BMO Commercial Mortgage Securities FWP Free writing prospectus

FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-255934-01

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-255934) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, BMO Capital Markets Corp., KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc. or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-864-7760.

The information in this file (the “File”) does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

The information in this File is preliminary and may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.

The securities related to this File are being offered when, as and if issued. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicers, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, the risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates. Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorized and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorized and regulated by the Financial Conduct Authority) in the UK and Australia.

FILED AS SUPPLEMENTAL INFORMATION IN CONNECTION WITH THE BMO 2022-C1 MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2022-C1

ALL INFORMATION CONTAINED HEREIN IS SUPERSEDED BY ANY SUBSEQUENT INFORMATION DELIVERED TO ANY PROSPECTIVE INVESTOR PRIOR TO THE TIME OF SALE

AMF II Portfolio
Property ID:	Varied
# Units	3,299

Historical and UW Cash Flow Roll Up 

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$26,049,636	$7,896	100.0%	$26,890,466	$8,151	100.0%	$27,498,973	$8,336	100.0%	$27,784,826	$8,422	100.0%	$27,905,616	$8,459	100.0%	$28,231,452	$8,558	100.0%	$27,891,556	$8,455	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Vacancy	($3,628,718)	($1,100)	13.9%	($3,171,602)	($961)	11.8%	($2,658,986)	($806)	9.7%	($2,523,480)	($765)	9.1%	($2,487,188)	($754)	8.9%	($1,832,877)	($556)	6.5%	($3,051,569)	($925)	10.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$22,420,918	$6,796	86.1%	$23,718,864	$7,190	88.2%	$24,839,987	$7,530	90.3%	$25,261,346	$7,657	90.9%	$25,418,428	$7,705	91.1%	$26,398,575	$8,002	93.5%	$24,839,987	$7,530	89.1%
RUBS / Utility Reimbursements	$1,879,525	$570	7.0%	$2,008,201	$609	7.2%	$2,054,790	$623	7.0%	$2,072,754	$628	6.9%	$2,079,292	$630	6.9%	$2,073,277	$628	6.7%	$2,054,790	$623	7.0%	Based on T12
Other Income	$2,561,681	$777	9.5%	$2,336,474	$708	8.3%	$2,496,424	$757	8.5%	$2,625,756	$796	8.8%	$2,678,272	$812	8.9%	$2,249,836	$682	7.3%	$2,496,424	$757	8.5%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$26,862,124	$8,143	100.0%	$28,063,539	$8,507	100.0%	$29,391,201	$8,909	100.0%	$29,959,856	$9,081	100.0%	$30,175,992	$9,147	100.0%	$30,721,688	$9,312	100.0%	$29,391,201	$8,909	100.0%
Real Estate Taxes	$1,622,513	$492	6.0%	$1,762,604	$534	6.3%	$1,762,596	$534	6.0%	$1,762,596	$534	5.9%	$1,762,596	$534	5.8%	$2,057,230	$624	6.7%	$1,964,756	$596	6.7%	Based on current tax bills
Insurance	$890,716	$270	3.3%	$1,219,170	$370	4.3%	$1,262,693	$383	4.3%	$1,262,693	$383	4.2%	$1,262,693	$383	4.2%	$1,262,298	$383	4.1%	$1,209,433	$367	4.1%	Based on current insurance premium statements
Management Fee	$805,866	$244	3.0%	$841,908	$255	3.0%	$881,739	$267	3.0%	$898,799	$272	3.0%	$905,283	$274	3.0%	$931,974	$283	3.0%	$881,736	$267	3.0%	Based on 3.0% management fee
Utilities	$2,219,210	$673	8.3%	$2,315,800	$702	8.3%	$2,370,269	$718	8.1%	$2,370,269	$718	7.9%	$2,370,269	$718	7.9%	$2,386,655	$723	7.8%	$2,370,269	$718	8.1%	Based on T12
Repairs & Maintenance	$1,613,662	$489	6.0%	$1,524,534	$462	5.4%	$1,597,702	$484	5.4%	$1,597,702	$484	5.3%	$1,597,702	$484	5.3%	$1,673,753	$507	5.4%	$1,597,702	$484	5.4%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$579,325	$176	2.2%	$452,282	$137	1.6%	$472,640	$143	1.6%	$472,640	$143	1.6%	$472,640	$143	1.6%	$510,020	$155	1.7%	$472,640	$143	1.6%	Based on T12
Payroll & Benefits	$3,836,810	$1,163	14.3%	$3,911,606	$1,186	13.9%	$3,989,427	$1,209	13.6%	$3,989,427	$1,209	13.3%	$3,989,427	$1,209	13.2%	$3,787,385	$1,148	12.3%	$3,989,427	$1,209	13.6%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$11,568,102	$3,507	43.1%	$12,027,904	$3,646	42.9%	$12,337,066	$3,740	42.0%	$12,354,126	$3,745	41.2%	$12,360,610	$3,747	41.0%	$12,609,315	$3,822	41.0%	$12,485,963	$3,785	42.5%
Net Operating Income	$15,294,022	$4,636	56.9%	$16,035,635	$4,861	57.1%	$17,054,135	$5,169	58.0%	$17,605,730	$5,337	58.8%	$17,815,382	$5,400	59.0%	$18,112,373	$5,490	59.0%	$16,905,238	$5,124	57.5%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$824,750	$250		$989,700	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$15,294,022	$4,636	56.9%	$16,035,635	$4,861	57.1%	$17,054,135	$5,169	58.0%	$17,605,730	$5,337	58.8%	$17,815,382	$5,400	59.0%	$17,287,623	$5,240	56.3%	$15,915,538	$4,824	54.2%

Cedargate Lancaster
Property ID:	6109
# Units	157

Historical and UW Cash Flows 

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$1,170,986	$7,459	100.0%	$1,210,939	$7,713	100.0%	$1,236,529	$7,876	100.0%	$1,247,806	$7,948	100.0%	$1,254,472	$7,990	100.0%	$1,253,058	$7,981	100.0%	$1,253,971	$7,987	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($81,328)	($518)	6.9%	($77,584)	($494)	6.4%	($80,392)	($512)	6.5%	($73,080)	($465)	5.9%	($99,144)	($631)	7.9%	($64,533)	($411)	5.2%	($97,834)	($623)	7.8%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$1,089,658	$6,940	93.1%	$1,133,355	$7,219	93.6%	$1,156,137	$7,364	93.5%	$1,174,726	$7,482	94.1%	$1,155,328	$7,359	92.1%	$1,188,525	$7,570	94.8%	$1,156,137	$7,364	92.2%
RUBS / Utility Reimbursements	$122,177	$778	9.3%	$122,942	$783	9.2%	$125,023	$796	9.1%	$127,488	$812	9.0%	$127,344	$811	9.0%	$131,880	$840	9.2%	$125,023	$796	9.1%	Based on T12
Other Income	$97,627	$622	7.5%	$80,004	$510	6.0%	$93,439	$595	6.8%	$114,556	$730	8.1%	$130,472	$831	9.2%	$111,470	$710	7.8%	$93,439	$595	6.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$1,309,462	$8,341	100.0%	$1,336,301	$8,511	100.0%	$1,374,599	$8,755	100.0%	$1,416,770	$9,024	100.0%	$1,413,144	$9,001	100.0%	$1,431,875	$9,120	100.0%	$1,374,599	$8,755	100.0%
Real Estate Taxes	$61,000	$389	4.7%	$61,000	$389	4.6%	$60,996	$389	4.4%	$60,996	$389	4.3%	$60,996	$389	4.3%	$72,634	$463	5.1%	$66,859	$426	4.9%	Based on current tax bills
Insurance	$51,188	$326	3.9%	$64,219	$409	4.8%	$68,126	$434	5.0%	$68,126	$434	4.8%	$68,126	$434	4.8%	$67,923	$433	4.7%	$49,010	$312	3.6%	Based on current insurance premium statements
Management Fee	$39,284	$250	3.0%	$40,089	$255	3.0%	$41,239	$263	3.0%	$42,504	$271	3.0%	$42,395	$270	3.0%	$42,956	$274	3.0%	$41,238	$263	3.0%	Based on 3.0% management fee
Utilities	$131,481	$837	10.0%	$116,209	$740	8.7%	$125,923	$802	9.2%	$125,923	$802	8.9%	$125,923	$802	8.9%	$124,815	$795	8.7%	$125,923	$802	9.2%	Based on T12
Repairs & Maintenance	$58,731	$374	4.5%	$57,928	$369	4.3%	$56,286	$359	4.1%	$56,286	$359	4.0%	$56,286	$359	4.0%	$53,380	$340	3.7%	$56,286	$359	4.1%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$23,103	$147	1.8%	$16,059	$102	1.2%	$17,907	$114	1.3%	$17,907	$114	1.3%	$17,907	$114	1.3%	$18,055	$115	1.3%	$17,907	$114	1.3%	Based on T12
Payroll & Benefits	$189,400	$1,206	14.5%	$179,636	$1,144	13.4%	$170,612	$1,087	12.4%	$170,612	$1,087	12.0%	$170,612	$1,087	12.1%	$175,840	$1,120	12.3%	$170,612	$1,087	12.4%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$554,187	$3,530	42.3%	$535,140	$3,409	40.0%	$541,089	$3,446	39.4%	$542,354	$3,454	38.3%	$542,245	$3,454	38.4%	$555,603	$3,539	38.8%	$527,836	$3,362	38.4%
Net Operating Income	$755,275	$4,811	57.7%	$801,161	$5,103	60.0%	$833,510	$5,309	60.6%	$874,416	$5,570	61.7%	$870,899	$5,547	61.6%	$876,272	$5,581	61.2%	$846,763	$5,393	61.6%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$39,250	$250		$47,100	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$755,275	$4,811	57.7%	$801,161	$5,103	60.0%	$833,510	$5,309	60.6%	$874,416	$5,570	61.7%	$870,899	$5,547	61.6%	$837,022	$5,331	58.5%	$799,663	$5,093	58.2%

Cedargate Lancaster

Property ID: 6109

Unit Mix 

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6109bs1	Studio	10	2,880	288	9	90.0%	$4,756	$528	$1.83	1	$530	$1.84	$530	$5,286	$529	$1.84	$63,432
One Bed One Bath Standard	6109a11	1 BR	35	20,160	576	33	94.3%	$21,028	$637	$1.11	2	$630	$1.09	$1,260	$22,288	$637	$1.11	$267,457
One Bed One Bath Galley Ki	6109b11	1 BR	57	32,832	576	54	94.7%	$33,733	$625	$1.08	3	$630	$1.09	$1,890	$35,623	$625	$1.08	$427,470
Two Bed One Bath (2,1)	6109a21	2 BR	53	45,792	864	50	94.3%	$37,529	$751	$0.87	3	$750	$0.87	$2,250	$39,779	$751	$0.87	$477,348
Two Bed Two Bath Master	6109a22	2 BR	2	1,728	864	2	100.0%	$1,522	$761	$0.88	0	$765	$0.89	$0	$1,522	$761	$0.88	$18,264
Totals			157	103,392	659	148	94.3%	$98,568	$666	$1.01	9	$666	$1.01	$5,930	$104,498	$666	$1.01	$1,253,971

By Basic Unit Type (# BR’s) 

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	10	2,880	288	9	90.0%	$5,286	$529
1 BR	92	52,992	576	87	94.6%	$57,911	$629
2 BR	55	47,520	864	52	94.5%	$41,301	$751
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	157	103,392	659	148	94.3%	$104,498	$666

Amesbury
Property ID:	6824
# Units	149

Historical and UW Cash Flows 

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$1,106,371	$7,425	100.0%	$1,129,107	$7,578	100.0%	$1,163,130	$7,806	100.0%	$1,184,286	$7,948	100.0%	$1,191,976	$8,000	100.0%	$1,237,968	$8,309	100.0%	$1,167,861	$7,838	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($204,140)	($1,370)	18.5%	($99,890)	($670)	8.8%	($98,185)	($659)	8.4%	($119,668)	($803)	10.1%	($124,940)	($839)	10.5%	($71,183)	($478)	5.7%	($102,916)	($691)	8.8%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$902,231	$6,055	81.5%	$1,029,217	$6,907	91.2%	$1,064,945	$7,147	91.6%	$1,064,618	$7,145	89.9%	$1,067,036	$7,161	89.5%	$1,166,785	$7,831	94.3%	$1,064,945	$7,147	91.2%
RUBS / Utility Reimbursements	$75,501	$507	6.9%	$85,608	$575	7.1%	$87,475	$587	7.1%	$88,128	$591	7.1%	$87,836	$590	6.9%	$88,655	$595	6.6%	$87,475	$587	7.1%	Based on T12
Other Income	$119,268	$800	10.9%	$90,537	$608	7.5%	$86,414	$580	7.0%	$87,582	$588	7.1%	$120,640	$810	9.5%	$85,675	$575	6.4%	$86,414	$580	7.0%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$1,097,000	$7,362	100.0%	$1,205,362	$8,090	100.0%	$1,238,834	$8,314	100.0%	$1,240,328	$8,324	100.0%	$1,275,512	$8,560	100.0%	$1,341,115	$9,001	100.0%	$1,238,834	$8,314	100.0%
Real Estate Taxes	$92,430	$620	8.4%	$102,000	$685	8.5%	$102,000	$685	8.2%	$102,000	$685	8.2%	$102,000	$685	8.0%	$120,343	$808	9.0%	$112,588	$756	9.1%	Based on current tax bills
Insurance	$37,244	$250	3.4%	$51,472	$345	4.3%	$52,976	$356	4.3%	$52,976	$356	4.3%	$52,976	$356	4.2%	$53,000	$356	4.0%	$50,501	$339	4.1%	Based on current insurance premium statements
Management Fee	$32,910	$221	3.0%	$36,161	$243	3.0%	$37,164	$249	3.0%	$37,209	$250	3.0%	$38,264	$257	3.0%	$40,233	$270	3.0%	$37,165	$249	3.0%	Based on 3.0% management fee
Utilities	$83,274	$559	7.6%	$83,598	$561	6.9%	$78,636	$528	6.3%	$78,636	$528	6.3%	$78,636	$528	6.2%	$84,185	$565	6.3%	$78,636	$528	6.3%	Based on T12
Repairs & Maintenance	$72,487	$486	6.6%	$44,426	$298	3.7%	$48,668	$327	3.9%	$48,668	$327	3.9%	$48,668	$327	3.8%	$48,425	$325	3.6%	$48,668	$327	3.9%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$19,628	$132	1.8%	$16,913	$114	1.4%	$16,733	$112	1.4%	$16,733	$112	1.3%	$16,733	$112	1.3%	$14,900	$100	1.1%	$16,733	$112	1.4%	Based on T12
Payroll & Benefits	$123,095	$826	11.2%	$116,987	$785	9.7%	$100,448	$674	8.1%	$100,448	$674	8.1%	$100,448	$674	7.9%	$107,280	$720	8.0%	$100,448	$674	8.1%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$461,068	$3,094	42.0%	$451,557	$3,031	37.5%	$436,625	$2,930	35.2%	$436,670	$2,931	35.2%	$437,725	$2,938	34.3%	$468,366	$3,143	34.9%	$444,739	$2,985	35.9%
Net Operating Income	$635,932	$4,268	58.0%	$753,805	$5,059	62.5%	$802,209	$5,384	64.8%	$803,658	$5,394	64.8%	$837,787	$5,623	65.7%	$872,749	$5,857	65.1%	$794,096	$5,330	64.1%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$37,250	$250		$44,700	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$635,932	$4,268	58.0%	$753,805	$5,059	62.5%	$802,209	$5,384	64.8%	$803,658	$5,394	64.8%	$837,787	$5,623	65.7%	$835,499	$5,607	62.3%	$749,396	$5,030	60.5%

Amesbury 

Property ID: 6824 

Unit Mix 

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6824bs1	Studio	43	12,384	288	40	93.0%	$22,695	$567	$1.97	3	$585	$2.03	$1,755	$24,450	$569	$1.97	$293,399
One Bed One Bath Standard	6824a11	1 BR	95	54,720	576	89	93.7%	$59,595	$670	$1.16	6	$730	$1.27	$4,380	$63,975	$673	$1.17	$767,698
Two Bed One Bath (2,1)	6824a21	2 BR	4	3,456	864	4	100.0%	$3,262	$816	$0.94	0	$820	$0.95	$0	$3,262	$816	$0.94	$39,144
Two Bed Two Bath Master	6824a22	2 BR	7	6,048	864	6	85.7%	$4,830	$805	$0.93	1	$805	$0.93	$805	$5,635	$805	$0.93	$67,620
Totals			149	76,608	514	139	93.3%	$90,382	$650	$1.26	10	$694	$1.35	$6,940	$97,322	$653	$1.27	$1,167,861

By Basic Unit Type (# BR’s) 

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	43	12,384	288	40	93.0%	$24,450	$569
1 BR	95	54,720	576	89	93.7%	$63,975	$673
2 BR	11	9,504	864	10	90.9%	$8,897	$809
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	149	76,608	514	139	93.3%	$97,322	$653

Plumwood
Property ID:	6297
# Units	143

Historical and UW Cash Flows

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$1,165,872	$8,153	100.0%	$1,197,609	$8,375	100.0%	$1,217,782	$8,516	100.0%	$1,234,674	$8,634	100.0%	$1,230,888	$8,608	100.0%	$1,192,956	$8,342	100.0%	$1,219,399	$8,527	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($213,964)	($1,496)	18.4%	($243,981)	($1,706)	20.4%	($191,026)	($1,336)	15.7%	($215,158)	($1,505)	17.4%	($187,900)	($1,314)	15.3%	($82,774)	($579)	6.9%	($192,643)	($1,347)	15.8%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$951,908	$6,657	81.6%	$953,628	$6,669	79.6%	$1,026,756	$7,180	84.3%	$1,019,516	$7,129	82.6%	$1,042,988	$7,294	84.7%	$1,110,182	$7,764	93.1%	$1,026,756	$7,180	84.2%
RUBS / Utility Reimbursements	$80,626	$564	7.1%	$84,920	$594	7.3%	$90,488	$633	7.2%	$90,928	$636	7.3%	$90,452	$633	7.1%	$89,375	$625	6.9%	$90,488	$633	7.2%	Based on T12
Other Income	$107,449	$751	9.4%	$124,586	$871	10.7%	$133,410	$933	10.7%	$137,856	$964	11.0%	$140,904	$985	11.1%	$97,240	$680	7.5%	$133,410	$933	10.7%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$1,139,983	$7,972	100.0%	$1,163,134	$8,134	100.0%	$1,250,654	$8,746	100.0%	$1,248,300	$8,729	100.0%	$1,274,344	$8,911	100.0%	$1,296,797	$9,069	100.0%	$1,250,654	$8,746	100.0%
Real Estate Taxes	$87,093	$609	7.6%	$95,004	$664	8.2%	$95,004	$664	7.6%	$95,004	$664	7.6%	$95,004	$664	7.5%	$109,497	$766	8.4%	$108,393	$758	8.7%	Based on current tax bills
Insurance	$37,794	$264	3.3%	$52,147	$365	4.5%	$53,983	$378	4.3%	$53,983	$378	4.3%	$53,983	$378	4.2%	$54,163	$379	4.2%	$51,671	$361	4.1%	Based on current insurance premium statements
Management Fee	$34,199	$239	3.0%	$34,895	$244	3.0%	$37,520	$262	3.0%	$37,449	$262	3.0%	$38,231	$267	3.0%	$38,904	$272	3.0%	$37,520	$262	3.0%	Based on 3.0% management fee
Utilities	$84,430	$590	7.4%	$84,104	$588	7.2%	$86,258	$603	6.9%	$86,258	$603	6.9%	$86,258	$603	6.8%	$82,225	$575	6.3%	$86,258	$603	6.9%	Based on T12
Repairs & Maintenance	$81,596	$571	7.2%	$78,328	$548	6.7%	$78,582	$550	6.3%	$78,582	$550	6.3%	$78,582	$550	6.2%	$71,500	$500	5.5%	$78,582	$550	6.3%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$30,157	$211	2.6%	$20,662	$144	1.8%	$17,923	$125	1.4%	$17,923	$125	1.4%	$17,923	$125	1.4%	$17,875	$125	1.4%	$17,923	$125	1.4%	Based on T12
Payroll & Benefits	$129,146	$903	11.3%	$151,533	$1,060	13.0%	$174,947	$1,223	14.0%	$174,947	$1,223	14.0%	$174,947	$1,223	13.7%	$128,700	$900	9.9%	$174,947	$1,223	14.0%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$484,415	$3,388	42.5%	$516,673	$3,613	44.4%	$544,217	$3,806	43.5%	$544,146	$3,805	43.6%	$544,928	$3,811	42.8%	$502,864	$3,517	38.8%	$555,293	$3,883	44.4%
Net Operating Income	$655,568	$4,584	57.5%	$646,461	$4,521	55.6%	$706,437	$4,940	56.5%	$704,154	$4,924	56.4%	$729,416	$5,101	57.2%	$793,933	$5,552	61.2%	$695,361	$4,863	55.6%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$35,750	$250		$42,900	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$655,568	$4,584	57.5%	$646,461	$4,521	55.6%	$706,437	$4,940	56.5%	$704,154	$4,924	56.4%	$729,416	$5,101	57.2%	$758,183	$5,302	58.5%	$652,461	$4,563	52.2%

Plumwood 

Property ID: 6297 

Unit Mix 

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6297as1	Studio	24	6,912	288	23	95.8%	$14,261	$620	$2.15	1	$600	$2.08	$600	$14,861	$619	$2.15	$178,332
One Bed One Bath Standard	6297a11	1 BR	23	13,248	576	22	95.7%	$15,900	$723	$1.25	1	$750	$1.30	$750	$16,650	$724	$1.26	$199,804
One Bed One Bath Galley Ki	6297b11	1 BR	77	44,352	576	68	88.3%	$47,222	$694	$1.21	9	$750	$1.30	$6,750	$53,972	$701	$1.22	$647,660
Two Bed One Bath (2,1)	6297a21	2 BR	17	14,688	864	16	94.1%	$13,523	$845	$0.98	1	$850	$0.98	$850	$14,373	$845	$0.98	$172,471
Two Bed Two Bath Master (2)	6297a22	2 BR	2	1,728	864	2	100.0%	$1,761	$881	$1.02	0	$900	$1.04	$0	$1,761	$881	$1.02	$21,132
Totals			143	80,928	566	131	91.6%	$92,667	$707	$1.25	12	$739	$1.31	$8,950	$101,617	$711	$1.26	$1,219,399

By Basic Unit Type (# BR’s) 

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	24	6,912	288	23	95.8%	$14,861	$619
1 BR	100	57,600	576	90	90.0%	$70,622	$706
2 BR	19	16,416	864	18	94.7%	$16,134	$849
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	143	80,928	566	131	91.6%	$101,617	$711

Red Deer
Property ID:	6847
# Units	131

Historical and UW Cash Flows 

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$1,014,680	$7,746	100.0%	$1,048,529	$8,004	100.0%	$1,069,032	$8,161	100.0%	$1,079,182	$8,238	100.0%	$1,087,208	$8,299	100.0%	$1,094,508	$8,355	100.0%	$1,086,509	$8,294	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($137,969)	($1,053)	13.6%	($104,077)	($794)	9.9%	($82,803)	($632)	7.7%	($70,704)	($540)	6.6%	($52,412)	($400)	4.8%	($72,785)	($556)	6.7%	($100,280)	($765)	9.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$876,711	$6,692	86.4%	$944,452	$7,210	90.1%	$986,229	$7,528	92.3%	$1,008,478	$7,698	93.4%	$1,034,796	$7,899	95.2%	$1,021,723	$7,799	93.3%	$986,229	$7,528	90.8%
RUBS / Utility Reimbursements	$77,718	$593	7.3%	$85,758	$655	7.4%	$86,718	$662	7.2%	$86,936	$664	7.0%	$87,724	$670	7.0%	$88,425	$675	7.2%	$86,718	$662	7.2%	Based on T12
Other Income	$116,513	$889	10.9%	$125,427	$957	10.9%	$131,835	$1,006	10.9%	$139,576	$1,065	11.3%	$133,516	$1,019	10.6%	$116,590	$890	9.5%	$131,835	$1,006	10.9%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$1,070,942	$8,175	100.0%	$1,155,637	$8,822	100.0%	$1,204,782	$9,197	100.0%	$1,234,990	$9,427	100.0%	$1,256,036	$9,588	100.0%	$1,226,738	$9,364	100.0%	$1,204,782	$9,197	100.0%
Real Estate Taxes	$64,131	$490	6.0%	$63,000	$481	5.5%	$63,000	$481	5.2%	$63,000	$481	5.1%	$63,000	$481	5.0%	$72,430	$553	5.9%	$67,922	$518	5.6%	Based on current tax bills
Insurance	$33,616	$257	3.1%	$46,421	$354	4.0%	$47,829	$365	4.0%	$47,829	$365	3.9%	$47,829	$365	3.8%	$47,650	$364	3.9%	$45,671	$349	3.8%	Based on current insurance premium statements
Management Fee	$32,128	$245	3.0%	$34,669	$265	3.0%	$36,143	$276	3.0%	$37,049	$283	3.0%	$37,681	$288	3.0%	$36,802	$281	3.0%	$36,143	$276	3.0%	Based on 3.0% management fee
Utilities	$64,135	$490	6.0%	$60,689	$463	5.3%	$65,908	$503	5.5%	$65,908	$503	5.3%	$65,908	$503	5.2%	$67,465	$515	5.5%	$65,908	$503	5.5%	Based on T12
Repairs & Maintenance	$57,804	$441	5.4%	$47,306	$361	4.1%	$51,878	$396	4.3%	$51,878	$396	4.2%	$51,878	$396	4.1%	$59,605	$455	4.9%	$51,878	$396	4.3%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$20,711	$158	1.9%	$17,064	$130	1.5%	$19,188	$146	1.6%	$19,188	$146	1.6%	$19,188	$146	1.5%	$19,650	$150	1.6%	$19,188	$146	1.6%	Based on T12
Payroll & Benefits	$156,478	$1,194	14.6%	$157,316	$1,201	13.6%	$161,999	$1,237	13.4%	$161,999	$1,237	13.1%	$161,999	$1,237	12.9%	$160,475	$1,225	13.1%	$161,999	$1,237	13.4%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$429,003	$3,275	40.1%	$426,465	$3,255	36.9%	$445,945	$3,404	37.0%	$446,851	$3,411	36.2%	$447,483	$3,416	35.6%	$464,077	$3,543	37.8%	$448,710	$3,425	37.2%
Net Operating Income	$641,939	$4,900	59.9%	$729,172	$5,566	63.1%	$758,837	$5,793	63.0%	$788,139	$6,016	63.8%	$808,553	$6,172	64.4%	$762,661	$5,822	62.2%	$756,072	$5,772	62.8%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$32,750	$250		$39,300	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$641,939	$4,900	59.9%	$729,172	$5,566	63.1%	$758,837	$5,793	63.0%	$788,139	$6,016	63.8%	$808,553	$6,172	64.4%	$729,911	$5,572	59.5%	$716,772	$5,472	59.5%

Red Deer

Property ID: 6847 

Unit Mix

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6847as1	Studio	31	8,928	288	27	87.1%	$15,574	$577	$2.00	4	$585	$2.03	$2,340	$17,914	$578	$2.01	$214,968
One Bed One Bath Standard	6847a11	1 BR	92	52,992	576	90	97.8%	$63,709	$708	$1.23	2	$715	$1.24	$1,430	$65,139	$708	$1.23	$781,673
Two Bed One Bath (2,1)	6847a21	2 BR	4	3,456	864	4	100.0%	$3,652	$913	$1.06	0	$915	$1.06	$0	$3,652	$913	$1.06	$43,824
Two Bed Two Bath Master	6847a22	2 BR	4	3,456	864	4	100.0%	$3,837	$959	$1.11	0	$960	$1.11	$0	$3,837	$959	$1.11	$46,044
Totals			131	68,832	525	125	95.4%	$86,772	$694	$1.32	6	$698	$1.33	$3,770	$90,542	$691	$1.32	$1,086,509

By Basic Unit Type (# BR’s)

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	31	8,928	288	27	87.1%	$17,914	$578
1 BR	92	52,992	576	90	97.8%	$65,139	$708
2 BR	8	6,912	864	8	100.0%	$7,489	$936
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	131	68,832	525	125	95.4%	$90,542	$691

Cedargate
Property ID:	6647
# Units	130

Historical and UW Cash Flows

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$976,659	$7,513	100.0%	$1,008,910	$7,761	100.0%	$1,029,236	$7,917	100.0%	$1,039,698	$7,998	100.0%	$1,046,340	$8,049	100.0%	$1,053,420	$8,103	100.0%	$1,050,668	$8,082	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($112,788)	($868)	11.5%	($67,027)	($516)	6.6%	($45,715)	($352)	4.4%	($54,836)	($422)	5.3%	($51,624)	($397)	4.9%	($54,251)	($417)	5.1%	($67,147)	($517)	6.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$863,871	$6,645	88.5%	$941,883	$7,245	93.4%	$983,521	$7,566	95.6%	$984,862	$7,576	94.7%	$994,716	$7,652	95.1%	$999,169	$7,686	94.9%	$983,521	$7,566	93.6%
RUBS / Utility Reimbursements	$71,957	$554	7.0%	$78,044	$600	7.0%	$80,707	$621	7.0%	$81,408	$626	7.0%	$81,996	$631	6.9%	$82,550	$635	7.0%	$80,707	$621	7.0%	Based on T12
Other Income	$93,256	$717	9.1%	$91,267	$702	8.2%	$91,094	$701	7.9%	$95,206	$732	8.2%	$111,772	$860	9.4%	$91,000	$700	7.8%	$91,094	$701	7.9%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$1,029,084	$7,916	100.0%	$1,111,194	$8,548	100.0%	$1,155,322	$8,887	100.0%	$1,161,476	$8,934	100.0%	$1,188,484	$9,142	100.0%	$1,172,719	$9,021	100.0%	$1,155,322	$8,887	100.0%
Real Estate Taxes	$91,402	$703	8.9%	$95,000	$731	8.5%	$95,004	$731	8.2%	$95,004	$731	8.2%	$95,004	$731	8.0%	$100,361	$772	8.6%	$95,709	$736	8.3%	Based on current tax bills
Insurance	$34,294	$264	3.3%	$47,155	$363	4.2%	$48,643	$374	4.2%	$48,643	$374	4.2%	$48,643	$374	4.1%	$48,450	$373	4.1%	$62,603	$482	5.4%	Based on current insurance premium statements
Management Fee	$30,873	$237	3.0%	$33,336	$256	3.0%	$34,661	$267	3.0%	$34,846	$268	3.0%	$35,656	$274	3.0%	$35,182	$271	3.0%	$34,660	$267	3.0%	Based on 3.0% management fee
Utilities	$58,515	$450	5.7%	$59,905	$461	5.4%	$62,686	$482	5.4%	$62,686	$482	5.4%	$62,686	$482	5.3%	$63,050	$485	5.4%	$62,686	$482	5.4%	Based on T12
Repairs & Maintenance	$55,721	$429	5.4%	$55,386	$426	5.0%	$64,230	$494	5.6%	$64,230	$494	5.5%	$64,230	$494	5.4%	$63,050	$485	5.4%	$64,230	$494	5.6%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$21,728	$167	2.1%	$15,295	$118	1.4%	$14,356	$110	1.2%	$14,356	$110	1.2%	$14,356	$110	1.2%	$14,950	$115	1.3%	$14,356	$110	1.2%	Based on T12
Payroll & Benefits	$183,492	$1,411	17.8%	$182,685	$1,405	16.4%	$188,787	$1,452	16.3%	$188,787	$1,452	16.3%	$188,787	$1,452	15.9%	$171,600	$1,320	14.6%	$188,787	$1,452	16.3%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$476,025	$3,662	46.3%	$488,762	$3,760	44.0%	$508,367	$3,911	44.0%	$508,552	$3,912	43.8%	$509,362	$3,918	42.9%	$496,643	$3,820	42.3%	$523,031	$4,023	45.3%
Net Operating Income	$553,059	$4,254	53.7%	$622,432	$4,788	56.0%	$646,955	$4,977	56.0%	$652,924	$5,022	56.2%	$679,122	$5,224	57.1%	$676,076	$5,201	57.7%	$632,291	$4,864	54.7%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$32,500	$250		$39,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$553,059	$4,254	53.7%	$622,432	$4,788	56.0%	$646,955	$4,977	56.0%	$652,924	$5,022	56.2%	$679,122	$5,224	57.1%	$643,576	$4,951	54.9%	$593,291	$4,564	51.4%

Cedargate

Property ID: 6647 

Unit Mix 

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6647bs1	Studio	27	7,776	288	26	96.3%	$14,223	$547	$1.90	1	$550	$1.91	$550	$14,773	$547	$1.90	$177,276
One Bed One Bath Standard	6647a11	1 BR	86	49,536	576	82	95.3%	$55,607	$678	$1.18	4	$685	$1.19	$2,740	$58,347	$678	$1.18	$700,160
Two Bed One Bath (2,1)	6641a21	2 BR	10	8,640	864	9	90.0%	$7,562	$840	$0.97	1	$840	$0.97	$840	$8,402	$840	$0.97	$100,824
Two Bed Two Bath Master	6647a22	2 BR	6	5,184	864	5	83.3%	$4,230	$846	$0.98	1	$850	$0.98	$850	$5,080	$847	$0.98	$60,960
Three Bed Two Bath Master	6647a32	3 BR	1	864	864	1	100.0%	$954	$954	$1.10	0	$955	$1.11	$0	$954	$954	$1.10	$11,448
Totals			130	72,000	554	123	94.6%	$82,576	$671	$1.21	7	$679	$1.23	$4,980	$87,556	$674	$1.22	$1,050,668

By Basic Unit Type (# BR’s) 

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	27	7,776	288	26	96.3%	$14,773	$547
1 BR	86	49,536	576	82	95.3%	$58,347	$678
2 BR	16	13,824	864	14	87.5%	$13,482	$843
3 BR	1	864	864	1	100.0%	$954	$954
4 BR	0	0	0	0	0.0%	$0	$0
Totals	130	72,000	554	123	94.6%	$87,556	$674

