Reznick Group Building Business Value 1

Property Owner

Tenants

Rent

SINGLE ENTITY STRUCTURE

Reznick Group Building Business Value 2

Property Owner

Tenants

Rent

Lender Loan

SINGLE ENTITY STRUCTURE

Reznick Group Building Business Value 3

Property Owner

Tenants

Rent

Lender Loan

DeveloperFee

SINGLE ENTITY STRUCTURE

Reznick Group Building Business Value 4

Property Owner

Tenants

Rent

Lender

Managing Member

Loan

DeveloperFee

SINGLE ENTITY STRUCTURE

Reznick Group Building Business Value 5

Property Owner

Tenants

Rent

Lender

Managing Member

Tax Credit Investor/Non

Managing Member

Loan

Tax Credit Equity

Tax Credits

DeveloperFee

SINGLE ENTITY STRUCTURE

Reznick Group Building Business Value 6

Property Owner

LenderLoan

Developer

Fee

MASTER LEASE STRUCTURE

Reznick Group Building Business Value 7

Property Owner

Lender

Managing Member

LoanDeveloper

Fee

MASTER LEASE STRUCTURE

Reznick Group Building Business Value 8

Property Owner

Rent

Lender

Managing Member

LoanDeveloper

Fee

Master Tenant

MASTER LEASE STRUCTURE

Reznick Group Building Business Value 9

Property Owner

Tenants

Rent

Lender

Managing Member

LoanDeveloper

Fee

Rent

Master Tenant

MASTER LEASE STRUCTURE

Reznick Group Building Business Value 10

Property Owner

Tenants

Rent

Lender

Managing Member

LoanDeveloper

Fee

Rent

Master Tenant

Managing Member

MASTER LEASE STRUCTURE

Reznick Group Building Business Value 11

Property Owner

Tenants

Rent

Lender

Managing Member

Tax Credit Investor/Non

Managing Member

Loan

Tax Credit Equity

Tax Credits

Developer

Fee

Rent

Master Tenant

Managing Member

MASTER LEASE STRUCTURE