REAL 1005 Term Project Pro Forma

E LE CT US UN US
L U X U R Y
L I V I N G
890 East 54th Street,

New York, New York
P r oj ec t
H igh li gh t s
90 Luxury Rental
Apartments
50 One
Bedrooms
40 Two
Bedrooms
Ground Level
Retail
Ideal Midtown
Manhattan
Location
CONTENTS
Executive Summary
Entity Information
Investor Summary
Market Analysis
Property Description
Floor Plan
Project Costs
Timeline
Investment Brief
Pro Forma Projections
EXECUTIVE SUMMARY
Electus Unus is a luxury high-rise mixed-use development boasting 90 exceptional residential units and 2 streetlevel retail suites in the heart of Midtown Manhattan. The project construction will span one year followed by a
year of lease-up. Upon stabilization, the ownership entity Electus Unus LLC, will hold the property for an additional four years before reversion.
Based on our investment projections, upon disposition, the investment will return an investment level IRR of 44%
with an NPV of $3,610,199. The developer, Rump International L.P., is the managing member and is searching
for 3 equity investors. Equity in the amount of $2.225 million must be raised in exchange for limited member
ownership stake in the single use entity Electus Unus, LLC. The equity will be dispersed in three increments:
The general partner will provide funds for the land deposit in the amount of 100K to secure the property immediately, $1.3M to purchase and demo the existing property this year, and an additional down payment of $2.4 million for the equity portion of the construction costs as well as the closing costs affiliated with the permanent
mortgage.
The deal will be structured with a 10% pari passu return split in the first tranche. Subsequently, the Sponsor will
receive 30% of the returns until the limited member achieve a return of 15%. Next, sponsor will receive 40% of
the profits until the investors achieve a 20% return. Once the investor return is achieved, the remaining profits
are split evenly among the entity members.
ELECTUS UNUS LLC ENTITY INFORMATION

The Developer and Investors will form a Limited Liability Company LLC by the name of Electus Unus LLC
for the sole purpose of entering into contract and, ultimately purchasing the property at 890 East 54th Street. The
LLC has been specifically chosen to be the ownership entity due to the following tax and liability advantages:
The investors liability is limited to the amount invested.

The LLC is a pass-through entity. All gains/losses pass directly to the members, because an LLC is not a
taxable entity.
An LLC incurs no double taxation (as in a C corporation).
In general, an LLC insulates the members from potential liabilities arising out of the operation of the real estate
Because all assets inside an LLC are at risk, the single use LLC is used to limit liability to the amount invested in a single asset.
The developer will assume the role of managing member of the LLC. The equity investors will contribute as limited members. All members will own a proportional share of the ownership entity. Because the LLC is a passthrough entity, all members will be taxed at their respective individual or entity level rates.
Page 2
Investor Summary
K e y
R e t u r n s
&
R a t i o s
Electus Unus LLC Calculation of Internal Rate of Return and NPV

Initial Equity
Investment
Year
0
1
2
3
4
5
6
November 15, 2012

January 1, 2013
January 1, 2014
January 1, 2015
January 1, 2016
January 1, 2017
December 31, 2018
Operations
After Tax Cash Flow
Cash Flow
From Sale After Tax
Total Cash Flow
(141,000)
(2,419,336)
1,335,009
578,500
610,391
444,681
477,875
(141,000)
(2,419,336)
1,335,009
578,500
610,391
444,681
6,697,458
6,219,583
IRR
NPV
43.53%
3,610,199
Electus Unus LLC Key Ratios

Loan to Value ("LTV")
Mortgage/ Purchase Price
Cash on Cash Return (Pre-Tax)
(Pre-Tax Cash Flow/Initial Equity
Investment)
Cash on Cash Return (After Tax)
(After Tax Cash Flow/Initial Equity
Investment)
Gross Rent Multiplier ("GRM")
(Property Cost/Gross Rent Potential)
Debt Service Coverage
(NOI Annual/Debt Service)
Expense Ratio
(Total Operating Expenses/Gross
Rent Potential)
Margin of Safety
(NOI - Debt Service)
Internal Rate of Return (After Tax)
Net Present Value (After Tax)
$ 18,542,301
23,177,876 =
80.0%
$ 744,225
$ 2,560,336 =
29.1%
$ 578,500
$ 2,560,336 =
22.6%
$ 19,314,897
$ 3,482,340 =
5.55x
$ 2,370,907
$ 1,537,331 =
1.54x
$ 1,045,386
$ 3,482,340 =
30.0%
$ 2,370,907
$ 1,537,331 =
$ 833,577
43.53%
$ 3,610,199
Page 3
MANHATTAN APARTMENT MARKET ANALYSIS

