Appraisal Research Counselors · Appraisal Research Counselors, ... Company of America and a partner of Real Es tate ... Lambda Alpha International where he served as International

2007 Appraisal Research Counselors www.AppraisalResearch.com

Appraisal Research Counselors

Our People, Project and Property Qualifications

400 EAST RANDOLPH STREET, SUITE 715 CHICAGO, ILLINOIS 60601-7388

312-565-0977 FAX 312-565-3436

www.appraisalresearch.com

Eugene W. Stunard, MAI Joan A. Stunard James K. Kutill Gail L. Lissner, CRE, SRA Ron DeVries, MAI, SRA Russel Haraus, SRA Michael L. Cooper Steven J. Kelley, MAI Allen C. Keiter, MAI Ronald W. Casper, MAI _________________________________ William H. Miller Albany, NY _________________________________ Betty Bogie Long (1932-2005)

Julie A. Kluczynski Joyce A. Marquez Margarita Lopez Joseph P. Dvorak Mary D. Washington Sigrid M. Schmidt Michael W. Wingader Helen Liang-Gee Jennifer A. Ochab Gary J. Wager Beth A. Jensen Stephanie L. Merovci Denise R. Navetta Timothy J. Bailey Mark A. Brenner Elisheva Beller Rebecca Franklin Ron R. Dooman

OFFICE • RETAIL • INDUSTRIAL • MULTI-FAMILY • SENIOR CARE • HOSPITALITY • LAND • SPECIAL-USE CONDOMINIUMS • SINGLE FAMILY • COOPERATIVES • NEIGHBORHOOD PROPERTIES

APPRAISALS ~ MARKET RESEARCH ~ FEASIBILITY STUDIES ~ COUNSELING

PROFESSIONAL SERVICE SINCE 1968

Commercial Real Estate Experience

0

10

20

30

40

50

Jenn

ifer A

. Och

ab

Rebe

cca

R. F

rank

lin

Deni

se R

. Nav

etta

Tim

othy

J. B

ailey

Ron

R. D

oom

anEl

ishev

a Be

ller

Joyc

e A.

Mar

quez

Mich

ael W

. Win

gade

r

Mich

ael L

. Coo

per

Sigr

id M

. Sch

mid

t

Stev

en J

. Kell

ey, M

AIHe

len G

ee

Beth

A. J

ense

nG

ary

J. W

ager

Jose

ph P

. Dvo

rak

David

Dun

ne

Ron

DeVr

ies, M

AI

Allen

C. K

eiter

, MAI

Mar

k A.

Bre

nner

Jam

es K

. Kut

ill

Willi

am H

. Mille

r

Rona

ld W

Cas

per, M

AI

Gai

l L. L

issn

er, S

RA

Euge

ne W

. Stu

nard

, MAI

Year

s

Appraisal Research Counselors, located in downtown Chicago, is a real estate APPRAISAL, RESEARCH AND CONSULTING firm. Established in 1968, we are the largest commercial appraisal firm headquartered in Chicago. We are both a national firm dealing with investment grade property and a neighborhood firm appraising commercial, multi-family and single family properties for local and regional lenders.

We take pride in being independent, avoiding conflicts of interest arising from collateral activities such as accounting, brokerage, construction and development. We typically quote fixed fees or work on hourly rates. We do not accept commissions or contingency fees. Other professional disciplines are comfortable referring clients and sharing information with us; knowing we will not compete with them.

Our size offers the advantage of being able to handle your appraisal, research and counseling needs, no matter how large or small. We staff with experienced professionals so that emergency service is available when you need it.

Although we have the latest hardware, software and proprietary subscription services, we know that expert appraisal/counseling is not a mathematical calculation. We understand and appreciate the Art while taking full advantage of the Science.

Real estate markets are complex. No one is proficient with all property types in all locations. Our firm can provide APPRAISAL, RESEARCH AND COUNSELING in a timely, professional manner to meet the needs of today's fast moving markets.

Appraisal, Research & Counseling Business

Research

Appraisal

Counseling

What’s in a Name?

celebrates its 37th anniversary in 2003. We chose our name to identify what

we do. Clients tell us they want value-added services delivered quickly and efficiently. We listen.

has been an integral part of our past and will

remain so into the future. We have consulted on hundreds of millions of feet of commercial property and hundreds of thousands of multi-family residential units in every part of the Chicago Metropolitan area, 38 states and Canada. Our knowledge base and files go back 40 years. It is a resource and a foundation for many additional studies.

Our mission is to save time and improve the quality of decisions. Because we listen, we

understand your needs. We can help define the question and find the needle in the haystack. We are also well aware that research isn’t just data – its presentation. Our goal is research in a useable format. Our widely read Downtown Chicago Residential Benchmark Report is a quarterly publication that includes detailed data on (1) the 30,000 new units constructed since 1990, (2) the next 10,000 to 12,000 units that will be added, and (3) an apartment rent trend survey covering 16,000 units. With each quarterly edition totaling approximately 500 pages, it is our most prominent publication. Other research examples include:

• scattered site housing and housing for the homeless • special-use assessment practices • apartment rent appreciation trends over the last 30+ years • corporate headquarter location and real estate value trends • groundwater contamination versus pollution source proximity

• comprehensive property sales history in Hyde Park • residential subdivision costs, sales and profits • vacant land absorption patterns for retail development • shopping center sales contrasted with household income patterns • Michigan Avenue and “Loop” land 30-year appreciation trends.

Our product provides the market knowledge and insight to make the best real estate

decisions. This is where we shift from the “what is” to the “what can be.” We refer to it as looking out of the engine rather than the caboose of the train. Our foundation is a 30+ year history of monitoring market trends, watching the cycles and anticipating the next turn. Like research, counseling takes many forms. Examples include:

• market studies • litigation support • due diligence • tenant representation

• project feasibility studies • architectural design review • intelligent conversations

The next 35+years are going to be an exciting time. The information age is transforming real estate in ways not yet even thought of. The business of business will be there – and so will we. What’s in a name? A lot!

Our Property & Project Experience - Page 2

© 2007 Appraisal Research Counselors www.appraisalresearch.com

Eugene W. Stunard, MAI and his wife Joan Stunard are co-founders (1968) of Appraisal Research Counselors. Gene was the Regional Appraiser for Prudential Insurance Company of America and a partner of Real Estate Appraisal Corp. & Land Economics Research Corp., Oak Brook. While Gene is well known for his extensive research and experience in urban housing (including new development, condominium conversions and rehabilitations), his 40+ years in the field include office, retail, apartment, hotel, industrial and special use properties. Gene has qualified as an expert witness for a variety of valuation related issues. Testimony and litigation counseling has been provided in various state and federal courts throughout the United States. Valuation issues have included zoning, environmental

contamination, right-of-way, eminent domain, reverse condemnation, highest and best use analysis, bankruptcy, cram-downs, tax assessment procedures, estate planning, and IRS income taxation. Mr. Stunard received his Bachelor of Science Degree in Urban Land Economics from the University of Illinois. Gene holds both the MAI and SRA designations from the Appraisal Institute. He has served in a variety of positions for the Appraisal Institute including past President of the Chicago Chapter and 6 years on the National Governing Council. Gene also taught appraisal courses for the Appraisal Institute and Triton College. Gene is also an active member of Lambda Alpha International where he served as International President of this honorary land economics society and is a Recipient of the Hall of Fame award presented by the Chicago Association of Realtors for his contributions to the real estate community. James K. Kutill is a Vice President of Appraisal Research Counselors and has been with the firm since 1981. He was formerly an appraiser with Unity Savings Bank and his valuation specialties include hotels such as the Fairmont in Chicago and the Intercontinental in Los Angeles to limited service chains such as Comfort Inn and Super 8 facilities. On the senior care side, Jim has worked throughout the Midwest with operators such as the Alden Group, Care Centers and Sunrise Assisted Living. Mr. Kutill’s office property experience includes a range of CBD (AT&T Center, Illinois Center and 10 & 30 South Wacker in Chicago) and s uburban buildings. For retail, he has been involved with regional malls, community centers and net leased free-standing-retail buildings (Walgreen’s, Blockbuster, et al) throughout the United States. Jim also has experience in review appraisal. Mr. Kutill received his Bachelor of Science Degree in Finance & Real Estate from the University of Illinois at Champaign. He is an Associate member of the Appraisal Institute and has completed the necessary coursework (including having passed the Comprehensive Examination) for his MAI designation. Jim is the Membership Committee Chairperson for the Chicago Real Estate Council (CREC) and is a member of the Illinois Mortgage Bankers Association (IMBA).