Millburn Court
Property ID:	6402
# Units	115
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$884,444	$7,691	100.0%	$917,668	$7,980	100.0%	$938,192	$8,158	100.0%	$944,540	$8,213	100.0%	$950,104	$8,262	100.0%	$954,912	$8,304	100.0%	$956,365	$8,316	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($116,773)	($1,015)	13.2%	($60,194)	($523)	6.6%	($48,744)	($424)	5.2%	($36,096)	($314)	3.8%	($31,220)	($271)	3.3%	($66,472)	($578)	7.0%	($66,917)	($582)	7.0%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$767,671	$6,675	86.8%	$857,474	$7,456	93.4%	$889,448	$7,734	94.8%	$908,444	$7,900	96.2%	$918,884	$7,990	96.7%	$888,440	$7,726	93.0%	$889,448	$7,734	93.0%
RUBS / Utility Reimbursements		$68,322	$594	7.4%	$77,194	$671	7.6%	$79,420	$691	7.6%	$81,586	$709	7.7%	$81,788	$711	7.7%	$80,500	$700	7.7%	$79,420	$691	7.6%	Based on T12
Other Income		$86,962	$756	9.4%	$78,156	$680	7.7%	$76,302	$663	7.3%	$70,548	$613	6.7%	$56,176	$488	5.3%	$72,450	$630	7.0%	$76,302	$663	7.3%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$922,955	$8,026	100.0%	$1,012,824	$8,807	100.0%	$1,045,170	$9,088	100.0%	$1,060,578	$9,222	100.0%	$1,056,848	$9,190	100.0%	$1,041,390	$9,056	100.0%	$1,045,170	$9,088	100.0%
Real Estate Taxes		$91,000	$791	9.9%	$91,000	$791	9.0%	$90,996	$791	8.7%	$90,996	$791	8.6%	$90,996	$791	8.6%	$97,747	$850	9.4%	$107,946	$939	10.3%	Based on current tax bills
Insurance		$30,784	$268	3.3%	$42,396	$369	4.2%	$43,941	$382	4.2%	$43,941	$382	4.1%	$43,941	$382	4.2%	$43,482	$378	4.2%	$42,094	$366	4.0%	Based on current insurance premium statements
Management Fee		$27,689	$241	3.0%	$30,385	$264	3.0%	$31,356	$273	3.0%	$31,818	$277	3.0%	$31,706	$276	3.0%	$31,242	$272	3.0%	$31,355	$273	3.0%	Based on 3.0% management fee
Utilities		$60,205	$524	6.5%	$58,884	$512	5.8%	$56,939	$495	5.4%	$56,939	$495	5.4%	$56,939	$495	5.4%	$54,625	$475	5.2%	$56,939	$495	5.4%	Based on T12
Repairs & Maintenance		$50,688	$441	5.5%	$46,422	$404	4.6%	$52,782	$459	5.1%	$52,782	$459	5.0%	$52,782	$459	5.0%	$54,625	$475	5.2%	$52,782	$459	5.1%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$17,382	$151	1.9%	$14,354	$125	1.4%	$14,180	$123	1.4%	$14,180	$123	1.3%	$14,180	$123	1.3%	$14,375	$125	1.4%	$14,180	$123	1.4%	Based on T12
Payroll & Benefits		$135,428	$1,178	14.7%	$178,184	$1,549	17.6%	$170,658	$1,484	16.3%	$170,658	$1,484	16.1%	$170,658	$1,484	16.1%	$109,250	$950	10.5%	$170,658	$1,484	16.3%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$413,176	$3,593	44.8%	$461,625	$4,014	45.6%	$460,852	$4,007	44.1%	$461,314	$4,011	43.5%	$461,202	$4,010	43.6%	$405,346	$3,525	38.9%	$475,954	$4,139	45.5%
Net Operating Income		$509,779	$4,433	55.2%	$551,199	$4,793	54.4%	$584,318	$5,081	55.9%	$599,264	$5,211	56.5%	$595,646	$5,180	56.4%	$636,044	$5,531	61.1%	$569,216	$4,950	54.5%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$28,750	$250		$34,500	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$509,779	$4,433	55.2%	$551,199	$4,793	54.4%	$584,318	$5,081	55.9%	$599,264	$5,211	56.5%	$595,646	$5,180	56.4%	$607,294	$5,281	58.3%	$534,716	$4,650	51.2%

Millburn Court
Property ID: 6402
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6402bs1	Studio	3	864	288	3	100.0%	$1,705	$568	$1.97	0	$625	$2.17	$0	$1,705	$568	$1.97	$20,460
Studio Standard (0,1)	6402as1	Studio	16	4,608	288	16	100.0%	$9,153	$572	$1.99	0	$625	$2.17	$0	$9,153	$572	$1.99	$109,830
One Bed One Bath Standard	6402a11	1 BR	34	19,584	576	34	100.0%	$23,853	$702	$1.22	0	$750	$1.30	$0	$23,853	$702	$1.22	$286,232
One Bed One Bath Galley Ki	6402b11	1 BR	44	25,344	576	44	100.0%	$29,898	$679	$1.18	0	$750	$1.30	$0	$29,898	$679	$1.18	$358,772
Two Bed One Bath (2,1)	6402a21	2 BR	17	14,688	864	17	100.0%	$14,173	$834	$0.96	0	$900	$1.04	$0	$14,173	$834	$0.96	$170,079
Three Bed One Bath (3,1)	6402a31	3 BR	1	1,152	1152	1	100.0%	$916	$916	$0.80	0	$1,050	$0.91	$0	$916	$916	$0.80	$10,992
Totals			115	66,240	576	115	100.0%	$79,697	$693	$1.20	0	$754	$1.31	$0	$79,697	$693	$1.20	$956,365
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	19	5,472	288	19	100.0%	$10,858	$571
1 BR	78	44,928	576	78	100.0%	$53,750	$689
2 BR	17	14,688	864	17	100.0%	$14,173	$834
3 BR	1	1,152	1,152	1	100.0%	$916	$916
4 BR	0	0	0	0	0.0%	$0	$0
Totals	115	66,240	576	115	100.0%	$79,697	$693

Camelia Court
Property ID:	6505
# Units	110
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$863,581	$7,851	100.0%	$899,582	$8,178	100.0%	$905,882	$8,235	100.0%	$918,064	$8,346	100.0%	$912,760	$8,298	100.0%	$918,984	$8,354	100.0%	$915,708	$8,325	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($129,874)	($1,181)	15.0%	($124,450)	($1,131)	13.8%	($57,330)	($521)	6.3%	($55,488)	($504)	6.0%	($57,480)	($523)	6.3%	($63,554)	($578)	6.9%	($67,156)	($611)	7.3%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$733,707	$6,670	85.0%	$775,132	$7,047	86.2%	$848,552	$7,714	93.7%	$862,576	$7,842	94.0%	$855,280	$7,775	93.7%	$855,430	$7,777	93.1%	$848,552	$7,714	92.7%
RUBS / Utility Reimbursements		$59,109	$537	6.7%	$64,160	$583	7.0%	$67,727	$616	6.8%	$69,572	$632	6.8%	$69,004	$627	6.8%	$68,750	$625	6.9%	$67,727	$616	6.8%	Based on T12
Other Income		$83,267	$757	9.5%	$73,576	$669	8.1%	$78,978	$718	7.9%	$84,800	$771	8.3%	$93,440	$849	9.2%	$71,500	$650	7.2%	$78,978	$718	7.9%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$876,083	$7,964	100.0%	$912,868	$8,299	100.0%	$995,257	$9,048	100.0%	$1,016,948	$9,245	100.0%	$1,017,724	$9,252	100.0%	$995,680	$9,052	100.0%	$995,257	$9,048	100.0%
Real Estate Taxes		$72,983	$663	8.3%	$71,000	$645	7.8%	$71,004	$645	7.1%	$71,004	$645	7.0%	$71,004	$645	7.0%	$72,125	$656	7.2%	$70,859	$644	7.1%	Based on current tax bills
Insurance		$29,511	$268	3.4%	$40,539	$369	4.4%	$41,912	$381	4.2%	$41,912	$381	4.1%	$41,912	$381	4.1%	$40,762	$371	4.1%	$40,170	$365	4.0%	Based on current insurance premium statements
Management Fee		$26,283	$239	3.0%	$27,386	$249	3.0%	$29,857	$271	3.0%	$30,508	$277	3.0%	$30,531	$278	3.0%	$29,870	$272	3.0%	$29,858	$271	3.0%	Based on 3.0% management fee
Utilities		$40,398	$367	4.6%	$45,076	$410	4.9%	$43,587	$396	4.4%	$43,587	$396	4.3%	$43,587	$396	4.3%	$55,000	$500	5.5%	$43,587	$396	4.4%	Based on T12
Repairs & Maintenance		$38,863	$353	4.4%	$39,782	$362	4.4%	$41,654	$379	4.2%	$41,654	$379	4.1%	$41,654	$379	4.1%	$46,750	$425	4.7%	$41,654	$379	4.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$21,241	$193	2.4%	$15,090	$137	1.7%	$14,170	$129	1.4%	$14,170	$129	1.4%	$14,170	$129	1.4%	$13,750	$125	1.4%	$14,170	$129	1.4%	Based on T12
Payroll & Benefits		$98,326	$894	11.2%	$100,326	$912	11.0%	$90,906	$826	9.1%	$90,906	$826	8.9%	$90,906	$826	8.9%	$93,500	$850	9.4%	$90,906	$826	9.1%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$327,605	$2,978	37.4%	$339,199	$3,084	37.2%	$333,090	$3,028	33.5%	$333,741	$3,034	32.8%	$333,764	$3,034	32.8%	$351,757	$3,198	35.3%	$331,204	$3,011	33.3%
Net Operating Income		$548,478	$4,986	62.6%	$573,669	$5,215	62.8%	$662,167	$6,020	66.5%	$683,207	$6,211	67.2%	$683,960	$6,218	67.2%	$643,923	$5,854	64.7%	$664,053	$6,037	66.7%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$27,500	$250		$33,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$548,478	$4,986	62.6%	$573,669	$5,215	62.8%	$662,167	$6,020	66.5%	$683,207	$6,211	67.2%	$683,960	$6,218	67.2%	$616,423	$5,604	61.9%	$631,053	$5,737	63.4%

Camelia Court
Property ID: 6505
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6505as1	Studio	18	5,184	288	17	94.4%	$9,498	$559	$1.94	1	$550	$1.91	$550	$10,048	$558	$1.94	$120,576
One Bed One Bath Standard	6505a11	1 BR	75	43,200	576	71	94.7%	$48,959	$690	$1.20	4	$800	$1.39	$3,200	$52,159	$695	$1.21	$625,908
Two Bed One Bath (2,1)	6505a21	2 BR	13	11,232	864	13	100.0%	$10,780	$829	$0.96	0	$900	$1.04	$0	$10,780	$829	$0.96	$129,360
Two Bed Two Bath Galley Ki	6505b22	2 BR	4	3,456	864	4	100.0%	$3,322	$831	$0.96	0	$900	$1.04	$0	$3,322	$831	$0.96	$39,864
Totals			110	63,072	573	105	95.5%	$72,559	$691	$1.21	5	$775	$1.35	$3,750	$76,309	$694	$1.21	$915,708
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	18	5,184	288	17	94.4%	$10,048	$558
1 BR	75	43,200	576	71	94.7%	$52,159	$695
2 BR	17	14,688	864	17	100.0%	$14,102	$830
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	110	63,072	573	105	95.5%	$76,309	$694

Winthrop Court
Property ID:	6751
# Units	100
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$832,006	$8,320	100.0%	$849,662	$8,497	100.0%	$870,286	$8,703	100.0%	$883,008	$8,830	100.0%	$887,072	$8,871	100.0%	$891,840	$8,918	100.0%	$894,278	$8,943	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($123,578)	($1,236)	14.9%	($136,047)	($1,360)	16.0%	($67,411)	($674)	7.7%	($66,776)	($668)	7.6%	($42,032)	($420)	4.7%	($60,740)	($607)	6.8%	($91,403)	($914)	10.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$708,428	$7,084	85.1%	$713,615	$7,136	84.0%	$802,875	$8,029	92.3%	$816,232	$8,162	92.4%	$845,040	$8,450	95.3%	$831,100	$8,311	93.2%	$802,875	$8,029	89.8%
RUBS / Utility Reimbursements		$55,369	$554	6.6%	$57,756	$578	6.9%	$62,995	$630	6.7%	$64,940	$649	6.8%	$66,108	$661	6.6%	$62,500	$625	6.6%	$62,995	$630	6.7%	Based on T12
Other Income		$79,537	$795	9.4%	$62,128	$621	7.5%	$71,294	$713	7.6%	$75,002	$750	7.8%	$89,272	$893	8.9%	$58,000	$580	6.1%	$71,294	$713	7.6%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$843,334	$8,433	100.0%	$833,499	$8,335	100.0%	$937,164	$9,372	100.0%	$956,174	$9,562	100.0%	$1,000,420	$10,004	100.0%	$951,600	$9,516	100.0%	$937,164	$9,372	100.0%
Real Estate Taxes		$77,345	$773	9.2%	$82,000	$820	9.8%	$81,996	$820	8.7%	$81,996	$820	8.6%	$81,996	$820	8.2%	$94,469	$945	9.9%	$89,971	$900	9.6%	Based on current tax bills
Insurance		$27,604	$276	3.3%	$37,901	$379	4.5%	$39,309	$393	4.2%	$39,309	$393	4.1%	$39,309	$393	3.9%	$38,947	$389	4.1%	$37,734	$377	4.0%	Based on current insurance premium statements
Management Fee		$25,300	$253	3.0%	$25,005	$250	3.0%	$28,115	$281	3.0%	$28,685	$287	3.0%	$30,013	$300	3.0%	$28,548	$285	3.0%	$28,115	$281	3.0%	Based on 3.0% management fee
Utilities		$76,660	$767	9.1%	$95,286	$953	11.4%	$103,094	$1,031	11.0%	$103,094	$1,031	10.8%	$103,094	$1,031	10.3%	$100,000	$1,000	10.5%	$103,094	$1,031	11.0%	Based on T12
Repairs & Maintenance		$56,755	$568	6.7%	$62,161	$622	7.5%	$61,654	$617	6.6%	$61,654	$617	6.4%	$61,654	$617	6.2%	$65,000	$650	6.8%	$61,654	$617	6.6%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$18,726	$187	2.2%	$10,835	$108	1.3%	$14,222	$142	1.5%	$14,222	$142	1.5%	$14,222	$142	1.4%	$12,500	$125	1.3%	$14,222	$142	1.5%	Based on T12
Payroll & Benefits		$71,504	$715	8.5%	$80,537	$805	9.7%	$79,975	$800	8.5%	$79,975	$800	8.4%	$79,975	$800	8.0%	$77,500	$775	8.1%	$79,975	$800	8.5%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$353,894	$3,539	42.0%	$393,725	$3,937	47.2%	$408,365	$4,084	43.6%	$408,935	$4,089	42.8%	$410,263	$4,103	41.0%	$416,964	$4,170	43.8%	$414,765	$4,148	44.3%
Net Operating Income		$489,440	$4,894	58.0%	$439,774	$4,398	52.8%	$528,799	$5,288	56.4%	$547,239	$5,472	57.2%	$590,157	$5,902	59.0%	$534,636	$5,346	56.2%	$522,399	$5,224	55.7%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$25,000	$250		$30,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$489,440	$4,894	58.0%	$439,774	$4,398	52.8%	$528,799	$5,288	56.4%	$547,239	$5,472	57.2%	$590,157	$5,902	59.0%	$509,636	$5,096	53.6%	$492,399	$4,924	52.5%

Winthrop Court
Property ID: 6751
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6751bs1	Studio	10	2,880	288	8	80.0%	$4,864	$608	$2.11	2	$625	$2.17	$1,250	$6,114	$611	$2.12	$73,368
One Bed One Bath Standard	6751a11	1 BR	70	40,320	576	68	97.1%	$48,980	$720	$1.25	2	$775	$1.35	$1,550	$50,530	$722	$1.25	$606,360
Two Bed One Bath (2,1)	6751a21	2 BR	11	9,504	864	11	100.0%	$9,799	$891	$1.03	0	$850	$0.98	$0	$9,799	$891	$1.03	$117,592
Two Bed Two Bath Master (2)	6751a22	2 BR	9	7,776	864	9	100.0%	$8,080	$898	$1.04	0	$900	$1.04	$0	$8,080	$898	$1.04	$96,958
Totals			100	60,480	605	96	96.0%	$71,723	$747	$1.24	4	$780	$1.29	$2,800	$74,523	$745	$1.23	$894,278
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	10	2,880	288	8	80.0%	$6,114	$611
1 BR	70	40,320	576	68	97.1%	$50,530	$722
2 BR	20	17,280	864	20	100.0%	$17,879	$894
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	100	60,480	605	96	96.0%	$74,523	$745

Parkville
Property ID:	6322
# Units	100
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$735,562	$7,356	100.0%	$740,432	$7,404	100.0%	$761,736	$7,617	100.0%	$773,456	$7,735	100.0%	$778,180	$7,782	100.0%	$761,436	$7,614	100.0%	$784,517	$7,845	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($227,141)	($2,271)	30.9%	($149,200)	($1,492)	20.2%	($105,653)	($1,057)	13.9%	($90,056)	($901)	11.6%	($96,544)	($965)	12.4%	($53,216)	($532)	7.0%	($128,434)	($1,284)	16.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$508,421	$5,084	69.1%	$591,232	$5,912	79.8%	$656,083	$6,561	86.1%	$683,400	$6,834	88.4%	$681,636	$6,816	87.6%	$708,220	$7,082	93.0%	$656,083	$6,561	83.6%
RUBS / Utility Reimbursements		$39,167	$392	6.3%	$47,020	$470	6.6%	$49,433	$494	6.2%	$50,994	$510	6.1%	$51,636	$516	6.2%	$50,000	$500	6.0%	$49,433	$494	6.2%	Based on T12
Other Income		$71,152	$712	11.5%	$77,541	$775	10.8%	$92,946	$929	11.6%	$101,870	$1,019	12.2%	$98,140	$981	11.8%	$75,500	$755	9.1%	$92,946	$929	11.6%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$618,740	$6,187	100.0%	$715,793	$7,158	100.0%	$798,462	$7,985	100.0%	$836,264	$8,363	100.0%	$831,412	$8,314	100.0%	$833,720	$8,337	100.0%	$798,462	$7,985	100.0%
Real Estate Taxes		$62,625	$626	10.1%	$70,000	$700	9.8%	$69,996	$700	8.8%	$69,996	$700	8.4%	$69,996	$700	8.4%	$82,467	$825	9.9%	$78,541	$785	9.8%	Based on current tax bills
Insurance		$25,129	$251	4.1%	$34,746	$347	4.9%	$35,804	$358	4.5%	$35,804	$358	4.3%	$35,804	$358	4.3%	$35,770	$358	4.3%	$34,137	$341	4.3%	Based on current insurance premium statements
Management Fee		$18,562	$186	3.0%	$21,474	$215	3.0%	$23,953	$240	3.0%	$25,087	$251	3.0%	$24,941	$249	3.0%	$25,012	$250	3.0%	$23,954	$240	3.0%	Based on 3.0% management fee
Utilities		$68,164	$682	11.0%	$85,251	$853	11.9%	$69,299	$693	8.7%	$69,299	$693	8.3%	$69,299	$693	8.3%	$65,000	$650	7.8%	$69,299	$693	8.7%	Based on T12
Repairs & Maintenance		$61,173	$612	9.9%	$71,708	$717	10.0%	$56,213	$562	7.0%	$56,213	$562	6.7%	$56,213	$562	6.8%	$55,000	$550	6.6%	$56,213	$562	7.0%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$27,065	$271	4.4%	$20,101	$201	2.8%	$20,675	$207	2.6%	$20,675	$207	2.5%	$20,675	$207	2.5%	$12,500	$125	1.5%	$20,675	$207	2.6%	Based on T12
Payroll & Benefits		$63,834	$638	10.3%	$81,273	$813	11.4%	$110,374	$1,104	13.8%	$110,374	$1,104	13.2%	$110,374	$1,104	13.3%	$87,500	$875	10.5%	$110,374	$1,104	13.8%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$326,552	$3,266	52.8%	$384,553	$3,846	53.7%	$386,314	$3,863	48.4%	$387,448	$3,874	46.3%	$387,302	$3,873	46.6%	$363,249	$3,632	43.6%	$393,193	$3,932	49.2%
Net Operating Income		$292,188	$2,922	47.2%	$331,240	$3,312	46.3%	$412,148	$4,121	51.6%	$448,816	$4,488	53.7%	$444,110	$4,441	53.4%	$470,471	$4,705	56.4%	$405,269	$4,053	50.8%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$25,000	$250		$30,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$292,188	$2,922	47.2%	$331,240	$3,312	46.3%	$412,148	$4,121	51.6%	$448,816	$4,488	53.7%	$444,110	$4,441	53.4%	$445,471	$4,455	53.4%	$375,269	$3,753	47.0%

Parkville
Property ID: 6322
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6322bs1	Studio	27	7,776	288	27	100.0%	$14,979	$555	$1.93	0	$600	$2.08	$0	$14,979	$555	$1.93	$179,748
One Bed One Bath Galley Ki	6322b11	1 BR	68	39,168	576	64	94.1%	$42,887	$670	$1.16	4	$800	$1.39	$3,200	$46,087	$678	$1.18	$553,049
Two Bed One Bath (2,1)	6322a21	2 BR	5	4,320	864	5	100.0%	$4,310	$862	$1.00	0	$900	$1.04	$0	$4,310	$862	$1.00	$51,720
Totals			100	51,264	513	96	96.0%	$62,176	$648	$1.26	4	$751	$1.46	$3,200	$65,376	$654	$1.28	$784,517
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	27	7,776	288	27	100.0%	$14,979	$555
1 BR	68	39,168	576	64	94.1%	$46,087	$678
2 BR	5	4,320	864	5	100.0%	$4,310	$862
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	100	51,264	513	96	96.0%	$65,376	$654

Rosewood Apartments
Property ID:	6735
# Units	89
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$754,184	$8,474	100.0%	$775,401	$8,712	100.0%	$790,392	$8,881	100.0%	$795,490	$8,938	100.0%	$800,156	$8,991	100.0%	$801,252	$9,003	100.0%	$801,326	$9,004	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($73,595)	($827)	9.8%	($78,157)	($878)	10.1%	($59,969)	($674)	7.6%	($38,140)	($429)	4.8%	($38,928)	($437)	4.9%	($55,044)	($618)	6.9%	($70,903)	($797)	8.8%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$680,589	$7,647	90.2%	$697,244	$7,834	89.9%	$730,423	$8,207	92.4%	$757,350	$8,510	95.2%	$761,228	$8,553	95.1%	$746,208	$8,384	93.1%	$730,423	$8,207	91.2%
RUBS / Utility Reimbursements		$52,887	$594	6.7%	$55,250	$621	6.8%	$57,212	$643	6.7%	$59,508	$669	6.7%	$59,648	$670	6.8%	$55,625	$625	6.5%	$57,212	$643	6.7%	Based on T12
Other Income		$61,442	$690	7.7%	$55,842	$627	6.9%	$63,209	$710	7.4%	$68,470	$769	7.7%	$62,648	$704	7.1%	$60,520	$680	7.0%	$63,209	$710	7.4%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$794,918	$8,932	100.0%	$808,336	$9,082	100.0%	$850,844	$9,560	100.0%	$885,328	$9,948	100.0%	$883,524	$9,927	100.0%	$862,353	$9,689	100.0%	$850,844	$9,560	100.0%
Real Estate Taxes		$63,937	$718	8.0%	$71,000	$798	8.8%	$71,004	$798	8.3%	$71,004	$798	8.0%	$71,004	$798	8.0%	$81,913	$920	9.5%	$78,012	$877	9.2%	Based on current tax bills
Insurance		$24,722	$278	3.1%	$33,947	$381	4.2%	$35,203	$396	4.1%	$35,203	$396	4.0%	$35,203	$396	4.0%	$35,209	$396	4.1%	$33,809	$380	4.0%	Based on current insurance premium statements
Management Fee		$23,848	$268	3.0%	$24,250	$272	3.0%	$25,527	$287	3.0%	$26,562	$298	3.0%	$26,507	$298	3.0%	$25,871	$291	3.0%	$25,525	$287	3.0%	Based on 3.0% management fee
Utilities		$53,715	$604	6.8%	$60,261	$677	7.5%	$59,640	$670	7.0%	$59,640	$670	6.7%	$59,640	$670	6.8%	$60,075	$675	7.0%	$59,640	$670	7.0%	Based on T12
Repairs & Maintenance		$30,954	$348	3.9%	$33,620	$378	4.2%	$37,020	$416	4.4%	$37,020	$416	4.2%	$37,020	$416	4.2%	$37,825	$425	4.4%	$37,020	$416	4.4%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$16,840	$189	2.1%	$6,933	$78	0.9%	$9,951	$112	1.2%	$9,951	$112	1.1%	$9,951	$112	1.1%	$11,125	$125	1.3%	$9,951	$112	1.2%	Based on T12
Payroll & Benefits		$79,161	$889	10.0%	$70,694	$794	8.7%	$65,212	$733	7.7%	$65,212	$733	7.4%	$65,212	$733	7.4%	$64,525	$725	7.5%	$65,212	$733	7.7%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$293,177	$3,294	36.9%	$300,705	$3,379	37.2%	$303,557	$3,411	35.7%	$304,592	$3,422	34.4%	$304,537	$3,422	34.5%	$316,543	$3,557	36.7%	$309,169	$3,474	36.3%
Net Operating Income		$501,741	$5,638	63.1%	$507,631	$5,704	62.8%	$547,287	$6,149	64.3%	$580,736	$6,525	65.6%	$578,987	$6,505	65.5%	$545,810	$6,133	63.3%	$541,675	$6,086	63.7%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$22,250	$250		$26,700	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$501,741	$5,638	63.1%	$507,631	$5,704	62.8%	$547,287	$6,149	64.3%	$580,736	$6,525	65.6%	$578,987	$6,505	65.5%	$523,560	$5,883	60.7%	$514,975	$5,786	60.5%

Rosewood Apartments
Property ID: 6735
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6735bs1	Studio	8	2,304	288	8	100.0%	$4,683	$585	$2.03	0	$650	$2.26	$0	$4,683	$585	$2.03	$56,196
One Bed One Bath Standard	6735a11	1 BR	64	36,864	576	63	98.4%	$46,502	$738	$1.28	1	$725	$1.26	$725	$47,227	$738	$1.28	$566,728
Two Bed One Bath (2,1)	6735a21	2 BR	13	11,232	864	13	100.0%	$11,176	$860	$1.00	0	$875	$1.01	$0	$11,176	$860	$1.00	$134,110
Two Bed Two Bath Master (2)	6735a22	2 BR	4	3,456	864	4	100.0%	$3,691	$923	$1.07	0	$925	$1.07	$0	$3,691	$923	$1.07	$44,292
Totals			89	53,856	605	88	98.9%	$66,052	$751	$1.24	1	$749	$1.24	$725	$66,777	$750	$1.24	$801,326
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	8	2,304	288	8	100.0%	$4,683	$585
1 BR	64	36,864	576	63	98.4%	$47,227	$738
2 BR	17	14,688	864	17	100.0%	$14,867	$875
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	89	53,856	605	88	98.9%	$66,777	$750

Ashford Hills
Property ID:	6814
# Units	77
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$602,194	$7,821	100.0%	$627,739	$8,152	100.0%	$647,393	$8,408	100.0%	$657,150	$8,534	100.0%	$662,420	$8,603	100.0%	$665,520	$8,643	100.0%	$663,725	$8,620	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($46,131)	($599)	7.7%	($42,412)	($551)	6.8%	($33,606)	($436)	5.2%	($37,178)	($483)	5.7%	($37,500)	($487)	5.7%	($39,931)	($519)	6.0%	($49,938)	($649)	7.5%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$556,063	$7,222	92.3%	$585,327	$7,602	93.2%	$613,787	$7,971	94.8%	$619,972	$8,052	94.3%	$624,920	$8,116	94.3%	$625,589	$8,125	94.0%	$613,787	$7,971	92.5%
RUBS / Utility Reimbursements		$46,168	$600	7.1%	$48,489	$630	7.0%	$50,840	$660	7.0%	$51,866	$674	7.1%	$51,976	$675	7.1%	$52,745	$685	7.1%	$50,840	$660	7.0%	Based on T12
Other Income		$51,387	$667	7.9%	$56,531	$734	8.2%	$58,853	$764	8.1%	$59,340	$771	8.1%	$52,712	$685	7.2%	$62,755	$815	8.5%	$58,853	$764	8.1%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$653,618	$8,489	100.0%	$690,347	$8,966	100.0%	$723,480	$9,396	100.0%	$731,178	$9,496	100.0%	$729,608	$9,475	100.0%	$741,089	$9,625	100.0%	$723,480	$9,396	100.0%
Real Estate Taxes		$35,000	$455	5.4%	$35,000	$455	5.1%	$35,004	$455	4.8%	$35,004	$455	4.8%	$35,004	$455	4.8%	$77,168	$1,002	10.4%	$72,229	$938	10.0%	Based on current tax bills
Insurance		$19,619	$255	3.0%	$27,050	$351	3.9%	$27,825	$361	3.8%	$27,825	$361	3.8%	$27,825	$361	3.8%	$27,725	$360	3.7%	$26,547	$345	3.7%	Based on current insurance premium statements
Management Fee		$19,609	$255	3.0%	$20,710	$269	3.0%	$21,705	$282	3.0%	$21,936	$285	3.0%	$21,889	$284	3.0%	$22,233	$289	3.0%	$21,704	$282	3.0%	Based on 3.0% management fee
Utilities		$49,130	$638	7.5%	$54,128	$703	7.8%	$50,722	$659	7.0%	$50,722	$659	6.9%	$50,722	$659	7.0%	$50,435	$655	6.8%	$50,722	$659	7.0%	Based on T12
Repairs & Maintenance		$32,829	$426	5.0%	$24,772	$322	3.6%	$30,857	$401	4.3%	$30,857	$401	4.2%	$30,857	$401	4.2%	$28,875	$375	3.9%	$30,857	$401	4.3%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$10,682	$139	1.6%	$10,248	$133	1.5%	$9,456	$123	1.3%	$9,456	$123	1.3%	$9,456	$123	1.3%	$8,085	$105	1.1%	$9,456	$123	1.3%	Based on T12
Payroll & Benefits		$85,932	$1,116	13.1%	$92,802	$1,205	13.4%	$97,657	$1,268	13.5%	$97,657	$1,268	13.4%	$97,657	$1,268	13.4%	$97,790	$1,270	13.2%	$97,657	$1,268	13.5%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$252,801	$3,283	38.7%	$264,710	$3,438	38.3%	$273,226	$3,548	37.8%	$273,457	$3,551	37.4%	$273,410	$3,551	37.5%	$312,311	$4,056	42.1%	$309,173	$4,015	42.7%
Net Operating Income		$400,817	$5,205	61.3%	$425,637	$5,528	61.7%	$450,254	$5,847	62.2%	$457,721	$5,944	62.6%	$456,198	$5,925	62.5%	$428,778	$5,569	57.9%	$414,307	$5,381	57.3%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$19,250	$250		$23,100	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$400,817	$5,205	61.3%	$425,637	$5,528	61.7%	$450,254	$5,847	62.2%	$457,721	$5,944	62.6%	$456,198	$5,925	62.5%	$409,528	$5,319	55.3%	$391,207	$5,081	54.1%

Ashford Hills
Property ID: 6814
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6814bs1	Studio	23	6,624	288	22	95.7%	$13,663	$621	$2.16	1	$625	$2.17	$625	$14,288	$621	$2.16	$171,461
One Bed One Bath Standard	6814a11	1 BR	49	28,224	576	47	95.9%	$35,021	$745	$1.29	2	$750	$1.30	$1,500	$36,521	$745	$1.29	$438,252
Two Bed One Bath (2,1)	6814a21	2 BR	2	1,728	864	2	100.0%	$1,777	$889	$1.03	0	$890	$1.03	$0	$1,777	$889	$1.03	$21,324
Two Bed Two Bath Master	6814a22	2 BR	3	2,592	864	3	100.0%	$2,724	$908	$1.05	0	$910	$1.05	$0	$2,724	$908	$1.05	$32,688
Totals			77	39,168	509	74	96.1%	$53,185	$719	$1.41	3	$723	$1.42	$2,125	$55,310	$718	$1.41	$663,725
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	23	6,624	288	22	95.7%	$14,288	$621
1 BR	49	28,224	576	47	95.9%	$36,521	$745
2 BR	5	4,320	864	5	100.0%	$4,501	$900
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	77	39,168	509	74	96.1%	$55,310	$718

Amberwood - Massillion
Property ID:	6946
# Units	63
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$470,780	$7,473	100.0%	$482,093	$7,652	100.0%	$488,097	$7,748	100.0%	$490,604	$7,787	100.0%	$493,044	$7,826	100.0%	$491,724	$7,805	100.0%	$492,156	$7,812	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($57,464)	($912)	12.2%	($44,824)	($711)	9.3%	($26,572)	($422)	5.4%	($28,062)	($445)	5.7%	($32,184)	($511)	6.5%	($29,503)	($468)	6.0%	($30,631)	($486)	6.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$413,316	$6,561	87.8%	$437,269	$6,941	90.7%	$461,525	$7,326	94.6%	$462,542	$7,342	94.3%	$460,860	$7,315	93.5%	$462,221	$7,337	94.0%	$461,525	$7,326	93.8%
RUBS / Utility Reimbursements		$36,812	$584	7.2%	$38,473	$611	7.4%	$39,210	$622	7.2%	$39,492	$627	7.1%	$40,104	$637	7.1%	$39,375	$625	7.2%	$39,210	$622	7.2%	Based on T12
Other Income		$63,282	$1,004	12.3%	$43,553	$691	8.4%	$45,264	$718	8.3%	$53,012	$841	9.6%	$63,876	$1,014	11.3%	$44,100	$700	8.1%	$45,264	$718	8.3%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$513,410	$8,149	100.0%	$519,295	$8,243	100.0%	$545,999	$8,667	100.0%	$555,046	$8,810	100.0%	$564,840	$8,966	100.0%	$545,696	$8,662	100.0%	$545,999	$8,667	100.0%
Real Estate Taxes		$27,000	$429	5.3%	$27,000	$429	5.2%	$27,000	$429	4.9%	$27,000	$429	4.9%	$27,000	$429	4.8%	$32,350	$513	5.9%	$30,809	$489	5.6%	Based on current tax bills
Insurance		$16,900	$268	3.3%	$23,205	$368	4.5%	$23,997	$381	4.4%	$23,997	$381	4.3%	$23,997	$381	4.2%	$23,892	$379	4.4%	$23,009	$365	4.2%	Based on current insurance premium statements
Management Fee		$15,402	$244	3.0%	$15,579	$247	3.0%	$16,379	$260	3.0%	$16,650	$264	3.0%	$16,944	$269	3.0%	$16,371	$260	3.0%	$16,380	$260	3.0%	Based on 3.0% management fee
Utilities		$44,400	$705	8.6%	$47,290	$751	9.1%	$46,732	$742	8.6%	$46,732	$742	8.4%	$46,732	$742	8.3%	$45,990	$730	8.4%	$46,732	$742	8.6%	Based on T12
Repairs & Maintenance		$47,254	$750	9.2%	$37,961	$603	7.3%	$44,655	$709	8.2%	$44,655	$709	8.0%	$44,655	$709	7.9%	$44,100	$700	8.1%	$44,655	$709	8.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$5,441	$86	1.1%	$5,189	$82	1.0%	$4,764	$76	0.9%	$4,764	$76	0.9%	$4,764	$76	0.8%	$5,670	$90	1.0%	$4,764	$76	0.9%	Based on T12
Payroll & Benefits		$75,680	$1,201	14.7%	$79,500	$1,262	15.3%	$82,241	$1,305	15.1%	$82,241	$1,305	14.8%	$82,241	$1,305	14.6%	$81,900	$1,300	15.0%	$82,241	$1,305	15.1%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$232,077	$3,684	45.2%	$235,724	$3,742	45.4%	$245,768	$3,901	45.0%	$246,039	$3,905	44.3%	$246,333	$3,910	43.6%	$250,273	$3,973	45.9%	$248,591	$3,946	45.5%
Net Operating Income		$281,333	$4,466	54.8%	$283,571	$4,501	54.6%	$300,231	$4,766	55.0%	$309,007	$4,905	55.7%	$318,507	$5,056	56.4%	$295,423	$4,689	54.1%	$297,408	$4,721	54.5%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,750	$250		$18,900	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$281,333	$4,466	54.8%	$283,571	$4,501	54.6%	$300,231	$4,766	55.0%	$309,007	$4,905	55.7%	$318,507	$5,056	56.4%	$279,673	$4,439	51.3%	$278,508	$4,421	51.0%

