Joan J. Millane's presentation for Penn IUR's conference Urban Anchors in the 21s Century: A Commitment to Place, Growth and Community.

1. Putting the Deal Together for Anchor Institutions Understanding their Roles and Constraints Presented by Joan J. Millane, Principal Millane Partners, L.L.C. 19 West Barre Street, Suite 400, Baltimore, Maryland 21201-2465 Direct: (410) 294-7037 Office: (410) 727-2866 Fax: (410) 727-1664 jmillane@millanepartners.com www.millanepartners.com Anchor Institutions Conference Breakout 2a October 9, 2007 ● Penn Institute for Urban Research Millane Partners Real Estate Results

7. Public-Private Partnership Student Housing Off-Balance Sheet Transaction (Project Financed) Institution Development Team GC Builds Apartment Building Conduit Bond Issuer Lender/Bond Investor Ground Lease 501 (c) 3 Foundation (Tax exempt) Ground Lease Title Debt Management Agreement Development Agreement GC Agreement Lease trustee $ $ / loan docs Underwriter Students Credit Enhancer and Bond Insurers $ Draws $ $ Prop. Mgr. $

8. Mixed Use- Housing/Retail/Office/Parking Public/Private Transaction (Project Financed) Institution Developer Team (Leasing/ Prop. Mgmt) Mixed Use Project Lender Ground Lease Developer LLC (Taxable) GL Buildings Debt Equity Development Agreement Leasing & Management Agreement GC Agreement Lease loan docs Employees, Students,, Admin, Private Rent Title Tenant $$$ Construction Draws customers Purchases Equity Investor Guarantees, LOC, Insurance

12. Mixed-use Housing/Retail/Classroom Rendering of Charles Commons, Johns Hopkins University (Image: Johns Hopkins University)

17. Mixed-Use Office/Retail Dartmouth College mixed-use building in Hanover, N.H. (Image: Dartmouth College)