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H.J.

RUSSELL & COMPANY

Building the future one community at a time.

SOUTH ELM STREET REDEVELOPMENT DEVELOPMENT TEAM REQUEST FOR PROPOSALS


H.J. Russell & Company 504 Fair Street Atlanta, Georgia 30313

H.J. RUSSELL & COMPANY

March 29, 2011 Ms. Dyan Arkin, AICP Community Planner/Development Coordinator City of Greensboro 300 West Washington Street Greensboro, NC 27402-3136 RE: South Elm Street Redevelopment Development Requests for Proposals Dear Ms. Arkin: It is with great pleasure and excitement that H.J. Russell & Company submits to you our response to the Request for Proposals for the South Elm Street Redevelopment. We believe that the experiences and specialized disciplines of each of our team members make H.J. Russell and Company the ideal Developer for the City of Greensboro. Our team offers the following capabilities:  Master Planned Community Development Experience - Russell has been involved in several large scale redevelopment projects with local municipalities. Russell has served in many roles and capacities including manager, developer, and contractor.  HUD Experience - Our team of professionals brings a wealth of experience in dealing with HUD regulations and programs. We currently manage over 7,500 affordable units throughout the country that are connected with a HUD program. This provides us with real time experience and relevant practical application of regulations.  Minority-Owned Industry Leader Recognized by Black Enterprise as one of the Top 100 African American Companies, we have a deep commitment to assist our fellow M/WBE colleagues in achieving the same success. Our M/WBE participation plan outlines how we plan to generate project involvement.  Program Management Experience Our team boasts a portfolio of over 50 years of experience in management, general contracting, construction management and development. From public and private residential projects and government projects such as Hartsfield Jackson Airport, we oversee and manage quality construction projects that are completed on time and on budget. Our team of professionals is experienced with new construction and renovation project in the government arena.  Big Picture Thinking - Russell offers a full range of services including general contracting, construction management, design/build, program management, real estate development, and property management services. Because of our diverse range of services, Russell brings to every project, regardless of size or scope, a wealth of talented, professional staff members who know the ins and outs of mixed income projects from the point of view of every stakeholder. The primary contact for the H.J. Russell Team will be Mr. Edrick Harris. He can be contact directly at (404) 330.1036. Do not hesitate to contact Mr. Harris for any additional information or clarification of any aspect of our submission. Respectfully,

H. Jerome Russell H.J. Russell & Company


H.J. Russell and Company ~ 504 Fair Street, SW ~ Atlanta, GA 30313 ~ 404.330.1000 phone ~ 404.688.5179

TABLE OF CONTENTS
SECTION REQUEST FOR PROPOSALS 1 RFP ISSUED: December 15, 2010 Development Team Capability .. . . . . . . . . . . . . . . . . . . . . . . . . .DUE: . . . . .February . . . . . . . . 15, 4 2011 CITY OF GREENSBORO, NORTH CAROLINA RESPONSES SECTION 2
www.southelmstreet.com Financial Capacity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

SECTION 3

Development Program and Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

SECTION 4

Local and DBE/HUB/MWBE Outreach and Participation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

SECTION 5

References.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

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DEVELOPMENT TEAM
RUSSELL NEW URBAN DEVELOPMENT OVERSITE AND MASTERPLAN CONSULTATION Russell New Urban Development, LLC, the development arm of H. J. Russell & Company and a privately held real estate development company, is a catalyst for urban transformation primarily throughout the Southeast. We have 50+ years of experience in urban development and understand how to create thriving urban communities. From single and multi-family properties to mixed-use communities and commercial developments, we identify and define locations that offer homebuyers and retailers appreciable advantages and great place to live, work and play. Our mixed-use communities offer a range of services and offerings that attract a diverse group of consumers and businesses. We have placed over 3000 residential units and 60,000 square feet of retail in the market. The development arm began by developing the multi-family portfolio (largely composed of HUD properties in Atlanta) throughout the companys 55-year history and has now transitioned during the last few years into producing market-rate, mixed-use condominium and loft projects (both forsale and rental) in emerging urban areas in Atlanta such as Edgewood, West End, Castleberry Hill and Washington park as well as out-of-state venues such as Newark, Baltimore and Tampa. While RNUD is strongly focused on urban neighborhood revitalization and enhancing core urban areas, it does not want to be overly ambitious in its development plans at the expense of project quality and deal flow. RNUD takes a more controlled growth approach with a focus on project excellence and value over quantity. The strength and influence of our parent firm, H. J. Russell & Company, gives us access to tremendous resources and cross-functional expertise in general contracting, construction and property management. These qualities, combined with a history of working successfully with city officials and neighborhood residents, distinguish Russell New Urban Development and our ability to stimulate economic revitalization and growth. RNUD is spearheaded by H. Jerome Russell, President. Mr. Russell dedicates the majority of his time to RNUD and under his leadership the company has completed over $100 million of development over the last 3 years with over $200 million of real estate development in the pipeline.
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Feasibility Analysis Land Development Financial Analysis

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Construction/Design Management Post Construction Management Management

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Russell New Urban can take a project from concept through completion. Services offered are: We are known for our tradition of excellence and we have a vision of strengthening Americas foundation through effective urban development.

Building the future one community at a time.


Our Mission:
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Sustain a Profitable Enterprise Offer Superior Products and Services Enhance Quality of Life Earn Employee loyalty and demonstrate our commitment to their success Be recognized as national leaders:

Team Directory
H. Jerome Russell 504 Fair Street SW Atlanta, GA 30313 jrussell@hjrussell.com Office: (404) 330-0917 Fax: (404) 330-0867 Cell: (404) 509-0513 Edrick Harris 504 Fair Street SW Atlanta, GA 30313 eharris@hjrussell.com Office: (404) 330-1036 Fax: (404) 330-0867 Cell: (404) 317-7597

Our firm and partners will work together as one cohesive unit to provide professional

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APPROACH AND METHODOLOGY


Development projects are often complex undertakings. Many of todays investors and government authorities solicit outside assistance to manage this process. Those authorities that are equipped to manage these projects internally are often understaffed or lack the development experience to complete complex projects. Engaging development managers to act as an extension of the staff to meet the challenges of the program is a proven approach. RUSSELL will utilize professional program management techniques from conception to completion for the purpose of controlling time, cost and quality. In addition, the following tools will be developed during the contract period that will enable a development team to monitor development projects as they are awarded.
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Review market study/feasibility report and make recommendations regarding subsequent steps.  anage and coordinate all due diligence activities including, but not limited to soils testing, M site planning and designer selection. n concert with the owner, provide insight and support in financial discussions on the local, I state, and federal level to indentify all potential sources of funding and support for the project.  omplete all required proformas and cash flow analysis to provide a concise financial overC view of the project.  reate and update a master schedule identifying critical path items for acquisition, financing, C and development activities. Provide a monthly documentation of all activities.

I. PLANNING

A. Provide Initial Planning We will begin Phase I with a Program Launch or kick-off meeting. This begins the process for tailoring our plan to your needs. Program Launch begins with a review of the proposed program and scope of work. The client takes the lead in confirming key elements of the project goals, priorities, policies, vision, schedule, and budget. Russell New Urban will take the lead in clarifying the principles of the work plan we have presented. B. Establish a Revitalization Steering Committee Involvement of key stakeholders and government officials are essential to viable revitalization. The Revitalization Steering Committee will be established to continue to gain community support on our shared vision. Periodic meetings will be conducted, and stakeholders kept informed of progress. C. Review and Documentation, Planning Objectives and Priorities We will review and document the planning actions and activities completed to date, as well as any comments and directions that may have been provided by City of Greensboro. This will involve verification of investment allocations and potential outside funding sources, and the preparation of a budget to reflect the realities and dynamics of a program of this magnitude.
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D. Prepare the Final Revitalization Plan We will work with the investment team and other stakeholders to evaluate and challenge program requirements for the purpose of developing and finalizing the Revitalization Plan. This will involve reviewing all relevant East Greensboro guidelines, reviewing prepared Comprehensive Land Use Plans and Revitalization Plans, preliminary engineering studies and other submissions, and conducting additional planning analysis as needed. The final Revitalization Plan must identify specific programs, budgets, and timetables for all components of the development; including financing, planning, construction, management, and economic development. E. Prepare Other Supporting Documentation Although requirements are not identified, we anticipate that any grants or acquired city/state funding will require other reports and documentation for implementation of the program described in the Revitalization Plan. As may be required by granting agencies, we are prepared to draft such other planning documentation, such as a revision to the project master plan.
II. FINANCIAL ANALYSIS/COORDINATION

As mentioned earlier in the proposal, putting together the various financial pieces required to fund the revitalization effort is one of the greatest challenges. Our role in this phase will be two-fold. Primary importance will be placed on making sure that the investment teams interests are protected. This necessitates a full and complete understanding of their financial structure and the constraints under which it operates in order to have access to the funds made available for development. RUSSELL has a strong financial understanding of master developed communities as well as strategic alliances with national financial advisors around the country. We will bring those resources to bear in analyzing and reporting the various financing options being considered by the investment team. Of equal importance will be our role in commandeering the process. We will develop a system by which we track responsibilities, dates for completion, and progress.

III. DESIGN COORDINATION

Since the responsibility for design will rest with the master developer, we will establish design quality control standards for which the design team will have to accept responsibility for the following: a) Conceptual Phase b) Schematic Design Phase c) Design Development Phase d) Construction Documents Phase The team will meet regularly with the client to discuss findings, program issues, management options, and redesign alternatives. Many of these meetings will be working sessions where the committee will work with the master developer in evaluating design alternatives.

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IV. CONSTRUCTION MANAGEMENT

Construction management begins with ensuring that the developer is properly prepared for the bidding process, and continues throughout the work until the facility is complete and ready for turnover for occupancy. RUSSELL will develop the following tools to ensure the delivery of the highest quality facility within the constraints imposed by the project budget.
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 valuation and tracking of contractor(s) bidding processes to ensure that quality local, E minority, and disadvantaged businesses are afforded ample opportunity to participate in the project.  valuation and tracking of contractor(s) demolition, relocation, and construction E schedules. dentify variances in projected and actual completion dates at all phases of the I schedule and make recommendations to the developer and MRA on methods of adjustment. Identify and report on budget variances; make recommendations for adjustment. 

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Russell New Urban has the professional experience to provide all of the master development oversight and coordination to bring your vision to reality.

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Relevant Experience
Russell has over 50 years of experience in urban development and understands how to create thriving urban communities. From single and multi-family properties to mixed-use communities, we identify and define locations that offer homebuyers and retailers appreciable advantages and great place to live, work and play. We are familiar with HUD housing requirements as well as HOPE VI - there will be no learning curve for our team. As documented throughout this proposal, our team satisfies all the requirements to provide professional development services to the City of Greensboro.

Program Requirements
Experience with Federal Policy and Planning Experience with preparing similar proposals with emphasis on low income an affordable housing Experience with five (5) projects of similar nature Successful development of a plan of a similar nature Experience and professional excellence of designated key professionals Experience in urban planning National experience with Public issues, and subsidized housing Experience with supportive and community services activities which fully meet local, state, and federal codes, ordinances, regulations and criteria as promulgated by HUD Experience with project planning, methodologies/strategies to accomplish tasks, services Experience and knowledge of redevelopment of communities Experience with Real Estate financing Experience in meeting MBE/WBE Participation Goals Experience in identifying, pursuing and applying for sources of funding necessary to achieve the ends anticipated by the application

Russell Experience
x x x x x x x x

x x x x x

The following housing projects represent those that most closely align with the proposed housing development for the Housing Authority of the City of Greensboro.

