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PE Fund Investor Presentation ver 7-6-2015


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PE Fund Investor Presentation ver 7-6-2015

  1. 1. Equity Inc. 4653 Trueman Blvd, Suite 100 Hilliard, OH 43026 Contact: Steve Wathen 614-310-2120 Columbus | Dayton | Cincinnati | Indianapolis | Tampa | Orlando | SW Florida | Austin | San Antonio Healthcare | Office | Retail | Mixed Use | Hospitality | Seniors Housing Equity, Inc. An Introduction
  2. 2. 3 Contents Section 1 Equity Overview 3 Corporate Values 4 Equity & Its Affiliates 5 Reaching New Markets 6 Geographic Footprint 7 National Recognition 8 Healthcare Specialization 9 Retail Specialization 10 Section 2 Equity Team Bios 11 Organizational Chart 12 Executive Team 13 Construction Affiliate 14 Divisional Leadership 15 Section 3 Investment Case Studies 17
  3. 3. Section 1: Equity Overview 4
  4. 4. 5 Our values: •Absolute integrity •Passion for excellence •Inspiring personal growth •Honor God Values drive behavior. Behavior creates reputation. Success begins with what you believe. Values Centered Business Culture Values must be cultivated and nurtured.
  5. 5. • Acquisitions/Dispositions • Development • Construction • Finance & Feasibility • Real Estate Investments • Real Estate Brokerage • Asset Management • Property Management • Consulting The Growth of Equity and Its Affiliates 6 Equity’s array of services is comprehensive, including affiliated companies that were started to improve real estate and investor services. This service array provides clients with single source real estate solutions that create repeat business and enduring relationships. Equity Offers Comprehensive Real Estate Services EVF is family of private equity funds providing investors a vehicle to strategically seek value-add investment opportunities in healthcare and retail real estate assets, with decisions governed by an Investment Committee. ECS is an affiliated commercial construction company providing a wide range of construction services to clients through the U.S., including most real estate product types, such as: office healthcare, retail, industrial, interiors, renovation, faith-based.
  6. 6. 7 7 Reaching New Markets Offices in 8 cities, doing business in over 40 states.1989 Equity is founded in Columbus, Ohio 1998 Cincinnati Office Opens 2006 Equity opens in Tampa, FL 2009 Office opens in San Antonio, TX 2011 Office opens in Dayton, OH 2013 Office opens in SW Florida (Naples) 2014 Office opens in Austin, TX
  7. 7. Operating with a national footprint, we are adept at entering new markets… and gaining a local perspective. In additional to facilitating a national client services network, each office focuses on being the preferred local provider of comprehensive real estate services. Operations & Transaction Footprint 8 Columbus | Dayton | Cincinnati | Indianapolis | Tampa | Orlando | SW Florida | Austin | San Antonio
  8. 8. March 15, 2014 – Equity is the 15th largest healthcare developer in the US by project square footage – our 8th consecutive year in the top 25! National Recognition 9 Equity’s growth has been greatly impacted by the decision to focus on healthcare. The continuing increase in healthcare costs, innovations in technology, changes in funding and regulation, the Affordable Care Act and a host of factors continue to make investment in healthcare real estate and infrastructure a highly profitable niche. Equity is a highly competitive service provider in this industry.
  9. 9. For over 20 years creating healthcare projects for hospitals and physicians has been a core business of the firm. More recently, seniors housing has been and increasing focus of our company. Healthcare Product Specialization 10
  10. 10. Equity has a thriving, national retail business developing and repositioning assets, from small strip centers to large mixed use developments. Retail Product Specialization 11
  11. 11. Section 2: Equity Team Bios 12
  12. 12. 13 Equity Organizational Chart Support of investment activities is accomplished with the combined efforts of multiple divisions – embracing the entire real estate life cycle.
