758)

($6,747)

($6,736)

($6,725)

($6,714)

($6,703)

($6,692)

($6,681)

Principal:

($44,746)

($3,669)

($3,680)

($3,691)

($3,702)

($3,712)

($3,723)

($3,734)

($3,745)

($3,756)

($3,767)

($3,778)

($3,789)

$2,286,854

$2,283,054

$2,279,243

$2,275,421

$2,271,587

$2,267,743

$2,263,887

$2,260,020

$2,256,142

$2,252,252

$2,248,352

$2,244,439

Interest:

($79,301)

($6,670)

($6,659)

($6,648)

($6,637)

($6,625)

($6,614)

($6,603)

($6,592)

($6,580)

($6,569)

($6,558)

($6,546)

Principal:

($46,338)

($3,800)

($3,811)

($3,822)

($3,833)

($3,844)

($3,856)

($3,867)

($3,878)

($3,890)

($3,901)

($3,912)

($3,924)

$2,240,516

$2,236,581

$2,232,634

$2,228,676

$2,224,706

$2,220,725

$2,216,732

$2,212,728

$2,208,712

$2,204,684

$2,200,644

$2,196,593

Interest:

($77,653)

($6,535)

($6,523)

($6,512)

($6,500)

($6,489)

($6,477)

($6,465)

($6,454)

($6,442)

($6,430)

($6,419)

($6,407)

Principal:

($47,986)

($3,935)

($3,947)

($3,958)

($3,970)

($3,981)

($3,993)

($4,004)

($4,016)

($4,028)

($4,040)

($4,051)

($4,063)

$2,192,530

$2,188,455

$2,184,368

$2,180,269

$2,176,158

$2,172,035

$2,167,900

$2,163,754

$2,159,595

$2,155,424

$2,151,240

$2,147,045

Interest:

($75,946)

($6,395)

($6,383)

($6,371)

($6,359)

($6,347)

($6,335)

($6,323)

($6,311)

($6,299)

($6,287)

($6,274)

($6,262)

Principal:

($49,693)

($4,075)

($4,087)

($4,099)

($4,111)

($4,123)

($4,135)

($4,147)

($4,159)

($4,171)

($4,183)

($4,195)

($4,208)

$2,142,837

$2,138,617

$2,134,385

$2,130,140

$2,125,883

$2,121,614

$2,117,332

$2,113,037

$2,108,731

$2,104,411

$2,100,079

$2,095,734

Interest:

($74,179)

($6,250)

($6,238)

($6,225)

($6,213)

($6,200)

($6,188)

($6,176)

($6,163)

($6,150)

($6,138)

($6,125)

($6,113)

Principal:

($51,460)

($4,220)

($4,232)

($4,245)

($4,257)

($4,269)

($4,282)

($4,294)

($4,307)

($4,319)

($4,332)

($4,345)

($4,357)

$2,091,377

$2,087,007

$2,082,624

$2,078,228

$2,073,820

$2,069,399

$2,064,965

$2,060,517

$2,056,057

$2,051,584

$2,047,098

$2,042,599

Interest:

($72,349)

($6,100)

($6,087)

($6,074)

($6,061)

($6,049)

($6,036)

($6,023)

($6,010)

($5,997)

($5,984)

($5,971)

($5,958)

Principal:

($53,290)

($4,370)

($4,383)

($4,396)

($4,408)

($4,421)

($4,434)

($4,447)

($4,460)

($4,473)

($4,486)

($4,499)

($4,512)

$2,038,087

$2,033,561

$2,029,022

$2,024,470

$2,019,905

$2,015,327

$2,010,735

$2,006,129

$2,001,511

$1,996,879

$1,992,233

$1,987,574

Interest:

($70,453)

($5,944)

($5,931)

($5,918)

($5,905)

($5,891)

($5,878)

($5,865)

($5,851)

($5,838)

($5,824)

($5,811)

($5,797)

Principal:

($55,186)

($4,526)

($4,539)

($4,552)

($4,565)

($4,579)

($4,592)

($4,605)

($4,619)

($4,632)

($4,646)

($4,659)

($4,673)

$1,982,901

$1,978,214

$1,973,514

$1,968,800

$1,964,073

$1,959,331

$1,954,576

$1,949,807

$1,945,024

$1,940,227

$1,935,416

$1,930,591

Interest:

($68,491)

($5,783)

($5,770)

($5,756)

($5,742)

($5,729)

($5,715)

($5,701)

($5,687)

($5,673)

($5,659)

($5,645)

($5,631)

Principal:

($57,149)

($4,686)

($4,700)

($4,714)

($4,728)

($4,741)

($4,755)

($4,769)

($4,783)

($4,797)

($4,811)

($4,825)

($4,839)

$1,925,752

$1,920,899

$1,916,032

$1,911,150

$1,906,255

$1,901,345

$1,896,420

$1,891,481

$1,886,528

$1,881,561

$1,876,579

$1,871,582

($66,458)

($5,617)

($5,603)

($5,588)

($5,574)

($5,560)

($5,546)

($5,531)

($5,517)

($5,502)

($5,488)

($5,473)

($5,459)

($59,181)

($4,853)

($4,867)

($4,881)

($4,896)

($4,910)

($4,924)

($4,939)

($4,953)

($4,968)

($4,982)

($4,997)

($5,011)

Balance:

Balance:

Balance:

Balance:

Balance:

Balance:

Balance:

Balance:

Balance: Interest: Principal:

MAGNOLIA

Year 10

12

Balance:

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$1,866,571

$1,861,545

$1,856,505

$1,851,450

$1,846,380

$1,841,295

$1,836,196

$1,831,081

$1,825,952

$1,820,808

$1,815,649

$1,810,474

Interest:

($64,353)

($5,444)

($5,430)

($5,415)

($5,400)

($5,385)

($5,370)

($5,356)

($5,341)

($5,326)

($5,311)

($5,296)

($5,281)

Principal:

($61,286)

($5,026)

($5,040)

($5,055)

($5,070)

($5,085)

($5,099)

($5,114)

($5,129)

($5,144)

($5,159)

($5,174)

($5,189)

Total Interest:

($730,076)

Total Principal:

($526,315)

Loan Balance:

$1,805,285

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 expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2021 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. 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; Vincent B. Norris, CA BRE Lic. #00843890. 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. For state licensing details visit: http://www.berkadia.com/legal/licensing.

All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

BERK ADIA

PRO FORMA NOTES VACANCY

MANAGEMENT FEE

5%

6% of gross income

RUBS INCOME

UTILITIES

85% of utility expenses

Based on industry average and comparable properties

OTHER INCOME

CONTRACT SERVICES

Based on industry average and comparable properties

Based on industry average and comparable properties

ADMINISTRATIVE

REAL ESTATE TAXES

Based on industry average and comparable properties

Based on assessor's 2021 tax bill

ADVERTISING

INSURANCE

Based on industry average and comparable properties

Based on industry average and comparable properties

PAYROLL

REPLACEMENT RESERVES

Based on industry average and comparable properties

Based on industry average and comparable properties

REPAIRS & MAITENANCE/TURNOVER Based on industry average and comparable properties