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H. Jerome Russell
President
H.J. RUSSELL & COMPANY

Team Organization

Edrick Harris
Development Manager

Greg Dixion

Construction Services

Program Management Team Support

Property Management Services

Valery Calloway, VP

Wakefield Beasley & Associates and ESPA

Architects
Engineering TBD

Local Development Partner

Valery Calloway Property Management Oversight

H.J. RUSSELL & COMPANY

Team Resumes

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H. Jerome Russell
H.J. RUSSELL & COMPANY

Project Executive

EDUCATION Bachelor of Science, Business Administration and Management Georgia State University YEARS EXPERIENCE 24Years CERTIFICATIONS Certified Commercial Investment Manager (CCIM) Certified Property Manager (CPM) Candidate PROFESSIONAL AFFILIATIONS Leadership Atlanta, Class of 1993

H. Jerome Russell has strategically moved through the professional ranks of the H.J. Russell & Companys construction and real estate development operations to his current position as president of H.J. Russell & Company. In his expanded role, he focuses on maximizing the companys existing real estate holdings and urban infill redevelopment, following his passion for the revitalization of urban areas throughout the United States. Additionally Jerome will create a branding strategy to build awareness of The Russell Companys initiatives throughout the United States and in nontraditional markets. During his career, Jerome has managed numerous large operations, including a $15 million beverage distributor, City Beverage Company, and Gibraltar Land Inc., a Russell-owned development firm, where he oversaw retail and residential developments valued at millions of dollars. In 1992, Jerome was named executive vice president of H.J. Russell & Company. He served in a key support role to the chairman and chief executive officer. In 1995, after the merger of several independent companies into one entity, H.J. Russell & Company, he assumed the title of President and Chief Operating Officer. Jerome received his Bachelor of Science degree in business administration and management from Georgia State University. He also earned professional certifications in commercial investment management and property management (CPM, CCIM).
RELEVANT PROJECT EXPERIENCE Stratford Inn - 205 single room occupancy Edgewood Court Apartments - 204 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing Greenbriar Commons - 174 unit cooperative Hollywood West Apartments - 84-unit section 8 housing Martin Manor Apartments - 64-unit section 8 housing Mt. Zion Garden Apartments - 148-unit section 8 housing Central Methodist Gardens, I & II - 240 unit section 8 housing Shawnee Apartments - 32-unit section 8 housing Westlake Manor Apartments - 32-unit section 8 housing Martin L. King , Jr. Apartments - 192-unit section 8 housing Etheridge Court I & II Apartments - 164 & 190 unit section 8 housing Linwood Apartments - 100-unit section 8 housing Dogwood Apartments - 80 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing The Cliffs Apartments - 120 unit section 8 housing Lake Forest Apartments - 117 unit section 8 housing Scott Homes - 754 unit public housing Parc Vue - 141 unit conventional Grady Homes - 495 unit public housing Antoinne Graves - 310 unit public housing Roosevelt House - 257 unit public housing

Palmer House - 250 unit public housing


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Edrick Harris
H.J. RUSSELL & COMPANY

Senior Development Manager


EDUCATION Master of City Planning, Land Development Georgia Institute of Technology Bachelor of Science, Real Estate Development Southern Polytechnic State University YEARS EXPERIENCE 12 Years CERTIFICATIONS Housing Development Finance Professional PROFESSIONAL AFFILIATIONS American Planning Association Urban Land Institute Georgia Regional International Council of Shopping Centers

Edrick Harris has more than 12 years experience in real estate development, project, and program management. As Senior Development Manager, he is responsible for reviewing sites for potential development, performing preliminary land use and financial analysis to determine site development potential, overseeing the entitlement process, and managing multiple projects from inception through construction completion. Edrick has overseen a multitude of complex mixed use projects during his 10 year tenure at Russell New Urban Development, the development and program management arm of H.J. Russell and Company. These projected included three notable transit oriented master-planned communities. The Villages at Carver, Sky Lofts, and Historic Westside Village are key revitalization projects that include land assemblages up to 105 acres with multiple phases and the completed developments redefined the communities they served by adding additional housing units, retail, and park/recreational space. Prior to joining Russell, Edrick was the Administrator of Planning and Zoning Department for the City of Kennesaw in Georgia. His duties included plan review, development consultation, planning, and zoning analysis.
SELECT PROJECT EXPERIENCE Villages at Carver - Atlanta, GA (105 Mixed Use Mixed Income Development)

Historic Westside Village - Atlanta, GA (Master Planned Community with Condimiums, Townhomes, & Retail) The Legacy at Castleberry Hill - Atlanta, GA (Master Planned Mixed Use Development with Apts, Hotel, and Retail)

Instructor at the Georgia Central Park Lofts - Atlanta, GA Institute of Technology (Condominium Project)

Moultrie Manor - Moultrie GA (Apartment Major Rehab) Wright Young Hall Renovation, Clark Atlanta University - Atlanta, GA (Program Management for Renovation of CAU School of Business)

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Jeffrey Cowan, CAPS, CPO, COS


Community & Resident Services
H.J. RUSSELL & COMPANY

EDUCATION Bachelors of Fine Arts Valdosta State University Associate of Applied Science, Management Valdosta State University YEARS EXPERIENCE 18 Years

Mr. Cowan is responsible for the operations of H. J. Russell & Companys Property Management Division consisting of 40 communities, totaling 5,894 units in Georgia, Florida, Chicago and Detroit. The managed properties include affordable, conventional, tax credit, public housing, and commercial programs. Jeff directly manages four Regional Property Managers, monitoring compliance aspects and issues, rehab and capital improvements iniatives. He also assists in mortgage restructuring and property sales.
RELEVANT PROJECT EXPERIENCE Stratford Inn - 205 single room occupancy

Edgewood Court Apartments - 204 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing Greenbriar Commons - 174 unit cooperative Hollywood West Apartments - 84-unit section 8 housing Martin Manor Apartments - 64-unit section 8 housing Mt. Zion Garden Apartments - 148-unit section 8 housing Central Methodist Gardens, I & II - 240 unit section 8 housing Shawnee Apartments - 32-unit section 8 housing Westlake Manor Apartments - 32-unit section 8 housing Martin L. King , Jr. Apartments - 192-unit section 8 housing Etheridge Court I & II Apartments - 164 & 190 unit section 8 housing Linwood Apartments - 100-unit section 8 housing Dogwood Apartments - 80 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing The Cliffs Apartments - 120 unit section 8 housing Lake Forest Apartments - 117 unit section 8 housing Scott Homes - 754 unit public housing Parc Vue - 141 unit conventional Grady Homes - 495 unit public housing Antoinne Graves - 310 unit public housing Roosevelt House - 257 unit public housing Palmer House - 250 unit public housing

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Gregory Dixon
H.J. RUSSELL & COMPANY

Construction Manager
EDUCATION Bachelor of Science, Construction Science and Management, Tuskegee University YEARS EXPERIENCE 14 Years

Accomplished manager with 14 years of experience with H. J. Russell & Company in Construction Management Services. Ability to facilitate the collaboration and development of Community Development Revitalization Projects, coupled with demonstrated expertise in structuring operations to support expansion in multi/ single family residential markets. Strong financial background accomplished by significant exposure and experience in operations, and demonstrated strengths in redevelopment, reengineering, and implementation of new development processes. Designed and implemented operational improvements that fueled productivity, process, and profitability improvements. Proven strength in articulating mission critical goals and coaching culturally diverse staff to achieve objectives. Established vital relationships with suppliers and other key people to ensure materials, supplies, tools, equipment, and personnel are obtained and/or delivered as necessary. Greg maintains solid working relationships with the Owner/Customer and reflects and supports core company values as well as consistently exceeds customers expectations. He has established vital organizational and communication tools with contractors/ suppliers and other key groups to ensure all materials, supplies, tools, equipment, and personnel are obtained and/ or delivered as expected. Greg possess knowledge, understanding, and a sincere sensitivity to the Community Development Block Grant (CDBG) program as well as other FHA/HUD Assisted programs, as he believes in the core value of these programs to make available affordable housing in underprivileged neighborhoods while creating an environment for the expansion of jobs. Greg most notable involvement in a HUD funding project was the redevelopment of the Villages of Carver and Castleberry Hills in Atlanta, GA. It was critical that these projects followed the requirements and the primary objectives of Title I of the Housing and Community Development Act of 1974 as HUD only awards grants to entitlement community grantees to carry out a wide range of community development activities directed toward revitalizing neighborhoods, economic development, and providing improved community facilities and services. Greg has built and led multiple teams up to 100+ Project Managers, Engineering Teams as well as Administrative Teams in his division while supporting multiple projects totaling ~$200 million. Consistently meet with sub-contractors and vendors to ensure project timetables were not jeopardized as well as daily management of internal teams to mitigate risks and create an atmosphere where all parties are successfully meeting project goals.
RELEVANT PROJECT EXPERIENCE Campbell Stone Apartments; Atlanta, GA; $11M Carver Homes Phases I, II, III, V; Atlanta, GA; $34M Castleberry Hills Phases I, II, III; Atlanta, GA; $45M John Hope Homes Phases I, II; Atlanta, GA; $29M Allen Hills Apartments; Atlanta, GA; $11M Centennial Place Phase II; Atlanta, GA; $10 M Lakewood Christian Manor; Atlanta, GA; $5M Bethel Church Homes; Athens, GA; $4M Hollywood Shawnee; Atlanta, GA; $2M
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Val Calloway, CPA


Property Management
H.J. RUSSELL & COMPANY

EDUCATION Bachelor of Science, Management Science Duke University YEARS EXPERIENCE 30 Years REGISTRATIONS Certified Public Accountant (CPA) Certified Property Manager (CPM) Certified Professional of Occupancy (CPO) Certified Leasing Professional (CLP)

Valerie Calloway, Senior Vice President of Property Management is a leader in the Property Management industry. Ms. Calloway joined H.J. Russell in 1977 as Controller of the Property Management Division. In 1994, she was promoted to Vice President of the Property Management Division. There she developed strategic plans for the effective management of 42 residential communities; eight commercial properties and lead the companys public housing privatization efforts. In August 1999, Mrs. Calloway was promoted to Vice President/Chief Financial Officer. In this role, she worked with commercial and investment bankers and managed the companies accounting and Finance functions. She also served as project manager during the development and construction phases of two acquisition/ rehab projects, monitored the start-up operations of the Carver Homes HOPE VI and served as the transition leader for the management assumption of several Public Housing and Section 8 Communities. In October 2001, Mrs. Calloway was promoted to Senior Vice President of Real Estate Development where she coordinated new construction and/or rehabilitation of multihousing units and other public/private financed developments. In August 2003, Ms. Calloway assumed the role of Senior Vice President Property Management. Currently, she focuses on the repositioning of the affordable housing portfolio through refinancing and substantial rehabilitation. Her dual role includes responsibility for the operations of all properties in the Property Management portfolio.
RELEVANT PROJECT EXPERIENCE Stratford Inn - 205 single room occupancy Edgewood Court Apartments - 204 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing Greenbriar Commons - 174 unit cooperative Hollywood West Apartments - 84-unit section 8 housing Martin Manor Apartments - 64-unit section 8 housing Mt. Zion Garden Apartments - 148-unit section 8 housing Central Methodist Gardens, I & II - 240 unit section 8 housing Shawnee Apartments - 32-unit section 8 housing Westlake Manor Apartments - 32-unit section 8 housing Martin L. King , Jr. Apartments - 192-unit section 8 housing Etheridge Court I & II Apartments - 164 & 190 unit section 8 housing Linwood Apartments - 100-unit section 8 housing Dogwood Apartments - 80 unit section 8 housing Paradise East Apartments - 176 unit section 8 housing The Cliffs Apartments - 120 unit section 8 housing Lake Forest Apartments - 117 unit section 8 housing Scott Homes - 754 unit public housing Parc Vue - 141 unit conventional Grady Homes - 495 unit public housing Antoinne Graves - 310 unit public housing Roosevelt House - 257 unit public housing Palmer House - 250 unit public housing

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H.J. RUSSELL & COMPANY

Development Experience

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REPRESENTATIVE EXPERIENCE
Approximate Value $60 Million Services Real Estate Development Program Management Construction Management Start Date 2005 Completion Date Projected 2012

Historic Westside Village


Atlanta, Georgia Historic Westside Village is a privately owned mixed-use development offering residents live/work/play within walking distance of the bustling College area in the Historic Westside section of Atlanta. The first phase included 60 town home units and at condominium, this tri-building, stick-frame construction with brick and stucco exterior finishes offers 150 for sale condominium units with an attached four-level precast parking deck for 450 cars. The interior courtyard contains a pool and enhanced landscaping which offers residents year-round outdoor entertaining. The Clubhouse houses fitness area. The site improvements involve private roads, sidewalks, underground utilities and building pads.
APARTMENTS

CHARLES HARPER PARK

CARTER STREET GREENWAY

C A R T E R

S T R E E T

MARTA MAINT. FACILITY ASHBY MARTA STATION


PRIVA
TE

LANE

PRIVATE LANE

B L V D .

