investment offering
TRANSCRIPT
INVESTMENT OFFERING411 West Chicago + 751 North Hudson
Prime River North Transit Oriented Mixed-Use Development
ONCHICAGO
ONHUDSON
EXECUTIVE SUMMARY
PROJECT OVERVIEW
LOCATION OVERVIEW
MARKET OVERVIEW
FINANCIAL OVERVIEW
TABLEOFCONTENTS.
3
6
12
20
28
THEOFFERING.
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS.
EXECUTIVE SUMMARY ATTRACTIVEFINANCING
100%MARKET
RATE UNITS
OUTSIZEDPROJECTRETURNS
INVESTMENT HIGHLIGHTS.
EXECUTIVE SUMMARY
PREMIERELOCATION
POST-COVIDRECOVERY
SHOVELREADY
PROJECT OVERVIEW N E X T
751 North Hudson411 West Chicago
751 NORTH HUDSONON
HUDSON
134 APARTMENTS WITH 10,500 SQUARE FEET OF GROUND FLOOR RETAIL
AMENITY PACKAGE INCLUDES:
POOL DECK WITH SOUTHERN EXPOSURE
FIRE PIT LOUNGE AREA, CABANAS, AND GRILLS
TOP FLOOR SKY DECK WITH INCREDIBLE DOWNTOWN VIEWS
ABUNDANCE OF OUTDOOR GREEN SPACE
FITNESS CENTER WITH PELOTON BIKES, TREADMILLS, AND FULL WEIGHTS
YOGA STUDIO
TENANT LOUNGE WITH SHOWCASE KITCHEN
TENANT OFFICE SPACE WITH CONFERENCE AREA AND BREAKOUT WORKSPACES
INDOOR/OUTDOOR 2ND FLOOR DOG RUN AND DOG WASH STATION
ABUNDANT BIKE STORAGE
24-HOUR DOOR STAFF
ON
HUDSON
411 WEST CHICAGOON
CHICAGO
93 APARTMENTS WITH 8,000 SQUARE FEET OF GROUND FLOOR RETAIL
AMENITY PACKAGE INCLUDES:
SUN DECK WITH SOUTHERN EXPOSURE
FIRE PIT LOUNGE AREA AND GRILLS
TOP FLOOR SKY DECK WITH DESIRABLE EAST FACING VIEWS
EXPANSIVE EXTERIOR GREEN SPACE
FITNESS CENTER WITH PELOTON BIKES, TREADMILLS, AND FULL WEIGHTS
YOGA STUDIO
TENANT LOUNGE WITH SHOWCASE KITCHEN
DOG RUN
TENANT STORAGE LOCKERS AND BIKE STORAGE
ON
CHICAGO
12
LOCATION OVERVIEW N E X T
CHICAGO’STOPSUBMARKET.
AN ULTRA-STYLISH DISTRICT OF SLEEK ART GALLERIES, TOP-RATED
RESTAURANTS, AND A PLETHORA OF PUBLIC TRANSIT, SITUATED
ALONG THE RIVER, TUCKED INTO FORMER WAREHOUSE BUILDINGS. LOCATION OVERVIEW
HUGO SITS TUCKED AWAY IN A RESIDENTIAL POCKET OF RIVER
NORTH, ONE OF OUR CITY’S MOST PROMINENT AND DESIRABLE
NEIGHBORHOODS, JUST STEPS FROM THE TOP AMENITIES THE CITY
OF CHICAGO HAS TO OFFER.
LOCATION OVERVIEW
Projects built by LG Construction
RIVERNORTH.
