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WARNING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The West End – Vail Valley A world class development…someday
Vail Valley (Eagle County), Colorado ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],ARROWHEAD BEAVER CREEK VAIL
Vail Valley Renaissance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Location Project Type Cost Res $/SF Vail Four Seasons Resort Redevelopment - Mixed Use Residential: 30 DUs , +19 Fractional, +122 Keys Commercial: 27,000 SF $ 2,525/SF Vail Vail’s Front Door New Construction - Mixed Use  Residential: 13 DUs Commercial: 20,000 SF $2,500/SF Vail Ritz Carlton  Residences New Construction – Mixed Use Residential: 71 DUs, +45 Fractional Commercial: 3,600 SF $ 2,000/SF Vail The Arrabelle at Vail Square Redevelopment – Mixed Use Residential: 67 DUs, +36 Keys Commercial: 43,500 SF $ 1,960/SF $1 Billion + in Vail Valley Redevelopment & New Construction ,[object Object],[object Object],[object Object],[object Object],[object Object],Residential Price/SF Avg. $2,525/SF  Avg. $2,500/SF Avg. $2,000/SF  Avg. $1960/SF ,[object Object],[object Object],[object Object],[object Object],Avg. $920/SF Avg. $800/SF ,[object Object],[object Object],Avg. $575/SF ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Edwards, Colorado ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],The West End - Location Redevelopment Date Riverwalk 1998-2008 Edwards Village 2000-2002 The Corner 2004 The West End ?Est. 2009?
The West End – Pre-assembled Land  5.29 Total Acres
The West End – Equity History Date Amount Event Feb 2004 $3,000,000 Initial Contract for Havener Trailer Park (friend of Midtown) July 2005 $205,000 Midtown purchases assignment of contract Sept 2005 Equity Partner 1 Suddenly Passes Away, legal battle ensues w/ Widow Nov 2005 $350,000 Additional Earnest Deposit – Due for Trailer Park Feb 2006 $1,350,000 Equity Partner #2 Enters Deal – Land Acq. & Entitlement Cost Mar 2006 $2,250,000 Close on Havener Trailer Park, Acquisition Loan with Vectra Bank Jan 2007 Equity Partner #2 Acquires Adjacent Pipe Company & Land  Feb 2007 Equity Partner #2 agrees to sell Pipe Land $2.9MM ($500K > appraised value) Partnership moves forward with design and entitlement of assemblage July 2007 Equity Partner #2 threatens to sell Pipe Land ($4.5MM) and break up assemblage, also wants to sell their interest in JV partnership Sept 2007 $4,500,000 $4,302,000 $6,450,000 ,[object Object],[object Object],[object Object],[object Object],April 2008 $17,250,000 Appraised Land Value with Entitlement Date Event February 2004 Initial Contract for Havener Trailer Park July 2005 Partner #1 passes away Bring in Equity Partner #2 Equity Partner #2 Contracts for adjacent Pipe company and Land Pipe company agrees to sell land to Development Partnership for $2.9MM ($500K above appraised value) Bring in Equity Partner #3 Entitlements 11/01/2007 ,[object Object],11/26/2007 ,[object Object],04/08/2008 ,[object Object],Equity Partner #2 Raises price for Pipe Assemblage from $2.9MM to $4.5MM. Wants out of the partnership and threatens to sell their interest.
