OFFERING MEMORANDUM

a Berkshire Hathaway and Jefferies Financial Group company Surround Yourself in Luxury.

Investment Advisors

CHARLEY HENNEGHAN KEVIN P. DILLON Director Senior Managing Director 248.341.3303 248.341.3309 [email protected] [email protected]

JASON KRUG RICK VIDRIO Managing Director Managing Director 248.341.3344 248.341.3325 [email protected] [email protected]

RICK BRACE COREY KRUG Senior Director Director 248.341.3319 248.341.3338 [email protected] [email protected]

Financial Advisors

WILLIAM BRENNER AARON MOLL Managing Director Director 248.208.0537 248.208.0529 [email protected] [email protected] table of contents

The Opportunity 5 663 Prentis The Property 11 665 Willis The Property 17 675 Willis The Property 21 The Location 27 Financials 35 Real Estate Tax Analysis 39 Market Positioning 43 , 61 Construction and Development 71 The Opportunity 5 The Opportunity

In the heart of Detroit’s Midtown neighborhood is an opportunity to acquire three recently renovated apartment buildings consisting of 63 units, The Midtown Three Portfolio. The Midtown Three Portfolio boasts exceptional locations, and excellent condition due to the significant recent renovations to the façade, interior units, and mechanical systems, totaling over $2.3 Million in hard costs. Exceptional rent premiums have been realized following the rehabilitation and renovation, of the portfolio, while additional upside remains through the continuation of strategic unit upgrades and organic rent growth achievable as the 97.4% occupied Midtown neighborhood continues to thrive.

Portfolio Highlights

• Exceptional Growth Market • Detroit Demand Outpaces Supply • Detroit Investment Market • Fabulous Opportunity to Join the Detroit Renaissance • New Financing

6 Investment Highlights Exceptional Growth Market: Each property is situated in the heart of Midtown; Detroit’s hottest growth neighborhood. Anchored by , and positioned along the , residents enjoy short walks to popular shopping destinations including , Filson, Hugh, City Bird, Nora, Little Ceasar’s Arena (District Detroit), and Whole Foods. Nightlife is booming with the best restaurants and bars Detroit has to offer including; Selden Standard, Shewolf, Willis Show Bar, Grey Ghost, Jolly Pumpkin, 3rd Street, Bronx Bar, Mario’s, and more.

Detroit Demand Outpaces Supply: According the to U.S. Department of Housing and Urban Development; an estimated 3,875 units represents the production necessary to achieve a balanced Wayne County Submarket by October 1st, 2021. There are currently 453 units in the Lease Up phase of development, 1,283 units under construction, and 2,172 in the planning stage of development.

Detroit Investment Market: The Detroit region has experienced significant economic growth and stability as the Global Automotive Capital of the world and as a leader in the High Technology industry. The employment market is led by Quicken Loans, Compuware, , Medical Center, GM, Wayne State, Casinos (3), and the Detroit Lions, Tigers, Pistons, and Red Wings. The industry diversification and current development pipeline project a continuation of the strong employment base in the region.

Fabulous Opportunity to Join the Detroit Renaissance: The recurring adage heard during the ULI 2018 Spring Conference in Detroit was that the “Detroit resurgence is here to stay”. The Detroit multifamily and office markets exceed 95% occupancy thanks to a diversified and growing employment market, which includes jobs in technology, automotive, healthcare, education and financial services. There was a 38% increase in downtown Detroit employees aged 29 and lower from 2010 to 2015, and approximately $13 billion has been invested into the area’s businesses, real estate and infrastructure since 2006. Approximately 50% of downtown’s residential population is age 18-39. Recent companies to move regional headquarters and innovation offices to downtown Detroit include Google, Amazon, Adient, Microsoft, Ally, Lear Corporation, WeWork, Twitter, Snapchat and LinkedIn.

New Financing: The Midtown Three is being offered free and clear of existing debt providing the opportunity for a new investor to take advantage of the highly competitive financing markets, low interest rates, long term debt with interest only options with maximum leverage, supporting exceptional returns on your investment.

The Opportunity 7 Value Add Opportunity

The attractive location of the Midtown Three Portfolio, along with its strong occupancy, high quality tenant profile, and attractive floor plans, establish an opportunity to increase revenue through unit upgrades. The current ownership has upgraded 40 units among the three properties. There is tremendous upside for a new owner to enhance value through continuation and expansion of unit interior upgrades. Details follow:

Ownership property improvements have been made in several areas including: • Front entrance, new doors, security cameras • Lobby • Hallways • New windows • Facade and structural repairs with new porches • Roof replacement • Unit upgrades • Electrical upgrades including lighting • Landscaping • Unit Renovations • Repaving, restriping of surface parking lots • New Laundry Machines • Architecture upgrades and repairs

8 $58,265 40Total Upgraded Units *Average Upgrade Cost by Current Ownership

$176k Total Improvements 663 Prentis $2,330,584 $872k Current Ownership Total Total Improvements Capital Improvements 665 Willis

$1.28m Total Improvements 675 Prentis

The Opportunity 9

11 Property Description

Villa Lante is an historic 29-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1916, the property contains one, three-story masonry constructed building with brick siding and stone exterior and a flat roof. Situated on .218 acres of land, Villa Lante encompasses an optimal unit mix comprised of 16 studio units measuring 400 square feet, and 13 one-bedroom units measuring 550 square feet. Situated in a park-like setting, the property is well-maintained and lushly landscaped with manicured grass areas, mature trees, trimmed shrubs, a variety of plants, and colorful flowers.