Community Par k

PUBLIX

PRIVATE LANE
M
A Y

L O W E R Y

+/-9 spaces

+/-3 spaces

+/-3 spaces

+/-18 spaces

EXISTING RETAIL

Cover ed Drive-T hr u (one-way)

+/-3 spaces

Surface Par king

EXISTING PARKING

+/-75 spaces

WILSON BUILDING

3 Stor y Live-Wor k To w n h o m e s

+/-60

BRONNER BROTHERS

+/-16 spaces

M A R T I N
Cover ed Pedestrian Pass-T hroughs (2) M a y s o n - Tu r n e r Re-Aligned

L U T H E R

K I N G
0

J R
50

D R I V E
100

Cover ed Pedestrian Pass-T hroughs (2)

Mayson-Tuner Re-Alignment Option


Historic Westside Village Master Plan, Atlanta, Georgia MLK Frontage Options

Prepared for: Trammell Crow Company / H.J. Russell. Prepared by: Urban Collage, Inc. version: April 3, 2007

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J . P .

J . E .

B R A W L E Y

D R I V E

ASHBY CIRCLE

The site also includes approximately 34,000 square feet of retail with an additional 30,000 square feet planned. The development team has worked with the City of Atlanta, the Atlanta Housing Authority and other economic development agencies to provide home ownership opportunities for low to moderate income individuals. There has also been a strong partnership with the police departments to improve neighborhood safety. The team is in the process of installing an integrated surveillance system and improve the overall streetscapes in the area.

+/-18 spaces

S O N

/ T
U R N E R
ces +/-5 spa

REPRESENTATIVE EXPERIENCE
Approximate Value $100 Million Services Real Estate Development Program Management Construction Management Start Date Phase I- March 2005 Phase II - October 2006 Completion Date Phase I- September 2006 Phase II - October 2007

SKYLOFTS

Atlanta, Georgia Sky Lofts Phase I West End development is located in the Historic West End District of Atlanta, Georgia in close proximity to the Atlanta University Center and the West End Mall. Its location also provides easy access to major sports and entertainment venues, as well as accessibility to downtown and primary transportation arteries. Phase I is comprised of 2 buildings. Building 1 contains 99 condominiums with one level of below-ground parking and 9,014 SF of ground level retail space. Building 2 consists of 6 town homes, individual parking garages located above the business & fitness center. The two buildings combined consist of 105 total condominium units with 49 one-bedroom units, 52 two-bedroom units and 4 twobedroom townhouses. Pricing ranges from the $140s to the mid $200s. Property amenities include a fitness center, business center and swimming pool. The property is equipped with a controlled access entry and all units are pre-wired for security systems. Skylofts Phase II is a 3/ 4 Story residential building located at 898 Oak Street SW, in Atlanta, Georgia. The building contains 102 units consisting of 31 One Bed/One Bath, 35 One Bed/One Bath with Den, and 36 Two Bed/Two Bath units. The price point starts in the mid $200s.

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REPRESENTATIVE EXPERIENCE
Approximate Value $100 Million Services Real Estate Development Program Management Construction Management Start Date 2001 Completion Date Ongoing

Castleberry Super Block


Atlanta, Georgia A planned mixed-use/ mixedincome development located at the southwestern edge of the Castleberry Hill neighborhood in downtown Atlanta. The project encompasses four city blocks, and consists of loft housing, commercial retail space and senior living units developed and constructed in combination with existing and new infill buildings. All new buildings were designed and constructed so that they are in harmony and compatible with the scale and character of the existing historic buildings. Walkways and gardens have been added to the existing street grid patter to promote the downtown neighborhood feel and to promote the spirit of New Urbanism.

The ARTIST SQUARE


Approximate Value $14 Million Services Real Estate Development Program Management Construction Management Start Date October 2006 Completion Date July 2007 Atlanta, Georgia RNUDs role as developer was to take the project from conception through to completion and occupancy and will include managing the planning, design, financing, implementation, marketing and sale of this development. The housing units consist of 76 loft-style condominium units (on average 990 sq. ft. unit) spread across 2 multiplex buildings with 2 stories in one building and 3 stories in the other over a ground level parking garage in each building. These units are served by community and neighborhood roadways, landscaping and infrastructure. The project is located less than 5 minutes from Central Downtown and minutes from restaurants, the Georgia Dome, Phillips Arena, the Aquarium, Turner Field, Parks and other major entertainment attractions.

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H.J. RUSSELL & COMPANY

Our Partners Information

Wakefield Beasley & Associates (WBA)


Founded in 1980 by Richard Lamar Wakefi eld and John B. Beasley, Jr. offers client services in Master Planning, Architecture, Interior Design, Program Management, and Construction Management, Receipt of thirty professional design awards acknowledges the design excellence Wakefield Beasley & Associates maintains for all projects. WBA is currently ranked among Atlantas Top 25 Architectural Firms. Headquartered in Norcross, with regional offices in Jacksonville, Florida, Abu Dhabi, United Arab Emirates and Panama City, Panama, Wakefi eld Beasley & Associates maintains a staff of registered and LEED Accredited professionals and interior designers. Our standards include hiring designers with exceptional experience and a working knowledge of AutoCAD and BIM as a means to provide our clients with a successfully completed project. Wakefield Beasley & Associates has executed the design of approximately 3000 architectural projects and 1750 interior projects throughout the World. Ranging in size from small interior renovations to projects over 3,000,000 square feet, these projects include both small mixed-use facilities to larger town center concepts. FIRM INFORMATION Wakefield Beasley & Associates 5155 Peachtree Parkway, Building 300, Ste 3220 Norcross, Georgia 30075 Phone: 770.209.9393 Fax: 770.209.7050 www.wbassociates.com Form of Ownership: Corporation State of Incorporation: Georgia Number of Years in Business: 30 years

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ESPA Firm
Formed in 1997, Efird Sutphin Pearce & Associates, PA has recently rebranded as ESPA. We are an Architectural and Planning Design firm with experience in the wide spectrum of the built environment and located in historic downtown Greensboro, North Carolina. ESPA is made up of five licensed architects, three of whom are LEED Accredited Professionals. ESPA renovated an old loading dock building using a variety of sustainable design features including daylighting, bamboo flooring, and energy efficient lighting. Pooling a collective experience of over 85 years in the design and construction industry, the ESPA professionals provide exceptional design for medical, government, commercial, institutional, residential, and industrial clients in North Carolina, South Carolina, and Virginia. NCARB certified, ESPA is able to become licensed in other states. ESPA works with a variety of experienced consultants and professional engineers. We tailor our Design Team to fit the needs of each specific project. Together, we provide the service and professionalism that our clients expect and demand. We work with you to evaluate each project as a unique program that leads to successful end results and a repeat clientele. FIRM INFORMATION ESPA Architects & Planners 310 East Sycamore Street, Suite A Greensboro, NC 27401 Phone: 336.273.0083 Fax: 336.574.1916 www.espaarchitects.com Form of Ownership: Corporation State of Incorporation: North Carolina Number of Years in Business: 14

South Elm Street Redevelopment | 23

MICHEL T. LENTZ, Director


Principal-In-Charge
EDUCATION Associate of Arts Degree in Architecture University of Kentucky Bachelor of Science in Building Construction University of North Florida YEARS EXPERIENCE 27 Years REGISTRATIONS/ CERTIFICATIONS Licensed General Contractor - Florida PROFESSIONAL AFFILIATIONS Member, International Council of Shopping Centers (ICSC) Member, Urban Land Institute (ULI) Member, Southern Building Code Conference (SBCC)

The fast paced, constantly changing retail and mixed use marketplace has kept Mike Lentz from experiencing many dull moments in his 27 year career. He enjoys the way trends in the retail industry continually evolve, and the challenge of always staying competitive. Trained in both architecture and construction and with a passion for design, Mike has successfully managed the planning, design, and construction of retail and mixed use projects across the United States from Portland to Miami, and internationally from Panama to Dubai. As Director of Wakefi eld Beasleys Retail/Mixed Use Studio, Mike offers clients a strong understanding of what it takes to commingle diverse uses such as retail, offi ce, and hospitality programs as part of a single project and make them all successful. Mike is most actively involved in projects during their early stages, working with clients through predevelopment, programming, and master planning, then shepherding each project into the design and construction phases. He is also experienced in the development aspects of projects, such as tenant negotiations, cost modeling, and procurement of entitlements. Mike always looks for creative approaches and new ideas to incorporate in his clients projects, but he also remains mindful of their cost and schedule constraints. The most important aspect of his job is gathering input from a projects stakeholders, identifying their key goals and how to achieve those objectives. Part of Mikes role is also an educational process, sharing his professional expertise with clients, permitting agencies, and the general public as circumstances demand. As Mike explains, The more buy-in you have from all parties concerned with a project, the more likely it is to succeed.
RELEVANT PROJECT EXPERIENCE Town Center at Atlantic Station Atlanta, GA 138-acre mixed use brownfield redevelopment project in midtown area of Atlanta. The Forum on Peachtree Parkway Atlanta, GA 420,000 SF mixed-use development; including 330,00 SF of retail space; 90,000 SF of office over retail. Coconut Point Estero, FL1.2 million SF mixed-use/town center development. Dubai Festival City Dubai, United Arab Emirates 2.5 million SF retail facility. South Park San Fernando, Trinidad and Tobago 650,000 SF mixed use project. St. Johns Town Center Jacksonville, FL 1,000,000 square foot lifestyle center. Ashley Park Newnan, GA 450,000 SF lifestyle development. Rhythm Nashville, TN 14-story mixed-use development consisting of one and two bedroom condominiums. Patton Creek Hoover, AL 450,000 SF mixed-use facility. Bellevue Center Nashville, TN renovation and de-malling of an existing standalone traditional two-story mall and converting it into a lifestyle center hybrid, anchored by a new village green.

24 | South Elm Street Redevelopment

JEREMY HULL, LEED AP


Director, Planning Studio/
EDUCATION Bachelors Degree Landscape Architecture University of Georgia YEARS EXPERIENCE 10 Years REGISTRATIONS/ CERTIFICATIONS Registered Architect Georgia LEED Accredited Professional

Jeremy has more than 10 years of planning experience. He is very familiar with a variety of building typologies and how they harmonize with the built environment. As Director of the Planning Studio, Jeremy is responsible for project management and coordination, client contact, design, presentation graphics, and coordination among other team disciplines. He has acknowledged ability in managing diverse project types and successfully meeting budgets and deadlines while maintaining a consistent level of quality. The studio focuses on retail, mixed-use, urban infi ll, residential and community planning. Most recently, Mr. Hull completed planning for Rivertown in Jacksonville, Florida and Glenwood Park in Atlanta, Georgia.
RELEVANT PROJECT EXPERIENCE Rivertown Jacksonville, Florida 4,500 acre TND community being built by St JoeTowns and Resorts. The community, stretching along the St. Johns River, is designed around a mixed use village center with providing shopping, offi ce, and a variety of public amenities that serve the village and the community as a whole. Involved in the project from conceptual planning stage, and continued on through implementation over a 6 year period of time. Glenwood Park Atlanta, Georgia mixed use urban redevelopment project built on the site of an old concrete plant. The neighborhood incorporates local retail, with office and residential above, live-work, town homes, and single family with pedestrian friendly streets. Worked on the project from the initial planning charrette, and continued on through into implementation. Roswell East Roswell, Georgia Mixed-use development combining destination retail and shopping among class A offi ce and multifamily residential all oriented toward the streets and public spaces. The architecture is infl uenced by Swiss design and creates a unique live/work/play community just north of downtown Atlanta. Beltline Atlanta, Georgia Redevelopment of a 6 mile stretch of a proposed transit loop around the city of Atlanta. The development plan proposed +2,000 residential units built in conjunction with retail, offi ce and civic uses, all directly tied into the new proposed transit system. The 6 mile stretch spans Atlantas Central Park, Piedmont Park, and the surrounding neighborhoods of Ansley Park and the Virginia Highlands. Godley Station Savannah, Georgia 120 acre master plan development anchored by a mixed-use village of street oriented retail with offi ce and residential above. The development, which is in the fast growing corridor around the Savannah airport, incorporates this village along with class A offi ce and hotel uses. Savannah Stadium Savannah, Georgia This new facility incorporates a new stadium along with retail, offi ce, hotel and residential uses, creating a new civic amenity that provides a year-round venue for sports and entertainment in a truly integrated manner. The office and residential uses overlook the fi eld and provide a dramatic backdrop for the stadium itself. The stadium itself will be a fi rst class facility with 7,000+ seats will included a variety of stadium, grass berm and club level seating. A parking deck is planned in conjunction with the stadium.