William H. Miller is a Vice President of Appraisal Research Counselors, joining the firm in 1984 and operating out of an office in Latham, NY since 1993. Expertise includes institutional investment analysis of office, retail, multi-family, industrial and special purpose properties and review appraisal. A focus is modeling the income and valuation intricacies of real estate development, with an emphasis on new subdivisions, high-rise apartments, leased land, retail and office market absorption. This often entails highest and best use analysis and market feasibility studies. Development assignments include transfer of the O'Hare military base to the City of Chicago, Lakeshore East at Illinois Center, River East and USX's Chicago Lakefront facility. Special purpose assignments include corporate headquarters (Sentry, Wausau, Zenith, Waste Mgmt. et

al), television studios (Harpo, Essanay et al), industrial redevelopments (AT&T, Libby's, et al), hospitals (Cabrini, Chicago Orthopedic, et al), CHA and low income housing (Hilliard, ABLA, Madden Park et al), various universities, contaminated properties and analyzing the digital antenna investment market. Bill has also managed mass appraisal revaluation assignments in Marion County, IN (250,000 parcels), Franklin Township, NY (10,600 parcels) and other locations around the US while employed with the J.M. Cleminshaw Company (1976-1980) and the Washington Township Assessor's office (1980-1984).



Mr. Miller is our leading high-tech expert, including the use of Geographic Information Software (GIS), used to standardize, geocode and data-mine real estate databases such as the 2000 Census, MLSNI, CoStar, LoopNet and various tax assessment jurisdictions. Bill has written articles and papers for the Urban Land Institute, the Chicago Chapter of the Appraisal Institute, Illinois Mortgage Bankers Association, National Council of Real Estate Investment Fiduciaries, Illinois Real Estate Journal and Northern Illinois Real Estate Magazine. Gail L. Lissner, CRE, SRA is a Vice President of Appraisal Research Counselors and has been with the firm since 1975. Ms. Lissner’s valuation specialties include an emphasis in condominium housing in urban markets – both traditional and loft style product. Consultation services include site evaluation for new developments, input on building design/floor plans and evaluation of pricing and marketing programs. She has been retained as a consultant on numerous condominium development projects to determine market demand and price points for new product. Additional experience includes multi-family rental property. Gail is Co-Editor of The Residential Benchmark Report published by Appraisal Research Counselors and The Suburban Chicago Apartment and Condo Conversion Benchmark Report. She is a frequent speaker at the Chicago Real Estate Council as well as real estate development firms. The Benchmark Reports delineate current trends and forecasts for the multi-family and condominium markets in downtown Chicago and the suburbs . Ms. Lissner received her Bachelor of Arts Degree in Political Science from Washington University, attended law school and is a member of Phi Beta Kappa. She has completed numerous courses with the Appraisal Institute and holds the SRA designation conferred by the Appraisal Institute.

Ron De Vries, MAI is Vice President of Appraisal Research Counselors and has been with the firm since 1988 after being employed by Norwest Financial as a Credit Manager. Ron’s valuation experience focuses on mid-market to institutional properties including multi family, industrial, retail and office properties for uses ranging from due diligence and financing to acquisition under condemnation as well as review appraisal. Ron is Co-Editor of The Residential Benchmark Report published by Appraisal Research Counselors and The Suburban Chicago Apartment and Condo Conversion Benchmark Report. He is a frequent speaker at the Chicago Real Estate Council, the Chicagoland Apartment Association as well as real estate development firms. The Benchmark Reports delineate current trends and forecasts for the multi -family and condominium markets in downtown Chicago and the suburbs.

Mr. De Vries has substantial experience in multi-family housing including low-income housing tax credit deals throughout the state of Illinois and project based Section 8 housing. He has worked with Community Investment Corporation as well as the Illinois Housing Development Authority (IHDA) on a number of Mark-to-Market debt restructures and is familiar with the valuation of bond financing. Ron managed the O’Hare Modernization Project (FAA land acquisition) for the firm and has qualified in court as an expert witness. Mr. De Vries is the President of the Chicago Chapter of the Appraisal Institute. On the national level, he serves on the Board of Directors and as Vice Chair of Education. Ron has served on several course development teams including Principles, Procedures, Residential Market Analysis & Highest and Best Use as well as two Income Capitalization courses. He is a frequent instructor for a variety of courses both locally and across the US. He is an adjunct professor for De Paul University, having written (and currently instructing) a commercial property valuation course. Mr. De Vries received his Bachelor of Science Degree in Economics from Western Illinois University. He holds both the MAI and SRA designations from the Appraisal Institute.



Michael L. Cooper is Vice President, Senior Care for the firm. He initially joined Appraisal Research in 1993 when he came from Gloodt Associates in Westmont, IL. After having served as the Tennis Pro at the Oak Brook Tennis Club, Mike rejoined the firm in 1999 and is now specializing in Senior Care property. Mr. Cooper’s core competencies include numerous assignments involving age-restricted housing, assisted living and nursing home facilities throughout Illinois, Wisconsin, Indiana and Missouri. His experience includes a broad range of operations ranging from private pay to Medicaid/Medicare facilities for projects operating successfully as well as work out deals. He is very familiar the HUD MAP program including the extensive supporting forms required in the documentation process as well as FNMA. Additionally, Mr. Cooper has completed numerous market studies required for the HUD submission packages. Mr. Cooper received his Bachelor of Business Administration degree in Real Estate and Finance from the University of Wisconsin-Madison. He has completed a number of courses through the Appraisal Institute and is an Associate Member.

Russel Haraus. SRA is a Vice President and Manager of the Single Family Residential Division of Appraisal Research Counselors and has been with the firm since 1997. He began his career in real estate at Bell Federal Bank of Illinois where he was the Regional Manager for the Appraisal Division. Mr. Haraus’ valuation specialties include expertise in single-family residential properties, condominiums and cooperatives as well as 2-4 unit apartment buildings. He has completed numerous review assignments for financial institutions as well as construction payout inspections. Mr. Haraus is responsible for quality control and review for all of the Single Family appraisers at the firm and oversees electronic integration of reports – providing fully electronic documents, PDF files or hard copies based on client needs.

Mr. Haraus received his Bachelor of Science Degree in Business Management from De Paul University. He holds the SRA designation of the Appraisal Institute. Steven J. Kelley, MAI is a Senior Appraiser with Appraisal Research Counselors where he began his career in real estate in 1991. Steve rejoined the firm in 1999 after leaving Equity Office Properties Trust where he was an Acquisitions Associate. Steve’s valuation specialties include expertise in office properties with projects including Park Avenue Tower and Worldwide Plaza in New York and O’Hare Gateway Center and Schaumburg Corporate Center in Chicago. He performed financial underwriting, due diligence and managed the closing process on over $2B of real estate for Equity Office. Additionally, Mr. Kelley has completed valuation assignments on a wide range of properties including hotels, retail (Old Orchard Mall in Skokie, IL), industrial and multi-family properties in Chicago and throughout the Unites States. He has extensive experience with equity investment analysis, feasibility studies, market studies and highest and best use analysis. Steve has qualified as an expert witness. Mr. Kelley received his Bachelor of Science Degree in Real Estate from Florida State University. He holds the MAI designation of the Appraisal Institute.

Allen Keiter, MAI is a Senior Appraiser with Appraisal Research Counselors. He performs a variety of appraisal, consulting, and due diligence services. Appraisal experience includes fee, leased fee and leasehold interests on all property types. Mr. Keiter specializes in environmentally contaminated property and its impact on value, and appraisals used in litigation. Prior to joining the firm, Mr. Keiter was affiliated with Clarion & Associates as an appraiser specializing in environmental issues. Prior to Clarion, he was the Collateral Risk Manager for ABN AMRO Apartment Lending. He managed the Appraisal Department and the procurement of Environmental Risk Assessment and Property Condition Assessment



reports. Allen was a member of the Management Committee and had loan signing authority. He wrote numerous articles, developed and presented numerous training seminars to bank lenders and underwriters. Having prepared appraisals since 1984 (primarily in Illinois and Florida), noteworthy appraisals included properties impacted with chemical environmental contamination, many special purpose properties, 40,000 acres in dozens of parcels for one of the largest condemnation cases in Florida; 6,000 acres impacted with wetlands in a prime development location, and appraisals prepared for use in litigation. Other assignments have included one of the largest auto assembly plants in United States; the largest RTC asset, Indigo Run Plantation, a 1,700 acre planned subdivision with 5,500 proposed units; an ore processing mill with a ten mile conveyor, the longest conveyor in the world. Mr. Keiter received his Bachelor of Science degree in Finance with an additional emphasis in Real Estate from Pennsylvania State University. He holds the MAI designation of the Appraisal Institute. Ronald W. Casper, MAI is a Senior Appraiser with Appraisal Research Counselors having joined the firm in 2004. Ron’s 30+ year career in real estate valuation includes working for the Chicago area firms of Clarion Associates, Binder Realty Consultants, William A. McCann & Associates, Talman Federal and Scribner & Company. Mr. Casper’s experience includes appraisals for financing, condemnation, ad valorem taxation and environmental issues. Notable condemnation assignments include the conversion of sand and gravel pits to water storage facilities in Denver for the E470 Highway Authority and acquisition assignments for the DuPage County Forest Preserve District in Illinois. The Merchandise Mart was appraised for ad valorem taxes while the Illinois Central Rail Road corridor in Chicago was appraised for the acquisition by METRA. Ron has experience with historic façade easements (ie. the Terminal Annex building in Los Angeles) and has worked with corporations (ie. Harris Bank) on valuations for financial reporting purposes. Financing assignments include notable projects such as the Canterra site along Interstate 88 at Winfield Rd and Quaker Tower in downtown Chicago. Mr. Casper attended the University of Illinois in Champaign/Urbana. He holds the MAI designation of the Appraisal Institute.

