Pierre L'enfant 29-39 Newcomb Street, Quincy L’Enfant

OFFERING MEMORANDUM

PIERRE L'ENFANT 29-39 NEWCOMB STREET, QUINCY L’ENFANT

Quincy, MA L’ENFANT |Perspective View Looking Down Newcomb Street QUINCY, MA L’ENFANT |Perspective View Looking Down Newcomb Street QUINCY, MA L’ENFANT |Perspective View of Drop-Off and Entry QUINCY, MA L’ENFANT |Perspective View of Main Entry QUINCY, MA L’ENFANT |Perspective View From Parking Entry / Exit QUINCY, MA L’ENFANT |Perspective Views of Dog Run and Screening QUINCY, MA Armstrong Maple - Summer & Fall Emerald Green Arborvitae

Steeds Holly Black-Eyed Susan & Fountain Grass Russian Sage Feather Reed Grass Tufted Hair Grass

Inkberry Liriope groundcover Hakone Grass

L’ENFANT |Planting QUINCY, MA L'Enfant Quincy Center Executive Summary

OFFERING SUMMARY ADDRESS 29-39 Newcomb Street Quincy MA 02169 COUNTY Norfolk MARKET Norfolk County SUBMARKET Quincy SALE PRICE $6,995,000 OWNERSHIP TYPE Other ZONING TYPE Business C # OF PARCELS 3

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2021 Population 26,295 126,391 266,111 2021 Median HH Income $60,184 $70,072 $68,226 2021 Average HH Income $80,953 $90,732 $92,314 Days on market (DOM) Very Healthy coupled with an above average absorption rate. Quincy has rising incomes and excellent development demographics. NAHB/ Wells Fargo National and Regional Housing Market Index (HMI) 81+ Very-Strong. Fully Approved 39 Unit Multi-Family or Condominium Development. (20) 2-

Bedroom & (19) One-Bedroom with Den & Closet. 78 Bedrooms, 59 Bathrooms, Gross rental income exceeds $1,200,000.00 One bedroom condominium & 19 Half-Bathrooms. 65 Enclosed Parking Spaces. Anticipated 10 Story Overlay comparable $489,000.00, & Two bedroom condominium comparable $689,000.00 District to allow for Phase II expansion. Current condominium & multi-family inventory is in very tight supply. Stabilized Federal Opportunity Zone combined with an A Location leaves the Owner a Multi Family Valuation $20,000,000. Condominium Sell Out $23,000,000 - choice of multifamily or condominium in the economic environment of possible $25,000,000. Highest & Best Use Hold as Multi-Family sell as Condo's year 10 for elimination of 1031-Exchanges & Rising Capital Gains Taxes. Federal Capital Gains Exclusion.

City of Quincy has Four Major Train Stations & sends the most daily commuters Rare to find available, well-located, close proximity to downtown, topographically into the City of Boston than any other City in Massachusetts. appealing multi-family or condominium properties. City of Boston Sky Line Views. Recent & Upcoming Area Public Capital Improvements include; road re-surfacing, The existing conditions: 29-31 Newcomb St. consist of a two-family dwelling & upgrading water & sewer systems, sidewalk resurfacing, public parks, traffic 35-39 Newcomb St. is a single family dwelling on a double lot. Less than a 5- optimization software, & public lighting. minute walk to Quincy Center Commuter Rail & Red Line Train Station. Very High Walk Score for this well located asset. Quincy has a top tier Standard & Poors AA+ bond rating for a fiscally healthy city. Downtown Adams-Hancock Green Water Fountain & Common Green. Quincy 200’ of frontage allows for excellent curb appeal with a detailed landscape design incorporating boxwood, zebra-grass, & spiral arborvitaes. Architecturally Center Train Station is undergoing significant capital investment for improvements. designed with open layouts and high ceilings to maximize its East Facing Exposure. L'Enfant Quincy Center Location Summary Regional Map

Nestled just outside the heart of Quincy Center 91+ Walking Score and Excellent Access to Public Transit.

Quincy Center is undergoing a beautiful transformation of it's Downtown, and Quincy Center Train Station/Hancock Adams Common.

Public Infrastructure Improvements along with Significant Private Investment is occurring. Nestled near the famous Thomas Crane Library. Quincy is relatively affordable and provides the highest and best value for investment relative to the current market offerings for the deployment of capital currently. Especially combined with the economic incentive of Opportunity Zones Investments.