Amberwood - Massillion
Property ID: 6946
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6946bs1	Studio	7	2,016	288	7	100.0%	$3,773	$539	$1.87	0	$540	$1.88	$0	$3,773	$539	$1.87	$45,276
One Bed One Bath Standard	6946a11	1 BR	50	28,800	576	47	94.0%	$30,611	$651	$1.13	3	$655	$1.14	$1,965	$32,576	$652	$1.13	$390,912
Two Bed One Bath (2,1)	6946a21	2 BR	3	2,592	864	3	100.0%	$2,330	$777	$0.90	0	$780	$0.90	$0	$2,330	$777	$0.90	$27,960
Two Bed Two Bath Master	6946a22	2 BR	3	2,592	864	3	100.0%	$2,334	$778	$0.90	0	$780	$0.90	$0	$2,334	$778	$0.90	$28,008
Totals			63	36,000	571	60	95.2%	$39,048	$651	$1.14	3	$654	$1.14	$1,965	$41,013	$651	$1.14	$492,156
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	7	2,016	288	7	100.0%	$3,773	$539
1 BR	50	28,800	576	47	94.0%	$32,576	$652
2 BR	6	5,184	864	6	100.0%	$4,664	$777
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	63	36,000	571	60	95.2%	$41,013	$651

Sherbrook
Property ID:	6761
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$489,729	$8,162	100.0%	$500,752	$8,346	100.0%	$514,151	$8,569	100.0%	$520,320	$8,672	100.0%	$524,064	$8,734	100.0%	$525,000	$8,750	100.0%	$524,064	$8,734	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($48,501)	($808)	9.9%	($29,775)	($496)	5.9%	($26,149)	($436)	5.1%	($28,084)	($468)	5.4%	($43,656)	($728)	8.3%	($36,378)	($606)	6.9%	($36,062)	($601)	6.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$441,228	$7,354	90.1%	$470,977	$7,850	94.1%	$488,002	$8,133	94.9%	$492,236	$8,204	94.6%	$480,408	$8,007	91.7%	$488,622	$8,144	93.1%	$488,002	$8,133	93.1%
RUBS / Utility Reimbursements		$33,186	$553	6.4%	$35,901	$598	6.5%	$37,147	$619	6.5%	$37,488	$625	6.5%	$36,936	$616	6.5%	$37,500	$625	6.6%	$37,147	$619	6.5%	Based on T12
Other Income		$46,028	$767	8.8%	$47,456	$791	8.6%	$45,271	$755	7.9%	$44,614	$744	7.8%	$50,260	$838	8.9%	$43,800	$730	7.7%	$45,271	$755	7.9%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$520,442	$8,674	100.0%	$554,334	$9,239	100.0%	$570,420	$9,507	100.0%	$574,338	$9,572	100.0%	$567,604	$9,460	100.0%	$569,922	$9,499	100.0%	$570,420	$9,507	100.0%
Real Estate Taxes		$48,866	$814	9.4%	$56,000	$933	10.1%	$56,004	$933	9.8%	$56,004	$933	9.8%	$56,004	$933	9.9%	$72,931	$1,216	12.8%	$69,458	$1,158	12.2%	Based on current tax bills
Insurance		$15,190	$253	2.9%	$20,855	$348	3.8%	$21,426	$357	3.8%	$21,426	$357	3.7%	$21,426	$357	3.8%	$21,431	$357	3.8%	$20,472	$341	3.6%	Based on current insurance premium statements
Management Fee		$15,613	$260	3.0%	$16,630	$277	3.0%	$17,111	$285	3.0%	$17,229	$287	3.0%	$17,027	$284	3.0%	$17,098	$285	3.0%	$17,113	$285	3.0%	Based on 3.0% management fee
Utilities		$28,577	$476	5.5%	$30,842	$514	5.6%	$35,651	$594	6.2%	$35,651	$594	6.2%	$35,651	$594	6.3%	$36,000	$600	6.3%	$35,651	$594	6.2%	Based on T12
Repairs & Maintenance		$29,350	$489	5.6%	$33,977	$566	6.1%	$29,422	$490	5.2%	$29,422	$490	5.1%	$29,422	$490	5.2%	$30,000	$500	5.3%	$29,422	$490	5.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$17,865	$298	3.4%	$7,860	$131	1.4%	$8,526	$142	1.5%	$8,526	$142	1.5%	$8,526	$142	1.5%	$7,500	$125	1.3%	$8,526	$142	1.5%	Based on T12
Payroll & Benefits		$55,321	$922	10.6%	$73,014	$1,217	13.2%	$96,231	$1,604	16.9%	$96,231	$1,604	16.8%	$96,231	$1,604	17.0%	$57,000	$950	10.0%	$96,231	$1,604	16.9%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$210,782	$3,513	40.5%	$239,178	$3,986	43.1%	$264,371	$4,406	46.3%	$264,489	$4,408	46.1%	$264,287	$4,405	46.6%	$241,960	$4,033	42.5%	$276,873	$4,615	48.5%
Net Operating Income		$309,660	$5,161	59.5%	$315,156	$5,253	56.9%	$306,049	$5,101	53.7%	$309,849	$5,164	53.9%	$303,317	$5,055	53.4%	$327,962	$5,466	57.5%	$293,547	$4,892	51.5%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$309,660	$5,161	59.5%	$315,156	$5,253	56.9%	$306,049	$5,101	53.7%	$309,849	$5,164	53.9%	$303,317	$5,055	53.4%	$312,962	$5,216	54.9%	$275,547	$4,592	48.3%

Sherbrook
Property ID: 6761
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6761as1	Studio	15	4,320	288	14	93.3%	$8,766	$626	$2.17	1	$625	$2.17	$625	$9,391	$626	$2.17	$112,688
Studio Open (0,1)	6761bs1	Studio	3	864	288	3	100.0%	$2,062	$687	$2.39	0	$625	$2.17	$0	$2,062	$687	$2.39	$24,744
One Bed One Bath Standard	6761a11	1 BR	38	21,888	576	35	92.1%	$26,301	$751	$1.30	3	$775	$1.35	$2,325	$28,626	$753	$1.31	$343,516
Two Bed One Bath (2,1)	6761a21	2 BR	2	1,728	864	2	100.0%	$1,724	$862	$1.00	0	$850	$0.98	$0	$1,724	$862	$1.00	$20,688
Two Bed Two Bath Master	6761a22	2 BR	2	1,728	864	2	100.0%	$1,869	$935	$1.08	0	$900	$1.04	$0	$1,869	$935	$1.08	$22,428
Totals			60	30,528	509	56	93.3%	$40,722	$727	$1.43	4	$737	$1.45	$2,950	$43,672	$728	$1.43	$524,064
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	18	5,184	288	17	94.4%	$11,453	$636
1 BR	38	21,888	576	35	92.1%	$28,626	$753
2 BR	4	3,456	864	4	100.0%	$3,593	$898
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	30,528	509	56	93.3%	$43,672	$728

Stonehenge Apartments
Property ID:	6642
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$436,814	$7,280	100.0%	$450,665	$7,511	100.0%	$459,997	$7,667	100.0%	$464,150	$7,736	100.0%	$466,504	$7,775	100.0%	$464,760	$7,746	100.0%	$465,480	$7,758	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($53,085)	($885)	12.2%	($29,277)	($488)	6.5%	($39,897)	($665)	8.7%	($41,372)	($690)	8.9%	($40,140)	($669)	8.6%	($27,886)	($465)	6.0%	($45,380)	($756)	9.7%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$383,729	$6,395	87.8%	$421,388	$7,023	93.5%	$420,100	$7,002	91.3%	$422,778	$7,046	91.1%	$426,364	$7,106	91.4%	$436,874	$7,281	94.0%	$420,100	$7,002	90.3%
RUBS / Utility Reimbursements		$34,172	$570	7.3%	$36,458	$608	7.2%	$37,212	$620	7.3%	$38,132	$636	7.2%	$38,348	$639	7.1%	$37,500	$625	7.1%	$37,212	$620	7.3%	Based on T12
Other Income		$51,914	$865	11.0%	$46,678	$778	9.3%	$55,197	$920	10.8%	$67,270	$1,121	12.7%	$77,756	$1,296	14.3%	$51,000	$850	9.7%	$55,197	$920	10.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$469,815	$7,830	100.0%	$504,524	$8,409	100.0%	$512,509	$8,542	100.0%	$528,180	$8,803	100.0%	$542,468	$9,041	100.0%	$525,374	$8,756	100.0%	$512,509	$8,542	100.0%
Real Estate Taxes		$24,000	$400	5.1%	$24,000	$400	4.8%	$24,000	$400	4.7%	$24,000	$400	4.5%	$24,000	$400	4.4%	$27,995	$467	5.3%	$24,238	$404	4.7%	Based on current tax bills
Insurance		$16,574	$276	3.5%	$22,756	$379	4.5%	$23,717	$395	4.6%	$23,717	$395	4.5%	$23,717	$395	4.4%	$23,590	$393	4.5%	$22,643	$377	4.4%	Based on current insurance premium statements
Management Fee		$14,094	$235	3.0%	$15,136	$252	3.0%	$15,376	$256	3.0%	$15,846	$264	3.0%	$16,275	$271	3.0%	$15,761	$263	3.0%	$15,375	$256	3.0%	Based on 3.0% management fee
Utilities		$38,487	$641	8.2%	$43,553	$726	8.6%	$47,820	$797	9.3%	$47,820	$797	9.1%	$47,820	$797	8.8%	$46,500	$775	8.9%	$47,820	$797	9.3%	Based on T12
Repairs & Maintenance		$43,801	$730	9.3%	$33,520	$559	6.6%	$38,478	$641	7.5%	$38,478	$641	7.3%	$38,478	$641	7.1%	$36,000	$600	6.9%	$38,478	$641	7.5%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$7,932	$132	1.7%	$7,260	$121	1.4%	$7,755	$129	1.5%	$7,755	$129	1.5%	$7,755	$129	1.4%	$7,800	$130	1.5%	$7,755	$129	1.5%	Based on T12
Payroll & Benefits		$68,859	$1,148	14.7%	$65,055	$1,084	12.9%	$70,188	$1,170	13.7%	$70,188	$1,170	13.3%	$70,188	$1,170	12.9%	$69,000	$1,150	13.1%	$70,188	$1,170	13.7%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$213,747	$3,562	45.5%	$211,280	$3,521	41.9%	$227,334	$3,789	44.4%	$227,804	$3,797	43.1%	$228,233	$3,804	42.1%	$226,646	$3,777	43.1%	$226,497	$3,775	44.2%
Net Operating Income		$256,068	$4,268	54.5%	$293,244	$4,887	58.1%	$285,175	$4,753	55.6%	$300,376	$5,006	56.9%	$314,235	$5,237	57.9%	$298,728	$4,979	56.9%	$286,012	$4,767	55.8%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$256,068	$4,268	54.5%	$293,244	$4,887	58.1%	$285,175	$4,753	55.6%	$300,376	$5,006	56.9%	$314,235	$5,237	57.9%	$283,728	$4,729	54.0%	$268,012	$4,467	52.3%

Stonehenge Apartments
Property ID: 6642
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6642bs1	Studio	6	1,728	288	6	100.0%	$3,020	$503	$1.75	0	$505	$1.75	$0	$3,020	$503	$1.75	$36,240
One Bed One Bath Standard	6642a11	1 BR	42	24,192	576	40	95.2%	$25,510	$638	$1.11	2	$640	$1.11	$1,280	$26,790	$638	$1.11	$321,480
Two Bed One Bath (2,1)	6642a21	2 BR	9	7,776	864	9	100.0%	$6,700	$744	$0.86	0	$745	$0.86	$0	$6,700	$744	$0.86	$80,400
Two Bed Two Bath Master	6642a22	2 BR	3	2,592	864	3	100.0%	$2,280	$760	$0.88	0	$760	$0.88	$0	$2,280	$760	$0.88	$27,360
Totals			60	36,288	605	58	96.7%	$37,510	$647	$1.07	2	$648	$1.07	$1,280	$38,790	$647	$1.07	$465,480
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	6	100.0%	$3,020	$503
1 BR	42	24,192	576	40	95.2%	$26,790	$638
2 BR	12	10,368	864	12	100.0%	$8,980	$748
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	58	96.7%	$38,790	$647

Greenglen II
Property ID:	6535
# Units	58
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$432,090	$7,450	100.0%	$426,576	$7,355	100.0%	$428,423	$7,387	100.0%	$431,090	$7,433	100.0%	$433,212	$7,469	100.0%	$434,436	$7,490	100.0%	$434,472	$7,491	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($76,391)	($1,317)	17.7%	($49,471)	($853)	11.6%	($35,004)	($604)	8.2%	($26,044)	($449)	6.0%	($12,952)	($223)	3.0%	($26,066)	($449)	6.0%	($41,053)	($708)	9.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$355,699	$6,133	82.3%	$377,105	$6,502	88.4%	$393,419	$6,783	91.8%	$405,046	$6,984	94.0%	$420,260	$7,246	97.0%	$408,370	$7,041	94.0%	$393,419	$6,783	90.6%
RUBS / Utility Reimbursements		$21,111	$364	5.1%	$23,085	$398	5.3%	$24,097	$415	5.2%	$24,786	$427	5.2%	$25,828	$445	5.4%	$24,650	$425	5.1%	$24,097	$415	5.2%	Based on T12
Other Income		$35,073	$605	8.5%	$33,480	$577	7.7%	$48,153	$830	10.3%	$46,136	$795	9.7%	$36,332	$626	7.5%	$46,400	$800	9.7%	$48,153	$830	10.3%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$411,883	$7,101	100.0%	$433,670	$7,477	100.0%	$465,669	$8,029	100.0%	$475,968	$8,206	100.0%	$482,420	$8,318	100.0%	$479,420	$8,266	100.0%	$465,669	$8,029	100.0%
Real Estate Taxes		$39,000	$672	9.5%	$39,000	$672	9.0%	$39,000	$672	8.4%	$39,000	$672	8.2%	$39,000	$672	8.1%	$45,002	$776	9.4%	$41,775	$720	9.0%	Based on current tax bills
Insurance		$15,057	$260	3.7%	$20,692	$357	4.8%	$21,297	$367	4.6%	$21,297	$367	4.5%	$21,297	$367	4.4%	$21,215	$366	4.4%	$20,371	$351	4.4%	Based on current insurance premium statements
Management Fee		$12,356	$213	3.0%	$13,010	$224	3.0%	$13,971	$241	3.0%	$14,280	$246	3.0%	$14,474	$250	3.0%	$14,383	$248	3.0%	$13,970	$241	3.0%	Based on 3.0% management fee
Utilities		$27,643	$477	6.7%	$27,511	$474	6.3%	$24,361	$420	5.2%	$24,361	$420	5.1%	$24,361	$420	5.0%	$27,840	$480	5.8%	$24,361	$420	5.2%	Based on T12
Repairs & Maintenance		$15,853	$273	3.8%	$16,187	$279	3.7%	$19,693	$340	4.2%	$19,693	$340	4.1%	$19,693	$340	4.1%	$18,850	$325	3.9%	$19,693	$340	4.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$11,579	$200	2.8%	$10,506	$181	2.4%	$10,751	$185	2.3%	$10,751	$185	2.3%	$10,751	$185	2.2%	$8,700	$150	1.8%	$10,751	$185	2.3%	Based on T12
Payroll & Benefits		$86,287	$1,488	20.9%	$81,773	$1,410	18.9%	$81,435	$1,404	17.5%	$81,435	$1,404	17.1%	$81,435	$1,404	16.9%	$75,400	$1,300	15.7%	$81,435	$1,404	17.5%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$207,775	$3,582	50.4%	$208,679	$3,598	48.1%	$210,508	$3,629	45.2%	$210,817	$3,635	44.3%	$211,011	$3,638	43.7%	$211,390	$3,645	44.1%	$212,357	$3,661	45.6%
Net Operating Income		$204,108	$3,519	49.6%	$224,991	$3,879	51.9%	$255,161	$4,399	54.8%	$265,151	$4,572	55.7%	$271,409	$4,679	56.3%	$268,030	$4,621	55.9%	$253,312	$4,367	54.4%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$14,500	$250		$17,400	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$204,108	$3,519	49.6%	$224,991	$3,879	51.9%	$255,161	$4,399	54.8%	$265,151	$4,572	55.7%	$271,409	$4,679	56.3%	$253,530	$4,371	52.9%	$235,912	$4,067	50.7%

Greenglen II
Property ID: 6535
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6535bs1	Studio	1	288	288	1	100.0%	$555	$555	$1.93	0	$505	$1.75	$0	$555	$555	$1.93	$6,660
Studio Standard (0,1)	6535as1	Studio	13	3,744	288	13	100.0%	$6,504	$500	$1.74	0	$505	$1.75	$0	$6,504	$500	$1.74	$78,048
One Bed One Bath Standard	6535a11	1 BR	39	22,464	576	38	97.4%	$24,497	$645	$1.12	1	$645	$1.12	$645	$25,142	$645	$1.12	$301,704
Two Bed One Bath (2,1)	6535a21	2 BR	5	4,320	864	5	100.0%	$4,005	$801	$0.93	0	$805	$0.93	$0	$4,005	$801	$0.93	$48,060
Totals			58	30,816	531	57	98.3%	$35,561	$624	$1.17	1	$625	$1.18	$645	$36,206	$624	$1.17	$434,472
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	14	4,032	288	14	100.0%	$7,059	$504
1 BR	39	22,464	576	38	97.4%	$25,142	$645
2 BR	5	4,320	864	5	100.0%	$4,005	$801
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	58	30,816	531	57	98.3%	$36,206	$624

Andover Court
Property ID:	6531
# Units	51
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$386,803	$7,584	100.0%	$394,732	$7,740	100.0%	$402,876	$7,900	100.0%	$406,692	$7,974	100.0%	$407,604	$7,992	100.0%	$409,740	$8,034	100.0%	$410,749	$8,054	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($30,582)	($600)	7.9%	($41,421)	($812)	10.5%	($26,343)	($517)	6.5%	($13,634)	($267)	3.4%	($9,388)	($184)	2.3%	($22,536)	($442)	5.5%	($34,216)	($671)	8.3%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$356,221	$6,985	92.1%	$353,311	$6,928	89.5%	$376,533	$7,383	93.5%	$393,058	$7,707	96.6%	$398,216	$7,808	97.7%	$387,204	$7,592	94.5%	$376,533	$7,383	91.7%
RUBS / Utility Reimbursements		$27,555	$540	6.6%	$28,197	$553	6.6%	$29,937	$587	6.6%	$31,638	$620	6.7%	$31,836	$624	6.9%	$30,600	$600	6.6%	$29,937	$587	6.6%	Based on T12
Other Income		$35,878	$703	8.5%	$43,888	$861	10.3%	$47,669	$935	10.5%	$44,810	$879	9.5%	$34,612	$679	7.4%	$44,880	$880	9.7%	$47,669	$935	10.5%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$419,654	$8,229	100.0%	$425,396	$8,341	100.0%	$454,139	$8,905	100.0%	$469,506	$9,206	100.0%	$464,664	$9,111	100.0%	$462,684	$9,072	100.0%	$454,139	$8,905	100.0%
Real Estate Taxes		$21,000	$412	5.0%	$21,000	$412	4.9%	$21,000	$412	4.6%	$21,000	$412	4.5%	$21,000	$412	4.5%	$27,870	$546	6.0%	$26,726	$524	5.9%	Based on current tax bills
Insurance		$13,941	$273	3.3%	$19,091	$374	4.5%	$19,748	$387	4.3%	$19,748	$387	4.2%	$19,748	$387	4.2%	$19,660	$385	4.2%	$18,959	$372	4.2%	Based on current insurance premium statements
Management Fee		$12,590	$247	3.0%	$12,762	$250	3.0%	$13,624	$267	3.0%	$14,085	$276	3.0%	$13,940	$273	3.0%	$13,881	$272	3.0%	$13,624	$267	3.0%	Based on 3.0% management fee
Utilities		$34,363	$674	8.2%	$33,651	$660	7.9%	$36,484	$715	8.0%	$36,484	$715	7.8%	$36,484	$715	7.9%	$36,210	$710	7.8%	$36,484	$715	8.0%	Based on T12
Repairs & Maintenance		$31,366	$615	7.5%	$27,374	$537	6.4%	$33,541	$658	7.4%	$33,541	$658	7.1%	$33,541	$658	7.2%	$34,425	$675	7.4%	$33,541	$658	7.4%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$8,354	$164	2.0%	$5,308	$104	1.2%	$5,407	$106	1.2%	$5,407	$106	1.2%	$5,407	$106	1.2%	$5,355	$105	1.2%	$5,407	$106	1.2%	Based on T12
Payroll & Benefits		$67,426	$1,322	16.1%	$59,874	$1,174	14.1%	$69,891	$1,370	15.4%	$69,891	$1,370	14.9%	$69,891	$1,370	15.0%	$67,320	$1,320	14.5%	$69,891	$1,370	15.4%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$189,040	$3,707	45.0%	$179,060	$3,511	42.1%	$199,695	$3,916	44.0%	$200,156	$3,925	42.6%	$200,011	$3,922	43.0%	$204,721	$4,014	44.2%	$204,632	$4,012	45.1%
Net Operating Income		$230,614	$4,522	55.0%	$246,336	$4,830	57.9%	$254,444	$4,989	56.0%	$269,350	$5,281	57.4%	$264,653	$5,189	57.0%	$257,963	$5,058	55.8%	$249,507	$4,892	54.9%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$12,750	$250		$15,300	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$230,614	$4,522	55.0%	$246,336	$4,830	57.9%	$254,444	$4,989	56.0%	$269,350	$5,281	57.4%	$264,653	$5,189	57.0%	$245,213	$4,808	53.0%	$234,207	$4,592	51.6%

Andover Court
Property ID: 6531
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6531as1	Studio	9	2,592	288	9	100.0%	$4,931	$548	$1.90	0	$540	$1.88	$0	$4,931	$548	$1.90	$59,176
One Bed One Bath Standard	6531a11	1 BR	32	18,432	576	30	93.8%	$20,350	$678	$1.18	2	$680	$1.18	$1,360	$21,710	$678	$1.18	$260,517
Two Bed One Bath (2,1)	6531a21	2 BR	10	8,640	864	10	100.0%	$7,588	$759	$0.88	0	$760	$0.88	$0	$7,588	$759	$0.88	$91,056
Totals			51	29,664	582	49	96.1%	$32,869	$671	$1.15	2	$671	$1.15	$1,360	$34,229	$671	$1.15	$410,749
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	9	2,592	288	9	100.0%	$4,931	$548
1 BR	32	18,432	576	30	93.8%	$21,710	$678
2 BR	10	8,640	864	10	100.0%	$7,588	$759
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	51	29,664	582	49	96.1%	$34,229	$671

Sandalwood
Property ID:	6630
# Units	50
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$395,863	$7,917	100.0%	$395,370	$7,907	100.0%	$397,088	$7,942	100.0%	$399,174	$7,983	100.0%	$401,736	$8,035	100.0%	$402,864	$8,057	100.0%	$403,574	$8,071	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($69,129)	($1,383)	17.5%	($47,110)	($942)	11.9%	($18,244)	($365)	4.6%	($10,446)	($209)	2.6%	($17,156)	($343)	4.3%	($24,172)	($483)	6.0%	($24,730)	($495)	6.1%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$326,734	$6,535	82.5%	$348,260	$6,965	88.1%	$378,844	$7,577	95.4%	$388,728	$7,775	97.4%	$384,580	$7,692	95.7%	$378,692	$7,574	94.0%	$378,844	$7,577	93.9%
RUBS / Utility Reimbursements		$24,098	$482	6.2%	$23,879	$478	6.0%	$25,495	$510	5.9%	$25,962	$519	5.8%	$25,844	$517	5.7%	$25,500	$510	5.9%	$25,495	$510	5.9%	Based on T12
Other Income		$35,998	$720	9.3%	$26,883	$538	6.7%	$28,312	$566	6.5%	$29,876	$598	6.7%	$42,120	$842	9.3%	$28,750	$575	6.6%	$28,312	$566	6.5%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$386,830	$7,737	100.0%	$399,022	$7,980	100.0%	$432,651	$8,653	100.0%	$444,566	$8,891	100.0%	$452,544	$9,051	100.0%	$432,942	$8,659	100.0%	$432,651	$8,653	100.0%
Real Estate Taxes		$42,000	$840	10.9%	$42,000	$840	10.5%	$42,000	$840	9.7%	$42,000	$840	9.4%	$42,000	$840	9.3%	$53,517	$1,070	12.4%	$45,308	$906	10.5%	Based on current tax bills
Insurance		$13,988	$280	3.6%	$19,191	$384	4.8%	$19,929	$399	4.6%	$19,929	$399	4.5%	$19,929	$399	4.4%	$19,830	$397	4.6%	$19,152	$383	4.4%	Based on current insurance premium statements
Management Fee		$11,605	$232	3.0%	$11,971	$239	3.0%	$12,979	$260	3.0%	$13,336	$267	3.0%	$13,576	$272	3.0%	$12,988	$260	3.0%	$12,980	$260	3.0%	Based on 3.0% management fee
Utilities		$29,610	$592	7.7%	$29,764	$595	7.5%	$29,013	$580	6.7%	$29,013	$580	6.5%	$29,013	$580	6.4%	$29,500	$590	6.8%	$29,013	$580	6.7%	Based on T12
Repairs & Maintenance		$32,704	$654	8.5%	$22,023	$440	5.5%	$21,955	$439	5.1%	$21,955	$439	4.9%	$21,955	$439	4.9%	$23,750	$475	5.5%	$21,955	$439	5.1%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$10,539	$211	2.7%	$9,694	$194	2.4%	$10,367	$207	2.4%	$10,367	$207	2.3%	$10,367	$207	2.3%	$8,750	$175	2.0%	$10,367	$207	2.4%	Based on T12
Payroll & Benefits		$48,306	$966	12.5%	$47,577	$952	11.9%	$50,964	$1,019	11.8%	$50,964	$1,019	11.5%	$50,964	$1,019	11.3%	$50,000	$1,000	11.5%	$50,964	$1,019	11.8%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$188,752	$3,775	48.8%	$182,220	$3,644	45.7%	$187,207	$3,744	43.3%	$187,564	$3,751	42.2%	$187,804	$3,756	41.5%	$198,335	$3,967	45.8%	$189,739	$3,795	43.9%
Net Operating Income		$198,078	$3,962	51.2%	$216,802	$4,336	54.3%	$245,444	$4,909	56.7%	$257,002	$5,140	57.8%	$264,740	$5,295	58.5%	$234,607	$4,692	54.2%	$242,912	$4,858	56.1%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$12,500	$250		$15,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$198,078	$3,962	51.2%	$216,802	$4,336	54.3%	$245,444	$4,909	56.7%	$257,002	$5,140	57.8%	$264,740	$5,295	58.5%	$222,107	$4,442	51.3%	$227,912	$4,558	52.7%

Sandalwood
Property ID: 6630
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6630bs1	Studio	6	1,728	288	6	100.0%	$3,204	$534	$1.85	0	$535	$1.86	$0	$3,204	$534	$1.85	$38,448
One Bed One Bath Standard	6630a11	1 BR	34	19,584	576	32	94.1%	$20,968	$655	$1.14	2	$655	$1.14	$1,310	$22,278	$655	$1.14	$267,338
Two Bed One Bath (2,1)	6630a21	2 BR	8	6,912	864	8	100.0%	$6,495	$812	$0.94	0	$815	$0.94	$0	$6,495	$812	$0.94	$77,940
Two Bed Two Bath Master	6630a22	2 BR	2	1,728	864	2	100.0%	$1,654	$827	$0.96	0	$830	$0.96	$0	$1,654	$827	$0.96	$19,848
Totals			50	29,952	599	48	96.0%	$32,321	$673	$1.12	2	$673	$1.12	$1,310	$33,631	$673	$1.12	$403,574
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	6	100.0%	$3,204	$534
1 BR	34	19,584	576	32	94.1%	$22,278	$655
2 BR	10	8,640	864	10	100.0%	$8,149	$815
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	50	29,952	599	48	96.0%	$33,631	$673

Meadowood - Mansfield
Property ID:	6576
# Units	50
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$335,436	$6,709	100.0%	$341,201	$6,824	100.0%	$345,680	$6,914	100.0%	$348,400	$6,968	100.0%	$348,696	$6,974	100.0%	$346,836	$6,937	100.0%	$347,358	$6,947	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($32,907)	($658)	9.8%	($31,540)	($631)	9.2%	($21,682)	($434)	6.3%	($20,718)	($414)	5.9%	($19,348)	($387)	5.5%	($22,544)	($451)	6.5%	($23,360)	($467)	6.7%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$302,529	$6,051	90.2%	$309,661	$6,193	90.8%	$323,998	$6,480	93.7%	$327,682	$6,554	94.1%	$329,348	$6,587	94.5%	$324,292	$6,486	93.5%	$323,998	$6,480	93.3%
RUBS / Utility Reimbursements		$22,790	$456	6.3%	$23,653	$473	6.5%	$24,926	$499	6.5%	$25,632	$513	6.6%	$25,784	$516	6.9%	$26,000	$520	6.8%	$24,926	$499	6.5%	Based on T12
Other Income		$37,907	$758	10.4%	$29,720	$594	8.2%	$32,044	$641	8.4%	$34,912	$698	9.0%	$20,832	$417	5.5%	$33,000	$660	8.6%	$32,044	$641	8.4%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$363,226	$7,265	100.0%	$363,034	$7,261	100.0%	$380,968	$7,619	100.0%	$388,226	$7,765	100.0%	$375,964	$7,519	100.0%	$383,292	$7,666	100.0%	$380,968	$7,619	100.0%
Real Estate Taxes		$23,000	$460	6.3%	$23,000	$460	6.3%	$23,004	$460	6.0%	$23,004	$460	5.9%	$23,004	$460	6.1%	$27,567	$551	7.2%	$26,116	$522	6.9%	Based on current tax bills
Insurance		$13,751	$275	3.8%	$18,795	$376	5.2%	$19,473	$389	5.1%	$19,473	$389	5.0%	$19,473	$389	5.2%	$19,382	$388	5.1%	$18,734	$375	4.9%	Based on current insurance premium statements
Management Fee		$10,897	$218	3.0%	$10,891	$218	3.0%	$11,430	$229	3.0%	$11,648	$233	3.0%	$11,280	$226	3.0%	$11,499	$230	3.0%	$11,429	$229	3.0%	Based on 3.0% management fee
Utilities		$18,956	$379	5.2%	$18,290	$366	5.0%	$20,429	$409	5.4%	$20,429	$409	5.3%	$20,429	$409	5.4%	$17,250	$345	4.5%	$20,429	$409	5.4%	Based on T12
Repairs & Maintenance		$29,871	$597	8.2%	$24,776	$496	6.8%	$45,160	$903	11.9%	$45,160	$903	11.6%	$45,160	$903	12.0%	$30,000	$600	7.8%	$45,160	$903	11.9%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$8,061	$161	2.2%	$5,525	$111	1.5%	$6,644	$133	1.7%	$6,644	$133	1.7%	$6,644	$133	1.8%	$5,000	$100	1.3%	$6,644	$133	1.7%	Based on T12
Payroll & Benefits		$73,407	$1,468	20.2%	$76,582	$1,532	21.1%	$73,382	$1,468	19.3%	$73,382	$1,468	18.9%	$73,382	$1,468	19.5%	$70,000	$1,400	18.3%	$73,382	$1,468	19.3%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$177,943	$3,559	49.0%	$177,859	$3,557	49.0%	$199,522	$3,990	52.4%	$199,740	$3,995	51.4%	$199,372	$3,987	53.0%	$180,698	$3,614	47.1%	$201,894	$4,038	53.0%
Net Operating Income		$185,283	$3,706	51.0%	$185,175	$3,704	51.0%	$181,446	$3,629	47.6%	$188,486	$3,770	48.6%	$176,592	$3,532	47.0%	$202,594	$4,052	52.9%	$179,074	$3,581	47.0%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$12,500	$250		$15,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$185,283	$3,706	51.0%	$185,175	$3,704	51.0%	$181,446	$3,629	47.6%	$188,486	$3,770	48.6%	$176,592	$3,532	47.0%	$190,094	$3,802	49.6%	$164,074	$3,281	43.1%

