US Construction | Sponsor Profile

S P O N S O R PR O F I LE

About U.S. Construction Inc. has established a distinct legacy of creating iconic residential and mixed-use developments designed to perfectly integrate and enhance the communities they represent. Every project starts with careful site selection and a cultural understanding of the neighborhoods we build in.

These projects are designed using historical inspiration combined with contemporary building techniques, enriching the face of historic neighborhoods with buildings that feel modern but embrace the styles of the surrounding community.

These developments help define the community as much as the people who live within them. At the core of our architectural principle is a combination of simple, elegant design and livability with a focus on developing infill locations to revitalize great communities. We understand that development projects must be completed in a way that is both sustainable and aesthetically pleasing in relation to their surroundings. U.S. Construction brings these iconic developments to life without the need for compromise.

Core Competencies US Construction Inc. provides comprehensive development, construction management, operations, and asset management for residential and mixed-use properties with full-scale development operations in three primary markets: South Florida, Philadelphia, and Metro New York City.

1

Investment Approach/Strategy US Construction Inc.’s investment principles target investments in the residential segments of high-profile markets nationally. The Company has built a strategic network of partnerships, relationships, and resources to maximize the potential returns on its development opportunities. Residential real estate has proven to be a high-demand asset class due to its ability to address the needs of owners and investors for appreciation, inflation hedges, tax efficiency, capacity for leverage, and its suitability as a cash-flowing investment vehicle.

US Construction manages the development process as an owner, guarantor, and co-investor. The team’s knowledge of acquisition, entitlement, market analysis, design, construction management, and unit sell-off or lease-up provides a comprehensive platform for risk management and optimized returns associated with the deployment of capital. The comprehensive corporate infrastructure allows US Construction to manage each element of the development process and maximize development profit.

Investment Principles • We believe that successful development investments require access to best-in-class investment opportunities, disciplined and insightful due diligence; and established budgets and timelines based on market research and expertise.

• We offer transparency to our partners regarding project business plans, construction progress, and sales/leasing status.

• We provide risk management features in the form of completion guarantees, and meticulous professional oversight of all facets of the development plans.

• We act as fiduciaries for our investment partners and lenders.

2

US CONSTRUCTION INVESTMENT CONSIDERATIONS

3

TARGET CRITERIA

DESIRED CHARACTERISTICS

Appealing Site Characteristics

The location has established or emerging demand. The neighborhood has a scarcity of buildable sites. Barriers to entr y for additional zoning and entitlement.

Potential for differentiation through Design

Location and neighboring proper ties provide an oppor tunity to address the market need through innovative design.

Strong Market Fundamentals

Strong historical appreciation of finished units, increasing demand for new products.

Appealing Neighborhood Demographics

Projects appeal to migration flow for specific renter and buyer bases due to the pattern of growth or new requirements of the established residential base.

Project Financing availability for development and future

Projects can attract construction, end buyer, or take-out financing sources.

Feasibility

Rigorous underwriting and stress testing requirements ensure feasibility and safety of all projects.

Target Markets US Construction’s proficiency in identifying new parcels and expertise in entitlement and redevelopment strategies allow the company to target a variety of markets.The company chooses to focus on submarkets that forecast long term trends of inward population migration due to economic and lifestyle preferences. In northeast locations that include Philadelphia and Brooklyn, US Construction Inc. has flourished as an urban-centric residential developer. Here, US Construction is driven by community-sponsored development programs focused on revitalizing mature neighborhoods and delivering top-quality housing stock that addresses workforce needs.

S O U T H FLORIDA

344 N. OCEAN | DELRAY BEACH

PHILADELPHIA

THE QUARTERS AT FAIRMONT

US Construction expanded into Brooklyn and New York Metro area as renter’s from Manhattan expanded their families seeking the city’s lifestyle amenities in the form of dining, entertainment and urban appeal. The Brooklyn market has benefitted from widescale regentrification of dense near the suburban product and warehouse/industrial redevelopment as Manhattan rents exceeded a natural price point for professionals in the TAMI (technology, advertising, media and information services sectors) as well as traditional mid-level professionals in the legal and finance industries. US Construction continues to develop and redevelop residential real estate in this market.