Starbucks, Stop & Shop, TD Bank, Restaurants, Beach, Locator Map Lounges and Bars, Gym-Yoga, Hiking & Walking Trails, Historical Sites, Open Green Space, Library, Hancock- Adams Green, Granite Links Golf Course, and Marina Bay.

Close Proximity to Downtown Boston and Logan Airport. Major Highway Access, Healthcare, Technology, and Manufacturing Base.

Pet Friendly, Abundant Off-Street Parking. 15-Minutes Train Ride to Downtown Boston. Easy Access to RT 93, RT 95, and RT 3A. L'Enfant Quincy Center Property Features

Site Description LAND SF 26,000 LAND ACRES 0.61 # OF PARCELS 3 ZONING TYPE Business C TOPOGRAPHY Level & Loamy LOCATION CLASS A LOT DIMENSION Rectangular

UTILITIES WATER City ELECTRICITY / POWER National Grid GAS / PROPANE National Grid TELEPHONE Available CABLE Available Patio 13'-0" 20'-0"

165'-9"

Standard Parking Spaces

(2) 9'-0"x18'

20'-0"

18'-0"

18'-0" Typ 24'-0"

20'-0" Ramp

Standard Parking Spaces

(8) 9'-0"x18'

Stair #2 100'-6"

24'-0"

18'-0"

Typ Standard Parking Spaces

(8) 9'-0"x18' (8) 9'-0"x18' 30 Standard Parking Spaces PARKING 24'-0" SPACES

78'-8" (2) 8'-0"x18' H.C. Parking Spaces

8'-0" (2) 9'-0"x18' Access Standard Parking Spaces Mail Stair #1 VAN Bike Storage

Lobby Water Room Trash Vestibule Compactor

17'-6"

Pick-Up / Delivery 12'-0" Waiting Area

13'-0"

20'-0"

N Newcomb Street

Site Plan 1" = 10'-0"

PROPOSED RESIDENCES AT PROPOSED ARCHITECTURAL SITE / GROUND LEVEL PLAN 29-31 & 35-39 NEWCOMB STREET A-1 QUINCY, MASSACHUSETTS 5.31.19 165'-9" 165'-9"

20'-0" Standard Parking Spaces Ramp Roof Below 1 BR 2 BR (2) 9'-0"x18' 658 sq ft 880 sq ft 24'-0" 18'-0" TYP 2 BR 1 BR

Standard Parking Spaces Parking Standard 946 sq ft 757 sq ft

(8) 9'-0"x18' 6 9'-0"x18' (6)

100'-6" 2 BR 2 BR 100'-6"

78'-8" 78'-8" 960 sq ft 1019 sq ft

Standard Parking Spaces MECH 24'-0" 18'-0" (8) 9'-0"x18' 1 BR TYP Standard Parking Spaces 710 sq ft 1 BR (1) 8'-0"x18' H.C. Parking Space 645 sq ft (1) 9'-0" x 18' Standard Parking Space 50' MAX EGRESS PATH 24'-6" (5) 9'-0"x18' Standard Parking Spaces 5'-0" ELEC. Access

(3) 9'-0" x 18' 1 BR 2 BR Standard Parking Space 2 BR 643 sq ft Elev. 879 sq ft 954 sq ft 2 BR Lobby 1 BR 879 sq ft 839 sq ft Upper Lobby

34 PARKING SPACES

3rd - 5th Floor Plan 1/16" = 1'-0"

2nd Floor Plan 1/16" = 1'-0"

PROPOSED RESIDENCES AT SECOND FLOOR PARKING PLAN AND TYPICAL FLOOR PLAN 29-31 & 35-39 NEWCOMB STREET A-2 QUINCY, MASSACHUSETTS 5.31.19 Roof Elev - 63.00'

5th Fl 10'-6" Elev - 52.50'

4th Fl 10'-6" Elev - 42.00' 10'-6" 3rd Fl 51'-0" Elev - 31.50' 9'-6" 2nd Fl Elev - 22.00'

Gr Fl 10'-0" Elev - 12.00'

Front (street) Elevation Right Elevation 1/16" = 1'-0" 1/16" = 1'-0"

Roof Elev - 63.00'

5th Fl 10'-6" Elev - 52.50'

4th Fl 10'-6" Elev - 42.00' 10'-6" 3rd Fl 51'-0" Elev - 31.50' 9'-6" 2nd Fl Elev - 22.00'

Grade

Grade 10'-0" Gr Fl Elev - 12.00'

Rear Elevation Left Elevation 1/16" = 1'-0" 1/16" = 1'-0"

