THE FOUNTAIN ALLEY BUILDING¹ - HubSpot

THE FOUNTAIN ALLEY BUILDING¹San Jose, California

The first of many exciting projects, this property located at 26 & 30 S. 1st Street will feature 67,000

square feet of office space and 19,500 square feet of retail space located on historic Fountain Alley,

next to the Bank of Italy and 200 feet from the future Bay Area Rapid Transit (BART) Station. The retail

will wrap down Fountain Alley and be mirrored by the Bank of Italy’s newly renovated retail to create

a destination point. This project is slated to be on of the largest roof top restaurant & bar in Silicon

Valley². The project includes the re-use of the adjacent historic building that will be used as the main

entrance and lobby for the office space. Tenants will have a grand historic entrance and lobby that leads to

a Class A modern office. The land is pre-zoned and pre-general planned for mixed use, and construction is

slated to begin in Q1 of 2021.

Office

Project Cost

Return on Cost

Exit Cap Rate

67,000 SF

$69 Million

6.47%

5.50%

Retail

Ground Breaking

Project Completion

Multiple

Internal Rate of Return

19,500 SF

Q1 2021

Q3 2022

3.50X

14.40%

¹ This document contains projected figures that are estImates based on current market information and historical cost data. May not represent actual results achieved.See Glossary of Terms and Detailed Projections/Assumptions located at the end of this document for definitions and metrics used in presenting the projected results.

² As of our PPM published February 24, 2020.

URBANCATALYST.COM

Fountain Alley Building Executive Summary

Document Dated: 5/4/20Project Date Project Month

Project Name Fountain Alley Building 26, 30 South First Street 34 South First Street Total 1889 Toggle (1 on / 0 off) 1 Analysis Start Date 1/1/19 0Product Type Retail and Office Retail Sq. Ft. 19,059 460 19,519 Number of Parking Spaces 0 Construction Start 2/1/21 26Address 26, 30, 34 South First Street Office Sq. Ft. 61,407 5,915 67,322 SF per Stall 0 Construction Completion 08/01/22 44City, State San Jose, CA Total Net Rentable SF (NSF) 80,466 6,375 86,841 Parking Ratio 0.00 Per 1,000 SF Stabilized Occupancy 01/01/23 49Developer Urban Catalyst Non Rentable SF (#) 22,188 2,020 24,208 Number of Floors 7 Sale 12/01/30 144

Total Buildable without Parking (GSF) 102,654 8,395 111,049Land Area 0.34 Acres Net Rentable / Gross Buildable ( excluding parking) 78.4% 75.9% 78.2%

14,734 SF Parking SF 0FAR 7.5 Total Buildable with Parking (TSF) 102,654 8,395 111,049

USES OF FUNDS Total PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000- Land (2) 9,145,175$ 105.31$ 13.2% Senior Financing (13) 45,190,377$ 65.0%Div. 15000 - Construction Costs (3) 36,218,891$ 417.07$ 52.1% Mezzanine Financing 0% -$ 0.0%Div. 15100 - Owner Construction Costs (4) 7,798,949$ 89.81$ 11.2% Non-Fund Equity Partner (11) 0.00% -$ 0.0%Total Div. 15150 - Consultants 3,207,222$ 36.93$ 4.6% Fund Investor Equity 100.00% 24,333,280$ 35.0%Total Div. 15350 - Fees & Permits 1,815,652$ 20.91$ 2.6%Total Div. 15400 - Financing 4,439,702$ 51.12$ 6.4% TOTAL SOURCES $69,523,657 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 2,781,815$ 32.03$ 4.0%Total Div. 15700 - Developer Fees & Reserves 3,493,748$ 40.23$ 5.0% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 622,504$ 7.17$ 0.9% Senior Lender (13) TBD Rate (18)

Senior Financing Amount (13) 45,190,377$ Index (19) 1.75%TOTAL PROJECT COST (5) 69,523,657$ 800.59$ 100% Loan-to-Cost 65.0% Spread (20) 3.50%

Term (months) 24 Cushion (21) 0.75%Cash Flow Distributions Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity 6.00%Pari Passu Preferred Return (15) 0% 9%

0% 100%VALUATION AT STABILIZATION Cap Rate (6) psf (17) Stabilized Value NOI (9)

Hurdle #1 IRR (16) 15% Retail 5.50% $992 19,356,061$ 1,064,583$ Cash Flow Split - Hurdle #1 0% 100% Office 5.50% $1,064 71,604,559$ 3,938,251$ Fund Investor Equity Hurdle #1 Promote Percent 0% Total 1,047$ 90,960,620$ 5,002,834$

Hurdle #2 IRR (16) 20% VALUATION AT EXIT Cap Rate (6) psf (17) Exit ValueCash Flow Split - Hurdle #2 0% 100% 50bps lower 5.00% $1,427 123,899,512$ Fund Investor Equity Hurdle #2 Promote Percent 0% Blended Base Case 5.50% $1,297 112,635,920$

50bps higher 6.00% $1,189 103,249,593$ Remaining Cash Flow & Residual Split 0% 100%Fund Investor Equity Remaining Cash Flow & Residual Split Promote Percent 0% CAP RATE PRODUCT TYPE (6) Cap Rate (6) psf (17)Exit Value by Product Type

Retail Cap Rate (6) 5.50% $1,134 22,133,574$ INVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project Office Cap Rate (6) 5.50% $1,344 90,502,345$ Leveraged IRR (16) 0.0% 0.0% 14.4% 14.4% Total 112,635,920$ Leveraged Net Profits $0 $0 $60,879,947 $60,879,947Investment Multiple - - 3.50 3.50 Sale Date (month) 144 12/01/30 Sale Costs 2%

Exit Sale NOI Retail (9) 1,217,347$ ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Exit Sale NOI Office (9) 4,977,629$ Retail Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale Total NOI (9) 6,194,976$ Office Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0%Physical Vacancy % 4.0% 4.0% 4.0% 4.0% 4.0% Return on Cost at Untrended (14) - % 6.47%Concessions & Loss to Lease % 1.0% 1.0% 1.0% 1.0% 1.0%Total Economic Vacancy 5.0% 5.0% 5.0% 5.0% 5.0% SENSITIVITY ANALYSIS (12)Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0% NOI Delta (9) 100,000$ Management Fee 2.5% Construction Delta 1,000,000$

UNIT MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7) Return on Cost (14) NOI (9) Retail Tenant 1 (26&30 South First) 8,662 $4.50 $38,979 $54.00 $467,748 Total Costs (3) $4,298,722 $4,398,722 $4,498,722 $4,598,722 $4,698,722Retail Outdoor Space @ Paseo 919 $4.50 $4,136 $54.00 $49,626 $67,523,657 6.37% 6.51% 6.66% 6.81% 6.96%Retail Outdoor @ 1st Street 460 $4.50 $2,070 $54.00 $24,840 $68,523,657 6.27% 6.42% 6.57% 6.71% 6.86%Rooftop Retail 9,478 $4.50 $42,651 $54.00 $511,812 $69,523,657 6.18% 6.33% 6.47% 6.61% 6.76%NA 0 $0.00 $0 $0.00 $0 $70,523,657 6.10% 6.24% 6.38% 6.52% 6.66%Office Tenant 2 (26 & 30 South First) 10,365 $4.75 $49,234 $57.00 $590,805 $71,523,657 6.01% 6.15% 6.29% 6.43% 6.57%Office Tenant 3 (26 & 30 South First) 11,774 $4.75 $55,927 $57.00 $671,118Office Tenant 4 (26 & 30 South First) 11,827 $4.75 $56,178 $57.00 $674,139Office Tenant 5 (26 & 30 South First) 11,809 $4.75 $56,093 $57.00 $673,113Office Tenant 6 & Balcony (26 & 30 South First) 11,825 $4.75 $56,169 $57.00 $674,025Office Basement ( 34 South First) 1,733 $2.50 $4,333 $30.00 $51,990NA - Lobby Placeholder (34 South First) 0 $0.00 $0 $0.00 $0Office Tenant 2 (34 South First) 2,091 $4.75 $9,932 $57.00 $119,187Office Tenant 3 (34 South First) 2,091 $4.75 $9,932 $57.00 $119,187

Total/Average 83,034 $4.64 $385,633 $55.73 $4,627,590

Stabilized Un-Trended NOI (10) PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Retail $4.50 $87,836 $54.00 $1,054,026Office $4.56 $307,315 $54.78 $3,687,774Reimbursable $1.36 $118,190 $16.33 $1,418,275Other Income $0.00 $1 $0.00 $12Gross Income $5.91 $513,341 $70.94 $6,160,087Less: Vacancy/Concessions/Loss to Lease ($0.23) ($19,758) ($2.73) ($237,090)Effective Gross $5.68 $493,583 $68.21 $5,922,997Expenses -$1.37 ($118,690) -$16.40 ($1,424,275)Stabilized Un-Trended NOI (10) $4.32 $374,894 $51.80 $4,498,722

FOOTNOTE KEY(1) Targeted: This document contains targeted figures that are estimates only and may not represent actual results achieved.(2) Land Value: Reflects (i) the purchase price of the land to the Fund or the agreed upon value of the land if acquired by the Fund in connection with a joint venture plus (ii) any associated transaction costs, acquisition fees and carry costs (such as property taxes or debt service during carry).(3) Construction Cost: Costs which are generally covered with a contract with a General Contractor. (4) Owner Construction Cost: Costs which are outside of the contract with a General Contractor(5) Total Project Cost: The total funds needed to complete a construction project including land purchase, both hard costs for the physical building, and soft costs such as professional services and city fees.(6) Cap Rate (Capitalization Rate): A real-estate industry metric used to gauge the yield of a transaction and compare relative prices with other transactions. The capitalization rate (or “cap” rate) for a property is determined by dividing the property’s net operating income by its purchase price. Cap rates are typically quoted on a forward one-year NOI basis.(7) Rent: Estimated based on applicable information from market sources and CoStar data.(8) Rent Increase %: Annual rental rate increases based on market assumptions on lease terms and rent growth for a given product type. (9) NOI (Net Operating Income): All revenue from the property minus all reasonably necessary operating expenses.(10) Untrended NOI (Net Operating Income): All revenue from the property which has not had any anticipated growth minus all reasonably necessary operating expenses.(11) Non-Fund Equity: Project level equity investors or joint venture partners that have invested in individual assets. They can be a variety of parties such as property owners or large financial institutions.(12) Sensitivity Analysis: Shows the change in the Return On Cost by marginally changing Total Cost and Net Operating Income.(13) Senior Loan: Loan to finance construction.(14) Return on Cost: Net Operating Income divided by Total Project Cost. (15) Pari Passu Preferred Return: Non-Fund Equity Partner and Investor & Urban Catalyst Manager Partner return received at the same time up to the specified rate threshold.(16) IRR (Internal Rate of Return): Metric used in capital budgeting to estimate the profitability. It is a discount rate that makes the Net Present Value of all cash flow from a project, equal to zero. Calculated through Excel formula, XIRR function. (17) PSF (Per Square Foot): Metric on a square foot basis.(18) Rate: Interest Rate estimated based on market conditions(19) Index: Index rate is an interest rate that is tied to a specific benchmark such as LIBOR, U.S. Treasury bill, etc. (20) Spread: A premium charged by a lender on top of an Index.(21) Cushion: Additional interest rate premium applied for conservative measure.

TARGETED PROPERTY SUMMARY (1)

Fountain Alley BuildingRevenues & Expenses

Document Dated: 5/4/2020REVENUES

Retail Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID Lease-up Month Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Retail Tenant 1 (26&30 South First) 1 44 44% 8,662 $38,979 $467,748 $4.50 $54.00 $85.00 736,270$ Retail Outdoor Space @ Paseo 2 45 5% 919 $4,136 $49,626 $4.50 $54.00 $25.00 22,975$

Retail Outdoor @ 1st Street 3 47 2% 460 $2,070 $24,840 $4.50 $54.00 $25.00 11,500$ Rooftop Retail 4 48 49% 9,478 $42,651 $511,812 $4.50 $54.00 $85.00 805,630$

NA 5 49 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ Totals/Averages 100% 19,519 $87,836 $1,054,026 $4.50 $54.00 $80.76 1,576,375$

Office Unit Annual Rent PSF/ Rent PSF/ TI TITenant Tenant Number Lease-up Month Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Office Tenant 2 (26 & 30 South First) 1 44 15% 10,365 $49,234 $590,805 $4.75 $57.00 $85.00 $881,025Office Tenant 3 (26 & 30 South First) 2 44 17% 11,774 $55,927 $671,118 $4.75 $57.00 $85.00 $1,000,790Office Tenant 4 (26 & 30 South First) 3 45 18% 11,827 $56,178 $674,139 $4.75 $57.00 $85.00 $1,005,295Office Tenant 5 (26 & 30 South First) 4 45 18% 11,809 $56,093 $673,113 $4.75 $57.00 $85.00 $1,003,765

Office Tenant 6 & Balcony (26 & 30 South First) 5 46 18% 11,825 $56,169 $674,025 $4.75 $57.00 $85.00 $1,005,125Office Basement (26 & 30 South First) 6 47 6% 3,807 $9,518 $114,210 $2.50 $30.00 $25.00 $95,175

Office Basement ( 34 South First) 7 47 3% 1,733 $4,333 $51,990 $2.50 $30.00 $25.00 $43,325NA - Lobby Placeholder (34 South First) 8 48 0% 0 $0 $0 $0.00 $0.00 $25.00 $0

Office Tenant 2 (34 South First) 9 48 3% 2,091 $9,932 $119,187 $4.75 $57.00 $85.00 $177,735Office Tenant 3 (34 South First) 10 49 3% 2,091 $9,932 $119,187 $4.75 $57.00 $85.00 $177,735

Totals/Averages 100% 67,322 $307,315 $3,687,774 $4.56 54.78 $80.06 $5,389,970

Reimbursable Unit Reimburse Reimburse Annual Reimburse Reimburse Tenant Mix % S.F. / Mo. Reimburse PSF/Month PSF/Year

Retail Expense Reimbursable 22% 22% 19,519 $26,565 $318,782 $1.36 $16.33Office Expense Reimbursable 78% 78% 67,322 $91,624 $1,099,494 $1.36 $16.33

Totals/Averages 100% 86,841 $118,190 $1,418,275 $1.36 $16.33

Other Income Per Month Per YearOther Retail Income $1 $12

Total $1 $12

Per Month Per Year PSF/Month PSF/Year GROSS REVENUE 513,341$ $6,160,087 $5.91 $70.94

Physical Concessions &Vacancy, Concessions & Loss to Lease Vacancy % Loss to Lease % Per Month Per Year

4.00% 1.00%Retail $42,161 $10,540 $4,392 $52,701Office $147,511 $36,878 $15,366 $184,389

Total $189,672 $47,418 $19,758 $237,090

Per Month Per YearEffective Gross 493,583$ $5,922,997

EXPENSES

Per Year Expenses % of Total Per Month Expenses PSF/Month PSF/Year

Reimbursable Expense Management Staff 1.40% $1,667 $20,000 $0.02 $0.23Advertising 0.42% $500 $6,000 $0.01 $0.07Maintenance/Landscape Maintenance 1.69% $2,000 $24,000 $0.02 $0.28General and Administrative 0.24% $288 $3,450 $0.00 $0.04Utilities/Trash 3.51% $4,167 $50,000 $0.05 $0.58Management Fees 0.025 8.32% $9,879 $118,545 $0.11 $1.37Insurance 0.0125 4.16% $4,939 $59,273 $0.06 $0.68Real Estate Taxes 0.0125 79.83% $94,751 $1,137,008 $1.09 $13.09

Sub Total Expense Reimbursable 99.58% $118,190 $1,418,275 $1.36 $16.33Non-Reimbursable Expense

Replacement Reserves 0.42% $500 $6,000 $0.01 $0.07Total 100.0% $118,690 $1,424,275 $1.37 $16.40

Net Operating Income Per Month Per Year374,894$ $4,498,722

Fountain Alley BuildingFinancing

Document Dated: 5/4/2020

Senior Loan TBDSenior Loan Amount 45,190,377$

LTC 65.0%LTV 40.1%Debt Yield 13.63%Debt Service Coverage 1.57

Project Stabilization 50Loan Term 24

Rate Index 1.75%Spread 3.50%Cushion 0.75%

All-in Rate 6.00%

Annual PMT $2,867,071

Interest Reserve Budget 3,193,214$

Loan Fee Rate 1.00%Loan Fee Budget 451,925$

Broker Fee Rate 1.00%Broker Fee Budget -$

Mezz Loan Mezz XYZMezz Loan Amount - % LTC 0%Last Dollar Exposure LTC 65.0%Rate 0.00%

Loan Fee Rate 1.00%Loan Fee Budget -$


EquityEquity Contribution % 35.0%Equity Contribution $ 24,333,280$

Non-Fund Equity Partner (11) Fund Investor EquityEquity Contribution % 0% 100%Equity Contribution Amount -$ 24,333,280$

IRR Preferred Return 9.00% 0.00%Splits Preferred Return 0% 100%

IRR Hurdle Rate #1 15.00% 0.00%Splits Hurdle #1 0% 100%

Hurdle Rate #2 - IRR 20.00% 0.00%Splits Hurdle #2 0% 100%

Split Final 0% 100%

Permanent LoanLoan Currently In Analysis YesLoan Start Month 50Loan Amount 58,834,345$ Term (Months) 360Annual Rate 5.00%Annual PMT $3,790,026Monthly PMT $315,835LTV 64.7%Debt Yield 8.50%DSCR 1.32

Loan Broker Fee Rate 1.00%Loan Broker Fee -$

Fountain Alley BuildingTargeted Annual Cash Flows (1)

Document Dated: 5/4/2020 Beginning Balance 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15

Development Cost (954,141)$ (10,220,520)$ (4,222,889)$ (32,436,974)$ (21,471,752)$ (217,382)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ 231,105$ 1,122,079$ 1,140,387$ 1,159,244$ 1,178,667$ 1,198,672$ 1,219,278$ 1,240,502$ 1,262,363$ -$ -$ -$ Office Gross Revenue -$ -$ -$ -$ 1,290,537$ 4,150,622$ 4,275,141$ 4,403,395$ 4,535,497$ 4,671,562$ 4,811,709$ 4,956,060$ 5,104,742$ -$ -$ -$ Reimbursable -$ -$ -$ -$ 442,338$ 1,558,102$ 1,588,905$ 1,620,347$ 1,652,442$ 1,685,204$ 1,718,648$ 1,752,788$ 1,787,639$ -$ -$ -$ Other Income -$ -$ -$ -$ 2$ 12$ 12$ 12$ 12$ 12$ 12$ 12$ 12$ -$ -$ -$ Vacancy, Concessions & Loss to Lease -$ -$ -$ -$ (76,082)$ (263,635)$ (270,776)$ (278,132)$ (285,708)$ (293,512)$ (301,549)$ (309,828)$ (318,355)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ -$ 1,887,900$ 6,567,179$ 6,733,668$ 6,904,866$ 7,080,909$ 7,261,938$ 7,448,097$ 7,639,534$ 7,836,401$ -$ -$ -$ Expenses -$ -$ -$ -$ (444,127)$ (1,564,345)$ (1,595,211)$ (1,626,716)$ (1,658,875)$ (1,691,701)$ (1,725,210)$ (1,759,415)$ (1,794,333)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ 1,443,773$ 5,002,834$ 5,138,457$ 5,278,150$ 5,422,035$ 5,570,237$ 5,722,887$ 5,880,118$ 6,042,067$ -$ -$ -$

Net Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 108,693,662$ -$ -$ -$

Un-Levered Cash Flow (954,141)$ (10,220,520)$ (4,222,889)$ (32,436,974)$ (20,027,979)$ 4,785,452$ 5,138,457$ 5,278,150$ 5,422,035$ 5,570,237$ 5,722,887$ 5,880,118$ 114,735,730$ -$ -$ -$

