Finished Lots for Residential Development Near Kissimmee, FL (Poinciana, Polk County)

$15,000,000 Investment AmountDeal Metrics• $16,410,000 35 Attached 4-unit townhomes (MAI appraisal 2018)• $10,000,000 12.85 Acre commercial parcel (MAI appraisal 2018)• $ 5,110,000 Remaining (fee) property (MAI appraisal 2018)• $31,520,000 Total Value• <50% LTV• $5,000,000 senior debt to payoff existing lender interest• $8,000,000 revolving construction (16 x 4-attached units each)• $ 500,000 closing cost, broker fees• $1,500,000 interest reserves

Property Details• Tuscany Preserve at Lake Marion (tuscanypreservehomes.com)• 140 Individual Fourplex Townhome Units (Project Phase 4A)• 116 remaining building 4-units to be built (29 mini-phases)• Presold to bulk home purchaser IDM Business Development Inc.

Opportunistic playSubject property’s finished lot planned development is well-positioned as a premier residential development catering to localhomebuyers in the service, tourist and hospitality industries as wellas vacation home buyers and investor rental market (i.e. Airbnb).Experienced capital advisor and real estate asset management teaminvolved with developer in a joint venture development.

Residential Highrise Development Downtown, Newark, NJ

$16,600,000 USD Investment AmountDeal Metrics• $12,000,000 Land Basis• 222,345 PSF Buildable SF (As-of-right)• 95 onsite parking and structured public parking lot across the street• 200± Residential Market Rate Rental Units• 14% IRR Project Level (Realistic; Levered)• $5,454,794 NOI (Year 11; Opportunity Zone Qualified)• $83,919,912 Exit Price (Future Value @ 6.5% CAP)Property Details• 8,202 SF Lot Size (Per public records)• Near Prudential corporate offices, Prudential Center, NJPAC, Rutgers Business

School, Newark Library, Newark Museum• Near Wholefoods, Starbucks, Banks, Educational & Retail• Federal economic incentives (QOZ, NMTC, EB-5, HUD/LIHTC)• Access to Newark Penn Station, Amtrak and major bus routesProposed Development• 27 Stories tall with lobby and rooftop patio• 200 Market rate rentals (70 x 1 BR/1 BA units + 130 x 2 BR/2 BA units)• 95 Maximum Parking Spaces (4-level stacker; valet)• Multifamily housing built to condo standards (Viable exit scenario)• Ground floor restaurant + Tenant amenities• Comparable project (Onetheatersquare.com)

Master Plan Redevelopment/Public-Private Partnership Cross Bayou Point, Shreveport, LA

$25,000,000 USD Investment AmountDeal Summary

• $1,000,000,000 Project's future value after 10 years• Public-private partnership

Property Details• Approximately 90 acres assemblage • Waterfront access • Up to 5,000 housing units (market rate, workforce & affordable)• Relocation of two government/administration/courthouse• Potential NBA G-League anchor and sport/entertainment complex• Two multi-purpose playing fields includes the New Orleans Saints• Federal economic incentives (QOZ, NMTC, EB-5, HUD)Opportunistic PlayThe Gateway Downtown Consortium LLC is comprised of prominent Shreveportbusiness leaders and community members. It has proposed a downtown waterfrontdevelopment that would build upon a public-private partnership (P3) of the local,parrish, state and federal government. The consortium has teamed with two New YorkCity-based companies – infrastructure development firm AirRail and real estatedeveloper Janus Property – for what project officials said will be the development ofShreveport's Cross Bayou area. The formal vote was approved in the City Council forMOU is May 22, 2018. Black Pearl is a co-principal and capital partner to theDeveloper. Master plan development approval by February 15, 2020.Website: www.crossbayoupointproject.com

Core Multi-tenant Retail Center Harlem, Upper Manhattan, NY

$43,250,000 USD Investment Amount

Deal Metrics

• $165,000,000 Acquistion price• $7,456,913 NOI• 4.5% CAP• 7.3% IRR based on 9-year hold (remaining initial lease term)• 10% rent increases every 4-5 years OR 3% annual increase with

renewal options• 9 years initial term with NN leasesProperty• 200,000 SF Gross• 172,000 SF Net Rentable• 3 Main Anchors: Wholefoods, Burlington Coat Factory, Raymour &

Flanigan• 3 Other Tenants: American Eagle, Olive Garden, TD Bank• Assumes existing debt of $125M @ 4% blend rate

Location• Harlem neighborhood is visited by 1.3 million people annually• Supported by 160,000+ households within 1.5 miles• AMI of $73,000+, 420,000+ residents within 1.5 miles radius• 2 blocks from the iconic Apollo Theatre and Magic Johnson Cinemaplex

Prime Off-Market Boutique Hotel Midtown, Manhattan, NY

$88,000,000 USD Investment AmountAcquisition Metrics• $225,000,000 Anticipated price• $124,000,000 New financing• $ 18,000,000 Mezzanine• $ 5,000,000 Closing costs-------------------------------------------------

• $ 88,000,000 Total required equity• Offered as direct acquisition or LP partnership• 3-Year holding period (full stabilization projected at $12M NOI)• $325,000,000 Future value at exit (refinance or partnership recapitalization

with new EB-5 funds)Property Details• Subject property is located in Murray Hill, in the heart of Midtown near the

Empire State Building, Penn Station and Grand Central Station• It is a 19-story, 190-room, full-service lodging facility built in 1920 with a full,

gut-renovation completed in 2017• Subject was in good/excellent condition at the time of inspection.• Amenities including a ground floor restaurant, nightclub, rooftop terrace,

access to a house car within a 15 mile-radius, access to an off-site Equinox gym, meeting space and some rooms containing balconies. There is close access to 6 subway station.