12 Property Description

LOCATION SYSTEMS Property Name Villa Lante Air Conditioning Individual Address 663 Prentis Street Heating Central-Gas City, State Detroit, MI Hot Water - Central - Gas

County Wayne UTILITIES METERING Parcel Number 04000943 Gas Central

BUILDING Electricity Individual Units 29 Water Central Built 1916 UTILITIES RESPONSIBILITY Buildings 1 Electricity Resident Pays Stories Three-Story Mid Rise Gas Property Pays Site Size/Acreage .218 Water / Sewer / Trash Property Pays Total SF 13,550 PARKING Average Unit SF 467 Parking Type Surface Level Average Rent/SF $2.14 Spaces 10 Roofs Flat Spaces per Unit 0.4 Exterior Masonry with Brick and Stone UNIT MIX Studio - #/% 16 / 55.0% One Bedroom - #/% 13 / 45.0% Total 100%

The Property 13 14 The Property 15

17 Property Description

665 Willis is an historic 15-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1910, the property contains one, three-story masonry constructed building with brick siding and stone exteriors and a flat roof. Situated on .176 acres of land, 665 Willis encompasses an optimal unit mix comprised of 4 studio units measuring between 470 and 500 square feet, and 11 one-bedroom units measuring between 486 and 532 square feet. The average unit square footage is 516 sqare feet.

18 Property Description

LOCATION Property Name 665 Willis St Address 665 Willis Street City, State Detroit, MI County Wayne Parcel Number 400835

BUILDING Units 15 Built 1910 Buildings 1 Stories Three-Story Mid Rise Site Size/Acreage 0.176 Total SF 7,746 Average Unit SF 516 Average Rent/SF $2.02 Roofs Flat Exterior Masonry with Brick and Stone

UNIT MIX Studio - #/% 4/ 27.0% One Bedroom - #/% 11 / 73.0% Total 100%

The Property 19

21 Property Description

675 Willis Street is an historic 19-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1908, the property contains one, three-story masonry constructed building with brick siding and stone exteriors and a flat roof . Situated on .176 acres of land, 675 Willis encompasses an optimal unit mix comprised of seven one-bedroom units measuring between 469 and 620 square feet, three two-bedroom units measuring 778 square feet each, and nine three-bedroom units measuring between 729 and 760 square feet. The average unit square footage is 662 square feet.

22 Property Description

LOCATION Property Name 675 Willis Address 675 Willis Street City, State Detroit, MI County Wayne Parcel Number 400836

BUILDING Units 19 Built 1908 Buildings 1 Stories Three-Story Mid Rise Site Size/Acreage .176 Total SF 12,577 Average Unit SF 662 Average Rent/SF $2.48 Roofs Flat Exterior Masonry with Brick and Stone

UNIT MIX One Bedroom- #/% 7 / 38.0% Two Bedroom - #/% 3 / 15.0% Three Bedroom - #/% 9 / 47% Total 100%

The Property 23 24 The Property 24 25 The Location 27 Economic & Demographic Overview

INTRODUCTION

Detroit’s revival has become an unprecedented success story, thanks to a coalition of city leaders and some of Detroit’s largest employers. The “Live Downtown” initiative has drawn thousands of new residents to seek housing in the Detroit core, sending apartment rents soaring and vacancy rates to historic lows.

Detroit’s renaissance is also heralding fresh entrepreneurial startup companies catering to Detroit’s Fortune 500 elite, as well as forging partnerships spanning the globe. Fortune 500 investment to gritty venture capital start- ups have aligned to send the city into a whirlwind of progress. According to Quicken Loans founder Dan Gilbert—whose family of companies has invested $5.6 billion, purchased nearly 100 properties, and moved 17,500 employees downtown—the sizzle is just beginning. thriving downtown Since 2006, over $9 billion has been invested in real estate development projects in Greater Downtown Detroit

28 Neighborhood Description

ARTS & ENTERTAINMENT DEMAND DRIVER DETROIT, MI FROM THE ANNUAL 0.6mi PROPERTY 2.5m VISITORS NEIGHBORHOOD QUICK FACTS JOBS PUBLIC ARTS $ SUPPORTED PROGRAMS & 2.5k 3.7m EVENTS The largest employment center in , STUDENTS Downtown supports over 130,000 employees with 27.1k ENROLLED major companies including Quicken, Ilitch Holdings, and General Motors. The downtown and midtown Masonic Temple | Motown Musuem | MOCAD Wayne State University areas are in the midst of a major resurgence in part to over $9 billion in real estate investments since 2006, including $2.1 billion by Bedrock Companies. With an abundance of employment and NEIGHBORHOOD CONVENIENCES DEMAND DRIVER entertainment options, is one of the premier locations in the country for professionals who desire a unique live, work, $ HUDSON SITE play environment. 900m PROJECT MONROE $ BLOCKS 830m PROJECT

$ INVESTMENT 672.7k BY BEDROCK 2.1b Downtown Detroit Population Within a two-mile radius of the property 3.2 million SF of Office, & Living Space

26.0% $ DEMAND DRIVER DEMAND DRIVER Growth in High-Tech (STEM) Jobs Since 2015 39-STORY OFFICE 4 BUILDINGS JOBS AT HQ % OFFICE 9.2 15k GM JOBS Growth in 20-29 Year Old Population Since 2010 7.4k SUPPORTED SF CLASS “A” OFFICE SPACE 300k SF OF OFFICE & RETAIL 3.5mSPACE Quicken Loans Inc. - One Campus Maritus HQ Downtown World Headquarters