Net Debt Balance -$ -$ -$ 23,501,243$ 20,044,081$ 15,289,021$ -$ -$ -$ -$ -$ -$ (50,615,924)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ (588,343)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ (3,474,190)$ (3,790,026)$ (3,790,026)$ (3,790,026)$ (3,790,026)$ (3,790,026)$ (3,790,026)$ (3,790,026)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (954,141)$ (10,220,520)$ (4,222,889)$ (8,935,731)$ 16,102$ 16,011,939$ 1,348,431$ 1,488,124$ 1,632,009$ 1,780,212$ 1,932,862$ 2,090,092$ 60,329,780$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ -$ (2,602)$ (32,836)$ (33,668)$ (34,524)$ (35,405)$ (36,310)$ (37,240)$ (38,198)$ (1,165,541)$ -$ -$ -$

Non-Fund Equity Partner (11) Property Cash Flow -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Cash Flow 954,141$ 10,220,520$ 4,222,889$ 8,935,731$ (13,500)$ (15,979,104)$ (1,314,763)$ (1,453,600)$ (1,596,604)$ (1,743,902)$ (1,895,621)$ (2,051,895)$ (59,164,239)$ -$ -$ -$

Fund Investor Equity Funding 24,333,280$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ 13,500$ 976,610$ 1,314,763$ 1,453,600$ 1,596,604$ 1,743,902$ 1,895,621$ 2,051,895$ 2,028,455$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ 15,002,493$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 57,135,785$ -$ -$ -$

Estimated Project Value 24,333,280$ 24,333,280$ 24,333,280$ 47,834,523$ 67,878,604$ 93,221,002$ 95,754,705$ 98,364,442$ 101,052,494$ 103,821,211$ 106,673,014$ 109,610,394$ 112,635,920$ -$ -$ -$ Outstanding Construction Debt Balance -$ -$ -$ (23,501,243)$ (43,545,324)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Outstanding Permanent Debt Balance -$ -$ -$ -$ -$ (58,040,324)$ (57,131,679)$ (56,176,546)$ (55,172,546)$ (54,117,180)$ (53,007,820)$ (51,841,702)$ (50,615,924)$ -$ -$ -$ NAV 24,333,280$ 24,333,280$ 24,333,280$ 24,333,280$ 24,333,280$ 35,180,677$ 38,623,025$ 42,187,896$ 45,879,947$ 49,704,031$ 53,665,194$ 57,768,692$ 62,019,996$ -$ -$ -$

Non-Fund Equity Partner (11) NAV (6) (7) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Urban Catalyst Fund NAV (6) (7) 24,333,280$ 24,333,280$ 24,333,280$ 24,333,280$ 24,333,280$ 35,180,677$ 38,623,025$ 42,187,896$ 45,879,947$ 49,704,031$ 53,665,194$ 57,768,692$ 62,019,996$ -$ -$ -$

Residential Units 0Net Residential SF 0Hotel Keys 0Net Hotel SF 0Senior Units 0Senior SF 0Net Retail SF 19,519Net Industrial SF 0Net Office SF 67,322Net Parking SF 0Net Non-Rentable SF 24,208Total Net SF 111,049

Total Project Cost 69,523,657$

City Impact FeesPark Fees -$ School Impact Fees / Developer Fees 53,494$ Affordable Housing Fees 1,689,539$

Total City Fees 1,815,652$

FOOTNOTE KEY(1) Targeted: This document contains targeted figures that are estimates only and may not represent actual results achieved.(2) Effective Gross: Scheduled Gross Income (Maximum Gross Income) less Vacancy and Concessions.(3) NOI (Net Operating Income): All revenue from the property minus all reasonably necessary operating expenses.(4) Property Level Cash Flow after Debt Service: Equity cash flows after debt service which are net of the following Project Level Fees as applicable: Acquisition Fee, Reimbursement of Acquisition Expenses, Construction and Development Fee, Guaranty Fee, Loan Origination/Restructuring Fees, Reimbursement of Other Operating Expenses. (5) Select Project Level Fees: Select Project Level Fees consisting of the sum of the Asset Management Fee, Reimbursement of Equity Liquidation Expenses, and Disposition/Liquidation Fees.

(7) Fair Market Value: Determined by dividing the Net Operating Income of any given asset by an estimated Capitalization Rate. Capitalization Rates vary by geography, asset class, and market conditions.(11) Non-Fund Equity: Project level equity investors or joint venture partners that have invested in individual assets. They can be a variety of parties such as property owners or large financial institutions.

(6) Net asset value (NAV) is defined as Fair Market Value less any outstanding Debt. With respect to any given asset, the NAV attributable to the Fund is based on the proportionate ownership interests in the asset as between the Fund and any Non-Fund Equity Partners. NAV also includes the value of any other assets or liabilities related to the property-owning entities (such as working capital and security deposits). Real estate differs from many other industries in that the market value of the assets owned by a company can be estimated with reasonable precision. The reason is that numerous sales transactions, involving similar assets, provide excellent “real time” pricing. NAV is the mark-to-market value of a company’s common equity calculated by applying an estimate of private market values to the company’s real estate and other adjustments and deducting all liabilities, including preferred equity. NAV is often presented on a per-share basis, however in this case it is not shown on a per-shar basis.

THE KEYSTONE @ DOWNTOWN WEST¹ San Jose, California

Located in a highly-coveted position only 200 yards from the planned Google campus and a few

blocks from Adobe’s Global HQ. The Keystone is also just steps away from the SAP Arena and

Event center, and the San Jose Diridon Station, a major Silicon Valley transportation hub. This new

facility will be a select service extended stay hotel serving the business community and visitors to

downtown San Jose. Construction on this property is slated to start in Q1 of 2021.

Hotel Keys

Project Cost

Return on Cost

Exit Cap Rate

175

$87 Million

8.27%

6.25%

Parking

Ground Breaking

Project Completion

Multiple


123 Stalls

Q1 2021

Q1 2023

3.81X

15.20%


URBANCATALYST.COM

Keystone HotelExecutive Summary


Project Keystone Hotel Hotel Units 175 Number of Parking Spaces 123 Analysis Start Date 1/1/19 0Product Marriot Total SF per Stall 496 Construction Completion 02/01/23 26Address WSC Marriot Net Sq. Ft. 76,405 Parking Ratio 0.70 Per Unit Construction Completion 03/01/23 51City, State San Jose, CA Total Net Rentable SF (NSF) 76,405 Net Rentable / Gross Buildable ( excluding parking) 63% Stabilized Occupancy 09/01/24 69Developer Urban Catalyst Marriot Non Rentable SF Lobby & Back of House 45,594 Load 37.4% Sale Date 12/01/30 144

Total Buildable without Parking (GSF) 121,999 Number of Floors 7Land Area 0.60 Acres Parking SF 61,050

26,233 SF Total Buildable with Parking (TSF) 183,049 FAR 4.65

USES OF FUNDS Total P/Unit PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 7,827,174$ 44,727$ 102.44$ 8.9% Senior Financing (13) 56,867,808$ 65.0%Total Div. 15000 - Construction Costs (3) 47,625,029$ 272,143$ 623.32$ 54.4% Mezzanine Financing 0% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 741,828$ 4,239$ 9.71$ 0.8% Non-Fund Equity Partner (11) 0.00% -$ 0.0%Total Div. 15150 - Consultants 3,535,350$ 20,202$ 46.27$ 4.0% Fund Investor Equity 100.00% 30,621,127$ 35.0%Total Div. 15350 - Fees & Permits 2,866,441$ 16,380$ 37.52$ 3.3%Total Div. 15400 - Financing 7,538,739$ 43,079$ 98.67$ 8.6% TOTAL SOURCES $87,488,935 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 9,717,774$ 55,530$ 127.19$ 11.1%Total Div. 15700 - Developer Fees & Reserves 6,703,455$ 38,305$ 87.74$ 7.7% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 933,144$ 5,332$ 12.21$ 1.1% Senior Lender (13) Bank TBD Rate (18)

Senior Financing Amount (13) 56,867,808$ Index (19) 1.75%TOTAL PROJECT COST (5) 87,488,935$ 499,937$ 1,145.07$ 100% Loan-to-Cost 65.0% Spread (20) 3.50%

Term (months) 44 Cushion (21) 0.75%Cash Flow Distributions Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Annual Debt Service (Year 1) 3,470,820$ 6.00%Pari Passu Preferred Return (15) 0% 9%

Hurdle #1 IRR (16) 15% VALUTATION AT STABILIZATION Cap Rate (6) P/Unit psf (17) Valuation NOI (9)Cash Flow Split - Hurdle #1 0% 100% Marriot 6.25% $630,108 $1,443 110,268,867$ 6,891,804$ Fund Investor Equity Hurdle #1 Promote Percent 0% Total $630,108 $1,443 110,268,867$ 6,891,804$

Hurdle #2 IRR (16) 20% VALUATION AT EXIT Cap Rate (6) P/Unit psf (17) Exit PriceRemaining Cash Flow & Residual Split - Hurdle #2 0% 100% 50bps lower 5.75% $907,857 $2,079 158,875,047$ Fund Investor Equity Hurdle #2 Promote Percent 0% Base Case 6.25% $835,229 $1,913 146,165,044$

50bps higher 6.75% $773,360 $1,771 135,338,003$ Remaining Cash Flow & Residual Split 0% 100%Fund Investor Equity Remaining Cash Flow & Residual Split 0% CAP RATE PRODUCT TYPE (6) Cap Rate (6) P/Unit psf (17) Exit Price

Marriot Cap Rate (6) 6.25% $835,229 $1,913 146,165,044$ INVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project Total $1,913 146,165,044$ Leveraged IRR (16) 0.0% 0.0% 15.2% 15.2%Leveraged Net Profits $0 $0 $85,914,267 $85,914,267 Sale Date (month) 144 12/01/30 Sale Costs 2%Investment Multiple - - 3.81 3.81 Exit Sale NOI Marriot (9) 9,135,315$

Exit Sale Total NOI (9) 9,135,315$ ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5Marriot Rental Increase % (8) 0.0% 2.8% 3.1% 3.0% 2.9% Return on Cost (14) - % 8.27%Marriot Occupancy 70.0% 78.0% 82.0% 82.0% 82.0%Marriot Management Fee 5.8% SENSITIVITY ANALYSIS (12)

NOI Delta (9) 100,000$ Construction Delta 1,000,000$

PROPERTY MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Marriot - 175 Rooms 76,405 $16.49 $1,260,288 $198 $15,123,453 Return on Cost (14) NOI (9) Total/Average 76,405 $16.49 $1,260,288 $198 $15,123,453 Total Costs (3) $7,032,608 $7,132,608 $7,232,608 $7,332,608 $7,432,608

$85,488,935 8.23% 8.34% 8.46% 8.58% 8.69%STABILIZED YEAR 3 NOI (9) PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7) $86,488,935 8.13% 8.25% 8.36% 8.48% 8.59%Marriot Revenue 16.49$ $1,260,288 197.94$ $15,123,453 $87,488,935 8.04% 8.15% 8.27% 8.38% 8.50%Marriot Operating Expense (3.08)$ ($235,473) (36.98)$ ($2,825,672) $88,488,935 7.95% 8.06% 8.17% 8.29% 8.40%Gross Operating Income 13.41$ $1,024,815 80.48$ $12,297,781 $89,488,935 7.86% 7.97% 8.08% 8.19% 8.31%Marriot Overhead Expense (1.73)$ ($132,427) (20.80)$ ($1,589,123)House Profit 11.68$ $892,388 70.08$ $10,708,658Marriot - 175 Rooms Fees, Insurance, Taxes (3.19)$ ($243,612) (38.26)$ ($2,923,339)Total Net Operating Income Before FF&E 8.49$ $648,777 50.95$ $7,785,318Marriot FF&E Reserve (0.60)$ ($46,059) (7.23)$ ($552,710)Net Operating Income (9) 7.89$ $602,717 47.33$ $7,232,608



Keystone HotelRevenues & Expenses


Operating YearsMarriot Rooms 175 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Marriot Occupancy % 70.0% 78.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0%Marriot Occupancy Growth Rate 11.4% 5.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Marriot Average Daily Rate 249.00 256.00 264.00 272.00 280.00 288.00 297.00 306.00 315.00 324.00Marriot ADR Growth 2.8% 3.1% 3.0% 2.9% 2.9% 3.1% 3.0% 2.9% 2.9%Marriot REVPAR 174.30 199.68 216.48 223.04 229.60 236.16 243.54 250.92 258.30 265.68Marriot REVPAR Growth 14.56% 8.41% 3.03% 2.94% 2.86% 3.13% 3.03% 2.94% 2.86%Marriot Available Rooms 63,875 63,875 63,875 63,875 63,875 63,875 63,875 63,875 63,875 63,875 Marriot Occupied Room 44,713 49,823 52,378 52,378 52,378 52,378 52,378 52,378 52,378 52,378

Marriot Room Revenue 11,133,413 12,754,560 13,827,660 14,246,680 14,665,700 15,084,720 15,556,118 16,027,515 16,498,913 16,970,310 Marriot Guest Communications $2,683 $2,901 $3,051 $3,094 $3,139 $3,139 $3,139 $3,139 $3,139 $3,139

POR $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06Marriot Miscellaneous Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

POR -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Marriot Parking $1,077,480 $1,109,804 $1,143,099 $1,177,391 $1,212,713 $1,249,095 $1,286,567 $1,325,164 $1,364,919 $1,405,867

80% Utilization 30.00$ 30.90$ 31.83$ 32.78$ 33.77$ 34.78$ 35.82$ 36.90$ 38.00$ 39.14$ Marriot Bar Café Revenue 50,000$ 51,500$ 53,045$ 54,636$ 56,275$ 57,964$ 59,703$ 61,494$ 63,339$ 65,239$ Marriot Other $84,954 $91,886 $96,598 $97,950 $99,384 $99,384 $99,384 $99,384 $99,384 $99,384

POR 1.90$ 1.84$ 1.84$ 1.87$ 1.90$ 1.90$ 1.90$ 1.90$ 1.90$ 1.90$ Marriot Revenue 12,348,529 14,010,652 15,123,453 15,579,752 16,037,211 16,494,301 17,004,910 17,516,695 18,029,693 18,543,938

Total Revenue 12,348,529 14,010,652 15,123,453 15,579,752 16,037,211 16,494,301 17,004,910 17,516,695 18,029,693 18,543,938

EXPENSES

Marriot Operating Expenses Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Marriot Room Expense $2,211,033 $2,391,453 $2,514,092 $2,549,289 $2,586,596 $2,586,596 $2,586,596 $2,586,596 $2,586,596 $2,586,596

POR 49.45$ 48.00$ 48.00$ 48.67$ 49.38$ 49.38$ 49.38$ 49.38$ 49.38$ 49.38$ Marriot Guest Communication $13,951 $15,089 $15,863 $16,064 $16,320 $16,320 $16,320 $16,320 $16,320 $16,320

POR $0.31 $0.30 $0.30 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31 $0.31Marriot Parking Expense $199,334 $205,314 $211,473 $217,817 $224,352 $231,083 $238,015 $245,155 $252,510 $260,085

POR 19% of Revenue 4.46$ 4.12$ 4.04$ 4.16$ 4.28$ 4.41$ 4.54$ 4.68$ 4.82$ 4.97$ Marriot Bar Café Expense 22,500$ 23,175$ 23,870$ 24,586$ 25,324$ 26,084$ 26,866$ 27,672$ 28,502$ 29,357$ Marriot Other Expense $53,096 $57,428 $60,374 $61,219 $62,115 $62,115 $62,115 $62,115 $62,115 $62,115

POR 62% of Revenue 1.19$ 1.15$ 1.15$ 1.17$ 1.19$ 1.19$ 1.19$ 1.19$ 1.19$ 1.19$ Marriot Operating Expense $2,499,914 $2,692,459 $2,825,672 $2,868,975 $2,914,707 $2,922,197 $2,929,912 $2,937,858 $2,946,043 $2,954,474

Marriot Operating Expenses Department Operating Profit $9,848,616 $11,318,193 $12,297,781 $12,710,777 $13,122,504 $13,572,104 $14,074,998 $14,578,837 $15,083,649 $15,589,464% of Rev 79.8% 80.8% 81.3% 81.6% 81.8% 82.3% 82.8% 83.2% 83.7% 84.1%

Gross Operating Income $9,848,616 $11,318,193 $12,297,781 $12,710,777 $13,122,504 $13,572,104 $14,074,998 $14,578,837 $15,083,649 $15,589,46479.8% 80.8% 81.3% 81.6% 81.8% 82.3% 82.8% 83.2% 83.7% 84.1%

Marriot Overhead Expenses Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Marriot Admin & Gen $632,458 $684,067 $719,147 $729,215 $739,887 $739,887 $739,887 $739,887 $739,887 $739,887

POR 14.14$ 13.73$ 13.73$ 13.92$ 14.13$ 14.13$ 14.13$ 14.13$ 14.13$ 14.13$ Marriot Sales & Marketing 233,802$ 254,458$ 270,119$ 276,441$ 282,962$ 291,046$ 300,142$ 309,237$ 318,332$ 327,427$

2.10% of Gross Room Revenue 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ Marriot Property Maintenance 278,335$ 302,925$ 321,570$ 329,096$ 336,859$ 346,484$ 357,312$ 368,139$ 378,967$ 389,794$

2.50% of Gross Room Revenue 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ Marriot Utilities 241,504$ 262,325$ 278,287$ 285,306$ 292,532$ 300,869$ 310,183$ 319,519$ 328,876$ 338,256$

1.96% of Gross Revenue 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ 0.02$ Marriot Property Operation -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

0.00% of Gross RevenueMarriot Utility Costs & Telecom -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

0.00% of Gross RevenueMarriot Overhead Expense $1,386,099 $1,503,775 $1,589,123 $1,620,058 $1,652,239 $1,678,286 $1,707,523 $1,736,781 $1,766,061 $1,795,365

% of Rev 11.2% 10.7% 10.5% 10.4% 10.3% 10.2% 10.0% 9.9% 9.8% 9.7%Marriot Gross Operating Profit $8,462,516 $9,814,418 $10,708,658 $11,090,719 $11,470,265 $11,893,817 $12,367,475 $12,842,056 $13,317,588 $13,794,100

House Profit $8,462,516 $9,814,418 $10,708,658 $11,090,719 $11,470,265 $11,893,817 $12,367,475 $12,842,056 $13,317,588 $13,794,10068.5% 70.0% 70.8% 71.2% 71.5% 72.1% 72.7% 73.3% 73.9% 74.4%

Marriot Net Operating Income Before FF&E Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Marriot Franchise Fees $463,779 $816,110 $884,189 $912,598 $941,038 $967,859 $997,821 $1,027,852 $1,057,954 $1,088,129% of Rev 5.78% 5.82% 5.85% 5.86% 5.87% 5.87% 5.87% 5.87% 5.87% 5.87%Marriot Operator Asset Management Fees $433,000 $494,867 $536,060 $553,254 $570,470 $586,729 $604,892 $623,097 $641,346 $659,638% of Rev 3.51% 3.53% 3.54% 3.55% 3.56% 3.56% 3.56% 3.56% 3.56% 3.56%Marriot Property Taxes $7716 Room p/yr $1,350,251 $1,377,256 $1,404,801 $1,432,897 $1,461,555 $1,490,786 $1,520,602 $1,551,014 $1,582,035 $1,613,675Marriot Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Marriot Insurance $529 Room p/yr $92,647 $95,426 $98,289 $101,238 $104,275 $107,403 $110,625 $113,944 $117,363 $120,883Marriot Net Operating Income Before FF&E $6,122,839 $7,030,757 $7,785,318 $8,090,732 $8,392,927 $8,741,039 $9,133,534 $9,526,148 $9,918,892 $10,311,774% of Rev 49.6% 50.2% 51.5% 51.9% 52.3% 53.0% 53.7% 54.4% 55.0% 55.6%

