DiversyFund Park Blvd San Diego, CA. 14% Quarterly Return Multifamily Investment Passive Income

Similar documents
116 REDONDO AVE., LONG BEACH

637 S BURNSIDE AVE LOS ANGELES CA 90036

Multifamily Real Estate Investments

3233 HERMAN AVENUE 3233 Herman Ave San Diego, CA Offering Memorandum 1

CENTRE STREET

Centre ATLANTA PROPERTY TOUR

HIGH-DENSITY RESIDENTIAL DEVELOPMENT OPPORTUNITY NEAR FACEBOOK'S FREMONT CAMPUS

San Francisco Bay Bridge proximity

4533 NORTH AVENUE, SAN DIEGO, CA 92116

LOUISIANA ST FOR SALE MULTIFAMILY LOUISIANA ST, San Diego, CA 92104

Commercial Real Estate

City Terrace Apartments 4116 City Terrace Dr. Los Angeles, CA OFFERING MEMORANDUM

15011 Burbank Blvd PROPERTY HIGHLIGHTS. Prepared By Burbank Blvd Sherman Oaks, CA 91411

Your Southern California Shopping Center Management & Leasing Partner. Signalized Intersection of Washington Blvd. + Greenwood Ave. AREA AMENITIES...

Investor Presentation. First Quarter 2015

Financial Feasibility Analysis for the Gehry Partners-Designed 8150 Sunset Blvd. Project (Alternative 9)

15025 Burbank Blvd PROPERTY HIGHLIGHTS. Prepared By Burbank Blvd Sherman Oaks, CA 91411

Commercial Real Estate

ATLANTA BUILD FOR RENT 47 HOME SFR PORTFOLIO

744 S. RIDGELEY DRIVE LOS ANGELES CA 90036

MULTIFAMILY OFFERING MEMORANDUM

FOR SALE Former Bank Branch-8615 Collier Blvd.

14134 BURBANK BLVD. SHERMAN OAKS, CA 91401

Clark Apartments Clark Tarzana, CA Entitlements for 27 new condos and 68 parking. Waiver to tenant relocation fee from most tenants

EXCLUSIVE OFFERING Park Boulevard San Diego, CA $5,000,000 HILLCREST DEVELOPMENT OPPORTUNITY

1032 S BEDFORD STREET LOS ANGELES CA 90035

Vista Pacific Residences Approved 16 Single Family Detached Homes Site Rancho del Oro Drive, Oceanside, CA 92056

Garden Fourplex PROPERTY HIGHLIGHTS. Prepared By Garden Ave San Jose, CA 95111

NoHo Arts District Apartments

16 UNIT MULTI-FAMILY PORTFOLIO LOS ANGELES, CALIFORNIA

Unlocking the Upside Through Value-Add Capital Improvement Strategies

37TH STREET. Street, San Diego, CA SALES COMPARABLESth MISSION VALLEY KENSINGTON MID-CITY. TALMAD Monroe A NORMAL UNIVERSITY HEIGHTS HEIGHTS

717 EAST 1ST STREET LONG BEACH, CA 90802

5 UNITS IN SANTA CRUZ

LIGHTSTONE VALUE PLUS REIT V Investor Presentation. June 21, 2018

1031 N. Curson Avenue

Chico East Plaza. Chico CA. Offering Memorandum

Weighing Options NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

942 CURSON AVE WEST HOLLYWOOD CA 90046

Commercial Real Estate

16 UNIT MULTI-FAMILY PORTFOLIO LOS ANGELES, CALIFORNIA

Offering Memorandum 12 Units

15 UNIT MULTIFAMILY BUILDING FOR SALE 810 SALZEDO STREET CORAL GABLES, FL

1ST AVENUE TOWNHOMES

OFFERING MEMORANDUM. 627 MAGNOLIA AVENUE Long Beach, California. Offering Memorandum 1

Presented by: Carson Trujillo & Raymond S. Choi TH STREET th St San Diego, CA Offering Memorandum 1

>> Asking Rents Increase As Space Remains Limited

825 Crocker St. Los Angeles, CA OFFERING MEMORANDUM. Anthony Welborn BRE: Reyn Hornwood BRE: Erik Sjolund BRE:

COURTYARDS AT MADISON RANCH BUILD FOR RENT PORTFOLIO

>> 2017 Begins With Continued Strong Demand

317 Western Ave PROPERTY HIGHLIGHTS. Prepared By. 317 Western Ave Glendale, CA 91201

OFFERNIG MEMORANDUM THE SANCTUM ARTISTE. 900 North Hoover St. Silver Lake, CA a 6-unit multifamily investment property

