This document summarizes a panel discussion on new models for real estate development. The panelists included representatives from Gerding Edlen, a real estate investment firm; the city of Central Falls, Rhode Island; Guerrilla Development; and The Apiary. The Apiary aims to establish a community development private equity real estate fund to invest in small to mid-sized projects in low-to-middle income urban neighborhoods in Rhode Island. The fund would be open to both accredited and non-accredited investors. Gerding Edlen focuses on investing in sustainable real estate projects in major cities. Challenges discussed included addressing issues in urban neighborhoods and engaging communities in development.

1. New Models for Real Estate Development
April 28th, 2016
1:15-2:45

2. • Matt Edlen- Director of Acquisitions and Dev.- Gerding Edlen
• Peter Friedrichs- The City of Central Falls- Planning & Economic Dev. Direct
• Anna Mackay- Head of East Coast Dev.- Guerrilla Development
• Ruarri Miller- President- The Apiary
Moderator: Jonathan Berk- BuildingBOS
New Models for Real Estate Development

4. 4
GERDING EDLEN
GREEN CITIES I-III
• Institutional Grade investment
management platform focusing on the
following:
• Investment size: 5-50M +
• Total Dollars Invested (Equity):
• Fund I: $189M
• Fund II: $250M
• Fund III: $450M (Still raising)
• Key gateway cities in major urban markets
• “Youth Magnet Cities”
• Targeted IRR 14-22% (*specific to each fund)
• Minimum LEED Gold
• Office (Existing), Residential (New
Construction/Existing)

5. 5
THE TRIPLE BOTTOM
LINE
PEOPLE. PLANET.
PROSPERITY.
PEOPLE
PLANET
PROSPER
ITY

7. 7

9. 9
GERDING EDLEN
GREEN CITIES I –
IMPACT REPORT
(SAMPLE)

18. The Apiary:
Community
Development
Equity Fund
Reviving Rhode Island’s Low to
Middle Income
Neighborhoods

19. James Madison - 4th President
Inequalityinpropertyownershipsubverts liberty,either through
oppositiontowealth (a war of laboragainst capital) or“byan
oligarchyfoundedoncorruption”throughwhichthe wealthy dominate
political decision-making(a war of capital againstlabor).

20. Data Points
● Only3% of the US population can invest inequity funds
or start-up
○ Of that 3%; only 300,000individuals and 500firms
actuallyinvest
● Only 64% of Americans own ahome
○ Lowest rate in 20yrs
● Only 52% of Americans ownstock
○ Lowest since1998
○ Greatest decline amongst 30-49 yearolds
● The top .00028% of income earners collected 16% of all
capital gains

21. Central Falls

22. Summary
➔ The Apiary will incorporate a “Community Development” Private Equity Real
Estate (PERE).
➔ The Apiary is not a non-profit CommunityDevelopment Corporation. We have
investors and we don’trely exclusively uponstate and or federal subsidies.
Similar objectives, but different structures that enable us to address
communityinvestment differently.
➔ The CDPEREwill be funded by accredited &non-accredited investors
throughoutRhode Island via a Direct PublicOffering.
➔ Capital will be used to fundsmall to mid-sized projects inlow-to-middle
income (LMI) urban neighborhoods in RhodeIsland.
➔ Projects will fill the void that exists between projects too bigfor small
developers (i.e. multifam investors) and too small for large developers (i.e. mill
projects).
➔ Projects are long-term investments targeted ataddressing urban

23. Development Strategy

24. Issues Encountered

25. Share your thoughts
Ask questions
Engage our participants
Inspire Growth
Help shape the new models of urban development