Meadowood - Mansfield
Property ID: 6576
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6576as1	Studio	5	1,440	288	5	100.0%	$2,287	$457	$1.59	0	$460	$1.60	$0	$2,287	$457	$1.59	$27,444
One Bed One Bath Standard	6576a11	1 BR	35	20,160	576	34	97.1%	$19,010	$559	$0.97	1	$560	$0.97	$560	$19,570	$559	$0.97	$234,843
Two Bed One Bath (2,1)	6576a21	2 BR	5	4,320	864	4	80.0%	$2,792	$698	$0.81	1	$700	$0.81	$700	$3,492	$698	$0.81	$41,908
Two Bed Two Bath Galley Ki	6576b22	2 BR	5	4,320	864	5	100.0%	$3,597	$719	$0.83	0	$720	$0.83	$0	$3,597	$719	$0.83	$43,164
Totals			50	30,240	605	48	96.0%	$27,687	$577	$0.95	2	$580	$0.96	$1,260	$28,947	$579	$0.96	$347,358
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	5	1,440	288	5	100.0%	$2,287	$457
1 BR	35	20,160	576	34	97.1%	$19,570	$559
2 BR	10	8,640	864	9	90.0%	$7,089	$709
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	50	30,240	605	48	96.0%	$28,947	$579

Cambridge Commons
Property ID:	6804
# Units	235
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$1,778,649	$7,569	100.0%	$1,837,659	$7,820	100.0%	$1,885,471	$8,023	100.0%	$1,905,464	$8,108	100.0%	$1,913,620	$8,143	100.0%	$2,003,520	$8,526	100.0%	$1,914,891	$8,148	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($304,380)	($1,295)	17.1%	($238,462)	($1,015)	13.0%	($243,195)	($1,035)	12.9%	($226,778)	($965)	11.9%	($185,620)	($790)	9.7%	($140,246)	($597)	7.0%	($272,615)	($1,160)	14.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$1,474,269	$6,273	82.9%	$1,599,197	$6,805	87.0%	$1,642,276	$6,988	87.1%	$1,678,686	$7,143	88.1%	$1,728,000	$7,353	90.3%	$1,863,274	$7,929	93.0%	$1,642,276	$6,988	85.8%
RUBS / Utility Reimbursements		$124,952	$532	6.9%	$142,315	$606	7.5%	$148,296	$631	7.6%	$150,016	$638	7.4%	$153,776	$654	7.4%	$147,000	$626	6.8%	$148,296	$631	7.6%	Based on T12
Other Income		$200,146	$852	11.1%	$151,466	$645	8.0%	$173,059	$736	8.8%	$195,310	$831	9.6%	$191,736	$816	9.2%	$140,000	$596	6.5%	$173,059	$736	8.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$1,799,367	$7,657	100.0%	$1,892,978	$8,055	100.0%	$1,963,631	$8,356	100.0%	$2,024,012	$8,613	100.0%	$2,073,512	$8,823	100.0%	$2,150,274	$9,150	100.0%	$1,963,631	$8,356	100.0%
Real Estate Taxes		$91,479	$389	5.1%	$91,000	$387	4.8%	$90,996	$387	4.6%	$90,996	$387	4.5%	$90,996	$387	4.4%	$83,407	$355	3.9%	$87,323	$372	4.4%	Based on current tax bills
Insurance		$61,069	$260	3.4%	$84,494	$360	4.5%	$87,405	$372	4.5%	$87,405	$372	4.3%	$87,405	$372	4.2%	$87,500	$372	4.1%	$83,516	$355	4.3%	Based on current insurance premium statements
Management Fee		$53,981	$230	3.0%	$56,789	$242	3.0%	$58,909	$251	3.0%	$60,720	$258	3.0%	$62,205	$265	3.0%	$64,508	$275	3.0%	$58,909	$251	3.0%	Based on 3.0% management fee
Utilities		$173,705	$739	9.7%	$177,628	$756	9.4%	$183,506	$781	9.3%	$183,506	$781	9.1%	$183,506	$781	8.9%	$181,750	$773	8.5%	$183,506	$781	9.3%	Based on T12
Repairs & Maintenance		$123,332	$525	6.9%	$117,246	$499	6.2%	$114,790	$488	5.8%	$114,790	$488	5.7%	$114,790	$488	5.5%	$122,250	$520	5.7%	$114,790	$488	5.8%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$34,772	$148	1.9%	$29,253	$124	1.5%	$32,524	$138	1.7%	$32,524	$138	1.6%	$32,524	$138	1.6%	$52,875	$225	2.5%	$32,524	$138	1.7%	Based on T12
Payroll & Benefits		$250,262	$1,065	13.9%	$228,163	$971	12.1%	$234,045	$996	11.9%	$234,045	$996	11.6%	$234,045	$996	11.3%	$270,250	$1,150	12.6%	$234,045	$996	11.9%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$788,600	$3,356	43.8%	$784,573	$3,339	41.4%	$802,175	$3,414	40.9%	$803,986	$3,421	39.7%	$805,471	$3,428	38.8%	$862,540	$3,670	40.1%	$794,613	$3,381	40.5%
Net Operating Income		$1,010,767	$4,301	56.2%	$1,108,405	$4,717	58.6%	$1,161,456	$4,942	59.1%	$1,220,026	$5,192	60.3%	$1,268,041	$5,396	61.2%	$1,287,734	$5,480	59.9%	$1,169,018	$4,975	59.5%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$58,750	$250		$70,500	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$1,010,767	$4,301	56.2%	$1,108,405	$4,717	58.6%	$1,161,456	$4,942	59.1%	$1,220,026	$5,192	60.3%	$1,268,041	$5,396	61.2%	$1,228,984	$5,230	57.2%	$1,098,518	$4,675	55.9%

Cambridge Commons
Property ID: 6804
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6804bs1	Studio	43	12,384	288	41	95.3%	$23,796	$580	$2.02	2	$610	$2.12	$1,220	$25,016	$582	$2.02	$300,192
One Bed One Bath Standard	6804a11	1 BR	161	92,736	576	149	92.5%	$101,144	$679	$1.18	12	$710	$1.23	$8,520	$109,664	$681	$1.18	$1,315,964
One Bed One Bath Barrier F	6804c11	1 BR	10	5,760	576	10	100.0%	$6,923	$692	$1.20	0	$710	$1.23	$0	$6,923	$692	$1.20	$83,076
Two Bed One Bath (2,1)	6804a21	2 BR	7	6,048	864	7	100.0%	$6,126	$875	$1.01	0	$920	$1.06	$0	$6,126	$875	$1.01	$73,512
Two Bed Two Bath Master	6804a22	2 BR	13	11,232	864	13	100.0%	$10,902	$839	$0.97	0	$920	$1.06	$0	$10,902	$839	$0.97	$130,819
Three Bed Two Bath (3,2)	6804a32	3 BR	1	864	864	1	100.0%	$944	$944	$1.09	0	$920	$1.06	$0	$944	$944	$1.09	$11,328
Totals			235	129,024	549	221	94.0%	$149,834	$678	$1.23	14	$710	$1.29	$9,740	$159,574	$679	$1.24	$1,914,891
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	43	12,384	288	41	95.3%	$25,016	$582
1 BR	171	98,496	576	159	93.0%	$116,587	$682
2 BR	20	17,280	864	20	100.0%	$17,028	$851
3 BR	1	864	864	1	100.0%	$944	$944
4 BR	0	0	0	0	0.0%	$0	$0
Totals	235	129,024	549	221	94.0%	$159,574	$679

Cherry Glen
Property ID:	6846
# Units	137
Historical and UW Cash Flows
		2019			2020			T12 (07/2021)			T12 (08/2021)			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$1,065,166	$7,775	100.0%	$1,100,584	$8,033	100.0%	$1,138,057	$8,307	100.0%	$1,155,208	$8,432	100.0%	$1,156,196	$8,439	100.0%	$1,154,340	$8,426	100.0%	$1,131,848	$8,262	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($183,226)	($1,337)	17.2%	($133,569)	($975)	12.1%	($112,800)	($823)	9.9%	($111,154)	($811)	9.6%	($103,844)	($758)	9.0%	($80,803)	($590)	7.0%	($106,591)	($778)	9.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$881,940	$6,438	82.8%	$967,015	$7,059	87.9%	$1,025,257	$7,484	90.1%	$1,044,054	$7,621	90.4%	$1,052,352	$7,681	91.0%	$1,073,537	$7,836	93.0%	$1,025,257	$7,484	90.6%
RUBS / Utility Reimbursements		$68,532	$500	6.5%	$80,453	$587	6.9%	$84,533	$617	7.0%	$86,074	$628	7.0%	$87,352	$638	7.0%	$85,000	$620	6.9%	$84,533	$617	7.0%	Based on T12
Other Income		$109,450	$799	10.3%	$118,454	$865	10.2%	$104,224	$761	8.6%	$100,926	$737	8.2%	$100,264	$732	8.1%	$75,000	$547	6.1%	$104,224	$761	8.6%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$1,059,922	$7,737	100.0%	$1,165,922	$8,510	100.0%	$1,214,014	$8,861	100.0%	$1,231,054	$8,986	100.0%	$1,239,968	$9,051	100.0%	$1,233,537	$9,004	100.0%	$1,214,014	$8,861	100.0%
Real Estate Taxes		$65,587	$479	6.2%	$69,000	$504	5.9%	$69,000	$504	5.7%	$69,000	$504	5.6%	$69,000	$504	5.6%	$69,395	$507	5.6%	$67,543	$493	5.6%	Based on current tax bills
Insurance		$35,580	$260	3.4%	$49,113	$358	4.2%	$50,705	$370	4.2%	$50,705	$370	4.1%	$50,705	$370	4.1%	$50,500	$369	4.1%	$48,434	$354	4.0%	Based on current insurance premium statements
Management Fee		$31,798	$232	3.0%	$34,978	$255	3.0%	$36,420	$266	3.0%	$36,931	$270	3.0%	$37,199	$272	3.0%	$37,006	$270	3.0%	$36,420	$266	3.0%	Based on 3.0% management fee
Utilities		$89,068	$650	8.4%	$111,348	$813	9.6%	$117,918	$861	9.7%	$117,918	$861	9.6%	$117,918	$861	9.5%	$113,250	$827	9.2%	$117,918	$861	9.7%	Based on T12
Repairs & Maintenance		$65,213	$476	6.2%	$57,682	$421	4.9%	$51,099	$373	4.2%	$51,099	$373	4.2%	$51,099	$373	4.1%	$71,950	$525	5.8%	$51,099	$373	4.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$23,292	$170	2.2%	$21,826	$159	1.9%	$23,363	$171	1.9%	$23,363	$171	1.9%	$23,363	$171	1.9%	$30,825	$225	2.5%	$23,363	$171	1.9%	Based on T12
Payroll & Benefits		$167,736	$1,224	15.8%	$174,169	$1,271	14.9%	$160,894	$1,174	13.3%	$160,894	$1,174	13.1%	$160,894	$1,174	13.0%	$157,550	$1,150	12.8%	$160,894	$1,174	13.3%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$478,274	$3,491	45.1%	$518,116	$3,782	44.4%	$509,399	$3,718	42.0%	$509,910	$3,722	41.4%	$510,178	$3,724	41.1%	$530,476	$3,872	43.0%	$505,671	$3,691	41.7%
Net Operating Income		$581,648	$4,246	54.9%	$647,806	$4,729	55.6%	$704,615	$5,143	58.0%	$721,144	$5,264	58.6%	$729,790	$5,327	58.9%	$703,061	$5,132	57.0%	$708,343	$5,170	58.3%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$34,250	$250		$41,100	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$581,648	$4,246	54.9%	$647,806	$4,729	55.6%	$704,615	$5,143	58.0%	$721,144	$5,264	58.6%	$729,790	$5,327	58.9%	$668,811	$4,882	54.2%	$667,243	$4,870	55.0%

Cherry Glen
Property ID: 6846
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6846bs1	Studio	28	8,064	288	26	92.9%	$15,120	$582	$2.02	2	$595	$2.07	$1,190	$16,310	$583	$2.02	$195,720
One Bed One Bath Standard	6846a11	1 BR	93	53,568	576	89	95.7%	$62,392	$701	$1.22	4	$715	$1.24	$2,860	$65,252	$702	$1.22	$783,020
One Bed One Bath Barrier F	6846c11	1 BR	6	3,456	576	6	100.0%	$4,178	$696	$1.21	0	$715	$1.24	$0	$4,178	$696	$1.21	$50,136
Two Bed One Bath (2,1)	6846a21	2 BR	5	4,320	864	4	80.0%	$3,500	$875	$1.01	1	$840	$0.97	$840	$4,340	$868	$1.00	$52,080
Two Bed Two Bath Master	6846a22	2 BR	5	4,320	864	5	100.0%	$4,241	$848	$0.98	0	$910	$1.05	$0	$4,241	$848	$0.98	$50,892
Totals			137	73,728	538	130	94.9%	$89,431	$688	$1.28	7	$702	$1.30	$4,890	$94,321	$688	$1.28	$1,131,848
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	28	8,064	288	26	92.9%	$16,310	$583
1 BR	99	57,024	576	95	96.0%	$69,430	$701
2 BR	10	8,640	864	9	90.0%	$8,581	$858
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	137	73,728	538	130	94.9%	$94,321	$688

Olivewood
Property ID:	6721
# Units	128
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$993,933	$7,765	100.0%	$1,028,213	$8,033	100.0%	$1,052,708	$8,224	100.0%	$1,064,814	$8,319	100.0%	$1,071,968	$8,375	100.0%	$1,084,740	$8,475	100.0%	$1,068,005	$8,344	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($137,865)	($1,077)	13.9%	($113,133)	($884)	11.0%	($82,786)	($647)	7.9%	($55,604)	($434)	5.2%	($59,844)	($468)	5.6%	($65,084)	($508)	6.0%	($98,083)	($766)	9.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$856,068	$6,688	86.1%	$915,080	$7,149	89.0%	$969,922	$7,578	92.1%	$1,009,210	$7,884	94.8%	$1,012,124	$7,907	94.4%	$1,019,656	$7,966	94.0%	$969,922	$7,578	90.8%
RUBS / Utility Reimbursements		$73,314	$573	7.0%	$82,523	$645	7.5%	$85,376	$667	7.4%	$86,406	$675	7.3%	$87,724	$685	7.3%	$86,000	$672	7.2%	$85,376	$667	7.4%	Based on T12
Other Income		$113,020	$883	10.8%	$103,309	$807	9.4%	$102,054	$797	8.8%	$93,180	$728	7.8%	$107,372	$839	8.9%	$86,000	$672	7.2%	$102,054	$797	8.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$1,042,402	$8,144	100.0%	$1,100,912	$8,601	100.0%	$1,157,352	$9,042	100.0%	$1,188,796	$9,287	100.0%	$1,207,220	$9,431	100.0%	$1,191,656	$9,310	100.0%	$1,157,352	$9,042	100.0%
Real Estate Taxes		$33,000	$258	3.2%	$33,000	$258	3.0%	$33,000	$258	2.9%	$33,000	$258	2.8%	$33,000	$258	2.7%	$44,243	$346	3.7%	$44,243	$346	3.8%	Based on current tax bills
Insurance		$33,992	$266	3.3%	$46,886	$366	4.3%	$48,477	$379	4.2%	$48,477	$379	4.1%	$48,477	$379	4.0%	$48,500	$379	4.1%	$46,390	$362	4.0%	Based on current insurance premium statements
Management Fee		$31,272	$244	3.0%	$33,027	$258	3.0%	$34,719	$271	3.0%	$35,662	$279	3.0%	$36,215	$283	3.0%	$35,750	$279	3.0%	$34,721	$271	3.0%	Based on 3.0% management fee
Utilities		$77,873	$608	7.5%	$76,150	$595	6.9%	$79,106	$618	6.8%	$79,106	$618	6.7%	$79,106	$618	6.6%	$75,000	$586	6.3%	$79,106	$618	6.8%	Based on T12
Repairs & Maintenance		$54,655	$427	5.2%	$58,581	$458	5.3%	$66,933	$523	5.8%	$66,933	$523	5.6%	$66,933	$523	5.5%	$71,500	$559	6.0%	$66,933	$523	5.8%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$26,928	$210	2.6%	$18,030	$141	1.6%	$18,177	$142	1.6%	$18,177	$142	1.5%	$18,177	$142	1.5%	$28,800	$225	2.4%	$18,177	$142	1.6%	Based on T12
Payroll & Benefits		$166,592	$1,302	16.0%	$148,861	$1,163	13.5%	$151,194	$1,181	13.1%	$151,194	$1,181	12.7%	$151,194	$1,181	12.5%	$147,200	$1,150	12.4%	$151,194	$1,181	13.1%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$424,312	$3,315	40.7%	$414,535	$3,239	37.7%	$431,606	$3,372	37.3%	$432,549	$3,379	36.4%	$433,102	$3,384	35.9%	$450,993	$3,523	37.8%	$440,764	$3,443	38.1%
Net Operating Income		$618,090	$4,829	59.3%	$686,377	$5,362	62.3%	$725,746	$5,670	62.7%	$756,247	$5,908	63.6%	$774,118	$6,048	64.1%	$740,663	$5,786	62.2%	$716,588	$5,598	61.9%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$32,000	$250		$38,400	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$618,090	$4,829	59.3%	$686,377	$5,362	62.3%	$725,746	$5,670	62.7%	$756,247	$5,908	63.6%	$774,118	$6,048	64.1%	$708,663	$5,536	59.5%	$678,188	$5,298	58.6%

Olivewood
Property ID: 6721
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6721bs1	Studio	25	7,200	288	23	92.0%	$13,660	$594	$2.06	2	$605	$2.10	$1,210	$14,870	$595	$2.07	$178,440
One Bed One Bath Standard	6721a11	1 BR	80	46,080	576	77	96.3%	$53,438	$694	$1.20	3	$705	$1.22	$2,115	$55,553	$694	$1.21	$666,635
One Bed One Bath Barrier F	6721c11	1 BR	6	3,456	576	6	100.0%	$4,090	$682	$1.18	0	$705	$1.22	$0	$4,090	$682	$1.18	$49,080
Two Bed One Bath (2,1)	6721a21	2 BR	11	9,504	864	11	100.0%	$9,279	$844	$0.98	0	$845	$0.98	$0	$9,279	$844	$0.98	$111,354
Two Bed Two Bath Master (2)	6721a22	2 BR	6	5,184	864	5	83.3%	$4,308	$862	$1.00	1	$900	$1.04	$900	$5,208	$868	$1.00	$62,496
Totals			128	71,424	558	122	95.3%	$84,775	$695	$1.25	6	$707	$1.27	$4,225	$89,000	$695	$1.25	$1,068,005
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	25	7,200	288	23	92.0%	$14,870	$595
1 BR	86	49,536	576	83	96.5%	$59,643	$694
2 BR	17	14,688	864	16	94.1%	$14,487	$852
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	128	71,424	558	122	95.3%	$89,000	$695

Annhurst
Property ID:	6695
# Units	83
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$674,758	$8,130	100.0%	$701,907	$8,457	100.0%	$712,200	$8,581	100.0%	$718,974	$8,662	100.0%	$722,632	$8,706	100.0%	$736,620	$8,875	100.0%	$715,602	$8,622	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
							��
Total Vacancy		($73,361)	($884)	10.9%	($85,327)	($1,028)	12.2%	($81,868)	($986)	11.5%	($98,394)	($1,185)	13.7%	($105,536)	($1,272)	14.6%	($47,880)	($577)	6.5%	($85,270)	($1,027)	11.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$601,397	$7,246	89.1%	$616,580	$7,429	87.8%	$630,332	$7,594	88.5%	$620,580	$7,477	86.3%	$617,096	$7,435	85.4%	$688,740	$8,298	93.5%	$630,332	$7,594	88.1%
RUBS / Utility Reimbursements		$51,643	$622	7.1%	$56,357	$679	7.6%	$57,793	$696	7.6%	$58,428	$704	7.7%	$59,392	$716	8.0%	$58,000	$699	7.3%	$57,793	$696	7.6%	Based on T12
Other Income		$71,925	$867	9.9%	$68,730	$828	9.3%	$76,525	$922	10.0%	$81,366	$980	10.7%	$67,556	$814	9.1%	$52,000	$627	6.5%	$76,525	$922	10.0%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$724,965	$8,735	100.0%	$741,667	$8,936	100.0%	$764,650	$9,213	100.0%	$760,374	$9,161	100.0%	$744,044	$8,964	100.0%	$798,740	$9,623	100.0%	$764,650	$9,213	100.0%
Real Estate Taxes		$32,462	$391	4.5%	$33,000	$398	4.4%	$33,000	$398	4.3%	$33,000	$398	4.3%	$33,000	$398	4.4%	$27,627	$333	3.5%	$32,047	$386	4.2%	Based on current tax bills
Insurance		$22,880	$276	3.2%	$31,451	$379	4.2%	$32,695	$394	4.3%	$32,695	$394	4.3%	$32,695	$394	4.4%	$33,000	$398	4.1%	$31,389	$378	4.1%	Based on current insurance premium statements
Management Fee		$21,749	$262	3.0%	$22,250	$268	3.0%	$22,939	$276	3.0%	$22,811	$275	3.0%	$22,321	$269	3.0%	$23,962	$289	3.0%	$22,940	$276	3.0%	Based on 3.0% management fee
Utilities		$57,721	$695	8.0%	$64,984	$783	8.8%	$69,771	$841	9.1%	$69,771	$841	9.2%	$69,771	$841	9.4%	$70,250	$846	8.8%	$69,771	$841	9.1%	Based on T12
Repairs & Maintenance		$36,789	$443	5.1%	$40,327	$486	5.4%	$44,950	$542	5.9%	$44,950	$542	5.9%	$44,950	$542	6.0%	$52,050	$627	6.5%	$44,950	$542	5.9%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$17,151	$207	2.4%	$12,132	$146	1.6%	$17,617	$212	2.3%	$17,617	$212	2.3%	$17,617	$212	2.4%	$18,675	$225	2.3%	$17,617	$212	2.3%	Based on T12
Payroll & Benefits		$94,535	$1,139	13.0%	$94,016	$1,133	12.7%	$92,753	$1,118	12.1%	$92,753	$1,118	12.2%	$92,753	$1,118	12.5%	$95,450	$1,150	12.0%	$92,753	$1,118	12.1%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$283,287	$3,413	39.1%	$298,160	$3,592	40.2%	$313,725	$3,780	41.0%	$313,597	$3,778	41.2%	$313,107	$3,772	42.1%	$321,014	$3,868	40.2%	$311,466	$3,753	40.7%
Net Operating Income		$441,678	$5,321	60.9%	$443,507	$5,343	59.8%	$450,925	$5,433	59.0%	$446,777	$5,383	58.8%	$430,937	$5,192	57.9%	$477,726	$5,756	59.8%	$453,184	$5,460	59.3%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$20,750	$250		$24,900	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$441,678	$5,321	60.9%	$443,507	$5,343	59.8%	$450,925	$5,433	59.0%	$446,777	$5,383	58.8%	$430,937	$5,192	57.9%	$456,976	$5,506	57.2%	$428,284	$5,160	56.0%

Annhurst
Property ID: 6695
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6695bs1	Studio	8	2,304	288	8	100.0%	$4,747	$593	$2.06	0	$600	$2.08	$0	$4,747	$593	$2.06	$56,964
One Bed One Bath Standard	6695a11	1 BR	59	33,984	576	58	98.3%	$40,743	$702	$1.22	1	$715	$1.24	$715	$41,458	$703	$1.22	$497,496
Two Bed One Bath (2,1)	6695a21	2 BR	12	10,368	864	12	100.0%	$9,838	$820	$0.95	0	$890	$1.03	$0	$9,838	$820	$0.95	$118,050
Two Bed Two Bath Master (2)	6695a22	2 BR	4	3,456	864	4	100.0%	$3,591	$898	$1.04	0	$930	$1.08	$0	$3,591	$898	$1.04	$43,092
Totals			83	50,112	604	82	98.8%	$58,919	$719	$1.19	1	$740	$1.22	$715	$59,634	$718	$1.19	$715,602
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	8	2,304	288	8	100.0%	$4,747	$593
1 BR	59	33,984	576	58	98.3%	$41,458	$703
2 BR	16	13,824	864	16	100.0%	$13,429	$839
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	83	50,112	604	82	98.8%	$59,634	$718

Willow Run - New Albany
Property ID:	6657
# Units	64
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$526,255	$8,223	100.0%	$542,951	$8,484	100.0%	$557,702	$8,714	100.0%	$565,642	$8,838	100.0%	$567,932	$8,874	100.0%	$567,960	$8,874	100.0%	$565,438	$8,835	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($50,107)	($783)	9.5%	($49,133)	($768)	9.0%	($39,456)	($617)	7.1%	($37,078)	($579)	6.6%	($45,904)	($717)	8.1%	($42,598)	($666)	7.5%	($47,192)	($737)	8.3%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$476,148	$7,440	90.5%	$493,818	$7,716	91.0%	$518,246	$8,098	92.9%	$528,564	$8,259	93.4%	$522,028	$8,157	91.9%	$525,362	$8,209	92.5%	$518,246	$8,098	91.7%
RUBS / Utility Reimbursements		$36,295	$567	6.5%	$40,155	$627	6.8%	$41,408	$647	6.7%	$41,834	$654	6.6%	$42,468	$664	6.9%	$41,472	$648	6.8%	$41,408	$647	6.7%	Based on T12
Other Income		$47,952	$749	8.6%	$53,934	$843	9.2%	$54,115	$846	8.8%	$60,832	$951	9.6%	$51,420	$803	8.3%	$45,312	$708	7.4%	$54,115	$846	8.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$560,395	$8,756	100.0%	$587,907	$9,186	100.0%	$613,769	$9,590	100.0%	$631,230	$9,863	100.0%	$615,916	$9,624	100.0%	$612,146	$9,565	100.0%	$613,769	$9,590	100.0%
Real Estate Taxes		$34,140	$533	6.1%	$34,000	$531	5.8%	$33,996	$531	5.5%	$33,996	$531	5.4%	$33,996	$531	5.5%	$26,244	$410	4.3%	$31,306	$489	5.1%	Based on current tax bills
Insurance		$18,002	$281	3.2%	$24,705	$386	4.2%	$25,676	$401	4.2%	$25,676	$401	4.1%	$25,676	$401	4.2%	$25,600	$400	4.2%	$24,684	$386	4.0%	Based on current insurance premium statements
Management Fee		$16,812	$263	3.0%	$17,637	$276	3.0%	$18,415	$288	3.0%	$18,939	$296	3.0%	$18,479	$289	3.0%	$24,486	$383	4.0%	$18,413	$288	3.0%	Based on 3.0% management fee
Utilities		$17,016	$266	3.0%	$15,856	$248	2.7%	$15,589	$244	2.5%	$15,589	$244	2.5%	$15,589	$244	2.5%	$13,120	$205	2.1%	$15,589	$244	2.5%	Based on T12
Repairs & Maintenance		$25,828	$404	4.6%	$25,156	$393	4.3%	$25,836	$404	4.2%	$25,836	$404	4.1%	$25,836	$404	4.2%	$41,728	$652	6.8%	$25,836	$404	4.2%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$8,171	$128	1.5%	$9,033	$141	1.5%	$8,082	$126	1.3%	$8,082	$126	1.3%	$8,082	$126	1.3%	$17,600	$275	2.9%	$8,082	$126	1.3%	Based on T12
Payroll & Benefits		$100,169	$1,565	17.9%	$97,374	$1,521	16.6%	$95,600	$1,494	15.6%	$95,600	$1,494	15.1%	$95,600	$1,494	15.5%	$89,600	$1,400	14.6%	$95,600	$1,494	15.6%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$220,138	$3,440	39.3%	$223,761	$3,496	38.1%	$223,194	$3,487	36.4%	$223,718	$3,496	35.4%	$223,258	$3,488	36.2%	$238,378	$3,725	38.9%	$219,510	$3,430	35.8%
Net Operating Income		$340,257	$5,317	60.7%	$364,146	$5,690	61.9%	$390,575	$6,103	63.6%	$407,512	$6,367	64.6%	$392,658	$6,135	63.8%	$373,768	$5,840	61.1%	$394,259	$6,160	64.2%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$16,000	$250		$19,200	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$340,257	$5,317	60.7%	$364,146	$5,690	61.9%	$390,575	$6,103	63.6%	$407,512	$6,367	64.6%	$392,658	$6,135	63.8%	$357,768	$5,590	58.4%	$375,059	$5,860	61.1%

Willow Run - New Albany
Property ID: 6657
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6657bs1	Studio	5	1,440	288	5	100.0%	$3,128	$626	$2.17	0	$625	$2.17	$0	$3,128	$626	$2.17	$37,536
One Bed One Bath Standard	6657a11	1 BR	46	26,496	576	44	95.7%	$31,724	$721	$1.25	2	$725	$1.26	$1,450	$33,174	$721	$1.25	$398,086
Two Bed One Bath (2,1)	6657a21	2 BR	10	8,640	864	9	90.0%	$7,500	$833	$0.96	1	$835	$0.97	$835	$8,335	$834	$0.96	$100,020
Two Bed Two Bath Master (2)	6657a22	2 BR	3	2,592	864	3	100.0%	$2,483	$828	$0.96	0	$835	$0.97	$0	$2,483	$828	$0.96	$29,796
Totals			64	39,168	612	61	95.3%	$44,835	$735	$1.20	3	$740	$1.21	$2,285	$47,120	$736	$1.20	$565,438
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	5	1,440	288	5	100.0%	$3,128	$626
1 BR	46	26,496	576	44	95.7%	$33,174	$721
2 BR	13	11,232	864	12	92.3%	$10,818	$832
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	64	39,168	612	61	95.3%	$47,120	$736

Stonehenge
Property ID:	6651
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$501,773	$8,363	100.0%	$521,900	$8,698	100.0%	$530,161	$8,836	100.0%	$535,170	$8,920	100.0%	$540,356	$9,006	100.0%	$555,120	$9,252	100.0%	$537,276	$8,955	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($48,332)	($806)	9.6%	($37,204)	($620)	7.1%	($35,206)	($587)	6.6%	($28,440)	($474)	5.3%	($38,876)	($648)	7.2%	($33,307)	($555)	6.0%	($42,321)	($705)	7.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$453,441	$7,557	90.4%	$484,696	$8,078	92.9%	$494,955	$8,249	93.4%	$506,730	$8,446	94.7%	$501,480	$8,358	92.8%	$521,813	$8,697	94.0%	$494,955	$8,249	92.1%
RUBS / Utility Reimbursements		$36,264	$604	6.9%	$40,670	$678	7.2%	$41,777	$696	7.2%	$42,716	$712	7.2%	$42,940	$716	7.3%	$42,000	$700	7.0%	$41,777	$696	7.2%	Based on T12
Other Income		$35,547	$592	6.8%	$41,367	$689	7.3%	$39,541	$659	6.9%	$45,624	$760	7.7%	$46,752	$779	7.9%	$33,000	$550	5.5%	$39,541	$659	6.9%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$525,252	$8,754	100.0%	$566,733	$9,446	100.0%	$576,273	$9,605	100.0%	$595,070	$9,918	100.0%	$591,172	$9,853	100.0%	$596,813	$9,947	100.0%	$576,273	$9,605	100.0%
Real Estate Taxes		$23,445	$391	4.5%	$24,000	$400	4.2%	$24,000	$400	4.2%	$24,000	$400	4.0%	$24,000	$400	4.1%	$22,592	$377	3.8%	$25,599	$427	4.4%	Based on current tax bills
Insurance		$16,730	$279	3.2%	$22,831	$381	4.0%	$23,563	$393	4.1%	$23,563	$393	4.0%	$23,563	$393	4.0%	$23,500	$392	3.9%	$22,800	$380	4.0%	Based on current insurance premium statements
Management Fee		$15,758	$263	3.0%	$17,002	$283	3.0%	$17,290	$288	3.0%	$17,854	$298	3.0%	$17,737	$296	3.0%	$17,904	$298	3.0%	$17,288	$288	3.0%	Based on 3.0% management fee
Utilities		$42,857	$714	8.2%	$41,401	$690	7.3%	$47,531	$792	8.2%	$47,531	$792	8.0%	$47,531	$792	8.0%	$48,500	$808	8.1%	$47,531	$792	8.2%	Based on T12
Repairs & Maintenance		$30,970	$516	5.9%	$27,463	$458	4.8%	$29,048	$484	5.0%	$29,048	$484	4.9%	$29,048	$484	4.9%	$38,250	$638	6.4%	$29,048	$484	5.0%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$6,079	$101	1.2%	$5,354	$89	0.9%	$6,995	$117	1.2%	$6,995	$117	1.2%	$6,995	$117	1.2%	$13,500	$225	2.3%	$6,995	$117	1.2%	Based on T12
Payroll & Benefits		$98,111	$1,635	18.7%	$96,081	$1,601	17.0%	$85,634	$1,427	14.9%	$85,634	$1,427	14.4%	$85,634	$1,427	14.5%	$69,000	$1,150	11.6%	$85,634	$1,427	14.9%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$233,950	$3,899	44.5%	$234,132	$3,902	41.3%	$234,061	$3,901	40.6%	$234,625	$3,910	39.4%	$234,508	$3,908	39.7%	$233,246	$3,887	39.1%	$234,895	$3,915	40.8%
Net Operating Income		$291,302	$4,855	55.5%	$332,601	$5,543	58.7%	$342,212	$5,704	59.4%	$360,445	$6,007	60.6%	$356,664	$5,944	60.3%	$363,567	$6,059	60.9%	$341,378	$5,690	59.2%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$291,302	$4,855	55.5%	$332,601	$5,543	58.7%	$342,212	$5,704	59.4%	$360,445	$6,007	60.6%	$356,664	$5,944	60.3%	$348,567	$5,809	58.4%	$323,378	$5,390	56.1%

Stonehenge
Property ID: 6651
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6651bs1	Studio	6	1,728	288	5	83.3%	$3,091	$618	$2.15	1	$660	$2.29	$660	$3,751	$625	$2.17	$45,012
One Bed One Bath Standard	6651a11	1 BR	40	23,040	576	39	97.5%	$28,155	$722	$1.25	1	$740	$1.28	$740	$28,895	$722	$1.25	$346,740
One Bed One Bath Barrier F	6651c11	1 BR	2	1,152	576	2	100.0%	$1,451	$726	$1.26	0	$740	$1.28	$0	$1,451	$726	$1.26	$17,412
Two Bed One Bath (2,1)	6651a21	2 BR	9	7,776	864	9	100.0%	$7,863	$874	$1.01	0	$930	$1.08	$0	$7,863	$874	$1.01	$94,356
Two Bed Two Bath Master (2)	6651a22	2 BR	3	2,592	864	2	66.7%	$1,863	$932	$1.08	1	$950	$1.10	$950	$2,813	$938	$1.09	$33,756
Totals			60	36,288	605	57	95.0%	$42,423	$744	$1.23	3	$771	$1.27	$2,350	$44,773	$746	$1.23	$537,276
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	5	83.3%	$3,751	$625
1 BR	42	24,192	576	41	97.6%	$30,346	$723
2 BR	12	10,368	864	11	91.7%	$10,676	$890
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	57	95.0%	$44,773	$746