As financing standards remain tight in the for-sale segment, and uncertainty presides over the economy, an expanding renter pool will keep vacancies below prerecession levels. Despite record-low interest rates, stringent underwriting standards and employment jitters are keeping many potenti al buyers sidelined. As the economy
grows at a tepid pace, households are hedging against any potential setbacks by renting versus taking on mortgage debt. Unce rtainty in the global economy will continue to drive foreign wealth and institutional investors to acquire core, trophy apartment assets in Manhattan. Due to the inte nse competition for this product type, firstyear returns will hover around 3 percent.
Employers will generate 95,000 positions in New York City this year, representing a 2.5 percent annual rate of growth. The pr ofessional and business services, along
with the education and health services sectors will create the bulk of the new jobs in that time, while the financial service s industry is on pace to lose additional workers.
In 2012, just over 2,700 market-rate units will hit the market, which is well above last years total of 1,700 apartments.
By year end, vacancy will fall below prerecession levels to 2.3 percent, representing a 20 -basis point improvement from the prior 12 months. In 2011, vacancy tumbled
120 basis points. At this point, it would be difficult to project vacancies falling much further than this near frictional rate.
Average asking rents will finish 2012 at $3,730 per month, up 1 percent from the preceding year. Effective rents will rise 1. 6 percent during this time to $3,615 per
month. Last year, asking rents increased 3 percent, while effective rents climbed 3.3 percent.
So ur c e : M a r c u s & M i l l i c h ap M an h a t t an M u l t if am i l y Re se ar c h Re p o r t 2 0 1 2 Q 4
D ev e lo pm e nt B r ief
Electus Unus LLC proposes to purchase the
land with a fire gutted building shell at 890
E. 54th Street in Midtown Manhattan. Upon
acquisition, the developer proposes demolishing the existing building and constructing
a new mixed-use luxury high-rise structure in
its place.
The developer has completed the due diligence process which includes the market
analysis, structural inspection and development of a financial model for the purpose of
the decision to invest.
The land must be secured with a 10% deposit by October 2012. The developer anticipates closing on the property by November
of 2012. Demolition and pre-development
design review will begin immediately after
closing. Simultaneously, the construction
loan will be processed and secured by the
end of December for 90% of the construction costs. The construction phase is scheduled to be completed by end of year 2013, at
which time lease-up will begin.
Page 4
P r op er t y D es c r ipt io n &
Am en it ies
The property is located in Midtown East Manhattan and boasts views of both the East River
and the Manhattan Skyline.
The property has a maximum allowable building
area of 98,000 square feet. Based on the predevelopment design review, the highest and best
use consists of 90 luxury apartment rentals and
2 30,000 square feet retail suites on the ground
floor. The unit mix will consist of 50 onebedroom and 40 two-bedroom units.
The property will boast luxury amenities including 24 hour doorman service, indoor swimming
pool, large gym and spa, banquet rooms, a rooftop terrace, and business center with board
rooms.
F L O O R P L AN S
Project Cost
D e v e l o p m e n t
P h a s e
Electus Unus LLC Development Budget

November 15, 2012
to
December 31, 2013

Total Cost
Land Acquisition
Land Contract Deposit
Land Cost:
Closing Costs:
Demo Costs:
Total
100,000 $
900,000
60,000
350,000
SF Cost
Equity
Debt
10%
90%
1.02 $
10,000 $
90,000
9.18
90,000
810,000
0.61
6,000
54,000
3.57
35,000
315,000
1,410,000
14.39
141,000
1,269,000
14,700,000
1,470,000
150.00
15.00
1,470,000
147,000
13,230,000
1,323,000
500,000
75,000
25,000
5.10
0.77
0.26
50,000
7,500
2,500
450,000
67,500
22,500
16,770,000
171.12
1,677,000
15,093,000
Construction Loan
Construction Loan Interest:
Construction Loan Fees:
Lender's Legal Fees:
Engineering Review:
Borrower's Legal Fees:
1,024,897
40,000
20,000
10,000
15,000
10.46
0.41
0.20
0.10
0.15
102,490
4,000
2,000
1,000
1,500
922,407
36,000
18,000
9,000
13,500
Total
1,109,897
11.33
110,990
998,907
25,000
0.26
2,500
22,500
Construction Cost Total
17,904,897
182.70
1,790,490
16,114,407
Total Investment
19,314,897
197.09
1,931,490
16,114,407
Construction Costs
Building Costs
Hard Costs:
Soft Costs:
Pre-Development Costs
Engineering, design, architects, fees and costs:
NYC plumbing, water stema connection permits:
Land, soil tests, environmental testing:
Total
Taxes
Construction Period Real Estate Taxes:
Page 5
I NV ES TM E N T B R I EF
The projections of cash flow are based on market conditions with the understanding that real estate is an inherently risky investment and may result in loss of principal.
The developer is projecting a 3% increase in gross rents over each year of the holding period. Expenses will also grow at 2% per annum. In accordance with lender
standards , the projects have been calculated with the assumption of 2% vacancy and credit loss for residential and 1% for commercial space.
The developer has secured permanent finance contingent upon certain terms and market conditions. These are the terms:
6.5% annual interest rate
25 year amortization
An LTV of 80%
Costs associated with mortgage in excess of $600,000 dollars