Joyce A. Marquez is a Senior Appraiser after having joined the firm in 1997. Joyce was formerly associated with Vestor Realty Consultants where she began her career in real estate. Ms. Marquez specialties include the valuation of condominium developments as well as multi -family rental property for clients including banks and FNMA and Freddie Mac. Residential projects she has worked on include The Edge, Hudson Tower, Kingsbury Park, Kinzie Station, The Harbor (within the New East Side) and Pointe O’Hare. Suburban projects include Linden Woods Condominium (Aurora) and Deer Run Condominiums (Oswego). Joyce has also completed a number of assignments in the Chicago area on office, retail and restaurant properties. Ms. Marquez received her Bachelor of Science Degree in Agriculture and Economics from the University of the Phillipines and she is an Associate Member of the Appraisal Institute.

Joseph P. Dvorak is a Senior Appraiser with the firm. Mr. Dvorak started his real estate career at Appraisal Research in 1987 but left for a short time to join Valuation Counselors, Inc. and later Landauer Associates, Ltd. before rejoining the firm in 1993. Joe has a broad range of experience ranging from investment grade assets (including hotels, office buildings, retail centers, etc.) across the United States to neighborhood commercial properties. Additionally, Joe has completed assignments on a number of Section 8 properties (both project based and vouchers) as well as Low Income Housing Tax Credit projects including bond financing. He has worked with a variety of clients ranging from banks (neighborhood to regional) to law firms such as Earl L. Neal & Associates for condemnation cases. Mr. Dvorak received his Bachelor of Science Degree in Financial Planning from Purdue University, West Lafayette. Additionally, he has completed a number of courses through the Appraisal Institute.



Sigrid M. Schmidt is a Senior Appraiser that, with the exception of a two-year term at Zimmerman Real Estate Group, has been with the firm since 1992. Prior to real estate, Sigrid was a Second Vice President at American National Bank where she designed and installed computer systems for back office operations of the trust, bond trading and securities departments. Ms. Schmidt has focused on neighborhood commercial properties ranging from multi family and mixed-use buildings to owner occupied and income producing industrial properties. She has been involved with numerous condominium conversion projects involving hundreds of units in neighborhoods including Albany Park, Rogers Park, Lakeview, Lincoln Park and the south side neighborhoods of Grand Boulevard, Kenwood and Hyde Park. Ms. Schmidt received her undergrad degree from Indiana University and her MBA from the University of Chicago. She has completed a number of courses through the Appraisal Institute.

Michael W. Wingader is a Senior Appraiser with the firm. Mike began his career in appraisal with American Appraisal Associates in 1992 and then joined Appraisal Research in 1993. He left the firm to join Kensington Realty Advisors as a Loan Officer underwriting commercial loans for the Prudential Express account and then moved to the UK to become the Managing Director of Global Valuation Solutions. Mr. Wingader rejoined the firm in 1999. Mike has significant experience in the market valuation and appraisal of investment-grade commercial real estate properties located throughout the United States. Clients include institutional and private investors, national and multi-national lenders, and the United States federal government. Assets appraised included office, apartment, industrial, retail and special use properties.

Mr. Wingader has a Bachelor of Arts degree in Economics from Lawrence University. He has completed a number of courses through the Appraisal Institute. Helen Liang-Gee began her career as an Appraiser with Appraisal Research in 1989 and returned after a leave of absence in 2002. Prior to real estate appraisal, her experience focused on cost estimating and construction of engineering projects such as the Midland Michigan Power Plant, O’Hare International Airport expansion and the North-South Tollway (I-355). During her leave, she enhanced her entrepreneurial skills in the retail sector and was an adjunct faculty member at Prairie State College. Helen’s background includes the market valuation and appraisal of industrial and special purpose properties (Fort Sheridan, Oprah Winfrey’s Studio and the TCF Bank market feasibility study, et al), multi-family apartment buildings and commercial grade properties throughout the Chicago area. Ms. Gee currently has an emphasis on neighborhood commercial properties in the city and suburbs. She has worked with a broad range of clients including pension funds, regional banks and local lenders. Ms. Gee received her Bachelor of Science degree in Civil Engineering from Purdue University, West Lafayette, Indiana and her Master of Business Administration from DePaul University. Ms. Gee has completed a number of courses offered by the Appraisal Institute. Gary J. Wager joined Appraisal Research in 2002 and was called up for active duty for Operation Iraqi Freedom in early 2003. We are pleased Gary has since returned to the States and is back with the firm. Gary has been appraising real estate since the mid 1980s working for firms such as American Appraisal, Muriello-Meyer and Peterson Appraisal. Mr. Wager’s background includes retail, office and industrial properties as well as multi-family developments. His primary focus is neighborhood commercial properties throughout the city and suburbs of Chicago. Gary received his MBA from DePaul University and he has completed all the courses toward the MAI designation and is an Associate Member of the Appraisal Institute.



Jennifer A. Ochab joined the firm in 2003. She is a Finance Major graduate of the University of Illinois. Ms. Ochab’s responsibilities at the firm include market research and participating in the analysis of appraisal reports and market studies. Her primary focus is on multifamily and condominium projects.

Beth Jensen joined Appraisal Research Counselors as an appraiser in 2004. She started her career in real estate at Merrill Lynch Business Financial Services in 1988 where she was Vice President, Real Estate Closing Manager. Ms. Jensen joined the appraisal office of David A. Kunkel & Associates in 2003 and later joined Appraisal Research Counselors in 2004. Beth has worked on valuation assignments including residential subdivisions, office, warehouse, retail and multi-family projects including condominium developments. Ms. Jensen received her Bachelor of Science Degree in Finance at Coe College and her Master of Business Administration from Benedictine University. She is an Associate member of the Appraisal Institute.

Stephanie Merovci is an Assistant Appraiser with our commercial property divisions. In addition to providing research support for the appraisers, Stephanie oversees our quarterly survey of over 200,000 suburban apartment units. Stephanie joined the firm in 2004.

Denise Navetta joined Appraisal Research Counselors in 2005. She began her career with CBIZ Valuation Group (formerly Valuation Counselors) and later joined the Chicago office of American Appraisal Associates. Denise has worked on valuation assignments across the United States for a wide range of clients including financial institutions, corporations and attorneys. Ms. Navetta has extensive experience with special use and large corporate properties being appraised for financial reporting purposes in addition to multi-family developments. She has also worked on numerous health care related properties including nursing homes, assisted living facilities and hospitals. Ms. Navetta received her Bachelor of Science Degree in Finance / Real Estate from Indiana University Kelley School of Business. She is an Associate Member of the Appraisal Institute.

Timothy J. Bailey joined Appraisal Research Counselors in 2005. He began his career with Great Realty Advisors and later joined Real Property Advisors before coming to ARC. Tim’s background focuses on institutional quality assets including office, retail, industrial and multi-family throughout the Midwest. Clients include traditional regional banks, mortgage brokers and pension fund advisors. He has completed a number of assignments involving Low Income Housing Tax Credits as well as Section 8 properties with Housing Assistance Payments contracts. Mr. Bailey received his Business degree from Western International University He has completed numerous courses and seminars through the Appraisal Institute.



Mark A. Brenner joined Appraisal Research Counselors in 2006. He previously worked for a variety of appraisal firms since his career began in the early 1980s . Mark’s background focuses on neighborhood commercial property including office, retail, industrial and multi-family. He has com pleted assignments for financing, tax appeal, estates, foreclosure and condemnation. Mr. Brenner received his Bachelors degree from Illinois State University.

Elisheva Beller is a Senior Appraiser after having joined the firm in 1999. After a short leave of absence working with her family’s real estate business, she returned to the firm in 2007. Elisheva began her appraisal career at the office of Theodore R. Kowalski and Associates, Ltd. In 1995 and later joined William A. McCann and Associates, Inc. before coming to Appraisal Research. Ms. Beller has a wide range of experience in valuation issues including litigation support for condemnation cases (law firms of Earl L. Neal & Associates, Daley & George and Burk & Ryan), ad valorem tax appeals, impact studies for cellular antenna towers, as well as appraisal for financing purposes. Ms. Beller is part of our Senior Care Division where she specializes in appraisals and market studies for nursing home and assisted living facilities. Ms. Beller received her Bachelor of Arts Degree in Communication as well as her MA from the University of Illinois at Chicago. She has completed all of the educational requirements for the MAI designation through the Appraisal Institute and has successfully passed the Comprehensive Examination.

