ESTREICH & COMPANY

ESTREICH & COMPANY

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IEWWho We Are

Estreich & Company (“Estreich”) is a real estate capital advisor located in New York City. Estreich has been providing services designed to meet the most demanding real estate capital requirements for over 29 years. Our clients include family operators, private equity funds, high net worth individuals and REITs seeking joint venture, first mortgage, preferred equity, and mezzanine advice and solutions. Our capabilities include:

Advisory ServicesOur real estate professionals have decades of experience through numerous real estate cycles providing a hands-on perspective to the structuring and recapitalization of the most complex transactions. We regularly advise a wide array of clients and asset types.

Access to Capital SourcesOur strategic relationships with financial institutions provide access to senior level decision makers at the most active investment and capital sources. Moreover, Estreich’s volume and diversity of transactions in conjunction with our unmatched, under-the-radar reputation solidifies our long standing relationships.

Debt and Equity PlacementEstreich is a leading provider of real estate finance services since 1986. Our team has successfully completed over $45 billion of transactions based on dollar volume, approximately 70% of which have been in the NYC/NJ/CT metro area and 30% of which have been nationwide.

Since 2011, Estreich has sourced over $20 billion in financing and equity on behalf of its clients. The firm closed approximately 745 loans from 2011-2015.

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IEWFirm Highlights

The Firm

• Founded in 1986

• Jonathan Estreich has been a NYC-based real estate finance professional since 1976

• Clients benefit from our experience through multiple business cycles

• Professionals with significant real estate experience in placing debt and equity

• Well over $45 billion of debt and equity placed over the past 29 years

Debt and Equity Placement

• 2015: Closed 210+ transactions / $5.2+ billion• 2014: Closed 170+ transactions / $4.5+ billion• 2013: Closed 156+ transactions / $3.5 billion• Broad client base across the ownership spectrum

ranging from families to institutional owners

• Unparalleled Experience – The Estreich team has advised across all asset classes through out various stages of the business cycle

Advisory Services

• Strong equity, securitized and portfolio lending relationships provide our team with solutions in the financing and recapitalizing assets

Access to Capital Sources

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IEWSelection of Our Clients

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IEWSelected Transactions

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Deal Name State Loan Amount Deal Name State Loan Amount

Willis Tower Illinois $825,000,000 60 Broad Street New York $84,000,000Empire State Building New York $500,000,000 122 East 42nd Street New York $84,000,0001251 Avenue of the Americas New York $450,000,000 North Riverside Park Mall Illinois $80,000,000One Beacon Street Massachusetts $315,000,000 Sunset Tower Hotel California $75,000,000Queens Portfolio Queens $245,000,000 488 Madison Avenue New York $75,000,000Metro Portfolio NY Metro $234,000,000 525 Seventh Avenue New York $75,000,00090 Park Avenue New York $200,000,000 Morningside Heights Portfolio Manhattan $74,225,00063 Madison Avenue New York $180,000,000 302 2nd St Manhattan $70,000,000589 Fifth Avenue New York $175,000,000 Riverdale Portfolio Bronx $65,000,000300 Park Avenue New York $168,000,000 430 Park Avenue New York $60,000,000Multi-Borough Portfolio NY Metro $167,000,000 4 Park Ave Manhattan $60,000,000Kew Gardens Portfolio Queens $150,000,000 Aloft South Beach Florida $52,500,00020 East End Ave Manhattan $145,000,000 Amesbury Heights Apartments Massachusetts $48,750,000Liberty Harbor Jersey City $145,000,000 Park Lane Alabama $48,000,000261 Fifth Avenue New York $141,000,000 55 3rd St Manhattan $45,000,000Cross Country Shopping Ctr New York $135,000,000 Elaine Place Portfolio Illinois $44,100,000590 Fifth Avenue New York $115,000,000 Wingate Residences Massachusetts $43,000,000570 Lexington Avenue New York $115,000,000 320 East 22nd Manhattan $42,000,000597 Fifth Avenue New York $113,000,000 Sheraton Needham Massachusetts $41,700,000Kew Gardens Tower Queens $111,150,000 Ranch Lake Apartments Florida $40,000,0001375 Broadway New York $102,000,000 Clearway Apartments Massachusetts $40,000,000Starwood Hotel California $100,000,000 160 West 84th St Manhattan $40,000,000Metro Center Connecticut $100,000,000 Upper East Side Manhattan $40,000,000692 Fifth Avenue New York $90,000,000 Ranch Lakes Florida $40,000,00080 Broad Street New York $87,500,000 Country Squire Tennessee $40,000,000516-520 Fifth Avenue New York $84,000,000 Wyndham Trip New York $38,000,000

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IEWSelected Transactions

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Deal Name State Loan Amount Deal Name State Loan Amount

