Hoover Property St. Thomas, LLC

Hoover Property St. Thomas, LLC 10/1/2014 Summary of Project Costs, Investment, and Borrowings. SFO Building Name Citizenship and Immigration Services State St. Thomas, USVI Project Costs: Project Cost Investment Loan Developers Costs: Land $1,113,393.07 1,113,393.07 Development Fee Capitalized Real Estate Taxes 8,348.49 8,348.49 Capitalized Interest Expense 167,381.50 167,381.50 Closing Costs 181,139.14 109,840.01 71,299.13 Leasing Commission 391,378.11 158,189.02 233,189.09 $1,861,640.31 1,381,422.10 480,218.21 Construction Costs: Architectural and Engineering 203,750.00 139,099.00 64,651.00 Site Development 1,059,455.71 82,841.30 976,614.41 Building Warm Lit Shell 2,759,708.00 6,577.89 2,753,130.11 Contingency 50,000.00 50,000.00 Radon Test 2,000.00 2,000.00 Builders Risk 57,000.00 57,000.00 Tenant Improvements 1,649,000.00 1,649,000.00 5,780,913.71 228,518.19 5,552,395.52 Total Project Cost 7,642,554.02 1,609,940.29 6,032,613.73 Less: GSA TI Reimbursement (983,797.00) (983,797.00) Net Project Cost $6,658,757.02 $1,609,940.29 $ 5,048,816.73 Construction Loan/Total Project Cost less Investment $ 6,032,613.73 Less: GSA TI Reimbursement (A) $ (983,797.00) Permanent Loan $ (5,040,000.00) Additional Investment $ 8,816.73 Appraised Value 6,300,000.00 Loan To Value 80% Permanent Loan 5,040,000.00 (A): The GSA will make a lump sum payment for Tenant Improvements that exceed the allowance. The TI allowance is $665,203.45. The reimbursement is projected to be 983,797. The GSA will make the payment within 90 days from accepting the space. EFTA01090027