South Elm Street Redevelopment | 25

ROBERTO GOMEZ-VALDEZ
Director of Design Studio
EDUCATION Master of Science in Architecture National University of Mexico (1975) YEARS EXPERIENCE 30 Years REGISTRATIONS/ CERTIFICATIONS Registered Architect Mexico City

Growing up in Mexico City as the son of an architectural engineer Roberto GomezValdez appreciated all the creative aspects of the visual arts, but was particularly drawn to the lasting and tangible qualities of architecture. Traveling extensively in the United States and Europe exposed Roberto to a wide variety of architectural styles, and gave him an appreciation of classical design proportions evident in Greek and Roman architecture that can also be found in the most beautiful works of modern architecture. In a career that now spans over 30 years, Roberto has always worked to bring that same beauty and proportion to the projects he designs including large mixed use developments, hotels, hospitals, banks, and athletic complexes, as well as several private residences, and a prototype design for the Mexico City metro system. While he and his team of designers are capable of using the latest computer programs to create photorealistic 3D renderings of a design, Roberto prefers to start the design process with traditional pencil and paper techniques. This helps maintain the sense of scale and proportion that should be evident in the fi nished product. Roberto develops the overall conceptual design the look of the project then oversees the development of detailed construction documents to ensure the design intent is maintained. Rather than trying to impose any personal style, Robertos approach to design begins with listening to his clients. I start by asking them to show me buildings that they like, which helps guide a discussion of specifi c preferences and design features. Recognizing that clients have to live with their buildings long after the architects role is fi nished, Roberto selects materials and components that provide the highest quality and performance within the available budget. He understands that a successful design is not only a matter of appearance, but also durability and economy.
PROJECT EXPERIENCE Town Center at Atlantic Station Atlanta, GA 138-acre mixed use brownfi eld redevelopment project in midtown area of Atlanta. The Forum on Peachtree Parkway 420,000 SF mixed-use development; including 330,00 SF of retail space; 90,000 SF of offi ce over retail. Coconut Point Estero, FL 1.2 million SF mixed-use/town center development. Dubai Festival City Dubai, United Arab Emirates 2.5 million SF retail facility. Prospect Park Alpharetta, GA 88-acre development which will include approximately 800,000 square feet of retail. St. Johns Town Center Jacksonville, FL 1,000,000 square foot lifestyle center. Ashley Park Newnan, GA 450,000 SF lifestyle development. The Rim San Antonio, TX 800-acre mixed-use development.

26 | South Elm Street Redevelopment

Jody Efird, AIA


Senior Architect EDUCATION North Carolina State University Bachelor of Environmental Design in Architecture Bachelor of Environmental Design in Landscape Architecture YEARS EXPERIENCE 30 Years REGISTRATIONS/ CERTIFICATIONS North Carolina No. 6471 Virginia No. 6299 NCARB CERTIFICATE: No. 42892, Active PROFESSIONAL AFFILIATIONS Past Section President, American Institute of Architects National Council of Architectural Registration Boards Construction Professionals Network (CPN) Summit House Piedmont Board of Directors Piedmont Triad Commercial Real Estate Women (PTCREW) Historical Carolina Theatre Commission Guilford County Historic Preservation Commission YWCA Board of Directors

A native of Greensboro, North Carolina, Jody has over 30 years of experience in the design and construction industry. She has been involved in a variety of project types which include multi-family residential, religious, commercial, higher education, and K-12 education. Jody is also active in the Triad community and has served on a variety of boards, commissions, and organizations.
SELECT PROJECT EXPERIENCE L. Richardson Hospital Conversion to Apartments, Greensboro, NC (Subsidized elderly housing, 2002 Historic Preservation Award, Historic Preservation Greensboro) Richardson Apartments Renovation, Greensboro, NC (Apartment renovation) West End Plaza Renovation, Reidsville, NC (82 units, 1,2 & 3 bedrooms, Community Building) Colony Place Apartments Renovation, Fayetteville, NC (100 units, 2 & 3 bedrooms, Community Building) White Oak Grove Missionary Baptist Church, Greensboro, NC (Full church campus including 3,000 seat sanctuary) Autism Building for Guilford County Schools, Greensboro, NC (K12 classroom building) Guilford County Health Department Renovation, Greensboro, NC (Medical Renovation)

South Elm Street Redevelopment | 27

Christina M. Nguyen, AIA, LEED AP BD+C


Project Architect EDUCATION Christina brings a diverse background in medical, mixed use, and government Georgia Institute of design to ESPA. Formerly with OBrien/Atkins Associates, she has utilized those Technology skills on a variety of project types in her brief time with ESPA. Her ability to work Bachelor of Science with clients one on one, her attention to detail, and her dedication to sustainable in Architecture, and integrated design provide a solid foundation upon which to build a great magna cum laude design career. North Carolina State SELECT PROJECT EXPERIENCE University Guilford County Health Department Renovation, Greensboro, NC Master of Architecture (Medical renovation) Dental Office Renovation, Asheboro, NC (Medical renovation) YEARS EXPERIENCE 11Years Winston Salem State University Library Renovation, Winston Salem, NC (Library renovation) REGISTRATIONS/ Stonewall Lofts, Atlanta, GA CERTIFICATIONS (under previous association) North Carolina Centennial Park North Townhomes, Atlanta, GA No. 2024594 (under previous association) NCARB CERTIFICATE: Grand Dunes Condominiums, Destin, FL Active (under previous association) Raleigh/Durham International Airport Terminal 2, Morrisville, NC LEED AP BD+C (under previous association) NC State Public Health Lab + State Medical Examiners Office, Raleigh, NC PROFESSIONAL (under previous association) AFFILIATIONS Green Square Complex, Raleigh, NC American Institute of (under previous association) Architects National Council of Architectural Registration Boards Member, US Green Building Council, NC Triangle Chapter

28 | South Elm Street Redevelopment

Hugh E. Sutphin, Jr. RA


Senior Project Architect EDUCATION University of ColoradoMaster of Architecture North Carolina State University Bachelor of Environmental Design in Architecture YEARS EXPERIENCE 30 Years REGISTRATIONS/ CERTIFICATIONS North Carolina No. 6440 NCARB CERTIFICATE: No. 42892, Active PROFESSIONAL AFFILIATIONS Past Section President, American Institute of Architects National Council of Architectural Registration Boards Construction Professionals Network

Hugh has been in the design and construction industry for over thirty years. His vast resume includes a multitude of project types and sizes. He is able to take complex projects and multiple consultants and organize them into manageable teams. His portfolio includes apartments, condominiums, mixed use, medical, retail, religious, industrial, food service and higher education. Many ESPA repeat clients are the result of Hughs ability to work closely with clients and to quickly articulate their needs.
SELECT PROJECT EXPERIENCE Grissom Building Renovation, Greensboro, NC (Residential, mixed use) Vernon Park Building Renovation, Greensboro, NC (Residential, mixed use) Ellis Stone Building Renovation, Greensboro, NC (Residential, mixed use) Bogarts Building Renovation, Greensboro, NC (Residential, mixed use) Rankin King Farm Apartments, Greensboro, NC (45 units, 1 & 2 bedrooms, Community Building) Churchview Apartments, Greensboro, NC (68 units, 1 & 2 bedrooms, Community Building) Arborhouse Condominiums, Greensboro, NC (48 units, 1 & 2 bedrooms, 75 secured parking spaces) Lofts on Lee Apartments/Mixed Use, Greensboro, NC (30 units, 1, 2 & 4 bedrooms, exercise room, laundry, retail) White Oak Grove Missionary Baptist Church, Greensboro, NC (Full church campus including 3,000 seat sanctuary) Dental Renovation, Asheboro, NC (Medical Renovation)

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Charles A. Pearce, III


Senior Project Architect EDUCATION University of North Carolina at Charlotte Bachelor of Arts in Architecture YEARS EXPERIENCE 25 Years REGISTRATIONS/ CERTIFICATIONS North Carolina No. 6471 Virginia No. 6299 South Carolina No. 3713 LEED AP BD+C PROFESSIONAL AFFILIATIONS Past Section President, American Institute of Architects Downtown Greensboro Incorporated

A graduate of UNC Charlotte, Charles has over 25 years in the design and construction industry. His organizational skills provide the foundation for team cohesiveness and project excellence. A skilled project manager, Charles knows how to think on his feet and how to build teamwork in the field. He has managed simple projects up to multi-million dollar projects. Charles promotes smart design and urban design as an active member of the economic development group that focuses specifically on the downtown, Downtown Greensboro Incorporated.
SELECT PROJECT EXPERIENCE Rankin King Farm Apartments, Greensboro, NC (45 units, 1 & 2 bedrooms, Community Building) Churchview Apartments, Greensboro, NC (68 units, 1 & 2 bedrooms, Community Building) Colony Place Apartments Renovation, Fayetteville, NC (100 units, 2 & 3 bedrooms, Community Building; under construction 2011) Arborhouse Condominiums, Greensboro, NC (48 units, 1 & 2 bedrooms, 75 secured parking spaces) Lofts on Lee Apartments/Mixed Use, Greensboro, NC (30 units, 1, 2 & 4 bedrooms, exercise room, laundry, retail) Dental Office Renovation, Asheboro, NC (Medical renovation) White Oak Grove Missionary Baptist Church, Greensboro, NC (Full church campus including 3,000 seat sanctuary) Autism Building for Guilford County Schools, Greensboro, NC (K12 classroom building) Guilford County Health Department Renovation, Greensboro, NC (Medical Renovation

30 | South Elm Street Redevelopment

Matt Takacs, AIA, LEED AP


Architect EDUCATION Miami University (Ohio) Bachelor of Arts in Architecture North Carolina State University Masters of Architecture YEARS EXPERIENCE 11Years REGISTRATIONS/ CERTIFICATIONS North Carolina No. 10887 NCARB CERTIFICATE: No. 65716, Active LEED AP BD+C PROFESSIONAL AFFILIATIONS American Institute of Architects National Council of Architectural Registration Boards

A talented project architect, Matt has been with ESPA since 2008. He is excellent at organizing teams, has an eye for design, and is able to translate the vision into reality. Matt provides an energetic voice, an untiring work ethic, and the desire to make sure the end product is a true translation of what the client envisioned. He has been the design lead on several projects from small interior upfits to multimillion dollar projects for county agencies..
SELECT PROJECT EXPERIENCE Lofts on Lee Apartments/Mixed Use, Greensboro, NC (30 units, 1, 2 & 4 bedrooms, exercise room, laundry, retail) Somerset Condominiums at Friendly Center, Greensboro, NC (under previous association) Learning Focused Education Center, Greensboro, NC (Assembly, administration) GTCC Aviation Classroom Building, Greensboro, NC (joint venture with Gantt Huberman Architects) Oak Ridge United Methodist Church Family Life Center, Oak Ridge, NC (Assembly, classroom) Autism Building for Guilford County Schools, Greensboro, NC (K12 classroom building) White Oak Grove Missionary Baptist Church, Greensboro, NC (Full church campus including 3,000 seat sanctuary)

South Elm Street Redevelopment | 31

PARTNERS REPRESENTATIVE EXPERIENCE


TOWN CENTER AT ATLANTA STATION Atlanta, Georgia Atlantic Station has delivered on its promise to respect the environment while serving a needed societal function. Mayor Shirley Franklin, City of Atlanta, 2004. Ranked as Georgias 14th largest city, Atlantic Station is a six-millionsquare-foot, mixed-use development that has its own zip code. 10,000 people call it home; 30,000 people work there; and it currently hosts 20 million visitors annually. The District consists of 20 new city blocks on 32 acres over an underground, 7,000-car garage and manages to look as though it has always been there.

