$2.8M Purchase Price

$3.0M Total Equity

$6.9M Completed Value

12.0%

Guaranteed Return

18-months Target Hold Period

2

This investment summary is provided for informational purposes only and does not constitute an offer or

solicitation to acquire interests in the investment or any related or associated company. Any such offer or

solicitation may be made only by means of the confidential Private Placement Memorandum (“Memorandum”)

and in accordance with the terms of all applicable securities and other laws. All information contained herein

is subject to and qualified by the contents of the Memorandum. As more fully described therein, participation

in any securities offering is limited to Accredited Investors. Please contact NRIA Brooklyn II, LLC, a subsidiary

of National Realty Investment Advisors, LLC (“Sponsor” or “NRIA”), to inquire about obtaining a copy of the

Memorandum.

The information and any statistical data contained herein have been obtained from sources which we believe

to be reliable, but we do not represent that they are accurate or complete, and they should not be relied upon

as such. All opinions expressed and data provided herein are subject to change without notice. NRIA and/or

its members, directors, officers, consultants and/or employees, may have agreements involving equity or

other financial interests in the subject Property, or deal as principals in the investment discussed herein.

This potential investment opportunity may not be suitable for all types of investors. All investments involve

different degrees of risk. You should be aware of your risk tolerance level and financial situations at all times.

Furthermore, you should read all transaction documents and statements. Read any and all information

presented carefully before making any investment decisions.

You are free at all times to accept or reject all investment recommendations made by NRIA. Past

performance is no guarantee of future results, and current performance may be lower or higher than the

performance data quoted.

The information contained herein should not be used in any actual transaction without the advice and

guidance of legal counsel and a professional tax advisor who is familiar with all the relevant facts. The

information contained here is general in nature and is not intended as legal, tax or investment advice.

Furthermore, the information contained herein may not be applicable to or suitable for an individual’s' specific

circumstances or needs and may require consideration of other matters. NRIA, and its members, directors,

officers, employees and consultants assume no obligation to inform any person of any changes in the tax law

or other factors that could affect the information contained herein.

These materials may include forward-looking statements including financial projections, targets and

schedules on the basis of currently available information and are intended only as illustrations of potential

future performance, and all have been prepared internally. Nothing herein was prepared by an independent

third-party. Forward-looking statements, by their very nature, are subject to uncertainties and contingencies

and assume certain known and unknown risks. Since the impact of these risks, uncertainties and other

factors is unpredictable, actual results and financial performance may differ from the details expressed or

implied herein. NRIA assumes no obligation to release updates or revisions to forward-looking statements

after the issuance of this report.

Disclaimer

Table of Contents

3

Proposed Plans

US & NYC

Housing

Markets

Carroll Gardens

Condo Sales

Info

Sponsor

Overview /

Track Record

Development

Partners Contact

Carroll Gardens

Area Map View & Info

Ownership

Structure

Investment

Strengths

Development

Plan + Financial

Overview

Overview

Table of Contents

4

Upon acquisition, NRIA has devised a

17-month development plan (that may

be extended to a maximum of 20-

months, but also may be accelerated)

that includes a complete renovation to

efficiently maximize & modernize the

usable square footage. The renovation

period will be followed by an

estimated 3-month marketing process

(completed by marketing partner:

Compass), whereby the finished

condominium units (proposed floor

plans) have been conservatively

estimated to command ≈$1,400psf -

$1,450psf based on a current sales

comparison analysis.

Accredited investors have the

opportunity to invest and receive a

12.0% annualized net return, paid

monthly, in a Preferred Equity position

guaranteed by the Sponsor. The

investment is senior to the Sponsor’s

equity but junior to first lien

construction debt, which is also

guaranteed by the Sponsor and/or

Borrowing entity. Investors will receive

100% of principal and their targeted

12.0% net return before the Sponsor

participates in sale proceeds.

NRIA is a private investment,

management, and development firm

with extensive experience in ground-

up construction and complete

renovation of planned unit

developments and townhomes in the

northeast, specifically the Philadelphia

area and now expanding rapidly into

areas of NYC. Over 700 construction

starts successfully executed since

2010 (please see track record), with

over 20 projects currently progressing

in Brooklyn and Philadelphia.