POPULATION
AVERAGEHOUSEHOLD INCOME
MEDIAN AGE
AVERAGEHOUSEHOLDSIZE
SIZE
WALK SCORE
TRANSIT SCORE
19.135
$165,178
32
1.7
.33 SQ MI
99
100
NAVY PIER
SHEDD AQUARIUM
FIELDMUSEUM
BU
CK
ING
HA
M FO
UN
TAIN
GRANTPARK
MILLENNIUMPARK
1.2Mi
1.1Mi
MUSEUM OF CONTEMPORARY ART
0.7Mi
OAK STREET
BEACH
0.9Mi
SOUTH LOOP
THE LOOP
NEW EAST SIDE
WESTLOOP
FULTONMARKET
RIVER WEST
RIVER NORTH
GOLD COAST
STREETERVILLE
OLD TOWN
LINCOLN PARK
NEAR NORTH
UNIVERSITY VILLAGE / LITTLE ITALY
GOOSE ISLAND
LAKEVIEW
LINCOLN PARK
ZOO
WRIGLEY FIELD
LOCATION OVERVIEW
PROPERTYSUMMARY.
ADDRESS
Project Completion
Number of Units
Residential square footage
Retail square footage
Zoning
Gross building square feet(Including parking & lobby)
Parking spaces
751 N Hudson / 411 W Chicago
Anticipated construction commencement 3Q21and delivering in 3Q23
751 N Hudson / 134 units (669 avg sf)411 W Chicago / 93 units (642 avg sf)Total / 227 units (658 avg sf)
149,304
18,895
DX-5 Downtown Mixed-use
751 N Hudson / 157,799 sf 411 W Chicago / 105,447 sfTotal / 233,028 sf
55
N H
UD
SON
ST
411 West Chicago751 North Hudson
LOCATION OVERVIEW
DEVELOPMENT PROGRAM.
Floor Common Residential Retail Balcony Parking FAR GSF Units Spaces
B 3,014 0 0 0 10,309 0 13,323 0 31
1 5,026 0 10,505 0 1,548 15,531 17,079 0 0
2 3,160 10,046 0 8,367 0 13,206 21,573 16 0
3 1,538 11,847 0 1,746 0 13,206 15,131 18 0
4 1,538 11,847 0 1,746 0 13,206 15,131 18 0
5 1,538 11,847 0 1,746 0 13,206 15,131 18 0
6 1,538 11,847 0 1,746 0 13,206 15,131 18 0
7 1,538 11,847 0 1,746 0 13,206 15,131 18 0
8 1,538 11,847 0 1,746 0 13,206 15,131 18 0
9 3,007 8,503 0 3,528 0 11,510 15,038 10 0
10 0 0 0 0 0 0 0 0 0
Total 23,435 89,631 10,505 22,371 11,857 120,557 157,799 134 31
Floor Common Residential Retail Balcony Parking FAR GSF Units Spaces
B 2,367 0 0 0 10,163 0 12,530 0 24
1 2,559 0 8,390 0 1,195 10,949 12,144 0 0
2 2,033 7,406 0 3,345 0 9,439 9,742 13 0
3 1,426 8,024 0 292 0 9,450 9,742 14 0
4 1,426 8,024 0 292 0 9,450 9,742 14 05 1,426 8,024 0 292 0 9,450 9,742 14 06 1,426 8,024 0 292 0 9,450 9,742 14 0
7 1,430 8,024 0 292 0 9,454 9,746 13 0
8 1,440 8,008 0 292 0 9,448 9,740 9 0
9 2,646 4,139 0 2,750 0 6,785 9,535 2 0
10 0 0 0 0 0 0 0 0 0
Total 18,179 59,673 8,390 7,847 11,358 83,875 105,447 93 24
751 N Hudson
411 W Chicago
Total 41,614 149,304 18,895 30,218 23,215 204,432 263,246 227 55
FLOORPLANS. PUBLIC ALLEY
NO
TIN
CO
NTR
AC
T
POOL
FIR
STFL
OO
RSE
CO
ND
FLO
OR
LOCATION OVERVIEW
TYPICALFLOORPLAN.
FIR
STFL
OO
RLOCATION OVERVIEW
MARKET OVERVIEW N E X T
MARKET OVERVIEW
2020 POPULATION
5-YEAR PROJECTEDPOPULATION GROWTH
POPULATION AGE 25-44
COLLEGE ATTAINMENT
54,130
7%
45%
76%
RENTER OCC.HOUSING UNITS
HOME VALUE
AVERAGE HOUSEHOLD
INCOME
58%
$433,765
$142,800
DOWNTOWN* DEMOGRAPHICS REMAIN STRONG
CHICAGOECONOMICOVERVIEW.