THE FORUM ON PEACHTREE PARKWAY


Norcross, Georgia A 420,000 square foot mixed use development including 330,000 square feet of retail space with 90,000 square feet of office above the retail. Tenants include Barnes & Noble, Old Navy, Talbots, Victorias Secret, Chicos, Pottery Barn and other specialty shops, clustered throughout 12 separate buildings in a pedestrian friendly, village like atmosphere.

ASHLEY PARK

Newnan, Georgia This 450,000 square foot lifestyle development consists of predominantly retail (both lifestyle and big box) restaurant and offi ce uses. Anchored by a Dillards, major tenants also include Barnes & Noble, Dicks Sporting Goods, Best Buy and an 18 screen movie theater. COCONUT POINT Esterd, Florida Coconut Point is a 1.2 million square foot retail mixed-use/town center development located in Estero, Florida. This project contains 500,000 square feet of big box retailers and 500,000 square feet of lifestyle type shops. Also included in the mix is an 18-screen movie theater and 192 residential condominium units that are designed to occur over the life-style retail.

32 | South Elm Street Redevelopment

PARTNERS REPRESENTATIVE EXPERIENCE


ST. JOHNS TOWN CENTER
Jacksonville, Florida Johns Town Center is a 1,000,000 square foot, regional power center/upscale lifestyle center located in Jacksonville, Florida. The project is a combination of power center tenants as well as a 500,000 square foot lifestyle center component. The lifestyle center is being designed in two types of architectural styles to emulate the traditional designs found throughout the North Florida region. The Northern portion of the project is referred to as the Jacksonville district, with architectural styles mimicking various portions of Jacksonville. The Southern portion is referred to as the St. Augustine district, with the major architectural theme being more of a heavy Spanish architectural style. RHYTHM Nashville, Tennessee A mixed-use project located on Music Row in Nashville, Tennessee that includes 106 condominiums, a three-level, structured parking garage and ground-level, upscale retail space. The 14-story building offers one and two bedroom condominiums, designed over three levels of elevated parking and 5,271 square feet of retail. Condominiums range from approximately 800 to 2,000 square feet and feature outdoor private balconies with scenic views of downtown Nashville. BELLEVUE CENTER Nashville, Tennessee Bellevue Center is a renovation and de-malling of an existing stand-alone traditional two-story mall and converting it into a lifestyle center hybrid, anchored by a new village green. The existing anchor retail tenants are to remain while the rest of the mall is demolished and rebuilt as shops fronting outward toward the streets and village green. The overall master plan includes retail, offi ce, restaurants, a public library and a movie theatre. An outdoor amphitheater and childrens play zone with a dancing water fountain will make the village green the center piece of the retail development.

South Elm Street Redevelopment | 33

PARTNERS REPRESENTATIVE EXPERIENCE

THE MULBERRY AT GODLEY STATION


Savannah, Georgia Situated in one of the fastest growing corridors in the Savannah area, the master plan calls for a mixed-use retail/ offi ce/residential village core surrounded with facilities for corporate offi ce headquarters and hospitality. The village core will have street oriented retail with offi ce and residential above. Wide pedestrian friendly sidewalks and a series of village greens will run throughout. The master plan calls for approximately 240,000 square feet of retail, over 560,000 square feet of offi ce and 130-residential units.

34 | South Elm Street Redevelopment

PIPELINE PROJECT
Firm Location Project Description Renovation of Wright Young Hall School of Business 250 sustainable apartment units Renovation and expansion of office space 30,000sf retail center Mixed use development with office, retail, and hotel Medical office space Development Planning Services $37,000,000 $1,900,000 $6,000,000 Total Development Cost Completion Date 2011

Project Name

Clark Atlanta University Renovation Russell New Urban Russell New Urban Atlanta, GA Atlanta, GA

Russell New Urban

Atlanta, GA

Gartrell Court Apartments

2014 2013

City Beverage Office Expansion and Housing Russell New Urban Russell New Urban Atlanta, GA Atlanta, GA

Historic Westside Village Retail

$9,000,000 $150,000,000

2012 2015

MARTA Abernathy 400

Morehouse School of Medicine Medical Facility Russell New Urban

Russell New Urban

Atlanta, GA

$25,000,000

2015

South Elm Street Redevelopment | 35

City of East St Louis Master Development Plan

City of East St Louis Master Development Plan

$400,000

2011

SECTION 2

H.J. RUSSELL & COMPANY

Financial Capacity

H.J. Russell and Company Financials submitted under separate cover. The Development Teams Statement of Financial Capacity to completed the requested project is supported by the financials and the developers track record.

South Elm Street Redevelopment | 36

Financing Narrative
The development plan for the South Elm Street project incorporates a mix of uses and matches the requested square footage and number of units required by the city of Greensboro. The residential portion of the site will include the required 194 units with 70% of them at market rate and the additional 30% at 80% or below of the area median income. Ideally the RUSSELL team would seek some type of project based rental assistance to achieve lower rent levels if requested by the city. The structures that contained the residential would have retail and office uses on the bottom floors. The retail mixed with the residential component will be approximately 8,000 sf. The 15,000 sf of office space will be mixed in this phase of work as well. A 200 space parking deck will be built for residential and public use. Additional residential parking needs will be surface parked. The total development cost is approximately $30 million and is sourced by: $22M Loan $3M in developer and project equity $4.5M in city proceeds and grants including the HOME allocation and parking deck funds.  (Additional funds such as CDBG are requested to make the project financially viable and feasible) The site west of South Elm is targeted for a big box retailer. Russell has been in discussion with several potential retailers and the response has been positive. Most of the major retailers want to own their own site. Russell believes the site would sell for approximately $2 million. The proceeds would go directly to the city of Greensboro. Russell would receive a 10% developer/broker fee. The total upfront proceeds at transfer of the retail site to the City of Greensboro will be $2.5. Russell will pay $500,000.00 at the closing of the residential transaction. The additional land value will be used as equity in the deal. The City of Greensboro will share 10% of the annual cash flow of the residential development when the debt coverage ratio is over 1.25.

South Elm Street Redevelopment | 37

SOUTH ELM STREET APARTMENT MODEL


EXECUTIVE SUMMARY
Project ID: Project Location: Description: Run Date: SOURCES AND USES Project Costs (Uses) Total Hard Cost Total Soft Cost Total Financing Cost TOTAL DEVELOPMENT COST Sources Loan Proceeds Equity TAD Proceeds/Other Sources Land Value Loan Criteria Loan to Cost Construction Interest Rate g Rate Permanent Financing Financing Term (Years) Construction Period (Months) $ 24,548,502.50 $ 2,593,677.28 $ 2,387,760.63 $ 29,529,940.42 $ 22,126,927.93 $2,903,012.48 $4,500,000 $ 2,000,000.00 90% 5.25% 5.25% 30 13 South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011 Total Number of Units/SF Average Sale Price Average Absorption Per Month Sell Out Month NET SALES PROCEEDS LEASE SUMMARY Stabilized Occupancy Year Average Monthly Rent at Stabilization NOI at Stabilized Occupancy Net Sale Proceeds at Reversion Reversion Year NPV @ PROFIT IRR Return on Cost 194 NA 24 20 NA 3 $ 1,050.99 $ 372,886.95 $ 6,299,942.03 10 6,498,541.60

PROJECT SUMMARY

8.0% $

$ 11,675,109.79 447.4% 39.5%

City Proceeds $500,000.00 Retail Site


Paid at Project Closing of Residential

Tax abatement included for operation years 1-3

$2,000,000.00 10% of Profit share after debt coverage ratio of 1.25 is met.

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT A: PROJECT SUMMARY AND INPUT PAGE
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011

BUILDING SQUARE FOOTAGE AND COST INPUTS


HARD COSTS Buildings
MARKET AFFORDABLE Ancillary Retail/Office Space Subtotal: Buildings Unit SF 120,750 50,750 23,000 194,500 Additional Common Area (SF) 12,075 5,075 2,300 19,450 Common Area % 10% 10% 10% 10% Total Total Construction SF Construction Cost 132,825 55,825 25,300 213,950 $ $ $ $ 11,290,125 4,745,125 2,024,000 18,059,250 $ $ $ $ Average Cost/SF 85.00 85.00 80.00 84.41

Initial Tenant Fit Up Allowance & Other Building Costs


Apartment FF&E Retail/Office Fit Up Clubhouse, Pool, Common Area FF&E Office Space TI Other Building Costs #2 Other Building Costs #3 Subtotal: Fit Up & Other Building Costs 4,000 8,000 4,000 15,000 31,000 NA NA NA NA NA NA Spaces 200 0% SF/Space 275 4,000 8,000 4,000 15,000 $ $ $ $ $ $ $ 10,000 40,000 20,000 37,500 107,500 Total Cost $ 2,475,000 $ $ $ $ $ $ $ $ 2.50 5.00 5.00 2.50 3.47 Average Cost/SF 45.00

31,000 Total SF 55,000

Parking Structures
Subtotal: Parking Structures

Other Hard Costs


Land Acquisition Site Work Site Work Loan Pool Abatement Other Hard Costs #3 Construction Contingency @ Subtotal: Other Project Hard Costs Lump sum Lump Sum $ $ $ 2,000,000 1,250,000 $ $ $ $ $ $ $ $ $ 10.28 6.43 3.38 20.09 100.22 Average Cost/SF $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 0.03 3.79 0.39 0.03 0.26 0.15 0.65 0.51 1.00 0.51 6.01 13.34

3.0% of building & site cost

$ $ 244,950 $

656,753 3,906,753 24,548,503 Total Cost

TOTAL HARD COSTS GENERAL SOFT COSTS


Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Borrower s Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Lump sum Lump sum per SF Lump sum Lump sum Lump sum Lump sum /$1000 building costs

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 1,168,802 2,593,677

$ $

0.65 per SF Lump sum (From Product Input Sheet) 0.001 0.005 0.0025

Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocation Fee & Rating Agency Trustee and Trustee Counsel & LoC Counsel Development Contingency 3.0% of cost less contingency Developer's Overhead & Fee @ 4.5% of hard & soft Costs Monthly OH/Fee $ 10,000 13 Payments $ 130,000 Takeout O/Fee $ 1,038,802 Total General Soft Costs

Annual Inflator Construction Hard and Soft Cost Inflators 3.0% Building Construction Phasing (Month) Start Month End Month Total Mos. 1 13 13 1 13 13 1 12 12 1 10 12 3 6 9 4 1 1 1 1 6 9 4 1 1 1 1

Increase #1 24 Front Load Cost (%) 60.0% 60.0%

Increase Month Increase #2

Increase #3

Construction Schedule
MARKET AFFORDABLE Ancillary Retail/Office Space Apartment FF&E Retail/Office Fit Up Clubhouse, Pool, Common Area FF&E Office Space TI Other Building Costs #2 Other Building Costs #3 Parking Structures Site Work Loan Pool Abatement

36 48 Front Load Schedule Start Month End Month 1 3 1 3

70.0%

Page 1 of 1

DEVELOPMENT FINANCING AND OPERATING COST ASSUMPTIONS


PROJECT INCOME (From Product Inputs)
MARKET AFFORDABLE Ancillary Retail/Office Space Project Totals: Other Apt. Income (Laundry, Vending, Etc.) Projected Completion Month 14 Permanent Financing Month 194 Inflator 0.0% 171,500 24 $ $ Units 137 57 Gross Leasable SF 120,750 50,750 23,000 194,500 $ $ $ $ Annual Income/SF 14.40 9.05 18.74 42.19 Annual Income $ 1,738,800 $ 459,252 $ 431,000 $ 2,629,052 Begin Year 0 Interval 0 3 $ 4,500,000 Operating Expenses/Unit Apartments Retail/Ofc. $ $ $ $ $ $ 1,250 1,000 1,150 500 100.00 4,000 $ 0.0% 3.0% Term 36 36 30 30 30 $ $ $ $ $ $ Annual Operat ing Expenses Apartments Retail/Ofc. 242,500 194,000 223,100 97,000 19,400 776,000 $ $ $ $ $ $ $ $ $ $ $ $ Increase Interval (Yrs) 2 2 2 3 6 1 1 1 1 1 Beginning Occupancy Month 12 11 15 Lease Up Period (Months) 8.0 5.0 1.0