In South Florida, US Construction is well recognized for its instantly iconic coastal mid-rise residential developments, Ocean Delray and 1625 Ocean.

These premium residential projects have been transformative to the waterfront landscape of Delray Beach and met with great reception.

Over the last 4 years alone, US Construction has been responsible for $300 million of development activity in South Florida.

4

M E T RO NYC

434 UNION ST. | BROOKLYN

SENIOR LEADERSHIP John M. Farina, President/CEO, U.S. Construction Inc. John M. Farina, president of U.S. Construction, is a real estate developer with almost two decades of experience in real estate speculation, development, and construction. Farina’s career includes a diverse portfolio of residential projects, ranging from urban infill luxury townhome developments to expansive, oceanfront mansions. From 2007 through 2017, he led one of the largest redevelopment efforts Philadelphia has ever seen.

An expert in land acquisition, zoning, design-build, and construction implementation, John has brought his posh luxury styling to the forefront of the real estate market. Farina is a graduate of Rutgers University with degrees in environmental business economics and communications.

Dustin Salzano, Chief Financial Officer, U.S. Construction Inc. Dustin Salzano, CFO, and Principal of U.S. Construction, Dustin joined U.S. Construction in 2008 and is responsible for the day-to-day execution of strategy surrounding all aspects of U.S. Construction’s capital markets management including debt and equity and investor relations. Dustin coordinates project-level capitalization with financial institutions, syndication platforms, institutional investors, family offices, and high net worth individuals.

Dustin ensures that the projects maintain the standards and performance targets for U.S. Construction and its stakeholders. As a seasoned real estate and financial services professional with practical experience in accounting and finance, Dustin oversees Accounting and Finance groups, maintains project budget oversight, and directs project management for all active developments and portfolio assets. Dustin began his career in 2006 at Swiss Bank, UBS Wealth Management where he gained extensive management, project, operational, tactical implementation, and strategic business development experience. Dustin is a graduate of the University of Arizona, Eller College of Management (BA in Accounting).

5

SENIOR LEADERSHIP Brian Petrun, Director of Construction, U.S. Construction Inc. Brian Petrun serves as our Director of Construction and has been with the company since 2015.

Brian brings over ten years of engineering and construction experience to the team. Brian oversees all construction operations with a focus on design development, cost control, process efficiency and systematic problem solving. Brian’s excellent leadership and wide array of exper tise and helps to provide the direction to specify, quantify, execute and monitor our projects and bring to life designs that achieve profitability without sacrificing the quality that U.S. Construction demands.

Prior to joining U.S. Construction in 2015, Brian worked as an Estimator and Project Manager in both the commercial and residential construction industries in addition to his early professional experience as a Civil Engineering designer.

Abraham Katz, Senior Project Manager, U.S. Construction Inc. Abraham Katz serves as Senior Project Manager for the Florida Division of U.S. Construction. He brings over 25 years of construction and development experience to the role, managing complex projects from design inception through completion. His expertise includes design coordination, pre-construction planning and estimating, entitlements and permits, scheduling, bidding, cost control, contract management, day-to-day management of construction operations, and more.

Prior to joining the U.S. Construction team, Abraham served as Senior Project Manager at Ram Realty Advisors, where he oversaw the construction of mixed-use multifamily developments, including CURV Luxury Apartments in Fort Lauderdale, among others. Previously, he held the title of Senior Project Manager at Swire Properties, participating in the construction of Brickell City Centre, one of the largest mixed-use projects in Florida.

Abraham is a Civil Engineer and earned Construction Engineering and Management degrees from Stanford University.

6

U.S. CONSTRUCTION INC. TRACK RECORD SUMMARY Over the last 15 years, U.S. Construction Inc. has created a portfolio of signature properties with an unparalleled focus on upscale aesthetics, intelligent design, and enduring craftsmanship. The company has over 1,500 units representing $1billion asset value of development activity completed and in-process ranging from award-winning city center infill projects, core multi-family developments, and single-family residential complexes. (For more information, please refer to the Detailed Track Record at the end of this presentation.)