Total Net Operating Income Before FF&E $6,122,839 $7,030,757 $7,785,318 $8,090,732 $8,392,927 $8,741,039 $9,133,534 $9,526,148 $9,918,892 $10,311,77449.6% 50.2% 51.5% 51.9% 52.3% 53.0% 53.7% 54.4% 55.0% 55.6%

Marriot FF&E Reserve Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Marriot FF&E Reserve $222,525 $382,384 $552,710 $569,425 $586,140 $602,770 $621,480 $640,189 $658,899 $677,608

% of Rev 1.98% 2.98% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97%Marriot Net Operating Income $5,900,314 $6,648,373 $7,232,608 $7,521,307 $7,806,787 $8,138,269 $8,512,054 $8,885,959 $9,259,993 $9,634,166

Marriot NOI Flow 47.8% 47.5% 47.8% 48.3% 48.7% 49.3% 50.1% 50.7% 51.4% 52.0%

Total Expenses $6,448,215 $7,362,279 $7,890,845 $8,058,445 $8,230,424 $8,356,032 $8,492,856 $8,630,736 $8,769,699 $8,909,771

Total Net Operating Income $5,900,314 $6,648,373 $7,232,608 $7,521,307 $7,806,787 $8,138,269 $8,512,054 $8,885,959 $9,259,993 $9,634,166

Year 3 Stabilized P/Month P/Year P/SF Month P/SF YearNET OPERATING INCOME $602,717 $7,232,608 $7.89 $94.66

Keystone HotelFinancing


Senior Loan Bank TBDSenior Loan Amount 56,867,808$




All-in Rate 6.00%





Mezz Lender Mezz XYZMezz Loan Amount - % LTC 0%Last Dollar Exposure LTC 65.0%Rate 0.00%




Non-Fund Equity Partner (11) Fund Investor EquityEquity Contribution % 0% 100%Equity Contribution Amount -$ 30,621,127$

Preferred Return 9.00%

IRR Hurdle Rate #1 15.00%Splits Hurdle #1 0% 100%

Hurdle Rate #2 - IRR 20.00%Splits Hurdle #2 0% 100%

Final Split 0% 100%

Permanent LoanLoan Currently In Analysis YesLoan Start Month 70Loan Amount 78,186,217$ Term (Months) 360Annual Rate 5.00%Annual PMT $5,036,646Monthly PMT $419,720.52LTV 70.9%Debt Yield 8.50%DSCR 1.32

Loan Broker Fee Rate 1.00%Loan Broker Fee $0

Keystone HotelTargeted Annual Cash Flows (1)


Development Cost (1,106,915)$ (12,761,316)$ (8,036,935)$ (33,036,361)$ (26,037,925)$ (6,509,481)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Effective Gross (2) -$ -$ -$ -$ -$ 9,261,397$ 13,595,121$ 14,845,253$ 15,465,677$ 15,922,846$ 16,380,028$ 16,877,257$ 17,388,749$ -$ -$ -$ Expenses -$ -$ -$ -$ -$ (4,836,161)$ (7,133,763)$ (7,758,703)$ (8,016,545)$ (8,187,429)$ (8,324,630)$ (8,458,650)$ (8,596,266)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ -$ 4,425,236$ 6,461,358$ 7,086,549$ 7,449,132$ 7,735,417$ 8,055,398$ 8,418,608$ 8,792,483$ -$ -$ -$


Un-Levered Cash Flow (1,106,915)$ (12,761,316)$ (8,036,935)$ (33,036,361)$ (26,037,925)$ (2,084,246)$ 6,461,358$ 7,086,549$ 7,449,132$ 7,735,417$ 8,055,398$ 8,418,608$ 149,841,750$ -$ -$ -$

Net Debt Balance -$ -$ -$ 24,320,401$ 26,037,925$ 4,066,177$ 23,761,714$ -$ -$ -$ -$ -$ (69,935,231)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ -$ (781,862)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ -$ (1,259,162)$ (5,036,646)$ (5,036,646)$ (5,036,646)$ (5,036,646)$ (5,036,646)$ (5,036,646)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (1,106,915)$ (12,761,316)$ (8,036,935)$ (8,715,961)$ -$ 1,981,932$ 28,182,048$ 2,049,903$ 2,412,486$ 2,698,771$ 3,018,752$ 3,381,962$ 74,869,873$ -$ -$ -$

Project Level Fees (5) -$ -$ -$ -$ -$ (46,307)$ (67,976)$ (74,226)$ (77,328)$ (79,614)$ (81,900)$ (84,386)$ (1,548,594)$ -$ -$ -$

Mezz Cash Flow -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Non-Fund Equity Partner (11) Property Cash Flow -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Cash Flow 1,106,915$ 12,761,316$ 8,036,935$ 8,715,961$ -$ (1,935,625)$ (28,114,073)$ (1,975,677)$ (2,335,157)$ (2,619,157)$ (2,936,852)$ (3,297,575)$ (73,321,279)$ -$ -$ -$

Fund Investor Equity Funding 30,621,127$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ -$ 1,935,625$ 2,667,420$ 1,975,677$ 2,335,157$ 2,619,157$ 2,936,852$ 3,297,575$ 3,355,415$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ -$ 25,446,652$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 69,965,863$ -$ -$ -$

Estimated Project Value 30,621,127$ 30,621,127$ 30,621,127$ 54,941,528$ 80,979,453$ 85,045,631$ 122,397,615$ 129,131,719$ 134,115,252$ 139,613,477$ 145,868,854$ 152,370,856$ 158,875,047$ -$ -$ -$ Outstanding Construction Debt Balance -$ -$ -$ (24,320,401)$ (50,358,326)$ (54,424,504)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Outstanding Permanent Debt Balance -$ -$ -$ -$ -$ -$ (77,903,208)$ (76,735,196)$ (75,507,426)$ (74,216,842)$ (72,860,229)$ (71,434,209)$ (69,935,231)$ -$ -$ -$ NAV 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 44,494,407$ 52,396,523$ 58,607,825$ 65,396,635$ 73,008,625$ 80,936,647$ 88,939,816$ -$ -$ -$

Non-Fund Equity Partner (11) NAV (6) (7) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Urban Catalyst Fund NAV (6) (7) 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 30,621,127$ 44,494,407$ 52,396,523$ 58,607,825$ 65,396,635$ 73,008,625$ 80,936,647$ 88,939,816$ -$ -$ -$

Residential Units - Residential Bedrooms - Net Residential SF - Hotel Keys 175 Net Hotel SF 76,405 Senior Units - Senior SF - Net Retail SF - Net Industrial SF - Net Office SF - Net Parking SF 61,050 Net Non-Rentable SF 45,594 Total Net SF 183,049


City Impact FeesPark Fees -$ School Impact Fees / Developer Fees 47,065$ Affordable Housing Fees -$


FOOTNOTE KEY(1) Targeted: This document contains targeted figures that are estimates only and may not represent actual results achieved.(2) Effective Gross: Scheduled Gross Income (Maximum Gross Income) less Vacancy and Concessions.(3) NOI (Net Operating Income): All revenue from the property minus all reasonably necessary operating expenses.(4) Property Level Cash Flow after Debt Service : Equity cash flows after debt service which are net of the following Project Level Fees as applicable: Acquisition Fee, Guaranty Fee, Construction Loan Origination Fee, and Permanent Loan Origination Fee. (5) Project Level Fees: Asset Management Fee and Disposition / Liquidation Fee collected at the property level.

(7) Fair Market Value : Determined by dividing the Net Operating Income of any given asset by an estimated Capitalization Rate. Capitalization Rates vary by geography, asset class, and market conditions.(11) Non-Fund Equity Partners : Project level equity investors or joint venture partners that have invested in individual assets. They can be a variety of parties such as property owners or large financial institutions.


MADERA @ DOWNTOWN WEST¹San Jose, California

Madera @ Downtown West is a multi-family apartment project (suite style rent-by-the-bedroom

program) located in the heart of Downtown San Jose adjacent to the planned Google campus and

San Jose Diridon Station, a major Silicon Valley transportation hub. It will house 250 individuals in a

mix of studios, two bedroom, three bedroom, four bedroom, and five bedroom units. Construction is

slated to start in Q3 of 2021.

Residential

Project Cost

Return on Cost

Exit Cap Rate

140 Units

$110 Million

5.31%

4.00%

Ground Breaking

Project Completion

Multiple


Q3 2021

Q2 2023

4.65X

14.70%

URBANCATALYST.COM


MaderaExecutive Summary


Project Madera Multifamily Units 140 Number of Parking Spaces 142 Analysis Start 1/1/19 0Product Type Retail and Multifamily Multifamily Beds 371 SF per Stall 133 Construction Start 08/01/21 32Address Retail Sq. Ft. 0 Parking Ratio 1.01 Per Unit Construction Completion 05/01/23 56City, State San Jose, CA Multifamily Sq. Ft. 130,100 Net Rentable / Gross Buildable ( excluding parking) 71.3% Stabilized Occupancy 08/01/23 59Developer Urban Catalyst Total Net Rentable SF (NSF) 130,100 Load 28.7% Sale 12/01/30 144

Non Rentable SF 52,397 Number of Floors 8Land Area 0.68 Acres Total Buildable without Parking (GSF) 182,497

29,800 SF Parking SF 18,915FAR 6.1 Total Buildable with Parking (TSF) 201,412

USES OF FUNDS Total P/Unit PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 10,800,000$ 77,143$ 83.01$ 9.8% Senior Financing (13) 71,530,026$ 65.0%Total Div. 15000 - Construction Costs (3) 67,990,623$ 485,647$ 522.60$ 61.8% Mezzanine Financing 0% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 350,100$ 2,501$ 2.69$ 0.3% Non-Fund Equity Partner (11) 85.00% 32,738,743$ 29.8%Total Div. 15150 - Consultants 4,020,716$ 28,719$ 30.90$ 3.7% Fund Investor Equity 15.00% 5,777,425$ 5.3%Total Div. 15350 - Fees & Permits 8,268,620$ 59,062$ 63.56$ 7.5%Total Div. 15400 - Financing 7,681,717$ 54,869$ 59.04$ 7.0% TOTAL SOURCES $110,046,194 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 3,544,692$ 25,319$ 27.25$ 3.2%Total Div. 15700 - Developer Fees & Reserves 6,410,514$ 45,789$ 49.27$ 5.8% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 979,212$ 6,994$ 7.53$ 0.9% Senior Lender (13) Bank XYZ Rate (18)

Senior Financing Amount (13) 71,530,026$ Index (19) 1.75%TOTAL PROJECT COST (5) 110,046,194$ 786,044$ 845.86$ 100% Loan-to-Cost 65.0% Spread (20) 3.50%

Term (months) 28 Cushion (21) 0.75%Cash Flow Distributions Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity 6.00%Pari Passu Preferred Return (15) 0% 8% 8%

Hurdle #1 IRR (16) 12% 13% VALUTATION AT STABILIZATION Cap Rate (6) P/Unit psf (17) Valuation NOI (9)Cash Flow Split - Hurdle #1 81% 19% Retail 6.00% $0 -$ -$ Fund Investor Equity Hurdle #1 Promote Percent 25% Multifamily 4.00% $1,194,388 $1,285 167,214,358$ 6,688,574$

Total 167,214,358$ 6,688,574$ Hurdle #2 IRR (16) 20% 15%Cash Flow Split - Hurdle #2 78% 23% EXIT VALUATION Cap Rate (6) P/Unit psf (17) Exit PriceFund Investor Equity Hurdle #1 Promote Percent 50% 50bps lower 3.50% 1,716,220$ $1,847 240,270,861$

Blended Base Case 4.00% 1,501,693$ $1,616 210,237,004$ Remaining Cash Flow & Residual Split 74% 26% 50bps higher 4.50% 1,334,838$ $1,436 186,877,336$ Fund Investor Equity Remaining Cash Flow & Residual Split 75%

CAP RATE PRODUCT TYPE (6) Cap Rate (6) P/Unit psf (17) Exit PriceINVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project Retail Cap Rate (6) 6.00% $0 -$ Leveraged IRR (16) 0.0% 13.2% 14.7% 13.4% Multifamily Cap Rate (6) 4.00% 1,501,693$ $1,616 210,237,004$ Leveraged Net Profits $0 $97,300,040 $21,108,511 $118,408,551 Total 1,616$ 210,237,004$ Investment Multiple - 3.97 4.65 4.07

Sale Date (month) 144 12/01/30 Sale Costs 2%ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Exit Sale NOI Retail (9) -$ Retail Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale NOI Multifamily (9) 8,409,480$ Multifamily Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale Total NOI (9) 8,409,480$ Physical Vacancy % 4.0% 4.0% 4.0% 4.0% 4.0%Concessions & Loss to Lease % 0.0% 0.0% 0.0% 1.0% 1.0% Return on Cost at Untrended (14) - % 5.31%Total Economic Vacancy 4.0% 4.0% 4.0% 5.0% 5.0%Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0% SENSITIVITY ANALYSIS (12)Management Fee 2.5% NOI Delta (9) 100,000$

Construction Delta 2,500,000$ UNIT MIX Average SF PSF / Month (17) Mo. Rent (7) SF / Year (17) Annual Rent (7)Retail Tenant 0 $0.00 $0 $0.00 $0 Return On Cost (14) NOI (9)NA 0 $0.00 $0 $0.00 $0 Construction Costs (3) $5,647,116 $5,747,116 $5,847,116 $5,947,116 $6,047,116NA 0 $0.00 $0 $0.00 $0 $105,046,194 5.38% 5.47% 5.57% 5.66% 5.76%Studio Type 1 425 $6.24 $79,500 $74.82 $954,000 $107,546,194 5.25% 5.34% 5.44% 5.53% 5.62%Studio Type 2 0 $0.00 $0 $0.00 $0 $110,046,194 5.13% 5.22% 5.31% 5.40% 5.50%1-Bedroom Type 1 500 $5.80 $43,500 $69.60 $522,000 $112,546,194 5.02% 5.11% 5.20% 5.28% 5.37%1-Bedroom Type 2 0 $0.00 $0 $0.00 $0 $115,046,194 4.91% 5.00% 5.08% 5.17% 5.26%2-Bedroom Type 1 870 $5.50 $71,775 $66.00 $861,3002-Bedroom Type 2 0 $0.00 $0 $0.00 $03-Bedroom Type 1 1,000 $5.45 $130,800 $65.40 $1,569,6003-Bedroom Type 2 0 $0.00 $0 $0.00 $04-Bedroom Type 1 1,300 $5.30 $385,840 $63.60 $4,630,0804-Bedroom Type 2 0 $0.00 $0 $0.00 $0Affordable Studio Type 1 0 $0.00 $0 $0.00 $0Affordable Studio Type 2 0 $0.00 $0 $0.00 $0Affordable 1-Bedroom Type 1 0 $0.00 $0 $0.00 $0Affordable 1-Bedroom Type 2 0 $0.00 $0 $0.00 $0Affordable 2-Bedroom Type 1 0 $0.00 $0 $0.00 $0Affordable 2-Bedroom Type 2 0 $0.00 $0 $0.00 $0Affordable 3-Bedroom Type 1 0 $0.00 $0 $0.00 $0Affordable 3-Bedroom Type 2 0 $0.00 $0 $0.00 $0Affordable 4-Bedroom Type 1 0 $0.00 $0 $0.00 $0Affordable 4-Bedroom Type 2 0 $0.00 $0 $0.00 $0

Total/Average 929 $5.47 $711,415 $65.62 $8,536,980

Stabilized Un-Trended NOI (10) PSF / Month (17) Mo. Rent (7) SF / Year (17) Annual Rent (7)Retail $0.00 $0 $0 $0Multifamily $5.47 $711,415 $66 $8,536,980Reimbursable $0.00 $0 $0 $0Other Income $0.39 $50,779 $5 $609,345Gross Income $5.86 $762,194 $70 $9,146,325Less: Vacancy/Concessions/Loss to Lease ($0.22) ($28,457) ($3) ($341,479)Effective Gross $5.64 $733,737 $68 $8,804,846Expenses ($1.89) ($246,478) ($23) ($2,957,730)Stabilized Un-Trended NOI (10) $3.75 $487,260 $45 $5,847,116



MaderaRevenues & Expenses


Retail Lease-up Month Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID After First Occupancy Net S.F. Mix Rent / Mo. Rent Month Year P/S.F. Total

Retail Tenant 1 55 0 0% $0 $0 $0.00 $0.00 $0.00 -$ NA 2 57 0 0% $0 $0 $0.00 $0.00 $0.00 -$ NA 3 59 0 0% $0 $0 $0.00 $0.00 $0.00 -$

Totals/Averages 0 0% $0 $0 $0.00 $0.00 $0.00 -$ 65%

Multifamily Number of Unit Bedrooms Unit Total Total Rent PSF/ Rent PSF/ Rent Rent Bedroom / Unit Name Units Net S.F. Per Unit Type Mix Net S.F. Rent / Mo. Annual Rent Month Year P/Bed Month Rent / Mo. Rent / Yr.