The loan will presumably be valued at 120% of the project costs. Furthermore, at an LTV of 80%, the risks associated with increases in vacancy rates are much higher
due to the smaller amount of equity placed in the property. In the other hand, given the market conditions, the higher leverage will allow the investors a greater return
on their investment.
Upon substantial completion of the construction phase of the development. The permanent mortgage will take out the construction loan. According to our projections, there will be a surplus of loan funds attributable to the valuation of the property at time T 1. The surplus loan funds will be reinvested into the property during
the lease up year to offset any lease up vacancy deficiency. At year end of 2014, the funds will be distributed to the investors on a pari passu bases as is consistent with
the operating agreement for distribution of profits among the members.
As the pro forma analysis projections show, the returns on equity are projected to be quite substantial. Upon disposition at the end of year 5, the property is expected
to provide a internal rate of return equal to 43%. Needless to say this is an incredible return and we are pleased to present this opportunity to you.
Page 6
P r o Fo r m a P r o j e c t i o n
5
Y e a r
P r o p e r t y
P e r f o r m a n c e
Electus Unus LLC Performing Financial Projections

1
December 31, 2014
YEAR ENDING
Gross Potential Revenue:
1 Bedroom
2 Bedroom
Affordable 1-bedroom
Retail
Total Potential Gross Income
Vacancy and Credit Loss:

Residential
Retail
Total Vacancy Allowance
Net Income (Before-Tax)

Net Proceeds From Sale
Total Levered Cashflow
1,375,950
1,715,490
30,900
360,000
3,482,340
1,417,229
1,766,955
31,827
360,000
3,576,010
1,459,745
1,819,963
32,782
360,000
3,672,491
5
December 31, 2018
$
1,503,538
1,874,562
33,765
360,000
3,771,865
(64,320)
(3,600)
(67,920)
(66,250)
(3,600)
(69,850)
(68,237)
(3,600)
(71,837)
2,138,000
360,000
2,498,000
3,059,893
356,400
3,416,293
3,151,690
356,400
3,508,090
3,246,241
356,400
3,602,641
3,343,628
356,400
3,700,028
(624,500)
(25,000)
(649,500)
(1,045,386)
(1,045,386)
(1,073,476)
(1,073,476)
(1,102,408)
(305,005)
(1,407,413)
(1,132,209)
(305,005)
(1,437,213)
1,848,500
1,848,500
2,370,907
2,370,907
2,434,614
2,434,614
2,195,228
2,195,228
2,262,814
25,282,970
27,545,785
(650,178)
(1,242,598)
(25,154)
(650,178)
(1,222,076)
(25,154)
(650,178)
(1,200,126)
(25,154)
(650,178)
(1,176,647)
(25,154)
18,542,301
18,247,568
17,932,313
17,595,108
17,234,424
(650,178)
(1,151,533)
(25,154)
(503,077)
(16,848,627)
(2,560,336)
(69,430)
(69,430)
473,499
473,499
559,157
559,157
343,249
343,249
435,950
7,931,267
8,367,216
(165,725)
(195,705)
(120,137)
(69,430)
307,775
363,452
223,112
(152,582)
(1,711,684)
283,367
6,219,583
(106,900)
(3,000)
(109,900)
650,178
(294,733)
(61,198)
(3,000)
(64,198)
650,178
(315,255)
(63,034)
(3,000)
(66,034)
650,178
(337,205)
(64,925)
(3,000)
(67,925)
650,178
(360,684)
(66,873)
(3,000)
(69,873)
650,178
(385,798)
1,158,894
1,335,009
1,335,009
578,500
165,725
744,225
610,391
195,705
806,096
444,681
120,137
564,818
6,697,458
152,582
1,711,684
8,561,724
(19,314,897)
Income Tax From Operations

Taxes on Sale
Net Income (After-Tax)
Net Proceeds From Sale (After-Tax)
Leasing Commissions:
Residential
Retail
Total Leasing Commissions
Depreciation Expense
Debt Amortization
Income From Take-Out Mortgage
Equity-after-tax Cash Flow
Income Tax From Operations
Taxes on Sale
Equity-before-tax Cash Flow
4
December 31, 2017
(62,447)
(3,600)
(66,047)
Operating Expenses
Real Estate Taxes
Total Operating Expenses
Depreciation Expense
Perm. Mortage Interest Expense
Perm. Mortgage Costs
Perm. Mortgage Cost Balance
Mortgage Balance
1,350,000
1,680,000
30,000
360,000
3,420,000
3
December 31, 2016
(922,000)
(922,000)
Effective Gross Income:

Residential
Retail
Total Effective Gross Income
Net Operating Income

Net Selling Price
Total Unlevered Cash Flow
2
December 31, 2015
(2,560,336)
(2,560,336)
Page 7
C a p i t a l
S u m m a r y
Electus Unus LLC Capital Summary

IRR
31-Dec-12
Project-Level Cash Flows

Construction Phase (Sale Yr. 1)
Operational Phase
Both Phases (Sale Yr. 7)
11%
16%
10%
(18,793,407)
15,592,917
(19,171,147)
(18,793,407) (3,578,229)
5,794,469
1,848,500
1,848,500
Debt Investor Cash Flows
7%
(17,383,407)
(133,997)
(1,410,000)
(2,419,336)
31%
(1,410,000)
48%
59%
Equity-Entity-Level Cash Flows (EBTCF)
This
Construction Phase
Operational Phase
Both Phases
31-Dec-13
31-Dec-14
31-Dec-15
31-Dec-16
31-Dec-17
31-Dec-18
2,370,907
2,370,907
2,434,614
2,434,614
2,195,228
2,195,228
27,545,785
27,545,785
1,537,331
1,537,331
1,537,331
1,537,331
18,385,957
(2,419,336)
1,335,009
1,335,009
744,225
744,225
806,096
806,096
564,818
564,818
8,561,724
8,561,724
(2,250,000)
(2,250,000)
1,173,194
654,018
690,900
378,713
6,003,693
(141,000)
(141,000)
(169,336)
(169,336)
161,815
90,207
115,196
186,106
2,001,231
Preferred-Partner-Level Cash Flows