Ms. Rebecca Franklin is an Appraiser with Appraisal Research Counselors. She joined the firm in 2007. Ms. Franklin began her career in valuation with the firm of Holcer & Company in 2002. She has a wide range of experience including retail, industrial and office plus extensive experience in the residential field. Rebecca has completed numerous subdivision assignments including Springbank in Plainfield by MAF Development and the Woods of South Barrington by Toll Brothers. She has worked with a number of national builders including Lennar, Centex and Kennedy. Ms. Franklin received her Bachelor of Science Degree in Finance from the University of Illinois. She is an Associate member of the Appraisal Instittute.

Mr. Ron Dooman joined Appraisal Research Counselors as an Appraiser in 2007. Mr. Dooman has a wide range of real estate background having started with the firm of Walton Street Capital in 1997. Ron later worked as a credit analyst for two international banks in Chicago and later transitioned to the valuation field and was most recently employed by David A. Kunkel & Associates. Mr. Dooman has extensive experience in retail properties (including underwriting, due diligence and valuation) along with office, industrial and residential projects. Mr. Dooman received his Accounting and Finance degrees from DePaul University and is a Chartered Financial Analyst candidate.



Market Segments Served

Complex Property & Analyses

Institutional

Non-Institutional

Property & Project Experience Geographic and Property Class Coverage Our size and diversity of our people brings a wealth of experience to the firm. The majority of our work is in the Midwest Region (Illinois, Wisconsin, Indiana, and Michigan), where staff maintains active state certifications. Our national assignments (we’ve completed work in 38 States and Canada) tend to be complex projects such as portfolios of office buildings, apartments, industrials and hotels, or unique properties such as corporate headquarters, military bases, and environmentally contaminated properties where we are hired due to the project scope and our professional expertise. Temporary practice permits for each state are obtained on an as needed basis. Our firm provides appraisal, research and counseling services to essentially three different market segments. At one end of the scale are mid to large institutional quality assets while the other end are represented by small to mid non-institutional assets. The latter include properties such as neighborhood stores, apartment buildings and small commercial/industrial facilities. The middle category includes complex projects that often require a multi-disciplined approach. These include special use projects and large-scale redevelopment projects such as Lakeshore East, River East and Fort Sheridan. Client / Project Diversity Clients for investment grade properties include regional banks (Bank One, Bank of America, et al) insurance companies (Principal, Prudential, et al) and pension funds (AEW, State Teachers of Ohio, Kensington Advisors, et al). For non-institutional quality assets, our clients include a number of area banks (New Century Bank, Albany Bank, Pullman Bank, Harris Bank, CIB, Bank One, Bridgeview Bank, et al). We are regularly engaged by attorneys for condemnation, zoning appeals, tax assessment appeals, condemnation, divorce, IRS and SEC filings, as well as bankruptcy/foreclosure proceedings. Developers, such as Magellan, Habitat, Rezmar, American Invsco and MCL hire us for various phases of their projects; ranging from initial acquisition, market feasibility and rezoning to construction lending, bond financing and asset disposition. We also work with government entities, including the City of Chicago, Cook County, Illinois Housing Development Authority (IHDA), State of Wisconsin Department of Taxation, IRS, EPA, US Army Corp of Engineers and the Department of Defense. Replacement cost estimates for insurance purposes can be completed on any improvement. Condominium homeowners associations often engage us for this service. Lease-by-lease analysis software (usually Pro-Ject or Argus) will be utilized as appropriate for properties involving varying lease terms and/or uneven cash flows. Another high-tech tool we utilize is Geographic Information Software (GIS). We have the capability to standardize, geocode and data-mine virtually any real estate database as well as read your map files in most common formats (ARC/INFO, ESRI, Map Info, Tiger,

Maptitude, Arcview, ETAK, Oracle, SQL, DB2, GeoTiIFF). One example is Sampled Trend Analysis based on the approximate 110,000 residential sales reported each year to the MLS. This bottom-up approach permits refined demographic analysis of key real estate variables (versus allocated estimates based on national patterns). We have professionals on staff familiar with the software intricacies; but we also have the common sense and real estate aptitude to realize software is simply a tool in the valuation process. On the multi-family side, we have significant experience with the FNMA DUS programs as well as Freddie Mac, working with lenders such as ARCS Commercial Mortgage, GMAC Commercial Mortgage, Northmarq Capital, Reilly Mortgage and Red Capital.



Our Diversified Practice

5% Hospitality

5% Industrial10% Office

10% Retail

15% Neighborhood

15% Condominium

Projects

10% Multi-Family Apartments

5% Special Projects

15% Single Family

10% Senior Care

FNMA DUS / Freddie Mac Our extensive experience in multi-family properties includes a staple of assignments completed under the FNMA DUS program as well as Freddie Mac. We have a number of staff members who are very familiar with the more extensive appraisal valuation/reporting requirements (such as market analysis, vacancy assumptions and rent growth) under the guidelines. We have worked with lenders including Reilly Mortgage Group, Inc., ARCS Commercial Mortgage, GMAC Commercial Mortgage, Northmarq Capital, Glaser Financial Group, Green Park Financial and Red Capital. Residential Benchmark Reports The explosion of residential development in the greater downtown Chicago area starting in the mid 90s, led to the creation of our Residential Benchmark Report – a quarterly publication detailing both the rental and for-sale markets. The detailed report (with over 100 active subscribers) includes rent and occupancy trends by building along with expense information. A project-by-project detail of absorption and pricing information for all significant condominium and rental projects (new construction, conversion and loft) is presented along with an analysis of anticipated demand and supply. In 2005, the first issue of The Suburban Chicago Apartment & Condo Conversion Benchmark Report was released. This report tracks rents, occupancies and concessions on over 70,000 units in the suburbs plus transaction highlights, the development pipeline and condo conversion activity on all major projects. Single Family Properties The single-family appraisal business (including 1-4 unit residential property) has been part of Appraisal Research Counselors since the company was founded in 1968. While initially focused on the greater Chicago downtown market including condominiums and cooperatives in hi-rises to brownstones and detached single-family homes, this segment of our business has grown to a fully staffed organization serving the entire Chicago metropolitan area. Appraisal Research Counselors has a very diversified practice. We are active participants on a day-to-day basis in virtually every real estate market based on property type. Whether your property is a neighborhood 6-flat or a 60-story high-rise, a mom & pop storefront or a regional community center, a local dentist’s office or a major medical office complex, a contractor’s storage yard or a massive hot water heater factory, an economy hotel in rural Wisconsin or luxury resort on the Magnificent Mile - we have the core competence to complete the assignment in a timely and professional manner. Every major company has key phrases which succinctly state what they offer. One of ours is Market Facts – Market Solutions. The following pages contain a brief summary of properties/projects for which Appraisal Research Counselors was engaged to provide professional services.



Office Property Square Feet Arlington Place III, Arlington Heights, IL 142,946 Bannockburn Lake Office Plaza 4, Bannockburn, IL 108,574 Barrington Place Office Center, Barrington, IL 95,000 Internal Revenue Service, Bloomington, IL 225,009 Greenwood Place, Chicago, IL 112,695 11 East Adams, Chicago, IL 156,613 30 East Adams, Chicago, IL 162,933 318 West Adams, Chicago, IL 159,795 1300 West Belmont, Chicago, IL 35,136 O’Hare Gateway Office Center, Chicago, IL 350,238 River Center, Chicago, IL 781,883 2356 North Damen, Chicago, IL 47,824 Property Square Feet 10 North Dearborn, Chicago, IL 90,000 33 North Dearborn, Chicago, IL 317,852 500 North Dearborn, Chicago, IL 168,592 1 North Franklin, Chicago, IL 617,592 8501 West Higgins, Chicago, IL 153,852 O’Hare Plaza II, Chicago, IL 233,650 800 West Huron, Chicago, IL 28,583 55 East Jackson, Chicago, IL 668,703 Jackson Quincy Court Building, Chicago, IL 178,000 626 West Jackson, Chicago, IL 103,229 208 South LaSalle, Chicago, IL 827,494 Traders Building, Chicago, IL 145,802 70 East Lake, Chicago, IL 148,694 4401 West Lawrence, Chicago, IL 30,997 Gage Building, Chicago, IL 171,777 332 South Michigan, Chicago, IL 369,296 Realtors Building, Chicago, IL 255,464 33 West Monroe, Chicago, IL 864,507 Wieboldt’s Building, Chicago, IL 669,984 36 South State, Chicago, IL 229,524 Maller’s Building, Chicago, IL 273,720 185 North Wabash, Chicago, IL 240,000 330 North Wabash, Chicago, IL 440,000 111 West Washington, Chicago, IL 748,000 200 Turnpike Rd, Chelmsford, MA 42,546 Birmingham Tower, Birmingham, MI 97,877 Somerset Building, Southfield, MI 30,800 Dwight, Burnap & BOT Buildings, Kansas City, MO 352,680 Woodlands Plaza, St. Louis, MO 82,528 Morris Plaza, Montville, NJ 33,366 Mellon Bank Building, New Kensington, PA 40,734 NAR Building, Washington DC 153,768 Lincoln Garden, Tampa, FL 72,827 Projects range from neighborhood office properties for owner users to CBD office buildings across the United States. While many of the projects were completed for institutional investors where the properties were running at stabilized occupancies, we have been involved in numerous projects requiring lease up and/or redevelopment to alternate uses such as residential condominium within CBDs. Appraisal Research Counselors has completed a number of assignments related to Corporate Headquarter facilities throughout the United States. These properties present unique challenges – particular those located in small markets where estimating demand and functional issues is problematic as they are the dominant employer in the market. We have worked with both the ownership entities as well as local governmental offices in estimating value for ad valorem tax purposes.