The Location 29 MIDTOWN Detroit’s Hottest Neighborhood

30 SHOPPING, DINING, & DAILY CONVENIENCES all within blocks from home

SHOPPING Restaurants Daily Conveniences 1. RUNdetroit 1. The Whitney 1. Marcus Market 2. Third Man Records 2. SheWolf Pastiicio & Bar 2. 8 Degrees Plato | Detroit 3. Shinola Detroit Store 3. Selden Standard 3. Whole Foods Market 4. City Bird 4. Chartreuse Kitchen & Cocktails 4. Honey Bee Market 5. Filson 5. Slows To Go 5. Mongers’ Provisions 6. Detroit Artists Market 6. La Feria 6. Eastern Market 7. Bob’s Classic Kicks 7. The Great Lakes Coffee Roasting Company 7. Rocco’s Italian Deli 8. Carhartt 8. Bolero Latin Cuisine 9. Flo Boutique Co 9. Cass Corridog Arts & Entertainment 10. Hugh 10. Jolly Pumpkin Pizzeria & Brewery 1. 11. The Hub of Detroit 11. Alley Taco 2. The Old Miami 12. Canine To Five 12. HopCat 3. Detroit Institute of Art 13. Seva Detroit 4. The Majestic Theatre 14. Urban Ramen Breweries, Bars, and Pubs 5. Fisher Theater 15. Traffic Jam & Snug 1. Temple Bar 6. Garden Theater 16. Cass Cafe 2. 3rd Street Bar 7. Cinema Detroit 17. Rock City Eatery 3. Honest John’s 8. Museum of Contemporary Art 9. 4. Common Pub Detroit Health & Beauty 10. Motown Museum 5. Motor City Brewing Works 1. FITNESSWORKS 11. Detroit Historical Musuem 6. Cata Vino 2. Midtown Yoga Wellness Center 7. Detroit Shipping Company 3. New Center Pilates 8. Founders Brewing Company Detroit 4. The Social Club Grooming Company 5. Detroit Blows 6. The Woodhouse Day Spa 7. Mills Pharmacy & Apothecary 8. Detroit Yoga Lab

The Location 31 Major Points of Interest

32 Major Points of Interest

33 The Financials 35 Unit Mix & Rent Schedule

UNITS TYPE UNIT SF TOTAL SF MARKET RENT MONTHLY MKT RENT ANNUAL MKT RENT RENT/SF

663 PRENTIS

12 Studio 400 4,800 $900 $10,800 $129,600 $2.25

12 1 Bed / 1 Bath 550 6,600 $1,200 $14,400 $172,800 $2.18

4 Studio (Basement) 400 1,600 $850 $3,400 $40,800 $2.13

1 1 Bed / 1 Bath (Basement) 550 550 $1,100 $1,100 $13,200 $2.00 675 WILLIS

6 1 Bed / 1 Bath 469 2,814 $1,200 $7,200 $86,400 $2.56

1 1 Bed / 1 Bath 620 620 $1,350 $1,350 $16,200 $2.18

3 2 Bed / 1 Bath / Office 778 2,334 $1,900 $5,700 $68,400 $2.44

8 3 Bed / 1 Bath 760 6,080 $2,050 $16,400 $196,800 $2.70

1 3 Bed / 1 Bath (Basement) 729 729 $1,850 $1,850 $22,200 $2.54 665 WILLIS

2 Studio 500 1,000 $950 $1,900 $22,800 $1.90

10 1 Bed / 1 Bath 532 5,320 $1,200 $12,000 $144,000 $2.26

2 Studio (Basement) 470 940 $900 $1,800 $21,600 $1.91

1 1 Bed / 1 Bath (Basement) 486 486 $1,050 $1,050 $12,600 $2.16

63 538 33,873 $1,253 $78,950 $947,400 $2.33

36 Pro Forma

INCOME BERKADIA PROFORMA Scheduled Market Rent $947,400 Less: Loss-to-Lease 1.00% ($9,474) Less: Vacancy 5.00% ($47,370) Less: Concessions 0.00% $0 Less: Non-Rev/Bad Debt/Adjust 0.00% $0 Plus: Year-One Rent Growth 0.00% $0 NET RENTAL INCOME $890,556 Plus: Parking Income $24,000 Plus: RUBS Income $29,298 Plus: Other Income $11,320 TOTAL OPERATING INCOME (EGI) $955,174 EXPENSES PER UNIT Administrative $100 $6,300 Advertising & Promotion $50 $3,150 Payroll $714 $45,000 Repairs & Maintenance/Turnover $525 $33,075 Management Fee 3.50% $531 $33,431 Utilities $1,032 $65,000 Contracted Services $75 $4,725 Real Estate Taxes $1,987 $125,178 Insurance $275 $17,325 Replacement Reserve $300 $18,900

Per Unit: $352,084 Per SF: $10.40 TOTAL EXPENSES $352,164 NET OPERATING INCOME $591,332

The Financials 37 Real Estate Tax Analysis 39 Tax Analysis

2017 2018 2019 2020 NEZ

Parcel 400943 - 663 Prentis

SEV $218,300 $253,200 $668,200 $688,000 $688,000

Taxable Value $197,259 $253,200 $259,276 $264,202 $264,202

Parcel 400835 - 665 Willis

SEV $117,300 $136,100 $332,500 $362,000 $362,000

Taxable Value $106,045 $136,100 $139,336 $142,013 $142,013

Parcel 400836 - 675 Willis

SEV $514,000 $596,200 $614,800 $655,400 $655,400

Taxable Value $464,543 $596,200 $610,508 $622,107 $622,107

TOTAL State Equalized Value $849,600 $985,500 $1,615,500 $1,705,400 $1,452,120

TOTAL TAXABLE VALUE $767,847 $985,500 $1,009,120 $1,028,322

Millage Rates

Summer 77.4747 76.2310 76.2310 76.2310 76.2310

Winter 9.3928 9.3917 9.3917 9.3917 9.3917

TOTAL 86.8675 85.6227 85.6227 85.6227 85.6227

SEV Due $74,470 $85,225 $139,167 $146,865 $125,178

Taxable Value Due $67,368 $85,225 $87,247 $88,891

Total Potential Tax Increase $7,102 $0 $51,920 $57,973

*2019 Millage rates not yet available, 2018 used ** Does not include administration fees and personal taxes 40 41 Market Positioning 43 Rent Comparables Summary