Construction Phase
Both Phases
Subordinated-Partner-Level Cash Flows
Construction Phase
Both Phases
Page 8
C a p i t a l
S t r u c t u r e
P r o j e c t i o n s
Electus Unus LLC Project Capital Structure Projections

Year Ending
Project Cash Requirments as Proposed:
Site Acquisition
Hard & Soft Development Costs
Total Development Phase Cash Requirments
Development Phase Total Equity Funding
Development Phase Debt Funding
(Construction Loan)
Construction Loan Repayment
Proposed Permanent Loan Amount (Take Out)
Operating PBTCF
Reversion PBTCF
31-Dec-12
1,410,000
-
31-Dec-13
31-Dec-14
31-Dec-15
31-Dec-16
31-Dec-17
31-Dec-18
1,738,600
2,306,710
2,368,581
2,127,303
2,192,942
25,282,970
1,738,600
2,306,710
2,368,581
2,127,303
27,475,912
(25,154)
(1,537,331)
17,904,897
(1,410,000) (17,904,897)
141,000
2,419,336
17,383,407
(17,383,407)
18,542,301
PBTCF
Permanent Mortgage Costs
Permanent Loan Debt Service
Permanent Loan Repayment
Permanent Loan Debt CFs
1,537,331
1,537,331
1,537,331
1,537,331
(528,231)
(1,537,331)
(16,848,627)
18,385,957
Construction Loan Take-Out Balance

Operating EBTCF
Reversion EBTCF
1,158,894
1,335,009
-
744,225
-
806,096
-
564,818
-
127,381
8,434,343
EBTCF
1,335,009
744,225
806,096
564,818
8,561,724
Preferred Equity Capital Account

Preferred Return Allocation
Beginning Equity Investment Balance
Annual Preferred Investment
Preferred Return Earned
Preferred Return Paid
Accrued But Unpaid Preferred Return
Ending Equity Investment Balance
Reversion Preferred Allocations:
Allocation to Satisfy Preferred Return Requirment
Allocation to Return Subordinated Investment Requirement
(25,154)
(25,154)
(25,154)
(1,537,331) (1,537,331) (1,537,331)
2,250,000
-
2,250,000
1,173,194
(1,173,194)
-
1,076,806
654,018
(654,018)
-
422,788
690,900
268,112
-
378,713
(378,713)
-
6,003,693
(6,003,693)
-
2,250,000
1,076,806
422,788
5,744,436
2,186,831
Page 9
E q u i t y
W a t e r f a l l
S c h e d u l e
Electus Unus LLC Equity Waterfall Structure Schedule

Managing Member Equity Contribution
Limited Member #1 Equity Contribution
Total Equity Contribution Needed
310,336
750,000
750,000
750,000
2,560,336
12.12%
29.29%
29.29%
29.29%
100%
2
744,225
3
806,096
4
564,818
5
8,561,724
All cash flow split pari passu until each member has 10% IRR
10.00%
(708,697)
391,065
218,006
10.00%
(708,697)
391,065
218,006
10.00%
(708,697)
391,065
218,006
10.00%
(141,000)
(169,336)
161,815
90,207
230,300
230,300
230,300
115,196
23,800
Yr
NCF
LM1
LM2
LM3
GM
0
(141,000)
0
1
(2,419,336) 1,335,009
Split %
Balance
8,561,724
29%
29%
29%
12%
8,561,724
23%
23%
23%
30%
230,300
230,300
230,300
115,196
806,096
91,500
91,500
91,500
162,306
91,500
91,500
91,500
186,106
460,606
92,800
92,800
92,800
185,600
92,800
92,800
92,800
185,600
464,000
20%
20%
20%
40%
230,300
230,300
230,300
115,196
806,096
34,738
34,738
34,738
41,685
126,238
126,238
126,238
186,106
564,818
25%
25%
25%
25%
126,238
126,238
126,238
186,106
564,818
564,818
2,001,231
2,001,231
2,001,231
2,001,231
2,001,231
2,001,231
2,001,231
2,001,231
8,004,924
8,468,924
I NV ES TM E N T B RSponsor
I EF receives 30% promoted interest until Investor receives 15% IRR
LM1
This
LM2
LM3
GM
LM1
LM2
LM3
GM
Total
15.00%
15.00%
15.00%
21.91%
16.37%
(141,000)
(141,000)
(708,697)
391,065
(708,697)
391,065
(708,697)
391,065
(169,336)
161,815
(2,295,426) 1,335,009
218,006
218,006
218,006
90,207
744,225
8,561,724
8,561,724
8,561,724
Sponsor receives 40% until Investor receives 20% IRR