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The West End – Entitlement Process
The West End – Site Plan Commercial Retail: 58,000 SF Office: 26,000 SF Residential Workforce: 72 DUs 115,000 SF Market Rate: 113 DUs 137,000 SF Total 336,000 GSF Rates (NNN) Retail: $40.00-$45.00 Office: $38.00 Residential Avg.: $575/SF Phase 1 (Buildings 1 & 3) Phase 2 (Building 2) Total Project Site: Approx 3.53 Acres  Approx 1.76 Acres 5.29 Acres Commercial Retail Square Footage 44,000 GSF 14,000 GSF 58,000 GSF Retail Rental Rate $42.00 NNN $44.00 NNN $42.50 AVG Office Square Footage 26,000 GSF - 26,000 GSF Office Rental Rate $38.00 NNN - $38.00 NNN Residential Market Rate Units 55 58 113 Market Rate Avg. Pricing $733,000 Avg. Unit /  $565 PSF $775,500 Avg. Unit / $625 PSF $755,000 Avg. Unit / $595 PSF Workforce Units 72 - 72 Workforce Avg. Pricing $325,000 Unit / $371 PSF (Includes Transfer Fee) - $325,000 Unit /  $371 PSF
 
The West End – Development Cost Amount /Total Bldg SF LAND ACQUISTION COST $  12,302,000  $  36.61  CONSTRUCTION COSTS Construction Costs (IGMP Phased) $  68,819,600  $  204.82  Construction Management 2,225,000  6.62  Tenant Improvements 802,430  2.39  Contingency 1,823,260  5.43  Subtotal Construction Costs $  73,670,290  $  219.26  SOFT COSTS Architects & Engineering Fees $  3,095,000  $  9.21  Permits & Fees  5,662,328  16.85  Other Offsite Costs  485,607  1.45  Development Fee  (4%) 4,114,120  12.24  Broker Fee & Marketing Cost 1,629,673  4.85  Environmental / Legal / Other 737,470  2.19  Land Loan Interest (9 months L+375bps) 367,987  1.10  Soft Cost Contingency  $693,268  2.06  Subtotal Soft Costs $  16,785,453  $  49.96  FINANCING COSTS Interest During Construction $  5,704,527  $  16.98  Debt - Sourcing  & Lender Origination Fee 1,735,068  5.16  Other 582,936  1.73  Subtotal Financing Costs $  8,022,531  $  23.88  Additional Phasing Cost (3,694,717) (11.00) TOTAL PROJECT COSTS $  107,085,558  $  318.71  Costs Reimbursed from Phase 1 to Phase 2 Phase 1 Phase 2 Combined USES             Land Acquisition   $  8,607,283    $  2,585,311  $  2,585,311    $  8,607,283  Hard Costs   51,445,649    23,695,209  1,470,568    73,670,290  Soft Costs   18,999,660    7,178,444  1,370,119    24,807,985  Total Uses     $  79,052,592      $  33,458,964    $  5,425,998      $  107,085,558              SOURCES % of Cost Total % of Cost Total  % of Cost Total  Debt 75.1% $  59,365,041  75.0% $  25,094,223  78.9% $  84,459,264  Mezzanine Financing 5.0% 3,956,085  0.0% -  3.7% 3,956,085  Equity  19.9% 15,731,466  25.0% 8,364,741  17.4% 18,670,209  Total Sources   100.0% $  79,052,592    100% $  33,458,964        100.0% $  107,085,558              VALUE ANALYSIS             Gross Sales Proceeds   $  110,017,468    $  55,361,481    $  165,378,950  Phase II Reimbursement   5,425,998    -    -  Future Transfer Fee Recovery   729,587    -    729,587  Sales Commissions & Closing Costs   (5,492,308)   (3,919,001)   (9,411,310) Net Sales Proceeds     $  110,680,744      $  51,442,480          $  156,697,227  Total Costs   79,052,592    33,458,964    107,085,558  Mezzanine Financing Cost   1,377,437    -    1,377,437  Net Profit     $  30,250,715      $  17,983,516          $  48,234,232  Return on Cost   37.6%   53.7%   44.5%             Unlevered Project IRR   28.1%   38.2%   32.7% Levered Project IRR (Equity)   52.0%   60.9%   53.6% Equity Multiple   2.92   3.15   3.58
