Contact David Waxman

Create value and aracve risk adjusted returns through opportunisc inﬁll development in Philadelphia’s emerging neighborhoods.

Overview / capabilities

To date, Sponsor has acquired and renovated $45mm of projects in urban infill locations in Philadelphia with an emphasis on the Brewerytown neighborhood (mixed-use, multi-family, and single-family)

Largest and most active developer in Brewerytown which in turn has led Sponsor to be recognized as a leading urban infill development company Ability to effectuate complex ! Recognized and sought out for complex, re-use projects (ex. A.F. Bornot) transactions that provide pricing efficiencies to the Partnership Established critical mass in Girard Avenue corridor - every deal increases value of every deal – “Brewerytown ecosystem” ! Adaptive re-use projects that provide historic tax credits - i.e. reduce basis ! City grants Vertically integrated with in-house construction, project management, asset management and property management ! Understanding of government and quasi government funding sources (PIDC low rate loans) 95% occupancy in existing rental portfolio with strong demand for more residential/ ! Financing acumen - example - A.F. Bornot retail

Acquisition Strategy - Deal Sourcing

Deep relationships with brokers, owners and developers 1 provides off-market deal flow Manager’s deep local Strong reputation provides competitive advantage for winning 2 knowledge and relationships marketed / limited marketed deals leads to constant Local market knowledge (“boots on the ground”) provides off-market deal flow 3 unique insight to trends at neighborhood level

Able to identify potential deals Target urban infill locations (Center City and extended Center 4 before market due to depth and City) at discount to replacement cost historical knowledge of markets Relentless pursuit of key assets with owners “temporarily” and buildings. 5 unwilling to sell (example Girard27)

Strong relationship with city council and other government 6 officials provides opportunity to acquire city owned property at attractive, below market values for development

Brewerytown Market Review

Fundamentals Access Momentum

" Strong rental market, with solid rent " Close proximity to Center City " Public interest and investment in the growth year-over-year West Girard Avenue Commercial " Excellent access to public transportation Corridor " Directly adjacent to the affluent and major highways (676, 76) Fairmont/Art Museum neighborhood " Opportunity to create a thriving Main " Directly adjacent to Fairmont Park, which has been pushing north, and has Street retail corridor along West Girard Schuylkill River Park and Kelly Drive now reached W. Girard Avenue (and Avenue from West College Avenue to beyond) 29th Street, which in turn drives residential growth " Significantly underserved retail buying power in the neighborhood, creating " Near Drexel University, University of strong demand for new retail Pennsylvania, and Temple University, all (Brewerytown and Fairmount residents) major demand generators for housing " Large stock of historic properties to acquire at attractive valuations and reposition

Brewerytown Location

Brewerytown is Located in Close Proximity to Center City, University City, Major Highways and Fairmount Park

Fairmount Park

East Park Reservoir Brewerytown

Eastern State Penitentiary

½ Mile Philadelphia Museum of Art

Barnes Foundation

University City Center City

Fairmount park As Your Backyard

Fairmount park, the largest urban park in the world, is conveniently located in Brewerytown’s backyard. Open space is a key component of urban infrastructure providing valuable economic, health and ecosystem benefits and drives value for its surrounding real estate.

Fairmount Park Features & Amenities

" 9,200 acres of rolling hills, gentle trails, relaxing waterfront and shaded woodlands " Two outdoor concert venues feature some of the tops names in music " The world-famous Philadelphia Museum of Art sits at the headway of the Park and overlooks the row of Victorian-era boathouses that have become architectural landmarks " The Park’s playgrounds are a hit with kids, and so is the Philadelphia Zoo, America’s oldest zoo. Lloyd Hall, the Park’s newest facility, offers indoor recreational activities and the Please Touch Museum attracts families year round.

Braverman Building Recently Completed 2617 W. Girard Avenue 16 Apts, 2 Retail Spaces

AF Bornot Lofts Recently Completed 1626-44 Fairmount Avenue 17 Lofts, 15,000 SqFt. Retail

Pyramid Lofts Under Development 3101 W. Glenwood Avenue 50 Lofts, 10,000 SqFt. Commercial

David Waxman

[email protected] 1234 N 30th Street #2, Philadelphia, PA 19121 267.519.0895x704