8023 Alhambra AVE South gate, CA

4347 & 4355 MAMMOTH AVENUE SHERMAN OAKS, CA 91423

RETAIL SPACE IN BOULDER S NEWEST TRANSIT-ORIENTED DEVELOPMENT Bluff Street and 3390 Valmont Road Boulder, Colorado

OFFERING MEMORANDUM CHANNEL ROAD PACIFIC PALISADES, CA UNITS + RETAIL STEPS TO THE BEACH

8 Units in Salinas. 539 Terrace Dr Salinas, CA List Price: $750,000

LONG ISLAND CITY AND ASTORIA LIC AND ASTORIA ORANGE REPORT MODERN SPACES BROOKLYN 135 KENT AVENUE BROOKLYN, NY 11211

4455 Bakman Ave PROPERTY HIGHLIGHTS. Prepared By Bakman Ave Studio City, Ca 91602

THE PESCADERO VACATION HOMES PESCADERO DRIVE / SAN DIEGO, CA 92107

Investor Presentation 2007

Bayview Apartments. 470 Central Ave Alameda, CA Unit Apartment Building On Alameda Island Rarely Available Waterfront Property

4339 Berryman Ave LOS ANGELES, CA OFFERING MEMORANDUM

Summit Apartments OFFERING MEMORANDUM PASADENA, CA OFFERING MEMORANDUM PRESENTED BY:

OFFERING MEMORANDUM 312 N. BELMONT ST GLENDALE CA 91206

BUILD FOR RENT(BFR) 22 HOME SFR PORTFOLIO IN OASIS IN THE FOOTHILLS

2130 WOOLSEY PROPERTY HIGHLIGHTS Woolsey Berkeley, CA Asking Price: $1,015,000

THE REVIEW BETTER RESEARCH. Better Technology Better Marketing. Better Education Better Support

942 N CURSON AVE WEST HOLLYWOOD CA 90046

ARTIST WALK LOCKEHOUSE. CONSTRUCTION COMPLETE RETAIL TOWN CENTER ±30,300 RETAIL, 185 APARTMENT UNITS FREMONT, California

FOR SALE Value-Add Apartment/Live-work Property Broadway. Santa Monica, Ca Steve Walbridge Craig Newlands

FOR SALE. Mixed Use Value Add. Tony Arellano P.A SW 27th Avenue, Miami FL Managing Partner (C) (O)

Government Properties Income Trust Acquisition of First Potomac Realty Trust June 2017

OFFERING MEMORANDUM 9315 ALCOTT STREET BEVERLYWOOD, CA LUXURY CONDOS JUST BLOCKS TO BEVERLY HILLS

COMPANY OVERVIEW MARCH 2012

Di Fiore Fourplex. 859 Di Fiore Dr San Jose, CA Offering Price: $1,550,000

SMART REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS FOR 2017 AND ANNOUNCES DISTRIBUTION INCREASE

ARCH PLAZA Arch St., Santa Clarita, CA 91321

10004 S. ANZAC AVENUE LOS ANGELES, CA 90002

MCCULLOCH BUILDING 114 NORTH GRAND AVE OKMULGEE, OK Casey Litsey Associate Advisor

SMARTCENTRES REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS FOR 2018 AND ANNOUNCES DISTRIBUTION INCREASE

The Market Is Energized By Increased Development In Hollywood

CLASS-A OFFICE SPACE IN BOULDER S NEWEST TRANSIT-ORIENTED DEVELOPMENT Bluff Street and 3390 Valmont Road Boulder, Colorado

Di Fiore Fourplex. 859 Di Fiore Dr San Jose, CA Offering Price: $1,300,000 Significant price reduction!