LM1
LM2
LM3
GM
LM1
LM2
LM3
GM
Total
20.00%
20.00%
20.00%
29.15%
21.94%
(141,000)
(141,000)
(708,697)
391,065
(708,697)
391,065
(708,697)
391,065
(169,336)
161,815
(2,295,426) 1,335,009
218,006
218,006
218,006
90,207
744,225
8,468,924
8,004,924
Sponsor receives a 25% promote on all remaining cash flow

LM1
LM2
LM3
GM
LM1
LM2
LM3
GM
Total
Com
Page 10
50%
50%
50%
59%
52%
53%
(141,000)
(141,000)
(141,000)
(708,697)
391,065
(708,697)
391,065
(708,697)
391,065
(169,336)
161,815
(2,295,426) 1,335,009
(2,295,426) 1,335,009
218,006
218,006
218,006
90,207
744,225
744,225
230,300
230,300
230,300
115,196
806,096
806,096
8,004,924
S a l e
P r o c e e d s
a n d
T a x
C a l c u l a t i o n s
Electus Unus LLC Sales Proceeds and Tax Calculations

Calculation of Net Sales Proceeds
Net Operating Income As Per Year 6
$ 2,129,092
Terminal Cap Rate

Estimated Selling Price
Cost of Sale
I NV ES TM E N T B RI EF
Net Selling Price
This
Mortgage Costs Balance
Mortgage Balance At Date Of Sale
Net Proceeds Pre-Tax
Taxes On Sale
After-Tax Sales Proceeds
8%
26,613,653
1,330,683
25,282,970
(503,077)
(16,848,627)
7,931,267
(1,711,684)
6,219,583
5% of gross sale price
Calculation Of Tax On Gain on Sale

Net Sale Price
Adjusted Basis
Gain On Sale
25,282,970
(16,039,006)
9,243,964
Tax Calculation
Gain On Sale
9,243,964
Depreciation Recapture Tax

Capital Gain Tax
Total tax
3,250,890
5,993,073
25%
15%
812,723
898,961
1,711,684
Page 11
S c h e d u l e
o f
d e p r e c i a t i o n
Electus Unus LLC Schedule of Depreciation

Land and Building Cost
Adding: Closing Costs
Demo Costs
Closing Costs
$
350,000
60,000
Land, Building, and Acquisition Costs

Less: Cost of Land
Depreciable Basis
18,879,897
410,000
19,289,897
(1,410,000)
17,879,897
I NV ES TM
E N Period
T B RYears
I EF
Recovery
This
28
Depreciation Per Year
650,178
Depreciation For 5 Year Holding Period
3,250,890
Schedule of Adjusted Basis

Land
Original Cost Plus Acquisition Costs
Less: Accumulated Depreciation
Adjusted Basis
Page 12
1,410,000
1,410,000
Building
17,879,897
(3,250,890)
14,629,006
Total
19,289,897
(3,250,890)
16,039,006
C o n s t r u c t i o n
L o a n
D r a w
Net Draw
Cumulative
Draw
S c h e d u l e
Electus Unus LLC Construction Loan Draw Schedule

Construction Loan
Interest Rate
Retainage
Months
Date
Loan
1
This
2
3
4
5
6
7
8
9
10
11
12
Total:
17,383,407
10%
10%
12
Draw
December 31, 2012

January 31, 2013
February 28, 2013
March 31, 2013
April 30, 2013
May 31, 2013
June 30, 2013
July 31, 2013
August 31, 2013
September 30, 2013
October 31, 2013
November 30, 2013
December 31, 2013
Retainage
Interest
Expense
17,383,407.04
2,172,926
2,172,926
2,172,926
2,172,926
1,241,672
1,241,672
1,241,672
1,241,672
1,241,672
1,241,672
1,241,672
1,738,341
19,121,748
217,293
217,293
217,293
217,293
124,167
124,167
124,167
124,167
124,167
124,167
124,167
1,738,341
1,955,633
1,955,633
1,955,633
1,955,633
1,117,505
1,117,505
1,117,505
1,117,505
1,117,505
1,117,505
1,117,505
1,738,341
17,383,407
1,955,633
3,911,267
5,866,900
7,822,533
8,940,038
10,057,543
11,175,047
12,292,552
13,410,057
14,527,562
15,645,066
17,383,407
16,297
32,594
48,891
65,188
74,500
83,813
93,125
102,438
111,750
121,063
130,376
144,862
1,024,897
Page 13
L e a s e - U p
Y e a r
M a t r i x
&
R e n t
R o l l
Electus Unus LLC Lease-up Year Matrix Schedule

1
Jan-14
Rent Roll
1 Bedroom
2 Bedroom
Retail
2014 Total
27,500
31,500
2,500
30,000
91,500
2
Feb-14
27,500
31,500
2,500
30,000
91,500
3
Mar-14
62,500
80,500
2,500
30,000
175,500
4
Apr-14
62,500
80,500
2,500
30,000
175,500
5
May-14
6
Jun-14
62,500
80,500
2,500
30,000
175,500
75,000
98,000
2,500
30,000
205,500
7
Jul-14
8
Aug-14
75,000
98,000
2,500
30,000
205,500
97,500
129,500
2,500
30,000
259,500
9
Sep-14
100,000
133,000
2,500
30,000
265,500
10
Oct-14
105,000
140,000
2,500
30,000
277,500
11
Nov-14
112,500
140,000
2,500
30,000
285,000
Electus Unus LLC Lease-up Year Rent Roll