MAGNOLIA

13 BERK ADIA

BERK ADIA

BERK ADIA

MAGNOLIA

II

RENTAL COMPS

15

RENTAL COMPS SUMMARY CITY

DISTANCE

UNITS

BUILT

OCCUPANCY

AVG. SF

AVG. MARKET RENT

AVG. RENT/SF

UPDATED

S Greenwood

Lakewood

0.00

24

1979

100%

762

$950

$1.25

03/05/2021

1

Clover Creek Manor

Lakewood

1.12

13

1959

92%

1,091

$1,539

$1.41

03/08/2021

2

Pineridge

Lakewood

0.26

26

1977

96%

675

$1,075

$1.59

03/05/2021

3

Belle Gardens Apartments

Lakewood

2.48

24

1975

100%

558

$994

$1.78

12/03/2020

4 American Lake Village

Lakewood

2.81

45

1972

923

$1,442

$1.56

03/05/2021

5

Lakewood

0.28

8

1968

750

$1,355

$1.81

03/05/2021

799

$1,272

$1.61

PROPERTY

Truaire Apartments Totals/Averages*

116

97%

*Totals/Averages do not include subject property

1

2

3

4

5

MAGNOLIA

S

16 BERK ADIA

3

1

4

S 5

MAGNOLIA

2

17 BERK ADIA

MAGNOLIA

18 BERK ADIA

III

SALES COMPS

SALE COMPS SUMMARY PROPERTY

UNITS

BUILT

RENOVATED

RSF

SALE DATE

SALE PRICE

PRICE / UNIT

PRICE / SF

CAP RATE

24

1979

-

-

-

-

-

-

-

S Greenwood 1

8914 Veterans Drive SW

5

1971

-

3,072

02/11/2021

$725,000

$145,000

$236.00

5.00%

2

11212 Kline St SW

8

1976

-

7,125

10/02/2020

$1,450,000

$181,250

$203.51

6.70%

3

Sherwood Forest

16

1963

-

11,975

08/28/2020

$2,348,400

$146,775

$196.11

0.00%

4 John Dower Estates

10

1965

1978

13,372

02/26/2021

$1,760,000

$176,000

$131.62

0.00%

5

8

1985

1992

6,790

05/29/2020

$1,300,000

$162,500

$191.46

5.73%

29

1969

-

22,156

03/20/2020

$4,490,200

$154,834

$202.66

4.25%

$2,776,516

$158,863

$187.22

5810-5816 77th St W

6 Grand Cedars Totals/Averages*

76

64,490

*Totals/Averages do not include subject property

2

6

S

3

4

5

MAGNOLIA

1

20 BERK ADIA

5 4

2

S

MAGNOLIA

1

3

21 BERK ADIA

6

IV

BERKADIA TEAM

300+ TRANSACTIONS CLOSED, OVER $1.2 BILLION IN VOLUME Since 2000, thanks to

With extensive proprietary lending programs,

our extensive market

strong third-party lender relationships,

knowledge, The

BERK ADIA

Northwest team

24

and dynamic client relationships, Berkadia Seattle provides debt, equity, and investment sales solutions for commercial real estate

closed over 300

encompassing all sizes across the Pacific

Investment Sales

Northwest. Our capital sources enable short,

transactions in markets nationwide.

intermediate, and long-term solutions to meet your needs in the acquisition, refinance, rehabilitation, and repositioning of your asset(s).

Berkadia provides top notch client service as I’ve experienced through several, well executed, transactions.

I always look forward to working with their team – thank you!”

CAMERON JONES Head of Real Estate Acquisitions, Aegon Asset Management

The Seattle Team had an unrivaled attention to detail throughout the transaction. They did their homework on the property, comps, and submarket. They stay involved after the PSA is signed, and go the extra mile to help ensure a seamless transaction from start to finish.”

COLIN CURTIS Curtis Capital Group

BERK ADIA

25

BERKADIA NORTHWEST

Investment Sales Team

Managing Director

Managing Director

206.801.3072

206.521.7224

mitchell.belcher@berkadia.com

steven.chattin@berkadia.com

601 Union Street Suite 3909

601 Union Street Suite 3909

Seattle, WA 98101

Seattle, WA 98101

Steven Chattin has been in the commercial real estate industry specializing

in the sale of multifamily properties in metro Seattle since 2006. Mitchell

in the sale of multifamily properties in metro Seattle since 2006. Steven

joined Berkadia in 2020, and currently serves as Managing Director.

joined Berkadia in 2020, and currently serves as Managing Director. With

With extensive experience selling apartments in the Pacific Northwest,

extensive experience selling apartments in the Pacific Northwest, he

he is considered an expert in the operation, disposition and acquisition

is considered an expert in the operation, disposition and acquisition of

of multifamily properties. Mitchell’s comprehensive market knowledge

multifamily properties. Steven’s comprehensive market knowledge and

and established track record have resulted in the completion of over 250

established track record have resulted in the completion of over 250

transactions totaling in excess of $1.2 billion dollars in investment sales

transactions totaling in excess of $1.2 billion dollars in investment sales

during his career.

during his career.

