The Offering SummaryBy Benning Road Development Corp

Project Highlights• Mixed Use Development consisting of Affordable & Market Rate Housing, Retail

Space, Office Space and Underground Parking.• Project has a high demand and already has the support of the Mayor, several

council members and the majority of committee members of all departments we need approval from.

• Have all key consultants, contractors and advisors in place to bring the project to fruition.

• DCHFA is ready to expedite issuance of $200M is bond financing for the project.

• We have the support of a major bank to underwrite 100% of the $200M bond financing issued from DC.

Unit and Space Mix• Floor Area Ratio (FAR) of 6.0• 674 Residential Units at 900 SqFt

Avg.• 41,255 SqFt of Retail Space• 22,825 SqFt of Office Space• 539 Underground Parking Space• Total Development Square Footage:

919,580 SqFt

Residential Unit MixUnit Count % of Units

Penthouse 48 7%One Bedroom 94 14%Two Bedroom 501 74%

Three Bedroom 31 5%

Commercial Unit MixSpace SqFt

Contiguous Office 22,825Retail Space 1 19,375Retail Space 2 11,200Retail Space 3 7,985Retail Space 4 2,695

Development Process and Accomplishments

Full Approval, Construction & Sale

Zoning & Entitlement Application

Secure Property

Establish Feasibility Complete

Development Concepts & Preliminary Support Complete

Financial SummaryProject Costs• Property Acquisition Cost:

$15,000,000• Pre-Construction Costs: $7,000,000• Construction: $150,000,000• Bridge Payoff: $16,000,000• Equity Reimbursement: $6,000,000• Reserve: $6,000,000• Total Cost: $200,000,000

Project Funding• DC Housing Finance Bonds: $200,000,000• Debt Financing (Bridge): $16,000,000• Equity Investor (Bridge): $6,000,000• Total Funding: $222,000,000

Project Value• Projected NOI: $19,000,000• Sale Cap Range: 5%-6%• Completed Value: $280,000,000

- $360,000,000

The Team• Bedford David Enterprises Ltd – Joshua Davis – Project Development

Coordinator• HALI Capital Group LLC – Logan Harrington – Project Finance Coordinator• Anthony Rachael III – Real Estate General Council• Project Architects – Disclosed Following Commitment• Project General Contractor – Disclosed Following Commitment• Planned Urban Development Attorney – Disclosed Following Commitment• Owners Rep – Disclosed Following Commitment

Project DemandDC requires new apartment and condo buildings to include a number of affordable housing units, in a program called Inclusionary Zoning. Inclusionary Zoning (IZ) is a market-based tool for creating affordable housing that serves people of moderate incomes. Private developers still build housing as they wish, but have to rent or sell a small percentage of units to people making less money.Say you want to build a 5-story building with 50 units in it. IZ will now allow me to build 60 units as long as 5 of them are Affordable Housing.Currently there are approximately 41,000 households in DC in need of affordable housing. By utilizing both the IZ program as well as the Local Rent Supplement Program (LRSP), we are able to bring 297 units of affordable housing in this project alone while still receiving nearly full market rent through subsidized rentals. DC has already mentioned the immediate need to fill 10,000 LRSP vouchers.

The Ask• Benning Road Development Corporation is seeking an investment

of $22,000,000 via a combination of debt and equity (1st Position Bridge Debt)

• Our intention is to develop the property and sell the completed development or to complete the Formal PUD application process and sell a ready to develop site for a quicker return.• Develop & Hold: Results in a NOI of $19M and a net cashflow after

debt of $7M/year.• Pre-Development Sale: Resulting sale would yield $40M-$60M net

profit. Offers to buy would be received immediatly following our PUD Application.

Are you the right investor?If you are an investor, willing to move quickly on a great opportunity, Contact Logan Harrington 443-486-8663L.Harrington@HALICG.com

The Bonus RoundFor investors that move quickly on this opportunity, you will be given first look at our other two opportunities we currently have in DC:• 300-500 Unit Luxury Development in Downtown DC• Government Building Purchase and Leaseback.We are putting together the best deals you will ever find in DC. Don’t miss out.