Unit
I NV ES TM E N T B R I EFR1
R2
This
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Page 14
Unit Type
Retail
Retail
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
Market Rent Actual Rent Lease From

$15,000/month $15,000/month
$15,000/month $15,000/month
$2,500/month $2,500/month
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Aug-14
Lease To
31-Dec-19
31-Dec-19
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
31-May-15
31-May-15
31-May-15
31-May-15
31-May-15
31-Jul-15
Next Lease Current Lease

12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
7.00
7.00
7.00
7.00
7.00
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
7.00
12
Dec-14
117,500
140,000
2,500
30,000
290,000
Total
925,000
1,183,000
30,000
360,000
2,498,000
R e n t
I NV ES TM E N T
This
30
31
32
33
34
35
36
37
38
39
40
B RI EF41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
1 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
2 Bedroom
R o l l
( c o n t i n u e d )
$0,500/month $500/month
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Sep-14
1-Oct-14
1-Oct-14
1-Nov-14
1-Nov-14
1-Nov-14
1-Dec-14
1-Dec-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Jan-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Aug-15
30-Sep-15
30-Sep-15
31-Oct-15
31-Oct-15
31-Oct-15
30-Nov-15
30-Nov-15
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
31-Dec-14
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
3.00
3.00
2.00
2.00
2.00
1.00
1.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
10.00
10.00
10.00
10.00
10.00
10.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
8.00
9.00
9.00
10.00
10.00
10.00
11.00
11.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.00
2.00
2.00
2.00
2.00
2.00
Page 15
R e n t
I NV ES TM E N T
This
Page 16
66 2 Bedroom
67 2 Bedroom
68 2 Bedroom
69 2 Bedroom
70 2 Bedroom
71 2 Bedroom
72 2 Bedroom
BR
73I EF
2 Bedroom
74 2 Bedroom
75 2 Bedroom
76 2 Bedroom
77 2 Bedroom
78 2 Bedroom
79 2 Bedroom
80 2 Bedroom
81 2 Bedroom
82 2 Bedroom
83 2 Bedroom
84 2 Bedroom
85 2 Bedroom
86 2 Bedroom
87 2 Bedroom
88 2 Bedroom
89 2 Bedroom
90 2 Bedroom
R o l l
C o n t i n u e d
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Mar-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Jun-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Aug-14
1-Sep-14
1-Oct-14
1-Oct-14
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
28-Feb-15
31-May-15
31-May-15
31-May-15
31-May-15
31-May-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Jul-15
31-Aug-15
30-Sep-15
30-Sep-15
10.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
7.00
7.00
7.00
7.00
7.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
3.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
5.00
5.00
5.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
8.00
9.00
9.00
P e r m a n e n t
L o a n
A m o r t i z a t i o n
S c h e d u l e
Electus Unus LLC Permanent Loan Amortization Schedule

Compound Annual Rate:
Effective Annual Rate
Periodic Rate
Daily Rate
6.75%
6.963%
0.5625%
0.01849%
Commitment Letter Charges:

Legal Fees:
Misc Costs:
Borrower's Costs:
185,423
60,000
30,000
70,000
Perm Loan Closing Fees:

Other Lender Fees:
185,423
30,000
20,000
48,000
CASH FLOW DATA

Event
1 Loan
2 Payment
Start Date
December 31, 2013
January 31, 2014
Amount
$
$
18,542,301
(128,111)
Number
1
300
Period
Monthly
End Date
January 31, 2039
AMORTIZATION SCHEDULE - Normal Amortization

Date
I NV ES TM E NLoan
T BDecember
RI EF31, 2013
1 January 31, 2014
This
Debt Service Interest
2
3
4
5
6
7
8
9
10
11
12
2014
February 28, 2014

March 31, 2014
April 30, 2014
May 31, 2014
June 30, 2014
July 31, 2014
August 31, 2014
September 30, 2014
October 31, 2014
November 30, 2014
December 31, 2014
Total
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(1,537,331)
(104,300)
(104,167)
(104,032)
(103,896)
(103,760)
(103,623)
(103,485)
(103,347)
(103,208)
(103,068)
(102,927)
(102,785)
13
14
15
16
17
18
19
20
21
22
23
24
2015
January 31, 2015