Studio Type 1 30 425 1 21% 12,750 $79,500 $954,000 $6.24 $74.82 2,650$ $2,650 $2,650 $31,800Studio Type 2 0 0 1 0% 0 $0 $0 $0.00 $0.00 -$ $2,650 $2,650 $31,800

1-Bedroom Type 1 15 500 1 11% 7,500 $43,500 $522,000 $5.80 $69.60 2,900$ $2,900 $2,900 $34,8001-Bedroom Type 2 0 0 1 0% 0 $0 $0 $0.00 $0.00 -$ $2,900 $2,900 $34,8002-Bedroom Type 1 15 870 2 11% 13,050 $71,775 $861,300 $5.50 $66.00 2,393$ $2,393 $4,785 $57,4202-Bedroom Type 2 0 0 2 0% 0 $0 $0 $0.00 $0.00 -$ $1,196 $2,393 $28,7103-Bedroom Type 1 24 1,000 3 17% 24,000 $130,800 $1,569,600 $5.45 $65.40 1,817$ $1,817 $5,450 $65,4003-Bedroom Type 2 0 0 3 0% 0 $0 $0 $0.00 $0.00 -$ $1,211 $3,633 $43,6004-Bedroom Type 1 56 1,300 4 40% 72,800 $385,840 $4,630,080 $5.30 $63.60 1,723$ $1,723 $6,890 $82,6804-Bedroom Type 2 0 0 4 0% 0 $0 $0 $0.00 $0.00 -$ $1,292 $5,168 $62,010

Affordable Studio Type 1 0 0 1 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable Studio Type 2 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0

Affordable 1-Bedroom Type 1 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 1-Bedroom Type 2 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 2-Bedroom Type 1 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 2-Bedroom Type 2 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 3-Bedroom Type 1 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 3-Bedroom Type 2 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 4-Bedroom Type 1 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0Affordable 4-Bedroom Type 2 0 0 0 0% 0 $0 $0 $0.00 $0.00 -$ $0 $0 $0

Totals/Averages 140 929 100% 130,100 $711,415 $8,536,980 $5.47 $65.62 $1,917.56 $1,917.56 $5,081.54 $473,020

Reimbursable Unit Reimburse Per Month Per Year PSF/Month PSF/YearTenant Mix % S.F. Reimburse Reimburse Reimburse Reimburse

Retail Expense Reimbursable 0% 0% 0 $0 $0 $0.00 $0.00Multifamily Expense Reimbursable 100% 0% 130,100 $0 $0 $0.00 $0.00

Totals/Averages 100% 130,100 $0 $0 $0.00 $0.00

Other Income # % $ Per Month Per YearStorage Units 100 100% $150.00 $15,000 $180,000Secured Parking/Garage 100% $200.00 $28,400 $340,800RUBS (Ratio Utility Billing System) 30% $3,323 $39,873Pet Income 25% $75.00 $2,625 $31,500Late Fees 5% $50.00 $350 $4,200Application Fees 5% $33.00 $231 $2,772Security Deposit Forfeitures $850 $10,200Total $50,779 $609,345

Per Month Per Year P/Unit/Yr GROSS REVENUE 762,194$ $9,146,325 $65,331

Vacancy, Concessions & Loss to Lease Physical Vacancy % Concessions & Loss to Lease % Per Month Per Year 4.00% 0.00%

Retail $0 $0 $0 $0Multifamily $341,479 $0 $28,457 $341,479Total $341,479 $0 $28,457 $341,479

Per Month Per Year P/Unit/YrEFFECTIVE GROSS REVENUE 733,737$ $8,804,846 $62,892

EXPENSES

Per Year Expense Expenses % of Total Per Month Expenses PSF/Month PSF/Year P/Unit/Yr Ratio

Reimbursable Expense 34.65%Onsite Management 5.99% $14,768 $177,215 $0.11 $1.36 $1,266Contract Services 0.00% $0 $0 $0.00 $0.00 $0Advertising 1.42% $3,500 $42,000 $0.03 $0.32 $300Maintenance/Landscape Maintenance 1.42% $3,500 $42,000 $0.03 $0.32 $300General and Administrative 3.00% $7,384 $88,608 $0.06 $0.68 $633Cable & Internet 0.00% $0 $0 $0.00 $0.00 $0Utilities/Trash 4.49% $11,076 $132,911 $0.09 $1.02 $949Turnover 1.89% $4,667 $56,000 $0.04 $0.43 $400Management Fees 2.50% 7.22% $17,785 $213,425 $0.14 $1.64 $1,524Insurance 1.250% 3.61% $8,893 $106,712 $0.07 $0.82 $762Real Estate Taxes 1.250% 70.76% $174,405 $2,092,859 $1.34 $16.09 $14,949

Sub Total Expense Reimbursable 99.80% $245,978 $2,951,730 $1.89 $22.69 $21,084Non-Reimbursable Expense

Replacement Reserves 0.20% $500 $6,000 $0.00 $0.05 $43Total 100.0% $246,478 $2,957,730 $1.89 $22.73 $21,127

Per Month Per Year P/Unit/YrNET OPERATING INCOME $487,260 $5,847,116 $41,765

MaderaFinancing

Senior Loan Bank XYZSenior Loan Amount 71,530,026$



Rate Index 1.75% 2/27/20 JB & PR Omni 3.0 MeetingSpread 3.50%Cushion 0.75%

All-in Rate 6.00%








EquityEquity Contribution % 35.0%Equity Contribution $ 38,516,168.04$

Non-Fund Equity Partner (11) Fund Investor EquityEquity Contribution % 85.00% 15%Equity Contribution Amount 32,738,743$ 5,777,425$




Final Split 74% 26%



MaderaTargeted Annual Cash Flows (1)


Development Cost (800,325)$ (1,002,724)$ (14,141,869)$ (32,826,377)$ (36,764,940)$ (24,509,960)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Multifamily Gross Revenue -$ -$ -$ -$ -$ 3,603,167$ 9,896,700$ 10,193,601$ 10,499,409$ 10,814,391$ 11,138,823$ 11,472,987$ 11,817,177$ -$ -$ -$ Reimbursable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Income -$ -$ -$ -$ -$ 229,112$ 611,379$ 611,798$ 612,222$ 612,649$ 613,081$ 613,517$ 613,958$ -$ -$ -$ Vacancy/Concessions/Loss to Lease -$ -$ -$ -$ -$ (180,158)$ (494,835)$ (509,680)$ (524,970)$ (540,720)$ (556,941)$ (573,649)$ (590,859)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ -$ -$ 3,652,121$ 10,013,244$ 10,295,719$ 10,586,660$ 10,886,321$ 11,194,962$ 11,512,855$ 11,840,276$ -$ -$ -$ Expenses -$ -$ -$ -$ -$ (1,210,798)$ (3,288,994)$ (3,350,401)$ (3,413,042)$ (3,476,943)$ (3,542,132)$ (3,608,634)$ (3,676,479)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ -$ 2,441,323$ 6,724,250$ 6,945,318$ 7,173,618$ 7,409,377$ 7,652,831$ 7,904,221$ 8,163,797$ -$ -$ -$


Un-Levered Cash Flow (800,325)$ (1,002,724)$ (14,141,869)$ (32,826,377)$ (36,764,940)$ (22,068,637)$ 6,724,250$ 6,945,318$ 7,173,618$ 7,409,377$ 7,652,831$ 7,904,221$ 211,042,505$ -$ -$ -$

Net Debt Balance -$ -$ -$ 10,255,127$ 36,764,940$ 29,541,135$ -$ -$ -$ -$ -$ -$ (67,201,312)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ (765,612)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ (410,997)$ (4,931,965)$ (4,931,965)$ (4,931,965)$ (4,931,965)$ (4,931,965)$ (4,931,965)$ (4,931,965)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (800,325)$ (1,002,724)$ (14,141,869)$ (22,571,250)$ -$ 6,295,889$ 1,792,285$ 2,013,353$ 2,241,653$ 2,477,412$ 2,720,866$ 2,972,256$ 138,909,228$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ -$ -$ (14,203)$ (50,066)$ (51,479)$ (52,933)$ (54,432)$ (55,975)$ (57,564)$ (2,161,571)$ -$ -$ -$

Mezz Cash Flow -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Non-Fund Equity Partner (11) Property Cash Flow 680,276$ 852,316$ 12,020,588$ 19,185,563$ -$ (5,339,433)$ (1,480,886)$ (1,667,593)$ (1,860,412)$ (2,059,533)$ (2,265,157)$ (2,477,488)$ (112,888,280)$ -$ -$ -$ Fund Investor Equity Property Cash Flow 120,049$ 150,409$ 2,121,280$ 3,385,688$ -$ (942,253)$ (261,333)$ (294,281)$ (328,308)$ (363,447)$ (399,734)$ (437,204)$ (23,859,376)$ -$ -$ -$

Fund Investor Equity Funding 5,777,425$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ -$ 47,187$ 261,333$ 294,281$ 328,308$ 363,447$ 399,734$ 437,204$ 436,237$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ 895,066$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 23,423,140$ -$ -$ -$


Non-Fund Equity Partner (11) NAV (6) (7) 32,738,743$ 32,738,743$ 32,738,743$ 32,738,743$ 32,738,743$ 77,512,435$ 83,161,833$ 89,013,846$ 95,075,823$ 101,355,392$ 107,860,470$ 114,599,275$ 121,580,338$ -$ -$ -$ Urban Catalyst Fund NAV (6) (7) 5,777,425$ 5,777,425$ 5,777,425$ 5,777,425$ 5,777,425$ 13,678,665$ 14,675,618$ 15,708,326$ 16,778,086$ 17,886,246$ 19,034,201$ 20,223,401$ 21,455,354$ -$ -$ -$

Residential Units 140Residential Bedrooms 371Net Residential SF 130,100 Hotel Keys 0Net Hotel SF 0Senior Units 0Senior SF 0Net Retail SF - Net Industrial SF 0Net Office SF 0Net Parking SF 18,915 Net Non-Rentable SF 52,397 Total Net SF 201,412


City Impact FeesPark Fees 2,800,000$ School Impact Fees / Developer Fees 498,023$ Affordable Housing Fees 2,375,626$





DELMAS SENIOR LIVING @ DOWNTOWN WEST¹ San Jose, California

Delivering the critical need for assisted living and memory care, the Delmas Senior Living project will

consist of 117 units of housing in the urban center of San Jose, with amazing access to Downtown

San Jose’s amenities and activities. This project is one of the first senior living projects in downtown

San Jose in decades. Construction is slated to start in Q4 of 2021.

Assisted Living

Project Cost

Return on Cost

Exit Cap Rate

117 Units

$86 Million

7.22%

5.75%

Memory Care

Ground Breaking

Project Completion

Multiple


50 Units

Q4 2021

Q4 2023

6.23X

20.4%

URBANCATALYST.COM


Delmas Senior LivingExecutive Summary


Project Delmas Senior Living Affordable Housing Units 5 Number of Parking Spaces 32 Analysis Start 1/1/19 0Product Type Senior Housing Senior Housing Units 167 SF per Stall 438 Construction Start 10/01/21 34Address 491 W San Carlos Street Affordable Housing Sq. Ft. 2,245 Parking Ratio 0.19 Per Unit Construction Completion 10/01/23 58City, CA San Jose , CA Senior Housing Sq. Ft. 74,370 Net Rentable / Gross Buildable ( excluding parking) 55% Stabilized Occupancy 08/01/26 93Developer Urban Catalyst Total Net Rentable SF (NSF) 76,615 Load 45.1% Sale 12/01/30 144



USES OF FUNDS Total P/Unit PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 10,068,800$ 135.39$ 11.9% Senior Financing (13) 55,005,573$ 65.0%Total Div. 15000 - Construction Costs (3) 48,860,877$ 657.00$ 57.7% Mezzanine Financing 0% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 1,147,985$ 15.44$ 1.4% Non-Fund Equity Partner (11) 20.00% 5,923,677$ 7.0%Total Div. 15150 - Consultants 4,400,685$ 59.17$ 5.2% Fund Investor Equity 80.00% 23,694,708$ 28.0%Total Div. 15350 - Fees & Permits 2,875,991$ 38.67$ 3.4%Total Div. 15400 - Financing 7,694,854$ 103.47$ 9.1% TOTAL SOURCES $84,623,958 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 3,656,281$ 49.16$ 4.3%Total Div. 15700 - Developer Fees & Reserves 5,168,091$ 69.49$ 6.1% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 750,396$ 10.09$ 0.9% Senior Lender (13) Bank XYZ Rate (18)

Senior Financing Amount (13) 55,005,573$ Index (19) 1.75%TOTAL PROJECT COST (5) 84,623,958$ 1,137.88$ 100% Loan-to-Cost 65.0% Spread (20) 3.50%

Term (months) 60 Cushion (21) 0.75%Cash Flow Distributions Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Annual Debt Service (Year 1) 3,314,190$ 6.00%Pari Passu Preferred Return (15) 0% 9%

Hurdle #1 IRR (16) 12% VALUTATION AT STABILIZATION Cap Rate (6) P/Unit psf (17) Valuation NOI (9)Cash Flow Split - Hurdle #1 20% 80% Senior Housing 5.75% $1,013,046 $2,275 169,178,707$ 9,727,776$ Fund Investor Equity Hurdle #1 Promote Percent 0% Total $1,013,046 $2,275 169,178,707$ 9,727,776$

Hurdle #2 IRR (16) 20%Cash Flow Split - Hurdle #2 20% 80% VALUATION AT SALE Cap Rate (6) P/Unit psf (17) Exit PriceFund Investor Equity Hurdle #2 Promote Percent 0% 50bps lower 5.25% $1,391,577 $3,125 232,393,307$

Blended Base Case 5.75% $1,270,570 $2,853 212,185,194$ Remaining Cash Flow & Residual Split 20% 80% 50bps higher 6.25% $1,168,924 $2,625 195,210,378$ Fund Investor Equity Remaining Cash Flow & Residual Split 0%

CAP RATE PRODUCT TYPE (6) Cap Rate (6) P/Unit psf (17) Exit PriceINVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project Senior Housing Cap Rate (6) 5.75% $1,270,570 $2,853 212,185,194$ Leveraged IRR (16) 0.0% 20.4% 20.4% 20.4% Total $1,270,570 212,185,194$ Leveraged Net Profits $0 $30,956,799 $123,827,196 $154,783,995Investment Multiple - 6.23 6.23 6.23

Sale Date (month) 144 12/01/30 Sale Costs 2%ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Exit Sale NOI Retail (9) -$ Retail & Affordable Housing Rental Increase % (8) 0.0% 0.0% 2.0% 2.0% 2.0% Exit Sale NOI Senior Housing (9) 12,200,649$ Senior Housing Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale Total NOI (7) 12,200,649$ Physical Vacancy % 5.0% 5.0% 5.0% 5.0% 5.0%Retail Concessions & Loss to Lease % 0.0% 0.0% 0.0% 0.0% 0.0% Return on Cost at Untrended (14) - % 7.22%Total Economic Vacancy 5.0% 5.0% 5.0% 5.0% 5.0%Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0% SENSITIVITY ANALYSIS (12)Management Fee 2.5% NOI Delta (9) 100,000$

Construction Delta 3,247,551$

UNIT MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7) Return on Cost (14) NOI (9)Assisted Living Studio Rent 375 $17.07 $6,400 $204.80 $76,800 Total Costs (3) $5,910,736 $6,010,736 $6,110,736 $6,210,736 $6,310,736Assisted Living One-Bedroom Rent 525 $16.19 $8,500 $194.29 $102,000 $78,128,857 7.57% 7.69% 7.82% 7.95% 8.08%Assisted Living Two-Bedroom Rent 790 $13.29 $10,500 $159.49 $126,000 $81,376,408 7.26% 7.39% 7.51% 7.63% 7.75%Memory Care Studio Rent 315 $31.75 $10,000 $380.95 $120,000 $84,623,958 6.98% 7.10% 7.22% 7.34% 7.46%

- 0 $0.00 $0 $0.00 $0 $87,871,509 6.73% 6.84% 6.95% 7.07% 7.18%- 0 $0.00 $0 $0.00 $0 $91,119,060 6.49% 6.60% 6.71% 6.82% 6.93%- 0 $0.00 $0 $0.00 $0- 0 $0.00 $0 $0.00 $0- 0 $0.00 $0 $0.00 $0

Total/Average 445 $19.50 $35,400 $233.98 $424,800

Stabilized Un-Trended NOI (10) PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Affordable Housing 2.71$ 6,078$ 32.49$ 72,938$ Senior Housing 19.50$ 1,450,100$ 233.98$ 17,401,200$ Other Income and Concessions 0.49$ 36,170$ 5.84$ 434,037$ Reimbursable -$ -$ -$ -$ GROSS REVENUE 22.69$ 1,492,348$ 272.31$ 17,908,174$ Vacancy, Concessions & Loss to Lease (0.97)$ (72,505)$ (11.70)$ (870,060)$ EFFECTIVE GROSS REVENUE 19.09$ 1,419,843$ 229.10$ 17,038,114$ Expenses (12.24)$ (910,615)$ (146.93)$ (10,927,378)$ Stabilized Un-Trended NOI (10) 6.85$ 509,228$ 82.17$ 6,110,736$


PROJECTED PROPERTY SUMMARY(1)

Delmas Senior LivingRevenues & Expenses


Retail Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID Lease-up Month Mix Net SF Rent / Mo. Rent Month Year P/S.F. Total

Retail Tenant A 1 57 100% 0 $0 $0 $0.00 $0.00 $0.00 -$ Retail Tenant B 2 57 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ Retail Tenant C 3 58 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ Retail Tenant D 4 59 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ Retail Tenant E 5 59 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ Retail Tenant F 6 60 0% 0 $0 $0 $0.00 $0.00 $0.00 -$

Totals/Averages 100% 0 $0 $0 $0.00 $0.00 $0.00 -$

Affordable Housing Number Unit Mix Unit Total Rent Rent Annual Rent PSF/ Rent PSF/of Units Net SF Net SF Per Unit Per Month Rent Month Year Bedrooms Bedrooms Total

Studio 4 80.0% 388 1,552 $1,150 $4,600 $55,200 $2.96 $35.57 0 - 1-Bedroom 0 0.0% 0 0 $0 $0 $0 $0.00 $0.00 0 - 2-Bedroom 1 20.0% 693 693 $1,478 $1,478 $17,738 $2.13 $25.60 0 - 3-Bedroom 0 0.0% 0 0 $0 $0 $0 $0.00 $0.00 0 - 4-Bedroom 0 0.0% 0 0 $0 $0 $0 $0.00 $0.00 0 -

Totals/Averages 5 100.0% 449 2,245 $1,216 $6,078 $72,938 $2.71 32.49 - -

Senior Housing Number Unit Total Rent Rent Annual Rent PSF/ Rent PSF/Unit Name of Units Type of Unit Net SF Net SF Per Unit Per Month Rent Month Year Bedrooms Bedrooms Total

Assisted Living Studio Rent 24 AL 375 9,000 $6,400 $153,600 $1,843,200 $17.07 $204.80 1 24 Assisted Living One-Bedroom Rent 90 AL 525 47,250 $8,500 $765,000 $9,180,000 $16.19 $194.29 1 90 Assisted Living Two-Bedroom Rent 3 AL 790 2,370 $10,500 $31,500 $378,000 $13.29 $159.49 2 6 Memory Care Studio Rent 50 MC 315 15,750 $10,000 $500,000 $6,000,000 $31.75 $380.95 1 50

0 0 MC 0 0 $0 $0 $0 $0.00 $0.000 0 MC 0 0 $0 $0 $0 $0.00 $0.000 0 MC 0 0 $0 $0 $0 $0.00 $0.000 0 MC 0 0 $0 $0 $0 $0.00 $0.000 0 MC 0 0 $0 $0 $0 $0.00 $0.00

Totals/Averages 167 445 74,370 $8,683 $1,450,100 $17,401,200 $19.50 233.98 170

Other Income and Concessions $ % Per Month Per Year Notes4100 · Care Fees (AL only) 12% $114,012 $1,368,1444120 · Community Fees (Move in fees) Lease up only -> $4,000 $15,772 $189,267 After Lease-up going forward4140 · 2nd Occupancy Fee (AL only) $2,500 11% $32,175 $386,1004160 · Guest Meals $334 $4,0084180 · Room Service Trays & Food refund (Contra Income) $1,559 $18,704 Pulled Year 2 for stabilized figures4230 · Salon Service Income $1,559 $18,704 Pulled Year 2 for stabilized figures4990 · Rental Concession (Contra Income) 8.00% ($129,241) -$1,550,890 Pulled Year 2 for stabilized figuresTotal $36,170 $434,037


Retail Expense Reimbursable 0% 0% 0 $0 $0 $0.00 $0.00Affordable Housing Expense Reimbursable 3% 0% 2,245 $0 $0 $0.00 $0.00Senior Housing Expense Reimbursable 97% 0% 74,370 $0 $0 $0.00 $0.00

Totals/Averages 100% 76,615 $0 $0 $0.00 $0.00

Per Month Per Year P/SF Mo P/SF Yr P/ Unit/ YrGROSS REVENUE $1,486,270 $17,835,237 $19.98 $239.82 $106,798

Vacancy, Concessions & Loss to Lease Physical Concessions & Vacancy % Loss to Lease % Per Month Per Year

5.00% 0.00%Retail $0 $0 - - Senior Housing $870,060 $0 72,505 870,060 Total $870,060 $0 72,505 870,060

Per Month Per Year P/SF Mo P/SF Yr P/ Unit/ YrEFFECTIVE GROSS REVENUE $1,413,765 $16,965,177 $19.01 $228.12 $101,588

Per Year P/Unit 61.27% Expense RatioExpenses % of Total Per Month Expenses PSF/Month PSF/Year P/Year

Total 5100 · Assisted Living 24.40% $222,210 $2,666,522 $2.99 $35.85 15,967$ Total 5200 · Marketing 5.45% $49,622 $595,466 $0.67 $8.01 3,566$ Total 5300 · Culinary 13.02% $118,522 $1,422,266 $1.59 $19.12 8,517$ Total 5400 · Housekeeping 4.70% $42,819 $513,826 $0.58 $6.91 3,077$ Total 5500 · Activities 0.41% $3,730 $44,756 $0.05 $0.60 268$ Total 5600 · Maintenance 0.90% $8,239 $98,864 $0.11 $1.33 592$ Total 5700 · Administrative, Utilities, Taxes, Management, Payroll, Insurance (w/o Property Taxes) 35.40% $322,366 $3,868,392 $4.33 $52.02 23,164$ Total 5800, 5900, 6500 · Acct, Work Comp, PTO, Employee Bonus 0.20% $1,856 $22,267 $0.02 $0.30 133$ Affordable Onsite Management 0.06% $527 $6,329 $0.01 $0.09 1,266$ Affordable Maintenance/Landscape Maintenance 0.03% $264 $3,165 $0.00 $0.04 633$ Affordable General and Administrative 0.03% $264 $3,165 $0.00 $0.04 633$ Affordable Utilities/Trash 0.04% $396 $4,747 $0.01 $0.06 949$ Affordable Turnover 0.02% $167 $2,000 $0.00 $0.03 400$