COMPLETED PROJECTS PROJECT NAME

# OF UNITS

TOTAL PROJECT COST

Multi-Family / Mixed-Use Projects

574

$407,144,562

For Sale SFR/Townhomes

82

$163,908,125

Built for Rent SFR

188

$59,198,394

TOTAL COMPLETED PROJECTS

844

$630,251,080

IN-PROGRESS PROJECTS PROJECT NAME

# OF UNITS

TOTAL PROJECT COST

Multi-Family / Mixed-Use Projects

690

$351,872,735

For Sale SFR/Townhomes

30

$59,314,176

Total In-Progress Projects

720

$411,186,911

1,564

$1,041,437,991

TOTAL

7

Ocean Delray

1901 S. Ocean Boulevard, Delray Beach, Florida Project Description: 19 Ultra Luxury Beachfront Residences Completion Date: 2020 The $100,000,000 oceanfront-residence project, Ocean Delray, represents the first new ultra-lux residences directly on the Atlantic shoreline sine 1974. Designed by award-winning Randall Stofft Architects. Ocean Delray sits on more than 200 feet of private shoreline and was designed for the most exclusive lifestyles. Focused on personal privacy the property includes 9 private and semi-private lobbies and elevators.

Each residences rivals the lifestyle of a fine estate home. With distinctive floorplans ranging from 3,136 to 4,933 square feet of living area, plus air-conditioned garage space and private elevator access. All residences have secluded balconies and fabulous entertainment spaces.

Project Sources

$88,105,907

Equity Pre-Sale Deposits Debt

$16,498,564 $12,000,000 $59,607,343

Project Cost

$88,105,907

Purchase Price Closing Cost

$21,510,398 $1,495,550

Development Cost Financing Cost

$56,024,101 $9,075,858

Net Sales Gross Profit Gross Profit Margin Equity Multiple

8

$113,784,851 $25,678,944 22.57% 2.56x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

1625 Ocean 1625 S. Ocean Boulevard, Delray Beach, Florida Project Description: 14 Ultra Luxury Beachfront Residences Estimated Completion: 2022

The project, an 85,000 square foot development has a total projected budget of $58 MM. This boutique development offers 10 residences, 4 penthouses and 6 private and semiprivate elevators. Vast free-flowing floorplans make for the perfect combination of living and entertaining.

Each residence is complete with an oversized terrace with simmer kitchen with glass balconies that allow for uninterrupted views of the surrounding outdoors.

Project Sources

$57,750,929

Equity Pre-Sale Deposits Debt

$8,669,776 $6,084,260 $42,996,893

Project Cost

$57,750,929

Purchase Price Closing Cost

$12,300,000 $407,187

Development Cost Financing Cost

$41,218,088 $3,825,654

Net Sales Gross Profit Gross Profit Margin Equity Multiple

9

$75,499,131 $17,748,202 22.06% 3.05x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Liberty Park Place 302 Poplar Street, Philadelphia, Pennsylvania Project Description: Mixed-Use – 38 Residential Units and Retail Space Estimated Completion: 2021

13 townhomes and 25 multi-family in a 5-story complex. The apartment building includes first floor retail space. Apartments share a spacious roof deck with partial green roof and cabana.

Off-street parking is provided for the multi-family along with secure parking for bikes.

Financial summary provided represents 25 unit apartment building only with retail space.

Project Sources Equity Debt

$2,109,771 $7,297,700

Project Cost

$9,407,471

Purchase Price Closing Cost

$2,000,000 $30,817

Development Cost Financing Cost

$6,971,097 $585,557

Reversion NOI Stabilized Yield on Cost Net Sales Gross Profit Gross Profit Margin Equity Multiple

10

$9,407,471

$608,904 6.47% $11,650,143 $2,277,645 19.55% 2.08x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

The Quarters at Fairmount 626-36 N 5th St, Philadelphia, Pennsylvania Project Description: Mixed Use - 43 Units Completion Date: 2017

The Quarters span from 1- to 4-bedroom residences, each with gated, assigned parking. Designed in a style fitting of the surroundings, residences feature spacious settings with historic architectural details.