Total Investment Sales

250+ Closed Transactions

BERK ADIA

Steven Chattin

Mitchell Belcher has been in the commercial real estate industry specializing

$1.2B+

26

Mitchell Belcher

Education Bachelor of Arts Western Washington University

$1.2B+ Total Investment Sales

250+ Closed Transactions

Education Bachelor of Arts Gonzaga University

BERKADIA NORTHWEST

Investment Sales Team

Jay Timpani

Chad Blenz

Managing Director

Associate Director

206.801.3067

206.801.3075

jay.timpani@berkadia.com

chad.blenz@berkadia.com

601 Union Street Suite 3909

601 Union Street Suite 3909

Seattle, WA 98101

Seattle, WA 98101

Jay Timpani has been in the commercial real estate industry specializing

Chad Blenz specializes in the disposition and acquisition of multifamily assets

in the sale of multifamily properties in metro Seattle since 2009. Jay joined

and development sites throughout the region where he has been involved in

Berkadia in 2020, and currently serves as Managing Director. With extensive

the transaction of over $400 million in sales. Chad started his real estate career

experience selling apartments in the Pacific Northwest, he is considered an

advising local tenants with their office space requirements including space

expert in the operation, disposition and acquisition of multifamily properties.

acquisition and lease renewals. His experience in the office sector provides him

Jay’s comprehensive market knowledge and established track record have

with a unique perspective on the continued demand for office space in the

resulted in the completion of over 200 transactions totaling in excess of $1

region and the subsequent proliferation of multifamily investment.

billion dollars in investment sales during his career.

$1.0B+ Total Investment Sales

200+

Education

$400M+ Total Investment Sales

Education

Bachelor of Arts

Bachelor of Business Administration

University of Washington

University of San Diego

Closed Transactions

BERK ADIA

27

TRANSACTION HISTORY Closings Since 2017

PROPERT Y NAME Capitol Crossing Columbia City Studios Fairground Apartments Portage Bay Plaza Redmond View The Belvedere