*The “Super Loop” is roughly bound by Lake Michigan on the East, the Stevenson Expressway on the South, Ashland Avenue on the West and North Avenue on the North.
Source: ESRI, November 2020
Government 11%
Mining & Construction 4%
Manufacturing 9%
Trade, Transportation & Utilities 10%
Retail 10%
Information 2%
Financial Services 5%
Professional &Business Services 11%
Other Services 12%
Leisure &Hospitality 9%
Arts, Recreation& Entertainment 2%
Education &Health Services 15%
CHICAGO’SDIVERSEECONOMY
THE FUTURE IS BRIGHT
TOP UNIVERSITIES EXPANDING INITIATIVES
FULL SPEED AHEAD
ILLINOIS RANKING
#2 #4
BRAIN POWER
MILLENNIALS IN THE CITY
#1
Technology+19%Healthcare+16%Life Sciences+11%
0.
2.
4.
6.
8.
Chicago Boston San Fran. New York Los Angeles
Series 1
5.4 4.9 4.8 4.4
CHICAGOECONOMICOVERVIEW.
7.1
Chicago
Source: JLL
Source: New Economy Index, Information Technology & Innovation Foundation, 2020
DOWNTOWN APARTMENT GROWTH & ABSORPTION
DURING DOWNTURNS, CHICAGO BOASTS SMALLER DECLINE & QUICKER RECOVERY OF RENTS
CHICAGOAPARTMENTOVERVIEW.
-15 -7.5 0 0 7.5 15 22.5 30
Atlanta
Charleston
Dallas-FW
Los Angeles
New York
Seattle
20
16
22
12
15
11
26
14
24
14
19
4
2018 2019 2020 2021 2022
Rental Units
Absorption
Greater than 1:1Absorption in 2018 & 2019
Strong absorption rates expected to pick back up in 2022
= Restricting Future Supply
MARKET OVERVIEW
Source: IRR, 3Q20
Source: JLL
Atlanta
Austin
Charleston
Chicago
Dallas-FW
Denver
Los Angeles
Nashville
New York
San Fran.
Seattle
Washington, DC
-6.1%
-6.1%
-5.6%
-3.1%
-3.9%
-5.4%
-9.7%
-4.1%
-10.2%
-7.9%
-10.6%
-0.7%
MARKET OVERVIEW
RIVER NORTHRENT COMPS.
Address Year Built # of Units Avg Unit Size Avg Rent/Mo Avg Rent PSF
1 Marlowe 2018 176 780 $3,036 $3.892 Aurelien 2017 368 849 $3,090 $3.643 The Hudson 2017 240 939 $3,362 $3.584 Hubbard 221 2018 195 803 $2,941 $3.665 The Sinclair 2017 390 805 $3,107 $3.866 Wolf Point West 2016 509 863 $3,302 $3.837 3Eleven 2018 245 779 $2,568 $3.30
SUBJECT PROPERTY 661 $2,525 $3.82
Avg Rent/Mo Avg Rent PSF
$2,964 $3.80
$3,150 $3.71
$3,258 $3.47
$2,819 $3.51
$3,212 $3.99
$3,046 $3.53
$2,664 $3.42
$2,525 $3.82
6
3
4
2
7
N
8
1
5
OHIO STREET
CHICAGO AVENUE
Q4 2019 CURRENT
8
12
3
4
10
5 6
97
9
Address Type Sale Date Sale Price Land Size Price/Land SF FAR Buildable SF Price/FAR
1 320 W Erie Office Jul-20 $5,100,000 12,250 $416 5 61,250 $83
2 416 W Erie TBD Dec-19 $3,750,000 9,624 $390 5 48,120 $78
3 143 W Illinois Office Jul-19 $12,200,000 21,625 $564 7 151,375 $81
4 312 W Huron TBD May-19 $15,800,000 32,500 $486 5 162,500 $97
5 777 N LaSalle Apartments Oct-18 $4,225,000 6,200 $681 7 43,400 $97
6 530 W Chicago TBD Aug-18 $15,500,000 31,046 $499 5 155,230 $100
7 612 N Wells TBD Jul-18 $9,420,500 15,233 $618 5 76,165 $124
8 218 W Chicago TBD Nov-17 $3,600,000 7,928 $454 5 39,640 $91
9 366 W Superior Condos Apr-17 $8,590,000 16,801 $511 5 84,005 $102
AVERAGE $510 $95
SUBJECT PROPERTY Apartment $18,000,000 41,118 $438 5 205,590 $88
MARKET OVERVIEW
RIVER NORTHLAND COMPS.