  13. 13. Jim Haring Chief Financial Officer • Leads finance, accounting, IT, HR, legal, property and asset management • Leads divisional operations, work flow and resource allocations • Manages financial feasibility, project teams, and operational analysis Steve Wathen Chief Executive Officer/ Founder (1989) • Architect of the firm’s capital strategy • Managing member of many real estate SPE’s • Initiated product specializations (i.e. healthcare, retail, etc.) Executive Team 14 Enterprise Leadership
  14. 14. Construction Affiliate Leadership 15 Andy Johanni Senior Vice President Pre-Construction & Planning • Depth of diverse construction experience • Special expertise in design management • Proven skills in project scoping, value engineering and reliable budgeting & forecasting Andy Quinn Senior Vice President Construction – Operations Executive • Over 18 years of industry experience • Diverse product type experience • Expertise in construction technology, operations, and process improvement
  15. 15. Divisional Leadership 16 Frank Duran Senior Vice President Real Estate Services • Consummate deal maker • Highly relationship oriented getting the best results from staff and agents • Proven mentor and leader for new agents • Responsible for brokerage operations in Florida offices Real Estate Services Teresa M. Clark, RPA, CPM Senior Vice President Asset Management • Proven credentials in asset management providing oversight of all Equity properties • Expert financial analyst with strong investor reporting experience • Leads property accounting operations Focused on adding value to existing assets and evaluating & integrating acquisitions
  16. 16. Divisional Leadership 17 Development Melanie Wollenberg, CCIM Senior Vice President Business Development - Development • Negotiates and structures many of Equity’s numerous development deals • Significant history of office and healthcare development. • A key leader in creating development pipeline • Excellent track record maximizing entitlements Phil Kirkpatrick Senior Development Officer Healthcare - Florida Market • Significant background in healthcare development • Prior specialization in the development of surgery centers and state of the art imaging facilities • Expertise in navigating complex pre-development requirements in the Florida markets
  17. 17. Section 3: Investment Case Studies 18
  18. 18. 19 Transaction Summary Lennox Shopping Center Square Ft 12,242 Initial Investment Date October 2005 Sale Date December 2012 Holding Period 7.00 Investor Ownership 100% Date Contributions Distribution Net 2005 - 2006 - - 2007 (22,000) (22,000) 2008 - - - 2009 - 30,000 30,000 2010 - 25,000 25,000 2011 195,535 195,535 2012 (54,000) 943,356 889,356 (76,000) 1,193,890 1,117,890 Internal Rate of Return 109% Investor Leveraged Cash Returns Dollars PSF Investor Capital 76,000 6.21 Mortgage Financing 2,617,382 213.80 Mezzanine Financing - Total Project Cost 2,693,382 220.01 Project Capitalization
  19. 19. 20 Sponsor or Anchor Tenant: Transaction Summary OhioHealth Westerville Medical Campus Square Ft 164,309 Initial Investment Date January 2007 Sale Date January 2012 Holding Period in Years 5.04 Investor Ownership 50% Date Contributions Distribution Net 2007 (339,458) (339,458) 2008 (369,087) (369,087) 2009 (4,755) 565,500 560,745 2010 (29,995) 865,640 835,645 2011 (71,696) 792,720 721,024 2012 3,895,027 3,895,027 (814,991) 6,118,887 5,303,896 Internal Rate of Return 84.8% Investor Leveraged Cash Returns Dollars PSF Investor Capital 814,991 4.96 Mortgage Financing 29,027,008 176.66 Mezzanine Financing 1,828,900 11.13 Total Project Cost 31,670,899 192.75 Project Capitalization
  20. 20. 21 Sponsor or Anchor Tenant: Transaction Summary Our Lady of Bellefonte Primary Care Square Ft 16,011 Initial Investment Date June 2010 Sale Date August 2013 Holding Period in Years 3.25 Investor Ownership 50.0% Date Contributions Distributions Net 06/01/10 (904,000) (904,000) 12/31/10 - 12/31/11 75,119 75,119 12/31/12 137,748 193,919 08/31/13 1,395,000 1,354,190 (904,000) 1,607,867 719,228 Internal Rate of Return 21.1% Investor Leveraged Cash Returns Dollars PSF Investor Capital 904,000 56.46 Mortgage Financing 2,668,900 166.69 Mezzanine Financing - Total Project Cost 3,572,900 223.15 Project Capitalization
  21. 21. 22 Transaction Summary POB at Atrium Medical Center Dollars PSF Investor Capital 183,367 2.55 Mortgage Financing 14,629,166 141.79 Total Project Cost 14,892,533 144.34 Project Capitalization Sponsor or Anchor Tenant: Square Ft 103,175 Initial Investment Date June 2007 Sale Date December 2013 Holding Period 6.58 Investor Ownership 7.78% Date Contributions Distribution Net 2007 (183,296.74) (183,296.74) 2008 23,340.00 23,340.00 2009 38,900.00 38,900.00 2010 38,900.00 38,900.00 2011 23,340.00 23,340.00 2012 - 2013 185,399.76 185,399.76 (183,296.74) 309,879.76 126,583.02 Internal Rate of Return (XIRR) 11.77% Investor Leveraged Cash Returns