MARKET AVG PROPERTY CITY DISTANCE UNITS BUILT OCCUPANCY AVG SF AVG RENT RENT/SF

Villa Lante Detroit 29 1916 100% 467 $1,013 $2.14

675 Willis Street Detroit 19 1908 Lease Up 662 $1,670 $2.48

665 Willis Street Detroit 15 1910 93.3% 516 $1,025 $2.02

1 Finn Apartments Detroit 0.78 Miles 30 1922 100% 450 $973 $2.16

2 3909 Woodward Avenue Detroit 0.81 Miles 61 2014 95.1% 808 $1,420 $1.76

3 Forest Arms Detroit 0.41 MIles 74 1905 94% 650 $1,217 $1.87

4 Strathmore Detroit 0.71 Miles 129 1929 100% 781 $1,451 $1.86

5 Studio One Detroit 0.52 Miles 124 2008 97% 868 $1,637 $1.89

6 The Auburn Detroit 0.60 Miles 58 2012 97% 612 $1,171 $1.91

7 The Isabelle Detroit 0.26 Miles 30 1913 100% 417 $1,075 $2.58

8 The Plaza Detroit 0.86 Miles 72 2017 100% 988 $2,232 $2.26

9 The Union at Midtown Detroit 0.30 Miles 81 2011 98% 1,135 $2,600 $2.29

10 The Hamilton Detroit 0.95 Miles 103 1913 77% 525 $1,678 $3.20

Averages 76 723 $1,545 $2.18

44 Rent Comparables Map

Market Positioning 45 Comparable Rental Properties - Subject Property

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 12 0/1 400 $900 $2.25 12 1/1 550 $1,200 $2.18 4 0/1 (Basement) 400 $850 $2.13 1 1/1 (Basement) 550 $1,100 $2.00

29 Weighted Average 467 $1,013 $2.14 S

Villa Lante 663 Prentis Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN

Units: 29 55% Built: 1916 Occupancy: 96.6% Concessions: None Notes: Electric: Resident (based on usage), Water/Sewer/ Trash: Property, Gas:Property. Upgrades: Yes, extra charges included in rent.

0 Bed/1 Bath 45%55+45K 1 Bed/1 Bath

46 Comparable Rental Properties - Subject

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 6 1/1 469 $1,200 $2.56 1 1/1 620 $1,300 $2.10 3 2/1/Office 778 $1,850 $1.64 8 3/1 760 $1,975 $2.60 1 3/1 (Basement) 729 $1,800 $2.47

19 Weighted Average 662 $1,670 $2.48 S

675 Willis Street 675 Willis Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 19 Built: 1908 47% 37% Occupancy: Lease - up Concessions: None Notes: None

1 Bed/1 Bath 2 Bed/1 Bath 3716% +16+47K 3Bed/1 Bath

Market Positioning 47 Comparable Rental Properties - Subject Property

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 2 0/1 500 $925 $1.85 10 1/1 532 $1,100 $2.07 2 0/1 (Basement) 470 $900 $1.91 1 1/1 (Basement) 486 $975 $2.01

15 Weighted Average 516 $1,025 $2.06 S

665 Willis 665 Willis Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 15 27% Built: 1910 Occupancy: 93.3% Concessions: None Notes: Electric: Resident (based on usage), Water/Sewer/ Trash: Property, Gas:Property. Upgrades: Yes, extra charges included in rent.

0 Bed/1 Bath 73%27+73K 1 Bed/1 Bath

48 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 23 0/1 450 $950 $2.11 7 1/1 450 $1,050 $2.33

30 Weighted Average 450 $973 $2.16

1

Finn Apartments 678 Selden Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 30 Built: 1922 23% Occupancy: 100% Concessions: None Notes: None

1 Bed/1 Bath 77%23+77K 2 Bed/1 Bath

Market Positioning 49 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 2 1/1 500 $1,117 $2.23 52 1/1 775 $1,385 $1.79 3 2/1.5 1,072 $1,613 $1.50 4 2/2 1,200 $1,886 $1.57

61 Weighted Average 808 $1,420 $1.76 2

3909 Woodward Avenue 3909 Woodward Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 61 6% Built: 2014 5% Occupancy: 95% Notes:Services provided as: Individual air conditioning; heat - central gas; central domestic hot water - gas. Utilities Metering: Gas (central): Electricity (individual); Water (Central) Utilities Responsibility: Resident pays electricity; Property pays gas; Property pays sewer; Property pays trash removal; Property 1 Bed/1 Bath pays water 89% 2 Bed/1 .5 Bath 89+5+6+K 2 Bed/2 Bath

50 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 1 0/1 500 $1,007 $2.01 4 1/1 800 $1,360 $1.70 57 1/1 600 $1,109 $1.85 6 2/1 850 $1,638 $1.93 6 2/2 850 $1,763 $2.07

74 Weighted Average 650 $1,217 $1.87 3

Forest Arms 4625 2nd Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 74 Built: 1905 23% Occupancy: 94% Concessions: None Notes: None

0 Bed/1 Bath 77% 1 Bed/1 Bath 17+72+11+K 2 Bed/1 Bath

Market Positioning 51 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 39 1/1 650 $1,294 $1.99 8 1/1 665 $1,311 $1.97 46 1/1 806 $1,532 $1.90 8 2/1 879 $1,550 $1.76 14 2/2 886 $1,550 $1.75 14 2/2 970 $1,550 $1.60 4 129 Weighted Average 781 $1,451 $1.86

Strathmore 70 West Alexandrine Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 129 Built: 1929 22% 72% Occupancy: 100% Notes:Services provided as: Individual air conditioning; heat - central gas; central domestic hot water - gas. 6% Utilities Metering: Gas (central): Electricity (individual);Water (Central) Utilities Responsibility: Resident pays electricity; Property pays gas; Property pays sewer; Property pays trash 1 Bed/1 Bath removal; Property pays water 2 Bed/1 Bath 72+6+22+K 2 Bed/2 Bath