The West End – Return Summary Commercial Refinance Commercial Sale Commercial Sale Proceeds Projection (Yr 2) Stabilized NOI (Yr 3) 84K SF $  3,356,000  Cap Rate      6.0% Gross Sales Proceeds 55,914,000  Closing Costs 3.50% (1,957,000) Net Commercial Sales Proceeds $  53,957,000  Residential Sales Proceeds Projection   Sales Price Price/SF Building 1 - Workforce ($ Capped) $  7,367,523  $ 346.66  Building 1 - Market Rate Lower Floors 15,896,840  565.00  Building 1 - Market Rate Upper Floors 24,102,900  565.00  Building 3 - Workforce ($ Capped) 14,512,416  341.61  Building 2 - Market Rate   44,974,375  $ 625.00 Subtotal   $  106,854,054  Additional Transfer Fee Capacity 361,544  Comiss & Closing – Workforce 3% (656,398) Comiss& Closing - Market Rate 8% (6,797,929) Net Residential Sales Proceeds $  99,761,270  COMBINED NET SALES PROCEEDS $  153,718,000  TRANSFER FEE RECOVERY 1,405,000 COMMERCIAL CASH FLOW 1,575,000 TOTAL NET PROCEEDS 156,698,000  TOTAL COST (107,086,000)  MEZZANINE FINANCING COST (1,377,000)  PROJECT RETURN (UNLEVERED) $  48,235,000  Commercial Refinance Projection (Yr 2) Stabilized NOI (Yr 3) 84K SF $  3,355,000  Debt Coverage Ratio 1.2 Constant (Annual, 30 yr, 7.5%) 0.08391 Gross Refinance Proceeds      $  33,319,000  Financing Cost 5% (1,666,000) Net Refinance Proceeds   $  31,653,000  Residential Sales Proceeds Projection Workforce Units $  21,880,000  Market Rate Units 84,974,000  Gross Residential Sales Proceeds $  106,854,000  Commissions and Closing Costs (7,454,000) Additional Transfer Fee Capacity 361,000  Net Residential Sales Proceeds $  99,761,000  SALES & REFINANCE PROCEEDS $  131,414,000 TRANSFER FEE RECOVERY 1,405,000 COMMERCIAL CASH FLOW 1,575,000  TOTAL NET PROCEEDS 134,394,000  TOTAL COST (107,086,000)  MEZZANINE FINANCING COST (1,377,000)  CASH TO PARTNERSHIP (UNLEV) $  25,931,000  ANNUAL CASH FLOW AFTER DEBT $  518,000
The West End – Sources & Uses USES Total  Total Project Cost     $  107,085,000  SOURCES   % of Cost Total  Debt - Maximum Loan Balance per Proforma = $76.7MM (72% LTC) 78.9% $  84,459,000  Mezzanine - Current Equity Partner Conversion 3.7% 3,957,000  Equity  17.4% 18,670,000  Total Sources   100.0% $  107,086,000  LOAN TO VALUE       Projected Value - (Gross Sales Proceeds + Cashflow) $  166,109,000  Loan Amount 84,459,000  LOAN TO VALUE     50.8% Unlevered Project IRR 32.7% Levered Project IRR (Total Equity) 53.6% COMMERCIAL SALE Cash to Partnership $  66,905,000 Equity $  18,670,000  Total Equity Multiple 3.58 COMMERCIAL REFINANCE Net Residential Sales Proceeds + Transfer Fee Recovery $  101,166,000 Net Commercial Refinance Proceeds + Cashflow $  33,228,000 Total Cash Generated $  134,394,000
The West End – Financing Response Lender/JV Partner Response Contact Source Bank of America (Denver, CO) Term Sheet (Withdrawn  Q1 2008) Direct Contact Wynne Loans, LLC  (Houston, TX) Term Sheet <-- Venture Partners (Portland, OR) Beijing Construction USA  (Dallas, TX) In Process Vail Valley Contact Remenov & Company  (Edwards, CO) In Process Vail Valley Contact Lowe Enterprises  (Los Angeles, CA) In Process <-- Brentwood Capital Partners (Los Angeles, CA) Crow Financial  (Dallas, TX) In Process Direct Contact CIM Group  (Los Angeles, CA) In Process Direct Contact Lender/JV Partner Response Contact Source Bank of America (Denver, CO) Term Sheet (Withdrawn) Direct Contact Wynne Loans, LLC  (Houston, TX) Term Sheet <-- Executive Mortgage (Green Bay, WI) <-- Venture Partners (Portland, OR) Investors Mortgage Holdings  (Scottsdale, AZ) Term Sheet <-- NCP Investments (Chicago, IL) <-- Cashlinq (Denver, CO) Beijing Construction USA  (Dallas, TX) In Process <-- Skip Nordness (Milwaukee, WI) Wilkinson Peabody Finance  (Toronto, Canada) Term Sheet <-- EVOFI One (Las Vegas, NV) <-- Skip Nordness (Milwaukee, WI) Remenov & Company  (Edwards, CO) In Process Direct Contact Lowe Enterprises  (Los Angeles, CA) In Process <-- Brentwood Capital Partners (Los Angeles, CA) Crow Financial  (Dallas, TX) In Process Direct Contact CIM Group  (Los Angeles, CA) In Process Direct Contact Lubert Adler  (Philadelphia, PA) In Process <-- George Smith Partners (Los Angeles, CA