Real Estate Taxes 1.250% 15.32% $139,535 $1,674,415 $1.88 $22.51 10,026$ Sub Total Expense Reimbursable 99.99% $910,515 $10,926,178 $12.24 $146.92 65,426$ Non-Reimbursable Expense

Replacement Reserves 0.01% $100 $1,200 $0.22 $3 $7Total 100.0% $910,615 $10,927,378 $12.47 $12,219 $65,433

Per Month Per Year P/SF Mo P/SF Yr P/ Unit/ YrNET OPERATING INCOME $503,150 $6,037,798 $6.77 $81.19 $36,154

Delmas Senior LivingFinancing




Loan Maturity Project Month 94Loan Term 60


All-in Rate 6.00%









Non-Fund Equity Partner (11) Fund Investor EquityEquity Contribution % 20% 80%Equity Contribution Amount 5,923,677$ 23,694,708$




Final Split 20% 80%



Delmas Senior LivingProjected Annual Cash Flows (1)


Development Cost (200,376)$ (721,755)$ (11,417,339)$ (22,568,613)$ (27,117,750)$ (22,598,125)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Affordable Housing Gross Revenue -$ -$ -$ -$ -$ 12,255$ 75,002$ 76,502$ 78,032$ 79,593$ 81,185$ 82,809$ 84,465$ -$ -$ -$ Senior Housing Gross Revenue -$ -$ -$ -$ -$ 69,669$ 5,657,489$ 14,511,198$ 20,154,312$ 22,043,320$ 22,704,619$ 23,385,758$ 24,087,330$ -$ -$ -$ Reimbursable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Income -$ -$ -$ -$ -$ 29,632$ 427,626$ 633,651$ 782,952$ 907,006$ 974,384$ 1,043,782$ 1,115,263$ -$ -$ -$ Vacancy/Concessions/Loss to Lease -$ -$ -$ -$ -$ (3,483)$ (282,874)$ (725,560)$ (1,007,716)$ (1,102,166)$ (1,135,231)$ (1,169,288)$ (1,204,367)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ -$ -$ 108,073$ 5,877,243$ 14,495,792$ 20,007,581$ 21,927,753$ 22,624,957$ 23,343,061$ 24,082,692$ -$ -$ -$ Expenses -$ -$ -$ -$ -$ (40,091)$ (3,163,373)$ (8,012,082)$ (11,141,114)$ (12,020,715)$ (12,160,932)$ (12,302,953)$ (12,446,802)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ -$ 67,982$ 2,713,870$ 6,483,710$ 8,866,467$ 9,907,038$ 10,464,024$ 11,040,108$ 11,635,890$ -$ -$ -$


Un-Levered Cash Flow (200,376)$ (721,755)$ (11,417,339)$ (22,568,613)$ (27,117,750)$ (22,530,143)$ 2,713,870$ 6,483,710$ 8,866,467$ 9,907,038$ 10,464,024$ 11,040,108$ 216,394,602$ -$ -$ -$

Net Debt Balance -$ -$ -$ 5,289,697$ 27,117,750$ 22,530,143$ (2,425,318)$ (2,986,476)$ 60,650,456$ -$ -$ -$ (102,671,126)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ -$ -$ -$ (1,101,763)$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ -$ -$ -$ (1,774,350)$ (7,097,399)$ (7,097,399)$ (7,097,399)$ (7,097,399)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (200,376)$ (721,755)$ (11,417,339)$ (17,278,916)$ -$ -$ 288,552$ 3,497,234$ 66,640,811$ 2,809,639$ 3,366,625$ 3,942,709$ 106,626,077$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ -$ -$ -$ (17,418)$ (72,096)$ (99,648)$ (109,241)$ (112,719)$ (116,301)$ (2,241,843)$ -$ -$ -$

Non-Fund Equity Partner (11) Property Cash Flow 40,075$ 144,351$ 2,283,468$ 3,455,783$ -$ -$ (54,227)$ (685,027)$ (13,308,233)$ (540,080)$ (650,781)$ (765,281)$ (20,876,847)$ -$ -$ -$ Fund Investor Equity Property Cash Flow 160,301$ 577,404$ 9,133,871$ 13,823,133$ -$ -$ (216,908)$ (2,740,110)$ (53,232,931)$ (2,160,318)$ (2,603,125)$ (3,061,126)$ (83,507,387)$ -$ -$ -$

Fund Investor Equity Funding 23,694,708$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ -$ -$ 216,908$ 2,740,110$ 3,747,337$ 2,160,318$ 2,603,125$ 3,061,126$ 3,240,233$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ -$ -$ -$ 49,485,594$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 80,267,154$ -$ -$ -$

Estimated Project Value 29,618,385$ 29,618,385$ 29,618,385$ 34,908,083$ 62,025,833$ 84,555,976$ 82,130,658$ 79,144,182$ 187,413,036$ 196,300,125$ 205,492,003$ 214,998,256$ 224,828,762$ -$ -$ -$ Outstanding Construction Debt Balance -$ -$ -$ (5,289,697)$ (32,407,448)$ (54,937,591)$ (52,512,273)$ (49,525,797)$ -$ -$ -$ -$ -$ -$ -$ -$ Outstanding Permanent Debt Balance -$ -$ -$ -$ -$ -$ -$ -$ (109,777,449)$ (108,131,543)$ (106,401,429)$ (104,582,800)$ (102,671,126)$ -$ -$ -$ NAV 29,618,385$ 29,618,385$ 29,618,385$ 29,618,385$ 29,618,385$ 29,618,385$ 29,618,385$ 29,618,385$ 77,635,587$ 88,168,583$ 99,090,574$ 110,415,455$ 122,157,636$ -$ -$ -$

Non-Fund Equity Partner (11) NAV &(6) (7) 5,923,677$ 5,923,677$ 5,923,677$ 5,923,677$ 5,923,677$ 5,923,677$ 5,923,677$ 5,923,677$ 15,527,117$ 17,633,717$ 19,818,115$ 22,083,091$ 24,431,527$ -$ -$ -$ Urban Catalyst Fund NAV (6) (7) 23,694,708$ 23,694,708$ 23,694,708$ 23,694,708$ 23,694,708$ 23,694,708$ 23,694,708$ 23,694,708$ 62,108,469$ 70,534,866$ 79,272,459$ 88,332,364$ 97,726,109$ -$ -$ -$

Residential Units 5 Residential Bedrooms 170 Net Residential SF 2,245 Hotel Keys - Net Hotel SF - Senior Units 167 Senior SF 74,370 Net Retail SF - Net Industrial SF - Net Office SF - Net Parking SF 14,023 Net Non-Rentable SF 62,824 Total Net SF 153,462


City Impact FeesPark Fees 100,000$ School Impact Fees / Developer Fees 54,406$ Affordable Housing Fees -$





THE ICON @ CIVIC CENTER¹San Jose, California

Across from City Hall and only 100 yards from the future Bay Area Rapid Transit (BART) Station, this

property will feature 348 units of multi-family apartments housing over 1,000 individuals, and 6,000

square feet of ground floor retail space. Located within walking distance from downtown amenities,

businesses, restaurants and VTA light rail, the addition of BART will truly make this project the

definition of Transit Oriented Development. The land is pre-zoned and pre-general planned for mixed

use, and construction is slated to begin in Q3 of 2021.

Multifamily

Office

Project Cost

Return on Cost

Exit Cap Rate

348 Units

114,000 SF

$301 Million

6.33%

4.31%

Retail

Ground Breaking

Project Completion

Multiple


6,000 SF

Q3 2021

Q2 2024

5.97X

18.40%


URBANCATALYST.COM

Icon @ Civic CenterExecutive Summary

Document Dated: 5/4/20Project Dates Project Months

Project Icon @ Civic Center Multifamily Units 348 Number of Parking Spaces 157 Analysis Start 1/1/19 0Product Type Mixed Use Multifamily Beds 910 SF per Stall 500 Construction Start 09/01/21 33Address Retail Sq. Ft. 6,024 Parking Ratio 0.45 Per Unit Construction Completion 04/01/24 64City, State San Jose, CA Office Sq. Ft. 113,550 Net Rentable / Gross Buildable ( excluding parking) 75% Stabilized Occupancy 07/01/24 67Developer Urban Catalyst Multifamily Sq. Ft. 304,452 Multifamily Load 25% Sale 12/01/30 144

Total Net Rentable SF (NSF) 424,026 Retail & Office Load 30%Land Area 0.75 Acres Non Rentable SF 152,498 Number of Floors 28

32,670 SF Total Buildable without Parking (GSF) 576,524 FAR 17.6 Parking SF 78,461

Total Buildable with Parking (TSF) 654,985

USES OF FUNDS Total P/Unit PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 16,891,265$ 48,538$ 39.84$ 5.6% Senior Financing (13) 195,537,811$ 65.0%Total Div. 15000 - Construction Costs (3) 199,543,066$ 573,400$ 470.59$ 66.3% Mezzanine Financing 0.00% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 10,972,201$ 31,529$ 25.88$ 3.6% Non-Fund Equity Partner (11) 85.00% 89,496,152$ 29.8%Total Div. 15150 - Consultants 7,558,179$ 21,719$ 17.82$ 2.5% Fund Investor Equity 15.00% 15,793,439$ 5.3%Total Div. 15350 - Fees & Permits 11,769,777$ 33,821$ 27.76$ 3.9%Total Div. 15400 - Financing 23,924,417$ 68,748$ 56.42$ 8.0% TOTAL SOURCES $300,827,402 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 10,043,297$ 28,860$ 23.69$ 3.3%Total Div. 15700 - Developer Fees & Reserves 17,722,579$ 50,927$ 41.80$ 5.9% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 2,402,621$ 6,904$ 5.67$ 0.8% Senior Lender (13) Bank XYZ Rate (18)



Hurdle #1 IRR (16) 12% VALUTATION AT STABILIZATION Cap Rate (6) P/Unit psf (17) Valuation NOI (9)Cash Flow Split - Hurdle #1 81.3% 18.8% Retail 5.50% $894 5,388,150$ 296,348$ Fund Investor Equity Hurdle #1 Promote Percent 25% Office 5.50% 924$ 104,948,456$ 5,772,165$

Multifamily 4.00% $1,193,667 $1,364 415,396,228$ 16,615,849$ Hurdle #2 IRR (16) 20% Total $1,193,667 1,240$ 525,732,833$ Cash Flow Split - Hurdle #2 77.5% 22.5%Fund Investor Equity Hurdle #2 Promote Percent 50% EXIT VALUATION Cap Rate (6) P/Unit psf (17) Exit Price

50bps lower 3.81% $2,108,578 $1,731 733,785,079$ Remaining Cash Flow & Residual Split 73.8% 26.3% Blended Base Case 4.31% $1,864,143 $1,530 648,721,706$ Fund Investor Equity Remaining Cash Flow & Residual Split 75% 50bps higher 4.81% $1,670,492 $1,371 581,331,389$

INVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project CAP RATE PRODUCT TYPE (6) Cap Rate (6) P/Unit psf (17) Exit PriceLeveraged IRR (16) 0.0% 16.0% 18.4% 16.4% Retail Cap Rate (6) 5.50% $1,098 6,617,182$ Leveraged Net Profits $0 $323,076,978 $78,421,970 $401,498,948 Office Cap Rate (6) 5.50% $1,134 128,821,657$ Investment Multiple - 4.61 5.97 4.81 Multifamily Cap Rate (6) 4.00% $1,474,951 $1,686 513,282,866$

Total 1,530$ 648,721,706$ ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5Retail & Office Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Sale Date (month) 144 01/01/31 Sale Costs 2%Multifamily Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale NOI Retail (9) 363,945$ Physical Vacancy % 4.0% 4.0% 4.0% 4.0% 4.0% Exit Sale NOI Office (9) 7,085,191$ Concessions & Loss to Lease % 1.0% 1.0% 1.0% 1.0% 1.0% Exit Sale NOI Multifamily (9) 20,531,315$ Total Economic Vacancy 5.0% 5.0% 5.0% 5.0% 5.0% Exit Sale Total NOI (9) 27,980,451$ Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0%Management Fee 2.5% Return on Cost at Untrended (14) - % 6.33%

UNIT MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7) SENSITIVITY ANALYSIS (12)Retail Tenant 6,024 $4.50 $27,108 $54.00 $325,296 NOI Delta (9) 100,000$ NA 0 $0.00 $0 $0.00 $0 Construction Delta 1,000,000$ NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0 Return on Cost (14) NOI (9) NA 0 $0.00 $0 $0.00 $0 Total Costs (3) $18,835,043 $18,935,043 $19,035,043 $19,135,043 $19,235,043NA 0 $0.00 $0 $0.00 $0 $298,827,402 6.30% 6.34% 6.37% 6.40% 6.44%Office Tenant 1 (w/ Balcony) 28,323 $4.75 134,534 $57.00 $1,614,411 $299,827,402 6.28% 6.32% 6.35% 6.38% 6.42%Office Tenant 2 26,259 $4.75 124,730 $57.00 $1,496,763 $300,827,402 6.26% 6.29% 6.33% 6.36% 6.39%Office Tenant 3 26,259 $4.75 124,730 $57.00 $1,496,763 $301,827,402 6.24% 6.27% 6.31% 6.34% 6.37%Office Tenant 4 26,259 $4.75 124,730 $57.00 $1,496,763 $302,827,402 6.22% 6.25% 6.29% 6.32% 6.35%Office Tenant Storage 6,450 $2.50 16,125 $30.00 $193,500NA 0 $0.00 0 $0.00 $0Studio 345 $7.25 $50,000 $86.96 $600,0001-Bedroom 536 $5.42 $275,500 $64.98 $3,306,0002-Bedroom 837 $5.26 $198,000 $63.07 $2,376,0004-Bedroom 1,553 $4.89 $182,400 $58.74 $2,188,8005-Bedroom 1,890 $4.76 $45,000 $57.14 $540,000Studio Double Occ 345 $0.00 $0 $0.00 $01-Bedroom Double Occ 536 $7.04 $154,570 $84.48 $1,854,8402-Bedroom Double Occ 837 $6.31 $353,760 $75.69 $4,245,1204-Bedroom Double Occ 1,553 $5.87 $328,320 $70.49 $3,939,8405-Bedroom Double Occ 1,890 $5.52 $156,600 $66.29 $1,879,200NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0

Total/Average $5.42 $2,296,108 $64.98 $27,553,296

Stabilized Un-Trended NOI (10) P/Unit P/Year PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Retail 4.50$ $27,108 54.00$ $325,296Office 4.62$ $524,850 55.47$ $6,298,200Multifamily 60,143$ 5.73$ $1,744,150 68.75$ $20,929,800Reimbursable 4,568$ 0.43$ $132,483 3.75$ $1,589,796Other Income 3,276$ 0.31$ $94,998 2.69$ $1,139,976Gross Income 87,020$ 5.95$ $2,523,589 71.42$ $30,283,068Less: Vacancy/Concessions/Loss to Lease (3,959)$ (0.27)$ ($114,805) (3.25)$ ($1,377,665)Effective Gross 83,062$ 5.68$ $2,408,784 68.17$ $28,905,403Expenses (28,363)$ (1.94)$ ($822,530) (23.28)$ ($9,870,360)Stabilized Un-Trended NOI (10) 54,698$ 3.74$ $1,586,254 44.89$ $19,035,043



Icon @ Civic CenterRevenues & Expenses


Retail Lease-up Month Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID After First Occupancy Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Retail Tenant 1 62 100% 6,024 $27,108 $325,296 $4.50 $54.00 $85.00 512,040$ NA 2 63 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 3 64 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 4 65 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 5 66 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 6 67 0% 0 $0 $0 $0.00 $0.00 $0.00 -$

Totals/Averages 100% 6,024 $27,108 $325,296 $4.50 $54.00 $85.00 512,040$

Office Lease-up Month Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID After First Occupancy Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Office Tenant 1 (w/ Balcony) 1 62 25% 28,323 $134,534 $1,614,411 $4.75 $57.00 $85.00 2,407,455$ Office Tenant 2 2 63 23% 26,259 $124,730 $1,496,763 $4.75 $57.00 $85.00 2,232,015$ Office Tenant 3 3 65 23% 26,259 $124,730 $1,496,763 $4.75 $57.00 $85.00 2,232,015$ Office Tenant 4 4 66 23% 26,259 $124,730 $1,496,763 $4.75 $57.00 $85.00 2,232,015$

Office Tenant Storage 5 67 6% 6,450 $16,125 $193,500 $2.50 $30.00 $25.00 161,250$ NA 6 68 0% 0 $0 $0 $0.00 $0.00 $85.00 -$

Totals/Averages 100% 113,550 $524,850 $6,298,200 $4.62 $55.47 $81.59 9,264,750$

Multifamily Number of Unit Bedrooms Unit Total Total Rent PSF/ Rent PSF/ Rent Bed/ Rent Bedroom / Unit Name Units Net S.F. Per Unit Type Mix Net S.F. Rent / Mo. Annual Rent Month Year Month Month Rent / Mo. Rent / Yr.