Applegate
Property ID:	6550
# Units	58
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$513,653	$8,856	100.0%	$532,959	$9,189	100.0%	$542,842	$9,359	100.0%	$545,256	$9,401	100.0%	$547,212	$9,435	100.0%	$543,180	$9,365	100.0%	$541,944	$9,344	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($105,113)	($1,812)	20.5%	($54,796)	($945)	10.3%	($61,712)	($1,064)	11.4%	($58,426)	($1,007)	10.7%	($59,796)	($1,031)	10.9%	($42,097)	($726)	7.8%	($60,814)	($1,049)	11.2%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$408,540	$7,044	79.5%	$478,163	$8,244	89.7%	$481,130	$8,295	88.6%	$486,830	$8,394	89.3%	$487,416	$8,404	89.1%	$501,083	$8,639	92.2%	$481,130	$8,295	88.8%
RUBS / Utility Reimbursements		$33,709	$581	6.8%	$38,881	$670	6.8%	$39,977	$689	6.8%	$40,508	$698	6.8%	$40,960	$706	6.9%	$38,280	$660	6.5%	$39,977	$689	6.8%	Based on T12
Other Income		$51,188	$883	10.4%	$51,175	$882	9.0%	$62,591	$1,079	10.7%	$69,394	$1,196	11.6%	$68,116	$1,174	11.4%	$45,240	$780	7.7%	$62,591	$1,079	10.7%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$493,437	$8,508	100.0%	$568,219	$9,797	100.0%	$583,698	$10,064	100.0%	$596,732	$10,288	100.0%	$596,492	$10,284	100.0%	$584,603	$10,079	100.0%	$583,698	$10,064	100.0%
Real Estate Taxes		$33,000	$569	6.7%	$33,000	$569	5.8%	$33,000	$569	5.7%	$33,000	$569	5.5%	$33,000	$569	5.5%	$36,173	$624	6.2%	$36,045	$621	6.2%	Based on current tax bills
Insurance		$16,079	$277	3.3%	$22,002	$379	3.9%	$22,806	$393	3.9%	$22,806	$393	3.8%	$22,806	$393	3.8%	$22,910	$395	3.9%	$21,916	$378	3.8%	Based on current insurance premium statements
Management Fee		$14,803	$255	3.0%	$17,047	$294	3.0%	$17,510	$302	3.0%	$17,901	$309	3.0%	$17,894	$309	3.0%	$23,384	$403	4.0%	$17,511	$302	3.0%	Based on 3.0% management fee
Utilities		$19,095	$329	3.9%	$20,241	$349	3.6%	$24,812	$428	4.3%	$24,812	$428	4.2%	$24,812	$428	4.2%	$22,620	$390	3.9%	$24,812	$428	4.3%	Based on T12
Repairs & Maintenance		$47,162	$813	9.6%	$38,860	$670	6.8%	$43,997	$759	7.5%	$43,997	$759	7.4%	$43,997	$759	7.4%	$40,310	$695	6.9%	$43,997	$759	7.5%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$13,202	$228	2.7%	$11,834	$204	2.1%	$13,954	$241	2.4%	$13,954	$241	2.3%	$13,954	$241	2.3%	$15,950	$275	2.7%	$13,954	$241	2.4%	Based on T12
Payroll & Benefits		$78,687	$1,357	15.9%	$79,259	$1,367	13.9%	$81,762	$1,410	14.0%	$81,762	$1,410	13.7%	$81,762	$1,410	13.7%	$81,200	$1,400	13.9%	$81,762	$1,410	14.0%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$222,028	$3,828	45.0%	$222,243	$3,832	39.1%	$237,841	$4,101	40.7%	$238,232	$4,107	39.9%	$238,225	$4,107	39.9%	$242,547	$4,182	41.5%	$239,997	$4,138	41.1%
Net Operating Income		$271,409	$4,679	55.0%	$345,976	$5,965	60.9%	$345,857	$5,963	59.3%	$358,500	$6,181	60.1%	$358,267	$6,177	60.1%	$342,056	$5,898	58.5%	$343,701	$5,926	58.9%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$14,500	$250		$17,400	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$271,409	$4,679	55.0%	$345,976	$5,965	60.9%	$345,857	$5,963	59.3%	$358,500	$6,181	60.1%	$358,267	$6,177	60.1%	$327,556	$5,648	56.0%	$326,301	$5,626	55.9%

Applegate
Property ID: 6550
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Standard (0,1)	6550as1	Studio	7	2,016	288	5	71.4%	$3,390	$678	$2.35	2	$670	$2.33	$1,340	$4,730	$676	$2.35	$56,760
One Bed One Bath Standard	6550a11	1 BR	36	20,736	576	36	100.0%	$27,491	$764	$1.33	0	$770	$1.34	$0	$27,491	$764	$1.33	$329,892
One Bed One Bath Barrier F	6550c11	1 BR	3	1,728	576	3	100.0%	$2,422	$807	$1.40	0	$815	$1.41	$0	$2,422	$807	$1.40	$29,064
Two Bed One Bath (2,1)	6550a21	2 BR	6	5,184	864	5	83.3%	$4,470	$894	$1.03	1	$865	$1.00	$865	$5,335	$889	$1.03	$64,020
Two Bed Two Bath Gallery Ki	6550b22	2 BR	6	5,184	864	5	83.3%	$4,314	$863	$1.00	1	$870	$1.01	$870	$5,184	$864	$1.00	$62,208
Totals			58	34,848	601	54	93.1%	$42,087	$779	$1.30	4	$780	$1.30	$3,075	$45,162	$779	$1.30	$541,944
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	7	2,016	288	5	71.4%	$4,730	$676
1 BR	39	22,464	576	39	100.0%	$29,913	$767
2 BR	12	10,368	864	10	83.3%	$10,519	$877
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	58	34,848	601	54	93.1%	$45,162	$779

Spicewood
Property ID:	6786
# Units	49
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$369,660	$7,544	100.0%	$386,990	$7,898	100.0%	$397,817	$8,119	100.0%	$397,622	$8,115	100.0%	$399,492	$8,153	100.0%	$402,840	$8,221	100.0%	$397,728	$8,117	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($41,266)	($842)	11.2%	($36,533)	($746)	9.4%	($39,622)	($809)	10.0%	($28,464)	($581)	7.2%	($22,724)	($464)	5.7%	($24,170)	($493)	6.0%	($39,533)	($807)	9.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$328,394	$6,702	88.8%	$350,457	$7,152	90.6%	$358,195	$7,310	90.0%	$369,158	$7,534	92.8%	$376,768	$7,689	94.3%	$378,670	$7,728	94.0%	$358,195	$7,310	90.1%
RUBS / Utility Reimbursements		$24,178	$493	6.3%	$28,543	$583	6.8%	$29,007	$592	6.8%	$29,584	$604	6.7%	$29,900	$610	6.7%	$29,000	$592	6.6%	$29,007	$592	6.8%	Based on T12
Other Income		$33,043	$674	8.6%	$40,467	$826	9.6%	$40,389	$824	9.4%	$43,378	$885	9.8%	$41,608	$849	9.3%	$29,000	$592	6.6%	$40,389	$824	9.4%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$385,615	$7,870	100.0%	$419,467	$8,561	100.0%	$427,591	$8,726	100.0%	$442,120	$9,023	100.0%	$448,276	$9,148	100.0%	$436,670	$8,912	100.0%	$427,591	$8,726	100.0%
Real Estate Taxes		$22,000	$449	5.7%	$22,000	$449	5.2%	$21,996	$449	5.1%	$21,996	$449	5.0%	$21,996	$449	4.9%	$22,267	$454	5.1%	$22,276	$455	5.2%	Based on current tax bills
Insurance		$12,690	$259	3.3%	$17,448	$356	4.2%	$17,945	$366	4.2%	$17,945	$366	4.1%	$17,945	$366	4.0%	$18,000	$367	4.1%	$17,135	$350	4.0%	Based on current insurance premium statements
Management Fee		$11,569	$236	3.0%	$12,584	$257	3.0%	$12,828	$262	3.0%	$13,264	$271	3.0%	$13,449	$274	3.0%	$13,100	$267	3.0%	$12,828	$262	3.0%	Based on 3.0% management fee
Utilities		$31,752	$648	8.2%	$29,079	$593	6.9%	$32,926	$672	7.7%	$32,926	$672	7.4%	$32,926	$672	7.3%	$36,500	$745	8.4%	$32,926	$672	7.7%	Based on T12
Repairs & Maintenance		$26,062	$532	6.8%	$24,520	$500	5.8%	$29,490	$602	6.9%	$29,490	$602	6.7%	$29,490	$602	6.6%	$32,200	$657	7.4%	$29,490	$602	6.9%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$8,436	$172	2.2%	$6,447	$132	1.5%	$7,076	$144	1.7%	$7,076	$144	1.6%	$7,076	$144	1.6%	$8,575	$175	2.0%	$7,076	$144	1.7%	Based on T12
Payroll & Benefits		$58,015	$1,184	15.0%	$58,307	$1,190	13.9%	$62,657	$1,279	14.7%	$62,657	$1,279	14.2%	$62,657	$1,279	14.0%	$56,350	$1,150	12.9%	$62,657	$1,279	14.7%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$170,524	$3,480	44.2%	$170,385	$3,477	40.6%	$184,918	$3,774	43.2%	$185,354	$3,783	41.9%	$185,539	$3,787	41.4%	$186,992	$3,816	42.8%	$184,388	$3,763	43.1%
Net Operating Income		$215,091	$4,390	55.8%	$249,082	$5,083	59.4%	$242,673	$4,953	56.8%	$256,766	$5,240	58.1%	$262,737	$5,362	58.6%	$249,678	$5,095	57.2%	$243,203	$4,963	56.9%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$12,250	$250		$14,700	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$215,091	$4,390	55.8%	$249,082	$5,083	59.4%	$242,673	$4,953	56.8%	$256,766	$5,240	58.1%	$262,737	$5,362	58.6%	$237,428	$4,845	54.4%	$228,503	$4,663	53.4%

Spicewood
Property ID: 6786
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	6786bs1	Studio	14	4,032	288	13	92.9%	$7,627	$587	$2.04	1	$595	$2.07	$595	$8,222	$587	$2.04	$98,664
One Bed One Bath Standard	6786a11	1 BR	30	17,280	576	30	100.0%	$20,727	$691	$1.20	0	$705	$1.22	$0	$20,727	$691	$1.20	$248,724
One Bed One Bath Barrier F	6786c11	1 BR	2	1,152	576	2	100.0%	$1,458	$729	$1.27	0	$705	$1.22	$0	$1,458	$729	$1.27	$17,496
Two Bed Two Bath Master	6786a22	2 BR	2	1,728	864	2	100.0%	$1,758	$879	$1.02	0	$890	$1.03	$0	$1,758	$879	$1.02	$21,096
Three Bed One Bath (3,1)	6786a31	3 BR	1	1,152	1152	1	100.0%	$979	$979	$0.85	0	$900	$0.78	$0	$979	$979	$0.85	$11,748
Totals			49	25,344	517	48	98.0%	$32,549	$678	$1.31	1	$685	$1.32	$595	$33,144	$676	$1.31	$397,728
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	14	4,032	288	13	92.9%	$8,222	$587
1 BR	32	18,432	576	32	100.0%	$22,185	$693
2 BR	2	1,728	864	2	100.0%	$1,758	$879
3 BR	1	1,152	1,152	1	100.0%	$979	$979
4 BR	0	0	0	0	0.0%	$0	$0
Totals	49	25,344	517	48	98.0%	$33,144	$676

Indian Lake I
Property ID:	8209
# Units	243
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$2,007,810	$8,263	100.0%	$2,086,798	$8,588	100.0%	$2,151,436	$8,854	100.0%	$2,171,600	$8,937	100.0%	$2,173,580	$8,945	100.0%	$2,177,556	$8,961	100.0%	$2,183,244	$8,985	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($320,822)	($1,320)	16.0%	($303,735)	($1,250)	14.6%	($358,530)	($1,475)	16.7%	($407,786)	($1,678)	18.8%	($480,740)	($1,978)	22.1%	($156,728)	($645)	7.2%	($390,338)	($1,606)	17.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$1,686,988	$6,942	84.0%	$1,783,063	$7,338	85.4%	$1,792,906	$7,378	83.3%	$1,763,814	$7,258	81.2%	$1,692,840	$6,966	77.9%	$2,020,828	$8,316	92.8%	$1,792,906	$7,378	82.1%
RUBS / Utility Reimbursements		$136,314	$561	6.8%	$137,369	$565	6.6%	$137,325	$565	6.5%	$136,934	$564	6.6%	$135,956	$559	6.9%	$137,295	$565	5.9%	$137,325	$565	6.5%	Based on T12
Other Income		$185,949	$765	9.3%	$161,438	$664	7.8%	$169,999	$700	8.1%	$161,258	$664	7.8%	$153,240	$631	7.7%	$166,455	$685	7.2%	$169,999	$700	8.1%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$2,009,251	$8,269	100.0%	$2,081,870	$8,567	100.0%	$2,100,230	$8,643	100.0%	$2,062,006	$8,486	100.0%	$1,982,036	$8,157	100.0%	$2,324,578	$9,566	100.0%	$2,100,230	$8,643	100.0%
Real Estate Taxes		$68,048	$280	3.4%	$119,000	$490	5.7%	$119,004	$490	5.7%	$119,004	$490	5.8%	$119,004	$490	6.0%	$166,759	$686	7.2%	$161,902	$666	7.7%	Based on current tax bills
Insurance		$66,023	$272	3.3%	$91,005	$375	4.4%	$94,435	$389	4.5%	$94,435	$389	4.6%	$94,435	$389	4.8%	$94,854	$390	4.1%	$90,548	$373	4.3%	Based on current insurance premium statements
Management Fee		$60,278	$248	3.0%	$62,456	$257	3.0%	$63,004	$259	3.0%	$61,857	$255	3.0%	$59,458	$245	3.0%	$69,737	$287	3.0%	$63,007	$259	3.0%	Based on 3.0% management fee
Utilities		$272,840	$1,123	13.6%	$286,253	$1,178	13.7%	$291,262	$1,199	13.9%	$291,262	$1,199	14.1%	$291,262	$1,199	14.7%	$309,825	$1,275	13.3%	$291,262	$1,199	13.9%	Based on T12
Repairs & Maintenance		$83,015	$342	4.1%	$91,514	$377	4.4%	$110,362	$454	5.3%	$110,362	$454	5.4%	$110,362	$454	5.6%	$108,135	$445	4.7%	$110,362	$454	5.3%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$50,212	$207	2.5%	$39,279	$162	1.9%	$37,486	$154	1.8%	$37,486	$154	1.8%	$37,486	$154	1.9%	$35,235	$145	1.5%	$37,486	$154	1.8%	Based on T12
Payroll & Benefits		$286,148	$1,178	14.2%	$263,419	$1,084	12.7%	$269,130	$1,108	12.8%	$269,130	$1,108	13.1%	$269,130	$1,108	13.6%	$263,655	$1,085	11.3%	$269,130	$1,108	12.8%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$886,564	$3,648	44.1%	$952,926	$3,922	45.8%	$984,683	$4,052	46.9%	$983,536	$4,047	47.7%	$981,137	$4,038	49.5%	$1,048,200	$4,314	45.1%	$1,023,697	$4,213	48.7%
Net Operating Income		$1,122,687	$4,620	55.9%	$1,128,944	$4,646	54.2%	$1,115,547	$4,591	53.1%	$1,078,470	$4,438	52.3%	$1,000,899	$4,119	50.5%	$1,276,378	$5,253	54.9%	$1,076,533	$4,430	51.3%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$60,750	$250		$72,900	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$1,122,687	$4,620	55.9%	$1,128,944	$4,646	54.2%	$1,115,547	$4,591	53.1%	$1,078,470	$4,438	52.3%	$1,000,899	$4,119	50.5%	$1,215,628	$5,003	52.3%	$1,003,633	$4,130	47.8%

Indian Lake I
Property ID: 8209
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
One Bed One Bath Standard	8209a11	1 BR	218	125,568	576	199	91.3%	$146,312	$735	$1.28	19	$800	$1.39	$15,200	$161,512	$741	$1.29	$1,938,144
One Bed One Bath Barrier F	8209c11	1 BR	11	6,336	576	9	81.8%	$6,543	$727	$1.26	2	$800	$1.39	$1,600	$8,143	$740	$1.29	$97,716
Two Bed One Bath (2,1)	8209a21	2 BR	3	2,592	864	2	66.7%	$1,762	$881	$1.02	1	$900	$1.04	$900	$2,662	$887	$1.03	$31,944
Two Bed Two Bath Master	8209a22	2 BR	10	8,640	864	9	90.0%	$7,755	$862	$1.00	1	$925	$1.07	$925	$8,680	$868	$1.00	$104,160
Three Bed One Bath (3,1)	8209a31	3 BR	1	864	864	1	100.0%	$940	$940	$1.09	0	$950	$1.10	$0	$940	$940	$1.09	$11,280
Totals			243	144,000	593	220	90.5%	$163,312	$742	$1.25	23	$807	$1.36	$18,625	$181,937	$749	$1.26	$2,183,244
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	0	0	0	0	0.0%	$0	$0
1 BR	229	131,904	576	208	90.8%	$169,655	$741
2 BR	13	11,232	864	11	84.6%	$11,342	$872
3 BR	1	864	864	1	100.0%	$940	$940
4 BR	0	0	0	0	0.0%	$0	$0
Totals	243	144,000	593	220	90.5%	$181,937	$749

Stewart Way 1
Property ID:	8486
# Units	190
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$1,675,767	$8,820	100.0%	$1,705,314	$8,975	100.0%	$1,722,187	$9,064	100.0%	$1,730,782	$9,109	100.0%	$1,739,572	$9,156	100.0%	$1,841,802	$9,694	100.0%	$1,755,635	$9,240	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($283,360)	($1,491)	16.9%	($418,203)	($2,201)	24.5%	($360,723)	($1,899)	20.9%	($281,770)	($1,483)	16.3%	($252,244)	($1,328)	14.5%	($135,060)	($711)	7.3%	($394,171)	($2,075)	22.5%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$1,392,407	$7,328	83.1%	$1,287,111	$6,774	75.5%	$1,361,464	$7,166	79.1%	$1,449,012	$7,626	83.7%	$1,487,328	$7,828	85.5%	$1,706,742	$8,983	92.7%	$1,361,464	$7,166	77.5%
RUBS / Utility Reimbursements		$145,585	$766	8.5%	$144,057	$758	9.1%	$133,580	$703	8.0%	$123,920	$652	6.9%	$118,740	$625	6.6%	$138,700	$730	6.9%	$133,580	$703	8.0%	Based on T12
Other Income		$173,555	$913	10.1%	$151,216	$796	9.6%	$184,217	$970	11.0%	$211,098	$1,111	11.8%	$200,716	$1,056	11.1%	$168,150	$885	8.4%	$184,217	$970	11.0%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$1,711,547	$9,008	100.0%	$1,582,384	$8,328	100.0%	$1,679,261	$8,838	100.0%	$1,784,030	$9,390	100.0%	$1,806,784	$9,509	100.0%	$2,013,592	$10,598	100.0%	$1,679,261	$8,838	100.0%
Real Estate Taxes		$64,000	$337	3.7%	$64,000	$337	4.0%	$63,996	$337	3.8%	$63,996	$337	3.6%	$63,996	$337	3.5%	$62,836	$331	3.1%	$61,006	$321	3.6%	Based on current tax bills
Insurance		$51,162	$269	3.0%	$70,223	$370	4.4%	$72,307	$381	4.3%	$72,307	$381	4.1%	$72,307	$381	4.0%	$72,081	$379	3.6%	$69,276	$365	4.1%	Based on current insurance premium statements
Management Fee		$51,346	$270	3.0%	$47,472	$250	3.0%	$50,379	$265	3.0%	$53,522	$282	3.0%	$54,205	$285	3.0%	$60,408	$318	3.0%	$50,378	$265	3.0%	Based on 3.0% management fee
Utilities		$154,894	$815	9.0%	$155,650	$819	9.8%	$151,508	$797	9.0%	$151,508	$797	8.5%	$151,508	$797	8.4%	$155,800	$820	7.7%	$151,508	$797	9.0%	Based on T12
Repairs & Maintenance		$91,792	$483	5.4%	$85,093	$448	5.4%	$80,279	$423	4.8%	$80,279	$423	4.5%	$80,279	$423	4.4%	$97,850	$515	4.9%	$80,279	$423	4.8%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$33,034	$174	1.9%	$24,570	$129	1.6%	$24,689	$130	1.5%	$24,689	$130	1.4%	$24,689	$130	1.4%	$28,500	$150	1.4%	$24,689	$130	1.5%	Based on T12
Payroll & Benefits		$231,468	$1,218	13.5%	$267,853	$1,410	16.9%	$268,882	$1,415	16.0%	$268,882	$1,415	15.1%	$268,882	$1,415	14.9%	$271,700	$1,430	13.5%	$268,882	$1,415	16.0%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$677,696	$3,567	39.6%	$714,861	$3,762	45.2%	$712,040	$3,748	42.4%	$715,183	$3,764	40.1%	$715,866	$3,768	39.6%	$749,175	$3,943	37.2%	$706,017	$3,716	42.0%
Net Operating Income		$1,033,851	$5,441	60.4%	$867,523	$4,566	54.8%	$967,221	$5,091	57.6%	$1,068,847	$5,626	59.9%	$1,090,918	$5,742	60.4%	$1,264,417	$6,655	62.8%	$973,244	$5,122	58.0%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$47,500	$250		$57,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$1,033,851	$5,441	60.4%	$867,523	$4,566	54.8%	$967,221	$5,091	57.6%	$1,068,847	$5,626	59.9%	$1,090,918	$5,742	60.4%	$1,216,917	$6,405	60.4%	$916,244	$4,822	54.6%

Stewart Way 1
Property ID: 8486
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8486bs1	Studio	36	10,368	288	30	83.3%	$19,548	$652	$2.26	6	$710	$2.47	$4,260	$23,808	$661	$2.30	$285,696
One Bed One Bath Standard	8486a11	1 BR	129	74,304	576	118	91.5%	$90,975	$771	$1.34	11	$815	$1.41	$8,965	$99,940	$775	$1.35	$1,199,279
Two Bed One Bath (2,1)	8486a21	2 BR	8	6,912	864	7	87.5%	$6,195	$885	$1.02	1	$925	$1.07	$925	$7,120	$890	$1.03	$85,440
Two Bed Two Bath Master	8486a22	2 BR	17	14,688	864	17	100.0%	$15,435	$908	$1.05	0	$950	$1.10	$0	$15,435	$908	$1.05	$185,220
Totals			190	106,272	559	172	90.5%	$132,153	$768	$1.37	18	$812	$1.45	$14,150	$146,303	$770	$1.38	$1,755,635
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	36	10,368	288	30	83.3%	$23,808	$661
1 BR	129	74,304	576	118	91.5%	$99,940	$775
2 BR	25	21,600	864	24	96.0%	$22,555	$902
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	190	106,272	559	172	90.5%	$146,303	$770

Harbinwood
Property ID:	8149
# Units	72
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$624,555	$8,674	100.0%	$663,106	$9,210	100.0%	$685,761	$9,524	100.0%	$694,016	$9,639	100.0%	$697,736	$9,691	100.0%	$698,556	$9,702	100.0%	$700,002	$9,722	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($31,190)	($433)	5.0%	($28,760)	($399)	4.3%	($17,744)	($246)	2.6%	($16,156)	($224)	2.3%	($22,264)	($309)	3.2%	($41,914)	($582)	6.0%	($31,985)	($444)	4.6%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$593,365	$8,241	95.0%	$634,346	$8,810	95.7%	$668,017	$9,278	97.4%	$677,860	$9,415	97.7%	$675,472	$9,382	96.8%	$656,642	$9,120	94.0%	$668,017	$9,278	95.4%
RUBS / Utility Reimbursements		$49,909	$693	7.3%	$49,261	$684	6.9%	$48,737	$677	6.6%	$48,338	$671	6.6%	$47,488	$660	6.5%	$48,960	$680	6.7%	$48,737	$677	6.6%	Based on T12
Other Income		$41,928	$582	6.1%	$30,203	$419	4.2%	$23,110	$321	3.1%	$6,642	$92	0.9%	$5,500	$76	0.8%	$24,264	$337	3.3%	$23,110	$321	3.1%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$685,202	$9,517	100.0%	$713,810	$9,914	100.0%	$739,864	$10,276	100.0%	$732,840	$10,178	100.0%	$728,460	$10,118	100.0%	$729,866	$10,137	100.0%	$739,864	$10,276	100.0%
Real Estate Taxes		$30,260	$420	4.4%	$37,000	$514	5.2%	$36,996	$514	5.0%	$36,996	$514	5.0%	$36,996	$514	5.1%	$51,803	$719	7.1%	$50,370	$700	6.8%	Based on current tax bills
Insurance		$19,877	$276	2.9%	$27,330	$380	3.8%	$28,390	$394	3.8%	$28,390	$394	3.9%	$28,390	$394	3.9%	$28,454	$395	3.9%	$27,261	$379	3.7%	Based on current insurance premium statements
Management Fee		$20,556	$286	3.0%	$21,414	$297	3.0%	$22,195	$308	3.0%	$21,984	$305	3.0%	$21,853	$304	3.0%	$21,896	$304	3.0%	$22,196	$308	3.0%	Based on 3.0% management fee
Utilities		$76,902	$1,068	11.2%	$82,812	$1,150	11.6%	$77,620	$1,078	10.5%	$77,620	$1,078	10.6%	$77,620	$1,078	10.7%	$83,880	$1,165	11.5%	$77,620	$1,078	10.5%	Based on T12
Repairs & Maintenance		$38,020	$528	5.5%	$36,356	$505	5.1%	$32,930	$457	4.5%	$32,930	$457	4.5%	$32,930	$457	4.5%	$30,960	$430	4.2%	$32,930	$457	4.5%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$16,045	$223	2.3%	$6,790	$94	1.0%	$5,547	$77	0.7%	$5,547	$77	0.8%	$5,547	$77	0.8%	$5,760	$80	0.8%	$5,547	$77	0.7%	Based on T12
Payroll & Benefits		$90,639	$1,259	13.2%	$108,349	$1,505	15.2%	$118,543	$1,646	16.0%	$118,543	$1,646	16.2%	$118,543	$1,646	16.3%	$117,750	$1,635	16.1%	$118,543	$1,646	16.0%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$292,299	$4,060	42.7%	$320,051	$4,445	44.8%	$322,221	$4,475	43.6%	$322,010	$4,472	43.9%	$321,879	$4,471	44.2%	$340,503	$4,729	46.7%	$334,467	$4,645	45.2%
Net Operating Income		$392,903	$5,457	57.3%	$393,759	$5,469	55.2%	$417,643	$5,801	56.4%	$410,830	$5,706	56.1%	$406,581	$5,647	55.8%	$389,363	$5,408	53.3%	$405,397	$5,631	54.8%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$18,000	$250		$21,600	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$392,903	$5,457	57.3%	$393,759	$5,469	55.2%	$417,643	$5,801	56.4%	$410,830	$5,706	56.1%	$406,581	$5,647	55.8%	$371,363	$5,158	50.9%	$383,797	$5,331	51.9%

Harbinwood
Property ID: 8149
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8149as1	Studio	7	2,016	288	7	100.0%	$4,659	$666	$2.31	0	$670	$2.33	$0	$4,659	$666	$2.31	$55,908
One Bed One Bath Standard	8149a11	1 BR	48	27,648	576	47	97.9%	$37,793	$804	$1.40	1	$810	$1.41	$810	$38,603	$804	$1.40	$463,240
One Bed One Bath Barrier F	8149c11	1 BR	4	2,304	576	4	100.0%	$3,238	$810	$1.41	0	$810	$1.41	$0	$3,238	$810	$1.41	$38,856
Two Bed One Bath (2,1)	8149a21	2 BR	10	8,640	864	9	90.0%	$8,274	$919	$1.06	1	$920	$1.06	$920	$9,194	$919	$1.06	$110,328
Two Bed Two Bath Master	8149a22	2 BR	3	2,592	864	3	100.0%	$2,639	$880	$1.02	0	$875	$1.01	$0	$2,639	$880	$1.02	$31,670
Totals			72	43,200	600	70	97.2%	$56,604	$809	$1.35	2	$814	$1.36	$1,730	$58,334	$810	$1.35	$700,002
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	7	2,016	288	7	100.0%	$4,659	$666
1 BR	52	29,952	576	51	98.1%	$41,841	$805
2 BR	13	11,232	864	12	92.3%	$11,833	$910
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	72	43,200	600	70	97.2%	$58,334	$810

Meadowland
Property ID:	8112
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$490,260	$8,171	100.0%	$522,933	$8,716	100.0%	$539,381	$8,990	100.0%	$545,918	$9,099	100.0%	$549,756	$9,163	100.0%	$564,852	$9,414	100.0%	$552,518	$9,209	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($13,388)	($223)	2.7%	($37,725)	($629)	7.2%	($20,311)	($339)	3.8%	($12,670)	($211)	2.3%	($10,268)	($171)	1.9%	($33,891)	($565)	6.0%	($33,448)	($557)	6.1%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$476,872	$7,948	97.3%	$485,208	$8,087	92.8%	$519,070	$8,651	96.2%	$533,248	$8,887	97.7%	$539,488	$8,991	98.1%	$530,961	$8,849	94.0%	$519,070	$8,651	93.9%
RUBS / Utility Reimbursements		$28,655	$478	5.3%	$29,429	$490	5.4%	$28,280	$471	4.9%	$28,206	$470	4.8%	$28,624	$477	4.7%	$27,000	$450	4.6%	$28,280	$471	4.9%	Based on T12
Other Income		$38,411	$640	7.1%	$28,443	$474	5.2%	$33,704	$562	5.8%	$30,546	$509	5.2%	$39,668	$661	6.5%	$32,100	$535	5.4%	$33,704	$562	5.8%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$543,938	$9,066	100.0%	$543,080	$9,051	100.0%	$581,054	$9,684	100.0%	$592,000	$9,867	100.0%	$607,780	$10,130	100.0%	$590,061	$9,834	100.0%	$581,054	$9,684	100.0%
Real Estate Taxes		$27,695	$462	5.1%	$31,000	$517	5.7%	$30,996	$517	5.3%	$30,996	$517	5.2%	$30,996	$517	5.1%	$47,588	$793	8.1%	$36,800	$613	6.3%	Based on current tax bills
Insurance		$16,639	$277	3.1%	$22,703	$378	4.2%	$23,477	$391	4.0%	$23,477	$391	4.0%	$23,477	$391	3.9%	$24,562	$409	4.2%	$22,581	$376	3.9%	Based on current insurance premium statements
Management Fee		$16,318	$272	3.0%	$16,292	$272	3.0%	$17,433	$291	3.0%	$17,761	$296	3.0%	$18,235	$304	3.0%	$17,702	$295	3.0%	$17,432	$291	3.0%	Based on 3.0% management fee
Utilities		$28,428	$474	5.2%	$32,664	$544	6.0%	$33,594	$560	5.8%	$33,594	$560	5.7%	$33,594	$560	5.5%	$35,100	$585	5.9%	$33,594	$560	5.8%	Based on T12
Repairs & Maintenance		$30,193	$503	5.6%	$35,686	$595	6.6%	$31,051	$518	5.3%	$31,051	$518	5.2%	$31,051	$518	5.1%	$30,300	$505	5.1%	$31,051	$518	5.3%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$8,257	$138	1.5%	$6,844	$114	1.3%	$8,008	$133	1.4%	$8,008	$133	1.4%	$8,008	$133	1.3%	$7,200	$120	1.2%	$8,008	$133	1.4%	Based on T12
Payroll & Benefits		$92,244	$1,537	17.0%	$96,938	$1,616	17.8%	$95,639	$1,594	16.5%	$95,639	$1,594	16.2%	$95,639	$1,594	15.7%	$99,600	$1,660	16.9%	$95,639	$1,594	16.5%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$219,774	$3,663	40.4%	$242,127	$4,035	44.6%	$240,198	$4,003	41.3%	$240,526	$4,009	40.6%	$241,000	$4,017	39.7%	$262,052	$4,368	44.4%	$245,105	$4,085	42.2%
Net Operating Income		$324,164	$5,403	59.6%	$300,953	$5,016	55.4%	$340,856	$5,681	58.7%	$351,474	$5,858	59.4%	$366,780	$6,113	60.3%	$328,009	$5,467	55.6%	$335,949	$5,599	57.8%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$324,164	$5,403	59.6%	$300,953	$5,016	55.4%	$340,856	$5,681	58.7%	$351,474	$5,858	59.4%	$366,780	$6,113	60.3%	$313,009	$5,217	53.0%	$317,949	$5,299	54.7%

Meadowland
Property ID: 8112
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8112bs1	Studio	6	1,728	288	6	100.0%	$3,734	$622	$2.16	0	$650	$2.26	$0	$3,734	$622	$2.16	$44,808
One Bed One Bath Standard	8112a11	1 BR	42	24,192	576	41	97.6%	$30,900	$754	$1.31	1	$775	$1.35	$775	$31,675	$754	$1.31	$380,102
Two Bed One Bath (2,1)	8112a21	2 BR	9	7,776	864	8	88.9%	$7,010	$876	$1.01	1	$900	$1.04	$900	$7,910	$879	$1.02	$94,920
Two Bed Two Bath Master	8112a22	2 BR	3	2,592	864	3	100.0%	$2,724	$908	$1.05	0	$910	$1.05	$0	$2,724	$908	$1.05	$32,688
Totals			60	36,288	605	58	96.7%	$44,368	$765	$1.26	2	$788	$1.30	$1,675	$46,043	$767	$1.27	$552,518
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	6	100.0%	$3,734	$622
1 BR	42	24,192	576	41	97.6%	$31,675	$754
2 BR	12	10,368	864	11	91.7%	$10,634	$886
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	58	96.7%	$46,043	$767