ARTIST WALK LOCKEHOUSE. CONSTRUCTION COMPLETE RETAIL TOWN CENTER ±30,300 RETAIL, 185 APARTMENT UNITS FREMONT, California

El Camino Village 3121 ORANGE CENTER BOULEVARD, ORLANDO, FL Property Highlights: Gross Income $275,400. Proforma Income $292,800

RESIDENTIAL REVIEW. Better Technology Better Marketing BETTER RESEARCH Better Education Better Support

Transit-Oriented Development Specialized Real Estate Services

Holliday GP Corp. ( HFF ), a Texas licensed real estate broker, has been exclusively retained by the Owner to offer qualified investors the

Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis

EXPOSITION BOULEVARD LOS ANGELES, CA 90016

>> Hollywood Market Activity Flattens

3666 Regal Place OFFERING MEMORANDUM LOS ANGELES, CA OFFERING MEMORANDUM PRESENTED BY:

Macquarie Mexican REIT

428 Witmer St Los Angeles, CA

The Cottages LA PROPERTY HIGHLIGHTS. Prepared By. 421 Riverdale Dr Glendale, CA 91204

Royal Apartments Bacon St, San Diego, CA 92107

APARTMENT HOMES 7501 MONTGOMERY BLVD NE ALBUQUERQUE, NM A 210-UNIT MULTIFAMILY OPPORTUNITY

Investor Presentation December 2017

220 ALICE JACK LONDON DISTRICT OAKLAND CALIFORNIA. Multifamily Urban Infill Transit-Oriented Development OFFERING MEMORANDUM

Transcription:

DiversyFund Park Blvd San Diego, CA 14% Quarterly Return Multifamily Investment Passive Income

3922 Park Boulevard San Diego, California Fully Entitled to Build 58 Multifamily Units and 5,000 SF of Commercial Space 80,000 SF of Modern Luxury Living Experience Located in the Heart of the Thriving Hillcrest Neighborhood Desirable Urban Lifestyle, Close to Hip Bars + Restaurants Central Location, Close to Downtown and Balboa Park Project Overview A+ Location Modern Features Desirable Aesthetic 2

Multifamily MIXED-USE PROJECT 14% Quarterly PAYMENTS TO INVESTORS Passive Income INVESTMENT Overview 3 Mixed Use Multifamily Quarterly Payments Passive Income

3922 Park Boulevard San Diego, California PROJECT Project Phase Pre-Construction Asset Type MultiFamily Planned Building 58 Units Location San Diego, CA Acreage 0.35 AC / 15,306 SF Entitlements Fully Entitled Building Permit Application Submitted Jan 2017 INVESTMENT Investor Return 14% Return Paid Quarterly Investment Term 1 Year Investor Priority Protection Yes Min. Investment Amount $10,000 Exit Construction Loan Investment Overview Quarterly Returns Priority Protection 4

Key Deal Points Asset Type Investment Term Investment Return Return Paid Multifamily 1 Year 14% Quarterly Project Phase Current Phase Entitlement Pre-Construction Construction Stabilized Investment Overview Lowered Risk Higher Returns 5

Current Phase - Raise 1 Pre-Construction Raise 2 Construction / Stabilization May 2017 Year 1 Year 2 Year 3 Construction Loan Permanent Loan Investment Raise 1: Acquisition and Pre-Construction Investors will receive 14% annualized dividends, paid quarterly. Principal will be repaid to Investors upon closing the Construction Loan in approximately 1 year. Investment Raise 2: Construction and Stabilization Investors from Raise 1 will have the option to remain in the deal for an additional 2 years. Investors will continue to receive 14% annualized dividends, paid quarterly. Principal for Raise 2 investors will be repaid in approximately 2 years upon the closing of the Permanent Loan. Investment Timeline 14% Quarterly Payout 1 Year Term 2 Year Extension Option 6

Project Schedule - DiversyFund Park Blvd Investment Start Current Phase Pre-Construction Investor Takeout - Principal Repaid Construction Loan Closes Project Schedule 1 Year Investment Term 7

What Am I Investing In? Crowd Investors Investors Own Shares in the Investment Vehicle Investor Funds Are Used To: 1. Close the Acquisition Loan for the Property 2. Complete Pre-Construction Activities - Finish Architectural Drawings - Obtain Construction Loan for Investor Take Out DiversyFund Park Blvd, LLC Investment Vehicle Owns the Multifamily Property 3922 Park Blvd San Diego, CA Multifamily Property Building an Income Producing Real Estate Asset Investment Structure Crowdfunding Investment Structure 8