February 28, 2015
March 31, 2015
April 30, 2015
May 31, 2015
June 30, 2015
July 31, 2015
August 31, 2015
September 30, 2015
October 31, 2015
November 30, 2015
December 31, 2015
Totals
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(1,537,331)
(102,643)
(102,499)
(102,355)
(102,210)
(102,065)
(101,918)
(101,771)
(101,623)
(101,474)
(101,324)
(101,173)
(101,022)
(1,242,598)
(1,222,076)
Principal
(23,810)
(23,944)
(24,079)
(24,215)
(24,351)
(24,488)
(24,625)
(24,764)
(24,903)
(25,043)
(25,184)
(25,326)
(294,733)
(25,468)
(25,612)
(25,756)
(25,901)
(26,046)
(26,193)
(26,340)
(26,488)
(26,637)
(26,787)
(26,938)
(27,089)
(315,255)
Balance
18,542,301
18,518,490
18,494,546
18,470,467
18,446,252
18,421,902
18,397,414
18,372,789
18,348,025
18,323,121
18,298,078
18,272,894
18,247,568
18,222,100
18,196,488
18,170,732
18,144,832
18,118,786
18,092,593
18,066,253
18,039,765
18,013,127
17,986,340
17,959,403
17,932,313
Page 17
A m o r t i z a t i o n
This
Page 18
S c h e d u l e
25
26
27
28
29
30
31
32
33
34
35
36
2016
January 31, 2016

February 29, 2016
March 31, 2016
April 30, 2016
May 31, 2016
June 30, 2016
July 31, 2016
August 31, 2016
September 30, 2016
October 31, 2016
November 30, 2016
December 31, 2016
Totals
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(1,537,331)
(100,869)
(100,716)
(100,562)
(100,407)
(100,251)
(100,094)
(99,937)
(99,778)
(99,619)
(99,459)
(99,298)
(99,135)
37
38
39
40
41
42
43
44
45
46
47
48
2017
January 31, 2017

February 28, 2017
March 31, 2017
April 30, 2017
May 31, 2017
June 30, 2017
July 31, 2017
August 31, 2017
September 30, 2017
October 31, 2017
November 30, 2017
December 31, 2017
Totals
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(1,537,331)
(98,972)
(98,809)
(98,644)
(98,478)
(98,311)
(98,144)
(97,975)
(97,806)
(97,635)
(97,464)
(97,291)
(97,118)
49
50
51
52
53
54
55
56
57
58
59
60
2018
January 31, 2018

February 28, 2018
March 31, 2018
April 30, 2018
May 31, 2018
June 30, 2018
July 31, 2018
August 31, 2018
September 30, 2018
October 31, 2018
November 30, 2018
December 31, 2018
Totals
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(128,111)
(1,537,331)
(1,200,126)
(1,176,647)
(96,944)
(96,768)
(96,592)
(96,415)
(96,236)
(96,057)
(95,877)
(95,696)
(95,513)
(95,330)
(95,145)
(94,960)
(1,151,533)
(27,242)
(27,395)
(27,549)
(27,704)
(27,860)
(28,016)
(28,174)
(28,333)
(28,492)
(28,652)
(28,813)
(28,975)
(337,205)
17,905,072
17,877,677
17,850,128
17,822,424
17,794,564
17,766,548
17,738,374
17,710,041
17,681,549
17,652,897
17,624,084
17,595,108
(29,138)
(29,302)
(29,467)
(29,633)
(29,800)
(29,967)
(30,136)
(30,305)
(30,476)
(30,647)
(30,820)
(30,993)
(360,684)
17,565,970
17,536,668
17,507,200
17,477,568
17,447,768
17,417,801
17,387,665
17,357,360
17,326,884
17,296,237
17,265,417
17,234,424
(31,167)
(31,343)
(31,519)
(31,696)
(31,874)
(32,054)
(32,234)
(32,415)
(32,598)
(32,781)
(32,965)
(33,151)
(385,798)
17,203,257
17,171,915
17,140,396
17,108,699
17,076,825
17,044,771
17,012,537
16,980,122
16,947,524
16,914,743
16,881,778
16,848,627
A s s u m p t i o n s
Project
Project Entity:
Address:
Gross Building SqFt:
Unit mix:
1 Bedroom
2 Bedroom
Total Apartment Units
Retail
Electus Unus LLC

890 East 54th Street, New York, New York
98,000 sf
50 Units
40 Units
90 Units
2 Units
10% of one-bedrooms
@ 9% /grsqft
@ 20% of market rent
I NV ES TM E N T B RILeasing
EF
Residential Lease Term:
This
12 Months
72 Months
0st Month Free
3%
2% of effective gross income
January 1, 2014
to
January 1, 2015
to
January 1, 2016
to
Retail Lease Term:

Lease Concession
Residential Renewal Lease Increase:
Leasing Commission Costs at Renewal:
Lease-up Year:
Stabilization year:
Operational year:
Market
Apartment:
1 Bedroom
2 Bedroom
Vacancy and Credit Loss
Commercial:
Retail Space
December 31, 2014

December 31, 2015
December 31, 2018
$2,500/month
$3,500/month
$500/month
2%
$15,000/month
1%
Page 19
Loans
Construction Loan:
Construction Loan Closing Date
Construction Annual Rate
Construction Loan Draw:
90% of total construction costs

December 31, 2012
10%
Term
4 Months
7 Months
1 Months
$40,000.00
$20,000.00
$10,000.00
$15,000.00
80% LTV
December 31, 2013
6.75%
25 Years
Construction Loan Fees:

Engineering Review:
I NV ES TM E N T Borrower's
B R I EF
Legal Fees:
This
Perm Loan:
Perm Loan Closing Date:
Perm Annual Rate
Amortization
Compound Period
Commitment Letter Charges:
Legal Fees:
Misc Costs:
Borrower's Costs:
Perm Loan Closing Fees:
Other Lender Fees:
Tax
Federal Tax Rate:
Capital Gain Tax Rate:
Depreciation Term:
Depreciation Rate:
Equity Deal
Preferred Return
Page 20
12 (Monthly)
185,423 1% of total perm loan

$60,000
$30,000
$70,000
185,423 1% of total perm loan
$30,000
$20,000
$48,000
35%
15%
27.5 Years
25%
10%
Percentage
50%
50%
10%
Project
Project Entity:
Address:
Gross Building SqFt:
Unit mix:
1 Bedroom
2 Bedroom
Total Apartment Units
Retail
Leasing
This
Electus Unus LLC

890 East 54th Street, New York, New York
98,000 sf
50 Units
40 Units
90 Units
2 Units
10% of one-bedrooms
Residential Lease Term:

Retail Lease Term:
Lease Concession
Residential Renewal Lease Increase:
Leasing Commission Costs at Renewal:
Lease-up Year:
Stabilization year:
Operational year:
Market
Apartment:
1 Bedroom
2 Bedroom
Commercial:
Retail Space
@ 9% /grsqft
@ 20% of market rent
12 Months
72 Months
0st Month Free
3%
January 1, 2014
to
January 1, 2015
to
January 1, 2016
to
December 31, 2014

December 31, 2015
December 31, 2018
$2,500/month
$3,500/month
$500/month
2%
$15,000/month
1%
Page 21
Building Costs
Hard Construction Costs:
Soft Costs:
Construction Period:
Pre-development Costs
Engineering, design, architects, fees and costs:
NYC plumbing, water stema connection permits:
Land, soil tests, environmental testing:
$150 pbsf
10% /Hard Costs
January 1, 2013
to
$500,000
$75,000
$25,000
This
Valuation
Valuation Multiple:
Sale Date:
Going-Out Cap Rate:
Costs of Sale:
Hurdle Rate:
Land Acquisition
Acquisition Date:
Closing Costs:
Land Cost:
Land Contract Deposit
Demo Costs:
Page 22
120% of total cost of project

12/31/2018
8%
5% of gross sale price
12%
November 15, 2012

6% of purchase price
$1,000,000
10%
$350,000
December 31, 2013
This Expenses
Operating Expenses:
Lease-up Year
Stabilized year
Operating Expense Growth
Real Estate Taxes:
Land & Building
Tax Growth:
Stabilized Tax Rate
Real Estate Tax Exemption:
25% of EGI
30% of EGI
2%/annum
$25,000/annum
10.739%
% of Exemption
Year 1
100%
Year 2
100%
Lease year
Year 3
Year 4
70%
70%
Year 5
50%
Year 6
50%
Page 23
890 East 54th Street New

York, NY
Electus Unus, LLC

REAL 1005 Term Project Pro Forma

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E LE CT US UN US

890 East 54th Street,

ELECTUS UNUS LLC ENTITY INFORMATION

The investors liability is limited to the amount invested.

Electus Unus LLC Calculation of Internal Rate of Return and NPV

November 15, 2012

Total Cash Flow

Electus Unus LLC Key Ratios

MANHATTAN APARTMENT MARKET ANALYSIS

Electus Unus LLC Development Budget

December 31, 2013

Construction Cost Total

6.5% annual interest rate

Costs associated with mortgage in excess of $600,000 dollars

Electus Unus LLC Performing Financial Projections

Vacancy and Credit Loss:

Net Income (Before-Tax)

Income Tax From Operations

Effective Gross Income:

Net Operating Income

Electus Unus LLC Capital Summary

Project-Level Cash Flows

Debt Investor Cash Flows

Preferred-Partner-Level Cash Flows

Electus Unus LLC Project Capital Structure Projections

Construction Loan Take-Out Balance

Preferred Equity Capital Account

Electus Unus LLC Equity Waterfall Structure Schedule

Sponsor receives 40% until Investor receives 20% IRR

Sponsor receives a 25% promote on all remaining cash flow

Electus Unus LLC Sales Proceeds and Tax Calculations

Terminal Cap Rate

5% of gross sale price

Calculation Of Tax On Gain on Sale

Depreciation Recapture Tax

Electus Unus LLC Schedule of Depreciation

Land, Building, and Acquisition Costs

Depreciation Per Year

Depreciation For 5 Year Holding Period

Schedule of Adjusted Basis

Electus Unus LLC Construction Loan Draw Schedule

December 31, 2012

Electus Unus LLC Lease-up Year Matrix Schedule

Electus Unus LLC Lease-up Year Rent Roll

Market Rent Actual Rent Lease From

Next Lease Current Lease

Electus Unus LLC Permanent Loan Amortization Schedule

Commitment Letter Charges:

Perm Loan Closing Fees:

CASH FLOW DATA

AMORTIZATION SCHEDULE - Normal Amortization

Debt Service Interest

February 28, 2014

January 31, 2015

January 31, 2016

January 31, 2017

January 31, 2018

Electus Unus LLC

Retail Lease Term:

December 31, 2014

90% of total construction costs

Construction Loan Fees:

185,423 1% of total perm loan