PRICE

S A L E D AT E

Tacoma

-

Marketing

Seattle

-

Marketing

Deer Park

-

Marketing

Seattle

-

Marketing

Redmond

-

Marketing

WA

-

Marketing

The Pratt

Seattle

WA

-

Marketing

University 5039

Seattle

WA

-

Marketing

University Flats

Seattle

WA

-

Marketing

Wedgwood & Veraci Pizza

Seattle

WA

-

Marketing

Lacey

WA

-

Marketing

Federal Way

WA

-

Marketing

Lynnwood

WA

-

Marketing

Rise on 67th

Seattle

WA

-

Marketing

Wedgwood & Veraci Pizza

Seattle

WA

-

Marketing

Ballard Court

Seattle

WA

-

Pending

Friday Harbor

WA

-

Pending

Shoreline

WA

-

Pending

Camano

WA

-

Pending

30819 Fourteenth Seattle-Corridor City Site

Hamilton Ranch BERK ADIA

S TAT E

Camano

9106 Martin Way

28

CIT Y

Crux Development Site Driftwood Camano

TRANSACTION HISTORY

Closings Since 2017

PROPERT Y NAME

CIT Y

S TAT E

PRICE

S A L E D AT E

Olympia

WA

-

Pending

Firestone Poulsbo

Poulsbo

WA

-

Pending

Footprint Hollywood

Portland

WA

-

Pending

Footprint NW

Portland

OR

-

Pending

Franklin Lofts & Flats

Seattle

WA

-

Pending

Inneswood Issaquah

Issaquah

WA

-

Pending

University Place

WA

-

Pending

Seattle

WA

-

Pending

Bremerton

WA

$860,000

February 2021

Bellevue

WA

$6,100,000

January 2021

Ballard Development Site

Seattle

WA

$1,065,000

December 2020

Beachrock Marion

Seattle

WA

$1,925,000

December 2020

Ori on the Ave

Seattle

WA

$19,750,000

December 2020

Kirkland

WA

$3,000,000

December 2020

Terra Tukwila

Tukwila

WA

$13,150,000

December 2020

Brentwood

Tacoma

WA

$7,000,000

November 2020

Esquire

Puyallup

WA

$3,700,000

November 2020

Juanita Ridge

Kirkland

WA

$2,900,000

November 2020

Seattle

WA

$7,600,000

November 2020

Meadows and Greens Llandover Flats Kitsap Inn Bellevue Development Site

Scout

South Seattle Portfolio

BERK ADIA

Evergreen Park

29

TRANSACTION HISTORY Closings Since 2017

PROPERT Y NAME Denny at the Park

PRICE

S A L E D AT E

WA

$1,150,000

October 2020

Tacoma

WA

$3,500,000

October 2020

Bellingham

WA

$975,000

October 2020

Burien

WA

$3,000,000

September 2020

Tacoma

WA

$2,050,000

September 2020

Everett

WA

$950,000

August 2020

Federal Way

WA

$10,975,000

August 2020

Aerie

Tacoma

WA

$2,470,000

July 2020

Belle Garden

Tacoma

WA

$2,650,000

July 2020

Briggs Village

Olympia

WA

$18,300,000

July 2020

Ellensburg

WA

$1,800,000

June 2020

Kent

WA

$3,300,000

June 2020

Borgata

Bellevue

WA

$51,000,000

May 2020

Waterscape

Kirkland

WA

$93,000,000

May 2020

Burien

WA

$2,350,000

March 2020

Westview Village

Renton

WA

$34,350,000

March 2020

Winslow Court

Seattle

WA

$7,550,000

March 2020

Bellevue

WA

$28,866,000

February 2020

Port Orchard

WA

$1,276,000

February 2020

Sehome Hill Ambaum Mecca Everett 5 Providence Landing

Brook Court Kent Site

Eastview Apartments

BERK ADIA

S TAT E

Seattle

Flats at Wright Park

30

CIT Y

Aventine Apartment Homes Colonial Lane Apartments

TRANSACTION HISTORY

Closings Since 2017

PROPERT Y NAME Mt. Baker Site

CIT Y

S TAT E

PRICE

S A L E D AT E

WA

$985,000

January 2020

Mukilteo

WA

$950,000

January 2020

Seattle

WA

$3,900,000

January 2020

Portland

OR

$20,200,000

December 2019

Elikai

Seattle

WA

$6,900,000

December 2019

Innsbruck

Seatac

WA

$5,975,000

December 2019

North Admiral Apartments

Seattle

WA

$3,700,000

December 2019

Lakewood

WA

$20,209,800

December 2019

Everett

WA

$21,105,000

December 2019

The Encore

Lynnwood

WA

$13,400,000

December 2019

Timbre Apartments

Lakewood

WA

$25,202,000

December 2019

Seattle

WA

$16,900,000

October 2019

Lake Forest Park

WA

$15,400,000

October 2019

Seattle

WA

$1,213,000

October 2019

Kennewick

WA

$2,850,000

October 2019

Westline

Beaverton

OR

$23,230,000

October 2019

Villas at Kennedy Creek

Tumwater

WA

$28,150,000

September 2019

Tacoma

WA

$25,700,000

September 2019

Seattle

WA

$9,215,000

August 2019

Mukilteo Land Parcel 1 Stone & Allen ArtHouse

Oakridge Sutter's Square

Aloha House Ballinger Estates Cascade Mountain View Dolphin Apartments

Vista Del Rey Colony Surf

BERK ADIA

Seattle

31

TRANSACTION HISTORY Closings Since 2017

PROPERT Y NAME Interbay Land

PRICE

S A L E D AT E

WA

$4,150,000

August 2019

Federal Way

WA

$8,900,000

August 2019

Silverdale

WA

$31,550,000

July 2019

Burien

WA

$5,600,000

July 2019

Marysville

WA

$1,730,000

June 2019

Mountlake Terrace

WA

$18,850,000

June 2019

Vancouver

WA

$29,000,000

May 2019

Seattle

WA

$15,900,000

May 2019

Gresham

OR

$14,500,000

May 2019

Seattle

WA

$18,700,000

May 2019

Village East

Salem

OR

$10,000,000

May 2019

303 Houser

Renton

WA

$995,000

April 2019

Buena Vista

Auburn

WA

$1,650,000

April 2019

Crosspointe

Kennewick

WA

$28,800,000

April 2019

Greenlake 4

Seattle

WA

$1,115,000

April 2019

Kirkland Industrial

Kirkland

WA

$3,300,000

April 2019

Riverpointe

Richland

WA

$33,200,000

April 2019

Alki 7

Seattle

WA

$2,600,000

March 2019

The Hanover

SeaTac

WA

$29,500,000

March 2019

Sante Fe Ridge Sunwood 1207 Beach Apartments Greenview Creekside Village REV Fremont Sienna Lofts Strata on California