52 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 24 1/1 646 $1,367 $2.12 8 1/1 804 $1,467 $1.82 16 2/1 936 $1,639 $1.75 44 2/2 907 $1,740 $1.92 16 2/2 914 $1,690 $1.85 16 2/2 1,008 $1,791 $1.78 124 Weighted Average 868 $1,637 $1.89 5

Studio One 4501 Woodward Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 124 13% Built: 2008 26% Occupancy: 97% Concessions: None Notes: Services Provided As: Individual Air Conditioning Heat Individual - Gas Individual Domestic Hot Water - Electric Utilities Metering: Gas (Individual) Electricity (Individual) Water (Central) Utilities Responsibility: Resident Pays Electricity / Gas 1 Bed/1 Bath / Sewer / Trash Removal / Water. Tenant pays $26 for 2 Bed/1 Bath 61% water and sewer; all other utilities vary per usage. 26+61+13+K 2 Bed/1 Bath

Market Positioning 53 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 4 0/1 570 $994 $1.74 54 1/1 615 $1,184 $1.93

58 Weighted Average 612 $1,171 $1.91

6

The Auburn 4240 Cass Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 58 7% Built: 2012 Occupancy: 97% Services Provided As Individual Air Conditioning Heat Central - Gas Central Domestic Hot Water -Gas Utilities 93% Metering Gas (Central) Electricity (Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal Property Pays Water

Studio 7+93K 1 Bed/21Bath

54 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 22 0/1 350 $995 $2.84 8 1/1 600 $1,295 $2.16

30 Weighted Average 417 $1.075 $2.58

7

The Isabelle 51 West Palmer Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 30 Built: 1913 27% Occupancy: 100% Concessions: None Notes: Tenants Pay Electric & Gas Landlord Pays Water

73% Studio 27+73K 1 Bed/1 Bath

Market Positioning 55 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 22 1/1 702 $1,878 $2.68 26 1/1 834 $2,066 $2.48 22 2/2 1,326 $3,033 $2.29 1 3/2 2,352 $6,251 $2.52 1 3/2 2,479 $5,999 $2.55

72 Weighted Average 988 $2,232 $2.26 8

The Plaza 3800 Woodward Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 72 3% Built: 2017 30% Occupancy: 100% Services Provided As Individual Air Conditioning 67% Heat Central - Gas Central Domestic Hot Water -Gas Utilities Metering Gas (Central) Electricity (Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal 1 Bed/1 Bath Property Pays Water 2 Bed/2 Bath 67+30+3+K 3 Bed/2 Bath

56 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 6 0/1 484 $1,164 $2.40 8 1/1 520 $1,273 $2.45 9 2/2 829 $2,068 $2.49 9 2/2 893 $2,016 $2.26 18 3/2 1,273 $2,827 $2.22 31 4/4 1,499 $3,413 $2.28 81 Weighted Average 1,135 $2,600 $2.29 9

The Union @ Midtown 4830 Cass Avenue Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN Units: 81 7% Built: 2011 10% 38% Occupancy: 98% Concessions: None Notes: Services Provided As: Individual Air 22% Conditioning Heat Central - Electric Central Domestic Hot Water -Electric Utilities Metering: Electricity (Central) Water (Central) Utilities Responsibility: Studio Property Pays Electricity Property Pays Sewer Property 1 Bed/1 Bath Pays Trash Removal Property Pays Water 22% 2 Bed / 2 Bath 7+10+2222+39+K 3 Bed / 2 Bath 4 Bed / 4 Bath Market Positioning 57 Comparable Rental Properties

UNIT MIX & RENT SCHEDULE

UNITS TYPE UNIT SF MARKET RENT RENT/SF 18 0/1 254 $1,029 $4.05 65 1/1 542 $1,724 $3.18 20 2/1 712 $2,114 $2.97 103 Weighted Average 525 $1,678 $3.20

10

The Hamilton 40 Davenport Street Detroit, MI 48201

PROPERTY SUMMARY UNIT MIX BREAKDOWN

Units: 103 19% 16% Built: 1913 Occupancy: 77% Concessions: None Notes: None

Studio 1 Bed/1 Bath 65%16+6519K 2 Bed/1 Bath

58 Market Positioning 59 Detroit, Michigan 61 Detroit Central Business District

38% of downtown residents hold a bachelor’s degree or higher, compared to 30% in metro Detroit

Detroit ranked among the top 10 “Most Innovative Cities”, with over 127,000 tech jobs in the city, growing more than 26% since 2006. – Forbes

Downtown Detroit is considered Foodie Friendly being home to over 120 bars and restaraunts. –Detroit Experience Factory

62 Demographics

2.6k 132k 72% of workers Workplace Establishments Downtown are in white collar positions Downtown Workforce

36.9k 10.0k 10.3k 16.7k $69.6k

Downtown Detroit’s 38% of downtown residents 28% of downtown residents Approximately 63% of The Downtown / Midtown / population has grown aged 25 or older hold a fall within the key renter age downtown housing units are Rivertown / Corktown area’s 10.1% since 2010 compared bachelor’s degree or higher, group between 18 and 35, renter occupied, compared average household income is to 0.7% across Metro compared to 30% in Metro compared to 23% nationally to 25% Greater Detroit projected to reach $69,621 by Detroit Detroit 2025, up 16.5% from 2020

Detroit, Michigan 63 Metro Industry Breakdown

AVERAGE ANNUAL WAGE BY OCCUPATION MSA Employment by Sector

Mining, Logging, & Construction Industry Breakdown Management $124.9k 4% Trade, Transportation, & Utilities Architecture and Engineering 19% Education & Health Services $90.0k 16% Health Care Practitioners and Technicians $82.5k