CHICAGO AVENUE
OHIO STREET
N
Address Date of Sale Unit Count Total SF Sale Price Price / Unit Price / SF
1 Aurelien* 2019 368 NA $191,000,000 $519,022 NA
2 Oakwood Chicago 2019 188 NA $91,000,000 $484,043 NA
3 Linea 2018 265 NA $121,100,000 $456,981 NA
4 Optima Tower 2018 325 NA $155,000,000 $476,923 NA
5 The Parker 2017 227 182,242 $112,750,000 $496,696 $619
6 Gateway West Loop 2016 167 133,851 $83,700,000 $501,198 $625
7 North Water 2016 398 384,070 $240,312,000 $603,799 $626
8 JeffJack 2016 190 136,493 $82,250,000 $432,895 $603
9 Circa 922 2015 149 125,679 $74,500,000 $500,000 $593
10 One Eleven 2015 504 485,600 $328,090,000 $650,972 $675
11 1225 Old Town 2013 250 251,551 $157,000,000 $628,000 $624
AVERAGE $539,987 $635
8
123
4
10
56
9
7
9
MARKET OVERVIEW
DOWNTOWN APARTMENT SALE COMPS.
N
*Developer bought out limited partners
11
27
FINANCIAL OVERVIEW N E X T
PROJECTCOSTSUMMARY.
FINANCIAL OVERVIEW
INVESTMENTSUMMARY.
Stabilized Yield
NOI $5,891,451
Stabilized Yield 5.93%
Return on Overall Project Costs
Stabilized Project Value $124,030,537
Project Cost $99,278,752
Net Profit $24,751,785
Return on Cost 25%
Average Cash on Cash Return 13%
Exit Scenario Investor IRR Investor Multiple
Sale in Year 4 21.0% 2.01x
Exit Scenario Project IRR Project Multiple
Sale in Year 4 28.7% 2.52x
Cost / ft. Total sq ft. Total Cost
Contributed Land Value $438 41,118 $18,000,000
Acquisition Closing Costs & Carry$973,969
Total Acquisition Costs $81 232,028 $18,973,969
Hard & Soft Costs Cost / ft. Total sq ft. Total cost
Hard Costs $251 233,028 $58,381,329
Soft Costs $94 233,028 $21,923,474
Total Construction Costs $345 233,028 $80,304,803
Total Project Costs $424 233,028 $99,278,752
Uses
Proposed project acquisition and construction loan LTC 75.48% $74,934,400
Proposed Equity Investment 24.52% $24,344,352
OPERATINGASSUMPTIONS.
Parking
Total Spaces 55
Income (Monthly) $250
Residential
Proposed Units 227
Avg Unit Size (sf ) 658
Market Rent PSF $3.82
Avg Rent Per Unit $2,513
Affordable Units 0
Commercial
Lease Rate PSF (NNN) $42.50
Loan Assumptions
LTC 75.48%
Rate 3.24%
Principal $74,934,400
I/O 18 months
Residual Sale
Cap Rate 4.75%
Cost of Sale 2.50%
LG DEVELOPMENT GROUP N E X T
SERVICE MAINTENANCE WARRANTY
INTERIOR DESIGN
GENERAL CONTRACTINGDESIGN-BUILD
ABOUT LG.ESTABLISHED
2005
UNITS DELIVERED
2,000+
DEVELOPED
$2B+
HISTORICAL AVERAGE PROJECT IRR
>20%
LEADER IN LUXURY DEVELOPMENTS.