Costs of Pre-Construction Phase* Land Acquisition Land Value 3,650,000 Closing Costs (Title, Legal, Escrow) 55,000 REAL Dev. Assignment Fee 50,000 Financing Costs Origination Fee 58,400 Loan Interest Reserve (9 Mos.) 197,100 Pref. Equity Interest Reserve 180,390 Offering Legal 30,000 Pre-Construction Costs Architect, Engineering, Etc. 450,000 Development Fee (Pre-Const.) 157,500 Construction Mgmt Fee 90,000 TOTAL 4,918,390 Funding Sources Acquisition Loan 2,920,000 Sale of Preferred Units 1,898,390 1,740,890 Developer Common Equity 100,000 TOTAL 4,918,390 *Please see Projections Disclaimer on the final page of this package Financial Overview Sources & Uses 9

Current Valuation of Property Purchase Price: $3,650,000 Fair Market Value: $4,462,447 (4.5% Cap Rate) Land Comparable Value: $4,550,000 ($70K/Unit) Current Cashflowing Commercial Property Off-Market Deal Distressed Sale Market Rent Roll for Existing Structures Unit Type Units Avg Rents Commercial 4 $ 2,312 Detached Craftsman 4 $ 1,800 Apartment Flat 4 $ 1,300 Total Monthly Gross 12 $ 21,648 Collateral Value Under-Market Purchase Cash Flowing Property 10

Aerial Current/ Proposed Address 2850 6th Ave. 2665 5th Ave. 3840 6th Ave. 3795 6th Ave. San Diego, CA 92101 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 1/16/2015 2/25/2014 Available 7/19/2015 36,154 20,075 Three Parcels: 24,585 Six Parcels: 56,988 $336 $265 $488 $285 63 45 61 142 $192,857 $118,444 $196,721 $114,084 Condominium Condominium N/A N/A Currently under construction. Condos priced around $1,000 per SF Height was restricted. Does not face the park. Project Complete, sales strong. Property is available and waiting for zoning density increase. 2-3 property owners within block are hindering larger development. $12,150,000 $5,330,000 $12,000,000 (asking) $16,200,000 Proximity Sale Date Lot SF Lot $/Sq. Ft. Buildable Units $ / Unit Unit Type Notes Sales Price Land Comparables 11 Subject Site in Purchase $56,154 / Unit

Location: APN: Site Area: Zoning: Building Application: Purchase Price: 3922 Park Blvd. is in the Hillcrest neighborhood of San Diego. Subject property is located near the corner of Park Boulevard and University Avenue. 445-642-12-00 15,306 SF / 0.35 AC CC-3-8: Is intended to accommodate development with a high intensity pedestrian orientation and permits a maximum density of 1 dwelling unit for each 600 SF of lot area. City of San Diego Project #533223 $3,650,000 Executive Summary Central Urban Location High Density Zoning 12

13 Site Plan

Exterior Elevations West and East Elevations 14

Exterior Elevation North Elevation 15

Building Section East and West Section 16

Forbes: Where to Invest in Housing in 2017 San Diego Market Press Top 15 City to Invest in 17

San Diego Year-Over-Year 2016 Trends Rent Growth: 8.07% Vacancy: 2.17% Population: 1,391,676 Population Growth: 0.9% Unemployment: 4.90% Job Growth: 2.22% Housing Status: Undersupply Market Summary 18 San Diego, CA 2016 Snapshot

Property Location Prime California Real Estate Urban Infill 19

Property Location Walkable Hip Central 20

Property is located at the Northwest corner of Park Blvd & University Ave in the heart of San Diego s Uptown neighborhoods. This location is central to the Balboa Park neighborhoods of Mission Hills, Hillcrest, North Park, and University and Normal Heights and a hot bed for new retail, restaurants, pubs, wine bars and casual eateries. Center of the Rapid 215 Transit connection between SDSU and Downtown and a Future Trolley Line Near Proximity to the Hillcrest Gateway area, a highly energized group of property owners in the area that are working together to create a Gateway District. Location Highlights Metro San Diego Highly Amenitized Location Transportation Closeby 21

Nearby Amenities Trendy Bars Popular Eateries 22

Housing Undersupply Housing Demand San Diego County Since 2006 23

San Diego Multifamily Market Marketpointe tracks 832 rental projects in the county and 131,287 units and vacancy been dropped in half to 2% while rents have increased almost 20% the past 4 years Rents have climbed 6-8% in 3 of the last 4 years, with 2016 experiencing the largest growth The rent growth spurt is alongside 2,300 to 2,400 units per year of absorption 2015 was a record year with over 3,500 units absorbed in projects opened that year 2016 pipeline of under construction is just over 3,000 units Units are getting smaller in new projects and the pipeline continues to be Central San Diego where there is a 35% premium rent for the urban neighborhoods State of the Market San Diego Homes Development Fall 2016 24