EXO Astoria New York $35,500,000 Green Acres Road, Valley Stream Long Island $20,000,000230 Congress Street Massachusetts $35,000,000 Pinehurst Apartments Oklahoma $20,000,000838 West End Manhattan $35,000,000 47-53 3rd Ave Manhattan $19,000,000Isola Bella Oklahoma $34,000,000 Park & Coast Refi Brooklyn $18,400,000Washington Heights Manhattan $33,250,000 Haven Ave Manhattan $18,250,000Congress Hall and Star Inn New Jersey $32,000,000 290 East Main St New York $18,143,970Clinton Hill Portfolio Brooklyn $32,000,000 American Twine Office Park Massachusetts $18,000,000Breakwater Hotel Florida $30,000,000 Brooklyn Heights Brooklyn $18,000,00088 3rd Ave Manhattan $30,000,000 115 Henry St Brooklyn $18,000,000West 16th St Manhattan $30,000,000 OKC Portfolio Oklahoma $17,600,000800 Union Street Brooklyn $27,000,000 Weck Building Florida $17,000,000Design District Portfolio Florida $26,600,000 118-120 NE 39th Street Florida $17,000,000300 Collins Avenue Florida $26,000,000 NH Multifamily Portfolio New Hampshire $15,000,000Waltham Watch Factory Massachusetts $25,200,000 Haven Ave. Manhattan $15,000,000300 West 46th St Manhattan $25,000,000 177 North 7th St Brooklyn $15,000,000West 111th Street Manhattan $25,000,000 Brentwood Station Tennessee $14,400,000Crosby Street Manhattan $24,000,000 Sunnyside Portfolio Queens $14,200,000Meserole Street Brooklyn $23,500,000 Dunwoody Exchange Georgia $14,200,000Washington Heights Manhattan $23,000,000 Jackson Heights II Queens $14,000,000Parsons Boulevard Queens $22,750,000 Meserole Brooklyn $13,000,000Reading Industrial Massachusetts $22,500,000 82 West 12th Manhattan $12,000,000Washington Heights III Manhattan $22,000,000 730 Riverside Dr Manhattan $12,000,000Westborough Doubletree Massachusetts $21,700,000 Baron's Cove Hotel New York $8,500,000Norwood Portfolio Massachusetts $21,700,000 Tucasa Townhomes Texas $6,000,00065 Bank St Manhattan $21,000,000 6900 US Highway 19 North Florida $6,400,00087th & Lex Manhattan $20,000,000 630-638 E. Atlantic Avenue Florida $2,460,000

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IEWDedicated Project Team Biographies

Jonathan Estreich

Since founding Estreich & Company in 1986, Jonathan Estreich has successfully placed over $30 billion in debt and equity secured by office, retail, residential, industrial and hotel properties.

Mr. Estreich along with Jeffrey Feil, Jay Anderson, Ramius Capital, and Morton Olshan is a Founding Partner in the RCG Longview debt and equity funds. The first fund was started in 1999 and over the last sixteen years they have established five debt and two equity funds. The debt funds have raised over $3 billion and originated over 450 loans while the equity funds raised over $800 million. Prior to founding the firm, Mr. Estreich was the head of real estate for New York City at National Westminster Bank USA, and a loan officer at Mellon Bank. Mr. Estreich holds a BA in history from Trinity College.

Richard Kirikian

Richard Kirikian is a Managing Director within the origination team at Estreich & Company. His responsibilities include origination and placement of debt and equity. He also maintains coverage of institutional banking relationships. Mr. Kirikian’s career in commercial real estate spans more than 20 years, the last 18 of which has been on Wall Street where his primary focus has been on the origination, credit and structuring of commercial mortgages. His breadth of knowledge covers all commercial and multifamily types and he has extensive experience in managing loan origination platforms. Most recently, he was a Managing Director in the Corporate and Investment Banking Group at Societe Generale. He also had spent three years at Ladder Capital Finance as Managing Director originating debt and equity. Mr. Kirikian had spent a total of 10 years with J.P. Morgan & Co., Inc. / Bear Stearns & Co. Inc. as a Senior Managing Director in the Commercial Mortgage Finance Group where he was Co-Head of the Commercial Mortgage Loan Conduit and a member of the division’s Credit Committee. He had oversight responsibility for several national loan production teams. Previously, Mr. Kirikian was with Morgan Stanley & Co. for seven years in the Securitized Products Group (SPG). Within the Principal Transactions Group, Mr. Kirikian’s responsibilities included the management of production, underwriting and closing of commercial mortgages. He was also a Credit Officer for Morgan Stanley Bank and a member of the SPG Loan Credit Committee. Mr. Kirikian is a graduate of Tulane University and holds an M.B.A. from Fordham University.

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Aram Pehlivanian

Mr. Pehlivanian is a Managing Director at Estreich & Company. He is responsible for business origination, institutional banking relationships, and the arranging of debt and equity for the firm's clients. His background includes experience in construction project management, portfolio management, investment sales, and mortgage banking.

Mr. Pehlivanian's credentials include an MS in Real Estate Finance from New York University, a JD/MBA in Finance from The University of Akron, and a BS in Construction Management from Purdue University. He is a frequent guest lecturer on real estate finance at New York University, a licensed broker in the state of New York and a member of the New York and New Jersey State Bars