EFTA00615102.pdf

C-III Recovery Fund I L.P. Realized Returns AsNeULocation Sq. Ft/ Units Acquisition Date Sale Date Purchase Price Sale Price FtFI Equity Contribution' RH Total Proceeds= Cross Equity Multiple' Cross IRR' Hold Period (Months) Washington Business Park Lanham. MD 573,397 9/7/2012 1215/2012 $42.000.000 $51.500,000 $11.00a000 518.718.595 1.70x N/M1 N/M4 N/M4 43.5% 32.4% 33.2% 37.1% 73.7% 104.7% 57.9% 57.4% 3 Cotton Exchange Hotel 223 2/1/2013 7/212013 13.500.000 17.800.000 11.703.780 14.472.138 I.24x New Orleans. LA 5 Meridian Plaza I Cannel. IN 69,482 10/1/2013 1123/2014 4.092.956 6,600,885 2.085.227 3,077,245 1.48x 4 Cary Brook Apartments' 360 10/28/2010 2/18/2014 15.220.000 24.300.000 4.939.103 14.518.458 2.94x Cary. NC 40 Wateridge Plata" San Diego. CA 278,787 124/2011 3/13/2014 50.500.000 72.500.000 3,697.410 8,324,476 2.25x 36 20 North Orange 267,233 822013 9/1812014 28.250.000 34.750,000 15.835.000 21,884,268 I.38x Orlando. FL 14 Shasta Crossroads Shopping Center Redding. California 75.783 1/10/2012 10/21/2014 7.380.000 11,600,000 2.609.384 5.794.785 2.22x 34 Crystal Lake Apartment. 224 IWI1/2011 11/20/2014 7.742.590 15.090.000 2.425.499 10.220.105 4.21x Pensacola. FL 38 San Francisco Multifamily Portfolio I1 San Francisco. CA 36 12/19/2012 12129/2014 8.475.000 18,300,000 1,305.331 5,579,832 4.27x 25 San Francisco Multifamily Portfolio I' 343 2/24/2011 265/2015 57.250.000 128.045.888 3.778.540 17.039.105 4.32x San Francisco. CA 48 PGA Plaza Palm Beach Gardens. FL 119,070 7/2/2013 3/27/2015 23.000.000 51,318,206 16.250.000 28.683.767 2.57x 21 Total $237,410,546 $431,804,979 $75,629.274 5148,312.774 1.96x Please refer to the footnotes on the next page. PROPRIETARY & CONFIDENTIAL - APRIL 2015 EFTA00615102 C-III Recovery Fund I L.P. Realized Returns 1. The MI Equity Contribution shown in die rabic excludes she 5371.276 of interest on the Warehouse Loan paid by RP! in August 2011 regaiding Cary Brook Apartments. the 5135.712 of interest on the Warehouse Loan paid by RFI in August 2011 regarding Wateridge Plaza and the 5170.703 of interest on the Warehouse Loan paid by RFI in August 2011 regarding San Francisco Multifamily Portfolio I. 2. ATI Total Proceeds are inclusive of sale proceeds and interim cash flows. 3. The gross equity multiple and gross IRR are based upon the RFI equity allocated to the sold assets and includes cash flow generated by the asset while RFI had an interest in the assets bat does not reflect the deduction of management fees. expenses and the carried interest paid to RF1% investment manager or general partner which. in the aggregate. may have been substantial. Accordingly. these returns do not reflect the actual returns that were ultimately realized by investors. 4. "N/M" stands for -not meaningful". The IRR is artificially high due to the short term hold period of the investment which was nor a pan of the investment manager's business plan. However, for purposes of Batuparency. the gross IRR for she Washington Business Park investment mu 5.644.1%. the gross !RR for the Cotton Exchange Hotel investment was 59.1% and the gross IRR for the Meridian Plaza ! investment was 247.6%. 5. MI acquired Cary Brook in October 2010 as a 'Warehoused Investment" (as contemplated by RFEs limited partnership agreement) before RFI's initial closing (which did not occur until August 2011) through firth mortgage financing of $11.600.000 plus a loan from RFEs general partner in the amount of 54.939.103 (the "Warehouse Loan"). representing what mould have otherwise been RF1's equity. In August 2011. ATI held in initial closing and repaid she Warehouse Loan utilizing the proceeds of a capital call equal to the Initial Equity of 54.939.103 million plus $371.276 of interest on the Warehouse Loan. The gross equity multiple and gross IRR presented on this page are based upon the acquisition date of October 2010 (with the $4.939.103 Warehouse Loan being treated as if it were equity of RFI) because that is the date that RFI acquired. and the investment manager commenced management of. Cary Brook Apartments. Accordingly, the investment manager believes that the October 2010 acquisition date moss accurately reflects the beginning of the investment period. 6. MI acquired a 20% joint venture interest in Wateridge Plaza in March 2011 as a "Warehoused Investment" (as contemplated by RFI's limited partnership agreement) before RFEs initial closing (which did not occur until August 201H through first mortgage financing of 535.000.000. joint venture equity. and a loan for its 20% interest from RFEs general partner in the ammun of $3.697.410 (the "Warehouse Loan"). representing what would have otherwise been RFEs equity. In August 2011. MI held its initial closing and repaid the Warehouse Lon utilizing the proceeds of a capital call equal to the Initial Equity of 53.697.410 plus 5135.712 of interest on the Warehouse Loan. The gross equity multiple and gross IRR presented on this pµge are based upon the acquisition date of March 2011 (with the 53.697.410 Warehouse Lon being treated as if it were equity of RFI) because that is the date that RFI acquired and the investment manager commenced management nf. Wateridge Plaza. Accordingly, the investment manager believes that the March 2011 acquisition date most accurately reflects the beginning of the investment period. 7. MI acquired a 20%Jobtr venture interest in San Francisco Multifamily Portfolio I in February 2011 as a "Warehoused Investment" (as contemplated by RFEs limited partnership agreement) before RFI's initial closing (which did not occur until August 201H through first mortgage financing of 540,000.000. joint venture partner equity and a loan for its 20% interest from RFEs general partner in the amount of 53.900.000 (the "Warehouse Loan") for the San Francisco Multifamily Portfolio I. representing what would have otherwise been RFEs equity. In August 2011. RFI held its initial closing and repaid the Warehouse Loan utilizing the proceeds of a capital call equal to the Initial Equity of 53.900.000 plus $170.703 of interest on the Warehouse Loan. The gross equity multiple and gross IRR presented on this page are based upon the acquisition date of February 2011 (with the $3.9 million Warehouse Loan being treated as if it were equity of An) because that is the date that RH acquired. and the investment manager commenced management 4. San Francisco Multifamily Portfolio I. Accordingly. the investment manager believes that the February 2011 acquisition date most accurately reflects the beginning of the investment period. PROPRIETARY & CONFIDENTIAL - APRIL 2015 2 EFTA00615103