Oakley Woods
Property ID:	8120
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$520,341	$8,672	100.0%	$546,509	$9,108	100.0%	$561,006	$9,350	100.0%	$567,334	$9,456	100.0%	$568,636	$9,477	100.0%	$595,032	$9,917	100.0%	$570,744	$9,512	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($97,348)	($1,622)	18.7%	($92,545)	($1,542)	16.9%	($63,778)	($1,063)	11.4%	($76,182)	($1,270)	13.4%	($35,136)	($586)	6.2%	($39,677)	($661)	6.7%	($73,516)	($1,225)	12.9%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$422,993	$7,050	81.3%	$453,964	$7,566	83.1%	$497,228	$8,287	88.6%	$491,152	$8,186	86.6%	$533,500	$8,892	93.8%	$555,355	$9,256	93.3%	$497,228	$8,287	87.1%
RUBS / Utility Reimbursements		$34,730	$579	6.8%	$35,431	$591	6.7%	$36,481	$608	6.3%	$36,748	$612	6.5%	$37,164	$619	6.1%	$36,000	$600	5.7%	$36,481	$608	6.3%	Based on T12
Other Income		$49,910	$832	9.8%	$43,208	$720	8.1%	$41,483	$691	7.2%	$37,414	$624	6.6%	$40,336	$672	6.6%	$43,500	$725	6.9%	$41,483	$691	7.2%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$507,633	$8,461	100.0%	$532,603	$8,877	100.0%	$575,192	$9,587	100.0%	$565,314	$9,422	100.0%	$611,000	$10,183	100.0%	$634,855	$10,581	100.0%	$575,192	$9,587	100.0%
Real Estate Taxes		$12,985	$216	2.6%	$44,000	$733	8.3%	$44,004	$733	7.7%	$44,004	$733	7.8%	$44,004	$733	7.2%	$46,698	$778	7.4%	$30,547	$509	5.3%	Based on current tax bills
Insurance		$16,795	$280	3.3%	$23,051	$384	4.3%	$23,948	$399	4.2%	$23,948	$399	4.2%	$23,948	$399	3.9%	$23,962	$399	3.8%	$23,010	$384	4.0%	Based on current insurance premium statements
Management Fee		$15,229	$254	3.0%	$15,978	$266	3.0%	$17,255	$288	3.0%	$16,959	$283	3.0%	$18,329	$305	3.0%	$17,400	$290	2.7%	$17,256	$288	3.0%	Based on 3.0% management fee
Utilities		$58,784	$980	11.6%	$86,950	$1,449	16.3%	$82,949	$1,382	14.4%	$82,949	$1,382	14.7%	$82,949	$1,382	13.6%	$79,800	$1,330	12.6%	$82,949	$1,382	14.4%	Based on T12
Repairs & Maintenance		$46,465	$774	9.2%	$39,056	$651	7.3%	$39,822	$664	6.9%	$39,822	$664	7.0%	$39,822	$664	6.5%	$39,900	$665	6.3%	$39,822	$664	6.9%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$14,063	$234	2.8%	$16,320	$272	3.1%	$17,334	$289	3.0%	$17,334	$289	3.1%	$17,334	$289	2.8%	$16,200	$270	2.6%	$17,334	$289	3.0%	Based on T12
Payroll & Benefits		$85,673	$1,428	16.9%	$83,776	$1,396	15.7%	$92,409	$1,540	16.1%	$92,409	$1,540	16.3%	$92,409	$1,540	15.1%	$81,000	$1,350	12.8%	$92,409	$1,540	16.1%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$249,994	$4,167	49.2%	$309,131	$5,152	58.0%	$317,721	$5,295	55.2%	$317,425	$5,290	56.2%	$318,795	$5,313	52.2%	$304,960	$5,083	48.0%	$303,327	$5,055	52.7%
Net Operating Income		$257,639	$4,294	50.8%	$223,472	$3,725	42.0%	$257,471	$4,291	44.8%	$247,889	$4,131	43.8%	$292,205	$4,870	47.8%	$329,895	$5,498	52.0%	$271,865	$4,531	47.3%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$257,639	$4,294	50.8%	$223,472	$3,725	42.0%	$257,471	$4,291	44.8%	$247,889	$4,131	43.8%	$292,205	$4,870	47.8%	$314,895	$5,248	49.6%	$253,865	$4,231	44.1%

Oakley Woods
Property ID: 8120
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8120bs1	Studio	6	1,728	288	5	83.3%	$3,269	$654	$2.27	1	$700	$2.43	$700	$3,969	$662	$2.30	$47,628
One Bed One Bath Standard	8120a11	1 BR	42	24,192	576	39	92.9%	$30,400	$779	$1.35	3	$815	$1.41	$2,445	$32,845	$782	$1.36	$394,140
Two Bed One Bath (2,1)	8120a21	2 BR	9	7,776	864	7	77.8%	$6,029	$861	$1.00	2	$935	$1.08	$1,870	$7,899	$878	$1.02	$94,788
Two Bed Two Bath Master	8120a22	2 BR	3	2,592	864	3	100.0%	$2,849	$950	$1.10	0	$975	$1.13	$0	$2,849	$950	$1.10	$34,188
Totals			60	36,288	605	54	90.0%	$42,547	$788	$1.30	6	$830	$1.37	$5,015	$47,562	$793	$1.31	$570,744
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	5	83.3%	$3,969	$662
1 BR	42	24,192	576	39	92.9%	$32,845	$782
2 BR	12	10,368	864	10	83.3%	$10,748	$896
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	54	90.0%	$47,562	$793

Carriage Hill
Property ID:	8140
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$430,695	$7,178	100.0%	$447,170	$7,453	100.0%	$457,355	$7,623	100.0%	$459,442	$7,657	100.0%	$461,740	$7,696	100.0%	$471,216	$7,854	100.0%	$461,428	$7,690	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($44,677)	($745)	10.4%	($35,095)	($585)	7.8%	($31,552)	($526)	6.9%	($22,134)	($369)	4.8%	($33,392)	($557)	7.2%	($24,849)	($414)	5.3%	($35,625)	($594)	7.7%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$386,018	$6,434	89.6%	$412,075	$6,868	92.2%	$425,803	$7,097	93.1%	$437,308	$7,288	95.2%	$428,348	$7,139	92.8%	$446,367	$7,439	94.7%	$425,803	$7,097	92.3%
RUBS / Utility Reimbursements		$26,754	$446	5.8%	$26,300	$438	5.4%	$26,202	$437	5.3%	$26,308	$438	5.1%	$26,092	$435	5.2%	$26,400	$440	5.1%	$26,202	$437	5.3%	Based on T12
Other Income		$51,298	$855	11.1%	$50,120	$835	10.3%	$40,240	$671	8.2%	$48,222	$804	9.4%	$49,792	$830	9.9%	$42,360	$706	8.2%	$40,240	$671	8.2%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$464,070	$7,735	100.0%	$488,495	$8,142	100.0%	$492,245	$8,204	100.0%	$511,838	$8,531	100.0%	$504,232	$8,404	100.0%	$515,127	$8,585	100.0%	$492,245	$8,204	100.0%
Real Estate Taxes		$15,600	$260	3.4%	$15,600	$260	3.2%	$15,600	$260	3.2%	$15,600	$260	3.0%	$15,600	$260	3.1%	$17,822	$297	3.5%	$16,973	$283	3.4%	Based on current tax bills
Insurance		$16,328	$272	3.5%	$22,370	$373	4.6%	$23,191	$387	4.7%	$23,191	$387	4.5%	$23,191	$387	4.6%	$23,962	$399	4.7%	$22,285	$371	4.5%	Based on current insurance premium statements
Management Fee		$13,922	$232	3.0%	$14,655	$244	3.0%	$14,768	$246	3.0%	$15,356	$256	3.0%	$15,128	$252	3.0%	$15,454	$258	3.0%	$14,767	$246	3.0%	Based on 3.0% management fee
Utilities		$32,361	$539	7.0%	$29,067	$484	6.0%	$32,750	$546	6.7%	$32,750	$546	6.4%	$32,750	$546	6.5%	$32,520	$542	6.3%	$32,750	$546	6.7%	Based on T12
Repairs & Maintenance		$30,622	$510	6.6%	$32,782	$546	6.7%	$28,369	$473	5.8%	$28,369	$473	5.5%	$28,369	$473	5.6%	$35,700	$595	6.9%	$28,369	$473	5.8%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$6,948	$116	1.5%	$7,793	$130	1.6%	$5,974	$100	1.2%	$5,974	$100	1.2%	$5,974	$100	1.2%	$6,300	$105	1.2%	$5,974	$100	1.2%	Based on T12
Payroll & Benefits		$87,845	$1,464	18.9%	$90,828	$1,514	18.6%	$96,333	$1,606	19.6%	$96,333	$1,606	18.8%	$96,333	$1,606	19.1%	$96,000	$1,600	18.6%	$96,333	$1,606	19.6%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$203,626	$3,394	43.9%	$213,095	$3,552	43.6%	$216,985	$3,616	44.1%	$217,573	$3,626	42.5%	$217,345	$3,622	43.1%	$227,758	$3,796	44.2%	$217,451	$3,624	44.2%
Net Operating Income		$260,444	$4,341	56.1%	$275,400	$4,590	56.4%	$275,260	$4,588	55.9%	$294,265	$4,904	57.5%	$286,887	$4,781	56.9%	$287,369	$4,789	55.8%	$274,794	$4,580	55.8%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$260,444	$4,341	56.1%	$275,400	$4,590	56.4%	$275,260	$4,588	55.9%	$294,265	$4,904	57.5%	$286,887	$4,781	56.9%	$272,369	$4,539	52.9%	$256,794	$4,280	52.2%

Carriage Hill
Property ID: 8140
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8140bs1	Studio	6	1,728	288	5	83.3%	$2,800	$560	$1.94	1	$575	$2.00	$575	$3,375	$563	$1.95	$40,500
One Bed One Bath Standard	8140a11	1 BR	42	24,192	576	38	90.5%	$23,818	$627	$1.09	4	$650	$1.13	$2,600	$26,418	$629	$1.09	$317,020
Two Bed One Bath (2,1)	8140a21	2 BR	9	7,776	864	8	88.9%	$5,706	$713	$0.83	1	$735	$0.85	$735	$6,441	$716	$0.83	$77,292
Two Bed Two Bath Master	8140a22	2 BR	3	2,592	864	3	100.0%	$2,218	$739	$0.86	0	$760	$0.88	$0	$2,218	$739	$0.86	$26,616
Totals			60	36,288	605	54	90.0%	$34,542	$640	$1.06	6	$661	$1.09	$3,910	$38,452	$641	$1.06	$461,428
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	5	83.3%	$3,375	$563
1 BR	42	24,192	576	38	90.5%	$26,418	$629
2 BR	12	10,368	864	11	91.7%	$8,659	$722
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	54	90.0%	$38,452	$641

Timberwood
Property ID:	8139
# Units	60
Historical and UW Cash Flows
		2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
		$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent		$441,978	$7,366	100.0%	$459,156	$7,653	100.0%	$472,931	$7,882	100.0%	$478,290	$7,972	100.0%	$484,648	$8,077	100.0%	$496,860	$8,281	100.0%	$486,468	$8,108	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy		($39,774)	($663)	9.0%	($30,017)	($500)	6.5%	($27,431)	($457)	5.8%	($23,174)	($386)	4.8%	($29,724)	($495)	6.1%	($24,843)	($414)	5.0%	($40,968)	($683)	8.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections		$402,204	$6,703	91.0%	$429,139	$7,152	93.5%	$445,500	$7,425	94.2%	$455,116	$7,585	95.2%	$454,924	$7,582	93.9%	$472,017	$7,867	95.0%	$445,500	$7,425	91.6%
RUBS / Utility Reimbursements		$30,054	$501	6.1%	$30,606	$510	6.2%	$30,871	$515	5.8%	$31,076	$518	5.6%	$30,980	$516	5.5%	$30,900	$515	5.6%	$30,871	$515	5.8%	Based on T12
Other Income		$56,827	$947	11.6%	$37,622	$627	7.6%	$53,362	$889	10.1%	$66,890	$1,115	12.1%	$79,232	$1,321	14.0%	$49,560	$826	9.0%	$53,362	$889	10.1%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income		$489,085	$8,151	100.0%	$497,367	$8,289	100.0%	$529,733	$8,829	100.0%	$553,082	$9,218	100.0%	$565,136	$9,419	100.0%	$552,477	$9,208	100.0%	$529,733	$8,829	100.0%
Real Estate Taxes		$14,000	$233	2.9%	$14,000	$233	2.8%	$14,004	$233	2.6%	$14,004	$233	2.5%	$14,004	$233	2.5%	$19,245	$321	3.5%	$22,144	$369	4.2%	Based on current tax bills
Insurance		$16,616	$277	3.4%	$22,753	$379	4.6%	$23,604	$393	4.5%	$23,604	$393	4.3%	$23,604	$393	4.2%	$23,962	$399	4.3%	$22,686	$378	4.3%	Based on current insurance premium statements
Management Fee		$14,673	$245	3.0%	$14,921	$249	3.0%	$15,891	$265	3.0%	$16,591	$277	3.0%	$16,953	$283	3.0%	$16,574	$276	3.0%	$15,892	$265	3.0%	Based on 3.0% management fee
Utilities		$50,954	$849	10.4%	$35,824	$597	7.2%	$47,415	$790	9.0%	$47,415	$790	8.6%	$47,415	$790	8.4%	$43,800	$730	7.9%	$47,415	$790	9.0%	Based on T12
Repairs & Maintenance		$35,158	$586	7.2%	$32,712	$545	6.6%	$37,292	$622	7.0%	$37,292	$622	6.7%	$37,292	$622	6.6%	$39,300	$655	7.1%	$37,292	$622	7.0%	Based on T12
Contract Services		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative		$9,294	$155	1.9%	$9,480	$158	1.9%	$10,102	$168	1.9%	$10,102	$168	1.8%	$10,102	$168	1.8%	$10,200	$170	1.8%	$10,102	$168	1.9%	Based on T12
Payroll & Benefits		$77,361	$1,289	15.8%	$75,556	$1,259	15.2%	$76,752	$1,279	14.5%	$76,752	$1,279	13.9%	$76,752	$1,279	13.6%	$78,000	$1,300	14.1%	$76,752	$1,279	14.5%	Based on T12
Marketing		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense		$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses		$218,056	$3,634	44.6%	$205,246	$3,421	41.3%	$225,060	$3,751	42.5%	$225,760	$3,763	40.8%	$226,122	$3,769	40.0%	$231,081	$3,851	41.8%	$232,282	$3,871	43.8%
Net Operating Income		$271,029	$4,517	55.4%	$292,121	$4,869	58.7%	$304,673	$5,078	57.5%	$327,322	$5,455	59.2%	$339,014	$5,650	60.0%	$321,396	$5,357	58.2%	$297,451	$4,958	56.2%
Replacement Reserves		$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$15,000	$250		$18,000	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow		$271,029	$4,517	55.4%	$292,121	$4,869	58.7%	$304,673	$5,078	57.5%	$327,322	$5,455	59.2%	$339,014	$5,650	60.0%	$306,396	$5,107	55.5%	$279,451	$4,658	52.8%

Timberwood
Property ID: 8139
Unit Mix
9/3/2021
				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
Studio Open (0,1)	8139bs1	Studio	6	1,728	288	6	100.0%	$3,306	$551	$1.91	0	$600	$2.08	$0	$3,306	$551	$1.91	$39,672
One Bed One Bath Standard	8139a11	1 BR	39	22,464	576	39	100.0%	$26,170	$671	$1.16	0	$690	$1.20	$0	$26,170	$671	$1.16	$314,034
One Bed One Bath  Barrier F	8139c11	1 BR	3	1,728	576	3	100.0%	$2,056	$685	$1.19	0	$690	$1.20	$0	$2,056	$685	$1.19	$24,672
Two Bed One Bath (2,1)	8139a21	2 BR	9	7,776	864	8	88.9%	$5,843	$730	$0.85	1	$800	$0.93	$800	$6,643	$738	$0.85	$79,710
Two Bed Two Bath Master	8139a22	2 BR	3	2,592	864	3	100.0%	$2,365	$788	$0.91	0	$820	$0.95	$0	$2,365	$788	$0.91	$28,380
Totals			60	36,288	605	59	98.3%	$39,739	$674	$1.11	1	$704	$1.16	$800	$40,539	$676	$1.12	$486,468
By Basic Unit Type (# BR’s)
		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	6	1,728	288	6	100.0%	$3,306	$551
1 BR	42	24,192	576	42	100.0%	$28,226	$672
2 BR	12	10,368	864	11	91.7%	$9,008	$751
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	60	36,288	605	59	98.3%	$40,539	$676

Barrington
Property ID:	8124
# Units	47

Historical and UW Cash Flows

	2019			2020			T12 (08/2021)			T6 Income/TTM Expenses			T3 Income/TTM Expenses			Appraisal			UW
	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	$ Amt	$/Unit	%	Notes
Gross Potential Rent	$380,329	$8,092	100.0%	$409,350	$8,710	100.0%	$426,056	$9,065	100.0%	$431,510	$9,181	100.0%	$434,104	$9,236	100.0%	$436,044	$9,278	100.0%	$436,604	$9,289	100.0%	Based on 9/3/2021 Unit Mix w/vacant units grossed up at Appraisal’s concluded market rents
Total Vacancy	($19,169)	($408)	5.0%	($20,928)	($445)	5.1%	($17,547)	($373)	4.1%	($13,730)	($292)	3.2%	($6,728)	($143)	1.5%	($26,162)	($557)	6.0%	($28,095)	($598)	6.4%	UW Vacancy Loss such that Net Rental Collections Equates to Actual TTM Collections.
Net Rental Collections	$361,160	$7,684	95.0%	$388,422	$8,264	94.9%	$408,509	$8,692	95.9%	$417,780	$8,889	96.8%	$427,376	$9,093	98.5%	$409,882	$8,721	94.0%	$408,509	$8,692	93.6%
RUBS / Utility Reimbursements	$29,912	$636	7.1%	$29,064	$618	6.7%	$29,085	$619	6.4%	$29,174	$621	6.3%	$29,544	$629	6.2%	$29,140	$620	6.3%	$29,085	$619	6.4%	Based on T12
Other Income	$27,592	$587	6.6%	$18,069	$384	4.1%	$18,127	$386	4.0%	$18,240	$388	3.9%	$19,484	$415	4.1%	$23,265	$495	5.0%	$18,127	$386	4.0%	Based on T12 (move-In fees, ins waivers, pet rent, etc.)
Other Income  3	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  4	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Income  5	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Effective Gross Income	$418,664	$8,908	100.0%	$435,555	$9,267	100.0%	$455,721	$9,696	100.0%	$465,194	$9,898	100.0%	$476,404	$10,136	100.0%	$462,287	$9,836	100.0%	$455,721	$9,696	100.0%
Real Estate Taxes	$31,000	$660	7.4%	$31,000	$660	7.1%	$30,996	$659	6.8%	$30,996	$659	6.7%	$30,996	$659	6.5%	$44,145	$939	9.5%	$25,173	$536	5.5%	Based on current tax bills
Insurance	$13,348	$284	3.2%	$18,227	$388	4.2%	$18,931	$403	4.2%	$18,931	$403	4.1%	$18,931	$403	4.0%	$18,870	$401	4.1%	$18,232	$388	4.0%	Based on current insurance premium statements
Management Fee	$12,560	$267	3.0%	$13,067	$278	3.0%	$13,674	$291	3.0%	$13,958	$297	3.0%	$14,295	$304	3.0%	$13,869	$295	3.0%	$13,672	$291	3.0%	Based on 3.0% management fee
Utilities	$42,817	$911	10.2%	$35,601	$757	8.2%	$38,830	$826	8.5%	$38,830	$826	8.3%	$38,830	$826	8.2%	$38,775	$825	8.4%	$38,830	$826	8.5%	Based on T12
Repairs & Maintenance	$20,586	$438	4.9%	$23,843	$507	5.5%	$18,726	$398	4.1%	$18,726	$398	4.0%	$18,726	$398	3.9%	$20,210	$430	4.4%	$18,726	$398	4.1%	Based on T12
Contract Services	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Common Area Maintenance	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
General & Administrative	$6,407	$136	1.5%	$12,401	$264	2.8%	$12,737	$271	2.8%	$12,737	$271	2.7%	$12,737	$271	2.7%	$7,285	$155	1.6%	$12,737	$271	2.8%	Based on T12
Payroll & Benefits	$80,243	$1,707	19.2%	$73,309	$1,560	16.8%	$71,293	$1,517	15.6%	$71,293	$1,517	15.3%	$71,293	$1,517	15.0%	$68,500	$1,457	14.8%	$71,293	$1,517	15.6%	Based on T12
Marketing	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Turnover Costs	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Professional Fees	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Other Expense	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%	$0	$0	0.0%
Total Expenses	$206,961	$4,403	49.4%	$207,448	$4,414	47.6%	$205,187	$4,366	45.0%	$205,471	$4,372	44.2%	$205,808	$4,379	43.2%	$211,654	$4,503	45.8%	$198,662	$4,227	43.6%
Net Operating Income	$211,703	$4,504	50.6%	$228,107	$4,853	52.4%	$250,534	$5,331	55.0%	$259,723	$5,526	55.8%	$270,596	$5,757	56.8%	$250,633	$5,333	54.2%	$257,059	$5,469	56.4%
Replacement Reserves	$0	$0		$0	$0		$0	$0		$0	$0		$0	$0		$11,750	$250		$14,100	$300		Based on $300/unit.  PCA Reports concluded an inflated replacement reserve of $259/unit. Lender holding back $500,000 into a Replacement Reserve for future capital needs.
Net Cash Flow	$211,703	$4,504	50.6%	$228,107	$4,853	52.4%	$250,534	$5,331	55.0%	$259,723	$5,526	55.8%	$270,596	$5,757	56.8%	$238,883	$5,083	51.7%	$242,959	$5,169	53.3%

Barrington 

Property ID: 8124 

Unit Mix 

9/3/2021

				Total	Avg RSF	Occ		Total Occ	Avg Occ	Occ	Vac	Market	Market	Vacant	UW GPR	UW GPR	UW GPR	UW GPR
Unit Type	ID	# BR	# Units	RSF	Per Unit	Units	Occ %	Rent/Mo	Rent/Unit	$/SF/Mo	Units	Rent/Mo	$/SF/Mo	Gross Up	$/Unit	$/Unit/mo	$/SF/Mo	Annual
One Bed One Bath Standard	8124a11	1 BR	39	22,464	576	39	100.0%	$29,289	$751	$1.30	0	$750	$1.30	$0	$29,289	$751	$1.30	$351,464
Two Bed One Bath (2,1)	8124a21	2 BR	6	5,184	864	6	100.0%	$5,205	$868	$1.00	0	$870	$1.01	$0	$5,205	$868	$1.00	$62,460
Two Bed Two Bath Master	8124a22	2 BR	2	1,728	864	2	100.0%	$1,890	$945	$1.09	0	$945	$1.09	$0	$1,890	$945	$1.09	$22,680
Totals			47	29,376	625	47	100.0%	$36,384	$774	$1.24	0	$774	$1.24	$0	$36,384	$774	$1.24	$436,604

By Basic Unit Type (# BR’s) 

		Total	Avg RSF	Occ		UW GPR	UW GPR
Unit Type	# Units	RSF	Per Unit	Units	Occ %	$/Unit	$/Unit/mo
Studio	0	0	0	0	0.0%	$0	$0
1 BR	39	22,464	576	39	100.0%	$29,289	$751
2 BR	8	6,912	864	8	100.0%	$7,095	$887
3 BR	0	0	0	0	0.0%	$0	$0
4 BR	0	0	0	0	0.0%	$0	$0
Totals	47	29,376	625	47	100.0%	$36,384	$774

Unit Mix & Occupancy Summary 

						Unit Mix					# Occ	# Vac	Occ.	EGI	$/Occ	%	GPR	GPR	GPR	%
#	ID	Property Name	City	State	Yr. Built	Units	Studio	1 BR	2 BR	3 BR	Units	Units	%	Monthly	Unit	In-Place	Monthly	Per Unit	Annual	GPR
1	6109	Cedargate Lancaster	Lancaster	OH	1983	157	10	92	55	0	148	9	94.3%	$98,568	$666	4.5%	$104,498	$666	$1,253,971	4.5%
2	6824	Amesbury	Reynoldsburg	OH	1986	149	43	95	11	0	139	10	93.3%	$90,382	$650	4.1%	$97,322	$653	$1,167,861	4.2%
3	6297	Plumwood	Columbus	OH	1977	143	24	100	19	0	131	12	91.6%	$92,667	$707	4.2%	$101,617	$711	$1,219,399	4.4%
4	6847	Red Deer	Fairborn	OH	1988	131	31	92	8	0	125	6	95.4%	$86,772	$694	4.0%	$90,542	$691	$1,086,509	3.9%
5	6647	Cedargate	Clayton	OH	1984	130	27	86	16	1	123	7	94.6%	$82,576	$671	3.8%	$87,556	$674	$1,050,668	3.8%
6	6402	Millburn Court	Centerville	OH	1979	115	19	78	17	1	115	0	100.0%	$79,697	$693	3.6%	$79,697	$693	$956,365	3.4%
7	6505	Camelia Court	Dayton	OH	1982	110	18	75	17	0	105	5	95.5%	$72,559	$691	3.3%	$76,309	$694	$915,708	3.3%
8	6751	Winthrop Court	Columbus	OH	1985	100	10	70	20	0	96	4	96.0%	$71,723	$747	3.3%	$74,523	$745	$894,278	3.2%
9	6322	Parkville	Columbus	OH	1978	100	27	68	5	0	96	4	96.0%	$62,176	$648	2.8%	$65,376	$654	$784,517	2.8%
10	6735	Rosewood Apartments	Columbus	OH	1985	89	8	64	17	0	88	1	98.9%	$66,052	$751	3.0%	$66,777	$750	$801,326	2.9%
11	6814	Ashford Hills	Reynoldsburg	OH	1986	77	23	49	5	0	74	3	96.1%	$53,185	$719	2.4%	$55,310	$718	$663,725	2.4%
12	6946	Amberwood - Massillion	Massillon	OH	1987	63	7	50	6	0	60	3	95.2%	$39,048	$651	1.8%	$41,013	$651	$492,156	1.8%
13	6761	Sherbrook	Columbus	OH	1985	60	18	38	4	0	56	4	93.3%	$40,722	$727	1.9%	$43,672	$728	$524,064	1.9%
14	6642	Stonehenge Apartments	Massillon	OH	1984	60	6	42	12	0	58	2	96.7%	$37,510	$647	1.7%	$38,790	$647	$465,480	1.7%
15	6535	Greenglen II	Springfield Township	OH	1982	58	14	39	5	0	57	1	98.3%	$35,561	$624	1.6%	$36,206	$624	$434,472	1.6%
16	6531	Andover Court	Mount Vernon	OH	1982	51	9	32	10	0	49	2	96.1%	$32,869	$671	1.5%	$34,229	$671	$410,749	1.5%
17	6630	Sandalwood	Toledo	OH	1983	50	6	34	10	0	48	2	96.0%	$32,321	$673	1.5%	$33,631	$673	$403,574	1.4%
18	6576	Meadowood - Mansfield	Mansfield	OH	1986	50	5	35	10	0	48	2	96.0%	$27,687	$577	1.3%	$28,947	$579	$347,358	1.2%
19	6804	Cambridge Commons	Indianapolis	IN	1985	235	43	171	20	1	221	14	94.0%	$149,834	$678	6.8%	$159,574	$679	$1,914,891	6.9%
20	6846	Cherry Glen	Indianapolis	IN	1986	137	28	99	10	0	130	7	94.9%	$89,431	$688	4.1%	$94,321	$688	$1,131,848	4.1%
21	6721	Olivewood	Indianapolis	IN	1985	128	25	86	17	0	122	6	95.3%	$84,775	$695	3.9%	$89,000	$695	$1,068,005	3.8%
22	6695	Annhurst	Indianapolis	IN	1984	83	8	59	16	0	82	1	98.8%	$58,919	$719	2.7%	$59,634	$718	$715,602	2.6%
23	6657	Willow Run - New Albany	New Albany	IN	1984	64	5	46	13	0	61	3	95.3%	$44,835	$735	2.0%	$47,120	$736	$565,438	2.0%
24	6651	Stonehenge	Indianapolis	IN	1984	60	6	42	12	0	57	3	95.0%	$42,423	$744	1.9%	$44,773	$746	$537,276	1.9%
25	6550	Applegate	Columbus	IN	1982	58	7	39	12	0	54	4	93.1%	$42,087	$779	1.9%	$45,162	$779	$541,944	1.9%
26	6786	Spicewood	Indianapolis	IN	1985	49	14	32	2	1	48	1	98.0%	$32,549	$678	1.5%	$33,144	$676	$397,728	1.4%
27	8209	Indian Lake I	Morrow	GA	1987	243	0	229	13	1	220	23	90.5%	$163,312	$742	7.4%	$181,937	$749	$2,183,244	7.8%
28	8486	Stewart Way 1	Hinesville	GA	1986	190	36	129	25	0	172	18	90.5%	$132,153	$768	6.0%	$146,303	$770	$1,755,635	6.3%
29	8149	Harbinwood	Norcross	GA	1986	72	7	52	13	0	70	2	97.2%	$56,604	$809	2.6%	$58,334	$810	$700,002	2.5%
30	8112	Meadowland	Bogart	GA	1984	60	6	42	12	0	58	2	96.7%	$44,368	$765	2.0%	$46,043	$767	$552,518	2.0%
31	8120	Oakley Woods	Union City	GA	1985	60	6	42	12	0	54	6	90.0%	$42,547	$788	1.9%	$47,562	$793	$570,744	2.0%
32	8140	Carriage Hill	Dublin	GA	1985	60	6	42	12	0	54	6	90.0%	$34,542	$640	1.6%	$38,452	$641	$461,428	1.7%
33	8139	Timberwood	Perry	GA	1985	60	6	42	12	0	59	1	98.3%	$39,739	$674	1.8%	$40,539	$676	$486,468	1.7%
34	8124	Barrington	Clarkston	GA	1984	47	0	39	8	0	47	0	100.0%	$36,384	$774	1.7%	$36,384	$774	$436,604	1.6%
Totals						3,299	508	2,330	456	5	3,125	174	94.7%	$2,196,576	$703	100.0%	$2,324,296	$705	$27,891,556	100.0%

* Based on 9/03/21 Unit Mixes

Historical Occupancy by Property 

								September
#	ID	Property Name	2017	2018	2019	2020	2021	2021	5-yr Avg
1	6109	Cedargate Lancaster	92.4%	92.1%	92.1%	90.3%	86.5%	94.3%	91.3%
2	6824	Amesbury	88.1%	93.3%	87.3%	93.7%	91.4%	93.3%	91.2%
3	6297	Plumwood	91.3%	92.2%	86.7%	87.1%	89.7%	91.6%	89.8%
4	6847	Red Deer	92.8%	90.9%	87.5%	89.0%	90.6%	95.4%	91.1%
5	6647	Cedargate	94.8%	91.2%	90.0%	91.0%	90.4%	94.6%	92.0%
6	6402	Millburn Court	91.8%	89.2%	88.3%	93.2%	96.6%	100.0%	93.2%
7	6505	Camelia Court	87.2%	85.9%	85.5%	87.5%	88.2%	95.5%	88.3%
8	6751	Winthrop Court	94.8%	93.6%	87.9%	88.7%	95.0%	96.0%	92.7%
9	6322	Parkville	90.6%	92.7%	78.4%	87.2%	94.1%	96.0%	89.8%
10	6735	Rosewood Apartments	93.2%	92.4%	95.0%	91.1%	95.7%	98.9%	94.4%
11	6814	Ashford Hills	94.9%	96.1%	94.5%	95.0%	96.1%	96.1%	95.5%
12	6946	Amberwood - Massillion	93.6%	92.6%	90.2%	92.5%	93.8%	95.2%	93.0%
13	6761	Sherbrook	91.7%	94.2%	93.0%	94.0%	91.9%	93.3%	93.0%
14	6642	Stonehenge Apartments	90.6%	87.3%	88.7%	90.2%	90.6%	96.7%	90.7%
15	6535	Greenglen II	89.0%	89.5%	85.5%	91.7%	98.3%	98.3%	92.0%
16	6531	Andover Court	94.4%	89.5%	88.8%	87.3%	90.8%	96.1%	91.1%
17	6630	Sandalwood	88.0%	89.5%	87.1%	89.3%	94.1%	96.0%	90.7%
18	6576	Meadowood - Mansfield	94.4%	93.2%	92.0%	92.3%	94.1%	96.0%	93.7%
19	6804	Cambridge Commons	87.3%	88.0%	89.9%	91.4%	93.2%	94.0%	90.6%
20	6846	Cherry Glen	93.5%	92.3%	89.7%	93.1%	94.9%	94.9%	93.1%
21	6721	Olivewood	90.5%	90.0%	92.0%	92.4%	92.4%	95.3%	92.1%
22	6695	Annhurst	91.8%	94.3%	95.5%	94.5%	98.8%	98.8%	95.6%
23	6657	Willow Run - New Albany	86.4%	86.6%	90.7%	91.4%	92.4%	95.3%	90.5%
24	6651	Stonehenge	94.4%	94.3%	95.2%	96.9%	95.0%	95.0%	95.1%
25	6550	Applegate	92.0%	89.7%	85.8%	91.5%	91.5%	93.1%	90.6%
26	6786	Spicewood	90.3%	93.1%	93.1%	95.7%	98.0%	98.0%	94.7%
27	8209	Indian Lake I	92.2%	92.3%	88.7%	89.6%	87.0%	90.5%	90.1%
28	8486	Stewart Way 1	87.3%	82.5%	86.8%	78.8%	85.6%	90.5%	85.3%
29	8149	Harbinwood	97.4%	96.8%	96.2%	96.5%	95.9%	97.2%	96.7%
30	8112	Meadowland	97.1%	95.6%	97.9%	96.6%	95.1%	96.7%	96.5%
31	8120	Oakley Woods	96.2%	94.6%	91.4%	92.2%	90.0%	90.0%	92.4%
32	8140	Carriage Hill	91.1%	92.8%	90.7%	92.4%	87.1%	90.0%	90.7%
33	8139	Timberwood	94.0%	90.7%	89.8%	93.2%	93.7%	98.3%	93.3%
34	8124	Barrington	97.9%	99.2%	98.5%	96.0%	94.0%	100.0%	97.6%
Totals			91.6%	91.1%	89.7%	90.8%	91.9%	94.7%	91.6%