Retail Property Square Feet Addison Commons, Addison, IL 76,327 Ridge Plaza, Arlington Heights, IL 177,267 Aurora Market Place, Aurora, IL 331,000 Fabyan Randall Plaza, Batavia, IL 92,785 Berkeley Square, St. Charles, IL 51,700 Lake Meadows Shopping Center, Chicago, IL 175,627 Lake Park Pointe, Chicago, IL 80,104 Chatham Ridge, Chicago, IL 180,843 1617 West Belmont, Chicago, IL 59,309 3000 South Halsted, Chicago, IL 51,238 Property Square Feet Circle Court Shopping Center, Chicago, IL 190,602 Olympia Plaza, Chicago Heights, IL 123,397 Hawthorn Works, Cicero, IL 286,317 Cadwell’s Corner, Deerfield, IL 89,409 Dolton Plaza, Dolton, IL 50,989 Fairview Heights Plaza, Fairview Heights, IL 150,713 Stone Hill Center, Fox River Grove, IL 73,120 Stonebridge Square, Hazel Crest, IL 83,800 Hickory Palos Square, Hickory Hills, IL 200,012 Wieboldt’s, Joliet, IL 140,000 Market Square, Lake Forest, IL 140,014 Highpoint Shopping Center, Lombard, IL 240,511 Matteson Town Center, Matteson, IL 167,913 Broadview Square, Maywood, IL 740,000 McHenry Plaza, McHenry, IL 69,298 Builders Square, Melrose Park, IL 109,800 Hickory Creek Shopping Center, Mokena, IL 63,750 City Line Plaza, Moline, IL 116,900 Mt. Prospect Plaza, Mt. Prospect, IL 298,600 Main Street Promenade, Naperville, IL 128,174 Orland Park Plaza, Orland Park, IL 270,659 Shops at Mill Creek, Palos Park, IL 102,345 Bergner’s, Quincy, IL 106,400 River Forest Center, River Forest, IL 88,475 Shoppes of Orchard Place, Skokie, IL 165,514 Naperville Commons Shopping Center, Naperville, IL 52,814 Danada Square West, Wheaton, IL 316,948 Merritt Point Shopping Center, Dundalk, MD 72,227 Branch Avenue Shopping Center, Suitland, MD 143,135 Bloomfield Town Sq, Bloomfield Hills, MI 227,713 Green Acres Plaza, Saginaw, MI 276,801 Southport Plaza, Kenosha, WI 355,327 Millroad Center, Milwaukee, WI 104,325 Aviation Plaza, Oshkosh, WI 174,715 In addition to the above noted properties which range from neighborhood to community and power centers, we have completed numerous projects involving neighborhood retail centers. The explosion of the net leased free-standing retail building market and the correlating 1031 exchange market, in part caused by the flight of capital from soft assets to hard, has created the need for appraisals for debt placement. We have completed numerous assignments involving retail chains such as Walgreens, Blockbuster Video, as well as State leased properties. Prices being paid for these assets reflect not only the bricks and mortar but often an enhancement due to the lease terms associated with the tenant.



Industrial Property Square Feet Jetport Commerce Park, Tampa, FL 284,295 Meadows I, II & III, Addison, IL 747,466 Unisource Worldwide, Addison, IL 257,880 5000 West 123rd Street, Alsip, IL 92,826 11750 South Austin, Alsip, IL 1,023,681 Ames Warehouse, Alsip, IL 500,209 Grain Systems I, Assumption, IL 517,614 White Oak, Aurora, IL 260,428 Meridian Business Park, Aurora, IL 514,024 575 Exchange Court, Aurora, IL 50,490 1055 Kingsland, Batavia, IL 55,418 Frit’s Air Freight, Bensenville, IL 229,765 Property Square Feet 370 & 485 Crossroads Parkway, Bolingbrook, IL 258,560 325 Marmon Drive, Bolingbrook, IL 224,640 Motorola, Buffalo Grove, IL 105,762 CDW, Buffalo Grove, IL 101,890 Corporate Commerce Center, Burr Ridge, IL 64,150 Gateway Industrial Park, Chicago, IL 641,338 Berry Bearing Company, Chicago, IL 78,793 Five Continents, Chicago, IL 94,337 4242 West 42nd Place, Chicago, IL 223,467 Banner Wholesale Grocer, Chicago, IL 66,504 Bodine Electric, Chicago, IL 367,512 Nestle’s, Chicago, IIL 85,009 Reebie Storage, Chicago, IL 69,762 Rheem Water Heater, Chicago, IL 706,826 Center for Research Libraries, Chicago, IL 127,226 Zenith Electronics, Chicago, IL 586,327 Peerless Confection, Chicago, IL 149,625 Dexter Corporation, Elk Grove Village, IL 52,357 United Stationers, Forest Park, IL 81,000 Bekin Van Lines, Hillside, IL 99,000 1500 Bryn Mawr, Itasca, IL 76,768 Liquid Controls, Lake Bluff, IL 61,346 Sloan Valve, Melrose Park, IL 112,000 Dundee Place, Northbrook, IL 115,866 Windham Industrial, Romeoville, IL 469,592 Grot Tool, Skokie, IL 109,678 Amhurst Lake III, Waukegan, IL 182,817 AT&T Facility, West Chicago, IL 714,570 38 American Business Center, Hammond, IN 800,000 Wolf Lake Industrial Center, Hammond, IN 608,127 AT&T Facility, Indianapolis, IN 313,400 The Monon Corporation, Monon, IN 522,469 Venice Industrial, Fraser, MI 106,880 Avon Industrial, Rochester, MI 67,200 Bay Colony, Troy, MI 93,984 Troy Commerce Center, Troy, MI 80,534 4600 South 90th Street, Omaha, NE 144,208 Santa’s Best, Millville, NJ 266,800 Santa’s Best, Lubbock, TX 307,120 1051 South Freeport Industrial Parkway, Clearfield, UT 614,976 Broadbent Centennial Plaza, Salt Lake City, UT 244,000 Orion Corporation, Pleasant Prairie, WI 148,472 2025 South 114 th Street, West Allis, WI 243,350 Our industrial property experience includes bulk distribution warehouse, light and heavy manufacturing, cold storage and USDA facilities. We have completed assignments on a number of truck terminals as well as self-storage facilities (both climate and non-climate controlled).



Hospitality Hilton Garden Hotel, Addison, IL Country Aire Motel, Addison, IL Alsip Budgeteer, Alsip, IL Best Western Hotel, Charleston, IL Grand Motel Central, Chicago, IL Days Inn, Clark Street, Chicago, IL Fairmont Hotel, Chicago, IL Sheraton Hotel, Chicago, IL The Eleanor, Chicago, IL Guest Quarters, Chicago, IL Grand Motel South, Chicago, IL Amerisuites, Higgins Rd, Chicago, IL Ohio House, Chicago, IL Ramada Lakeshore, Chicago, IL Grand Motel West, Chicago, IL Howard Johnson, Michigan Ave, Chicago, IL Comfort Inn, Ohio St, Chicago, IL Stouffer’s Hotel, Chicago, IL Hawthorn Suites, Des Plaines, IL Howard Johnson, Elgin, IL Ramada Hotel, Elgin, IL Extended Lodge, Elk Grove Village, IL Fairfield Inn, Glenview, IL Holiday Inn, Gurnee, IL Clarion Hotel Moraine, Highwood, IL Best Western Hotel, Hinsdale, IL Homewood Inn Hotel, Homewood, IL Holiday Inn Express, Joliet, IL Super 8 Motel, Joliet, IL Best Inns Hotel, Libertyville, IL Country Club Motel, Melrose Park, IL Super 8 Motel, Mokena, IL Budgeteer, Naperville, IL Red Carpet Hotel, North Chicago, IL Write Inn, Oak Park, IL Carleton of Oak Park, Oak Park, IL Comfort Suites, Oak Brook Terrace, IL Comfort Inn, Peru, IL Super 8 Motel, Pontiac, IL Ramada Inn, Quincy, IL Super 8 Motel, Romeoville, IL Renaissance Hotel, Rosemont, IL Hawthorn Suites, Schaumburg, IL Wingate Inn, Schaumburg, IL Woodfin Suites, Schaumburg, IL Residence by Marriott, Schiller Park, IL Comfort Suites, Schiller Park, IL Howard Johnsons, Skokie, IL Super 8 Motel, St. Charles, IL Ramada Inn, Waukegan, IL Hawthorn Suites, Waukegan, IL Candlewood Hotel, Wheeling, IL Knights Inn, Merrillville, IN Leland Hotel, Richmond, IN Best Inns Hotel, Roseland, IN Best Inns, Stevensville, MI Hampton Inn, Atlantic City, NJ Holiday Inn Express, Streetsboro, OH Best Western, Toledo, OH McKnight Road Hotel, Pittsburgh, PA Holiday Inn, Rapid City, SD Howard Johnsons, Kenosha, WI The Drake Hotel, Chicago, Illinois The Sheraton (land lease), Chicago, IL Hotel Inter-Continental, Los Angeles, CA As indicated in the above list, our experience in the hospitality area includes the full range of product including the highway interchange budget facilities to full service hotels and luxury properties. Our valuation product includes Smith Travel Research reports for the market area supplemented by our primary research into the direct competitors.