Total Uses Total Us Purchase Price Closing Cost Development Cost Financing Cost

$24,122,699 $6,379,594 $1,086,574 $15,242,165 $1,414,366

Total Sources Total Sources Equity

$21,707,048 $5,426,762

Debt

$16,280,286

Financial Summary Net Operating Income Cap Value Incremental Value Creation Gross Profit Margin

11

$1,253,443 $25,068,860 $235,726 13.41%

Stabilized Yield on Cost

5.77%

Equity Multiple

1.62x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Estates at Ocean Delray Delray Beach, Florida Project Description: 5 Estate Style Homes Estimated Completion: 2022

A limited collection of contemporary home designs in the heart of Delray Beach. The renowned architect Randall Stofft has envisioned just five distinct home plans that present homeowners with a natural, free-flowing layout that can be adapted to individual preferences. Each plan features hardwood floors, custom European cabinetry, floor-to-ceiling impact windows, and designer kitchens, all in a coveted destination that features championship golf, multiple deep-sea marinas, sportfishing opportunities, fine dining, shopping, and more.

Located directly across the street from Ocean Delray, The Estates are comprised of five individual, free-standing homesites, each offering a private plunge pool, all new appliances and conveniences, and direct access to more than 200-feet of private beachfront just across the street.

Project Cost

$16,695,906

Purchase Price Closing Cost

$4,039,602 $280,861

Development Cost Financing Cost Net Sales Gross Profit Gross Profit Margin Equity Multiple

12

$10,671,018 $1,704,425 $20,187,828 $3,491,922 17.30% 2.06x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Philadelphia Water Club 1401 S Christopher Columbus , Philadelphia, Pennsylvania Project Description: Mixed Use - 370 residential apartments

and retail space.

Start Date: 2022 (currently in predevelopment)

Philadelphia Water Club represents the flagship structure of a master planned development along the Delaware River.

Phase I includes 370 studio, 1-bedroom and 2-bedroom units in a mixed-use property with structured parking and virtually unlimited amenities dedicated to the property’s waterfront location. Dynamic first floor common areas with 13,000 square feet of social and fitness centric amenities and 38,000 square feet of second level indoor and outdoor features including a private park and elevated pool, all with riverfront views.

Project Sources Equity Debt

$29,138,908 $98,521,271

Project Cost

$127,660,178

Purchase Price Closing Cost

$7,000,000 $455,000

Development Cost Financing Cost Reversion NOI Stabilized Yield on Cost Net Sales Gross Profit Gross Profit Margin Equity Multiple

13

$127,660,178

$110,670,756 $9,534,423 $7,882,879 6.13% $157,893,315 $31,659,965 20.05% 2.09x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Bridgeview Cleanvillage, Philadelphia, Pennsylvania Project Description: 75-unit multifamily master development Completion Date: 2016

75 magnificently situated residences that offer elegance, comfort, and convenience. The location features unparalleled views of the Delaware River. The layout of Bridgeview is inspired by the city’s classic street grid, embellished with quiet landscaped yards, paved courts, and cul-de-sacs. The historic charm of Old City its borders cherished neighborhoods of Queen Village and Bella Vista.

Project Cost

$44,440,898

Debt Equity

$33,330,674 $11,110,225

Stabilized NOI

$2,487,580

Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

4.8%

$52,370,109 $7,929,211 15.14% 5.60% 1.71x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information.The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions. The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

14

Pressman Commons

412 Luxe

Northern Liberties, Philadelphia, Pennsylvania

Old City, Philadelphia, Pennsylvania

Project Description: Multifamily - 21 Units

Project Description: Multifamily - 32 Units with private garages

Completion Date: 2015

Completion Date: 2014

21 residences, a modern take on the quintessential townhouse with a contemporary design. A spacious living room and dining room, and gourmet kitchen equipped with the high end of finishes. Each unit has one to two parking spots – unheard of in Northern Liberties.

Simple and stylish residences each offering luxurious amenities not found in most city rentals. Private garages, finished basements, gourmet kitchens and rooftop decks.