Stabilized Occupancy Year

City Proceeds OPERATING EXPENSES


Real Estate Taxes Insurance Common Area Maintenance Replacement Reserve Contribution Future Tenant Improvements Total Operating Expenses: Future Leasing Commissions Management Fees Total 242,500 194,000 223,100 97,000 19,400 776,000 Cost Inflator 3.0% 3.0% 3.0% 3.0% 3.0% Begin Year

FINANCING ASSUMPTIONS
Construction Loan #1 Construction Loan #2 Permanent Loan #1 Permanent Loan #2 Permanent Loan #3

Rate 5.25% 0.00% 5.25% 0.00% 0.00%

Months Months Years Years Years

(NOTE: List financing sources in order of takedown. If there is only one source of Maximum Amt financing or no limit on an individual source, type NA under Maximum Amount) $ 28,400,000 Loan to Cost Ratio (Debt/Equity) 90.0% 10.0% $0 $ 22,126,928 Permanent Financing Base Year $ NA Construction Financing Total Per SF 2013 2013 2013 Permanent Financing Total Per SF $ 22,126,928 $113.76 $0.00 $0.00 $0.84 $0.84 $(22,126,928) $ 4,500,000 (From Pro Forma) $ (2,458,548) $(29,085,475) 2.0% Total Sources:

Estimated Loan Amount (Construction Loan % Adjustment) Construction Loan Interest (From Pro Forma) Construction Loan Fee: Service Fees Total Financing Costs

50 Basis Points 0.75%

8.45% $ 26,492,125 $ 1,925,527 $99,345 $198,691 $ 2,223,564 Loan Proceeds TAD Financing Contributed Equity

$136.21 $9.90 $0.51 $1.02 $11.43

$ $

164,197 164,197

SOURCES OF FUNDS

(From Pro Forma)

VALUATION ASSUMPTIONS
Cap Rate 7.0% Reversion/Sale Year Time of Year of Reversion/Sale (Input "Start", "Middle" or "End") 10 NPV Rate end 8.0% Brokerage Commission:

CALCULATIONS
Total Project Development Costs Net Proceeds on Sale of Project Project Cash Flow $ $ $ 29,529,940 6,299,942 11,675,110 NPV @ IRR Return on Cost Cash on Cash Return (Return on Equity) Lump Sum Payment Schedule (Month) End First Interim Month Payment Pmt # 2 1 1 1 3 1 1 1 1 7 1 3 1 4 1 13 1 1 1 1 1 1 1 1 1 7 1 1 1 1 7 1 7 1 9 13 13 1 1 1 1 1 1 8.0% $ 6,498,542 447.4% 39.5% 474.9%

COST PHASING

Draw Type

Total Draws 1 1 1 2 1 1 1 1 1 1 3 1 2 13 1 1 1 1 1 1 1

Start Month

Interim Pmt # 3

Interim Pmt # 4

Final Payment

Land Acquisition Phased Site Work Phased Site Work Loan Phased Construction Contingency Staggered Property Taxes Phased Surveys Phased Pre-Development Costs Phased Materials Testing Phased Brokerage/Leasing Commissions Phased Market, Legal, A&E, Permits & Ins. Phased Marketing Materials & Events Staggered URFA Application Fee Phased Development Contingency Staggered Monthly Overhead & Fee Phased Take Out Fee Phased URFA Application Fee Phased URFA Commitment Fee Phased URFA Asset Management Phased URFA Project Manager Phased Bond Counsel & Underwriter & Under Phased Trustee and Trustee Counsel & LoC C Phased

9 3 4 5

11 7 9

Page 1 of 1

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT B: DETAILED UNIT MIX INPUT PAGE
Project ID: Project Location: Description: Run Date: Number of Units 137 65 72 Average Unit SF 881 750 1,000 South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011 Total Monthly Rent Roll $ $ $ Average Monthly Rent /SF 1.20 1.20 1.20 Annual Rent /SF $ $ $ 14.40 14.40 14.40 Beginning Occupancy Month 12.0 12 12 Lease-Up Period (Months) 8.0 8.0 8.0 % Leasing Commission 3% $ 3% $ 3% $ Leasing Costs 52,164 21,060 31,104 Monthly Vacancy/ Vacancy/ Credit Loss % Credit 7% 7% 7% $ 10,143 $ $ 4,095 6,048 2.5% 2.5% 3 3 Rent Inflator First Increase Year

MARKET Totals/Weighted Average 1 BR 1 BA 2 BR 2 BA

Total SF 120,750 $ 48,750 72,000 $ $

Base Rent 1,058 900 1,200

144,900 $ 58,500 86,400 $ $

(Description) AFFORDABLE Totals/Weighted Average 1 BR 1 BA 2 BR 2 BA 57 25 32 890 750 1,000

50,750 18,750 32,000

$ $ $ $

0.75 0.84 0.70

$ $ $ $

9.05 10.10 8.44 12.0 12 12 5.0 5.0 5.0

0% $ 3% 3% $ 3% $

13777.56 5,679 8,099

0%

$ $ $ $

2,679 1,104 1,575 1.0% 1.0% 1 1

$ $ $

671 631 703

38,271 $ 15,775 22,496 $ $

7% 7% 7%

Page 1 of 2

(Description) All Units Totals/Weighted Average 194 Rentable Square Footage 23,000 2,000 2,000 2,000 2,000 5,000 5,000 5,000 884

$ $

1.07

$ $

12.82 12.0 8.0

0% $ 3% $

65,942

0%

0.0% % Affordabl

171,500 $

944

183,171 $ Beginning Occupancy Month 12.0 12 12 14 16 12 14 16

7%

$ 12,822 First Increase Year

0.0% Interval/ Future Increases

Ancillary Retail/Office Space Totals/ Weighted Average Retail Shops Retail Shops Retail Shops Retail Shops Office Space Office Space Office Space (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) (Description) PROJECT TOTALS

Base Rent 18.74 18.00 20.00 22.00 23.00 15.00 18.00 20.00

Base Rent Roll $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 431,000 36,000 40,000 44,000 46,000 75,000 90,000 100,000 2,629,052

Lease-Up Period (Months) 1.0 1 1 1 1 1 1 1

Vacancy/ Lease Term Brokerage Commission Credit Loss % (Years) Commission Fees $ 5 5 5 5 5 5 5 6.0% $ 6.0% $ 6.0% $ 6.0% $ 6.0% $ 6.0% $ 6.0% $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 129,300 10,800 12,000 13,200 13,800 22,500 27,000 30,000 195,242 7% 10% 10% 10% 10% 10% 10% 10% 10%

Vacancy/ SF Subject to Credit Loss Vacancy/ $ Credit Loss $ $ $ $ $ $ $ $ 43,100 3,600 4,000 4,400 4,600 7,500 9,000 10,000 23,000 2,000 2,000 2,000 2,000 5,000 5,000 5,000 $ 196,964 -

Rent Inflator

100.0% $ 8.7% $ 8.7% $ 8.7% $ 8.7% $ 21.7% $ 21.7% $ 21.7% $ 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0 0% 0.0% 0.0% 0.0% 0.0%

3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

2 2 2 2 2 2 2

1 1 1 1 1 1 1

194,500

13.52

Page 2 of 2

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT D: SOURCES & USES OF PROJECT DEVELOPMENT FUNDS
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011 Data Source: Development Budget Line

Line Item 1 2 3 4 5 6 7 8 9 10 11 12 13

Item SOURCES OF FUNDS: Loan Proceeds TAD Proceeds NOI Applied to Reduce Financing Costs Equity Contribution & Cash Flow Total for Fund Sources

Amount

($22,126,928) ($4,500,000) ($444,465) ($2,458,548) ($29,529,940)

USES OF FUNDS: Hard Costs General Soft Costs Developer Soft Costs Financing Soft Costs Total for Fund Uses

Line 8 Line 24 Line 28 Line 33 Line 34

$24,548,503 $1,325,122 $1,268,556 $2,387,761 $29,529,940

EXCESS AVAILABLE FUNDS / (Shortage)

$0

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT E: DEVELOPMENT BUDGET SUMMARY
Project ID: Project Location: Description: Run Date: Line Item 1 2 3 4 5 6 7 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 25 26 27 28 29 30 31 32 33 34 35 South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011 Costs Item HARD COSTS Land Acquisition Site Work Buildings & Structures Construction Contingency @ Pool Abatement Other Hard Costs #3 Site Work Loan Total Hard Costs SOFT COSTS General Soft Costs Market Study Architectural & Engineering Fees Property Taxes During Construction @ $ per SF Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ $ 0.65 per SF Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocation Fee & Ra Trustee and Trustee Counsel & LoC Counsel Total for General Soft Costs Developer Soft Costs Development Contingency Developer's Overhead & Fee @ Total for Developer Soft Costs Financing Soft Costs Construction Loan Interest (From Pro Forma) Construction Loan Fee: Construction and Permanent Loan Closing Costs Total for Financing Soft Costs TOTAL DEVELOPMENT COSTS Total Per SF %

3% of building & site cost

$2,000,000 $1,250,000 $20,641,750 $656,753 $0 $0 $0 $0 $24,548,503

$10.28 $6.43 $106.13 $3.38 $0.00 $0.00 $0.00 $0.00 $126.21

6.77% 4.23% 69.90% 2.22% 0.00% 0.00% 0.00% 0.00% 83.13%

$6,000 $736,455 $0 $75,000 $6,000 $50,000 $30,000 $126,425 $0 $100,000 $195,242 $0 $0 $0 $0 $0 $0 $0 $1,325,122

$0.03 $3.79 $0.00 $0.39 $0.03 $0.26 $0.15 $0.65 $0.00 $0.51 $1.00 $0 00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.81

0.02% 2.49% 0.00% 0.25% 0.02% 0.17% 0.10% 0.43% 0.00% 0.34% 0.66% 0 00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.49%

3%

$99,754 $1,168,802 $1,268,556 $1,925,527 $99,345 $362,888 $2,387,761 $29,529,940

$0.51 $6.01 $6.52 $9.90 $0.51 $1.87 $12.28 $151.82

0.34% 3.96% 4.30% 6.52% 0.34% 1.23% 8.09% 100.00%

50 Basis Points 1%

Page 1 of 1

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT F: ONE YEAR STABILIZED CASH FLOW
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,000 sf retail 3/30/2011
Stabilized Year 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 NET CASH FLOW Gross Income: Rental Revenue: Building A Rental Revenue: Building B Rental Revenue: Commercial Uses Expense Recovery: Other Commercial Uses Total Gross Income Vacancy & Credit Loss on Smaller Shops Effective Gross Income Operating Expenses: Property Taxes Insurance Common Area Maintenance Total Operating Expenses NET OPERATING INCOME Other Expenditures: Tenant Improvements Leasing Commissions Capital/Replacement Reserve Contributions Management Fees Financing & Equity Contributions Total for Other Expenditures NET CASH FLOW BEFORE DEBT SERVICE Annual Debt Service NET CASH FLOW AFTER DEBT SERVICE Debt Coverage Ratio $ $ $ $ $ $ $ $ $ (19,400) $ $ (97,020) $ (66,176) $ $ (182,597) $ 1,839,116 $ (19,400) $ $ $ (21,835) (70,655) (92,490) 2,031,002 (1,466,229) 564,773 1.39 $ $ $ $ $ $ $ (218,349) (251,101) (469,450) 2,123,492 (197,675) $ (227,326) $ (425,000) $ 2,021,712 $ (203,687) $ (234,240) $ (437,927) $ 2,050,368 $ $ $ $ $ $ $ $ 1,739,102 466,775 439,164 2,645,040 2,446,712 $ $ $ $ $ $ 1,766,199 471,464 452,521 2,690,184 2,488,295 $ $ $ $ $ $ 1,872,497 482,678 485,094 2,840,270 (247,328) 2,592,942 3 Year 4 Year 5

(198,328) $

(201,889) $

(67,130) $ $ (86,530) $ 1,963,838 $

(1,466,229) $ 372,887 1.25 $

(1,466,229) $ 497,610 1.34 $

Page 1 of 1

SOUTH ELM STREET APARTMENT MODEL


EXHIBIT G: MONTHLY DEVELOPMENT COSTS
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15,000sf office, 8,00 PROJECT 3/30/2011 MONTH-------> Basis 0 1 2 3 4 5 6 7 8 9