ALA Summary 

					#	FINAL Senior	FINAL Mezz	FINAL Total			%
#	ID	Property Name	City	State	Units	ALA	ALA	ALA	UW Stab Expense	UW NCF	Total
1	6109	Cedargate Lancaster	Lancaster	OH	157	$8,716,764	$658,825	$9,375,590	$527,836	$799,663	5.0%
2	6824	Amesbury	Reynoldsburg	OH	149	$8,143,264	$615,479	$8,758,744	$444,739	$749,396	4.7%
3	6297	Plumwood	Columbus	OH	143	$7,015,723	$530,258	$7,545,981	$555,293	$652,461	4.1%
4	6847	Red Deer	Fairborn	OH	131	$7,738,091	$584,856	$8,322,947	$448,710	$716,772	4.5%
5	6647	Cedargate	Clayton	OH	130	$6,384,900	$482,580	$6,867,479	$523,031	$593,291	3.7%
6	6402	Millburn Court	Centerville	OH	115	$5,744,439	$434,173	$6,178,611	$475,954	$534,716	3.4%
7	6505	Camelia Court	Dayton	OH	110	$6,830,258	$516,240	$7,346,499	$331,204	$631,053	4.0%
8	6751	Winthrop Court	Columbus	OH	100	$5,324,881	$402,462	$5,727,343	$414,765	$492,399	3.1%
9	6322	Parkville	Columbus	OH	100	$4,052,081	$306,262	$4,358,343	$393,193	$375,269	2.4%
10	6735	Rosewood Apartments	Columbus	OH	89	$5,597,108	$423,037	$6,020,146	$309,169	$514,975	3.2%
11	6814	Ashford Hills	Reynoldsburg	OH	77	$4,204,287	$317,766	$4,522,053	$309,173	$391,207	2.5%
12	6946	Amberwood - Massillion	Massillon	OH	63	$3,015,071	$227,883	$3,242,954	$248,591	$278,508	1.7%
13	6761	Sherbrook	Columbus	OH	60	$2,965,344	$224,125	$3,189,468	$276,873	$275,547	1.7%
14	6642	Stonehenge Apartments	Massillon	OH	60	$2,897,713	$219,013	$3,116,727	$226,497	$268,012	1.7%
15	6535	Greenglen II	Springfield Township	OH	58	$2,518,304	$190,337	$2,708,641	$212,357	$235,912	1.5%
16	6531	Andover Court	Mount Vernon	OH	51	$2,542,118	$192,137	$2,734,255	$204,632	$234,207	1.5%
17	6630	Sandalwood	Toledo	OH	50	$2,435,099	$184,048	$2,619,147	$189,739	$227,912	1.4%
18	6576	Meadowood - Mansfield	Mansfield	OH	50	$1,728,477	$130,641	$1,859,118	$201,894	$164,074	1.0%
19	6804	Cambridge Commons	Indianapolis	IN	235	$12,004,836	$907,342	$12,912,178	$794,613	$1,098,518	6.9%
20	6846	Cherry Glen	Indianapolis	IN	137	$7,261,790	$548,856	$7,810,646	$505,671	$667,243	4.2%
21	6721	Olivewood	Indianapolis	IN	128	$7,347,948	$555,368	$7,903,316	$440,764	$678,188	4.3%
22	6695	Annhurst	Indianapolis	IN	83	$4,628,218	$349,807	$4,978,025	$311,466	$428,284	2.7%
23	6657	Willow Run - New Albany	New Albany	IN	64	$4,093,189	$309,369	$4,402,558	$219,510	$375,059	2.4%
24	6651	Stonehenge	Indianapolis	IN	60	$3,485,382	$263,430	$3,748,812	$234,895	$323,378	2.0%
25	6550	Applegate	Columbus	IN	58	$3,514,638	$265,641	$3,780,279	$239,997	$326,301	2.1%
26	6786	Spicewood	Indianapolis	IN	49	$2,430,003	$183,663	$2,613,666	$184,388	$228,503	1.4%
27	8209	Indian Lake I	Morrow	GA	243	$10,657,847	$805,535	$11,463,382	$1,023,697	$1,003,633	6.3%
28	8486	Stewart Way 1	Hinesville	GA	190	$9,885,988	$747,197	$10,633,185	$706,017	$916,244	5.8%
29	8149	Harbinwood	Norcross	GA	72	$4,120,427	$311,428	$4,431,854	$334,467	$383,797	2.4%
30	8112	Meadowland	Bogart	GA	60	$3,405,837	$257,418	$3,663,255	$245,105	$317,949	2.0%
31	8120	Oakley Woods	Union City	GA	60	$2,876,704	$217,425	$3,094,129	$303,327	$253,865	1.6%
32	8140	Carriage Hill	Dublin	GA	60	$2,782,097	$210,275	$2,992,372	$217,451	$256,794	1.6%
33	8139	Timberwood	Perry	GA	60	$3,014,790	$227,862	$3,242,652	$232,282	$279,451	1.8%
34	8124	Barrington	Clarkston	GA	47	$2,636,384	$199,262	$2,835,645	$198,662	$242,959	1.5%
Totals					3,299	$172,000,000	$13,000,000	$185,000,000	$12,485,963	$15,915,538	100.0%

Appraisal Summary 

				Appraised			App
#	ID	Property Name	Units	Value	$/Unit	Cap Rate	Vac %
1	6109	Cedargate Lancaster	157	$14,000,000	$89,172	6.00%	5.00%
2	6824	Amesbury	149	$13,900,000	$93,289	6.00%	5.00%
3	6297	Plumwood	143	$12,600,000	$88,112	5.00%	5.00%
4	6847	Red Deer	131	$12,200,000	$93,130	6.00%	5.00%
5	6647	Cedargate	130	$10,700,000	$82,308	6.00%	5.00%
6	6402	Millburn Court	115	$9,700,000	$84,348	6.25%	5.00%
7	6505	Camelia Court	110	$9,400,000	$85,455	6.50%	5.00%
8	6751	Winthrop Court	100	$8,900,000	$89,000	5.75%	5.00%
9	6322	Parkville	100	$8,500,000	$85,000	5.25%	5.00%
10	6735	Rosewood Apartments	89	$8,100,000	$91,011	6.50%	5.00%
11	6814	Ashford Hills	77	$6,800,000	$88,312	6.00%	5.00%
12	6946	Amberwood - Massillion	63	$4,700,000	$74,603	6.00%	5.00%
13	6761	Sherbrook	60	$5,400,000	$90,000	5.75%	5.00%
14	6642	Stonehenge Apartments	60	$4,700,000	$78,333	6.00%	5.00%
15	6535	Greenglen II	58	$4,200,000	$72,414	6.00%	5.00%
16	6531	Andover Court	51	$4,100,000	$80,392	6.00%	5.00%
17	6630	Sandalwood	50	$3,700,000	$74,000	6.00%	5.00%
18	6576	Meadowood - Mansfield	50	$3,200,000	$64,000	6.00%	4.00%
19	6804	Cambridge Commons	235	$20,500,000	$87,234	6.00%	6.00%
20	6846	Cherry Glen	137	$11,100,000	$81,022	6.00%	6.00%
21	6721	Olivewood	128	$11,800,000	$92,188	6.00%	5.00%
22	6695	Annhurst	83	$7,600,000	$91,566	6.00%	5.00%
23	6657	Willow Run - New Albany	64	$5,500,000	$85,938	6.50%	6.00%
24	6651	Stonehenge	60	$5,800,000	$96,667	6.00%	5.00%
25	6550	Applegate	58	$5,000,000	$86,207	6.50%	6.00%
26	6786	Spicewood	49	$4,000,000	$81,633	6.00%	5.00%
27	8209	Indian Lake I	243	$19,100,000	$78,601	6.36%	5.00%
28	8486	Stewart Way 1	190	$16,800,000	$88,421	7.24%	5.00%
29	8149	Harbinwood	72	$5,975,000	$82,986	6.20%	5.00%
30	8112	Meadowland	60	$4,900,000	$81,667	6.40%	5.00%
31	8120	Oakley Woods	60	$5,000,000	$83,333	6.30%	5.00%
32	8140	Carriage Hill	60	$4,200,000	$70,000	6.50%	5.00%
33	8139	Timberwood	60	$4,700,000	$78,333	5.75%	5.00%
34	8124	Barrington	47	$3,850,000	$81,915	6.20%	5.00%
Totals			3,299	$280,625,000	$85,064

Historical Occupancy by Property 

							September
#	ID	Property Name	2017	2018	2019	2020	2021	5-yr Avg
1	6109	Cedargate Lancaster	92.4%	92.1%	92.1%	90.3%	94.3%	92.2%
2	6824	Amesbury	88.1%	93.3%	87.3%	93.7%	93.3%	91.1%
3	6297	Plumwood	91.3%	92.2%	86.7%	87.1%	91.6%	89.8%
4	6847	Red Deer	92.8%	90.9%	87.5%	89.0%	95.4%	91.2%
5	6647	Cedargate	94.8%	91.2%	90.0%	91.0%	94.6%	92.3%
6	6402	Millburn Court	91.8%	89.2%	88.3%	93.2%	100.0%	92.5%
7	6505	Camelia Court	87.2%	85.9%	85.5%	87.5%	95.5%	88.3%
8	6751	Winthrop Court	94.8%	93.6%	87.9%	88.7%	96.0%	92.2%
9	6322	Parkville	90.6%	92.7%	78.4%	87.2%	96.0%	89.0%
10	6735	Rosewood Apartments	93.2%	92.4%	95.0%	91.1%	98.9%	94.1%
11	6814	Ashford Hills	94.9%	96.1%	94.5%	95.0%	96.1%	95.3%
12	6946	Amberwood - Massillion	93.6%	92.6%	90.2%	92.5%	95.2%	92.8%
13	6761	Sherbrook	91.7%	94.2%	93.0%	94.0%	93.3%	93.3%
14	6642	Stonehenge Apartments	90.6%	87.3%	88.7%	90.2%	96.7%	90.7%
15	6535	Greenglen II	89.0%	89.5%	85.5%	91.7%	98.3%	90.8%
16	6531	Andover Court	94.4%	89.5%	88.8%	87.3%	96.1%	91.2%
17	6630	Sandalwood	88.0%	89.5%	87.1%	89.3%	96.0%	90.0%
18	6576	Meadowood - Mansfield	94.4%	93.2%	92.0%	92.3%	96.0%	93.6%
19	6804	Cambridge Commons	87.3%	88.0%	89.9%	91.4%	94.0%	90.1%
20	6846	Cherry Glen	93.5%	92.3%	89.7%	93.1%	94.9%	92.7%
21	6721	Olivewood	90.5%	90.0%	92.0%	92.4%	95.3%	92.0%
22	6695	Annhurst	91.8%	94.3%	95.5%	94.5%	98.8%	95.0%
23	6657	Willow Run - New Albany	86.4%	86.6%	90.7%	91.4%	95.3%	90.1%
24	6651	Stonehenge	94.4%	94.3%	95.2%	96.9%	95.0%	95.2%
25	6550	Applegate	92.0%	89.7%	85.8%	91.5%	93.1%	90.4%
26	6786	Spicewood	90.3%	93.1%	93.1%	95.7%	98.0%	94.1%
27	8209	Indian Lake I	92.2%	92.3%	88.7%	89.6%	90.5%	90.7%
28	8486	Stewart Way 1	87.3%	82.5%	86.8%	78.8%	90.5%	85.2%
29	8149	Harbinwood	97.4%	96.8%	96.2%	96.5%	97.2%	96.8%
30	8112	Meadowland	97.1%	95.6%	97.9%	96.6%	96.7%	96.8%
31	8120	Oakley Woods	96.2%	94.6%	91.4%	92.2%	90.0%	92.9%
32	8140	Carriage Hill	91.1%	92.8%	90.7%	92.4%	90.0%	91.4%
33	8139	Timberwood	94.0%	90.7%	89.8%	93.2%	98.3%	93.2%
34	8124	Barrington	97.9%	99.2%	98.5%	96.0%	100.0%	98.3%
Totals			91.6%	91.1%	89.7%	90.8%	94.7%	91.6%

Historical Capex by Property 

							Capex
#	ID	Property Name	Interior	Exterior	Roof	Other	Totals	$/Unit
1	6109	Cedargate Lancaster	$123,707	$82,897	$63,679	$23,041	$293,324	$1,868
2	6824	Amesbury	$106,272	$27,206	$73,348	$4,485	$211,311	$1,418
3	6297	Plumwood	$141,575	$46,721	$12,900	$16,088	$217,284	$1,519
4	6847	Red Deer	$102,347	$16,870	$32,773	$11,113	$163,103	$1,245
5	6647	Cedargate	$94,092	$20,310	$8,665	$445	$123,512	$950
6	6402	Millburn Court	$100,688	$16,099	$35,485	$3,549	$155,821	$1,355
7	6505	Camelia Court	$98,420	$12,423	$7,100	$25,967	$143,910	$1,308
8	6751	Winthrop Court	$97,530	$39,540	$15,320	$5,772	$158,162	$1,582
9	6322	Parkville	$107,462	$35,469	$80,100	$7,032	$230,063	$2,301
10	6735	Rosewood Apartments	$55,608	$28,584	$73,178	$26,079	$183,449	$2,061
11	6814	Ashford Hills	$49,812	$38,066	$27,861	$5,051	$120,790	$1,569
12	6946	Amberwood - Massillion	$52,964	$23,761	$13,155	$0	$89,880	$1,427
13	6761	Sherbrook	$36,940	$12,640	$26,177	$22,071	$97,828	$1,630
14	6642	Stonehenge Apartments	$52,240	$25,232	$10,917	$29,190	$117,579	$1,960
15	6535	Greenglen II	$33,968	$14,065	$16,130	$8,864	$73,027	$1,259
16	6531	Andover Court	$29,983	$9,550	$35,295	$12,290	$87,118	$1,708
17	6630	Sandalwood	$38,251	$16,441	$27,466	$17,369	$99,527	$1,991
18	6576	Meadowood - Mansfield	$25,323	$5,045	$31,308	$31,224	$92,900	$1,858
19	6804	Cambridge Commons	$279,420	$196,122	$97,315	$25,367	$598,224	$2,546
20	6846	Cherry Glen	$134,120	$46,332	$8,805	$0	$189,257	$1,381
21	6721	Olivewood	$133,133	$112,259	$62,507	$1,086	$308,985	$2,414
22	6695	Annhurst	$94,721	$51,096	$41,975	$1,072	$188,864	$2,275
23	6657	Willow Run - New Albany	$54,299	$40,326	$40,135	$15,683	$150,443	$2,351
24	6651	Stonehenge	$50,799	$39,825	$6,815	$157	$97,596	$1,627
25	6550	Applegate	$95,924	$30,119	$8,440	$1,962	$136,445	$2,353
26	6786	Spicewood	$45,485	$28,866	$0	$621	$74,972	$1,530
27	8209	Indian Lake I	$164,194	$118,422	$77,987	$27,851	$388,454	$1,599
28	8486	Stewart Way 1	$191,624	$45,689	$20,052	$43,489	$300,854	$1,583
29	8149	Harbinwood	$71,611	$39,740	$37,293	$35,954	$184,598	$2,564
30	8112	Meadowland	$53,879	$39,698	$25,123	$14,330	$133,030	$2,217
31	8120	Oakley Woods	$71,560	$23,608	$0	$11,591	$106,759	$1,779
32	8140	Carriage Hill	$55,691	$45,998	$14,750	$1,466	$117,905	$1,965
33	8139	Timberwood	$69,725	$14,515	$34,290	$12,848	$131,378	$2,190
34	8124	Barrington	$50,921	$38,776	$25,315	$34,873	$149,885	$3,189
Totals			$2,964,288	$1,382,310	$1,091,659	$477,980	$5,916,237	$1,793

PCA Summary 

			Ongoing Replacement		LENDER
#	ID	Property Name	Reserves (Inflated)	Ongoing/Unit/Year	RESERVE Ongoing
1	6109	Cedargate Lancaster	$416,232	$221	$300
2	6824	Amesbury	$373,065	$209	$300
3	6297	Plumwood	$363,083	$212	$300
4	6847	Red Deer	$369,189	$235	$300
5	6647	Cedargate	$376,478	$241	$300
6	6402	Millburn Court	$350,872	$254	$300
7	6505	Camelia Court	$304,829	$231	$300
8	6751	Winthrop Court	$242,150	$202	$300
9	6322	Parkville	$361,666	$301	$300
10	6735	Rosewood Apartments	$231,430	$217	$300
11	6814	Ashford Hills	$232,343	$251	$300
12	6946	Amberwood - Massillion	$186,672	$247	$300
13	6761	Sherbrook	$191,477	$266	$300
14	6642	Stonehenge Apartments	$169,267	$235	$300
15	6535	Greenglen II	$190,919	$274	$300
16	6531	Andover Court	$146,374	$239	$300
17	6630	Sandalwood	$152,134	$254	$300
18	6576	Meadowood - Mansfield	$176,373	$294	$300
19	6804	Cambridge Commons	$633,422	$225	$300
20	6846	Cherry Glen	$380,146	$231	$300
21	6721	Olivewood	$356,265	$232	$300
22	6695	Annhurst	$273,765	$275	$300
23	6657	Willow Run - New Albany	$205,586	$268	$300
24	6651	Stonehenge	$165,275	$230	$300
25	6550	Applegate	$172,871	$248	$300
26	6786	Spicewood	$153,123	$260	$300
27	8209	Indian Lake I	$1,078,306	$370	$300
28	8486	Stewart Way 1	$696,318	$305	$300
29	8149	Harbinwood	$287,273	$332	$300
30	8112	Meadowland	$247,748	$344	$300
31	8120	Oakley Woods	$191,595	$266	$300
32	8140	Carriage Hill	$206,817	$287	$300
33	8139	Timberwood	$220,200	$306	$300
34	8124	Barrington	$155,878	$276	$300
Totals			$10,259,141	$259	$300

Phase I 

			Report					Total
#	ID	Property Name	Date	REC	CREC	HREC	O & M	Cost	Description / Recommendation
1	6109	Cedargate Lancaster	10/01/2021	None	None	None	ACM, LBP	$0	N/A
2	6824	Amesbury	10/01/2021	None	None	None	None	$0	N/A
3	6297	Plumwood	10/01/2021	None	None	None	ACM, LBP	$0	ST radon testing in all units recommended; Please note, Lender will have Environmental Insurance & a Radon O&M has been implemented at closing.
4	6847	Red Deer	10/01/2021	None	None	None	None	$0	ST radon testing in all units recommended;  Please note, Lender will have Environmental Insurance & a Radon O&M has been implemented at closing.
5	6647	Cedargate	10/01/2021	None	None	None	None	$0	ST radon testing in all units recommended;  Please note, Lender will have Environmental Insurance & a Radon O&M has been implemented at closing.
6	6402	Millburn Court	10/01/2021	None	None	None	ACM, MMP	$0	Remove suspect mold growth observed around AC/heating unit in Apt 8508. Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing.  In addition, the Environmental Insurance will be in-place at Closing.
7	6505	Camelia Court	10/01/2021	None	None	None	None	$0	N/A
8	6751	Winthrop Court	10/01/2021	None	None	None	None	$0	Clean up mold growth in bathroom in Apt 2470 and correct the source of the water intrusion. Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing. In addition, the Environmental Insurance will be in-place at Closing.
9	6322	Parkville	10/01/2021	None	None	None	ACM, LBP	$0	N/A
10	6735	Rosewood Apartments	10/01/2021	None	None	None	None	$0	N/A
11	6814	Ashford Hills	10/01/2021	None	None	None	None	$0	Active subterranean pipeline crosses the property; no action recommended
12	6946	Amberwood - Massillion	10/01/2021	None	None	None	None	$0	N/A
13	6761	Sherbrook	10/01/2021	None	None	None	None	$0	Wetlands on west/south portions of property. Should development planned, applicable agencies should be contacted
14	6642	Stonehenge Apartments	10/01/2021	None	None	None	None	$0	N/A
15	6535	Greenglen II	10/01/2021	None	None	None	None	$0	N/A
16	6531	Andover Court	10/01/2021	None	None	None	None	$0	N/A
17	6630	Sandalwood	10/01/2021	None	None	None	None	$0	N/A
18	6576	Meadowood - Mansfield	10/01/2021	None	None	None	None	$0	N/A
19	6804	Cambridge Commons	10/01/2021	None	None	None	None	$0	N/A
20	6846	Cherry Glen	10/01/2021	None	None	None	None	$0	N/A
21	6721	Olivewood	10/01/2021	None	None	None	None	$0	N/A
22	6695	Annhurst	10/01/2021	None	None	None	None	$0	Active subterranean pipeline crosses the property; no action recommended
23	6657	Willow Run - New Albany	10/01/2021	None	None	None	None	$0	N/A
24	6651	Stonehenge	10/01/2021	None	None	None	None	$0	N/A
25	6550	Applegate	10/01/2021	None	None	None	None	$0	N/A
26	6786	Spicewood	10/01/2021	None	None	None	ACM	$0	Minor water damage in apt 362, undergoing reno; damage not widespread/no mold observed; no action recommended. Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing. In addition, the Environmental Insurance will be in-place at Closing.
27	8209	Indian Lake I	10/01/2021	None	None	None	None	$0	Mold growth/condusive mold conditions in 10 units observed; Mus be removed and repairs to address water intruction recommended. Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing. In addition, the Environmental Insurance will be in-place at Closing.
28	8486	Stewart Way 1	10/01/2021	None	None	None	MMP	$0	Remove/remediate mold in 3 units; Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing.  In addition, the Environmental Insurance will be in-place at Closing. Decomission the Irrigation Wells at the Property within 180 days if closing.
29	8149	Harbinwood	10/01/2021	None	None	None	MMP	$0	Cleanup of visible suspect mold in bathroom of Unit 5650. Please note, Lender will require remediation as part of the Post-Closing Agreement and an MMP has been implemented at Closing. In addition, the Environmental Insurance will be in-place at Closing.
30	8112	Meadowland	10/01/2021	None	None	None	None	$0	N/A
31	8120	Oakley Woods	10/01/2021	None	None	None	MMP	$0	ST radon testing in all units recommended; remove/remediate mold/condusive mold conditions in units 30, 33, 47. Please note, Lender will have Environmental Insurance & a Radon O&M has been implemented at closing.
32	8140	Carriage Hill	10/01/2021	None	None	None	None	$0	N/A
33	8139	Timberwood	10/01/2021	None	None	None	None	$0	N/A
34	8124	Barrington	10/01/2021	None	None	None	None	$0	N/A
Totals								$0

Line Item	Initial	Monthly
Real Estate Tax Reserve	$715,487	$168,641
Insurance Reserve	$403,757	$100,786
Immediate Repair Reserve	$756,042	-
Replacement Reserve	$500,000	$82,475
Total	$2,375,287	$351,902

Property	Category	Item	Time to Cure	Quantity	Reserve
Cedargate Lancaster	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs	240 days	1	$14,850
Cedargate Lancaster	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway deterioration, cracking and differential settlement throughout the Property. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	1	$3,850
Cedargate Lancaster	Electrical Systems	Due to potential safety considerations and the inability to purchase replacement parts, AEI recommends immediate replacement of all FPE Stab-Lok circuit breaker panels at the Property.	180 days	47	$38,775
Cedargate Lancaster	ADA Accessibility	Provide adequate number of handicapped-accessibleparking stalls and signage for vans	60 days	1	$990
Amesbury	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs; particularly near the office and the mail boxes	240 days	1	$6,600
Amesbury	Sidewalks, Curbing, Site Steps, and Ramps	Repair damaged concrete flatwork; throught property but particularly near the leasing office	180 days	500	$3,575
Amesbury	Landscaping, Fencing, Signage, Site Lighting	Trim Trees	240 days	1	$2,750
Amesbury	ADA Accessibility	Provide adequate number of handicapped-accessible parking stalls and signage for vans. Provide handicapped access to the leasing office.	60 days	1	$495
Plumwood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, cracks supporting weed growth, edge crumbling, potholes, surface ruts, surface depressions, and loose aggregate, in all areas. Pavement repairs are recommended. Due to the severity of the deficiencies it appears that full-depth replacement is warranted.	240 days	78,810 SF	$35,760
Plumwood	Site Access, Parking, Pavement	Seal coat and restripe after asphalt repairs are made.	240 days	78,810 SF	$10,403
Plumwood	Landscaping, Fencing, Signage, Site Lighting	Small concrete patios have approximately 24 lineal feet of wood fencing 3 feet high surrounding them. Approximately 10% of the wood fencing members are in need of replacement across the site.	240 days	352	$8,712
Plumwood	Landscaping, Fencing, Signage, Site Lighting	AEI observed damaged chain link fencing along the perimeter boundaries. AEI recommends repairing or replacing the damaged chain link fence immediately.	240 days	125	$3,438
Plumwood	Cladding	AEI observed damaged masonry in the form of excessively weathered, cracked and cladding in one location, separating from one location and missing and deteriorated bricks were observed at one perimeter wall. Structure Engineer should be hired to evaluate damaged areas.	240 days	1	$3,850
Red Deer	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$13,750
Red Deer	Site Amenities	The tennis court has reportedly been out of use for at least 8 years. The tennis court should be resurfaced and painted in order to allow for use and limit any potential safety hazards.	240 days	1	$3,850
Red Deer	ADA Accessibility	No van accessible signage was identified. Install van accessible sign.	60 days	1	$165
Cedargate	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement in isolated areas throughout the Property. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	1	$1,650
Cedargate	Other Site Structures	AEI observed damage to the maintenance shed roofing and siding. Repairs to address damaged components is recommended.	240 days	1	$3,850
Cedargate	Cladding	AEI observed isolated areas of wood rot in the wood trim on some buildings. Repair of the damage is recommended.	240 days	1	$2,750
Cedargate	Down Units	Restore Unit 20 (Fire damage from a fire in the Spring of 2021).	240 days	1	$16,500
Cedargate	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	8,000 SF	$14,520
Millburn Court	ADA Accessibility	Install van accessible sign at leasing office, per ADA regulations.	60 days	1	$165
Camellia Court	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$13,200
Camellia Court	Cladding	AEI observed isolated areas of wood rot and chipped painting throughout the Property. Repair of the damage is recommended.	240 days	1	$3,850
Camellia Court	ADA Accessibility	No van accessible signage was identified. Install van accessible signage.	60 days	1	$275
Winthrop Court	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, cracks supporting weed growth, edge crumbling, potholes, surface ruts, surface depressions, and loose aggregate, throughout all parking areas. Pavement repairs are recommended.	240 days	1	$34,100
Winthrop Court	Landscaping, Fencing, Signage, Site Lighting	AEI observed deteriorated patio fencing in multiple locations. The fencing requires replacement of a number of boards on several fences. Wooden dumpster enclosures were deteriorated and falling down to the extent that they all need to be completely replaced. Replace wood board (3’ high)	240 days	1	$4,950
Winthrop Court	Landscaping, Fencing, Signage, Site Lighting	AEI observed deteriorated patio fencing in multiple locations. The fencing requires replacement of a number of boards on several fences. Wooden dumpster enclosures were deteriorated and falling down to the extent that they all need to be completely replaced. Replace wood board (4’ high)	240 days	1	$3,520
Winthrop Court	Fire Protection and Life Safety Systems	Install 21 fire extinguishers in following areas; the laundry room, maintenance shed, storage room, the leasing office and at apartment building exterior common areas.	60 days	21	$1,155
Winthrop Court	ADA Accessibility	ADA compliance study needs to be done to identify accessibility issues at leasing office and develop recommendations; leasing office has stairs leading up to door and does not have an accessible ADA compliant toilet room	60 days	1	$5,500
Parkville	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, cracks supporting weed growth, edge crumbling, potholes, surface ruts, surface depressions, and loose aggregate. Pavement repairs are recommended.	240 days	1	$15,950
Parkville	Landscaping, Fencing, Signage, Site Lighting	Small concrete patios have approximately 24 lineal feet of wood fencing 3 feet high surrounding them. Approximately 10% of the wood fencing members are in need of replacement across the site.	240 days	1	$4,180
Parkville	Landscaping, Fencing, Signage, Site Lighting	Dumpster enclosures were in fair condition with wood fencing missing and falling down in need of repair and replacing. (4’ high wood board)	240 days	1	$1,375
Parkville	Common Area Amenities	Refurbish laundry areas; new flooring and painting recommended	240 days	1	$4,400
Parkville	ADA Accessibility	Installation of a ramp leading up to the leasing office is recommended, Installation of a ADA compliant public restroom in leasing office, and Add ADA van signage at leasing office	60 days	1	$3,300
Rosewood	Topography, Storm Water Drainage, and Retaining Walls	AEI observed decayed wood railroad ties overgrown with moss at the retaining walls at the southwest perimeter and at elevation changes throughout the property that should be removed	240 days	1	$2,200
Rosewood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$12,100
Rosewood	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement throughout in particular near the leasing office. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	400	$2,860
Rosewood	Landscaping, Fencing, Signage, Site Lighting	Trim Trees	240 days	1	$3,300
Rosewood	ADA Accessibility	Add van accessible parking at leasing office and add ADA signage for vans	60 days	1	$495
Ashford Hills	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement throughout in particular near the leasing office. The uneven flatwork represents a trip hazard and repairs are recommended	180 days	1	$2,420
Ashford Hills	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including overgrown trees at most of the building. Due to the significant number of mature tress, trimming in order to avoid accelerated deterioration of roofs and facades, is recommended	240 days	1	$3,300
Ashford Hills	Cladding	AEI observed warping of the wood siding at one of the buildings. It is recommended to repair the damage in order to avoid water intrusion	240 days	1	$1,650
Ashford Hills	ADA Accessibility	Provide adequate number of handicapped-accessibleparking stalls and signage for vans	60 days	1	$990
Ashford Hills	ADA Accessibility	The leasing office does not appear to be HC accessible since it is a converted apartment unit. ADA study to design leasing office and restroom needed	60 days	1	$1,650
Amberwood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$11,550
Amberwood	ADA Accessibility	Provide adequate number of handicapped-accessible parking stalls and signage for vans	60 days	1	$495
Sherbrook	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs throughout; particularly at southern section of Guinevere Drive and between buildings 6614 and 6807.	240 days	2,000 SF	$6,050
Sherbrook	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement throughout in particular near the leasing office. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	500 SF	$3,575
Sherbrook	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including overgrown trees at most of the building. Due to the significant number of mature tress, trimming in order to avoid accelerated deterioration of roofs and facades, is recommended.	240 days	1	$2,750
Sherbrook	Cladding	AEI observed damaged wood trim elements in the form of weathered, worn and deteriorated trim and fascia wood boards. Repair of the damage is recommended.	240 days	1,200 SF	$3,960
Sherbrook	ADA Accessibility	Provide adequate number of handicapped-accessible parking stalls and signage for vans. Provide handicapped access to the leasing office.	60 days	1	$495
Stonehenge (Ohio)	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$11,000
Stonehenge (Ohio)	Cladding	AEI observed isolated areas of wood rot in the wood trim on some building. Repair of the damage is recommended	240 days	1	$2,750
Stonehenge (Ohio)	ADA Accessibility	Install van accessible signage	60 days	1	$165
Greenglen II	Topography, Storm Water Drainage, and Retaining Walls	AEI observed surface erosion in scattered areas, including west portion of building 2014 and near apartment 119. Improved erosion control measures are recommended where warranted.	240 days	500 SF	$1,650
Greenglen II	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, surface ruts, and surface depressions. Pavement repairs are recommended. Due to the severity of the deficiencies it appears that partial full-depth replacement is warranted.	240 days	12,000 SF	$10,560
Greenglen II	Fire Protection and Life Safety Systems	AEI observed no inspection tag on the fire extinguishers. Inspection of the fire extinguishers is recommended.	240 days	1	$550
Andover Court	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$9,350
Andover Court	ADA Accessibility	Install van accessible signage	60 days	1	$165
Sandalwood	Site Access, Parking, Pavement	AEI observed widespread concrete pavement deficiencies including cracking at the north trash pad and south storm drain collar. Pavement repairs are recommended.	240 days	500 SF	$3,575
Sandalwood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, surface ruts, and surface depressions. Pavement repairs are recommended. Due to the severity of the deficiencies it appears that partial full-depth replacement is warranted.	240 days	2,500 SF	$7,563
Sandalwood	Landscaping, Fencing, Signage, Site Lighting	AEI observed areas of overgrown vegetation hanging over the roofs at various areas throughout the property. The vegetation should be trimmed to preserve building systems	240 days	1	$2,750
Sandalwood	Fire Protection and Life Safety Systems	AEI observed no inspection tag on the fire extinguishers. Inspection of the fire extinguishers is recommended	240 days	1	$550
Meadowood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking, surface ruts, and surface depressions. Pavement repairs are recommended. Due to the severity of the deficiencies it appears that partial overlay replacement is warranted.	240 days	10,000 SF	$8,800
Meadowood	Other Site Structures	The roofing and sliding on the maintenance structure was severely damaged and in need of repair. The structure should be repaired to maintain the integrity of the structure.	240 days	1	$3,850
Meadowood	Down Units	Complete renovation/repair of down unit number 40	240 days	1	$8,250
Meadowood	ADA Accessibility	No van accessible signage was identified. “Van Accessible” signage is recommended to be installed.	60 days	1	$330
Cherry Glen	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	1	$26,400
Cherry Glen	Down Units	Unit 2662 was damaged by previous tenant; Demolition work for interior finishes, kitchen and bathroom are completed. Interior work to finish the unit into rentable condition is in progress.	240 days	1	$5,500
Willow Run	Cladding	There were isolated areas of rotted wood siding observed at most buildings and all elevations. The damaged finishes should be repaired or replaced.	240 days	11	$3,025
Stonehenge (Indiana)	Site Access, Parking, Pavement	AEI observed isolated asphalt pavement deficiencies including alligator cracking, cracks supporting weed growth, edge crumbling, potholes, and some surface depressions. Pavement repairs are recommended	240 days	6,200 SF	$8,525
Applegate	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficiencies including alligator cracking and surface depressions. Perform Full depth Sectional Replacement/ Repairs.	240 days	2,500 SF	$4,538
Applegate	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements, primarily bare patches of lawn. Replacement of damaged and missing landscaping elements is recommended.	240 days	1	$2,750
Spicewood	Site Access, Parking, Pavement	AEI observed a few asphalt pavement deficiencies including alligator cracking, and surface depressions. Limited pavement repairs are recommended.	240 days	500 SF	$3,575
Spicewood	Site Access, Parking, Pavement	AEI observed a few concrete pavement deficiencies including cracking. Limited concrete repairs are recommended.	240 days	1,500 SF	$2,723
Spicewood	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement south of buildings 6 and 8. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	200 SF	$1,320
Spicewood	Landscaping, Fencing, Signage, Site Lighting	AEI observed deteriorated fencing in multiple locations, including missing wood slats at building 3. Some of the fencing appears to be at or near the end of its EUL, and replacement is recommended.	240 days	200	$1,980
Spicewood	Roof Systems	Replace damaged roofs on Blgs 3 and 8.	240 days	1	$11,000
Indian Lake	Topography, Storm Water Drainage, and Retaining Walls	Recommend adding splash blocks and installing landscape drains to route stormwater away from buildings 27, 28, 31, and 32.	240 days	1	$3,850
Indian Lake	Site Access, Parking, Pavement	Sectional repairs and replacement are recommended at pavement near building 15 and 16, between buildings 10 and 13, and the west perimeter drive.	240 days	1,500 SF	$4,125
Indian Lake	Landscaping, Fencing, Signage, Site Lighting	Recommend reseeding andscaped areas with sparse groundcover to prevent soil erosion.	240 days	1	$4,400
Indian Lake	Framing	Recommend an allowance for the reapir and/or replacement of damaged flooring and structure where applicable. This work should be completed once the cause of the moisture has been addressed.	240 days	1	$17,600
Indian Lake	Cladding	AEI observed several sections of damaged and deteriorated compressed wood siding. Based on the tendency of this material to absorb moisture and the observed interior moisture intrusion, sectional replacement is recommended at this time to prevent further moisture intrusion.	240 days	5000 SF	$19,250
Indian Lake	Cladding	Recommend replacement of damaged sections of fascia board, including buildings 1, 2 and 4, and wherever else present, to prevent moisture intrusion.	240 days	1,000	$4,675
Indian Lake	Roof Systems	Recommend that all active roof leaks, including buildings 2 and 16, be repaired as needed to prevent further moisture intrusion.	240 days	1	$16,500
Indian Lake	Down Units	Recommend that all repairs are made and moisture damaged is addressed in Unit 331 to bring the unit back to rentable condition.	240 days	1	$11,000
Indian Lake	Moisture and Microbial Growth	Recommend a certified mold remediation contractor be consulted to conduct removal of all water-damaged building materials and visible, suspect mold within the affected areas.	240 days	1	$8,250
Indian Lake	ADA Accessibility	Recommend adding grab bars adjacent to the toilet area, and modifying where feasible.	60 days	1	$3,300
Indian Lake	ADA Accessibility	Recommend installing a van accessible space, striping, and signage.	60 days	1	$990
Indian Lake	ADA Accessibility	Recommend installing an alternate entry path.	60 days	1	$330
Barrington	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficencies including alligator cracking and surface depressions along the north and northwest sections of the property. Pavement repairs are recommended.	240 days	1	$19,800
Barrington	Site Access, Parking, Pavement	The concrete dumpster pads throughout the property exhibited cracking that will require repair during the evaluation period.	240 days	1	$3,080
Barrington	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement at multiple buildings (specifically buildings 6 and 4). The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	500 SF	$2,750
Barrington	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including bare patches of lawn throughout the property and vegetative overgrowth along the concrete retaining wall at the western section of the property. Replacement of missing landscaping elements and trimming of the vegetative overgrowth is recommended.	240 days	1	$1,733
Timberwood	Site Access, Parking, Pavement	There are isolated areas of deterioration, such as alligator cracking, linear cracking, and worn surfaces, located at the parking lot areas. Signs of prior crack-sealing and patch repairs were observed at the paved surfaces. Pavement repairs are recommended to address these deficiencies.	240 days	1	$2,750
Timberwood	Cladding	Evidence of wood rot and deterioration was observed at the fascia along some of the roof lines. All buildings should be visually surveyed, and fascia repairs and/or replacement completed for areas of concern along the building exteriors.	240 days	150	$825
Carriage Hill	Topography, Storm Water Drainage, and Retaining Walls	The railroad tie retaining wall materials were observed to be in fair to poor condition with signs of rot, deterioration and structural failure. AEI recommends replacement of the deteriorated walls throughout the property.	240 days	200 SF	$1,540
Carriage Hill	Site Access, Parking, Pavement	There are isolated areas of deterioration, such as alligator cracking and linear cracking located at the parking lot areas. Signs of prior crack-sealing and patch repairs were observed at the paved surfaces. Pavement repairs are recommended to address these deficiencies.	240 days	1	$1,100
Carriage Hill	Cladding	Evidence of wood rot and deterioration was observed at the fascia along some of the roof lines. All buildings should be visually surveyed, and fascia repairs and/or replacement completed for areas of concern along the building exteriors.	240 days	1	$1,100
Carriage Hill	Fire Protection and Life Safety Systems	No information was provided concerning the last known compliance inspection completed for the extinguishers. AEI recommends that the inspections be performed.	60 days	1	$1,100
Oakley Woods	Topography, Storm Water Drainage, and Retaining Walls	AEI observed surface erosion in scattered areas, including near exterior stairs at the corner of building 3. Improved erosion control measures are recommended where warranted. This work commonly involves redirecting flow from downspouts and/or regrading the ground surface and can typically be handled by a landscaping contractor.	240 days	250	$1,925
Oakley Woods	Topography, Storm Water Drainage, and Retaining Walls	AEI observed damaged wood timbers in the retaining wall between buildings 6 and 7. Retaining wall repairs are recommended.	240 days	1	$3,850
Oakley Woods	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement defincises including alligator cracking and surface depressions along the north and south sections of the property. Pavement repairs are recommended.	240 days	1	$22,000
Oakley Woods	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement at multiple buildings (specifically buildings 3 and 6). The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	500	$2,750
Oakley Woods	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including bare patches of lawn throughout the property. Replacement of missing landscaping elements is recommended.	240 days	1	$2,200
Oakley Woods	Foundations	Flooring in units 24 and 47 were not stable and will require repair during the evaluation period. The areas in question were in the bathroom and mechanical closets where the domestic water heaters were located.	240 days	1	$2,750
Oakley Woods	Roof Systems	Evidence of active roof leaks were observed in apartment unit 30. Immediate repairs to repair roof leaks are recommended.	240 days	1	$1,100
Oakley Woods	Down Units	Unit 33: Water damage and suspect mold in the entire apartment unit. Unit 30: Water damage and suspect mold within the bedroom of the apartment unit. Repairs are recommended.	240 days	2	$22,000
Oakley Woods	Moisture and Microbial Growth	AEI observed significant evidence of framing deterioration or structural damage due to water intrusion and mold infestation in units 30 and 33. Minor areas mold was also observed in the laundry room and unit 47. Immediate repair and remediation is required  during the evaluation period.	240 days	1	$3,300
Oakley Woods	ADA Accessibility and Fair Housing	Lever handle hardware is required on leasing office entry doors.	60 days	1	$220
Meadowland	Site Access, Parking, Pavement	Deficiencies observed consisted of localized deterioration, pothole formation, and longitudinal cracking. Areas impacted were surfaces near building 3 (east), between buildings 5 and 8, and the northeast corner of the site. Sectional repairs and replacement are recommended.	240 days	1	$2,200
Meadowland	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including bare patches of lawn near building 4 with exposed tree roots. Reseeding this area to prevent soil erosion is recommended.	240 days	1	$1,100
Meadowland	ADA Accessibility and Fair Housing	Recommend modifying the leasing office toilet room where feasible.	60 days	1	$3,300
Harbinwood	Site Access, Parking, Pavement	AEI observed widespread asphalt pavement deficisencies including alligator cracking and surface depressions along the north and southwest sections of the property. Pavement repairs are recommended. Due to the severity of the deficiencies it appears that partial full-depth replacement is warranted.	240 days	1	$20,900
Harbinwood	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed that the site steps had no handrails. Handrails are required on both side of stairways of two or more risers. Adding required handrails to approximately 20 sets of stairs throughout the site is recommended as an immediate repair.	180 days	240	$9,240
Harbinwood	Landscaping, Fencing, Signage, Site Lighting	AEI observed distressed landscaping elements including bare patches of lawn throughout the property. Replacement of missing landscaping elements is recommended.	240 days	1	$1,733
Harbinwood	ADA Accessibility and Fair Housing	Provide accessible signage at leasing office parking space	60 days	1	$330
Harbinwood	ADA Accessibility and Fair Housing	Lever handle hardware is required on leasing office entry doors.	60 days	1	$220
Stewart Way	Site Access, Parking, Pavement	AEI observed isolated asphalt pavement deficiencies in the form of cracks supporting weed growth and several potholes. Pavement repairs are recommended to address these deficiencies.	240 days	500 SF	$1,513
Stewart Way	Sidewalks, Curbing, Site Steps, and Ramps	AEI observed concrete walkway cracking and differential settlement in front of unit 10E. The uneven flatwork represents a trip hazard and repairs are recommended.	180 days	1	$1,100
Stewart Way	Landscaping, Fencing, Signage, Site Lighting	AEI observed deteriorated patio fencing at unit 11A. The fencing has partially collapsed and appears to be at the end of its EUL. Immediate replacement is recommended.	240 days	1	$550
Stewart Way	Fire Protection and Life Safety Systems	AEI observed the inspection tags for the fire extinguishers to be more than one year old. At a minimum, fire extinguishers are typically serviced on an annual basis. AEI recommends that the fire extinguishers be serviced and re-certified, or new fire extinguishers installed at all required locations as an immediate repair.	60 days	190	$10,450
Stewart Way	Moisture and Microbial Growth	AEI observed indications of suspected microbial growth in the vacant units #4G, 14D and 22G. A mold assessment to determine the extent of the microbial growth and provide recommendations for remediation is recommended.	240 days	3	$3,300
Stewart Way	On Site Wells	Decomission the 6-8 on site Irrigation Wells	180 days	6-8	$15,840
Stewart Way	ADA Accessibility and Fair Housing	Modify existing accessible parking space to van accessible	60 days	1	$990
Stewart Way	ADA Accessibility and Fair Housing	Existing ramp does not have compliant width, edge protection or handrails. Modifications are recommended.	60 days	1	$1,100
				Total	$756,042