Studio 20 345 0 6% 6,900 $50,000 $600,000 $7.25 $86.96 $2,500 $2,500 $2,500 $30,0001-Bedroom 95 536 1 27% 50,875 $275,500 $3,306,000 $5.42 $64.98 $2,900 $2,900 $2,900 $34,8002-Bedroom 45 837 2 13% 37,671 $198,000 $2,376,000 $5.26 $63.07 $2,200 $2,200 $4,400 $52,8004-Bedroom 24 1,553 4 7% 37,264 $182,400 $2,188,800 $4.89 $58.74 $1,900 $1,900 $7,600 $91,2005-Bedroom 5 1,890 5 1% 9,450 $45,000 $540,000 $4.76 $57.14 $1,800 $1,800 $9,000 $108,000

Studio Double Occ 0 345 0 0% 0 $0 $0 $0.00 $0.00 $1,625 $0 $0 $01-Bedroom Double Occ 41 536 1 12% 21,957 $154,570 $1,854,840 $7.04 $84.48 $1,885 $3,770 $3,770 $45,2402-Bedroom Double Occ 67 837 2 19% 56,089 $353,760 $4,245,120 $6.31 $75.69 $1,540 $2,640 $5,280 $63,3604-Bedroom Double Occ 36 1,553 4 10% 55,896 $328,320 $3,939,840 $5.87 $70.49 $1,330 $2,280 $9,120 $109,4405-Bedroom Double Occ 15 1,890 5 4% 28,350 $156,600 $1,879,200 $5.52 $66.29 $1,260 $2,088 $10,440 $125,280

NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0

Totals/Averages 348 875 100% 304,452 $1,744,150 $20,929,800 $5.73 $68.75 $2,492 $5,012 $60,143


Retail Expense Reimbursable 1% 1% 6,024 $6,674 $80,092 $1.11 $13.30Office Expense Reimbursable 27% 15% 113,550 $125,809 $1,509,704 $1.11 $13.30Multifamily Expense Reimbursable 72% 0% 304,452 $0 $0 $0.00 $0.00

Totals/Averages 100% 424,026 $132,483 $1,589,796 $0.31 $3.75

Other Income # % $ Per Month Per Year SFStorage Units 200 100% $150.00 $30,000 $360,000 35 7,000 Secured Parking/Garage 100% $200.00 $31,400 $376,800RUBS (Ratio Utility Billing System) 35% $14,210 $170,520Pet Income 50% $75.00 $13,050 $156,600Late Fees 1% $100.00 $348 $4,176Application Fees 5% $100.00 $1,740 $20,880Security Deposit Forfeitures $4,250 $51,000Total $94,998 $1,139,976

Per Month Per Year P/Unit/YearGROSS REVENUE 1,998,739$ $30,283,068 $87,020


Retail $13,012 $3,253 $1,355 $16,265Office $251,928 $62,982 $26,243 $314,910Multifamily $837,192 $209,298 $87,208 $1,046,490Total $1,102,132 $275,533 $114,805 $1,377,665

Per Month Per Year P/Unit/YearEFFECTIVE GROSS REVENUE 1,883,934$ $28,905,403 $83,062

EXPENSES

Per Year P/UnitExpenses % of Total Per Month Expenses PSF/Month PSF/Year /Year

Reimbursable Expense Onsite Management 3.53% $29,000 $348,000 $0.09 $0.82 $1,000Contract Services 1.84% $15,138 $181,656 $0.05 $0.43 $522Advertising 1.76% $14,500 $174,000 $0.05 $0.41 $500Maintenance/Landscape Maintenance 3.53% $29,000 $348,000 $0.09 $0.82 $1,000General and Administrative 3.53% $29,000 $348,000 $0.09 $0.82 $1,000Cable & Internet 2.40% $19,720 $236,640 $0.06 $0.56 $680Utilities/Trash 4.94% $40,600 $487,200 $0.13 $1.15 $1,400Turnover 1.06% $8,700 $104,400 $0.03 $0.25 $300Management Fees 2.50% 6.98% $57,403 $688,832 $0.18 $1.62 $1,979Insurance 1.250% 3.49% $28,701 $344,416 $0.09 $0.81 $990Real Estate Taxes 1.250% 66.84% $549,768 $6,597,216 $1.77 $15.56 $18,958

Sub Total Expense Reimbursable 99.88% $821,530 $9,858,360 $2.65 $23.25 $28,329Non-Reimbursable Expense

Replacement Reserves 0.12% $1,000 $12,000 $0.14 $0 $34Total 100.0% $822,530 $9,870,360 $2.79 $23.28 $28,363

Per Month Per Year P/Unit/YearNET OPERATING INCOME $1,061,404 $19,035,043 $54,698

Icon @ Civic CenterFinancing






All-in Rate 6.00%



Bank Loan Fee Rate 1.00%Bank Loan Fee Budget 1,960,692$










Final Split 74% 26%

Permanent LoanLoan Currently In Analysis YesLoan Start Month 68Loan Amount 262,394,321$ Term (Months) 360Annual Rate 5.00%Annual PMT $16,903,073Monthly PMT $1,408,589LTV 49.9%Debt Yield 8.50%DSCR 1.32


Icon @ Civic CenterTargeted Annual Cash Flows (1)


Development Cost (2,700,686)$ (19,779,652)$ (7,969,707)$ (63,488,420)$ (87,846,751)$ (87,846,751)$ (31,195,434)$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ -$ -$ 345,682$ 388,420$ 400,073$ 412,075$ 424,437$ 437,171$ 450,286$ -$ -$ -$ Multifamily Gross Revenue -$ -$ -$ -$ -$ -$ 17,186,557$ 24,991,276$ 25,741,014$ 26,513,244$ 27,308,642$ 28,127,901$ 28,971,738$ -$ -$ -$ Reimbursable -$ -$ -$ -$ -$ -$ 62,944$ 90,433$ 92,087$ 93,773$ 95,493$ 97,247$ 99,037$ -$ -$ -$ Other Income -$ -$ -$ -$ -$ -$ 813,716$ 1,150,466$ 1,152,277$ 1,154,105$ 1,155,951$ 1,157,816$ 1,159,700$ -$ -$ -$ Vacancy/Concessions/Loss to Lease -$ -$ -$ -$ -$ -$ (876,612)$ (1,268,985)$ (1,307,054)$ (1,346,266)$ (1,386,654)$ (1,428,254)$ (1,471,101)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ -$ -$ -$ 17,532,286$ 25,351,611$ 26,078,396$ 26,826,932$ 27,597,870$ 28,391,882$ 29,209,659$ -$ -$ -$ Expenses -$ -$ -$ -$ -$ -$ (7,756,524)$ (11,143,929)$ (11,347,599)$ (11,555,316)$ (11,767,163)$ (11,983,230)$ (12,203,605)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ -$ -$ 15,847,216$ 23,056,668$ 23,825,284$ 24,618,654$ 25,437,550$ 26,282,769$ 27,155,130$ -$ -$ -$


Un-Levered Cash Flow (2,700,686)$ (19,779,652)$ (7,969,707)$ (63,488,420)$ (87,846,751)$ (87,846,751)$ (15,348,219)$ 23,056,668$ 23,825,284$ 24,618,654$ 25,437,550$ 26,282,769$ 653,171,576$ -$ -$ -$

Net Debt Balance -$ -$ -$ -$ 76,495,625$ 87,846,751$ 98,051,944$ -$ -$ -$ -$ -$ (233,840,758)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ -$ (2,623,943)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ -$ (7,042,947)$ (16,903,073)$ (16,903,073)$ (16,903,073)$ (16,903,073)$ (16,903,073)$ (16,903,073)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (2,700,686)$ (19,779,652)$ (7,969,707)$ (63,488,420)$ (11,351,126)$ -$ 73,036,835$ 6,153,595$ 6,922,210$ 7,715,580$ 8,534,477$ 9,379,695$ 402,427,744$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ -$ -$ -$ (77,099)$ (126,758)$ (130,392)$ (134,135)$ (137,989)$ (141,959)$ (6,633,265)$ -$ -$ -$

Non-Fund Equity Partner (11) Property Cash Flow 2,295,583$ 16,812,704$ 6,774,251$ 53,965,157$ 9,648,457$ -$ (62,015,776)$ (5,122,811)$ (5,773,046)$ (6,444,229)$ (7,137,014)$ (7,852,075)$ (318,228,179)$ -$ -$ -$ Fund Investor Equity Property Cash Flow 405,103$ 2,966,948$ 1,195,456$ 9,523,263$ 1,702,669$ -$ (10,943,960)$ (904,025)$ (1,018,773)$ (1,137,217)$ (1,259,473)$ (1,385,660)$ (77,566,300)$ -$ -$ -$

Fund Investor Equity Funding 15,793,439$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ -$ -$ 408,173$ 904,025$ 1,018,773$ 1,137,217$ 1,259,473$ 1,385,660$ 1,389,576$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ -$ 10,535,788$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 76,176,724$ -$ -$ -$

Estimated Project Value 89,496,152$ 89,496,152$ 89,496,152$ 89,496,152$ 165,991,777$ 253,838,529$ 622,622,200$ 640,396,041$ 658,742,352$ 677,678,996$ 697,224,381$ 717,397,482$ 738,217,858$ -$ -$ -$ Outstanding Construction Debt Balance -$ -$ -$ -$ (76,495,625)$ (164,342,377)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Outstanding Permanent Debt Balance -$ -$ -$ -$ -$ -$ (260,804,730)$ (256,852,129)$ (252,697,305)$ (248,329,912)$ (243,739,076)$ (238,913,363)$ (233,840,758)$ -$ -$ -$ NAV 89,496,152$ 89,496,152$ 89,496,152$ 89,496,152$ 89,496,152$ 89,496,152$ 361,817,470$ 383,543,912$ 406,045,047$ 429,349,083$ 453,485,305$ 478,484,119$ 504,377,100$ -$ -$ -$


Residential Units 348Residential Bedrooms 700Net Residential SF 304,452Hotel Keys 0Net Hotel SF 0Senior Units 0Senior SF 0Net Retail SF 6,024Net Industrial SF 0Net Office SF 113,550Net Parking SF 78,461Net Non-Rentable SF 152,498Total Net SF 654,985

Total Project Cost 300,827,402

City Impact FeesPark Fees 4,698,000$ School Impact Fees / Developer Fees 1,239,100$ Affordable Housing Fees -$





PASEO¹ San Jose, California

Located between 1st and 2nd street in downtown San Jose, which connects San Jose State

University to San Jose Diridon station, a major Silicon Valley transportation hub, Paseo is slated to be

transformed into a combination of 65,000 square feet—three floors—of office space over 22,000

square feet of retail. It is ideally located close to the Hammer Theater, the popular SoFA district and

Fairmont Plaza.

Office

Project Cost

Return on Cost

Exit Cap Rate

65,000 SF

$63 Million

7.10%

5.50%

Retail

Ground Breaking

Project Completion

Multiple Internal Rate of Return

22,000 SF

Q1 2020

Q3 2021

5.64X

20.5%

URBANCATALYST.COM


PaseoExecutive Summary


Project Name Paseo Retail Sq. Ft. 22,010 Number of Parking Spaces 0 Analysis Start Date 1/1/19 0Address Office Sq. Ft. 65,081 SF per Stall 0 Construction Start 11/01/20 23Product Type Retail and Office Total Net Rentable SF (NSF) 87,091 Parking Ratio 0.00 Per Unit Construction Completion 08/01/21 32City San Jose, CA Non Rentable SF 4,353 Net Rentable / Gross Buildable ( excluding parking) 95% Stabilized Occupancy 01/01/23 49Developer Urban Catalyst Total Buildable without Parking (GSF) 91,444 Load 4.8% Sale 12/01/30 143

Parking SF 0 Number of Floors 8Land Area 0.34 Acres Total Buildable with Parking (TSF) 91,444

14,734 SFFAR 6.2

USES OF FUNDS Total PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 24,158,418$ 277.39$ 38.2% Senior Financing (13) 41,100,341$ 65.0%Total Div. 15000 - Construction Costs (3) 19,281,583$ 221.40$ 30.5% Mezzanine Financing 0% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 6,342,826$ 72.83$ 10.0% Non-Fund Equity Partner (11) 80.00% 17,704,762$ 28.0%Total Div. 15150 - Consultants 1,871,219$ 21.49$ 3.0% Fund Investor Equity 20.00% 4,426,191$ 7.0%Total Div. 15350 - Fees & Permits 934,166$ 10.73$ 1.5%Total Div. 15400 - Financing 3,530,878$ 40.54$ 5.6% TOTAL SOURCES $63,231,294 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 3,377,472$ 38.78$ 5.3%Total Div. 15700 - Developer Fees & Reserves 2,327,757$ 26.73$ 3.7% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 1,406,973$ 16.16$ 2.2% Senior Lender (13) Bank XYZ Rate (18)

Senior Financing Amount (13) 41,100,341$ Index (19) 1.75%TOTAL PROJECT COST (5) 63,231,294$ 726.04$ 100% Loan-to-Cost 65.0% Spread (20) 3.50%


80.00% 20.00%VALUATION AT STABILIZATION Cap Rate (6) psf (17) Valuation NOI (9)

Hurdle #1 IRR (16) 12% Retail 5.50% $691 15,203,804$ 836,209$ Cash Flow Split - Hurdle #1 75.00% 25.00% Office 5.50% $1,107 72,032,374$ 3,961,781$ Fund Investor Equity Hurdle #1 Promote Percent 25.00% Total 1,002$ 87,236,178$ 4,797,990$

Hurdle #2 IRR (16) 9% VALUATION AT EXIT Cap Rate (6) psf (17) Exit PriceRemaining Cash Flow & Residual Split - Hurdle #2 70.00% 30.00% 50bps lower 5.00% $1,393 121,286,645$ Fund Investor Equity Hurdle #2 Promote Percent 50.00% Blended Base Case 5.50% $1,266 110,260,587$

50bps higher 6.00% $1,161 101,072,204$ Remaining Cash Flow & Residual Split 65.00% 35.00%Fund Investor Equity Remaining Cash Flow & Residual Split 75.00% CAP RATE PRODUCT TYPE (6) Cap Rate (6) psf (17) Exit Price

Retail Cap Rate (6) 5.50% $873 19,218,190$ INVESTMENT SUMMARY Mezzanine Loan Non-Fund Equity Partner (11) Fund Investor Equity Project Office Cap Rate (6) 5.50% $1,399 91,042,396$ Leveraged IRR (16) 0.0% 16.7% 20.5% 17.6% Total 110,260,587$ Leveraged Net Profits $0 $48,003,668 $20,540,376 $68,544,044Investment Multiple - 3.71 5.64 4.10 Sale Date (month) 144 01/01/31 Sale Costs 2%

Exit Sale NOI Retail (9) 1,057,000$ ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Exit Sale NOI Office (9) 5,007,332$ Retail Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale Total NOI (9) 6,064,332$ Office Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0%Physical Vacancy % 0.0% 5.0% 5.0% 5.0% 5.0% Return on Cost at Untrended (14) - % 7.10%Concessions & Loss to Lease % 0.0% 0.0% 0.0% 0.0% 0.0%Total Economic Vacancy 0.0% 5.0% 5.0% 5.0% 5.0% SENSITIVITY ANALYSIS (12)Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0% NOI Delta (9) 100,000$ Management Fee 1.0% Construction Delta 1,000,000$

UNIT MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7) Return on Cost (14) NOI (9)Ground Floor Retail Low TI 8,510 $4.50 $38,295 $54.00 $459,540 Construction Costs (3) $4,287,157 $4,387,157 $4,487,157 $4,587,157 $4,687,157NA 0 $0.00 $0 $0.00 $0 $61,231,294 7.00% 7.16% 7.33% 7.49% 7.65%Ground Floor Retail High TI 13,500 $2.00 $27,000 $24.00 $324,000 $62,231,294 6.89% 7.05% 7.21% 7.37% 7.53%Tech Tenant 65,081 $4.75 $309,135 $57.00 $3,709,617 $63,231,294 6.78% 6.94% 7.10% 7.25% 7.41%NA 0 $4.75 $0 $57.00 $0 $64,231,294 6.67% 6.83% 6.99% 7.14% 7.30%NA 0 $4.75 $0 $57.00 $0 $65,231,294 6.57% 6.73% 6.88% 7.03% 7.19%NA 0 $4.75 $0 $57.00 $0NA 0 $4.75 $0 $57.00 $0NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $0

Total/Average 87,091 $4.30 $374,430 $51.59 $4,493,157

Stabilized Un-Trended NOI (10) PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Retail $2.97 $65,295 $35.60 $783,540Office $4.75 $309,135 $57.00 $3,709,617Reimbursable $1.09 $94,725 $13.05 $1,136,697Other Income $0.00 $0 $0.00 $0Gross Income $5.39 $469,155 $64.64 $5,629,854Less: Vacancy/Concessions/Loss to Lease $0.00 $0 $0.00 $0Effective Gross $5.39 $469,155 $64.64 $5,629,854Expenses ($1.09) ($95,225) ($13.12) ($1,142,697)Stabilized Un-Trended NOI (10) $4.29 $373,930 $51.52 $4,487,157



PaseoRevenues & Expenses


Retail Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID Lease-up Month Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Ground Floor Retail Low TI 1 37 39% 8,510 $38,295 $459,540 $4.50 $54.00 $85.00 723,350$ NA 2 43 0% 0 $0 $0 $0.00 $0.00 $0.00 -$

Ground Floor Retail High TI 3 49 61% 13,500 $27,000 $324,000 $2.00 $24.00 $0.00 -$ Totals/Averages 100% 22,010 $65,295 $783,540 $2.97 $35.60 $32.86 723,350$

Office Unit Annual Rent PSF/ Rent PSF/ TI TITenant Tenant Number Lease-up Month Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Tech Tenant 1 33 100% 65,081 $309,135 $3,709,617 $4.75 $57.00 $85.00 $5,531,885NA 2 35 0% 0 $0 $0 $4.75 $57.00 $85.00 $0NA 3 37 0% 0 $0 $0 $4.75 $57.00 $85.00 $0NA 4 39 0% 0 $0 $0 $4.75 $57.00 $85.00 $0NA 5 41 0% 0 $0 $0 $4.75 $57.00 $85.00 $0NA 6 43 0% 0 $0 $0 $0.00 $0.00 $0.00 $0NA 7 45 0% 0 $0 $0 $0.00 $0.00 $0.00 $0NA 8 47 0% 0 $0 $0 $0.00 $0.00 $0.00 $0NA 9 49 0% 0 $0 $0 $0.00 $0.00 $0.00 $0

Totals/Averages 100% 65,081 $309,135 $3,709,617 $4.75 285 $85.00 $5,531,885

Reimbursable Unit Reimburse Reimburse Annual Reimburse Reimburse Tenant Mix % S.F. / Mo. Reimburse PSF/Month PSF/Year

Retail Expense Reimbursable 25% 25% 22,010 $23,939 $287,271 $1.09 $13.05Office Expense Reimbursable 75% 75% 65,081 $70,786 $849,426 $1.09 $13.05

Totals/Averages 100% 87,091 $94,725 $1,136,697 $1.09 $13.05

Other Income % $ / Month Per Month Per YearParking Revenue 50.0% $0 $0 $0

Other Income $0 $0Total $0 $0

Per Month Per Year GROSS REVENUE 469,155$ $5,629,854

Physical Concessions &Vacancy, Concessions & Loss to Lease Vacancy % Loss to Lease % Per Month Per Year

0.00% 0.00%Retail $0 $0 $0 $0Office $0 $0 $0 $0

Total $0 $0 $0 $0

Per Month Per YearEffective Gross 469,155$ $5,629,854

EXPENSES

Per Year Expenses % of Total Per Month Expenses PSF/Month PSF/Year

Reimbursable Expense Management Staff 0.00% $0 $0 $0.00 $0.00Advertising 0.00% $0 $0 $0.00 $0.00Maintenance/Landscape Maintenance 0.00% $0 $0 $0.00 $0.00General and Administrative 0.00% $0 $0 $0.00 $0.00Utilities/Trash 0.00% $0 $0 $0.00 $0.00Management Fees 1.00% 3.93% $3,744 $44,932 $0.04 $0.52Insurance 1.00% 3.93% $3,744 $44,932 $0.04 $0.52Real Estate Taxes 1.20% 91.61% $87,236 $1,046,834 $1.00 $12.02

Sub Total Expense Reimbursable 99.47% $94,725 $1,136,697 $1.09 $13.05Non-Reimbursable Expense

Replacement Reserves 0.53% $500 $6,000 $0.01 $0.07Total 100.0% $95,225 $1,142,697 $1.09 $13.12

Net Operating Income Per Month Per Year373,930$ $4,487,157

PaseoFinancing






All-in Rate 6.00%





Mezz Loan Mezz XYZMezz Loan Amount - % LTC 0%Last Dollar Exposure LTC 65.0%Rate 0.00%





IRR Preferred Return 8.00%Splits Preferred Return 80% 20%



Split Final 65% 35%



Paseo 3/16/20

Targeted Annual Cash Flows (1)Document Dated: 5/4/2020 Beginning Balance 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15Development Cost (1,359,743)$ (24,831,024)$ (10,884,684)$ (24,738,009)$ (1,308,770)$ (109,064)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ 502,152$ 881,881$ 908,338$ 935,588$ 963,655$ 992,565$ 1,022,342$ 1,053,012$ 1,084,603$ -$ -$ -$ Office Gross Revenue -$ -$ -$ 1,311,844$ 4,053,599$ 4,175,207$ 4,300,463$ 4,429,477$ 4,562,361$ 4,699,232$ 4,840,209$ 4,985,415$ 5,134,977$ -$ -$ -$ Reimbursable -$ -$ -$ 300,009$ 1,038,085$ 1,253,116$ 1,278,217$ 1,303,830$ 1,329,966$ 1,356,636$ 1,383,851$ 1,411,623$ 1,439,963$ -$ -$ -$ Other Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vacancy, Concessions & Loss to Lease -$ -$ -$ (65,592)$ (227,788)$ (252,854)$ (260,440)$ (268,253)$ (276,301)$ (284,590)$ (293,128)$ (301,921)$ (310,979)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ 1,546,261$ 5,366,048$ 6,057,350$ 6,226,577$ 6,400,641$ 6,579,681$ 6,763,843$ 6,953,275$ 7,148,129$ 7,348,564$ -$ -$ -$ Expenses -$ -$ -$ (301,534)$ (1,043,309)$ (1,259,360)$ (1,284,523)$ (1,310,199)$ (1,336,399)$ (1,363,133)$ (1,390,414)$ (1,418,251)$ (1,446,657)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ 1,244,727$ 4,322,739$ 4,797,990$ 4,942,054$ 5,090,442$ 5,243,283$ 5,400,710$ 5,562,861$ 5,729,878$ 5,901,907$ -$ -$ -$