Project Cost

Project Cost

$9,011,272

Debt Equity

$6,758,454 $2,252,818

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

15

$707,317 5.0%

$14,146,349 $5,135,077 36.30% 7.85% 3.28x

$13,660,424

Debt Equity

$10,245,318 $3,415,106

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

$900,487 5.0%

$18,009,735 $4,349,310 24.15% 6.59% 2.31x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information. The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions.The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Courtyard at North 5th

Crease Court

Northern Liberties, Philadelphia, Pennsylvania

Fishtown, Philadelphia, Pennsylvania

Project Description: Multifamily - 22 Units

Project Description: Multifamily - 7 Units

Completion Date: 2014

Completion Date: 2013

An array of 22 refreshingly contemporary luxury residences.

3-bedroom/3-bathroom and private outdoor space.

Common landscaped courtyard with community trellis and picnic area. A truly unique living experience.

Magnificent residences, a 2-way driveway into a protected floral courtyard where each 3-story home comes with its designated parking space. Uniquely designed home offers the latest modern floorplan gourmet kitchen, with balconies and rear patio.

Project Cost

Project Cost

$9,052,670

Debt Equity

$6,789,502 $2,263,167

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

16

$639,732 5.0%

$12,794,648 $3,741,979 29.25% 7.07% 2.65x

$2,258,069

Debt Equity

$1,693,552 $564,517

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

$206,339 5.0%

$4,126,781 $1,868,711 45.28% 9.14% 4.31x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information. The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions.The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Residences at H3

Stables

Northern Liberties, Philadelphia, Pennsylvania

Northern Liberties, Philadelphia, Pennsylvania

Project Description: Multifamily - 20 Units

Project Description: Multifamily - 18 Units

Completion Date: 2013

Completion Date: 2015

20 sustainable residences. Elegant, energy-efficient three- and four-story residences surround a common green area for recreation. The distinctive, spacious homes range from 1,440 to 2,500 square feet. The varying exterior materials help create a distinctive streetscape that carries into the interior courtyard.

Ultra-modern 3-bedroom/3.5-bathroom, 2,500 square feet luxury residences. Precision engineered for maximum energy efficiency. Elegantly handcrafted upscale amenities and regal finishes including 2-car parking, a roof deck, and a back patio.

Project Cost

Project Cost

$10,961,279

Debt Equity

$8,220,959 $2,740,320

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

17

$747,140 5.0%

$14,942,798 $3,981,519 26.65% 6.82% 2.45x

$10,099,627

Debt Equity

$7,574,721 $2,524,907

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

$654,929 5.0%

$13,098,589 $2,998,962 22.90% 6.48% 2.19x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information. The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions.The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

Manayunk Hills

Market Square

Manayunk, Philadelphia, Pennsylvania

Bella Vista, Philadelphia, Pennsylvania

Project Description: Multifamily - 10 Units

Project Description: Multifamily - 19 Units

Completion Date: 2013

Completion Date: 2013

Manayunk Hills is a luxury multifamily community Each unit features a spacious double-height living room and a gourmet kitchen. The master suite has spacious walk-in closets and a spa-like master bath.

19 residences on the site bounded by 8th, Christian and Montrose Streets. Each unit is three stories with a partial basement. A common drive through the development provides access to the rear garages of each townhome.

Brick, cast stone, composite panels and stucco make up the exterior finish of the units.

Project Cost

Project Cost

$3,746,138

Debt Equity

$2,809,604 $936,535

Stabilized NOI Cap Value Value Creation Gross Profit Margin Yield on Cost Equity Multiple

18

5.0%

Debt Equity

$254,660

Stabilized NOI

$5,093,202 $1,347,063

Cap Value Value Creation

26.45% 6.80% 2.44x

$8,104,045

Gross Profit Margin Yield on Cost Equity Multiple

$6,078,034 $2,026,011 $570,797 5.0%

$11,415,931 $3,311,885 29.01% 7.04% 2.63x

The analysis disclosed in this report does not purport to be all-inclusive or contain all or part of the information. The analysis for some completed projects is performed assuming the property is operating in full rental usage with current rents from actual in place leases with current operating expenses and market exit cap rate. Additionally, the analysis and financial summary for the “in-progress” projects are calculated based on the estimated timeline and other relevant assumptions including cost and revenue assumptions.The information contained and used in this report has been obtained from sources believed to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented without warranty of any kind. For more detailed specifics on any of these projects, assumptions, or projected or reported returns, please contact dustin@usconstructioninc.com.