Line Item

DEVELOPMENT COSTS Construction Hard & Soft Costs Land Acquisition Site Work Site Work Loan Buildings & Structures (From Detail Sheet) Construction Contingency @ Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions Development Contingency Monthly OH/Fee Takeout O/Fee URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocatio Trustee and Trustee Counsel & LoC Counsel Construction Loan Fee & Closing Costs Permanent Financing Cost Construction Financing Expenses Total Development Costs PROJECT FINANCING Beginning Balance Pre-financing Expenses Plus Monthly Construction Interest Cost @ Plus Permanent Loan Financing Cost TAD Proceeds Applied to Construction Loan NOI Applied to Construction Loan Monthly Cash Flow Cumulative Cash Flow Amount Financed @ 90% Equity Contribution @ 10% Ending Balance Takeout by Permanent Loan Takeout Month Construction Loan Balance Convert to Permanent Financing

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

4,536,500 298,036 4,834,536 (4,834,536) (4,834,536) (4,834,536) (4,351,083) (483,454) (4,834,536) (4,351,083) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 3,207,050 6,000 736,455 75,000 6,000 50,000 30,000 126,425 10,000 19,036 7,515,966 (4,834,536) (7,496,930) (19,036) 932,509 (6,583,457) (11,417,994) (10,276,194) (1,141,799) (11,417,994) (10,276,194) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

3,207,050 10,000 44,958 3,262,008 (11,417,994) (3,217,050) (44,958) 916,177 (2,345,831) (13,763,825) (12,387,442) (1,376,382) (13,763,825) (12,387,442) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

3,207,050 328,376 33,333 10,000 54,195 3,632,955 (13,763,825) (3,578,760) (54,195) 659,231 (2,973,723) (16,737,548) (15,063,793) (1,673,755) (16,737,548) (15,063,793) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

641,410 49,877 10,000 65,904 767,191 (16,737,548) (701,287) (65,904) 659,231 (107,960) (16,845,508) (15,160,957) (1,684,551) (16,845,508) (15,160,957) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

641,410 33,333 10,000 66,329 751,073 (16,845,508) (684,743) (66,329) 131,846 (619,226) (17,464,734) (15,718,261) (1,746,473) (17,464,734) (15,718,261) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

648,410 10,000 68,767 727,177 (17,464,734) (658,410) (68,767) 131,846 (595,331) (18,060,065) (16,254,059) (1,806,007) (18,060,065) (16,254,059) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

648,410 328,376 33,333 195,242 10,000 71,112 1,286,473 (18,060,065) (1,215,361) (71,112) 133,285 (1,153,188) (19,213,253) (17,291,927) (1,921,325) (19,213,253) (17,291,927) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

644,410 10,000 75,652 730,062 (19,213,253) (654,410) (75,652) 133,285 (596,777) (19,810,030) (17,829,027) (1,981,003) (19,810,030) (17,829,027) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

644,410 49,877 10,000 78,002 782,289 (19,810,030) (704,287) (78,002) 132,463 (649,826) (20,459,856) (18,413,870) (2,045,986) (20,459,856) (18,413,870) -

27,142,180

4,500,000

24

Monthly Equity Contribution(For Cash Flow Model) Total Monthly Pre-Financing Costs

$ $

(483,454) $ 4,834,536 $

(658,346) $ 7,496,930 $

(234,583) $ 3,217,050 $

(297,372) $ 3,578,760 $

(10,796) $ 701,287 $

(61,923) $ 684,743 $

(59,533) $ 658,410 $

(115,319) $ 1,215,361 $

(59,678) $ 654,410 $

(64,983) 704,287

Page 1 of 5

SOUTH ELM STREET APARTM


EXHIBIT G: MONTHLY DEVELOPMENT C
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15 3/30/2011 Basis 10 11 12 13 14 15 16 17 18 19

Line Item

DEVELOPMENT COSTS Construction Hard & Soft Costs Land Acquisition Site Work Site Work Loan Buildings & Structures (From Detail Sheet) Construction Contingency @ Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions Development Contingency Monthly OH/Fee Takeout O/Fee URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocatio Trustee and Trustee Counsel & LoC Counsel Construction Loan Fee & Closing Costs Permanent Financing Cost Construction Financing Expenses Total Development Costs PROJECT FINANCING Beginning Balance Pre-financing Expenses Plus Monthly Construction Interest Cost @ Plus Permanent Loan Financing Cost TAD Proceeds Applied to Construction Loan NOI Applied to Construction Loan Monthly Cash Flow Cumulative Cash Flow Amount Financed @ 90% Equity Contribution @ 10% Ending Balance Takeout by Permanent Loan Takeout Month Construction Loan Balance Convert to Permanent Financing

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

654,743 10,000 80,561 745,304 (20,459,856) (664,743) (80,561) 132,463 (612,841) (21,072,697) (18,965,427) (2,107,270) (21,072,697) (18,965,427) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

654,743 10,000 82,974 747,717 (21,072,697) (664,743) (82,974) 134,587 (613,130) (21,685,827) (19,517,244) (2,168,583) (21,685,827) (19,517,244) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

664,743 10,000 85,388 760,131 (21,685,827) (674,743) (85,388) 134,587 (625,544) (22,311,371) (20,080,234) (2,231,137) (22,311,371) (20,080,234) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

641,410 10,000 1,038,802 87,851 1,778,063 (22,311,371) (1,690,212) (87,851) 136,643 (1,641,420) (23,952,792) (21,557,512) (2,395,279) (23,952,792) (21,557,512) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

94,314 94,314 (23,952,792) (94,314) 131,846 37,532 (23,915,259) (21,523,734) (2,391,526) (23,915,259) (21,523,734) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

94,166 94,166 (23,915,259) (94,166) 51,389 (42,777) (23,958,037) (21,562,233) (2,395,804) (23,958,037) (21,562,233) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

94,335 94,335 (23,958,037) (94,335) 8,662 (85,672) (24,043,709) (21,639,338) (2,404,371) (24,043,709) (21,639,338) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

94,672 94,672 (24,043,709) (94,672) 62,588 (32,084) (24,075,793) (21,668,214) (2,407,579) (24,075,793) (21,668,214) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

94,798 94,798 (24,075,793) (94,798) 26,427 (68,372) (24,144,165) (21,729,749) (2,414,417) (24,144,165) (21,729,749) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

95,068 95,068 (24,144,165) (95,068) 71,365 (23,703) (24,167,868) (21,751,081) (2,416,787) (24,167,868) (21,751,081) -

27,142,180

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

4,500,000

24

Monthly Equity Contribution(For Cash Flow Model) Total Monthly Pre-Financing Costs

$ $

(61,284) $ 664,743 $

(61,313) $ 664,743 $

(62,554) $ 674,743 $

(164,142) $ 1,690,212 $

3,753 -

$ $

(4,278) $ $

(8,567) $ $

(3,208) $ $

(6,837) $ $

(2,370) -

Page 2 of 5

SOUTH ELM STREET APARTM


EXHIBIT G: MONTHLY DEVELOPMENT C
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15 3/30/2011 Basis 20 21 22 23 24 25 26 27 28 29

Line Item

DEVELOPMENT COSTS Construction Hard & Soft Costs Land Acquisition Site Work Site Work Loan Buildings & Structures (From Detail Sheet) Construction Contingency @ Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions Development Contingency Monthly OH/Fee Takeout O/Fee URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocatio Trustee and Trustee Counsel & LoC Counsel Construction Loan Fee & Closing Costs Permanent Financing Cost Construction Financing Expenses Total Development Costs PROJECT FINANCING Beginning Balance Pre-financing Expenses Plus Monthly Construction Interest Cost @ Plus Permanent Loan Financing Cost TAD Proceeds Applied to Construction Loan NOI Applied to Construction Loan Monthly Cash Flow Cumulative Cash Flow Amount Financed @ 90% Equity Contribution @ 10% Ending Balance Takeout by Permanent Loan Takeout Month Construction Loan Balance Convert to Permanent Financing

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

95,161 95,161 (24,167,868) (95,161) 43,299 (51,862) (24,219,730) (21,797,757) (2,421,973) (24,219,730) (21,797,757) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

95,365 95,365 (24,219,730) (95,365) 68,578 (26,788) (24,246,517) (21,821,866) (2,424,652) (24,246,517) (21,821,866) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

95,471 95,471 (24,246,517) (95,471) 45,836 (49,635) (24,296,152) (21,866,537) (2,429,615) (24,296,152) (21,866,537) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

95,666 95,666 (24,296,152) (95,666) 66,322 (29,344) (24,325,497) (21,892,947) (2,432,550) (24,325,497) (21,892,947) -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

164,197 95,782 259,979 (24,325,497) (95,782) (164,197) (259,979) (24,585,475) (22,126,928) (2,458,548) (24,585,475) 22,126,928 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

27,142,180

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

4,500,000

24

Monthly Equity Contribution(For Cash Flow Model) Total Monthly Pre-Financing Costs

$ $

(5,186) $ $

(2,679) $ $

(4,964) $ $

(2,934) $ $

(25,998) $ $

$ $

$ $

$ $

$ $

Page 3 of 5

SOUTH ELM STREET APARTM


EXHIBIT G: MONTHLY DEVELOPMENT C
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15 3/30/2011 Basis 30 31 32 33 34 35 36 37 38 39

Line Item

DEVELOPMENT COSTS Construction Hard & Soft Costs Land Acquisition Site Work Site Work Loan Buildings & Structures (From Detail Sheet) Construction Contingency @ Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions Development Contingency Monthly OH/Fee Takeout O/Fee URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocatio Trustee and Trustee Counsel & LoC Counsel Construction Loan Fee & Closing Costs Permanent Financing Cost Construction Financing Expenses Total Development Costs PROJECT FINANCING Beginning Balance Pre-financing Expenses Plus Monthly Construction Interest Cost @ Plus Permanent Loan Financing Cost TAD Proceeds Applied to Construction Loan NOI Applied to Construction Loan Monthly Cash Flow Cumulative Cash Flow Amount Financed @ 90% Equity Contribution @ 10% Ending Balance Takeout by Permanent Loan Takeout Month Construction Loan Balance Convert to Permanent Financing

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

27,142,180

$ $ $ $ $ $ $ $ $ $ $ $ $ $

4,500,000

24

Monthly Equity Contribution(For Cash Flow Model) Total Monthly Pre-Financing Costs

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

Page 4 of 5

SOUTH ELM STREET APARTM


EXHIBIT G: MONTHLY DEVELOPMENT C
Project ID: Project Location: Description: Run Date: South Elm Greensboro, NC 194 Apartments, 15 3/30/2011 Basis 40 41 42 43 44 45 46 47 48 Total

Line Item

DEVELOPMENT COSTS Construction Hard & Soft Costs Land Acquisition Site Work Site Work Loan Buildings & Structures (From Detail Sheet) Construction Contingency @ Market Study Architectural & Engineering Fees Property Taxes During Construction @ Legal Surveys Pre-development Costs + Materials Testing Borrower's Financial Advisor Insurance @ Building Permits & City Fees Collateral Marketing Materials, Events Leasing Commissions Development Contingency Monthly OH/Fee Takeout O/Fee URFA Application Fee URFA Application Fee URFA Commitment Fee URFA Asset Management URFA Project Manager Bond Counsel & Underwriter & Underwriters Counsel & DCA Bond Allocatio Trustee and Trustee Counsel & LoC Counsel Construction Loan Fee & Closing Costs Permanent Financing Cost Construction Financing Expenses Total Development Costs PROJECT FINANCING Beginning Balance Pre-financing Expenses Plus Monthly Construction Interest Cost @ Plus Permanent Loan Financing Cost TAD Proceeds Applied to Construction Loan NOI Applied to Construction Loan Monthly Cash Flow Cumulative Cash Flow Amount Financed @ 90% Equity Contribution @ 10% Ending Balance Takeout by Permanent Loan Takeout Month Construction Loan Balance Convert to Permanent Financing

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 -

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(24,585,475) (24,585,475) (22,126,928) (2,458,548) (24,585,475) (122,186)

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

2,000,000 1,250,000 20,641,750 656,753 6,000 736,455 75,000 6,000 50,000 30,000 126,425 100,000 195,242 99,754 130,000 1,038,802 298,036 164,197 1,925,527 29,529,940