Financial Activities Business and Financial Operations $77.7k DETROIT, MI, MSA 6% EMPLOYMENT BY Education Professional & Business $59.4k Services SECTOR 19% Sales $45.3k Government 10%

Production $43.2k Information 1% Other Services 4% Office & Administrative Support $41.2k Leisure & Hospitality Manufacturing 9% Transportation and Material 13% Moving $40.4k Metrowide payrolls contracted 0.5% annually as 10,100 fewer workers were employed at the end of the first quarter of 2020. The full impact of the economic shutdown that occurred in mid-March will not be known Food Preparation & Service $25.8k until at least early summer. Dim and delayed economic news should not take away from current unfolding events. As of late May 2020, many businesses idled because of stay-at-home orders in the spring are reopening. While the local economy has experienced a significant disruption, residents and businesses here Source:Source: BLS Occupational BLS Occupational Employment Employment Statistics Survey Statistics Survey are resourceful and adept at overcoming adversity. The metro area’s economy is also much more diverse than even a few years ago, positioning it for a favorable recovery.

64 Metro Employment Trends

LARGEST EMPLOYERS

Ford Motor Company 45,600 March 2020 4.6% the metro’s monthly unemployment rate General Motors Company 34,610 was down 10 bps annually FCA US LLC 27,260

Employment Trends 15% 60,000 System 27,170

Henry Ford Health System 12% 45,000 26,890 Rock Ventures 17,880 9% 30,000 U.S. Government 14,910 6% 15,000 City of Detroit 9,750

Detroit Medical Center 3% 0 8,680 8,280 0% (15,000) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* Sources: City of Detroit CAFR

*1Q 2020 Y-o-Y Chg. Unemployment Rate Jobs Added / Lost

Detroit, Michigan 65 Central Business District

The Detroit Central Business District (CBD) is the largest employment center in Metro Detroit, with over 132,000 employees. Major employers include General Motors, DTE Energy, Ilitch Companies, and The Bedrock / Quicken 132,000+ family of companies. Downtown is also Jobs Supported home to a burgeoning tech / start-up scene, government offices, health care providers, 430+ as well as finance, and professional services Development Projects companies. The diverse employment base since 2006 caters to all demographics, attracting billions Central Business District of dollars in investment, as well as thousands of new employees and residents.

Economic Investments Since 2010, the Bedrock / Quicken Loans family of companies has invested $5.6 billion, 18,000 Jobs Created acquiring over 16 million square feet in the Detroit CBD and is projected to infuse another $2.1 billion into downtown over the next several 120+ Companies Recruited years. Bedrock Ventures, Gilbert’s real estate and development firm, has recruited over 120 companies as tenants, who have added 16 million approximately 18,000 new employees over the Square Feet Acquired past five years, fueling office vacancy dropping from 14.6% in the fourth quarter of 2013 to Quicken Loans Headquarters 8.4% in the fourth quarter of 2018.

66 Midtown: Healthcare, Education,

Home to major medical and educational institutions, Midtown is one of the fastest $2.6 billion Annual Economic Impact developing areas in Detroit. Midtown is anchored by WSU by major institutions including the Detroit Medical Center, Health System, and Wayne State University, which boasts a 300 Companies in Midtown $2.6 billion economic impact on the region. As the cultural capital of the region, Midtown is home to the Detroit Institute of Arts, Museum of Contemporary Art Detroit, the , and the Detroit Symphony Orchestra. Midtown Detroit

Automotive Industry One of the area’s key economic drivers is the automotive industry, as Detroit is home to the $57 billion Economic Impact Statewide “Big Three” American automakers, , General Motors, and Chrysler Group LLC. The automotive industry is in the early 104,000 stages of transitioning into the design and Local Automotive Industry Jobs manufacture of automated vehicles. Over the next several years, the thrust of employment expansion among automobile manufacturers will be toward recruiting technically skilled workers in automation and artificial intelligence. These jobs will be at the high end General Motors Headquarters - CBD Detroit of the pay scale at these companies.

Detroit, Michigan 67 Construction & Development

The District - Detroit Former Hudson’s Site Mixed Use Development

District Detroit is a 50-block, downtown development project, estimated In February 2017, Dan Gilbert’s Bedrock Ventures unveiled plans for a to fuel a $1.8 billion local economic impact and create more than 1,100 52-story mixed-use tower at the former Hudson’s site on Woodward permanent and 8,000 construction jobs. The development includes the Avenue, set to become the city’s tallest building upon completion. $863 million, 19,500-seat , the new home to both the Current designs feature 330 residential units, more than 730,000 Red Wings and Pistons professional franchises. In addition, $200 million square feet of commercial, office, technology, and cultural space, and in private investment for a mixed-use component will include a 300- 700 parking spaces. The development is estimated to create thousands 450 room hotel, 150 residential units, and 200,000 square feet of retail, of jobs, both during construction and after, and will contribute more restaurant, and office space. The arena opened in time for the teams’ 2017 than $6 billion in economic impact over ten years. The $900 million seasons, bringing all four major sports teams within a few blocks from project broke ground in December 2017, and is slated to be complete by each other. The remainder of the project is expected to be completed by the end of 2020. the summer of 2019.

