270 Dorchester Avenue South Boston, MA 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 Confidential – Not for Distribution 1 1 资
Development Overview 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 Confidential – Not for Distribution 2 2 资
DEVELOPMENT OVERVIEW The 270 Dorchester Avenue project (the “Property”) is ideally situated in South Boston – nestled between the Seaport, the newly evolved 24-hour waterfront district awash with vibrant restaurants and retail amenities, and the South End, a culturally rich neighborhood offering a unique view into Boston’s historic past. As a result of there being a City owned garden area adjacent to the Property, the units will enjoy unobstructed views of Boston’s Seaport area, along with the sightlines to the surrounding cityscapes. The Property comprises 114 residential condo units over five stories with an average unit size of just under 700 square feet, along with: 2 retail units at street level 任 2 retail units below grade 责 律 Two-level below grade parking garage accommodating 120 parking spaces 法 其 究 83,939 net square feet of living and retail space 追 将 20 affordable condo units ， 发 转 载 The Property benefits from its close proximity to public transportation hubs and employment centers located 下 或 downtown and in the Seaport, making it convenient for future residents to live, work, and play in the most 用 盗 desirable neighborhoods. 许 允 经 未 The relatively small average unit size represents a unique opportunity to bring to market a highly demanded ， 产 and completely under-supplied unit size and price point. 资 恩 集 系 料 3 资
Project Photos and Design Renderings 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 Confidential – Not for Distribution 4 4 资
AERIAL PHOTO OF THE PROPERTY 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 5 资
SITE PLAN 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 6 资
VIEW TO NORTHEAST FROM DOT AVE 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 7 资
VIEW TO SOUTH FROM DOT AVE 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 8 资
VIEW TO NORTHEAST FROM B STREET 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 9 资
VIEW TO NORTHWEST FROM WEST 6 TH ST 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 10 资
RENDERING - DOT AVE PERSPECTIVE (1/2) 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 11 资
RENDERING - DOT AVE PERSPECTIVE (2/2) 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 12 资
RENDING – RAISED DECK PERSPECTIVE 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 13 资
Transaction Overview 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 Confidential – Not for Distribution 14 14 资
DEVELOPMENT DETAIL Purchase Costs Soft Costs - During Construction Purchase Price $15,250,000.00 Acquisition Fee - (1% of Purchase Costs) $157,075.00 Closing Costs at Purchase $457,500.00 Developer Fee - (4% of Construction Costs) $1,130,567.20 Building/Permit Fees $388,632.48 Construction Costs Environmental $25,000.00 Architect $125,000.00 Gross Square Footage 115,364 Legal $25,000.00 Square Footage - Parking 15,000 MEPs $80,000.00 Square Footage - Retail 4,465 Structural $80,000.00 Square Footage - Common 16,425 Civil Engineering $65,000.00 Square Footage - Net Living Area 79,474 Geotech $25,000.00 Contingency $50,000.00 $28,264,180.00 Construction Costs Total Soft costs $2,151,274.68 Construction Cost per Sq. Ft $245.00 Combined Carry and Soft Costs $7,511,274.68 任 责 律 Bank Loan Total purchase price for project is ~ $15.7 法 Total Loan $31,000,000.00 其 million representing 31% of the total project 究 Interest Rate 6% 追 costs 将 ， Carry Costs 发 转 Loan Commitment Fee (0.5%) $155,000.00 Construction costs represent ~ $28.3 million or 载 Initial Construction Phase $775,000.00 下 $245 per square feet 或 Fully Drawn Construction Phase $1,240,000.00 用 Stabilization/Sell Out Phase $465,000.00 盗 许 Mezzanine Interest (15% per annum) $2,550,000.00 Total loan proceeds of $31.0 million (excluding 允 Taxes, Insurance, Etc. $175,000.00 经 Mezzanine placement) equate to a 60% loan-to- 未 Total Carrying Costs $5,360,000.00 ， cost value, at a fixed interest rate of 6% 产 资 恩 集 系 料 15 资