NRIA’s investment process, includes:

(i) Targeting core urban areas in the

midst of gentrification, where we

believe assets are located directly

in the path of long-term rent, unit

sales, and property value growth,

(ii) Acquiring what we feel is

significantly underutilized real

estate, where we can create value

in the community and for our

investors,

(iii) Maintaining a highly-controlled,

audited, development process, and

leveraging extensive underwriting,

credit, and capital markets

expertise to prudently execute on a

growing opportunity set, ultimately

offering investors a scalable and

repeatable investment profile.

National Realty Investment Advisors (“NRIA” or “Sponsor”)

invites accredited investors the opportunity to participate in

the short-term acquisition, complete renovation, and

conversion of a four-unit multifamily property (the

“Property”) into a boutique three-unit high-end

condominium development, located in the prime Carroll

Gardens neighborhood of Brooklyn, NY. The Property is

currently under contract, and will be NRIA’s seventh

Brooklyn development of similar size & scope since mid-Q2

2016.

The Property is more specifically located on Summit Street,

between Hicks & Henry, just 2.5-miles south of Manhattan,

1.5-miles from the Brooklyn Bridge, and within a short-

walking distance to numerous subway lines making for an

easy commute anywhere in NYC.

The unobstructed view of the Manhattan skyline

(background picture) is the actual view from the Property’s

(to-be completed) roof-deck; a view which will remain intact

given the lack of land and/or developable air rights in the

area.

Overview

Table of Contents

5

Maximize FAR & Space

Utilization

Upon Completion Current Use

Development Plan

4-unit Multifamily Property

Square Footage: 3,300sf

Lot Size: 21.5ft x 100ft

Building Dimensions: 22ft x 40ft

Cost of Building: $2,825,000

Hard Costs (fixed contract): $1,900,000

Soft Costs: $498,016

Financing Costs, Interest: $772,619

Total Project Cost: $5,995,636

3 High-end Condo Units

Square Footage: 4,538sf1

Conservative Sell-out Value (Gross): $6,474,6752

≈$1,400psf - $1,450psf (median comparable sales)

Estimated Condo Approval Timeline: 2-months after closing to finalize DOB plans (+/- a couple weeks). Once plans are complete, it is approximately 7-to-8 months (max) to

get through the NY AG Real Estate Dept. Therefore, NRIA has an estimated outside date of 12-months from signed contract or 10-months from closing (+/- a couple weeks).

Estimated 3- month marketing time for the

three-units, followed by a projected sell-out by

month 17-to-18.

Construction Timeline: NRIA expects the construction phase to last an estimated 14-months, commencing once all permits are procured within

45-days of closing. Late July & October, 2016: Contract

Executed & Closing

Condo Timeline: ≈10-Months

Construction Timeline: ≈14-Months

Marketing: ≈3-Months

1. Includes increase in FAR, common area loss, plus additional sellable space to-be created (i.e. 50% of outdoor terraces).

2. As a normal course of due diligence, NRIA had a third party “as completed” valuation done, which yielded a gross value

of $6,900,000 (6.6% greater than our original conservative estimate).

Building Dimensions: 22ft x 48ft (approx.)

Table of Contents

6

Financial Overview

Sources and Uses

Sources

Construction Loan1 $2,998,260

Preferred ("Members") Equity $2,697,638

Sponsors Equity $299,738

Total Sources of Funds1 $5,995,636

1. The borrowing entity, the managing member entity, and the GC will provide recourse to standard

lender carve-outs and/or completion guarantees (loan structure to-be-finalized).

Initial term of 24-months. Prepaid interest reserve funded at closing. Loan paid monthly; estimated

9.0% coupon, with an origination fee up to 2pts upfront. Construction Lender will be advancing up to

60% of Development Cost.

