Condo Summary: 21 East 26th St

Condo Summary: 21 East 26th St Projected Returns 2/7/14 Property Name Asset Type Market 21 East 26th St Condo Development New York, NY Footnotes: • Equity 8 Distribution is $800,000 on return of capital up to $000,000 of second distribution. • Building & Project Loan Includes interest reserve. Please refer to Exhibit A for Costs Paid Out of Sales. • Contingency is included in Costs Paid Out of Sales. • Unit rf 4: Sponsor has a remaining obligation to pay real estate taxes for 54 months, which will be paid at the Penthouse closing (this number is Included in Costs Paid Out of Sales). 21 E 26th St 13,250.000 Building Loan 24473,55S 74.9% Hard, Solt, Financing & Interest Costs 19,421.'303 59.4a. Protect Lea" 1,197,747 3.7% Ectuit. 7,000,000 21.4% Total Us, 32,671.303 100.0% Total Sources Pro t Loan Assum Loan Amount 24,473.556 74.9". A. _tit 1,197,747 3.7% Loan Closing Date 19-Jun-12 Loan Closing Date 19-Jun-12 Payoff Date 14-Aug-13 Payoff Date 14-Aug-13 Interest Rate 13.00% Interest Rate 13.00% Closings Started 11-Feb-13 Contribution: Equity A 220,500 19-Aug-11 Completely Sold 31-Mar-14 Contribution: Advance Star 700,000 19-Aug-11 Total Contribution 920,500 Retail Units 29-Oct-13 6,980,432 7,500,000 Unit 22 05-Aug-13 9,120,735 10,000,000 Initial Return of Equity A 63,606 01-Nov-13 Unit 23 29-Jul-13 8,849,964 10,000,000 Return of Equity A 156,894 'Unit 94 30-Jul-13 8,037,303 9,250,000 Distribution to Equity A 220,500 Penthouse 31-Mar-14 22,000,000 22,000,000 Additional Distribution to Equity A ($1.4MM) 44,100 Net Sales 54,988,434 58,750,000 Distribution to Advance Star 2,089,471 Debt -25,671,303 2.574,571 'Costs Paid Out of Sales -5,527,226 Total DisWibutable Cash 23,789,905 Return of Equity A & B -7,800,000 Building & Project Loan - Remaining Interest & Exit Fees 1,624,931 Developers Fee -225,000 Refinancing Costs 248,068 Net Profit 15,764,905 Jr. Loan (Remaining Balance) 72,922 Profit Return to Equity A & 8 -7,400,000 75% General Contractor: Settlement Payments 549,626 1st Distribution to Advance Star -2,466,667 25% General Contractor: Basement Requisition 1.52,451 Subtotal of Distributable Cash 5,898,238 Additional Hard & Soft Costs 2,806,090 Additional Profit Return to Equity A & 8 -1,400,000 Escrow: LULA Uft Elevator 73,138 2nd Distribution to Advance Star -4,498,238 Total Costs Paid Out of Sales 5.527,226 Total 0 O MITCHELL HOLDINGS LLC I February 7, 2010, Confidential I 801 Madison Avenue, New York, Ny 10065 I (T) 212-186-4440 I (F) 212-320-0474 EFTA00611745