U.S. CONSTRUCTION INC. DETAILED TRACK RECORD COMPLETED PROJECTS - MULTIFAMILY / MIXED USE Project Name Queen’s Walk Market Square The Residences @ H3 The Townhomes at Manayunk Hills Crease Court 412 Luxe Courtyard at North Fifth Townhomes at Rye Pressman Commons The Twenty Stables Riverview at Front Mildred Court Lofts at Front Bridgeview Franklin Village Premier Estates The Marian Penn’s Row Fireman’s Place Ortlieb’s Square SoNo26 Quarters at Fairmount 160 Carroll St. 647 Warren St 184 Lincoln Reed Estates 423 3rd St 143 Summit 640 Baltic 434 Union St. 140 Luquer St Ocean Delray

Address

# of Units

Location

Project Cost

Year Completed

501-523 Montrose St 801-821 Montrose St 1100-1116 N Hope St 310-318 Green Lane 1235-1243B Crease St 412 N Front St 919 N 5th St 1118-30 N Front St 900-922 N 5th St 826-834 N 3rd St 1102-1122 N American St 933-937 N Front St 800 Montrose St 927-931 N Front St` 740 S C Columbus Blvd 120-124 Race St 836-50 N 3rd St 708-716 N 4th St 702-12 N Front St 151-59 N 2nd St 838-848R N American St 312-328 Fairmount Ave 626-36 N 5th St 160 Carroll St 647 Warren St 184 Lincoln 116-130 Reed St 423 3rd St 143 Summit 640 Baltic 434 Union St 140 Luquer St 1901 S Ocean Blvd

19 19 20 10 7 32 22 27 21 20 18 7 25 7 75 10 26 5 14 17 38 26 39 3 3 2 26 4 3 3 3 4 19

Queen Village, Philadelphia Bella Vista, Philadelphia Northern Liberties, Philadelphia Manayunk, Philadelphia Fishtown, Philadelphia Old City, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Poplar, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Bella Vista, Philadelphia Northern Liberties, Philadelphia Queen Village, Philadelphia Old City, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Old City, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Northern Liberties, Philadelphia Carroll Gardens, Brooklyn Park Slope, Brooklyn Park Slope, Brooklyn Pennsport, Philadelphia Park Slope, Brooklyn Carroll Gardens, Brooklyn Park Slope, Brooklyn Gowanus, Brooklyn Carroll Gardens, Brooklyn Delray Beach, FL

$7,420,633 $8,104,045 $7,108,182 $3,746,138 $2,258,069 $13,660,425 $9,035,023 $10,961,278 $8,993,292 $9,145,254 $10,080,917 $3,169,052 $12,240,411 $3,626,167 $44,440,898 $7,163,769 $14,637,114 $2,849,649 $7,497,421 $13,606,501 $22,036,695 $16,895,305 $23,037,761 $5,703,351 $3,632,750 $3,700,200 $15,709,056 $6,953,000 $5,537,037 $5,349,215 $5,287,000 $5,453,047 $88,105,907

2012 2013 2013 2013 2013 2014 2014 2014 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2017 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021

Sub-Total of Completed Projects - Multifamily / Mixed Use

19

574

$407,144,562

U.S. CONSTRUCTION INC. DETAILED TRACK RECORD COMPLETED PROJECTS - FOR SALE SFR/TOWNHOMES Project Name Adagio 2143-47 Lombard LE23 Bedford Estates Museum Estates Lippincott Alley 344 N Ocean Black Horse Alley 915 Bond Way 200 NE 7th Ave 907 Witherspoon 202 SE 4th Ave 707 N Ocean Blvd 2929 N Ocean Blvd 3565 N Ocean Blvd Villas at Casuarina 512 NE 7TH

Address

# of Units

Location

Project Cost

Year Completed

130 S Front St 2143-47 Lombard St 233-39 N 23rd St 711-715 Bainbridge St 208-212 N 21st St 44-50 N 3rd St 344 N Ocean 24-28 S Front St 915 Bond Way 200 NE 7th Ave 907 Witherspoon 202 NE 4th Ave 707 N Ocean Blvd 2929 N Ocean Blvd 3565 N Ocean Blvd 1009-1023 Casuaina 512 NE 7th St.