PROPOSED RESIDENCES AT BUILDING ELEVATIONS 29-31 & 35-39 NEWCOMB STREET A-3 QUINCY, MASSACHUSETTS 5.31.19 Aerial View from South View from Granville Street

Roof Elev - 63.00' 10'-6" 5th Fl Elev - 52.50' 10'-6" 4th Fl

Elev - 42.00' 51'-0" 10'-6" 3rd Fl Elev - 31.50' 9'-6" 2nd Fl Elev - 22.00' 10'-0" Gr Fl

Elev - 12.00'

Site Section 3/32" = 1'-0"

PROPOSED RESIDENCES AT RENDERINGS & SITE SECTION 29-31 & 35-39 NEWCOMB STREET A-4 QUINCY, MASSACHUSETTS 5.31.19 Faux Slate Shingles

Composite Molding

Fiber Cement Clapboard Siding

Clad Double Pane Insulated Double Hung Windows

Fiber Cement Trim and Panels

Fiber Cement Trim Enlarged Entry Rendering

Composite Molding

Stone Veneer

Metal Trellis

Elevation Detail 1/4" = 1'-0"

Perspective Rendering From East

PROPOSED RESIDENCES AT RENDERINGS & MATERIALS DETAILS ELEVATIONS 29-31 & 35-39 NEWCOMB STREET A-5 QUINCY, MASSACHUSETTS 5.31.19 March 20 June 21 September 23 December 23

9 a.m. 9 a.m. 9 a.m. 9 a.m.

noon noon noon noon

N 3 p.m. 3 p.m. 3 p.m. 3 p.m.

PROPOSED RESIDENCES AT SOLAR STUDY 29-31 & 35-39 NEWCOMB STREET A-6 QUINCY, MASSACHUSETTS 5.31.19 L'Enfant Quincy Center Confidentiality and Disclaimer

CONFIDENTIALITY AND DISCLAIMER:

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Newcomb St. LLC and Newcomb St. LLC it should not be made available to any other person or entity without the written consent of Newcomb St. LLC or its managing members.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to Newcomb St. LLC. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Newcomb St. LLC has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence of absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe reliable; however, Newcomb St. LLC has not verified, and will not verify, any of the information contained herein, nor has Newcomb St. LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

Opportunity Zones A new national COllll11unity investment program that connects private capital withlow-income communities across America

THE MAP COMES INTO FOCUS

• • • . : . • •

Opportunity Zones are a ne,v community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in lo,v-income urban and 1ural communitiesnatio1nvide. The Opportunity Zones progran1 provides a tax incentive for investors to re -invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory. Read more belo,v about ho,v the Oppo1tunity Zones progra1n ,vorks, as ,vell as its history and co1nmunity of SUP-P-Orters. Explore the map belo,v to see ,vhich co1n1nunities have been designated as Opportunity Zones:

r -"' l

Oomcy Center

The tax code now encourages long-term, patient private capttal to

invest in eligible low-income rural and urban communtties, called Opportunity Zones, all across the United States. To learn more vistt eig.org/oQQortunJ!Y.zones ECONOMIC t INNOVATION � South Quincy � GROUP .," ;, a': City of Boston, GSI, Esri, HERE, Garmin,· INC-REMENT P, USGS, METI... The Tax Benefits of Investing in Opportunity Zones January 2018

The Opportunity Zones program offers three tax benefits for investing in low-income communities through a qualified Opportunity Fundi:

1. A temporary deferral of inclusion in taxable income for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.

2. A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.

3. A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.

Figure 1. Investing in an Opportunity Fund vs. a Standard Stock Portfolio Scenario: A Capital Gain of $100 is Reinvested in 2018

* Note: Assumes long-term federal capital gains tax rate of 23.8%, no state income tax, and annual appreciation of 7% for both the O-Fund and alternative investment. How does the incentive work in practice? Illustrative examples:

The figure above, along with the table and examples below, show how an investor’s after-tax funds available compare under different scenarios, assuming various holding periods, annual investment appreciation of 7%, and a long-term capital gains tax rate of 23.8% percent (federal capital gains tax of 20% and net investment income tax of 3.8%). The table provides additional information on the tax liabilities and differences in the after-tax annual rates of return. As is clear, the incentives built into the Opportunity Zones program are designed to reward long-term investments in distressed communities the most.