Uses

Purchase Price $2,825,000

Hard Costs1 $1,900,000

Soft Costs2 $498,016

Senior Lender Interest Reserve $314,021

Preferred Interest Reserve paid to Members3 $458,598

Total Uses of Funds1 $5,995,636

1. Hard Costs equate to $360psf (calculated off of the total building envelope: 5,276sf).

2. Soft Costs include “value add” items; Environmental, Engineering, Legal Condo Conversion

(Structure & Closing), Architectural Plans, Fire Safety, etc., in addition to customary NYC closing costs.

3. Interest paid to Investors over the duration of the project is reserved upfront.

Exit Assumptions

Target Project Duration 17 months (20-Month Max Term)

Target Sale Price PSF (See Sales Comparables) $1,400psf - $1,450psf

Gross Outsale Price $6,474,675

RE Sales Commission (%) 4.50%

Net Sales Proceeds $6,183,315

Construction Loan Payoff -$2,998,260

Member, Principal Retired -$2,697,638

Sponsor, Principal Retired -$299,738

Net Profit from Condo Sell-out $187,679

Sample, Member Net Return Preferred Current Return Scenario

One Unit Investment Amount $89,921 (30-Units Available)

Net Annualized Preferred Return 12.00%

Net Monthly Coupon Payment $899

Lenders Basis

just $661psf, or 57%

below the median market

sell-out price

Market Sales Comp

range: $1,400psf -

$1,892psf. Median

market unit size 1,156sf,

143 Summit avg. unit size

is 1,513sf (estimated,

including sellable outdoor

space)

+ Additional credit

enhancements via

NRIA Buy-Back

Agreement & Project

Mgmt. Guarantees

(see Deal Strengths)

Full financial model available upon request.

Table of Contents

1. Rounded to the nearest dollar.

7

Strong, Seasoned, Established Sponsorship: NRIA has a 10+ year track record across development, construction management, private equity, capital markets, asset management, and operational expertise. The

firm has successfully executed hundreds of construction starts within core urban markets since 2006, and consistently partners with many of the same regional team members to provide a highly-audited, efficient

development process within the Philadelphia and NYC markets. NRIA’s superior track record supports a growing investor base, which ultimately creates a liquidity profile that is quite unique in real estate development.

Notable milestones: 700+ starts since 2010 alone, ≈$500M in completed unit value since 2010.

Unique Risk / Reward Investment Profile: Defined as a short duration (17-to-18-month), high-yield investment - offering a 12.0% net return, paid monthly. NRIA believes the current pay structure compensates

investors immediately and throughout the development process with an additional illiquidity premium generally reserved for longer-term investment profiles.

Equity Cushion upon Exit, and additional Sponsor Credit Enhancement(s): NRIA conservatively estimated total gross and net sales proceeds of $6.475 million and $6.183 million, respectively, implying an as-

completed PSF price of $1,427 (weighted average, range: $1,400psf - $1,450psf), compared to the breakeven PSF price of $1,273 (assuming a maximum project term of 20-months), which would also leave investors

with their preferred return and principal. Note, as a normal course of due diligence, NRIA had a third party “as completed” valuation done, which yielded a gross value of $6.90 million (6.6% greater than our original

conservative estimate). This equity cushion insures against a certain margin of error, with the Sponsor eligible for profits only after sell-out. The Sponsor has made other significant credit enhancements available to the

investors through:

(i) The borrowing entity (Summit Street Capital 143, LLC), and flowing through to the managing member entity (NRIA Brooklyn II, LLC) executing recourse to standard lender carve-outs and/or completion

guarantees, in addition to the completion guarantee provided by the general contractor. This structure is intended to mitigate and distribute any perceived risk associated with growing contingent liabilities. Due to

the [current] ongoing negotiations with the construction lender(s), there also may be an element of cross-collateralization with the underlying Property and similar NRIA sponsored loans. The final structure will be

detailed in the operating agreement; however, NRIA anticipated these structural nuances and enhanced the investors position further through …

(ii) The NRIA Buy-Back agreement (Put-Option), whereby NRIA will acquire and pay investors for any unsold finished unit(s) at the end of the investment term in an amount guaranteed to return all investor capital. In

the unlikely event the targeted sellout price points were not met, the investment stability & low correlation of the NYC housing market vs. other markets, broader S&P and/or REIT volatility, etc. (see further

information), clearly make this an ideal longer-term rental investment for one of NRIA’s many high-net-worth partners utilizing their pledged asset loan option (further information available).