The West End – Comparative Financing Terms Bank of America Investors Mortgage Holdings (IMH) Date Issued December 2007 July 2008 Financing Amount $83MM $52MM  Loan To Cost / Loan to Value Total Project: 75% LTC / 70% LTV 69% LTC (Phase 1) Interest Rate Prime, or Libor + 250bps Prime + 6.25%, 11.25% floor Origination Fees 75bps at closing, $30k annual admin fee 5.5% points origination, 1.5% points processing Recourse Full Recourse, including Environmental Indemnity Full Recourse Due Dilligence Fee none $250K broker fee, $66K legal fee Presales/Preleasing Milestones 25% Commercial ($800K), $25.8MM Market Rate,  $8.6MM Workforce NONE Bank of America Wynne Loans, LLC Investors Mortgage Holdings Wilkinson Peabody Finance Financing Type Construction Loan JV Partnership Construction Loan Construction Loan / Mezz Financing Amount $83MM $109MM $52MM  $54.5MM Loan To Cost / Loan to Value Total Project: 75% LTC / 70% LTV 100% of Total Project Cost 69% LTC (Phase 1) 70% LTC (Phase 1) Interest Rate Prime or Libor +250bps 30% profit share Prime + 6.25%, 11.25% floor Libor + 350 bps on loan, 10%-15%  on mezz Origination Fees 75bps at closing, $30k annual admin fee 2 points 5.5 points origination, 1.5 points processing 1.25 points on the loan, 2 points on mezz Recourse Full Recourse, including Environmental Indemnity Non Recourse Full Recourse Partial Recourse  (based on approval) Due Dilligence Fee none $10K for presentation costs $250K broker fee, $66K legal fee $50K upon execution of term sheet  Presales/Preleasing Milestones 25% Commercial ($800K), $25.8MM Market Rate,  $8.6MM Workforce Approval/Closing Timeframe 30-60 days

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Midtown group the west end 10.27.08

  • 1.
  • 2. The West End – Vail Valley A world class development…someday
  • 3.
  • 4.
  • 5.
  • 6.
  • 7. The West End – Pre-assembled Land 5.29 Total Acres
  • 8.
  • 9.
  • 10. The West End – Site Plan Commercial Retail: 58,000 SF Office: 26,000 SF Residential Workforce: 72 DUs 115,000 SF Market Rate: 113 DUs 137,000 SF Total 336,000 GSF Rates (NNN) Retail: $40.00-$45.00 Office: $38.00 Residential Avg.: $575/SF Phase 1 (Buildings 1 & 3) Phase 2 (Building 2) Total Project Site: Approx 3.53 Acres Approx 1.76 Acres 5.29 Acres Commercial Retail Square Footage 44,000 GSF 14,000 GSF 58,000 GSF Retail Rental Rate $42.00 NNN $44.00 NNN $42.50 AVG Office Square Footage 26,000 GSF - 26,000 GSF Office Rental Rate $38.00 NNN - $38.00 NNN Residential Market Rate Units 55 58 113 Market Rate Avg. Pricing $733,000 Avg. Unit / $565 PSF $775,500 Avg. Unit / $625 PSF $755,000 Avg. Unit / $595 PSF Workforce Units 72 - 72 Workforce Avg. Pricing $325,000 Unit / $371 PSF (Includes Transfer Fee) - $325,000 Unit / $371 PSF
  • 11.  
  • 12. The West End – Development Cost Amount /Total Bldg SF LAND ACQUISTION COST $ 12,302,000 $ 36.61 CONSTRUCTION COSTS Construction Costs (IGMP Phased) $ 68,819,600 $ 204.82 Construction Management 2,225,000 6.62 Tenant Improvements 802,430 2.39 Contingency 1,823,260 5.43 Subtotal Construction Costs $ 73,670,290 $ 219.26 SOFT COSTS Architects & Engineering Fees $ 3,095,000 $ 9.21 Permits & Fees 5,662,328 16.85 Other Offsite Costs 485,607 1.45 Development Fee (4%) 4,114,120 12.24 Broker Fee & Marketing Cost 1,629,673 4.85 Environmental / Legal / Other 737,470 2.19 Land Loan Interest (9 months L+375bps) 367,987 1.10 Soft Cost Contingency $693,268 2.06 Subtotal Soft Costs $ 16,785,453 $ 49.96 FINANCING COSTS Interest