BERK ADIA

S TAT E

Seattle

Rainier Continental

32

CIT Y

TRANSACTION HISTORY

Closings Since 2017

PROPERT Y NAME Mountain View Hall

CIT Y

S TAT E

PRICE

S A L E D AT E

WA

$17,518,250

February 2019

The Cleary

Portland

OR

$6,800,000

February 2019

WaterView

Bremerton

WA

$24,000,000

February 2019

113 W Casino

Everett

WA

$1,825,000

November 2019

Cali Apartments

Seattle

WA

$10,700,000

January 2019

Raleigh Manor

Seattle

WA

$12,600,000

January 2019

Nacelle

Renton

WA

$3,500,000

December 2018

Sofi Lakeside

Everett

WA

$6,400,000

December 2018

Vista View

Seattle

WA

$3,030,000

November 2018

Heritage Manor

Everett

WA

$3,200,000

November 2018

2745 60th Ave SW

Seattle

WA

$1,650,000

August 2018

Lynnwood

WA

$8,350,000

August 2018

International Apartments

Seattle

WA

$7,600,000

July 2018

Iliad

Seattle

WA

$9,100,000

June 2018

La Romarr

Seattle

WA

$7,200,000

July 2018

Kent

WA

$5,950,000

June 2018

View on California

Seattle

WA

$8,600,000

July 2018

Dorlynn Apartments

Seattle

WA

$1,600,000

May 2018

Glen Grove

Bothell

WA

$6,650,000

May 2018

Cedar Ridge

The Morgan

BERK ADIA

Everett

33

TRANSACTION HISTORY Closings Since 2017

PROPERT Y NAME

PRICE

S A L E D AT E

Seattle

WA

$10,044,000

May 2018

Vista Terrace

Tacoma

WA

$4,100,000

May 2018

Spanaway

WA

$7,300,000

December 2017

Seattle

WA

$7,600,000

November 2017

Lakewood

WA

$930,000

November 2017

Tacoma

WA

$3,750,000

November 2017

Beacon Hill Apartments

Seattle

WA

$3,750,000

October 2017

Cap Hill 6

Seattle

WA

$1,799,000

October 2017

2100 Madison

Seattle

WA

$4,600,000

September 2017

Jupiter

Seattle

WA

$3,850,000

September 2017

Stella

Seattle

WA

$6,844,000

September 2017

The Pines

Seattle

WA

$1,650,000

September 2017

Agena

Seattle

WA

$1,800,000

August 2017

Dexter 3

Seattle

WA

$990,000

August 2017

The Hawthorne

Seattle

WA

$2,850,000

July 2017

Victorian Manor

Tacoma

WA

$1,325,000

July 2017

Kirkland 5

Kirkland

WA

$1,818,500

June 2017

Seattle

WA

$3,625,000

July 2017

Bellevue

WA

$11,910,000

May 2017

Bravo Green wood II Vista Palms

BERK ADIA

S TAT E

The Stanton

The Pointe at Coffee Creek

34

CIT Y

Maison Royale Parc3

TRANSACTION HISTORY

Closings Since 2017

PROPERT Y NAME

CIT Y

S TAT E

PRICE

S A L E D AT E

Portage Bay Plaza

Seattle

WA

$2,950,000

May 2017

Standard Bellevue

Bellevue

WA

$8,400,000

May 2017

Tacoma

WA

$550,000

May 2017

Seattle

WA

$3,450,000

May 2017

Normandy Park

WA

$1,500,000

March 2017

Tacoma

WA

$1,500,000

February 2017

Burien

WA

$570,000

January 2017

Tacoma 6 The Boston Hotel Belleme at Normandy Park Prospect Apartments Rainier Court

BERK ADIA

35

NATIONAL EXPERIENCE, LOCAL EXPERTISE. While multifamily makes up a sizable portion of our business, our expertise extends to the student housing, hotels and hospitality, affordable housing, land services, and seniors housing and healthcare sectors. Our investment sales platform leverages proprietary data and research on buildings and markets across the country to deliver best-in-class actionable insights. With the leverage of over 2,200 active mortgage banking and

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investment sales client relationships, plus the flexibility to respond to the market with solutions customized to

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your unique needs, we’ll find you the best buyer and help you meet your goals.