Table 1. Investing in an Opportunity Fund (O-Fund) vs. a Standard Stock Portfolio Scenario: A Capital Gain of $100 is Reinvested in 2018

Investment in a Stock Investment in an Difference Portfolio Opportunity Fund in After- Holding Appreciation Tax Period Rate Total After-Tax Total After-tax Annual Tax Funds Tax Funds Rate of Liability Available Liability Available Return 5 years 7% $31 $100 $31 $109 1.9% 7 years 7% $35 $111 $35 $126 1.8% 10 years 7% $41 $132 $20 $176 3.0%

Example 1: Investor holds the O-Fund stake for 10 years

Susie has $100 of unrealized capital gains in her stock portfolio. She decides in 2018 to reinvest those gains into an O-Fund that invests in distressed areas of her home state, and she holds that investment for 10 years. Susie is able to defer the tax she owes on her original $100 of capital gains until 2026. Further, the basis is increased by 15% (effectively reducing her $100 of taxable capital gains to $85). Thus, she will owe $20 (23.8% of $85) of tax on her original capital gains when the bill finally comes due. In addition, since she holds her O-Fund investment for at least 10 years, she owes no capital gains tax on its appreciation. Assuming that her O-Fund investment grows 7% annually, the after-tax value of her original $100 investment in 2028 is $176. Susie has enjoyed a 5.8% effective annual return, compared to the 2.8% an equivalent non-O- Fund investment would have delivered.

Total tax bill in 2028: $20 After-tax value of investment in 2028: $176 Effective after-tax annual return on $100 capital gain in 2018: 5.8% Example 2: Investor holds the O-Fund stake for 7 years

As in Example 1, in 2018 Susie rolls over $100 of capital gains into an O-Fund. She holds the investment for 7 years, selling in 2025. As in Example 1, she temporarily defers the tax she owes on her original capital gains and steps-up her basis by 15%, so that in 2025 she will owe $20 (23.8% of $85) of tax on her original capital gains. Unlike Example 1, however, Susie will owe capital gains tax on the appreciation of her O-Fund investment, since she holds the investment for less than 10 years. Assuming that her O- Fund investment grows 7% annually, in 2025 Susie will owe $15 (23.8% of $61) of tax on the O-Fund investment’s capital gain. Susie did not take full advantage of the Opportunity Zone program but nevertheless received a 3.3% effective annual return compared to the 1.5% an equivalent non-O-Fund investment would have delivered.

Total tax bill in 2025: $35 After-tax value of investment in 2025: $126 Effective after-tax annual return on $100 capital gain in 2018: 3.3%

Example 3: Investor holds the O-Fund stake for 5 years

As in Example 1, in 2018 Susie rolls over $100 of capital gains into an O-Fund. She holds the investment for 5 years, selling in 2023. As in Example 1, she can temporarily defer the tax she owes on her original capital gains, but her step-up in basis is only 10%, so that in 2023 she will owe $21 (23.8% of $90) of tax on her original capital gains. As in Example 2, Susie enjoys no exemption from capital gains tax on the appreciation of her O-Fund investment, since she holds the investment for less than 10 years. Assuming that her O-Fund investment grows 7% annually, in 2023 Susie will owe $10 (23.8% of $40) of tax on the O-Fund investment’s capital gain. Susie did not take full advantage of the Opportunity Zone program but nevertheless received a 1.8% effective annual return on her initial capital gains compared to the -0.1% effective annual return an equivalent non-O-Fund investment would have delivered.

Total tax bill in 2023: $31 After-tax value of investment in 2023: $109 Effective after-tax annual return on $100 capital gain in 2018: 1.8%

For more information visit eig.org/opportunityzones or email [email protected] i A qualified Opportunity Fund is a privately managed investment vehicle organized as a corporation or a partnership for the purpose of investing in qualified opportunity zone property (the vehicle must hold at least 90 percent of its assets in such property). Governors (or the Mayor in the case of the District of Columbia) may designate 25 percent of their state’s low-income census tracts as qualified opportunity zones, subject to certification by the U.S. Secretary of the Treasury. Low-income census tracts are defined in Internal Revenue Code Section 45D(d). If the number of low-income census tracts in a state is less than 100, then a Governor may designate a total of 25 tracts. Qualified opportunity zone property includes any qualified opportunity zone business stock, any qualified opportunity zone partnership interest, and any qualified opportunity zone business property. Only taxpayers who roll over capital gains of non-zone assets before Dec. 31, 2026, will be able to take advantage of the special treatment under the provision. L'Enfant Quincy Center Property Images

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