  22. 22. 23 Sponsor or Anchor Tenant: Transaction Summary Vitamin Shop Retail Square Ft 4,500 Initial Investment Date January 2010 Sale Date April 2013 Holding Period in Years 3.26 Investor Ownership 100% Date Contributions Distribution Net 2010 (305,000) (305,000) 2011 53,834 53,834 2012 20,000 20,000 2013 428,491 428,491 (305,000) 502,325 197,325 Internal Rate of Return 20.3% Investor Leveraged Cash Returns Project Capitalization Dollars PSF Investor Capital 305,000 67.78 Mortgage Financing 918,652 204.14 Mezzanine Financing - Total Project Cost 1,223,652 271.92
  23. 23. 24 Current Holding Greene Crossings Square Ft 85,342 Initial Investment Date March 2003 Sale Date Current Holding Holding Period in Years NA Investor Ownership 100% Date Contributions Distributions Net Cash on Cash 2003 (1,512,873) (1,512,873) 2004 - 2005 23,392 23,392 1.5% 2006 306,336 306,336 20.2% 2007 1,224,602 1,224,602 80.9% 2008 1,333,000 1,333,000 88.1% 2009 400,000 400,000 26.4% 2010 420,000 420,000 27.8% 2011 - - 0.0% 2012 616,202 616,202 40.7% 2013 125,000 125,000 8.3% (1,512,873) 4,448,531 2,935,659 Investor Leveraged Cash Returns Dollars PSF Investor Capital 1,512,873 17.73 Mortgage Financing 11,168,215 130.86 Mezzanine Financing - Total Project Cost 1,512,873 17.73 Project Capitalization
  24. 24. OUR OFFICES 25 Orlando Office 189 S. Orange Avenue, Suite 1700 Orlando, FL 32801 Phone: (407) 422-6150 Southwest Florida 2590 Northbrooke Drive Suite 208, Naples, FL 34119 Phone: (239) 210-5900 Austin Office 7000 Bee Caves Road, Suite 300 Austin, TX 78746 Phone: (512) 827-3590 San Antonio Office 9150 Huebner Road San Antonio, TX 78240 Phone: (210) 202-0870 Columbus Corporate Headquarters 4653 Trueman Boulevard Suite 100 Hilliard, OH 43026 Phone: (614) 802-2900 Cincinnati Office 10151 Carver Road, Suite 100 Cincinnati, OH 45242 Phone: (513) 336-8765 Dayton Office 11 West Monument Avenue, Suite 506 Dayton, Ohio 45402 Phone: (937) 291-1179 Tampa Office 4107 West Spruce Street, Suite 101 Tampa, FL 33607 Phone: (813) 579-2000
  25. 25. Equity Velocity Fund I, LLC 4653 Trueman Blvd, Suite 100 Hilliard, OH 43026 Contact: Steve Wathen 614-310-2120 A future of investment…
  26. 26. 27 pg Executive Summary 28 Investment Strategy 29 Deal Criteria 30 Healthcare Real Estate 31 Retail Assets 32 Investment Process 33 Fund Structure/ Organization 34 Leadership Qualifications 35 Investment Committee/ Qualifications 39 Proposed Fund Terms 42 Contents
  27. 27. 28 Executive Summary DISCLAIMER This document is intended as an introduction to (and to facilitate a discussion of) the Private Placement Memorandum and Operating Agreement for Equity Velocity Fund I. Any investment decision regarding the Fund should be based on a thorough review of those referenced documents and independent legal and investment counsel. Equity Velocity Fund Equity Velocity Fund I (EVF I) is a private equity fund organized to invest in commercial real estate in the United States. EVF I is sponsored by the principals of Equity Inc. a full service real estate firm with a strong track record of successful development and leasing services. The Fund sponsor seeks to raise $25 million of equity capital to invest in approximately $100 million of commercial property. EVF I will focus on providing capital for the development and acquisition of healthcare and retail assets, as well as creative convergence of retail and healthcare in mixed use developments. 28
  28. 28. Generate current cash flow and long-term capital appreciation by targeting the acquisition and development of healthcare, retail, and mixed-use properties that align with the following strategy: • Pursue opportunistic and value-add projects through Equity Inc.’s (and other sponsors’)pipeline of potential deals • Harness the expertise and track record of Equity Inc. (and other sponsors) to target Healthcare, Retail, and Mixed-Use Projects • Focus on strong Secondary and Tertiary markets being overlooked by REITs • Utilize first-lien 3rd party debt at 70% to 75% LTV to provide positive leverage and enhance investor returns • Maximize IRR returns through the re-development of underperforming assets, aggressive asset management and opportunistic disposition • Provide superior risk adjusted returns with a target IRR to Investor Members of 15% or greater • The fund will generally seek equity investments of $1MM to $8MM Investment Strategy 29
  29. 29. 30 Deal Criteria 30 Macro-Level Criteria • Strong secondary and tertiary markets o Population growth o Economic development growth o Regional destinations or hubs o Stable employment drivers • Medical and/or retail districts • Bedroom communities accessible to major thoroughfares • Expansion of infrastructure and government services • Expansion of healthcare services Micro-Level Criteria • Superior property fundamentals relative to competition • Opportunities that leverage the investment team’s value-add and development expertise in retail, healthcare or mixed use • Manage Downside Risks (with one or more of the following) o Anchor tenant with strong credit o Below replacement cost o Sponsor with geographic expertise and proven track record o Aggressive pre-leasing or tenant lease renewal/extensions • Increasing levels of property cash flow to stabilization • Flexible financing structure, aligned with investment and exit strategy • Poised for property value appreciation