SOURCES AND USES Sources Debt sources represents 77% of total project LP Equity Partner $8,982,954.68 cost allowing for enhancement of returns Development Sponsor $3,000,000.00 60% loan-to-cost in traditional bank Mezzanine $8,500,000.00 Debt $31,000,000.00 financing Total Project Cost $51,482,954.68 As-completed loan-to-value is a 61.3% Uses (inclusive of Mezzanine) Purchase $15,707,500.00 Soft Costs $2,151,274.68 Carry Costs $5,360,000.00 Construction costs represent ~ 55% of total Construction $28,264,180.00 project cost, while soft and carry costs Total Project Cost $51,482,954.68 combined represent ~ 15% Total Project Cost per Unit $444,278.17 任 Total Project Cost per Net SF $647.80 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 16 资
SELL-OUT AND PROFIT ANALYSIS Project Profit Information Pricing compares favorably to sales comps in Total Gross Sales $64,389,650.00 the marketplace allowing for some upside on As Complete LTV 48.14% view preferential units and parking Closing Costs paid on Sales (4%) 2,575,586.00 Net Sales After Closing Costs 61,814,064.00 Comp set defined as new build construction Net Sales per Unit $542,228.63 with deeded garage parking within defined Net Sales per Net SF $777.79 market area – see current comp listing Total Preferred Equity 11,982,954.68 addendum Total Loan Amount 31,000,000.00 Total Mezzanine 8,500,000.00 Total Project Cost 51,482,954.68 Unit mix contemplates Studio, 1 Bedroom, and 2 Bedroom units; square footage per unit 任 Total Net Profit 10,331,109.33 责 range approximates 650 - 850 律 法 Property Level Return 其 究 Equity Multiple 1.9 追 将 Gross Margin 20.1% ， 发 Unit Projected Sale Price per Sq. Ft # of Units Unit Size (Sq. Ft) 转 载 Parking $0.00 n/a n/a n/a 下 Retail $2,870,000.00 $500.00 2 2,870 或 用 Market Condos $4,184,400.00 $300.00 20 697 盗 许 Affordable Condos $57,335,250.00 $875.00 94 697 允 Total $64,389,650.00 116 经 未 ， 产 资 恩 集 系 料 17 资
PORTFOLIO EQUITY AND PROFIT RETURN Equity Return Analysis (Base Case) Required Return Profit Tranches Total Equity Invested $11,982,954.68 20% $2,396,590.94 Hurdle 1 20% 29% $1,078,465.92 Hurdle 2 29% >30% $6,856,052.47 Hurdle 3 >30% Total $10,331,109.33 Return Tranches $ Tranches Tranche 1 100% Tranche 1 $2,396,590.94 Tranche 2 50% / 1/2 50% Tranche 2 $808,849.44 Tranche 3 40% / 1/2 60% Tranche 3 $4,799,236.73 Total $8,004,677.10 Total Return to DH / DH Investors 任 Equity Invested $11,982,954.68 责 律 Total Profit Share $8,004,677.10 法 Total Return on Equity 66.80% 其 究 追 DH Investors shall first receive up to 20% of the net return 将 ， 发 转 载 For any net return above 20% but below 30%, then DH Investors shall receive 下 或 50% of the net profit and DH and Navem shall split equally the other 50% of 用 the net profit 盗 许 允 经 未 For any net return equal or greater than 30%, then DH Investors shall receive ， 产 40% of the net profit and DH and Navem shall split equally the other 60% of 资 the net profit 恩 集 系 料 18 资
A Leader in High-Value-Creation REAL ESTATE Investment Opportunities within Dynamic Urban Environments Navem Team Biographies 任 责 律 法 其 究 追 将 ， 发 转 载 下 或 用 盗 许 允 经 未 ， 产 资 恩 集 系 料 Confidential – Not for Distribution 19 19 资
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