(iii) The NRIA fixed contractor cost agreement (project management guarantees), which covers all cost overruns during the duration of the project and eliminates the need for additional investor capital calls.

Ultimately, these structural features further illustrate NRIA’s ability to execute, and speak to how high we rank capital preservation.

Strengths

Table of Contents

8

The Property is located in a Prime, Urban, Growing area of Brooklyn: NYC’s largest and fastest growing borough (population growth: +5.3%, 2010 – 2015), Brooklyn has over 2.6 million residents, and if it was

defined as its own City it would be the 4th largest in the US. The Property is more specifically located within the Carroll Gardens neighborhood of Brooklyn, and is just 2.5-miles from Manhattan, and centrally located

within walking distance to public transportation (subway: nine separate lines). Brooklyn has emerged as an incubator for technology, advertising, media, design, and innovation, which is shown through the (i) ≈120%

increase in patent filings in Brooklyn over the last 5-years alone, and (ii) the number of adults with advanced degrees moving to Brooklyn tripling from 2009 to 20131 . Population & job growth, shortage of new

“affordable” supply, continued household formation, lack of developable air rights in the neighborhood, and interest rates remaining low for the foreseeable future, are all important underlying fundamentals that should

continue to drive robust growth for many years to come.

Cost Efficiency: NRIA’s proprietary construction bidding process, volume of purchasing, and history with a core-team of development partners (contractors, architects, engineers, building suppliers, etc.), have

effectively created certain economies of scale as it relates to overall project costs. Therefore, NRIA will have a fixed contract cost agreement in place with our GC, which will cover all cost overruns during the duration of

the project and eliminates potential delays due solely to cost disputes, etc. Construction costs for 143 Summit Street are estimated at $360psf with an appraised quality standard of “Q1” (exceptional, high-end custom

build), which is far less than quotes given by “retail” contractors as high as ≈$550psf(+).

Strengths

1. Source information through NYC Planning, and “Brooklyn showing ‘phenomenal’ job growth, Brooklyn Daily Eagle, 8/25/2016.

Table of Contents

9

Ownership Structure

Summit Street Capital 143, LLC (SPE, Borrower)

NRIA Brooklyn II, LLC1

(Managing Member Entity)

National Realty Investment Advisors, LLC

Preferred Member Interests1

Sole Managing Member of Summit Street Capital

143, LLC

Sole Voting & Governance Authority

NRIA Brooklyn II, LLC is a wholly owned subsidiary

of National Realty Investment Advisors, LLC

Manager’s Parent supports the fixed contract cost

agreement

Parent company to NRIA Brooklyn II, LLC

See Sponsor Track Record

Supports the fixed contract cost agreement

Members of Summit Street Capital 143, LLC

(All Voting Rights held with Managing Member Entity)

1. Financial Ownership Interests to-be finalized once Senior loan parameters are set. As stated, sole

voting & governance authority always remains with the Managing Member Entity, and by extension, NRIA.

SPE created for the sole purpose to invest in one

specific multifamily, residential property located

at 143 Summit Street, Brooklyn, NY 11231

Table of Contents

10

Map View

.

Subway Access

F,G @ Carroll St., 0.3-miles

F,G @ Smith-9th St., 0.5-miles

R, 2,3,4,5 @ Borough Hall, 0.9-miles

The Property’s entire block (white outline above) has only 60,037sf1 of available air rights,

with a vast majority currently held over the Church and the remaining divided among many

separate townhomes. A similar situation is present on surrounding blocks; therefore, making

it very difficult for future development to acquire and potentially obstruct views.

Neighborhood Air Rights

143 Summit today

1. Source: Property Shark. Table of Contents

11

…number of public & private education options

(a few listed below), make it an exceptional

living environment just outside Manhattan.