Un-Levered Cash Flow (1,359,743)$ (24,831,024)$ (10,884,684)$ (23,493,281)$ 3,013,969$ 4,688,926$ 4,942,054$ 5,090,442$ 5,243,283$ 5,400,710$ 5,562,861$ 5,729,878$ 112,303,373$ -$ -$ -$

Net Debt Balance -$ 4,059,814$ 10,884,684$ 23,543,181$ (2,188,870)$ 20,126,525$ -$ -$ -$ -$ -$ -$ (48,543,421)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ (564,253)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ (3,331,937)$ (3,634,841)$ (3,634,841)$ (3,634,841)$ (3,634,841)$ (3,634,841)$ (3,634,841)$ (3,634,841)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (1,359,743)$ (20,771,210)$ -$ 49,899$ 825,099$ 20,919,260$ 1,307,214$ 1,455,601$ 1,608,442$ 1,765,869$ 1,928,020$ 2,095,037$ 60,125,111$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ (7,731)$ (26,830)$ (30,287)$ (31,133)$ (32,003)$ (32,898)$ (33,819)$ (34,766)$ (35,741)$ (1,139,349)$ -$ -$ -$

Non-Fund Equity Partner (11) Property Cash Flow 1,087,794$ 16,616,968$ -$ (33,734)$ (638,615)$ (16,711,179)$ (1,020,865)$ (1,138,879)$ (1,260,435)$ (1,385,640)$ (1,514,603)$ (1,647,437)$ (40,357,043)$ -$ -$ -$ Fund Investor Equity Property Cash Flow 271,949$ 4,154,242$ -$ (8,434)$ (159,654)$ (4,177,795)$ (255,216)$ (284,720)$ (315,109)$ (346,410)$ (378,651)$ (411,859)$ (18,628,719)$ -$ -$ -$

Fund Investor Equity Funding 4,426,191$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ 8,434$ 159,654$ 211,122$ 255,216$ 284,720$ 315,109$ 346,410$ 378,651$ 411,859$ 408,893$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ 3,966,673$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 18,219,827$ -$ -$ -$

Capitalized Value -$ -$ -$ 67,894,223$ 78,595,261$ 87,236,178$ 89,855,533$ 92,553,493$ 95,332,413$ 98,194,725$ 101,142,929$ 104,179,603$ 110,260,587$ -$ -$ -$ Senior Loan -$ (4,059,814)$ (14,944,498)$ (38,487,679)$ (36,298,809)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Perm Loan -$ -$ -$ -$ -$ (55,663,825)$ (54,792,385)$ (53,876,360)$ (52,913,470)$ (51,901,317)$ (50,837,380)$ (49,719,010)$ (48,543,421)$ -$ -$ -$ NAV -$ (4,059,814)$ (14,944,498)$ 29,406,544$ 42,296,452$ 31,572,353$ 35,063,148$ 38,677,132$ 42,418,943$ 46,293,408$ 50,305,550$ 54,460,594$ 61,717,165$ -$ -$ -$

Non-Fund Equity Partner (11) NAV (6) (7) -$ (3,247,851)$ (11,955,598)$ 23,525,236$ 33,837,162$ 25,257,882$ 28,050,519$ 30,941,706$ 33,935,154$ 37,034,726$ 40,244,440$ 43,568,475$ 49,373,732$ -$ -$ -$ Urban Catalyst Fund NAV (6) (7) -$ (811,963)$ (2,988,900)$ 5,881,309$ 8,459,290$ 6,314,471$ 7,012,630$ 7,735,426$ 8,483,789$ 9,258,682$ 10,061,110$ 10,892,119$ 12,343,433$ -$ -$ -$

Residential Units 0Net Residential SF 0Hotel Keys 0Net Hotel SF 0Senior Units 0Senior SF 0Net Retail SF 22,010Net Industrial SF 0Net Office SF 65,081Net Parking SF 0Net Non-Rentable SF 4,353Total Net SF 91,444


City Impact FeesPark Fees -$ School Impact Fees / Developer Fees 53,648$ Affordable Housing Fees -$

Total City Fees 934,166$




THE MARK @ SJSU¹San Jose, California

Located adjacent to San Jose State University’s Campus in downtown San Jose, this project will

include 222 student apartments housing over 850 students. Onsite amenities and programming

will cater to current SJSU students looking for housing close to campus. The project is also

adjacent to the SoFA Arts District, which is a very popular student destination for recreation and

activities. Construction is slated to begin in Q2 of 2021.

Student Housing

Project Cost

Return on Cost

Exit Cap Rate

222 Units

$166 Million

5.61%

4.00%

Ground Breaking

Project Completion

Multiple


Q2 2021

Q3 2023

5.41X

16.60%


URBANCATALYST.COM

The Mark @ SJSUExecutive Summary

Document Dated: 5/4/20Project Dates Project Months

Project The Mark @ SJSU Apartment Units 222 Parking Spaces 76 Analysis Start 1/1/19 0Product Type Retail and Student Beds 759 SF per Stall 223 Construction Start 06/01/21 30Address Retail Net SF 0 Parking Ratio 0.34 Per Unit Construction Completion 07/01/23 55City, State San Jose, CA Student Net SF 203,947 Net Rentable / Gross Buildable ( excluding parking) 65% Stabilized Occupancy 08/01/23 56Developer Urban Catalyst Net Rentable SF 203,947 Load 34.6% Sale 12/01/30 144



USES OF FUNDS Total P/Unit PSF (17) % of Total SOURCES OF FUNDS Equity Contribution % $ Amount % of TotalTotal Div. 14000 - Land (2) 6,320,000$ 28,468$ 30.99$ 3.8% Senior Financing (13) 107,782,214$ 65.0%Total Div. 15000 - Construction Costs (3) 117,225,609$ 528,043$ 574.78$ 70.7% Mezzanine Financing 0.00% -$ 0.0%Total Div. 15100 - Owner Construction Costs (4) 423,947$ 1,910$ 2.08$ 0.3% Non-Fund Equity Partner (11) 85.00% 49,331,090$ 29.8%Total Div. 15150 - Consultants 5,103,090$ 22,987$ 25.02$ 3.1% Fund Investor Equity 15.00% 8,705,487$ 5.3%Total Div. 15350 - Fees & Permits 7,766,639$ 34,985$ 38.08$ 4.7%Total Div. 15400 - Financing 10,112,186$ 45,550$ 49.58$ 6.1% TOTAL SOURCES $165,818,791 100.0%Total Div. 15500 - Legal, Marketing, Insurance & Admin 7,227,988$ 32,559$ 35.44$ 4.4%Total Div. 15700 - Developer Fees & Reserves 10,409,269$ 46,889$ 51.04$ 6.3% FINANCING INFORMATIONTotal Div. 15750 - Management Fees - Urban Catalyst 1,230,064$ 5,541$ 6.03$ 0.7% Senior Lender (13) Bank XYZ Rate: (18)


Term (months) 27 Cushion (21) 0.75%Cash Flow Distributions Mezzanine Loan Fund Investor Equity 6.00%Pari Passu Preferred Return (15) 0% 8%

Hurdle #1 IRR (16) 12% VALUTATION AT STABILIZATION Cap Rate (6) P/Unit psf (17) Valuation NOI (9)Cash Flow Split - Hurdle #1 81.3% 18.8% Retail 6.00% $0 -$ -$ Fund Investor Equity Hurdle #1 Promote Percent 25% Student 4.00% $1,199,078 $1,305 266,195,232$ 10,647,809$

Total $1,199,078 1,305.22$ 266,195,232$ Hurdle #2 IRR (16) 20%Remaining Cash Flow & Residual Split - Hurdle #2 77.5% 22.5% VALUATION AT EXIT Cap Rate (6) P/Unit psf (17) Exit PriceFund Investor Equity Hurdle #2 Promote Percent 50% 50bps lower 3.50% $1,760,262 $1,916 390,778,160$

Blended Base Case 4.00% $1,540,229 $1,677 341,930,890$ Remaining Cash Flow & Residual Split 73.8% 26.3% 50bps higher 4.50% $1,369,093 $1,490 303,938,569$ Fund Investor Equity Remaining Cash Flow & Residual Split 75%

CAP RATE PRODUCT TYPE (6) Cap Rate (6) P/Unit psf (17) Exit PriceINVESTMENT SUMMARY Mezzanine Loan Fund Investor Equity Project Retail Cap Rate (6) 6.00% $0 -$ Leveraged IRR (16) 0.0% 14.6% 16.6% 14.9% Student Cap Rate (6) 4.00% $1,540,229 $1,677 341,930,890$ Leveraged Net Profits $0 $166,818,181 $38,419,741 $205,237,922 Total $1,677 341,930,890$ Investment Multiple - 4.38 5.41 4.54

Sale Date (month) 144 12/01/30 Sale Costs 2%ASSUMPTIONS Year 1 Year 2 Year 3 Year 4 Year 5 Exit Sale NOI Retail (9) -$ Retail Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale NOI Student (9) 13,677,236$ Student Rental Increase % (8) 0.0% 3.0% 3.0% 3.0% 3.0% Exit Sale Total NOI (9) 13,677,236$ Physical Vacancy % 4.0% 4.0% 4.0% 4.0% 4.0%Concessions & Loss to Lease % 0.0% 1.0% 1.0% 1.0% 1.0% Untrended Return on Cost (14) - % 5.61%Total Economic Vacancy 4.0% 5.0% 5.0% 5.0% 5.0%Expense Increase % 0.0% 1.0% 1.0% 1.0% 1.0% SENSITIVITY ANALYSIS (12)Management Fee 2.5% NOI Delta (9) 357,432$

Construction Delta 6,165,000$ UNIT MIX SF PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Retail Tenant 0 $0.00 $0 $0.00 $0 Return On Cost (14) NOI (9)NA 0 $0.00 $0 $0.00 $0 Construction Costs (3) $8,584,957 $8,942,388 $9,299,820 $9,657,252 $10,014,683NA 0 $0.00 $0 $0.00 $0 $153,488,791 5.59% 5.83% 6.06% 6.29% 6.52%1-Bedroom - RA 551 $1.36 $6,750 $16.33 $81,000 $159,653,791 5.38% 5.60% 5.82% 6.05% 6.27%1-Bedroom 557 $4.13 $59,800 $49.57 $717,600 $165,818,791 5.18% 5.39% 5.61% 5.82% 6.04%2-Bedroom 762 $5.51 $29,400 $66.14 $352,800 $171,983,791 4.99% 5.20% 5.41% 5.62% 5.82%3-Bedroom 1,021 $5.58 $85,500 $67.00 $1,026,000 $178,148,791 4.82% 5.02% 5.22% 5.42% 5.62%4-Bedroom 1,301 $5.53 $216,000 $66.40 $2,592,000NA 0 $0.00 $0 $0.00 $0NA 0 $0.00 $0 $0.00 $01-Bedroom - RA Double Occ 551 $0.00 $0 $0.00 $01-Bedroom Double Occ 557 $5.78 $125,580 $69.39 $1,506,9602-Bedroom Double Occ 762 $6.61 $146,160 $79.37 $1,753,9203-Bedroom Double Occ 1,021 $7.07 $158,840 $84.86 $1,906,0804-Bedroom Double Occ 1,301 $6.64 $388,800 $79.68 $4,665,600NA Double Occ 0 $0.00 $0 $0.00 $0NA Double Occ 0 $0.00 $0 $0.00 $0Affordable 1-Bedroom - RA 0 $0.00 $0 $0.00 $0Affordable 1-Bedroom 0 $0.00 $0 $0.00 $0Affordable 2-Bedroom 0 $0.00 $0 $0.00 $0Affordable 3-Bedroom 0 $0.00 $0 $0.00 $0Affordable 4-Bedroom 0 $0.00 $0 $0.00 $0Affordable NA 0 $0.00 $0 $0.00 $0Affordable NA 0 $0.00 $0 $0.00 $0Total/Average 919 $5.97 $1,216,830 $71.60 $14,601,960

Stabilized Un-Trended NOI (10) P/Unit P/Year PSF / Month (17) Mo. Rent (7) PSF / Year (17) Annual Rent (7)Retail -$ -$ $0 -$ $0Student 65,775$ 1,324.54$ $1,216,830 15,894.50$ $14,601,960Reimbursable -$ -$ $0 -$ $0Other Income 3,353$ 67.53$ $62,038 810.35$ $744,453Gross Income 69,128$ 1,392.07$ $1,278,868 16,704.85$ $15,346,413Less: Vacancy/Concessions/Loss to Lease (2,631)$ (52.98)$ ($48,673) (635.78)$ ($584,078)Effective Gross 66,497$ 1,339.09$ $1,230,195 16,069.07$ $14,762,335Expenses (24,606)$ (495.50)$ ($455,210) (5,946.05)$ ($5,462,515)Stabilized Un-Trended NOI (10) 41,891$ 843.59$ $774,985 10,123.02$ $9,299,820



The Mark @ SJSURevenues & Expenses


Retail Lease-up Month Unit Annual Rent PSF/ Rent PSF/ TI TITenant ID After First Occupancy Mix Net S.F. Rent / Mo. Rent Month Year P/S.F. Total

Retail Tenant 1 55 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 2 55 0% 0 $0 $0 $0.00 $0.00 $0.00 -$ NA 3 56 0% 0 $0 $0 $0.00 $0.00 $0.00 -$

Totals/Averages 0% 0 $0 $0 $0.00 $0.00 $0.00 -$

Student Number of Unit Bedrooms Unit Total Total Rent PSF/ Rent PSF/ Rent Bed/ Rent Bedroom / Rent / Unit Rent / UnitUnit Name Units Net S.F. Per Unit Type Mix Net S.F. Rent / Mo. Annual Rent Month Year Month Month / Mo. / Yr.

1-Bedroom - RA 9 551 1 4% 4,959 $6,750 $81,000 $1.36 $16.33 $750 $750 $750 $9,0001-Bedroom 26 557 1 12% 14,477 $59,800 $717,600 $4.13 $49.57 $2,300 $2,300 $2,300 $27,6002-Bedroom 7 762 2 3% 5,334 $29,400 $352,800 $5.51 $66.14 $2,100 $2,100 $4,200 $50,4003-Bedroom 15 1,021 3 7% 15,314 $85,500 $1,026,000 $5.58 $67.00 $1,900 $1,900 $5,700 $68,4004-Bedroom 30 1,301 4 14% 39,035 $216,000 $2,592,000 $5.53 $66.40 $1,800 $1,800 $7,200 $86,400

NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0

1-Bedroom - RA Double Occ 0 551 1 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $01-Bedroom Double Occ 39 557 1 18% 21,716 $125,580 $1,506,960 $5.78 $69.39 $1,610 $3,220 $3,220 $38,6402-Bedroom Double Occ 29 762 2 13% 22,098 $146,160 $1,753,920 $6.61 $79.37 $1,470 $2,520 $5,040 $60,4803-Bedroom Double Occ 22 1,021 3 10% 22,461 $158,840 $1,906,080 $7.07 $84.86 $1,330 $2,407 $7,220 $86,6404-Bedroom Double Occ 45 1,301 4 20% 58,553 $388,800 $4,665,600 $6.64 $79.68 $1,260 $2,160 $8,640 $103,680

NA Double Occ 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0NA Double Occ 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0

Affordable 1-Bedroom - RA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0Affordable 1-Bedroom 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0Affordable 2-Bedroom 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0Affordable 3-Bedroom 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0Affordable 4-Bedroom 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0

Affordable NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0Affordable NA 0 0 0 0% 0 $0 $0 $0.00 $0.00 $0 $0 $0 $0

Totals/Averages 222 919 100% 203,947 $1,216,830 $14,601,960 $5.97 $578.75 $2,185 $5,481.22 $65,775


Retail Expense Reimbursable 0% 0% 0 $0 $0 $0.00 $0.00Student Expense Reimbursable 100% 0% 203,947 $0 $0 $0.00 $0.00

Totals/Averages 100% 203,947 $0 $0 $0.00 $0.00

Other Income # % $ Per Month Per YearStorage Units 200 100% $150.00 $30,000 $360,000Secured Parking/Garage 100% $200.00 $15,200 $182,400RUBS (Ratio Utility Billing System) 30% $8,131 $97,569Pet Income 50% $50.00 $5,550 $66,600Late Fees 2% $50.00 $222 $2,664Application Fees 5% $100.00 $1,110 $13,320Security Deposit Forfeitures $1,825 $21,900Total $62,038 $744,453

Per Month Per Year P/Unit/Year GROSS REVENUE 1,278,868$ $15,346,413 $69,128


Retail $0 $0 $0 $0Student $584,078 $0 $48,673 $584,078Total $584,078 $0 $48,673 $584,078

Per Month Per Year P/Unit/YearEFFECTIVE GROSS REVENUE 1,230,195$ $14,762,335 $66,497

EXPENSES

Per Year P/Unit ExpenseExpenses % of Total Per Month Expenses PSF/Month PSF/Year /Year Ratio

Reimbursable Expense 35.59%Onsite Management 10.49% $47,730 $572,760 $51.95 $623.46 $2,580Contract Services 2.12% $9,657 $115,884 $10.51 $126.14 $522Advertising 1.99% $9,047 $108,558 $9.85 $118.17 $489Maintenance/Landscape Maintenance 0.94% $4,292 $51,504 $4.67 $56.06 $232General and Administrative 1.31% $5,957 $71,484 $6.48 $77.81 $322Cable & Internet 2.97% $13,524 $162,282 $14.72 $176.65 $731Utilities/Trash 5.95% $27,103 $325,230 $29.50 $354.02 $1,465Turnover 1.73% $7,863 $94,350 $8.56 $102.70 $425Management Fees 2.50% 6.68% $30,421 $365,049 $33.11 $397.36 $1,644Insurance 1.250% 3.34% $15,210 $182,525 $16.56 $198.68 $822Real Estate Taxes 1.250% 60.92% $277,295 $3,327,539 $301.84 $3,622.09 $14,989

Sub Total Expense Reimbursable 98.44% $448,097 $5,377,165 $487.76 $5,853.14 $24,221Non-Reimbursable Expense

Replacement Reserves 1.56% $7,113 $85,350 $7.74 $93 $384Total 100.0% $455,210 $5,462,515 $495.50 $5,946.05 $24,606

Per Month Per Year P/Unit/YearNET OPERATING INCOME $774,985 $9,299,820 $41,891

The Mark @ SJSUFinancing






All-in Rate 6.00%



Bank Loan Fee Rate 1.00%Bank Loan Fee Budget 1,077,825$










Final Split 74% 26%



The Mark @ SJSUTargeted Annual Cash Flows (1)


Development Cost (489,311)$ -$ (14,159,730)$ (53,957,591)$ (61,397,154)$ (35,815,006)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Retail Gross Revenue -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Student Gross Revenue -$ -$ -$ -$ -$ 7,532,541$ 16,927,674$ 17,435,504$ 17,958,569$ 18,497,326$ 19,052,246$ 19,623,813$ 20,212,528$ -$ -$ -$ Reimbursable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Income -$ -$ -$ -$ -$ 343,023$ 749,430$ 750,455$ 751,491$ 752,537$ 753,594$ 754,661$ 755,739$ -$ -$ -$ Vacancy/Concessions/Loss to Lease -$ -$ -$ -$ -$ (376,627)$ (846,384)$ (871,775)$ (897,928)$ (924,866)$ (952,612)$ (981,191)$ (1,010,626)$ -$ -$ -$ Effective Gross (2) -$ -$ -$ -$ -$ 7,498,937$ 16,830,720$ 17,314,184$ 17,812,132$ 18,324,997$ 18,853,227$ 19,397,283$ 19,957,640$ -$ -$ -$ Expenses -$ -$ -$ -$ -$ (2,716,327)$ (6,030,752)$ (6,136,997)$ (6,245,307)$ (6,355,727)$ (6,468,300)$ (6,583,072)$ (6,700,088)$ -$ -$ -$ Net Operating Income (3) -$ -$ -$ -$ -$ 4,782,611$ 10,799,968$ 11,177,187$ 11,566,824$ 11,969,270$ 12,384,927$ 12,814,211$ 13,257,552$ -$ -$ -$