San Diego Vacancy Rates - Decreasing San Diego Absorption Trend - Increasing Vacancy / Absorbtion San Diego County 2011-2016 25

DiversyFund is a leading real estate crowdfunding investment platform that has funded over $100 million in real estate investments. Unlike competing sites, Diversyfund develops all of its projects itself for maximum quality control for its investors. The Company focuses exclusively on California real estate in primary markets such as Los Angeles, San Francisco, San Diego and Orange County. Over 90% of DiversyFund s investors reinvest with the firm. Traditionally, DiversyFund has focused on multi-million dollar residential investments in California s gateway cities. DiversyFund is now offering commercial real estate investments such as multi-family and mixed use. CALIFORNIA INVESTMENT FOCUS $100 MILLION IN REAL ESTATE TRANSACTIONS 90% REINVEST RATE AMONG INVESTORS Development Company Strong Track Record Market Expertise Investor Loyalty 26

WE ACT AS THE DEVELOPER Rather than rely on third party developers, we take full accountability and develop the project ourselves. We see the project through from start to finish. We own an in-house Construction Division to maximize quality control and cost oversight. TRANSPARENCY AND MONTHLY REPORTING Our Investors receive detailed monthly construction and financial updates. We post monthly construction photos on social media so you can see your capital at work as the project gets built. NO SELLING COMMISSION. NO SERVICING FEES By doing the development in-house, we are paid the developer fee at the project level, which means we don t need to charge fees on your investment. You keep 100% of your investment return. WE ONLY INVEST IN MARKETS WE KNOW Other sites invest in markets across the nation, relying on third party market reports. We only invest in markets where we have personal, first-hand expertise. The Difference In-House Development No Fees for Investors Market Experience 27

Craig Cecilio, Chief Executive Officer & Founder Mr. Cecilio is a principal in DiversyFund, Inc. and the founder and CEO of California Coastal Funding Group, Inc. Mr. Cecilio has worked in the real estate industry for nearly 20 years. Over the course of his career, Mr. Cecilio has participated in the development of over 1,000 single family residences in California as either a joint venture equity partner, lender or sponsor. Mr. Cecilio also owns a California-licensed real estate lending business for residential renovations and ground-up construction (residential and multi-family) in California coastal markets such as San Diego, Orange County, Los Angeles and San Francisco, a loan servicing business and a real estate crowdfunding website known as Diversyfund.com. Since 1997, Mr. Cecilio has financed nearly $1 billion of real estate assets, having raised over $100 million in debt or equity for real estate transactions in the last three years, and has developed and managed over $25 million of residential property (renovations and ground-up). Mr. Cecilio also manages a real estate bridge loan fund that pre-funds many of the transactions later sold the DiversyFund investor platform. Mr. Cecilio is a graduate of the University of Colorado at Boulder. Alan Lewis, Chief Investment & Development Officer Mr. Lewis is a principal in DiversyFund, Inc. was formerly the head of the real estate private equity division of JF Capital, a real estate investment and development firm based out of Salt Lake City, Utah, where he oversaw capital raising, deal structuring and development work for Class A multi-family projects and master-planned residential communities. Prior to joining JF Capital in 2014, Mr. Lewis worked for nearly ten years on Wall Street as both an investment banker and a corporate lawyer, most recently working as a Managing Director of the Investment Banking Division of Brill Securities where Mr. Lewis provided financial advisory and capital raising services for high-growth companies and real estate projects. Prior to joining Brill Securities in 2010, Mr. Lewis practiced as a corporate attorney at Davis Polk & Wardwell, a Tier 1 ranked Wall Street law firm. His practice included IPO s, mergers and acquisitions, and commercial real estate, including the acquisition and refinancing of several Fifth Avenue commercial buildings and real estate development for a $6 billion private equity fund. Over his career, Mr. Lewis has worked on transactions totaling over $41 billion. Mr. Lewis received a BA from Brigham Young University and a JD from Columbia Law School. Development Team Real Estate Expertise Wall Street Experience 28