27,142,180

$ $ $ $ $ $ $ $ $ $ $ $ $ $

4,500,000

$ $ $ $ $ $ $ $ $ $

(27,440,216) (1,925,527) (164,197) 4,500,000 444,465 (24,585,475) (22,126,928) (2,458,548) 22,126,928 (2,932,457)

24

Monthly Equity Contribution(For Cash Flow Model) Total Monthly Pre-Financing Costs

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

(2,458,548)

Page 5 of 5

SECTION 3

H.J. RUSSELL & COMPANY

Development & Program Design

DEVELOPMENT PROGRAM & DESIGN


Russell New Urban Development is a forward thinking, progressive, and innovative firm that is known for its pioneering underserved areas. RNUs mission statement, Creating communities one development at a time exemplifies its core mission. RNU looks to participate in deals that are sustainable from an economic and building perspective. From an economic perspective, each development must create a positive financial return to all owners and investors. This will create a positive trickle down effect by creating positive opportunities for local investment which will create jobs and local investment. Green and sustainable development is a core requirement for all projects Rnu participates. As the world looks to reduce its carbon foot print, how we develop and build has a substantial impact. From reducing water and energy consumption to creating transit oriented developments that reduces he reliance of the automobile, RNU.... As a family owned business, the sense of family and community is very important. RNU hosts community meetings at its corporate office and participates in community meetings that it serves. The development teams approach to the program will be carefully drafted based on the City of Greensboro requirements, citizen/stakeholder input, market demand, and sustainability. The City has setforth a basic program that it would like to see as a baseline for the development. The baseline criterion include: 95,000 sf of leasable retail/commercial space, 15,000 square feet of space for office use, and 194 residential units of mixed product type to serve a diverse market. Based on the city guidelines and specifications, RNU and its partners will look to comply with the city huidelines and specifications. With input from the local residents and key stakeholders RNU will create a plan incorporating their ideas and requests. The input will be quantified and measured against the results of a commissioned market study for economic and environmental sustainability.

A.  As is the case with all important projects, it is our belief that a good, solid development program

for the Property should be a collaborative effort from all of the Projects stakeholders. Websters Dictionary defines collaborative as to work jointly with others. During the development of the Program for the South Elm Street Redevelopment, we will encourage and foster a strong relationship of collaboration between the City of Greensboro, the citizens and proprietors of the community, and the Design Team. We intend to facilitate design sessions between community leaders and our Design Team to ensure that we have total involvement and participation at the highest community level available. We realize what a vital component this Project is to the City of Greensboro, and intend to exhibit that through our final Master Plan and architectural designs.

52 | Program Management Team for Loveman Village Redevelopment

The South Elm Street Redevelopment Plan is thorough and informative, yet the study was performed in 2006 before the change in the economic climate. A reassessment of the plan would be a necessary first step, especially as it relates to present-day economics. The process would involve any and all stakeholders such as the surrounding neighborhoods, city and county officials, surrounding property owners, Action Greensboro, and Downtown Greensboro, Inc. Input from the DOT would also be helpful due to the nature of the busy intersection at Lee and South Elm Streets. Consideration would also be given to phasing the project for financing purposes as well as to accommodate an increased interest and occupancy on the site.

B.  The key to any successful mixed-use development is the overall environment that is created.
l l l l l l l l

In analyzing this particular Project, we feel that there are several very important urban design considerations that need to be studied intently, such as: A true pedestrian-friendly environment The right density of residential product Size and locations of restaurants with outdoor seating Lighting Treatment of facades and sidewalks Landscape Types of businesses Massing of buildings

The list truly could go on and on, however, these are just a few of the key redevelopment principles that come to mind. There are several components to consider, but the underlying theme is that the site would thrive best under a diverse and appropriate mix. The site is nestled among cultural and historic neighborhoods, and is also within a 1-mile radius of 5 college components: Greensboro College, University of North Carolina Greensboro, Bennett College, North Carolina A&T State University, and Elon University School of Law. Residential, office, and retail spaces all need to accommodate mixed levels of income and demographics. The site would also accommodate a variety of circulation and transportation methods: pedestrians, bikes, vehicular traffic, and mass transit. This would tie back in to some of the existing and proposed infrastructure (e.g. existing bus lines, greenway). One particular design challenge will be the treatment of Lee Street, which currently exists as a major arterial that severs South Elm Street. The design would ensure the continuity of South Elm Street across Lee Street. One other urban design consideration is the many personalities of Elm Street itself. On the north end is historical residential Fisher Park, followed by businesses and financial institutions, restaurants and nightclubs, and on the south end is bohemian-type retail such as antique stores. Does the redeveloped site create a new and separate personality, or is it an extension of another personality along Elm Street?

C.  Component developer and contractor selections would really need to include entities that have

proven experience in working with a community. Perhaps presentations could be arranged whereby the potential developer and contractor would have the opportunity to present their qualifications to the public. In this format, the public would have the opportunity to participate with the City of Greensboro in selecting the developer and contractor they feel would benefit the Project to the highest level. Solicitation and selection of proposed tenants may be a slightly different process. Potentially, the selected Development Team and the City of Greensboro could poll a predetermined mix of community leaders and/or citizens in an effort to narrow down the type of tenant desires for this area. From that list of users, specific retailers and restaurant groups could be identified. From that point, direct communication with these potential tenants could be started.
Program Management Team for Loveman Village Redevelopment | 53

From the early days of the sites conceptualized redevelopment, public awareness and participation have always been important. The public will continue to be engaged at the neighborhood, community, city and county levels. Public meetings, town halls, open forums, and websites or social networking sites will be utilized. Locations can vary from neighborhood churches to libraries to The Depot, where issues that are pertinent to this project city-wide could be addressed. Once the site starts to become occupied, community involvement would continue through programs such as NeighborWoods, in which residents can participate in beautifying the green spaces and planting street trees. This and other Greensboro Beautiful initiatives will help give the residents a sense of ownership.

D.  Based on H.J. Russell & Companys extensive knowledge and experience with redevelopment
projects of a similar scope, how has a community historically been able to contribute to a project development and design costs? What subsidies from a hosting city would be anticipated to initiate a project? The main component that comes to mind that could potentially require some City or public financing creativity is with regards to structured parking. The RFP specifically calls for placing most of the required parking in parking structures and the need to separate residential parking from commercial parking. While structured parking is a critical component in a mixed-use development (as it enhances the pedestrian-friendly environment), it can also, sometimes, be a detriment to the project Proforma. Oftentimes, you cannot acquire enough rent from your retail and office users, and cannot generate enough revenue in selling your residential component, to pay for all of the structured parking. In this scenario, public financing resources and assistance may be needed. Another area to consider would be the infrastructure. Not being extremely familiar with what is existing and the ability to rework and reuse the existing infrastructure, significant costs could be realized in this area.

54 | Program Management Team for Loveman Village Redevelopment

SECTION 4

H.J. RUSSELL & COMPANY

Local and DBE/HUB/MWBE Outreach and Participation

MBE/WBE Plan and Experience


H.J. Russell & Company has a strong commitment to Minority/Women Business Enterprise (MBE/ WBE) programs. As a minority-owned company, we have worked hard over the years to make a name for ourselves, and we know the importance of being a role model and experienced partner to MBE/WBE firms. We have developed a strong track record for MBE/WBE participation on our projects. Our commitment begins with our team. We have a company commitment to the highest standards for MBE/WBE participation throughout the project, which is described below. We prefer to take a proactive approach in involve MBE/WBEs early in the project. Our goal would be to obtain a substantial level of minority and female participation throughout all stages of this program. We would implement a mechanism that continually monitors the programs results to ensure its success. Our Policy It is our policy to ensure equal access and opportunity to minorities and females competing for contracts, subcontracts, and general/miscellaneous purchases. In recognition of this, our affirmative action efforts will continue to emphasize and strengthen our practice of including representative participation by qualified MBE/WBEs. Our MBE/WBE Program usually involves these primary elements: 1. Instructional seminars for MBE/WBEs. 2. Assessing MBE/WBE capabilities and contracting qualifications. 3. Training and technical assistance programs. 4. Monitoring and reporting on MBE/WBE participation. Our Plan Russells plan is designed to give all qualified firms an opportunity for full and equal participation. The plan is intended to encourage and support a healthy and competitive free market system in which ample opportunities are made available for business growth and development. To ensure the achievement of full and equitable MBE/WBE participation, Russell will: 1. Use local agencies to identify MBE/WBE firms. 2.  Market project opportunities in the local community and in media geared toward MBE/WBE firms. 3. Encourage involvement by frequent contact and follow-up. 4. Meet with MBE/WBE firms to provide qualification information. 5. Develop qualifications that take into consideration the capabilities of MBE/WBEs. Monitor the work of awarded firms on an ongoing basis to ensure that commitments are met 6.  and to provide business advice and assistance if needed. Establish procedures that allow for timely payment of invoices to ensure adequate cash flow for MBE/ WBE participants. Continual communication will help us understand an MBE/WBEs strengths and weaknesses and provide the assistance needed to support their businesses. Russell has been a major force in moving minority programs forward in the Atlanta construction industry, and our training and implementation programs are tried, tested, and proven successful. Some MBE/WBEs with whom we have worked in the past are now our full competitor. We welcome the competition, because it enhances and improves the publics awareness of the capabilities of minority-owned firms.

South Elm Street Redevelopment | 56

Budget, Cost Control experience and results. Budgeting accurately in the initial set up of a project is critical. With the Russell teams previous experience on similar projects, the project team has recent previous project data and industry contacts to help create project budgets that are accurate and have minimal variation from the final project cost. Each division of Russell is utilized to help draft the budget including the development team for all soft costs and predevelopment activities. The construction team has real time construction data to estimate total construction costs. The project management team insures the budgets reflect current market rents and occupancy data. Cost control is a continual process that starts from the conceptual stage and continues through to the completion of the project. Russell initiates the process through definitive estimates from conceptual design through the construction document stage. Conceptual pricing is then expanded into more detailed pricing as the design progresses. The cost coding system assigned to construction items during the conceptual phase estimate is established to allow each estimate to build on previous detail. Our computer-aided quantity survey system allows us to quickly and more accurately produce the basic quantities for the project and formalize the estimate. Prior to the start of the construction phase, we transfer our final estimate/ contractual budget into a cost coded budget using CMIC accounting software and a project management budget and forecasting module, Russells state-of the art integrated financial and project accounting systems. The jobsite computer has on line access, which allows for immediate, up to date information retrieval for the Owner. This system can also adapt to specific accounting needs of the Owner. Once the estimated labor, material, equipment and subcontract costs are determined, committed costs are allocated among standard cost accounts at a level of detail appropriate for tracking individual commitment line items against the project budget. Cost control during the predevelopment phase will focus on:

Implementing a competitive bid process for each component of the project Utilizing local vendors and service contractors that are familiar with the location Establishing accurate budgets and forecasts for the project duration

Cost control during the construction phase is a continuance of the cost management during the design phase. Russell will focus on:  Implementing a cost budgeting system using CMIC accounting software to set-up and monitor cost during the construction phase
 Timely

issuance of subcontracts, purchase orders, service agreement, etc. and entering the values in the cost system Buyout vs. budget analysis Routine Cost Reporting

Examples of our budget and cost control systems include the Villages at Carver. Government regulations and financing program requirements dictate tight and efficient budgets. Most of the affordable housing projects have per unit cost limits that were all met at the Villages at Carver. The goal of the team was to complete the project below budget and enhance the project with the savings by upgrading landscaping, site amenities, and unit features. Russell was able to enhance each of these areas at the Villages of Carver and Moultrie Manor.

57 | Program Management Team for Loveman Village Redevelopment

SECTION 5

H.J. RUSSELL & COMPANY

References

REFERENCES
Russell has built a reputation of successful project management and invites you to contact our clients to learn first-hand what a difference the Russell team has on a project. Kasim Reed, Mayor City of Atlanta 55 Trinity Avenue Atlanta, Georgia 30303 Tel: 404.330.6100 Fax: 404.658.6893 mayorreed@atlantaga.gov Mark Edison Prudential 400 Perimeter Center Terrace, NE Suite 160 Atlanta, GA 30346 Michele Woods-English Regional Vice President National Church Residences (Former Atlanta Housing Authority Investment Director) Atlanta, GA 30309 (404) 260-4221

Program Management Team for Loveman Village Redevelopment | 59