• Non-Union hotel

Premier Miami Land Redevelopment Opportunity Miami, FL

$90,000,000 USD Investment AmountDeal Metrics• $150,000,000 (based on inflation-adjusted 2015 MAI appraisal)• $1,200,000 current hotel EBITDA (Holiday Inn 2019)• 15% IRR for 2 years plus bonus with ROFO to remain in new projectProperty Details• Located on corner block along the infamous Biscayne Boulevard• Subject property is located in the heart of downtown Miami near the

prestigious Brickell area, next door to future Waldorf-Astoria, 1000 Museum and AmericanAirlines Arena with clear open views of Bayfront Park and Biscayne Bay in the Port of Miami with Fischer Island, Miami Beach and the Atlantic Ocean in the immediate horizon

• 40,000 SF lot size (per public records)New Development (Existing Site Approval)• 75 stories consisting of one tower consisting of 450 luxury residential

units and 332 hotel rooms/suites; convention space with meeting rooms, restaurants and banquet facilities, 779 stack parking totaling 1,439,352 approved FAR SF

• Excellent EB-5 Equity Program• EB-5 funding just increased from $500,000 to $900,000 per investor• Bulgari Hotels has expressed interest to make Miami project their first

luxury hotel flag in the U.S.• Website: https://www.bulgarihotels.com/

Commercial Property/Redevelopment Project The Bronx, NY

$144,000,000 USD Investment AmountDeal Metrics• 1.36 Acres • Fee Simple/Absolute Ownership• 594,000± Buildable SF• 700+ Affordable housing units, community facility and parking• $134.68 PSF Land Acquisition

Property Details• Across from the 167th Station (4 Train MTA Green Line)• Below-grade parking structure • 1 city block along Edward L. Grant Highway• 1 stop from NY Yankees Stadium• Federal economic incentives (QOZ, NMTC, EB-5, HUD/LIHTC)• Phase I & II Environmental Reports completed• Potential to tap HPD Acquisition Loan Fund

Interim Tenant Income$216,000 Parking Lot$180,000 Laundromat$120,000 Tenant 1$ 42,000 Tenant 2$ 23280 Tenant 3-------------$581,280 Total during permitting process

Flagged Hotel Times Square/Harold Square, Manhattan, NY

$160,000,000 USD Investment Amount

Deal Metrics• USD $550,000,000 Anticipated Purchase• USD $27,500,000 NOI (ramping up)• 5% CAP• Fee simple hotel ownership• Legacy asset for disposition by established NYC investment firm• Strictly off-market • Buying entity responsible for acquisition fees

Property Details• 612 Keys / 18-stories / interior-corridor designed• 3 Diamond Property (AAA Inspector Rated)• Located in Times Square District• Non-Union Labor• Near many contemporary restaurants and bars, this Hotel's energetic mood

is social and oh-so playful. Modern, micro-style rooms have whimsicaltouches and will appeal to the young or young-at-hear. Smoke freepremises.

Core OpportunitySubject property well positioned as an existing cash flowing property with lightCAPEX required; no deferred maintenance. Excellent trophy asset that is well-located on a hard corner and ideal for long term hold with excellent long-termappreciation.

Masterplan Residential Development Sacramento, CA

$205,000,000 USD Investment AmountDeal Metrics• $125,000,000 Projected “As Is” sales/post-acquisition• $ 80,000,000 “As Is” appraisal (adjusted to inflation)• $ 62,500,000 Acquisition price/Bank REO• 50% LTV leverage with bridge financing• Immediate construction of 500+ rental units (HUD 221d4 loan)

Property Details• Gross 65 acres for approved land development• Fee simple/absolute ownership• $40,000,000 existing infrastructure (roads, grading, utilities)

already completed• Federal economic incentives (QOZ, NMTC, EB-5, HUD)• Website: https://www.downtownsac.org/project/township-9/

Value Add OpportunityProject encompasses almost 1,900 attached residential units,840,000 SF of office, 150,000 SF of retail/hotel and 20 acres of parkand open space- all within 1 mile of the State capitol. Flexibility toshifting uses, densities and product types, gives the Developerthe ability to pursue uses of their own desire. Pre-takeoutcommitment from HUD Lender (Greystone) for $15M representing25% of total original land purchase. Clear exit strategy: sale oflegal lot parcels, JV development and/or master loan refinance.