Address 4201 30th St. 3288 5th Ave. 4021 8th Ave. 2870 4th Ave. #408 440 Upas St. #405 3753 Park Blvd. 3077 North Park Way San Diego, CA 92104 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92104 Neighborhood North Park Bankers Hill Hillcrest Bankers Hill Bankers Hill Hillcrest North Park Proximity 1.3 miles 1.6 miles 0.8 mile 2.0 miles 1.6 miles 0.2 mile 1.4 miles Complex The Earnest Broadstone Balboa Crest Urban Apartments The Louie Structure Mr. Robinson Post Office Lofts Built 2016 2015 2016 2016 2014 2016 2015 Bedrooms 1 Studio 1 1 1 Studio 1 Bathrooms 1 1 1 1 1 1 1 Square Footage 657 646 670 890 1,080 996 600 Parking 1 Garage 1 Garage 1 Garage 1 Garage 1 Garage 1 Garage 1 Space Price Per Sq. Ft. $3.20 $4.21 $3.28 $3.48 $3.89 $3.01 $3.17 Rental Rate $2,100 $2,720 $2,200 $3,100 $4,200 $3,000 $1,900 Rental Comparables Studio 1-Bedroom 29

Address 3288 5th Ave. 4021 8th Ave. 2870 4th Ave. #402 440 Upas St. 3100 6th Ave. #502 3753 Park Blvd. #306 3077 North Park Way San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92103 San Diego, CA 92104 Neighborhood Bankers Hill Hillcrest Bankers Hill Bankers Hill Hillcrest Hillcrest North Park Proximity 1.6 miles 0.8 mile 2.0 miles 1.6 miles 1.7 miles 0.2 mile 1.4 miles Complex Broadstone Balboa Crest Urban Apartments The Louie Structure Park at 6th Mr. Robinson Post Office Lofts Built 2015 2016 2016 2014 2013 2016 2015 Bedrooms 2 2 2 2 2 2 2 Bathrooms 2 2 2 1 2 2 1 Square Footage 1,092 1,060 1,048 1,078 1,325 1,050 865 Parking 1 Garage 1 Garage 2 Garage 1 Garage 1 Garage 2 Garage 1 Space Price Per Sq. Ft. $3.75 $2.88 $3.63 $3.98 $3.58 $3.38 $2.92 Rental Rate $4,096 $3,050 $3,800 $4,295 $4,750 $2,700 $2,525 Rental Comparables 2-Bedroom 30

Rental Comparables Comparable Modern Luxury Apartments 31

THIS PRESENTATION does not constitute an offer to buy or sell securities. Prospective investors should not rely in whole or in part on this presentation. An offering can only be made pursuant to the delivery of a private placement memorandum and receipt of investment related documentation. The offer to invest in the securities and the sale thereof has not been registered under the securities act, or any state securities act. The securities are being offered and sold in reliance on exemptions from the registration requirements of such acts. The securities are being offered and sold only to bona fide residents of states in which such exemption is available, who can meet certain requirements, including net worth and income requirements, and who purchase the securities without a view to distribution or resale. All statements contained herein may constitute forward-looking statements. Forward-looking statements are generally identifiable by the use of the words may, will, should, plan, expect, anticipate, estimate, believe, intend, project, goal or target or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Issuer s control, that could cause the project s or its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. No representation is made or assurance given that such statements or views are correct or that the objectives of the Issuer will be achieved. You should not place undue reliance on forward- looking statements and no responsibility is accepted by the Issuer or any of its directors, officers, employees, agents or advisers or any other person in respect thereof. The Issuer does not undertake to publicly update or revise any forward- looking statements that may be made herein, whether as a result of new information, future events or otherwise. The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described herein and is not to be copied and/or used for any purpose or made available to any other person without the written consent of the Issuer. In accepting this, the recipient agrees to keep all material contained herein confidential. *Projections Disclaimer: All projections were made based on certain assumptions regarding revenues and costs of the project, among other things, which may not equate to actual results. Although the Manager believes these assumptions to be reasonable, actual results will differ from the Manager s assumptions and related projections and may differ materially. A prospective investor, together with his or her financial and legal advisers, should independently evaluate the reasonableness of any assumptions or projections and should not place undue or significant weight on any projections by the Manager or any other persons. The securities for this Project are not guaranteed to repay principal or any return and an investor could lose some or all of its investment (see private placement memorandum for details). Disclaimer 32