Un-Levered Cash Flow (489,311)$ -$ (14,159,730)$ (53,957,591)$ (61,397,154)$ (31,032,396)$ 10,799,968$ 11,177,187$ 11,566,824$ 11,969,270$ 12,384,927$ 12,814,211$ 343,220,860$ -$ -$ -$

Net Debt Balance -$ -$ -$ 10,570,054$ 61,397,154$ 50,748,007$ -$ -$ -$ -$ -$ -$ (107,080,324)$ -$ -$ -$ Debt Origination Fees -$ -$ -$ -$ -$ (1,227,152)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Debt Service -$ -$ -$ -$ -$ (2,635,047)$ (7,905,142)$ (7,905,142)$ (7,905,142)$ (7,905,142)$ (7,905,142)$ (7,905,142)$ (7,905,142)$ -$ -$ -$ Property Level Cash Flow after Debt Service (4) (489,311)$ -$ (14,159,730)$ (43,387,537)$ -$ 15,853,412$ 2,894,826$ 3,272,046$ 3,661,683$ 4,064,128$ 4,479,785$ 4,909,070$ 228,235,395$ -$ -$ -$

Select Project Level Fees (5) -$ -$ -$ -$ -$ (34,086)$ (84,154)$ (86,571)$ (89,061)$ (91,625)$ (94,266)$ (96,986)$ (3,519,097)$ -$ -$ -$

Non-Fund Equity Partner (11) Property Cash Flow 415,914$ -$ 12,035,770$ 36,879,406$ -$ (13,446,427)$ (2,389,072)$ (2,707,654)$ (3,036,729)$ (3,376,628)$ (3,727,691)$ (4,090,271)$ (183,374,800)$ -$ -$ -$ Fund Investor Equity Property Cash Flow 73,397$ -$ 2,123,959$ 6,508,130$ -$ (2,372,899)$ (421,601)$ (477,821)$ (535,893)$ (595,875)$ (657,828)$ (721,813)$ (41,341,497)$ -$ -$ -$

Fund Investor Equity Funding 8,705,487$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Cash Flow From Operations -$ -$ -$ -$ -$ 142,828$ 421,601$ 477,821$ 535,893$ 595,875$ 657,828$ 721,813$ 722,235$ -$ -$ -$ Fund Investor Equity Refinance Proceeds -$ -$ -$ -$ -$ 2,230,070$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fund Investor Equity Property Sale Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 40,619,262$ -$ -$ -$



Residential Units 222Residential Bedrooms 557Net Residential SF 203,947Hotel Keys 0

Net Hotel SF 0Senior Units 0Senior SF 0Net Retail SF 0Net Industrial SF 0Net Office SF 0Net Parking SF 16,972Net Non-Rentable SF 107,789Total Net SF 328,708

Total Project Cost 165,818,791

City Impact FeesPark Fees 2,997,000$ School Impact Fees / Developer Fees 780,709$ Affordable Housing Fees 800,000$





12

11

8

24

26

23

36

45

25

37

17

4133

18

34

21

14 13

44

38

32

2716

28

29

30

31

42

43

40

39

46

9

10

22

CITY HALL

DIRIDONSTATION

CONVENTION

CENTER

OPPORTUNITY ZONE SAN JOSE STATE UNIVERSITYADOBEGOOGLE @ DOWNTOWN WEST

19

15

35

1. Fountain Alley Building - Urban Catalyst

2. Keystone - Urban Catalyst

3. Madera - Urban Catalyst

4. Delmas - Urban Catalyst

5. The Icon - Urban Catalyst

6. Paseo - Urban Catalyst

7. The Mark - Urban Catalyst

8. Robson Homes

9. Hotel - Swenson

10. Botown Tower - Urban Community

11. Valley Title - Urban Community

12. DRT - Digital Reality Trust

13. Parking Lot - Sobrato

14. Parking Lot - Sobrato

15. Fountain Alley Lot - Urban Community

16. AT&T - DiNapoli

17. Davidson Building - Urban Community

18. Block E - Swenson

19. 1 million SF Office – Matt Love

20. Mixed Use Tower – KT Properties

21. Almaden Parking Lot - Boston Prop.

22. Gateway Tower - Core

23. Museum Place - Urban Community

24. Alquist Building - SJSU

25. Tower Office - Sobrato

26. City View Plaza - Jay Paul

27. Greyhound Towers - Z & L

28. Post Street Tower - Kinship

29. Ross - Altera

30. Marriot Moxy - Lew Wolf

31. Carlysle Tower - Acquity

32. Park View Towers - Z & L

33. Block H - Z & L

34. Platform 16 - TMG Partners

35. Aviato - Starcity

36. Park Ave - Jay Paul

37. Bank of Italy - Urban Community

38. Miro Towers - Bayview

39. Modera - Mill Creek

40. Silvery Towers - Z & L

41. San Pedro Residences - Intracorp

42. Sparq - Core

43. The Grad – Swenson

44. Garage - Wilson Meany

45. KQED Building - Jay Paul

46. The James - Fairfield

PLANNED

URBAN CATALYST PROJECTS

ENTITLEMENTS

UNDER CONSTRUCTION

BUILT

20

1

5

6

7

2

3

4

Additional Cash Released or (Held in Reserve)

To reimburse the Manager for organization and offering costs incurred before and after the launch of the Fund as well as to cover ongoing operating costs of the Fund.

Cap Rate (Capitalization Rate)

A real-estate industry metric used to gauge the yield of a transaction and compare relative prices with other transactions. The capitalization rate (or “cap” rate) for a property is determined by dividing the property’s net operating income by its purchase price. Cap rates are typically quoted on a forward one-year NOI basis.

City Impact FeesFees paid to the corresponding City Municipality during the entitlement and construction of the project.

Concessions A discount given to the tenant used to incentivize leasing activity.

Construction Cost Costs which are generally covered with a contract with a General Contractor.

Cushion Additional interest rate premium applied for conservative measure.

Distributions to Paid in Capital (Investment Multiple)

Cumulative distributions to equity holders during operation, refinance events, and sale divided by amount of equity invested.

Effective Gross Scheduled Gross Income (Maximum Gross Income) less Vacancy and Concessions.

Exit Cap Rate Net Operating Income divided by the Value of the Property at Sale.

Fair Market ValueDetermined by dividing the Net Operating Income of any given asset by an estimated Capitalization Rate. Capitalization Rates vary by geography, asset class, and market conditions.

Fund Investor & Urban Catalyst Manager Partner Property Cash Flow

Line item is net of the following fees: Asset Management Fee, Disposition / Liquidation Fee.

IndexIndex rate is an interest rate that is tied to a specific benchmark such as LIBOR, U.S. Treasury bill, etc.

Interest A charge for borrowed money generally a percentage of the amount borrowed.

Investor Preferred Return Threshold return of 8% that investors receive prior to Manager receiving any return.

IRR (Internal Rate of Return)Metric used in capital budgeting to estimate the profitability. It is a discount rate that makes the Net Present Value of all cash flow from a project, equal to zero. Calculated through Excel formula, XIRR function.

Land ValueReflects (i) the purchase price of the land to the Fund or the agreed upon value of the land if acquired by the Fund in connection with a joint venture plus (ii) any associated transaction costs, acquisition fees and carry costs (such as property taxes or debt service during carry).

MultipleCumulative distributions to equity holders during operation, refinance events, and sale divided by amount of equity invested.

NAV (Net Asset Value)

Net asset value (NAV) is defined as Fair Market Value less any outstanding Debt. With respect to any given asset, the NAV attributable to the Fund is based on the proportionate ownership interests in the asset as between the Fund and any Non-Fund Equity Partners. NAV also includes the value of any other assets or liabilities related to the property-owning entities (such as working capital and security deposits). Real estate differs from many other industries in that the market value of the assets owned by a company can be estimated with reasonable precision. The reason is that numerous sales transactions, involving similar assets, provide excellent “real time” pricing. NAV is the mark-to-market value of a company’s common equity calculated by applying an estimate of private market values to the company’s real estate and other adjustments and deducting all liabilities, including preferred equity. NAV is often presented on a per-share basis, however in this case it is not shown on a per-shar basis.

GLOSSARY OF TERMS

Net Debt

Gross debt (defined as total debt plus net deferred financing costs on secured borrowings) less cash and cash equivalents and restricted cash deposits held for the benefit of lenders. Excluding cash and cash equivalents and restricted cash deposits held for the benefit of lenders from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which is a beneficial disclosure to investors and analysts.

NOI (Net Operating Income) All revenue from the property minus all reasonably necessary operating expenses.

NOI (Net Operating Income) and Cash NOI

NOI is total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight-line rental revenue, amortization of capitalized lease incentives and market lease-related intangibles and other non-cash charges. NOI and Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. NOI and Cash NOI are not measurements of financial performance under GAAP, and NOI and Cash NOI may not be comparable to similarly titled measures reported by other companies.

Non-Fund EquityProject level equity investors or joint venture partners that have invested in individual assets. They can be a variety of parties such as property owners or large financial institutions.

Operating ExpensesOperating expenses include the costs of running and maintaining the building and its grounds, including but not limited to insurance, property management fees, legal fees, utilities, property taxes, repairs, and janitorial fees.

Owner Construction Cost Costs which are outside of the contract with a General Contractor

Pari Passu Preferred ReturnNon-Fund Equity Partner and Investor & Urban Catalyst Manager Partner return received at the same time up to the specified rate threshold.

ProfitThe difference between the equity invested in a property and the distributions received from operations and sale of a property.

Property Level Cash Flow after Debt Service

Equity cash flows after debt service which are net of the following Project Level Fees as applicable: Acquisition Fee, Reimbursement of Acquisition Expenses, Construction and Development Fee, Guaranty Fee, Loan Origination/Restructuring Fees, Reimbursement of Other Operating Expenses.

PSF (Per Square Foot) Metric on a square foot basis.

Rate Interest Rate estimated based on market conditions

Rent Estimated based on applicable information from market sources and CoStar data.

Rent Increase %Annual rental rate increases based on market assumptions on lease terms and rent growth for a given product type.

Return on Cost Net Operating Income divided by Total Project Cost.

Scheduled Gross Revenue Annual income of a property if all rentable space were rented and all rent collected.

Select Project Level FeesSelect Project Level Fees consisting of the sum of the Asset Management Fee, Reimbursement of Equity Liquidation Expenses, and Disposition/Liquidation Fees.

Senior Loan Loan to finance construction.

Sensitivity AnalysisShows the change in the Return On Cost by marginally changing Total Cost and Net Operating Income.

SF Square feet.

Spread A premium charged by a lender on top of an Index.

Stabilization

Stabilized occupancy is the long-term average occupancy rate that an income-producing property is expected to achieve after exposure for leasing in the open market for a reasonable period of time at terms and conditions comparable to competitive offerings. Typically, when occupancy reaches 95%.

TargetedThis document contains targeted figures that are estimates only and may not represent actual results achieved.

TargetedThis document contains targeted figures that are estimates based on current market information and historical cost data. May not represent actual results achieved

Total Project CostThe total funds needed to complete a construction project including land purchase, both hard costs for the physical building, and soft costs such as professional services and city fees.

UC Urban Catalyst Fund

Untrended NOI (Net Operating Income)

All revenue from the property which has not had any anticipated growth minus all reasonably necessary operating expenses.

VacancyThe percentage of all available units in a rental property, such as a hotel or apartment complex, that are vacant or unoccupied at a particular time. A vacancy rate is the opposite of the occupancy rate, which is the percentage of units in a rental property that are occupied.

Value at ExitCalculated by dividing the NOI (Net Operating Income) by the anticipated Cap Rate at the time in which the property is sold.

Value at StabilizationCalculated by dividing the NOI (Net Operating Income) by the anticipated Cap Rate at the time in which the property occupancy has Stabilized.

Value of the Property at SaleCalculated by dividing the NOI (Net Operating Income) by the anticipated Cap Rate at the time in which the property is sold.

IMPORTANT DISCLOSURES & RISK FACTORS

The information contained in this document, and other related documents (collectively the “Supplemental Material”), is provided for informational and discussion purposes only and is not intended to be, nor should it be construed or used as financial, legal, tax or investment advice with respect to interests in Urban Catalyst Opportunity Fund I LLC (the “Fund”), an investment sponsored by Urban Catalyst LLC (the “Sponsor”). The offer and sale of interests in the Fund is being made only by delivery of the Fund’s private placement memorandum, certain organizational documents, subscription agreement, and certain other information to be made available to investors by the Sponsor (the “Operative Documents”). You may only invest in the Fund if you are an accredited investor as defined in Rule 501 of Regulation D.

No person has been authorized to make any statement concerning the Sponsor or the Fund other than as set forth in the Supplemental Material or the other Operative Documents and any such statements, if made, may not be relied upon. By accepting delivery of the Supplemental Material, you agree to keep confidential all information contained herein and to share such information only with persons who are directly concerned with your investment decisions (in each case, under duties of confidentiality). The Supplemental Material may not be reproduced or redistributed without the prior written consent of the Sponsor.

Investing in the Fund will involve significant risks, including possible loss of your entire investment. An investment in the Fund will be illiquid, as there is no secondary market for the Fund’s interests and none is expected to develop; and there will be substantial restrictions on transferring such interests. Accordingly, an investor may be required to maintain its interest in the Fund for an indefinite period of time. The interests in the real property to be acquired by the Fund are subject to leverage and their investment performance may be volatile. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund.

Prospective investors should make their own investigations and evaluations of the information contained in the Supplemental Material and the other Operative Documents. Each prospective investor should consult its own attorneys, business advisors and tax advisors as to legal, business, tax and related matters concerning the information contained herein. The Supplemental Material do not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. An investment in the Fund is not suitable for all investors.

Except where otherwise indicated herein, the information provided in the Supplemental Material is based upon matters as they exist as of the date of the Supplemental Material and not as of any future date, and the Supplemental Material will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. For information as of a more recent date, please inquire of the Sponsor. A description of the risks and other disclosures involved in investing in the Fund is contained in the Operative Documents, which should be reviewed carefully by prospective investors. However, the Supplemental Material are not complete and do not contain all the information about the Fund, including all the terms of, and risks associated with, the Fund.

Certain information included in the Supplemental Material has been obtained from third-party sources and, although believed to be reliable, its accuracy or completeness cannot be guaranteed and should not be relied upon as such. Projected returns are based on projections that have been prepared in good faith on assumptions that the Sponsor believes are reasonable on the basis of its past real estate investing experience. Prospective investors should bear in mind that the Fund may not realize such cash flows or achieve such projected returns, and may lead to substantial losses including the investment in its entirety.

The Supplemental Material contain forward-looking statements that include statements, express or implied, regarding current expectations, estimates, projections, opinions and beliefs of the Sponsor, as well as the assumptions on which those statements are based. Potential investors are cautioned not to place undue reliance on any forward-looking statements or examples included herein.

RISK FACTORS

Risks Related to an Investment in Urban Catalyst Opportunity Fund I LLC:

• We have no prior operating history, and the prior performance of our Sponsor or other real estate investment opportunities sponsored by our Sponsor or affiliated entities may not predict our future results.

• No representation is made that the Fund will, or is likely to, achieve its objectives or that any investor will, or is likely to, achieve results comparable to those shown herein, or will avoid incurring substantial losses. Past performance is no guarantee of future results. Risks Related to an Investment in Urban Catalyst Opportunity Fund I LLC

• We have no prior operating history, and the prior performance of our Sponsor or other real estate investment opportunities sponsored by our Sponsor or affiliated entities may not predict our future results.

• You should not assume that our performance will be similar to the past performance of projects sponsored by our Sponsor’s manager.

• There is no assurance that we will be successful in qualifying as an Opportunity Fund under the TCJA.

• Because no public trading market for your units currently exists, it will be difficult for you to sell your units and if you are able to sell your units, you will likely sell them at a substantial discount to the offering price.

• If we are unable to find suitable investments in Opportunity Zones, we may not be able to achieve our investment objectives or pay distributions.

• If we pay distributions from sources other than our cash flow from operations, we will have less funds available for investments and your overall return will be reduced.

• Future disruptions in the financial markets or deteriorating economic conditions could adversely impact the commercial real estate market as well as the market for equity-related investments generally, which could hinder our ability to implement our business strategy and generate returns to you.

• We may suffer from delays in locating suitable investments in Opportunity Zones, which could limit our ability to make distributions and lower the overall return on your investment.

• Although we expect to acquire a total of approximately 10 projects, and while we have acquired properties for three projects, executed joint venture agreements on two more projects, and have signed agreements to purchase an additional two projects as of the date of this PPM, we have not identified any other investments to acquire with the net proceeds of the Initial Offering. You will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.

• Although a member of our Sponsor has committed to make a relatively significant equity investment in the Fund, you may be more likely to sustain a loss on your investment if such commitment to invest in the Fund is not honored.

• If we do not successfully implement a liquidity transaction, you may have to hold your investment for an indefinite period.

URBAN CATALYST OPPORTUNITY FUND I LLC FEE SUMMARY The following is intended only as a summary of fees related to the Offering for investment in Urban Catalyst Opportunity Fund I LLC (the “Fund”). For a complete description of all fees, please refer to the Fund’s private placement memorandum. FUND LEVEL FEES:

• 1.5% Investment Management & 0.5% Tax & Accounting Fees, charged quarterly and capped at 2% of the higher of offering proceeds or 150% of NAV

• 80/20 investor/sponsor profit split after investors receive an 8% IRR with no catch up • Formation and Offering expenses actually incurred and capped at $2,500,000 • Management Fee Discounts between 25 and 100 basis points depending on the size of the

amount invested • Investment Management Fee decreases by 25 basis points annually beginning Jan 1, 2028, until

reaching 0.5% PROJECT LEVEL FEES:

• 2% Acquisition Fee • 5% Construction & Development Fee • 1% Loan Origination Fee • 1% Guarantee Fee (annually with a 3-year max term) • 0.5% Asset Management Fee • 1% Disposition/Liquidation Fee

RAINMAKER DISCLOSURE:

Rainmaker Securities, LLC (“RMS”) is a FINRA registered broker-dealer and SIPC member. RMS representatives are supervised from the RMS registered branch office located at 4643 Lindell Blvd. Suite 908, St. Louis, MO 63108. RMS is engaged by its clients to make referrals to buyers or sellers of securities. If such client closes a securities transaction with a buyer or seller so referred, RMS is entitled to a success fee from the client. Such success fee may be in the form of cash or in warrants to purchase securities of the client or client’s affiliate. It is not uncommon for RMS or RMS representatives to hold equity in its issuer clients or in the issuers of securities purchased or sold by the parties to a transaction.

This communication does not represent an offer or solicitation to buy or sell securities. Such an offer must be made via definitive legal documentation by the buyer or seller of securities. RMS deals only in securities offered in private placements (“Securities”). The Securities are not approved or disapproved by the SEC or any other federal or state agency. No regulatory agency has endorsed the accuracy or adequacy of this communication or any offer or solicitation to buy or sell the Securities.

Only investors that qualify as “accredited investors” - as defined Rule 501(d) of the Securities Act of 1933 - may invest in the securities. Investments in the Securities are speculative and involve a high degree of risk. An investor in the Securities should have little to no need for liquidity in the foreseeable future and should be able to withstand the loss of the entire investment. Potential buyers or sellers of the Securities should seek professional counsel prior to entering into any transaction.