From coast-to-coast, our national advisor network guarantees that you receive the personal attention, the most timely updates and wide-scale exposure across domestic markets. We cover 50 major U.S. markets and hundreds of submarkets. Advisors are alerted in real-time of every new listing across our network. Our culture of teamwork and constant interoffice communications provide maximum exposure across all markets.

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Investment Sales When you equip the right professionals with industry-leading insights and tools, the result is better investment outcomes.

Your projects, of any size and location, benefit from best-in-class financing partners and unparalleled access to capital.

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Get customized solutions and seamless service with our established resources and proven expertise.

Technology Charge your decision-making with actionable insights backed by our powerful data.

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Mortgage Banking

Servicing

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FOCUSING ON YOU

A long tradition of taking the long view.

We’re not tied to quarterly earnings reports because we’re privately held. Our ownership structure is unique so we can think, solve, and react differently. We’re a joint venture of Berkshire Hathaway and Jefferies Financial Group - both of which are renowned for their capital strength and sophisticated investment strategies. We have Investment Sales, Mortgage Banking, and Servicing seamlessly integrated so we can

Timeline

adapt in real time - which means we’ll craft

to Success

custom, long-term solutions that deliver the best outcomes.

YOUR CLIENT

Best-in-class

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Support

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ADVISOR

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Industry Leading Technology and Research

I N DU S TRY- LE A D I N G R E S E A RCH A N D TECH N O LO GY

Smart investments pay off.

With a significant investment in technology and proprietary data gleaned from properties and markets across the country, we have developed a unique and fully-integrated platform that marries local real estate expertise with capital markets knowledge.

Armed with innovative technology and cutting-edge analytics, our team delivers actionable insights that will drive your business forward.

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TIMELINE TO SUCCESS

DELIVERING YOU THE VERY BEST RESULTS

WEEKS

WEEKS

WEEKS

WEEKS

WEEKS

WEEKS

1–3

3–5

5–6

7–8

9–12

13–16

National Marketing

Showcase Property

From exhaustive due diligence to innovative efficiencies, our marketing strategy takes no shortcuts. We’ll target the right buyers with the

Review of Offers

right techniques, at the right time, to maximize proceeds and help you achieve your goals.

Negotiate Contract

Escrow

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Closing

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Dedicated Property Website

BEST IN CLASS SUPPORT

Dynamic, user-friendly websites

MARKETING STRATEGY

Speed-to-market with round-the-clock support for immediate changes Online document center with integrated activity tracking

Online Lead Registration

Email Campaign Customized to reach every potential buyer, wherever they may be Mobile-friendly emails to reach buyers on the go Reach thousands of qualified buyers with targeted lists that drive traffic to the property website

Print Campaign

Instant access to secure documents

Visually compelling, data-driven marketing materials customized for your asset

Interested buyer tracker and reporting

Local, regional and national assignment coverage

Enables advisors to prioritize and follow up on inquiries immediately

Reach more potential buyers through re-engagement strategies

Seller Access View prospects, buyer feedback, offer activity and status updates

Peace of mind knowing your data is secure

Buyer and sale information Current historical market information Tracking of assets and loans

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Effective team communication and coordination during process

Real-Time Nationwide Database

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LEGAL DISCLAIMER 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.

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.

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.

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.

For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com 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. © 2021 Berkadia Proprietary Holding LLC

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Berkadia® is a trademark of Berkadia Proprietary Holding LLC

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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 Berkadia Affordable Tax Credit Solutions. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. 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: http://www.berkadia.com/legal/licensing.aspx BERK ADIA

INVESTMENT ADVISORS MITCHELL BELCHER Managing Director T: +1 (206) 801-3072 mitchell.belcher@berkadia.com STEVEN CHATTIN Managing Director T: +1 (206) 521-7224 steven.chattin@berkadia.com JAY TIMPANI Managing Director T: +1 (206) 801-3067 jay.timpani@berkadia.com CHAD BLENZ Associate Director T: +1 (206) 801-3075 chad.blenz@berkadia.com

601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com | Northwest.berkadiarea.com BERK ADIA

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BERKADIA NORTHWEST

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NORTHWEST OFFICE 601 Union Street, Suite 3909 Seattle, WA 98101 206.521.7220 Berkadia.com