$1.8 billion 1,100 $6 billion 1.0 million+ Annual Economic Impact Permanent Jobs Economic Impact SF Development

68 NexieQ-Line/M-1 Rail Project Ford Corktown Redevelopment -

The 3.3-mile, $180 million M-1 Rail project was completed in spring Ford Motor Company plans to renovate Michigan Central Station in the 2017. The project is estimated to serve up to 8,000 daily riders Corktown neighborhood of Detroit, only a few miles east of Dearborn. stretching from Downtown to Detroit’s New Center neighborhood, Vacant since 1988, the historic building was built in 1913 and will improving downtown’s infrastructure, and providing direct access to become Ford’s technology center for autonomous vehicle development. 125,000 jobs and more than 275,000 residents. Since beginning in Additional buildings surrounding Michigan Central Station are planned, 2013, the light rail system has attracted over $7 billion in investments resulting in a technology campus at least 1.2 million square feet in size. along the Woodward Avenue Corridor on more than 200 development When complete, Ford plans to employ approximately 2,500 workers projects, with $2.4 billion planned for the future. Quicken Loans founder here. Renovation of the Michigan Central Station building is expected to Dan Gilbert has invested more than $350 million in property around the be complete in 2022. new rail development, investing an additional $10 million in the project itself, and another $5 million for the naming rights of the Qline.

$7 billion 125,000 2,500 1.2 mil- Investmed on Woodward Direct Workforce Access New Jobs lion Avenue Corridor SF Autonomus Technol-

Detroit, Michigan 69 Construction and Development 71 Midtown is Developing

Total Investments for Completed Projects from $927m 2014 - 2020

$782m Total Investment Projects Under Construction

$1.4b Total Investment for Pipeline Projects

72 Construction & Development 73 CONSTRUCTION AND DEVELOPMENT The Boulevard - 3rd & East Grand Boulevard

Heralded as the first new-construction residential development in New Center in 30 years, the $54.6 million The Boulevard draws together residential and commercial components on 1.5 acres. Its 231 apartment units are an 80-20 split between market and affordable pricing. The Boulevard, developed by Detroit-based The Platform, also offers 17,500 square feet of retail space and 330 parking spaces.

The Woodward @ Midtown - 3439 Woodward Avenue

A $31 million, mixed-use development dubbed The Woodward @ Midtown is generating excitement as it will fill the last large vacant area that has remained an eyesore in Midtown Detroit. Due to break ground October 2018, The Woodward @ Midtown will include 104 residential units, 11 of which will be designated affordable, and 15,000 square feet of retail space and 160 parking spaces on two floors. The development will be on vacant land bounded by Woodward Avenue to the east, Stimson Street to the north, and an alley to the south.

Brush House - Brush / Watson / Beaubien / Wilkins

Brush House, located in the historic disrict, will bring 178 residential units (20% affordable) along with 127 underground parking spots. This development will cost about $51.3 million and also bring green infrastructure, street-level retail and shared community space to the surrounding area. This two-building multifamily development will bring 15,660 square feet of ground level retail and outdoor space on a 1.1 acre parcel.

74 CONSTRUCTION AND DEVELOPMENT Gateway Performance Complex - 4743 Cass Ave, Detroit, MI 48202

The $65 million development will bring a new performing arts complex to Cass Avenue, along with the renovation of the adjcacent Hillberry Theatre. The renovation will include a new 350-seat main theatre, office spaces, a modern cafe, patron lounge, and gallery showcasing rich history of the Hillbery. The newly named Gretchen Valade Jazz Center is expected to draw many visitors as a part of the Detroit Jazz Festival, external jazz events, and performances and recitals for the Wayne State’s Department of Music.

Brush + Watson

Brush + Watson, a mixed-income, mixed-use development led by American Community Developers will bring an additional 180 units to Cass Corridor. Ninety units will be designated affordable, with 45 units at 80 percent area median income ($39,000) and another 45 at 30- 60% area median income ($16-28,000 per year). The development will also have 170 underground parking spaces and 8,500 square feet of commercial space. This $46 million development is scheduled to be completed in early 2021.

Chroma - 2937 East Grand Boulevard

Chroma is an existing nine-story building hat will be transformed into a center for creativity, providing work space alongside cultural anchors of food, music, and exhibition. The building is home to the Illuminated Mural, and soon will house a coworking space and food hall. The food hall, Grandview, will cover 14,000 square feet of the building and feature 14 different concepts. Beauty Shoppe, a -based firm, will run the coworking space. According to a press release, Beaut Shoppe will offer many different work spaces for a variety of different businesses or freelancers. The $16 million development will be 75,000 square feet in total size, with 9,500 square feet dedicated to retail space, 282 co-working / maker spaces, and 6,500 square feet of event space. Construction & Development 75 CONSTRUCTION AND DEVELOPMENT Selden Corridor Initiative

The Selden Corridor Initiative, located around 3rd Street and Selden, is one of the biggest current Midtown developments. Developments include rehabbing older buildings for Barcade, a brewery training program, North Peak Brewery, eight residential units, and a large co- working space.

AC Hotel / - 3424 & 3448 Woodward Avenue

Slated to begin construction in 2020, is the $46 million dollar, 153- room AC hotel at 3448 Woodward Avenue. The Roxbury Group will also incorporate the restoration of the Bonstelle Theatre into the new development, connecting it to the hotel with a glass-enclosed conservatory. The theatre itself will be converted into conference and event space, and include a new bar. The hotel is expected to open in late 2021.

Baltimore Station Phase I - 6420 Woodward Avenue

Construction was completed mid-2019 on this development consisting of 23 loft apartments on Woodward Avenue with 10,000 square feet of first- floor retail, and 24 parking spaces. Five of the units have been designated as leasing for 80 percent of the area median income, or less than $45,440 per year. The cost of the first phase was projected to be $7.6 million. The completed project features great connectivity, with a Line stop, bus lines, MOGO bike stations, and train station in the immediate vicinity.

76 CONSTRUCTION AND DEVELOPMENT Baltimore Station Phase II - 6425 Woodward Avenue

The second phase of the Baltimore Station development project started construction in October 2018. The development is slated for 138 apartments with an additional 9,000 square feet of retail, and a total size of 115,000 square feet. There will also be 110 valet parking spaces. The building will offer both furnished and unfurnished co-living and private apartmentes. This project is set to be completed in late 2020.