During Construction $ 5,704,527 $ 16.98 Debt - Sourcing & Lender Origination Fee 1,735,068 5.16 Other 582,936 1.73 Subtotal Financing Costs $ 8,022,531 $ 23.88 Additional Phasing Cost (3,694,717) (11.00) TOTAL PROJECT COSTS $ 107,085,558 $ 318.71 Costs Reimbursed from Phase 1 to Phase 2 Phase 1 Phase 2 Combined USES             Land Acquisition   $ 8,607,283   $ 2,585,311 $ 2,585,311   $ 8,607,283 Hard Costs   51,445,649   23,695,209 1,470,568   73,670,290 Soft Costs   18,999,660   7,178,444 1,370,119   24,807,985 Total Uses     $ 79,052,592     $ 33,458,964   $ 5,425,998     $ 107,085,558             SOURCES % of Cost Total % of Cost Total % of Cost Total Debt 75.1% $ 59,365,041 75.0% $ 25,094,223 78.9% $ 84,459,264 Mezzanine Financing 5.0% 3,956,085 0.0% - 3.7% 3,956,085 Equity 19.9% 15,731,466 25.0% 8,364,741 17.4% 18,670,209 Total Sources   100.0% $ 79,052,592   100% $ 33,458,964       100.0% $ 107,085,558             VALUE ANALYSIS             Gross Sales Proceeds   $ 110,017,468   $ 55,361,481   $ 165,378,950 Phase II Reimbursement   5,425,998   -   - Future Transfer Fee Recovery   729,587   -   729,587 Sales Commissions & Closing Costs   (5,492,308)   (3,919,001)   (9,411,310) Net Sales Proceeds     $ 110,680,744     $ 51,442,480         $ 156,697,227 Total Costs   79,052,592   33,458,964   107,085,558 Mezzanine Financing Cost   1,377,437   -   1,377,437 Net Profit     $ 30,250,715     $ 17,983,516         $ 48,234,232 Return on Cost   37.6%   53.7%   44.5%             Unlevered Project IRR   28.1%   38.2%   32.7% Levered Project IRR (Equity)   52.0%   60.9%   53.6% Equity Multiple   2.92   3.15   3.58
  • 13. The West End – Return Summary Commercial Refinance Commercial Sale Commercial Sale Proceeds Projection (Yr 2) Stabilized NOI (Yr 3) 84K SF $ 3,356,000 Cap Rate    6.0% Gross Sales Proceeds 55,914,000 Closing Costs 3.50% (1,957,000) Net Commercial Sales Proceeds $ 53,957,000 Residential Sales Proceeds Projection   Sales Price Price/SF Building 1 - Workforce ($ Capped) $ 7,367,523 $ 346.66 Building 1 - Market Rate Lower Floors 15,896,840 565.00 Building 1 - Market Rate Upper Floors 24,102,900 565.00 Building 3 - Workforce ($ Capped) 14,512,416 341.61 Building 2 - Market Rate   44,974,375 $ 625.00 Subtotal   $ 106,854,054 Additional Transfer Fee Capacity 361,544 Comiss & Closing – Workforce 3% (656,398) Comiss& Closing - Market Rate 8% (6,797,929) Net Residential Sales Proceeds $ 99,761,270 COMBINED NET SALES PROCEEDS $ 153,718,000 TRANSFER FEE RECOVERY 1,405,000 COMMERCIAL CASH FLOW 1,575,000 TOTAL NET PROCEEDS 156,698,000 TOTAL COST (107,086,000) MEZZANINE FINANCING COST (1,377,000) PROJECT RETURN (UNLEVERED) $ 48,235,000 Commercial Refinance Projection (Yr 2) Stabilized NOI (Yr 3) 84K SF $ 3,355,000 Debt Coverage Ratio 1.2 Constant (Annual, 30 yr, 7.5%) 0.08391 Gross Refinance Proceeds    $ 33,319,000 Financing Cost 5% (1,666,000) Net Refinance Proceeds   $ 31,653,000 Residential Sales Proceeds Projection Workforce Units $ 21,880,000 Market Rate Units 84,974,000 Gross Residential Sales Proceeds $ 106,854,000 Commissions and Closing Costs (7,454,000) Additional Transfer Fee Capacity 361,000 Net Residential Sales Proceeds $ 99,761,000 SALES & REFINANCE PROCEEDS $ 131,414,000 TRANSFER FEE RECOVERY 1,405,000 COMMERCIAL CASH FLOW 1,575,000 TOTAL NET PROCEEDS 134,394,000 TOTAL COST (107,086,000) MEZZANINE FINANCING COST (1,377,000) CASH TO PARTNERSHIP (UNLEV) $ 25,931,000 ANNUAL CASH FLOW AFTER DEBT $ 518,000
