114 EAST 25TH ST 114 EAST 25TH STREET 66-EXTENDED STAY RESIDENCES & RETAIL OMITCHELL HOUTTINGS LLC 1 fury ; 2014, Cenfidendel I 801 Madison Avenue, New York, NY 10065 1 (T) 212-466-4444 1 (P) 212-320-0474 EFTA01071803 Summary - 114 East 25th St De0010000 property Name Asset Type Market Gross So Ft 114 East 25th St Commercial New York, NY 42.048 RIVESTMENT RESULTS XIRR of Required Equity Net Profit &MY Mule0le Levered 39.62% 33,614.095 22,344434 2.50 x 9595 Purchase Price Hard Costs Soft Costs Transaction Costs Interest Reserve Total Uses A/Muni 36,500.000 18,921,600 1,261440 2.074,840 5.083 359 63.841.239 %DUKES Aouisition Loan EOuity Amount 41,496,805 22,344,434 eau Sources 63,841,239 Operatxma4 Yr Investment Year Basins 8/1/14 8/ 1 /15 5/1/16 INCOME DevelOpMent Annual Rent Growth CiXimnefOal SflaCe (month per unit) 66-Extended Stay RerMenCtS (MOM*, Vacancy Rate effettiVol Gross OMNI% EXPENSES Operatmg Expenses (30% of EGO or 585 per emit per day Douai:mon Daily Room Rim Over FFE Replacement VOIities Customer Aqtasition Operations Total ExtiecISIS Expense Margin NET OPERATING INCOME TOTAL FINANCING Aquisition Loan ,EOuity Tot. Financing Ibtal Costs DEBT Principal Balance Interest Reserve Interest PANS Payoff SALE Of BUILDING Sale or evatling (5 cao) Sale Closing Costs (2%1 Net Sale Return or Lquit, 20.833 33 unit) 10.00000 25.0% Pr Unit Pr Day 50.00 15.00 S 00 500 IV 00. 0 0 0 0 41.496.80 22.344.434 63.841 239 -36,500.000 -18,921A00 -1.261,440 -2.074.840 -58.757,800 -41.496,805 -41496,8 -5,083,359 0 0 0 0 0 187.500 7,920.000 .1,188.000 6,919,500 -1,204,500 -361,350 -120.450 -120,450 „zaN 900 -2.047,6 -29.59% 0,671,850 0 0 -2,904,77 .41.4%80 97.437.000 •1,948.740 95 408 60 0 MITCHELL HOWINGS MC I July 7, 2014, Confidential I 801 Kadison Avenue, New York, NY 10065 I kuuISmoN LOAN ASSUMPTIONS LTC 57.2% 868.015 Loan AMMO* 41.496,805 65.0% 986.61 29.6% 450.00 Closing Date 01-Aug-14 2.0% 30.00 I. Rate - Type Fixed 3.2% 49.34 I/O -Period 21 8.0% 120.89 I/O - Rate 7.00% 100.0% Planning Period 6 months 800nYval Period 3 MAIN 65 0% 986.81 puildout Penal 17 months 35 0% 531.40 Operational Period 12 months 100.0% Commercial LeaSe Commercial Lease 5/1/16 3-Mortis of Free Rent 187,500 7,920,000 -1,188,000 6,919,500 -1,204,500 -361,350 -120,450 -120,450 -241 900 -2,047.650 -29.59% 4,071,060 41,496,805 77 344.434 -36,500,000 -18,921,600 -1,261.440 -2,074.840 -S0,757.880 0 -5,083,359 -2,904,776 -41496.80 97,437,000 -1,948.740 33,614,095 Sensitivity Table XIRR Net Profit Multiple Current 5.0% 49.43% 45.101,226 3.02 x Vacancy Rate 7.5% 47.08% 42.229443 2.89 x 15.0%. 10.0% 44.67% 39.357,661 2.76 x 12.5% 42.18% 36.485,878 2.63 x Toole 15.0% 39.62% 33.614,095 2.50 x 2.5% 17.5% 36.97% 30.742,312 2.38 x 20.0% 34.23% 27,870,529 2.25 x 22.5% 31.39% 24,998,746 2.12 x 25.0% 28.43% 22.126,963 1.99x EFTA01071804