Eco Homes

Part of the Seleden Corridor Initiative, The Ecohome Projects consists of 14 net zero energy residences on 4th Street in Midtown. Construction is complete on the homes and most have been sold with a range in price from roughtly $450k to $600k. The first ever net zero energy homes come with a variety of different energy efficient features such as: pitched roofs with solar panels, LED lighting, energy efficient windows and programmable thermostats.

Brigitte Harris Cancer Pavillion -

Located at 2799 West Grand Boulevard, is the Brigitte Harris Cancer Pavillion, an estimated $155 million development. The six- story, 187,000-square-foot Pavilion, designed by SmithGroupJJR, will be part of a larger 300-acre expansion and neighborhood redevelopment. The pavilion will be connected via skyway to the Henry Ford Hospital on West Grand Boulevard.

Construction & Development 77 CONSTRUCTION AND DEVELOPMENT Midtown West

Midtown West is a 7-acre 335-unit for-sale/for-lease residential with retail development at an estimated cost of $77 million. It is bounded by Selden Street to the north, the Lodge Freeway northbound service drive to the west, an alley west of Third Street to the east and Brainard Street to the south. The development is a joint venture with Detroit-based developer Roderick Hardamon’s Urge Development Group LLC & NYC- based developer Mario Procida’s Procida Cos. LLC.

Sugar Hill Historic District

The Sugar Hill Historic District, located at the corner of John R and Garfield, is a $32 million dollar apartment community development. It will include 84 units, 75% market / 25% affordable, and 7,000 square feet of retail space. The now vacant acre will include a 300 space parking deck for residents, and public and green alleyways.

Wayne State University 2020 Master Plan

The Master Plan charts a course of physical development that leverages capital assets and resources to highest and best uses. The Master Planning process will create a campus that is a model for the urban university of the 21st century. The future Wayne State University campus. First, a growth of students from 31,000 to 36,000 is desired to meet the university’s evolving academic mission; faculty and staff will expand at current ratios to serve these additional students. A second goal is to increase the resident population fivefold, coincidentally accommodating 5,000 addition- al students. The 2020 population goal of 45,315 students, faculty and staff represents a 16 percent increase from the total Midtown Detroit campus 78 population estimated in 2000. CONSTRUCTION AND DEVELOPMENT Headquarters / Henry Ford Healthy System FAcility - New Center

This new center will provide a dual purpose of providing sports med- icine as well as serving as the new team headquarters and practice facility. The 175,000 square foot, $65 million facility, is located between Second and Third Avenues, north of Amsterdam and south of the rail- road tracks, and will house the Plum Market.

SOMA (South of Mack Avenue)

SOMA is a high-end, mixed-use development located at the southeast corner of Woodward and Mack. The project includes two existing office buildings with one 90,000-square-foot building at 100 Mack Avenue and a 55,000-squarefoot building at 100 Eliot Avenue. The owners, George and Adam Nyman, are planning on adding two new office towers along Woodward as an opportunity for possible corporate headquarters. The development, starting in August 2019, will also include two planned parking decks with 500-600 spaces each.

City Modern - Bedrock Developments - 318 Edmund Place

The $100+ million Dan Gilbert-led project includes 107 for-sale units, 303 rental units, and 54 affordable seniors housing apartments. In addition to residential units, there will be 22,000 square feet of retail space available. .

Construction & Development 79 CONSTRUCTION AND DEVELOPMENT

University Motel

Acquired by Midtown Detroit, Inc in November 2017, the University Motel development will include micro apartments, hotel, and planned retail space. Located at 5847, 5841, and 5821 Second Avenue between I-94 and Antoinette Street, the motel will be in close proximity to other developments in the area including the Detroit Pistons training facility and the new Plum Market.

Shipyard 2.0

Shipyard 2.0, located at 444 Peterboro is the second installment from Detroit Rising Development Co., who opened Detroit Shipping Company in 2018. The Shipyard 2.0 will consist of 22,000 SF of 1st floor retail and 2nd & 3rd floor office space. This $6.0 million development will start construction in Spring 2020, with scheduled completion in Spring 2021.

Cass & Canfield - Broder Sachse

Broder & Sachse Real Estate Services will develop the 1.5-acre site into a $60 million dollar mixed-use development. A parking lot at Cass and Canfield in Midtown Detroit will be turned into a nine-story mixed-use building under an agreement approved today by the Wayne State University Board of Governors. The building will include approximately 248 market-rate apartments, 19,000 square feet of ground-floor retail space, a hotel with up to 120 rooms and a conference center with capacity for up to 300 people.

80 CONSTRUCTION AND DEVELOPMENT

Ford Train Station

Ford Motor Company is planning a $350 million transformation of the historic Michigan Central Station as well as an adjacent book depository, brass factory and hosiery factory into a 1.2 million square foot transportation innovation district. The new development will house Ford’s autonomous vehicle division, among other units. The automaker also plans to lease space to companies working on mobility and trnsportation projects, such as smart vehicles, infrastructure and parking. The innovation hub will also have shops, restaurants, art and performance spaces as well as a boutique hotel on the top floors of the 15-story tower rising above the staion. Scheduled completion date will be fourth quarter of 2022.

Godfrey Hotel

The seven-story Godfrey Hotel at 1401 Michigan Avenue by Farmington Hills-based Hunter Pasteur Homes and -based Oxford Capital Group LLC is planned to start construction in the fourth quarter and be complete in time for the North American International Auto Show in the summer of 2022. The new hotel would have 225 rooms with an average daily rate of $260 to $280 per night. Other features include a restaurant, year-round rooftop lounge with the capacity to seat over 300 people, as well as 6,000 square feet of ballroom space that can hold up to 300 or 400 people for weddings and other events. Development cost is estimated to be $45 million.

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