Senior Care Meadow Lane HC, Davenport, IA Marion Heights Apartments, Alton, IL Arcola HC Center, Arcola, IL Aurora AL Center (SLF), Aurora IL Aurora Manor, Aurora, IL Fox River Pavilion, Aurora, IL Alden Waterford IL, Aurora, IL Heritage Woods, Batavia, IL Royal Heights N & R, Belleville, IL Bement HCC, Bement, IL Anchorage of Bens., Bensenville, IL Meadow Crest Multi., Bensenville, IL Heritage Woods, Benton, IL Fairfax Nursing Facility, Berwyn, IL Meadowbrook Manor, Bolingbrook, IL Robings Manor, Brighton, IL Sunset Nursing Home, Burbank, IL Burnham Health Care, Burnham, IL Timber Point HCC, Camp Point, IL Sunset Manor of Canton, Canton, IL Renaissance Care, Canton, IL Heritage Manor, Champaign, IL Round Barn Manor, Champaign, IL Prairie View CC, Charleston, IL Coles SLFacility, Chicago, IL Washington HCC, Chicago, IL Columbus Park N & R, Chicago, IL Brightview Care Center, Chicago, IL Casa Central, Chicago, IL Sunrise Assisted Living, Chicago, IL Lakeview Nursing, Chicago, IL Avenue Care NH, Chicago, IL Lincoln Pk Retirement Ctr, Chicago, IL Renaissance Center, Chicago, IL Glenview Terrace, Chicago, IL Halsted Terrace, Chicago, IL Wilson Care, Chicago, IL Jackson Square NH, Chicago, IL Bryn Mawr Care, Chicago, IL Glen Elston Nursing, Chicago, IL Park House NH, Chicago, IL Mayfair Commons, Chicago, IL Southview Manor NH, Chicago, IL Boulevard Care, Chicago, IL Carlton at the Lake, Chicago, IL Winston Manor NH, Chicago, IL St. Martha Manor, Chicago, IL Gardenview Home, Chicago, IL Grasmere House, Chicago, IL Somerset House, Chicago, IL Lakeshore HC, Chicago, IL Sherwin Manor, Chicago, IL Glencrest N&R Centre, Chicago, IL Community Care NH, Chicago, IL Mt Vernon Haven Homes, Chicago, IL Continental Care, Chicago, IL Wedgewood Nurs. Pav., Chicago, IL Prairie Manor HCC, Chicago Hts, IL Myers Senior Residences, Darien, IL Eagle Ridge of Decatur, Decatur, IL Oxford House, Decatur, IL North Plaza, Decatur, IL Colonial House, DeKalb, IL Oakton NH, Des Plaines, IL Oak Ridge Manor, Dixon, IL Countryside HCC, Dolton, IL East Peoria Gardens, E Peoria, IL Anna Henry Nursing, Edwardsville, IL Evergreen Care & Rehab, Effingham, IL Friendship Manor, Eldorado, IL Old Crest Residence, Elgin, IL Alex ian Village, Elk Grove Village, IL Greenwood Care, Evanston, IL The Albany House, Evanston, IL Evergreen HC, Evergreen Park, IL Pavilion of Forest Pk, Forest Pk, IL Havana HCC, Havana, IL Prairie Village HC, Jacksonville, IL Hillcrest Nursing, Joliet, IL Salem Village, Joliet, IL Kewaunee HC, Kewaunee, IL Prairie View Care, Lewistown, IL Country View Terrace, Louisville, IL Wesley Village, Macomb, IL Meridian Nursing Center, Dyer, IN Lake County Rehab, East Chicago, IN Eastlake N & R, Elkhart, IN Wildwood Manor, Gary, IN Sebo’s N & R Center, Hobart, IN Norton HCC East, Indianapolis, IN Merry Manor NH, Indianapolis, IN Greensprings, South Bend, IN Pines Village, Valparaiso, IN Cedars HCC, Cedar Hill, MO Spring River Christian Vill., Joplin, MO Northview NH, St. Louis, MO Belmont N&R Center, Madison, WI Coventry Madison, Madison, WI Mequon Care Facility, Mequon, WI Highland HC, Milwaukee, WI Our Senior Care experience spans the full range of product in the market from age-restricted apartment buildings (often referred to as independent living facilities) to assisted living and nursing home care (both skilled and unskilled). We are very familiar with the state programs for most of the Midwest regarding reimbursement rates. In addition to appraisals completed for financial institutions, the firm has completed a number of assignments under HUD’s MAP lending program for both Section 232 and Section 236 deals where we incorporate a three tiered approach for completion of the appraisal, market study and supporting forms. We have worked throughout the Midwest with operators such as the Alden Group, Care Centers and Sunrise Assisted Living.