Sources & Uses
Initial Sources:		$/Unit	%	Initial Uses:		$/Unit	%
SMC & BMO Loan	$172,000,000	$52,137	93.0%	Existing SASB Loan	$163,321,464	$49,506	88.3%
Mezzanine Loan	$13,000,000	$3,941	7.0%	Existing Mezz Loan	$10,338,264	$3,134	5.6%
				Closing Costs	$4,259,030	$1,291	2.3%
				First Months Payment	$957,931	$290	0.5%
				Stub Interest	$161,608	$49	0.1%
				Real Estate Tax Reserve	$715,487	$217	0.4%
				Insurance Reserve	$403,757	$122	0.2%
				Immediate Repair Reserve	$756,042	$229	0.4%
				Replacement Reserve	$500,000	$152	0.3%
				Return of Equity	$3,586,417	$1,087	1.9%
Total Initial Sources:	$185,000,000	$56,078	100.0%	Total Initial Uses:	$185,000,000	$56,078	100.0%

COMBINED PAYMENT SCHEDULE							MORTGAGE PAYMENT SCHEDULE							MEZZANINE LOAN PAYMENT SCHEDULE
Period	Days	Date	Principal	Interest	Coupon	Total Payment	Period	Days	Date	Principal	Interest	Coupon	Total Payment	Period	Days	Date	Principal	Interest	Coupon	Total Payment
1	30	12/6/2021	$0.00	$606,029.17	3.9310%	$606,029.17	1	30	12/6/2021	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	1	30	12/6/2021	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
2	31	1/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	2	31	1/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	2	31	1/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
3	31	2/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	3	31	2/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	3	31	2/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
4	28	3/6/2022	$0.00	$565,627.22	3.9310%	$565,627.22	4	28	3/6/2022	$0.00	$498,163.03	3.7238100437993500%	$498,163.03	4	28	3/6/2022	$0.00	$67,464.19	6.6722824974240200%	$67,464.19
5	31	4/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	5	31	4/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	5	31	4/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
6	30	5/6/2022	$0.00	$606,029.17	3.9310%	$606,029.17	6	30	5/6/2022	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	6	30	5/6/2022	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
7	31	6/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	7	31	6/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	7	31	6/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
8	30	7/6/2022	$0.00	$606,029.17	3.9310%	$606,029.17	8	30	7/6/2022	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	8	30	7/6/2022	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
9	31	8/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	9	31	8/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	9	31	8/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
10	31	9/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	10	31	9/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	10	31	9/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
11	30	10/6/2022	$0.00	$606,029.17	3.9310%	$606,029.17	11	30	10/6/2022	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	11	30	10/6/2022	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
12	31	11/6/2022	$0.00	$626,230.14	3.9310%	$626,230.14	12	31	11/6/2022	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	12	31	11/6/2022	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
13	30	12/6/2022	$0.00	$606,029.17	3.9310%	$606,029.17	13	30	12/6/2022	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	13	30	12/6/2022	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
14	31	1/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	14	31	1/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	14	31	1/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
15	31	2/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	15	31	2/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	15	31	2/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
16	28	3/6/2023	$0.00	$565,627.22	3.9310%	$565,627.22	16	28	3/6/2023	$0.00	$498,163.03	3.7238100437993500%	$498,163.03	16	28	3/6/2023	$0.00	$67,464.19	6.6722824974240200%	$67,464.19
17	31	4/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	17	31	4/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	17	31	4/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
18	30	5/6/2023	$0.00	$606,029.17	3.9310%	$606,029.17	18	30	5/6/2023	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	18	30	5/6/2023	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
19	31	6/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	19	31	6/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	19	31	6/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
20	30	7/6/2023	$0.00	$606,029.17	3.9310%	$606,029.17	20	30	7/6/2023	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	20	30	7/6/2023	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
21	31	8/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	21	31	8/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	21	31	8/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
22	31	9/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	22	31	9/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	22	31	9/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
23	30	10/6/2023	$0.00	$606,029.17	3.9310%	$606,029.17	23	30	10/6/2023	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	23	30	10/6/2023	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
24	31	11/6/2023	$0.00	$626,230.14	3.9310%	$626,230.14	24	31	11/6/2023	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	24	31	11/6/2023	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
25	30	12/6/2023	$0.00	$606,029.17	3.9310%	$606,029.17	25	30	12/6/2023	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	25	30	12/6/2023	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
26	31	1/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	26	31	1/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	26	31	1/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
27	31	2/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	27	31	2/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	27	31	2/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
28	29	3/6/2024	$0.00	$585,828.19	3.9310%	$585,828.19	28	29	3/6/2024	$0.00	$515,954.57	3.7238100437993500%	$515,954.57	28	29	3/6/2024	$0.00	$69,873.63	6.6722824974240200%	$69,873.63
29	31	4/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	29	31	4/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	29	31	4/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
30	30	5/6/2024	$0.00	$606,029.17	3.9310%	$606,029.17	30	30	5/6/2024	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	30	30	5/6/2024	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
31	31	6/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	31	31	6/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	31	31	6/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
32	30	7/6/2024	$0.00	$606,029.17	3.9310%	$606,029.17	32	30	7/6/2024	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	32	30	7/6/2024	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
33	31	8/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	33	31	8/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	33	31	8/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
34	31	9/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	34	31	9/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	34	31	9/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
35	30	10/6/2024	$0.00	$606,029.17	3.9310%	$606,029.17	35	30	10/6/2024	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	35	30	10/6/2024	$0.00	$72,283.06	6.6722824974240300%	$72,283.06
36	31	11/6/2024	$0.00	$626,230.14	3.9310%	$626,230.14	36	31	11/6/2024	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	36	31	11/6/2024	$0.00	$74,692.50	6.6722824974240300%	$74,692.50
37	30	12/6/2024	$269,845.82	$606,029.17	3.9310%	$875,874.99	37	30	12/6/2024	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	37	30	12/6/2024	$269,845.82	$72,283.06	6.6722824974240300%	$342,128.88
38	31	1/6/2025	$250,558.28	$625,316.70	3.9310%	$875,874.99	38	31	1/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	38	31	1/6/2025	$250,558.28	$73,779.06	6.7303904835932000%	$324,337.34
39	31	2/6/2025	$251,406.43	$624,468.56	3.9310%	$875,874.99	39	31	2/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	39	31	2/6/2025	$251,406.43	$72,930.91	6.7865950658178400%	$324,337.34
40	28	3/6/2025	$312,607.53	$563,267.45	3.9310%	$875,874.99	40	28	3/6/2025	$0.00	$498,163.03	3.7238100437993500%	$498,163.03	40	28	3/6/2025	$312,607.53	$65,104.42	6.8453048987791700%	$377,711.95
41	31	4/6/2025	$253,315.63	$622,559.35	3.9310%	$875,874.99	41	31	4/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	41	31	4/6/2025	$253,315.63	$71,021.71	6.9217622356783100%	$324,337.34
42	30	5/6/2025	$274,228.01	$601,646.97	3.9310%	$875,874.99	42	30	5/6/2025	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	42	30	5/6/2025	$274,228.01	$67,900.87	6.9867244659226000%	$342,128.88
43	31	6/6/2025	$255,101.38	$620,773.60	3.9310%	$875,874.99	43	31	6/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	43	31	6/6/2025	$255,101.38	$69,235.96	7.0603073979255000%	$324,337.34
44	30	7/6/2025	$275,962.01	$599,912.98	3.9310%	$875,874.99	44	30	7/6/2025	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	44	30	7/6/2025	$275,962.01	$66,166.87	7.1320127036496000%	$342,128.88
45	31	8/6/2025	$256,899.05	$618,975.94	3.9310%	$875,874.99	45	31	8/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	45	31	8/6/2025	$256,899.05	$67,438.30	7.2133758733726300%	$324,337.34
46	31	9/6/2025	$257,768.66	$618,106.33	3.9310%	$875,874.99	46	31	9/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	46	31	9/6/2025	$257,768.66	$66,568.69	7.2929261752794600%	$324,337.34
47	30	10/6/2025	$278,551.98	$597,323.01	3.9310%	$875,874.99	47	30	10/6/2025	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	47	30	10/6/2025	$278,551.98	$63,576.90	7.3767178458160100%	$342,128.88
48	31	11/6/2025	$259,584.12	$616,290.87	3.9310%	$875,874.99	48	31	11/6/2025	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	48	31	11/6/2025	$259,584.12	$64,753.23	7.4720909449153300%	$324,337.34
49	30	12/6/2025	$280,314.82	$595,560.16	3.9310%	$875,874.99	49	30	12/6/2025	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	49	30	12/6/2025	$280,314.82	$61,814.06	7.5658480774497900%	$342,128.88
50	31	1/6/2026	$261,411.69	$614,463.30	3.9310%	$875,874.99	50	31	1/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	50	31	1/6/2026	$261,411.69	$62,925.65	7.6728322406920400%	$324,337.34
51	31	2/6/2026	$262,296.58	$613,578.41	3.9310%	$875,874.99	51	31	2/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	51	31	2/6/2026	$262,296.58	$62,040.77	7.7784370498230100%	$324,337.34
52	28	3/6/2026	$322,477.09	$553,397.90	3.9310%	$875,874.99	52	28	3/6/2026	$0.00	$498,163.03	3.7238100437993500%	$498,163.03	52	28	3/6/2026	$322,477.09	$55,234.86	7.8905651576929300%	$377,711.95
53	31	4/6/2026	$264,276.05	$611,598.93	3.9310%	$875,874.99	53	31	4/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	53	31	4/6/2026	$264,276.05	$60,061.29	8.0377093695476700%	$324,337.34
54	30	5/6/2026	$284,870.77	$591,004.21	3.9310%	$875,874.99	54	30	5/6/2026	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	54	30	5/6/2026	$284,870.77	$57,258.11	8.1667066357746200%	$342,128.88
55	31	6/6/2026	$266,134.93	$609,740.06	3.9310%	$875,874.99	55	31	6/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	55	31	6/6/2026	$266,134.93	$58,202.41	8.3151504385340600%	$324,337.34
56	30	7/6/2026	$286,675.78	$589,199.21	3.9310%	$875,874.99	56	30	7/6/2026	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	56	30	7/6/2026	$286,675.78	$55,453.10	8.4635500586740600%	$342,128.88
57	31	8/6/2026	$268,006.21	$607,868.78	3.9310%	$875,874.99	57	31	8/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	57	31	8/6/2026	$268,006.21	$56,331.13	8.6350682038451000%	$324,337.34
58	31	9/6/2026	$268,913.42	$606,961.57	3.9310%	$875,874.99	58	31	9/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	58	31	9/6/2026	$268,913.42	$55,423.93	8.8075873610936300%	$324,337.34
59	30	10/6/2026	$289,373.74	$586,501.25	3.9310%	$875,874.99	59	30	10/6/2026	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	59	30	10/6/2026	$289,373.74	$52,755.14	8.9938948187094600%	$342,128.88
60	31	11/6/2026	$270,803.23	$605,071.75	3.9310%	$875,874.99	60	31	11/6/2026	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	60	31	11/6/2026	$270,803.23	$53,534.11	9.2109606989649000%	$324,337.34
61	30	12/6/2026	$291,208.78	$584,666.20	3.9310%	$875,874.99	61	30	12/6/2026	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	61	30	12/6/2026	$291,208.78	$50,920.10	9.4316606541894300%	$342,128.88
62	31	1/6/2027	$272,705.66	$603,169.33	3.9310%	$875,874.99	62	31	1/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	62	31	1/6/2027	$272,705.66	$51,631.68	9.6905478491348700%	$324,337.34
63	31	2/6/2027	$273,628.78	$602,246.21	3.9310%	$875,874.99	63	31	2/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	63	31	2/6/2027	$273,628.78	$50,708.57	9.9560998939716200%	$324,337.34
64	28	3/6/2027	$332,747.27	$543,127.71	3.9310%	$875,874.99	64	28	3/6/2027	$0.00	$498,163.03	3.7238100437993500%	$498,163.03	64	28	3/6/2027	$332,747.27	$44,964.68	10.2483564468918000%	$377,711.95
65	31	4/6/2027	$275,681.38	$600,193.61	3.9310%	$875,874.99	65	31	4/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	65	31	4/6/2027	$275,681.38	$48,655.97	10.6443537941182000%	$324,337.34
66	30	5/6/2027	$295,945.55	$579,929.44	3.9310%	$875,874.99	66	30	5/6/2027	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	66	30	5/6/2027	$295,945.55	$46,183.33	11.0121020949399000%	$342,128.88
67	31	6/6/2027	$277,616.35	$598,258.64	3.9310%	$875,874.99	67	31	6/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	67	31	6/6/2027	$277,616.35	$46,720.99	11.4545242270657000%	$324,337.34
68	30	7/6/2027	$297,824.44	$578,050.55	3.9310%	$875,874.99	68	30	7/6/2027	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	68	30	7/6/2027	$297,824.44	$44,304.44	11.9229284537355000%	$342,128.88
69	31	8/6/2027	$279,564.23	$596,310.75	3.9310%	$875,874.99	69	31	8/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	69	31	8/6/2027	$279,564.23	$44,773.11	12.4949168495436000%	$324,337.34
70	31	9/6/2027	$280,510.57	$595,364.42	3.9310%	$875,874.99	70	31	9/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	70	31	9/6/2027	$280,510.57	$43,826.78	13.1117003029952000%	$324,337.34
71	30	10/6/2027	$300,634.78	$575,240.21	3.9310%	$875,874.99	71	30	10/6/2027	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	71	30	10/6/2027	$300,634.78	$41,494.10	13.8268216605197000%	$342,128.88
72	31	11/6/2027	$282,477.76	$593,397.23	3.9310%	$875,874.99	72	31	11/6/2027	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	72	31	11/6/2027	$282,477.76	$41,859.58	14.7281953763277000%	$324,337.34
73	30	12/6/2027	$302,544.95	$573,330.03	3.9310%	$875,874.99	73	30	12/6/2027	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	73	30	12/6/2027	$302,544.95	$39,583.93	15.7387638156569000%	$342,128.88
74	31	1/6/2028	$284,458.08	$591,416.91	3.9310%	$875,874.99	74	31	1/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	74	31	1/6/2028	$284,458.08	$39,879.27	17.0543023099870000%	$324,337.34
75	31	2/6/2028	$285,420.98	$590,454.01	3.9310%	$875,874.99	75	31	2/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	75	31	2/6/2028	$285,420.98	$38,916.37	18.5898533541062000%	$324,337.34
76	29	3/6/2028	$324,418.61	$551,456.38	3.9310%	$875,874.99	76	29	3/6/2028	$0.00	$515,954.57	3.7238100437993500%	$515,954.57	76	29	3/6/2028	$324,418.61	$35,501.81	20.5398217100063000%	$359,920.42
77	31	4/6/2028	$287,485.30	$588,389.69	3.9310%	$875,874.99	77	31	4/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	77	31	4/6/2028	$287,485.30	$36,852.04	23.4983798599967000%	$324,337.34
78	30	5/6/2028	$307,407.37	$568,467.62	3.9310%	$875,874.99	78	30	5/6/2028	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	78	30	5/6/2028	$307,407.37	$34,721.51	27.1660952673073000%	$342,128.88
79	31	6/6/2028	$289,499.03	$586,375.96	3.9310%	$875,874.99	79	31	6/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	79	31	6/6/2028	$289,499.03	$34,838.32	32.9904693502888000%	$324,337.34
80	30	7/6/2028	$309,362.73	$566,512.26	3.9310%	$875,874.99	80	30	7/6/2028	$0.00	$533,746.11	3.7238100437993500%	$533,746.11	80	30	7/6/2028	$309,362.73	$32,766.15	41.9703544868354000%	$342,128.88
81	31	8/6/2028	$291,526.19	$584,348.80	3.9310%	$875,874.99	81	31	8/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	81	31	8/6/2028	$291,526.19	$32,811.15	60.7248442273283000%	$324,337.34
82	31	9/6/2028	$292,513.02	$583,361.97	3.9310%	$875,874.99	82	31	9/6/2028	$0.00	$551,537.64	3.7238100437993500%	$551,537.64	82	31	9/6/2028	$292,513.02	$31,824.33	110.0089364720680000%	$324,337.34
83	30	10/6/2028	$312,289.37	$563,585.62	3.9310%	$875,874.99	83	30	10/6/2028	$268,854.37	$533,746.11	3.7238100437993500%	$802,600.47	83	30	10/6/2028	$43,435.00	$29,839.51	824.3907830063700000%	$73,274.52
84	31	11/6/2028	$294,560.29	$581,314.70	3.9310%	$875,874.99	84	31	11/6/2028	$294,560.29	$581,314.70	3.9310000000000000%	$875,874.99	84	31	11/6/2028	$0.00	$0.00	0.0000000000000000%	$0.00
85	30	12/6/2028	$314,277.31	$561,597.68	3.9310%	$875,874.99	85	30	12/6/2028	$314,277.31	$561,597.68	3.9310000000000000%	$875,874.99	85	30	12/6/2028	$0.00	$0.00	0.0000000000000000%	$0.00
86	31	1/6/2029	$296,621.22	$579,253.77	3.9310%	$875,874.99	86	31	1/6/2029	$296,621.22	$579,253.77	3.9310000000000000%	$875,874.99	86	31	1/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
87	31	2/6/2029	$297,625.29	$578,249.70	3.9310%	$875,874.99	87	31	2/6/2029	$297,625.29	$578,249.70	3.9310000000000000%	$875,874.99	87	31	2/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
88	28	3/6/2029	$354,494.91	$521,380.07	3.9310%	$875,874.99	88	28	3/6/2029	$354,494.91	$521,380.07	3.9310000000000000%	$875,874.99	88	28	3/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
89	31	4/6/2029	$299,832.74	$576,042.25	3.9310%	$875,874.99	89	31	4/6/2029	$299,832.74	$576,042.25	3.9310000000000000%	$875,874.99	89	31	4/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
90	30	5/6/2029	$319,396.95	$556,478.04	3.9310%	$875,874.99	90	30	5/6/2029	$319,396.95	$556,478.04	3.9310000000000000%	$875,874.99	90	30	5/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
91	31	6/6/2029	$301,928.85	$573,946.14	3.9310%	$875,874.99	91	31	6/6/2029	$301,928.85	$573,946.14	3.9310000000000000%	$875,874.99	91	31	6/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
92	30	7/6/2029	$321,432.31	$554,442.68	3.9310%	$875,874.99	92	30	7/6/2029	$321,432.31	$554,442.68	3.9310000000000000%	$875,874.99	92	30	7/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
93	31	8/6/2029	$304,038.94	$571,836.05	3.9310%	$875,874.99	93	31	8/6/2029	$304,038.94	$571,836.05	3.9310000000000000%	$875,874.99	93	31	8/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
94	31	9/6/2029	$305,068.12	$570,806.87	3.9310%	$875,874.99	94	31	9/6/2029	$305,068.12	$570,806.87	3.9310000000000000%	$875,874.99	94	31	9/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
95	30	10/6/2029	$324,480.60	$551,394.39	3.9310%	$875,874.99	95	30	10/6/2029	$324,480.60	$551,394.39	3.9310000000000000%	$875,874.99	95	30	10/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
96	31	11/6/2029	$307,199.16	$568,675.83	3.9310%	$875,874.99	96	31	11/6/2029	$307,199.16	$568,675.83	3.9310000000000000%	$875,874.99	96	31	11/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
97	30	12/6/2029	$326,549.88	$549,325.11	3.9310%	$875,874.99	97	30	12/6/2029	$326,549.88	$549,325.11	3.9310000000000000%	$875,874.99	97	30	12/6/2029	$0.00	$0.00	0.0000000000000000%	$0.00
98	31	1/6/2030	$309,344.42	$566,530.57	3.9310%	$875,874.99	98	31	1/6/2030	$309,344.42	$566,530.57	3.9310000000000000%	$875,874.99	98	31	1/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
99	31	2/6/2030	$310,391.56	$565,483.43	3.9310%	$875,874.99	99	31	2/6/2030	$310,391.56	$565,483.43	3.9310000000000000%	$875,874.99	99	31	2/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
100	28	3/6/2030	$366,064.77	$509,810.22	3.9310%	$875,874.99	100	28	3/6/2030	$366,064.77	$509,810.22	3.9310000000000000%	$875,874.99	100	28	3/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
101	31	4/6/2030	$312,681.38	$563,193.60	3.9310%	$875,874.99	101	31	4/6/2030	$312,681.38	$563,193.60	3.9310000000000000%	$875,874.99	101	31	4/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
102	30	5/6/2030	$331,873.21	$544,001.78	3.9310%	$875,874.99	102	30	5/6/2030	$331,873.21	$544,001.78	3.9310000000000000%	$875,874.99	102	30	5/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
103	31	6/6/2030	$314,863.22	$561,011.77	3.9310%	$875,874.99	103	31	6/6/2030	$314,863.22	$561,011.77	3.9310000000000000%	$875,874.99	103	31	6/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
104	30	7/6/2030	$333,991.81	$541,883.18	3.9310%	$875,874.99	104	30	7/6/2030	$333,991.81	$541,883.18	3.9310000000000000%	$875,874.99	104	30	7/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
105	31	8/6/2030	$317,059.61	$558,815.38	3.9310%	$875,874.99	105	31	8/6/2030	$317,059.61	$558,815.38	3.9310000000000000%	$875,874.99	105	31	8/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
106	31	9/6/2030	$318,132.87	$557,742.12	3.9310%	$875,874.99	106	31	9/6/2030	$318,132.87	$557,742.12	3.9310000000000000%	$875,874.99	106	31	9/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
107	30	10/6/2030	$337,166.70	$538,708.29	3.9310%	$875,874.99	107	30	10/6/2030	$337,166.70	$538,708.29	3.9310000000000000%	$875,874.99	107	30	10/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
108	31	11/6/2030	$320,351.07	$555,523.91	3.9310%	$875,874.99	108	31	11/6/2030	$320,351.07	$555,523.91	3.9310000000000000%	$875,874.99	108	31	11/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
109	30	12/6/2030	$339,320.62	$536,554.37	3.9310%	$875,874.99	109	30	12/6/2030	$339,320.62	$536,554.37	3.9310000000000000%	$875,874.99	109	30	12/6/2030	$0.00	$0.00	0.0000000000000000%	$0.00
110	31	1/6/2031	$322,584.08	$553,290.91	3.9310%	$875,874.99	110	31	1/6/2031	$322,584.08	$553,290.91	3.9310000000000000%	$875,874.99	110	31	1/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
111	31	2/6/2031	$323,676.04	$552,198.95	3.9310%	$875,874.99	111	31	2/6/2031	$323,676.04	$552,198.95	3.9310000000000000%	$875,874.99	111	31	2/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
112	28	3/6/2031	$378,104.27	$497,770.72	3.9310%	$875,874.99	112	28	3/6/2031	$378,104.27	$497,770.72	3.9310000000000000%	$875,874.99	112	28	3/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
113	31	4/6/2031	$326,051.58	$549,823.41	3.9310%	$875,874.99	113	31	4/6/2031	$326,051.58	$549,823.41	3.9310000000000000%	$875,874.99	113	31	4/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
114	30	5/6/2031	$344,855.91	$531,019.08	3.9310%	$875,874.99	114	30	5/6/2031	$344,855.91	$531,019.08	3.9310000000000000%	$875,874.99	114	30	5/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
115	31	6/6/2031	$328,322.62	$547,552.36	3.9310%	$875,874.99	115	31	6/6/2031	$328,322.62	$547,552.36	3.9310000000000000%	$875,874.99	115	31	6/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
116	30	7/6/2031	$347,061.13	$528,813.86	3.9310%	$875,874.99	116	30	7/6/2031	$347,061.13	$528,813.86	3.9310000000000000%	$875,874.99	116	30	7/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
117	31	8/6/2031	$330,608.81	$545,266.17	3.9310%	$875,874.99	117	31	8/6/2031	$330,608.81	$545,266.17	3.9310000000000000%	$875,874.99	117	31	8/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
118	31	9/6/2031	$331,727.93	$544,147.05	3.9310%	$875,874.99	118	31	9/6/2031	$331,727.93	$544,147.05	3.9310000000000000%	$875,874.99	118	31	9/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
119	30	10/6/2031	$350,367.75	$525,507.24	3.9310%	$875,874.99	119	30	10/6/2031	$350,367.75	$525,507.24	3.9310000000000000%	$875,874.99	119	30	10/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00
120	31	11/6/2031	$160,069,037.73	$541,838.14	3.9310%	$160,610,875.87	120	31	11/6/2031	$160,069,037.73	$541,838.14	3.9310000000000000%	$160,610,875.87	120	31	11/6/2031	$0.00	$0.00	0.0000000000000000%	$0.00