  30. 30. 31 Healthcare Real Estate Equity Velocity Fund I will seek to leverage the vast healthcare real estate experience of its leaders and investment committee. This experience includes the development and acquisition of assets that enhance strategic market strength of healthcare institutions and provide synergistic co-tenancy opportunities for private practice primary care and specialist providers. The fund will also actively pursue deals sponsored by unrelated entities, sellers and developers. Institutional & Private Practice Opportunities The current environment of growing healthcare costs, regulatory change and evolution of healthcare into a strategically operated retail business, are all a boon to healthcare real estate investment. The future will see patient base expansion, creation of new strategic alliances, greater wellness integration into programs and facilities - all of which facilitate new building opportunities. Investors will see a variety of opportunities for their capital to drive a new positive future for healthcare while continuing to provide highly competitive product type returns. Change = Opportunity In Healthcare Real Estate EVF I – Investment Focus: 31
  31. 31. Retail Assets Retail Project Generation & Leasing The Equity Velocity Fund team has been developing and investing in retail product for many years. Along with seasoned local market retail agents, the Sponsor brings over 70 retail tenant representation relationships to its effort to create worthy investment projects. The fund will also actively pursue deals sponsored by unrelated entities, sellers and developers. EVF I will leverage team retail project experience in its evaluation and sourcing of retail investment opportunities. EVF I – Investment Focus: Healthcare delivery is being re-engineered using retail location and co-tenancy paradigms. There is a huge investment opportunity for those that can create projects that foster enhanced health and wellness outcomes by using real estate to bring diverse, healthcare, retail, fitness, grocery and allied service providers together on the same highly synergistic campus. Creative mixed use projects are emerging with healthcare, retail, seniors housing, retail and hospitability components becoming parts of an new wellness community strategy. Healthcare IS the New Retail 32
  32. 32. Preliminary Evaluation (Sponsor/Fund Manager) Investment Committee Evaluation • Pro forma/ Feasibility • Physical & Market Due Diligence • Legal (real estate related) • Entity & deal formation • Documentation • Presentation • Management Plan Evaluation – Due Diligence Phase Investment Review Phase Investment Approval - Closing Discovery Phase Closing Investment & Real Estate Operations Operations Project Level Closing • Accounting & Reporting • Property Management • Asset Management • Brokerage Services Deal Opportunities Evaluation – Due Diligence Phase Investment Review PhaseDiscovery Phase Closing Operations The Investment Process The Sponsor and Fund Manager will work collaboratively to review and analyze investment opportunities to be presented to the EVF I Investment Committee. Members of the committee as well as third-parties may be a source for investment opportunities. The committee has investment decision-making authority including disposition, assuring the investor the best convergence of benefit from Equity’s retail and healthcare experience – and the investment wisdom of a highly experienced and diverse investment team. EVF Acquisition Team 33
  33. 33. Equity Velocity Fund I, LLC Investment Committee has control of investment decisions Manager Equity Velocity Management, LLC Founding Member Equity Velocity Funds, LLC Investor Members InvestmentInvestment Investment Fund Structure • Simple • Efficient • Effective • Scalable 34 Manager Property Level Sponsor Manager Property Level Sponsor Manager Property Level Sponsor