Multi-family Property Units Property Units Chateau Knolls, Bettendorf, IA 394 Anita Terrace, Antioch, IL 96 Arbor Lakes, Arlington Hts, IL 379 Waterford Pl, Arlington Hts, IL 280 Mallard Cove, Arlington Hts, IL 468 Sun Prairie @ Fox Valley, Aurora, IL 120 Orchard Village, Aurora, IL Aspen Place, Aurora, IL 416 Wilshire Twrs, Bloomingdale, IL 321 1 Bloomingdale Pl, Bloomingdale, IL 170 Village Green, Bloomington, IL 449 The Fields, Carbondale, IL 156 Silverstone Lake, Carpentersville, IL 456 Catalina @ Cherryvale, Cherry Vly, IL 256 Algonquin Apts, Chicago, IL 414 Twin Towers, Chicago, IL 253 Taylor Place, Chicago, lL 410 Left Bank, Chicago, IL 452 Wolf Point, Chicago, IL 357 100 West Chestnut, Chicago, IL 280 Plaza on Dewitt, Chicago, IL 407 Lakeview Towers, Chicago, IL 500 Fisher Building, Chicago, IL 180 Grand Plaza, Chicago, IL 764 Delaware Place, Chicago, IL 185 The Parkshore, Chicago, IL Huron Plaza, Chicago, IL 460 The Hermitage, Chicago, IL 239 Property Units Jefferson Place, Chicago, IL 274 Park LaSalle, Chicago, IL 148 North Pier, Chicago, IL 505 Hawthorn House, Chicago, IL 455 Lakeside Square, Chicago, IL 308 Presidential Towers, Chicago, IL 2,346 Imperial Towers, Chicago, IL 443 Cityfront Place, Chicago, IL 480 535 North Michigan, Chicago, IL 460 Long Grove House, Chicago, IL 356 Regent on LaSalle, Chicago, IL 510 McClurg Court, Chicago, IL 1,075 Onterie Center, Chicago, IL 594 Quadrangle House, Chicago, IL 260 One Superior Place, Chicago, IL 809 Columbus Plaza, Chicago, IL 534 Hearts United Ph I-IV, Chicago, IL Paul G. Stewart Apts, Chicago, IL Madden-Wells, Chicago, IL River City, Chicago, IL 448 Skyridge Club I & II, Crystal Lake, IL 362 Glen Oaks Comm, Des Plaines, IL 504 Bristol Club, Downers Grove, IL 420 Evanston Place, Evanston, IL 190 Stonegate, Glendale Hts, IL 1,150 Glenlake Club, Glendale Hts, IL 336 Fordham Glen, Glendale Hts, IL 296 Candlewood, Hickory Hills, IL 263 Hoffman Ridge, Hoffman Est, IL 549 Forest Point, Lake Bluff, IL 236 Green Trails, Lisle, IL 440 International Village, Lombard, IL 671 Birchwood Terr, Mt. Prospect, IL 296 Fairfield, Naperville, IL 321 Mill Pond, Naperville, IL 216 Railway Plaza, Naperville, IL 417 Chanticleer Lakes, Naperville, IL 304 Clover Ridge East, Palatine, IL 276 Lion Crest, Richton Park, IL 270 Saratoga, Rolling Meadows, IL 276 High Point Woods, Romeoville, IL 352 Treehouse II, Shaumburg, IL 480 Village Park, Schaumburg, IL 367 Garden Glen, Schaumburg, IL 460 Victorian Park, Streamwood, IL 336 Lincoln at Ovaltine, Villa Park, IL 344 Fox Crest, Waukegan, IL 252 Emhurst Lake, Waukegan, IL 276 Pheasant Ridge, West Chicago, IL 168 Ascot Glen, Wheaton, IL 600 Woodland Creek I & II, Wheeling, IL 348 Emerald Courts, Woodridge, IL 376 Maple Lake, Woodridge, IL 762 Bristol Club, Downers Grove, IL 420 Windsor at Seven Oaks, Peoria, IL 312 Windsor @ Gaslight Sq, Peoria, IL 250 The Lakes, Indianapolis, IN 230 Broadmoor Cntry Clb, Merrillville, IN 264 Harbour Town, Noblesville, IN 204 The Crossings, Lenexa, KS 240 Village Greens, Canton, MI 250 The 800, Louisville, KY 246 Oxford Place, Grand Rapids, MI 306 Drakes Pond, Kalamazoo, MI 497 The Heights, Madison Hts, MI 225 Pavilion Court, Novi, MI 377 Regents Park, Troy, MI 299 Chimney Hill, W Bloomfield, MI 328 The Atrium, Burnsville, MN 348 Oxford Hills, St. Louis, MO 480 Arbors Montgomery, Cinci, OH 264 Village Pk of Fairfield, Fairfield, OH 660 Multi-family experience at the firm ranges from smaller projects (under 50 units) to large-scale developments including thousands of units such as Presidential Towers in Chicago. Properties range in their life cycle from new construction product to older Class C product being renovated for repositioning in the market. Our extensive experience in multi-family properties includes a staple of assignments completed under the FNMA DUS program as well as Freddie Mac. We have a number of staff members who are very familiar with the more extensive appraisal valuation/reporting requirements (such as market analysis, vacancy assumptions and rent growth) under the guidelines. We have worked with lenders including Reilly Mortgage Group, Inc., ARCS Commercial Mortgage, GMAC Commercial Mortgage, Northmarq Capital, Glaser Financial Group, Green Park Financial and Red Capital. Because of the number projects we have been retained for in the greater downtown Chicago market, we developed The Residential Benchmark Report which delineates rent and occupancy trends (including absorption for new developments) for all the major buildings along with expense summaries and a synopsis of all major projects being considered for development. More information about the Benchmark can be obtained on our website. For the subsidy market, we have completed a number of projects involving Low Income Housing Tax Credits, bond financing, as well as project based Section 8 (HAP contracts) buildings. With the wealth of data available, we can complete the HUD Rent Comparability Studies in a timely, cost effective manner. We are very familiar with the requirements under the HUD MAP program and have completed numerous assignments involving market studies, appraisals and the various forms (rent, expense, summary appraisal).



Condominum Projects New Construction – Adaptive Reuse – Conversions 1250 North Dearborn, Chicago, IL 400 North McClurg, Chicago, IL 480 North McClurg, Chicago, IL 420 East Ohio, Chicago, IL 401 East Ontario, Chicago, IL 100 East Huron, Chicago, IL 195 North Harbor Dr, Chicago, IL 474 North Lake Shore Dr, Chicago, IL 111 West Maple, Chicago, IL 312 North May, Chicago, IL 1017 West Washington, Chicago, IL Hale Lofts, Peoria, Chicago, IL Haberdasher I & 2, Jackson, Chicago, IL 1000 West Washington I & 2, Chicago, IL Park Newberry, Dearborn, Chicago, IL East Water Place, Chicago, IL Michigan Avenue Lofts, Chicago, IL Erie Center, Erie, Chicago, IL Spagetti Lofts, Grand, Chicago, IL Singer on State, Chicago, IL Heartbreak Lofts, Loomis, Chicago, IL 1017 West Washington, Chicago, IL Polk Street Station, Polk, Chicago, IL Erie Center, Erie, Chicago, IL 21 West Chestnut, Chicago, IL Kinzie Station, Kinzie, Chicago, IL Burnham Station, 15th St, Chicago, IL Madison Manor I & II, Madison, Chicago, IL Columbus on the Park, Lytle, Chicago, IL Sexton ABCD, Illinois, Chicago, IL Stadium Center I, Ashland, Chicago, IL 1515 South Michigan, Chicago, IL Metro Place, Canal, Chicago, IL 330 South Michigan, Chicago, IL Gotham Lofts I & II, Chicago, IL Vanguard Lofts, Van Buren, Chicago, IL Beacon Lofts, Adams, Chicago, IL Washington Square, Chicago, IL The Bristol, Delaware, Chicago, IL Kinzie Station Plaza, Kinzie, Chicago, IL Riverbend, Canal, Chicago, IL 2120 North Lincoln Park West, Chicago, IL Kinzie Station Plaza TH’s, Kinzie, Chicago, IL City Centre, Washington, Chicago, IL Bank Note Lofts I & II, Indiana, Chicago, IL 630 North State, Chicago, IL 1429 North Wells, Chicago, IL Skybridge, Halsted, Chicago, IL Michigan Place, Michigan, Chicago, IL The Neopolitan, Wells, Chicago, IL The Farralon, Dearborn, Chicago, IL Platinum Tower, Dearborn, Chicago, IL Wells St Tower, Wells, Chicago, IL Admirals Point, Ontario, Chicago, IL 340 West Superior, Chicago, IL Fordham Tower, Superior, Chicago, IL Fulton Court, Des Plaines, Chicago, IL St. John’s Park, Ogden, Chicago, IL Commonwealth, Prairie, Chicago, IL 1918 South Michigan, Chicago, IL Film Exchange, Wabash, Chicago, IL Dearborn Tower, State, Chicago, IL Imperial Lofts, Wabash, Chicago, IL Blue Moon, Carpenter, Chicago, IL Ravinia Lofts, Wabash, Chicago, IL Archer Lofts, Archer, Chicago, IL Park 1500 Lofts, Monroe, Chicago, IL Concord Center, Washington, Chicago, IL Museum Park, Indiana, Chicago, IL The Pearson, Pearson, Chicago, IL 840 Lake Shore Drive, Chicago, IL North Tow n Village, Halsted, Chicago, IL University Village, Halsted, Chicago, IL Prairie House, Prairie, Chicago, IL Belle Maison, Erie, Chicago, IL Erie on the Park, Erie, Chicago, IL The Atrium, Morgan, Chicago, IL Millenium Center, Ontario, Chicago, IL The Caravel, Dearborn, Chicago, IL Skytech Lofts, Monroe, Chicago, IL 111 South Morgan, Chicago, IL 1111 South Wabash, Chicago, IL The Enclave, Racine, Chicago, IL Kingsbury on the Park, Chicago, IL City View Tower, Randolph, Chicago, IL Grand on Grand, Chicago, IL The Sterling, LaSalle, Chicago, IL The Metro, Monroe, Chicago, IL Park Alexandria, Jefferson, Chicago, IL The Pinnacle, Huron, Chicago, IL Heritage @ Millenium Pk, Garland, Chicago, IL 212 East Cullerton, Chicago, IL Museum Park Lofts, Chicago, IL Grand Orleans, Grand, Chicago, IL State Place, State, Chicago, IL City Lights, Aberdeen, Chicago, IL The Belvedere, Chicago, IL River Place, Chicago, Chicago, IL Domain 900, Kingsbury, Chicago, IL The Edge, Des Plaines, Chicago, IL Superior West, Superior, Chicago, IL 2 River Place, Chicago, IL Michigan Avenue Tower, Michigan, Chicago, IL 1000 South Michigan I, Chicago, IL The Lancaster, Chicago, IL Arcadia Place, Aberdeen, Chicago, IL 333 South Des Plaines, Chicago, IL 420 West Ontario, Chicago, IL 919 North Michigan, Chicago, IL The Ambassador West, State, Chicago, IL Gallery Park Place, Michigan, Chicago, IL Scottish Rite Site, Chicago, IL Sun Times Site, Chicago, IL 111 West Wacker, Chicago, IL 757 West Chicago, Chicago, IL 160 East Illinois, Chicago, IL 201 North Wells, Chicago, IL Montgomery Wards Tower, Chicago, IL Ohio & Fairbanks Site, Chicago, IL BTE Site, Columbus, Chicago, IL The above list includes projects in the greater downtown Chicago market which either began or are in the planning stage of construction/conversion since 1990. The sheer number of projects Appraisal Research Counselors has been involved with prior to 1990 is even greater. Notable buildings from that time period include Sandburg Village, Lake Point Tower, Newberry Plaza, 680 Lake Shore Drive and a host of properties along North Lake Shore Drive and Sheridan Road. In addition to our Chicago experience, the firm has completed numerous projects across the country including 900 Park Avenue and The Tower at the Museum of Modern Art in New York, Society Hill Towers in Philadelphia, The Barclay at Buckhead in Atlanta, and a number of buildings along Galt Ocean Drive in Ft. Lauderdale. The scope of work ranges from site and building plan consultations (floor plan reviews, price point targets, et al) at project inception to market and feasibility studies to comprehensive appraisals for both debt and equity lenders. Because of the number projects we have been retained for in the greater downtown Chicago market, we developed The Residential Benchmark Report which delineates rent and occupancy trends (including absorption for new developments) for all the major buildings along with expense summaries and a synopsis of all major projects being considered for development. More information on the Benchmark can be obtained on our website.