19 3 4 7 8 10 1 9 2 3 2 3 1 1 1 6 2

Society Hill, Philadelphia Ritenhouse Square, Philadelphia Logan Square, Philadelphia Bella Vista, Philadelphia Logan Square, Philadelphia Old City, Philadelphia Delray Beach, FL Old City, Philadelphia Delray Beach, FL Delray Beach, FL Delray Beach, FL Delray Beach, FL Delray Beach, FL Gulf Stream, FL Gulf Stream, FL Delray Beach, FL Delray Beach, FL

$28,042,285 $3,605,449 $5,673,657 $7,761,975 $13,242,577 $17,736,301 $11,135,375 $15,935,722 $3,485,984 $4,600,490 $2,996,337 $700,000 $10,916,017 $10,999,300 $10,466,750 $15,851,236 $758,670

2017 2017 2018 2018 2018 2019 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021

Sub-Total of Completed Projects - For Sale SFR/Townhomes

82

$163,908,125

COMPLETED PROJECTS - BUILT FOR RENT SFR Project Name Residential Single Family Homes

Address

# of Units

Location

Project Cost

Year Completed

Multiple Locations in Philadelphia

188

Philadelphia, PA

$59,198,394

2012

$59,158,394

2012

Sub-Total of Completed Projects - Built For Rent/SFR

20

188

U.S. CONSTRUCTION INC. DETAILED TRACK RECORD IN PROGRESS PROJECTS - MULTIFAMILY / MIXED USE Project Name 227 Berkley 377 Degraw St 1070 Bergen 494 7th St Philadelphia Water Club Liberty Park Place 506 Henry St 279 Sackett 285 S 7th 1625 Ocean 1108 N Front St. 305 Briny Ave 1120 Frankford Ave*

Address 227 Berkley 377 Degraw St 1070 Bergen 494 7th St 1401 S Christopher Columbus Blvd 302 Poplar 506 Henry St 279 Sackett 285 S 7th 1625 Ocean Blvd 1108 N Front St. 305 Briny Ave 1120 Frankford Ave

Sub-Total of Completed Projects - Multifamily/Mixed Use

# of Units 4 4 4 3 371 39 5 4 3 14 48 40 151

Location Park Slope, Brooklyn Carroll Gardens, Brooklyn Crown Heights, Brooklyn Park Slope, Brooklyn Pennsport, Philadelphia Northern Liberties, Philadelphia Carroll Gardens, Brooklyn Carroll Gardens, Brooklyn Park Slope, Brooklyn Delray Beach, FL Northern Liberties, Philadelphia Pompano Beach, FL Northern Liberties, Philadelphia

690

Project Cost $6,291,804 $5,252,581 $3,127,480 $4,786,245 $127,660,178 $19,912,051 $7,022,100 $6,727,831 $4,710,703 $57,750,929 $14,008,439 $57,500,927 $37,121,466

Year Started 2018 2018 2018 2019 2019 2019 2019 2019 2019 2020 2021 2021 2021

$351,872,735

*acquisition currently in negotiations

IN PROGRESS PROJECTS - FOR SALE SFR/TOWNHOMES Project Name Moderna at Rittenhouse Logan23 Estates at Oceans Delray

Address

# of Units

Location

Project Cost

Year Completed

2031-51 Lombard St 113-27 N 23rd St 1901 S Ocean Blvd

8 16 6

Ritenhouse Square, Philadelphia Logan Square, Philadelphia Delray Beach, FL

$18,435,696 $24,182,574 $16,695,906

2018 2019 2021

Sub-Total of Completed Projects - For Sale SFR/Townhomes

30

TOTAL 1,564

21

$59,314,176

$1,041,437,991

E N V I S I O N | C R E AT E | I N S P I R E BUILD WITH U.S. USCONSTRUCTIONINC .COM