ILLUME111 South Peoria
1241 NORTH MILWAUKEETHE JAX
1220 West Jackson1879 NORTH MILWAUKEE
61 WEST ERIETHE RONSLEY
676 North KingsburyROW 2750
2750 North LakewoodTRAILHEAD
1744 N Western1647 NORTH MILWAUKEE
1435 NORTH WELLS
330 SOUTH WELLSTHE PLYMOUTH
417 South Dearborn
MEET THE TEAM.
BRIAN GOLDBERGCEO & President
ANDREANNA TRILIEGIDirector of Marketing
DANIEL HAUGHNEYChief Investment Officer
MATT WILKEChief Operations Officer & Partner
AMY LUSHERDirector of Residential Engagement
MARK GARRISONDevelopment Project Manager
GABE LEAHUDesign & Program Manager
MELODY MCLEODLead Designer
ELAENA HOEKSTRADevelopment Assistant
CHRIS CLIFFORDAcquisitions Analyst
ROB MOLLOYGeneral Counsel
JENNIFER ALBERTChief Financial Officer
LEGAL DISCLAIMER.THIS INVESTMENT OFFERING SUMMARY (THE “SUMMARY”) IS CONFIDENTIAL. THIS SUMMARY IS SOLELY FOR THE USE OF THE PERSON TO WHOM IT HAS BEEN DELIVERED, AND IT IS NOT TO
BE REPRODUCED, DISTRIBUTED, MADE AVAILABLE OR OTHERWISE TRANSMITTED, IN WHOLE OR IN PART, TO ANY OTHER PERSONS (OTHER THAN PROFESSIONAL ADVISORS OF THE PERSON
TO WHOM THIS PRESENTATION HAS BEEN DELIVERED). THIS SUMMARY HAS BEEN PREPARED SOLELY FOR INFORMATIONAL PURPOSES AND THE INFORMATION CONTAINED HEREIN IS
PRELIMINARY. NEITHER LG DEVELOPMENT GROUP LLC (THE “COMPANY”) NOR ANY OF ITS PRINCIPALS MAKES ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY OR
COMPLETENESS OF THIS SUMMARY, NOR SHALL ANY OF SUCH PARTIES HAVE LIABILITY FOR ANY REPRESENTATIONS (EXPRESS OR IMPLIED) CONTAINED IN, OR FOR ANY OMISSIONS FROM,
THIS SUMMARY OR ANY OTHER WRITTEN OR ORAL COMMUNICATIONS TRANSMITTED TO THE RECIPIENT IN THE COURSE OF THEIR EVALUATION OF THIS SUMMARY. THIS SUMMARY DOES
NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE LIMITED LIABILITY COMPANY INTERESTS OR ANY OTHER SECURITY IN THE COMPANY OR ANY OF ITS
AFFILIATES. THE INFORMATION SET FORTH IN THIS SUMMARY IS PRELIMINARY AND INFORMATIONAL. ANY OFFER OR SALE SHALL COME IN THE FORM OF DEFINITIVE OFFERING AND/OR
SUBSCRIPTION DOCUMENTS THAT CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THIS SUMMARY (INCLUDING, WITHOUT LIMITATION, VARIOUS FEES AND ALLOCATIONS PAYABLE
TO THE COMPANY AND CERTAIN OF ITS AFFILIATES, WITHDRAWAL RESTRICTIONS, TRANSFER RESTRICTIONS AND RISK FACTORS INVOLVED WITH AN INVESTMENT RELATED TO THE
COMPANY). THIS SUMMARY DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO ANY PERSON RESIDING IN A JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT
AUTHORIZED OR IN WHICH THE PERSON MAKING THE OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE
REGULATORY AUTHORITY HAS PASSED UPON THE ACCURACY OR ADEQUACY OF THIS SUMMARY. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. THIS SUMMARY CONTAINS
CERTAIN FORWARD-LOOKING STATEMENTS OR STATEMENTS WHICH MAY BE DEEMED OR CONSTRUED TO BE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1996 WITH RESPECT TO THE FINANCIAL CONDITION AND BUSINESS OF THE COMPANY. THE WORDS “ESTIMATE,” “PLAN,” “INTEND,” “EXPECT,“