  34. 34. Steve Wathen Principal/ Founder of Equity Velocity Fund I Leadership Qualifications 35 Overview of Role & Responsibilities • Provides leadership to all aspects of the Fund • Founder & CEO of Equity Inc – a service provider to Equity Velocity Fund I • Architect of the fund’s initial investment strategy • Managing member of many real estate SPE’s • Key role in raising capital for the fund Professional Qualifications Mr. Wathen began his career in real estate in student housing while a student at Ohio State. Some 30 years later, he leads a nationally ranked healthcare real estate practice and a real estate services organization with offices in six markets in Ohio and Florida. The company he founded has now done business in over 40 states and is continuing to grow. Mr. Wathen provides direct leadership to brokerage and development services, as well as sets overall strategy and business objectives for the entire Equity organization. Steve’s skill and success in sales has been an important contribution to the company culture – centered around meeting or exceeding client expectations. As founder of Equity, Mr. Wathen has set an aggressive vision for growth, with an equal emphasis on core values and sustaining a healthy, progressive and open business culture. This emphasis on values and results has driven much repeat business with many of the firm’s clients. In particular, Steve is highly adept at conceptualizing deals and then negotiating with all parties to bring that vision to reality. His consummate skills as a salesman and negotiator have helped to build the firm and position him as a leader in the industry and of many real estate partnerships.
  35. 35. 3636 Leadership Qualifications Hope Sherman Managing Partner Equity Velocity Management, LLC Overview of Role & Responsibilities • Key role in raising capital and identifying investment opportunities for the Fund • Played significant role in development of investment strategies and selection of advisors • Provides critical thought leadership in concept and execution Professional Qualifications Hope Sherman has over 25 years of experience on both the operational and transactional side of real estate, across virtually all product types, geographic locations and market conditions. Over the course of her career Ms. Sherman has provided acquisition and disposition, asset management, development, re- structuring, work-outs, and recapitalization services to both institutional and private investors. In addition to her role at Equity Velocity Management, Ms. Sherman is also currently SVP Investor Services & Capital Markets at Equity Inc. Through this role Ms. Sherman is able to fuel a strong pipeline of institutional quality deals. Before joining Equity, and after re-locating to Columbus, Ohio, Ms. Sherman spent several years in brokerage, focused on investment sales. Prior to that, for more than 10 years, she was a principal in The Whitehill Group, Inc., a real estate work-out firm in New York City that provided asset management, acquisition and disposition services to institutional investors and private investment groups with significant, troubled holdings. Preceding Whitehill, Ms. Sherman played a key role at M.J. Raynes, Inc. for many years, in effectuating the successful re-development and conversion of some of the largest portfolios of rent regulated apartments in New York City history.
  36. 36. 3737 Leadership Qualifications Professional Qualifications Patrick Wathen Managing Partner Equity Velocity Management, LLC Overview of Role & Responsibilities • Pivotal role in formation of Equity’s investment fund • Manages opportunity processing and operations • Supports investment analysis, acquisitions and fund operations • Oversees implementation of a strategic plan for each Investment Mr. Wathen’s experience is primarily in the retail and healthcare sectors of real estate. For the past 4 years he has been the leader of a market analysis and tenant representation team with a specific focus on serving the needs of private equity portfolio companies. Mr. Wathen has completed over 120 transactions in the past two years and has worked in more than 20 states. Through his efforts his team has been involved in nearly 10% of all new urgent care centers that have opened nationally in the past three years. It is this leadership and management of multifaceted processes that provides Mr. Wathen with the experience critical to his role with Equity Velocity Management. • High volume transaction experience • Developed unique strategic market analysis system • Expertise in financial analysis • Significant acquisition and disposition experience • Expertise in the repositioning and marketing of real estate
  37. 37. 3838 Leadership Qualifications Professional Qualifications Lee Jackson Managing Partner Equity Velocity Management, LLC Overview of Role & Responsibilities Lee Jackson, CCIM provides strategy, business development, and marketing to source healthcare facility acquisitions and new developments with hospitals and physicians. Lee has 16 years of commercial real estate experience with 11 years focused on medical office acquisitions and development with hospitals. Lee is a Certified Commercial Investment Member (CCIM) designee and holds a Texas Real Estate Broker’s license. As a top-producer in acquisition and pre-leasing roles with a national medical office developer, Lee understands how to structure and market real estate transactions that bring hospitals and physicians together. When