Neighborhood Properties Know the Neighborhood Several of our professional staff are dedicated to the valuation of neighborhood level projects – properties whose values are driven by the immediate surrounding area rather than a region or national influence. The properties are most often purchased by local investors for either owner occupancy or leased to non-credit tenants – “ma and pa” operators. This level of real estate provides unique challenges since the influences on value can vary from block to block within a given community area. Knowing the neighborhood is critical to the analysis. Property Types and Geographic Coverage Projects typically include apartment buildings under 100 units, mixed use buildings with storefronts on the first floor and dwelling units above, single story retail buildings and small business industrial facilities. A variety of special use properties fall into this mix including churches, restaurants, car wash facilities and schools. Unlike our institutional quality asset geographic coverage area which is national in scope, for neighborhood properties we are focused on the city of Chicago and the MSA at large.

Apartments Office Retail Centers

Auto Service Store & Apartment Fast Food We have extensive experience with multi-family projects proposed for rehab where looking beyond past property operations is critical to the analysis. Our geographic coverage includes the more modest neighborhoods where Section 8 or Low Income Housing Tax Credit properties are the norm as well as higher priced markets where virtually every apartment building is being converted to condominium ownership. Not only does Appraisal Research Counselors provide the higher end consulting and appraisal services for large-scale condominium projects, we also have extensive experience with neighborhood conversions with as few as 3 to 6 dwelling units. Turn around, Fee, Reporting Options For smaller projects, we recognize that not only is an understanding of the local markets a high priority, but these assignments must be turned around quickly and in a cost effective manner. Our staffing with geographic and property type specialization make this possible. Reports vary based on client needs and can include either a summary or self-contained format with many residential projects completed on the 71A (8 page) and 71B (4 page) forms.



Special Projects Appraisal Research Counselors has extensive experience with complex projects that require a unique approach in problem solving ranging from special use in nature to large-scale redevelopment analysis. The US Army Corp of Engineers retained our services to complete a comprehensive analysis of the redevelopment potential of Fort Sheridan along Lake Michigan as part of the base closure process. Our involvement required not only working with other disciplines such as land planners and historic preservation experts but with elected officials in surrounding municipalities affected by the redevelopment. We provided testimony at the Pentagon regarding our opinions with the project life spanning over several years. Real estate issues included historic preservation easements, environmental contamination and deed restrictions for site use. Lake Park Crescent, the former Lakefront public housing high rises along Lake Michigan on Chicago’s south side, being developed by Draper & Kramer will include both rental and for sale residential product. This is one of the largest redevelopments of public housing in the United States and will include a mixed income population. Our market studies and appraisals were used by The Habitat Company and developer in estimating the depth of the market and attainable price levels for the project. The University of Chicago, as part of their regular internal planning process, retained our services to estimate the market value of many of their assets in the Hyde Park neighborhood. The project involved a broad range of properties including shopping centers, industrial buildings, apartment buildings and single-family residences. In total, over 100 properties were analyzed. Appraisal Research Counselors has completed a number of assignments related to Corporate Headquarter facilities throughout the United States. These properties present unique challenges – particular those located in small markets where estimating demand and functional issues is problematic as they are often the dominant employer in the market. We have worked with both the ownership entities as well as local governmental offices in estimating value for ad valorem tax purposes. With over 20,000 acres of ocean front property in northern California, the Bixby Ranch project was affected by numerous restrictions for development at the local, State and Federal levels. The US Air Force retained our services to estimate the value of an open space easement to be acquired in conjunction with launching missiles into polar orbits from the adjacent Vandenburg Air Force Base. Numerous development scenarios were analyzed with multiple uses including luxury residential development (incorporating construction of a water desalinization plant), championship golf courses and areas retained for environmental preservation.



Single Family Properties Geographic Coverage The single-family appraisal business (including 1-4 unit residential property) has been part of Appraisal Research Counselors since the company was founded in 1968. While initially focused on the greater Chicago downtown market including condominiums and cooperatives in hi-rises to brownstones and detached single-family homes, this segment of our business has grown to a fully staffed organization serving the entire Chicago metropolitan area. Quality, Turn around, Fees We have built three characteristics into our business model that have contributed to our success in this market – responsiveness to client requests, experienced appraisers and investment in technology. Success led to growth which allowed for geographic specialization of our people creating more value for our clients. While a quality product is necessary for the mortgage lending process, we also appreciate the need of our clients for fast turn around and reasonable prices. Geographic specialization combined with advances in technology and our depth of staff accomplishes this need. Web based status reports Appraisal Research Counselors has made significant investments in technology that go well beyond the laptops and digital cameras common to most any appraisal practice. We have developed a web-based application that provides up to the minute status information from our team to our headquarters in downtown Chicago. But rather than require our clients “come to us”, we send the information to them. At the client’s request, Appraisal Research provides e-mail status reports where you are notified automatically when the status of an assignment changes. This includes notification of attempted inspection contacts, inspection appointments and problem situations. While we still place a high priority on personal contact with our clients, we often find the supplement of communication electronically assists in resolving delays in assignments. Client Diversity While the majority of our assignments are finance related (purchase, refinances, removal of PMI), we also complete a number of assignments for divorce proceedings (including law firms such as Rinella & Rinella) and other matters involving the potential for litigation. Several of our appraisers have qualified as expert witnesses in court. For a more detailed summary of our capabilities in the single family property field, contact Russ Haraus, Vice President and Manager of the Single Family Division of Appraisal Research Counselors at 312.565.3434 or by email at [email protected].



REPRESENTATIVE LIST OF PROPERTY TYPES APPRAISED Air Pollution Land - Acreage Recreational Properties Control Facility Commercial Religious Institutions Apartments Industrial Restaurants Automobile Showrooms Residential Rights -of-Way Condominiums Loft Buildings Service Station Sites Cooperative Apts. Medical Centers Shopping Centers/Malls Eleemosynary Prop. Mobile Home Parks Special Purpose Property Garages Motels/Hotels Subdivis ions Historic/Landmark Nursing Homes Supermarkets Industrial Factories Office Buildings Warehouses FEASIBILITY STUDIES MARKET RESEARCH HIGHEST AND BEST USE REPRESENTATIVE LIST OF CLIENTS ATTORNEYS BANKS GOVERNMENT BODIES/ ORGANIZATIONS Arnstein & Lehr Bank of America American Medical Association Mayer Brown Community Investment Corp. Boy Scouts of America McDermott Will & Emery Corus Bank Federal Deposit Ins. Corporation Neal & Leroy Deutsche Bank U.S. General Services Administration DLA Piper Eurohypo U.S. Department of Housing Rinella & Rinella Fifth Third & Urban Development First Bank Illinois Housing Development Auth. INVESTMENT AND MORTGAGE First Midwest Internal Revenue Service BANKERS/PENSION FUND ADVISORS Great Bank National Association of Realtors ARCS Commercial Mortgage Harris Bank Northwestern University American Realty Advisors JP Chase University of Chicago CapMark Finance KeyBank U.S. Air Force Cambridge Realty Capital of Illinois LaSalle Bank U.S. Army Corps of Engineers Columbia National Real Estate Finance Mercantile Bank U.S. Navy Cornerstone Real Estate Advisors National City Bank JP Morgan New Century Bank INSURANCE COMPANIES Kensington Realty Advisors Northern Trust Allstate Lehman Brothers Ohio Savings Bank Manulife NEBF Investments The Private Bank MetLife Prairie Mortgage Company US Bank Nationwide Life Prairie Realty Advisors Pacific Life Principal Capital Real Estate Investors Prudential Transwestern Union Labor Life REAL ESTATE ORGANIZATIONS AIMCO AMLI Avalon Bay Centrum Properties Commonfund

Draper & Kramer Equity Residential Golub & Company The Habitat Company ING Realty Partners The John Buck Company Jones Lang LaSalle Lennar Magellan Development Group Mesirow Financial Westfield Corporation

Documents

Appraisal Research Counselors · Appraisal Research Counselors, ... Company of America and a partner of Real Es tate ... Lambda Alpha International where he served as International