  • 14. The West End – Sources & Uses USES Total Total Project Cost     $ 107,085,000 SOURCES   % of Cost Total Debt - Maximum Loan Balance per Proforma = $76.7MM (72% LTC) 78.9% $ 84,459,000 Mezzanine - Current Equity Partner Conversion 3.7% 3,957,000 Equity 17.4% 18,670,000 Total Sources   100.0% $ 107,086,000 LOAN TO VALUE       Projected Value - (Gross Sales Proceeds + Cashflow) $ 166,109,000 Loan Amount 84,459,000 LOAN TO VALUE     50.8% Unlevered Project IRR 32.7% Levered Project IRR (Total Equity) 53.6% COMMERCIAL SALE Cash to Partnership $ 66,905,000 Equity $ 18,670,000 Total Equity Multiple 3.58 COMMERCIAL REFINANCE Net Residential Sales Proceeds + Transfer Fee Recovery $ 101,166,000 Net Commercial Refinance Proceeds + Cashflow $ 33,228,000 Total Cash Generated $ 134,394,000
  • 15. The West End – Financing Response Lender/JV Partner Response Contact Source Bank of America (Denver, CO) Term Sheet (Withdrawn Q1 2008) Direct Contact Wynne Loans, LLC (Houston, TX) Term Sheet <-- Venture Partners (Portland, OR) Beijing Construction USA (Dallas, TX) In Process Vail Valley Contact Remenov & Company (Edwards, CO) In Process Vail Valley Contact Lowe Enterprises (Los Angeles, CA) In Process <-- Brentwood Capital Partners (Los Angeles, CA) Crow Financial (Dallas, TX) In Process Direct Contact CIM Group (Los Angeles, CA) In Process Direct Contact Lender/JV Partner Response Contact Source Bank of America (Denver, CO) Term Sheet (Withdrawn) Direct Contact Wynne Loans, LLC (Houston, TX) Term Sheet <-- Executive Mortgage (Green Bay, WI) <-- Venture Partners (Portland, OR) Investors Mortgage Holdings (Scottsdale, AZ) Term Sheet <-- NCP Investments (Chicago, IL) <-- Cashlinq (Denver, CO) Beijing Construction USA (Dallas, TX) In Process <-- Skip Nordness (Milwaukee, WI) Wilkinson Peabody Finance (Toronto, Canada) Term Sheet <-- EVOFI One (Las Vegas, NV) <-- Skip Nordness (Milwaukee, WI) Remenov & Company (Edwards, CO) In Process Direct Contact Lowe Enterprises (Los Angeles, CA) In Process <-- Brentwood Capital Partners (Los Angeles, CA) Crow Financial (Dallas, TX) In Process Direct Contact CIM Group (Los Angeles, CA) In Process Direct Contact Lubert Adler (Philadelphia, PA) In Process <-- George Smith Partners (Los Angeles, CA
  • 16. The West End – Comparative Financing Terms Bank of America Investors Mortgage Holdings (IMH) Date Issued December 2007 July 2008 Financing Amount $83MM $52MM Loan To Cost / Loan to Value Total Project: 75% LTC / 70% LTV 69% LTC (Phase 1) Interest Rate Prime, or Libor + 250bps Prime + 6.25%, 11.25% floor Origination Fees 75bps at closing, $30k annual admin fee 5.5% points origination, 1.5% points processing Recourse Full Recourse, including Environmental Indemnity Full Recourse Due Dilligence Fee none $250K broker fee, $66K legal fee Presales/Preleasing Milestones 25% Commercial ($800K), $25.8MM Market Rate, $8.6MM Workforce NONE Bank of America Wynne Loans, LLC Investors Mortgage Holdings Wilkinson Peabody Finance Financing Type Construction Loan JV Partnership Construction Loan Construction Loan / Mezz Financing Amount $83MM $109MM $52MM $54.5MM Loan To Cost / Loan to Value Total Project: 75% LTC / 70% LTV 100% of Total Project Cost 69% LTC (Phase 1) 70% LTC (Phase 1) Interest Rate Prime or Libor +250bps 30% profit share Prime + 6.25%, 11.25% floor Libor + 350 bps on loan, 10%-15% on mezz Origination Fees 75bps at closing, $30k annual admin fee 2 points 5.5 points origination, 1.5 points processing 1.25 points on the loan, 2 points on mezz Recourse Full Recourse, including Environmental Indemnity Non Recourse Full Recourse Partial Recourse (based on approval) Due Dilligence Fee none $10K for presentation costs $250K broker fee, $66K legal fee $50K upon execution of term sheet Presales/Preleasing Milestones 25% Commercial ($800K), $25.8MM Market Rate, $8.6MM Workforce Approval/Closing Timeframe 30-60 days