considering the myriad of developers that lure physicians away from hospitals, hospitals appreciate Lee’s skill sets that unite physicians with hospitals around viable real estate solutions. In particular, Lee is adept at analyzing and structuring real estate transactions. A seasoned user of Argus software, he provides expert advice and analysis of future asset performance and value. His role with the fund is to source opportunities as well as support financing and investment underwriting efforts. • Provide special expertise and support of deal structuring and underwriting • Create financial models of prospective investments for consideration by the team • Support deal velocity by creating a network of qualified lenders able to debt for desirable transactions
  38. 38. Kyle A. Bohannon Executive Vice President, Strategy &Development FastMed Jonathan S. Wood Vice President, Capital Markets Edwards Companies Kenneth G. Lewis Manager Corey Hill Partners, LLC Steven P. Wathen CEO of Equity Inc Founder & Principal Equity Velocity Funds Proven third-party investment advisors and directors with experience encompassing billions of dollars of commercial properties. Investment Committee 39 Abbreviated Bio’s follow… Greg Sutton Chief Financial Officer Safe Auto Insurance
  39. 39. Kenneth G. Lewis Manager Corey Hill Partners, LLC Investment Committee Qualifications 40 Mr. Lewis has over 25 years of experience in real estate development, investment, and asset management. His diverse experience includes working with both institutional and entrepreneurial firms, and on multiple property types in several East Coast and Midwest markets. He is based in the Boston area. Mr. Lewis is presently the Manager of Corey Hill Partners, LLC, a Massachusetts limited liability company that specializes in the development and acquisition of commercial property, with a focus on net leased retail and office property. As the Chief Financial Officer of Safe Auto Insurance Company, Greg maintains direct oversight and responsibility for: Financial Reporting, Loss Reserving, Facilities, and Investments. Before joining Safe Auto in 2001, Greg was an Assistant Vice President and Controller at Grange Mutual Casualty. Prior to becoming an Assistant Vice President, Greg was a Corporate Project Manager at Grange where he managed all finance and treasury related projects. Greg began his insurance career at Anthem Casualty Insurance Group where he started as an Internal Auditor, then progressing to become the Manager of Internal Audit where he managed the entire P&C organization’s internal audit efforts. Greg moved on to become a Manager of Finance & Internal Audit where he represented the organization from a financial perspective in all M&A oriented efforts. Greg Sutton, CPA Chief Financial Officer Safe Auto Insurance Company
  40. 40. Kyle A. Bohannon Executive Vice President, Strategy &Development FastMed Jonathan S. Wood Vice President, Capital Markets Edwards Companies Investment Committee Qualifications 41 At FastMed, Kyle Bohannon leads all strategic development initiatives, in addition to orchestrating all of FastMed’s corporate mergers and acquisitions activities. With significant experience in private equity, investment banking and real estate investing, Kyle previously spent multiple years in the private equity industry with HarbourVest Partners, LLC in both the United States and Europe. Kyle held responsibility for identifying, closing and managing leveraged buyout and growth equity investments across multiple industries. Mr. Wood is Vice President of the Edwards Companies and is primarily responsible for capitalizing the real estate activities of the enterprise, including debt, equity, strategic joint ventures and dispositions. His current activities include site selection, assemblage, and acquisition, while collaborating with the Development, Construction, Accounting and Property Management divisions of the company to create and bring to completion the company’s real estate projects. With a specialization in student housing since 1998, Mr. Wood has over 20 years of experience in the real estate capital marketplace. Over this time period, Mr. Wood has completed in excess of $3.5 billion in multi-family and commercial real estate transactions.
  41. 41. Proposed Fund Terms 42 Investment Type: Commercial Real Estate Investment Focus: Value added opportunities through new development or acquisition and redevelopment of underperforming assets Target Size: $25M equity/$100M property Holding Period: 3-5 years Targeted Return: 15% or greater Investor Level IRR Preferred Return: 8% Distributions: 80% of Net Cash Flow to Investor Members after repayment of capital accounts Management Fee: 2% of committed capital Investment Committee Approval: Majority approval required for each property Legal Structure: Limited Liability Company Legal Counsel: Dickinson Wright PLLC Accounting: Plante & Moran, PLLC