EFTA02707101

Street, New York, NY 10010 PROJECT SUMMARY Gross Square Feet 35,280 Net Sellable Square Feet: Retail Units 6,700 Net Sellable Square Feet: Residential Units 21,441 Net Sellable Square Feet 28,141 LAND BASIS DETERMINATION Land/Improvement Basis $13,2000 Total Land/Improvement Basis $13,250,000 FINANCING COSTS (pre-sale of units) Building & Project Loans 79% $25,671,303 Interest Rate 13.0% SOURCES OF FUNDS (pre-sale of units) Equity A (Lofts21 LIC) 21.4% $7,000,000 Project Loan Financing 3.7% $1,197,747 Building Loan Financing 74.9% $24,473,556 Total Sources of Funds 100% $32,671,303 SES OF FUNDS (pre-sale of units) Cost of Land & Improvements $13,250,000 Hard, Soft, Financing & Interest Costs $19,421,303 Total Project Costs $32,671,303 RESIDUAL VALUATION Retail Units Gross Sales $7,500,000 Unit #2-4 Residential Gross Sales $29,250,000 Penthouse Residential Sale (Projected) $22,000,000 Gross Sales $58,750,000 Sales Costs (Commissions, Legal, etc.) ($3,761,566) Net Sales $54,988,434 EFTA_R1_02104061 EFTA02707101 COSTS PAID OUT OF SALES Building & Project Loan - Remaining Interest & Exit Fees $1,624,931 Refinancing Costs $248,068 Jr. Loan (Remaining Balance) $72,922 General Contractor: Settlement Payments $549,626 General Contractor: Basement Requisition $152,451 Additional Hard & Soft Costs $2,806,090 Escrow: LULA Lift Elevator $73,138 Total Costs Paid Out of Sales $5,527,226 DISTRIBUTIONS Net Sales $54,988,434 Debt ($25,671,303) Costs Paid Out of Unit Sales ($5,527,226) Total Distributable Cash $23,789,905 Return of Equity A & B ($7,800,000) Developers Fee ($225,000) Net Profit $15,764,905 Profit to Equity A & B - (75%) ($7,400,000) 1" Distribution to Advance Star - (25%) ($2,466,667) Subtotal of Distributable Cash $5,898,238 Additional Profit to Equity A ($1.4MM) ($1,400,000) t d Distribution to Advance Star ($4,498,238) Total 0 FT REAL ESTATE - CONTRIBUTIONS/DISTRIBUTIONS Contribution: Equity A (Lofts21 LLC) $220,500 Contribution: Advance Star $700,000 Total Contribution $920,500 Initial Return of Equity A $63,606 Return of Equity A $156,894 Distribution to Equity A $220,500 Add. Distribution to Equity A ($1.4MM) $44,100 Distribution to Advance Star $2,089,471 Total Distribution $2,574,571 Footnotes: • Equity B Distribution is $800,000 on return of capital up to $400,000 of second distribution. • Building & Project Loan Includes interest reserve. • Contingency is included in Costs Paid Out of Saks. EFTA_R1_02104062 EFTA02707102 Distributable Cash Return of Equity - (Distribution on 11t103) 100% of Investment plot B Distribution $ 2.250.000 (2,250.000) Equity A (Lolts21) (2.019231) $ Equity (230.769) Projected Remaining Distributions Net Sale of Penthouse 22.000.000 Additional Sponsor Contingency 8 Construction Reserve (460.097) Remaining Return of Equity (5,550.000) 700% al Investment plus 0 as:intuition 1 Equity A (Lofts21) EtatilY $ (4.980.769) $ (569.231) Sub Total Distributable Cash 15.969.903 Development Fee (225.030) Profit (7525) (9.866.667) Advance Star Distribution (25%) Equity A + B (75%) Equity A (Lotts21) Equity B (2466.667) $ (.000.000) $ 1400 COO Additional Profit to Equity A (1.400.000) Sub Total of Final Distributable Cash S 4.498.236 Advance Star Distribution (4.496236) Note: B Distribution is 5800.000 on return of capital up to 5400.000 of second distnbution Totals Distributions Total Distributions: Equity A (Logs21) 15.400.000 Total Distributions: Equity B 1,200000 Total Distributions: Advance Star 6064,903 EFTA_R1_021 04063 EFTA02707103