“PROPOSED,” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD- LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS INVOLVE AND ARE SUBJECT TO
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH COULD CAUSE ACTUAL RESULTS, PERFORMANCE (FINANCIAL OR OPERATING) OR ACHIEVEMENTS TO DIFFER
FROM PREDICTED FUTURE RESULTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE
HEREOF. NEITHER THE COMPANY NOR ANY OF ITS PRINCIPALS UNDERTAKE ANY OBLIGATION TO RELEASE ANY REVISIONS TO THESE FORWARD- LOOKING STATEMENTS TO REFLECT
EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS. ANY ESTIMATES, FORECASTS OR OTHER FORWARD LOOKING
STATEMENTS CONTAINED IN THIS SUMMARY HAVE BEEN PREPARED IN GOOD FAITH ON A BASIS THE COMPANY BELIEVES IS REASONABLE; SUCH ESTIMATES, FORECASTS AND OTHER
FORWARD LOOKING STATEMENTS INVOLVE SIGNIFICANT ELEMENTS OF SUBJECTIVE JUDGMENT AND ANALYSIS AND NO REPRESENTATION CAN BE MADE AS TO THEIR ATTAINABILITY. THE
FINANCIAL PROJECTIONS CONTAINED HEREIN (THE “PROJECTIONS”) INCLUDE FORWARD-LOOKING FINANCIAL INFORMATION THAT IS BASED UPON A VARIETY OF ESTIMATES AND
ASSUMPTIONS. THE FINANCIAL INFORMATION SET FORTH IN THE PROJECTIONS IS SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC AND COMPETITIVE UNCERTAINTIES AND CONTINGENCIES,
MANY OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY AND CANNOT BE PREDICTED WITH ACCURACY AND MAY NOT BE REALIZED. THERE CAN BE NO ASSURANCE THAT THE
FINANCIAL INFORMATION AND RESULTS SET FORTH IN THE PROJECTIONS CAN OR WILL BE ATTAINED OR MAINTAINED. ACTUAL OPERATING RESULTS MAY VARY MATERIALLY FROM THE
PROJECTIONS. PROSPECTIVE INVESTORS MUST BE ACCREDITED INVESTORS AS THAT TERM IS DEFINED IN REGULATION D OF THE SECURITIES ACT OF 1933, AS AMENDED. THIS SUMMARY
SHOULD BE VIEWED AS HIGHLY SPECULATIVE AND IS DESIGNED ONLY FOR PROSPECTIVE INVESTORS WHO HAVE AN ADEQUATE MEANS OF PROVIDING FOR THEIR NEEDS AND
CONTINGENCIES, WHO UNDERSTAND THIS TYPE OF INVESTMENT, WHO ARE FINANCIALLY ABLE TO MAINTAIN THEIR INVESTMENT, AND WHO CAN AFFORD A LOSS OF ALL OR A
SUBSTANTIAL AMOUNT OF THEIR INVESTMENT. PROSPECTIVE INVESTORS MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD AND BE
ABLE TO WITHSTAND A TOTAL LOSS OF THEIR INVESTMENT. PROSPECTIVE INVESTORS SHOULD NOT CONSTRUE THE CONTENTS OF THIS SUMMARY AS LEGAL, TAX OR FINANCIAL ADVICE.
EACH PROSPECTIVE INVESTOR SHOULD CONSULT HIS, HER OR ITS OWN PROFESSIONAL ADVISORS AS TO THE LEGAL, TAX, FINANCIAL OR OTHER MATTERS RELEVANT TO THE SUITABILITY
OF THE INVESTMENT DESCRIBED HEREIN FOR THE PROSPECTIVE INVESTOR. PROSPECTIVE INVESTORS ARE INVITED TO ASK QUESTIONS AND OBTAIN ADDITIONAL INFORMATION
REGARDING THE COMPANY AND THE INVESTMENT DESCRIBED HEREIN. INQUIRIES SHOULD BE DIRECTED TO BRIAN GOLDBERG AT THE COMPANY.