School District 15

P.S. 58 The Carroll, 0.311-miles

Mary McDowell K- 12, 0.1-mil

P.S. 146, 0.135-miles

Cobble Hill School of American Studies, 0.148-

miles

“Charming Suburban Utopia”

The Property is located along a tree-lined block

between Hicks & Henry Streets, anchored by a

K-12 School (Mary McDowell) and an 150-year

old Catholic Church (Sacred Hearts & St.

Stephen), with easy access to transportation.

Carroll Gardens…

continues to be thought of as one of

Brooklyn's top living experiences

attracting families, singles, and couples seeking

a long-term home (see change in area

demographic profile, far right corner).

Its central location, charming housing

stock, …

Current real estate development projects in the

immediate area include 145 Presidents Street, a

17-unit condominium building, with avg. unit

sizes of 1,861sf.

See local information available at:

Carroll Gardens Map Guide

Indicator1 2000 2014

$100,001 - $250,000 Income 31.4% 34.8%

$40,001 - $100,000 Income 36.4% 32.8%

Pop. Aged 25+ w/ College Ed. 53.4% 70.3%

Crime rate (per 1,000) 25.0 15.2

1. Source: NYU Furman Center, State of NYC Housing 2014/15.

Table of Contents

12

Proposed Plans

4,538sf

* Sellable square footage shown above.

Table of Contents

13 * Sellable square footage shown above. Common Area (Green Shaded Regions).

Addition/Extension (Orange Shaded Regions).

Unit 1

3 Bed

2.5 Bath

2,120sf

Proposed Plans

Table of Contents

14

Proposed Plans

* Sellable square footage shown above. Common Area (Green Shaded Regions).

Addition/Extension (Orange Shaded Regions).

Unit 2

2 Bed

1 Bath

949sf

Table of Contents

15 * Sellable square footage shown above. Addition/Extension (Orange Shaded

Regions).

Proposed Plans

Unit 3

2 Bed

2 Bath

1,469sf

Table of Contents

16

Still, if one were to argue we are heading towards

a housing “bubble;” there are three main

obstacles to such a conclusion1 other than Price-

to-Income ratio (note, the NE region remains well

below Western US regions, charted below left).

(i) Are there non-financial reasons for a high-

PTI ratio? Answer: Yes, significant supply

constraints in NYC, especially Brooklyn,

where a lack of developable air rights will

continue to provide a supply/demand

equilibrium,

(ii) Are credit conditions deteriorating? Answer:

No, and by extension,

(iii) Has leverage increased? Answer: No. Why

is the housing market in a better overall

position today? Simple – due to regulation,

lenders do not have an active securitization

market to sell subprime loans, nor would it

be profitable for a lender given regulated

reserve requirements.

Population growth / household formation, job

growth, a prolonged low-interest rate

environment, and lack of available “affordable”

supply, especially within NYC, all bode very well

for this specific type of short-term housing

investment.

US / NYC Housing Market

Unprecedented monetary stimulus has led a long rally in

treasury rates (charted left: averaged 4% 6-months prior

to the decline in the NY Condo Price Index, today

≈1.6%).

As housing dynamics shift from market-to-market, areas

of NYC, including Carroll Gardens (the Property’s

neighborhood) actually witnessed an overall increase in

home ownership rates throughout the broader US decline

illustrated above (≈28.7% mid-2000 to ≈37.1% by the

end of 2014).

Housing Prices: The US S&P Case-Shiller 20-City Index

declined ≈34%, peak (mid ‘06) to trough (early ‘12),

while the S&P Case-Shiller NYC Condominium Index

declined ≈16% (early ‘08 to early ‘12, charted above left).

As illustrated, due to insatiable demand, NYC condo

prices have surpassed the previous ‘height’; however,

today the credit & interest rate markets are vastly

different, with the 10-yr treasury ≈240bps lower than it

was going into the previous ‘height’.

The resiliency of the NYC housing market will

undoubtedly continue as demand supports a shortened

timeframe to find a floor in housing prices as well as

rebound once that floor is found. The fact that the NYC

markets followed the broader US housing market into the

financial crisis by at least a year and a half (US peak mid

‘06, NYC peak early ‘08), allows for sufficient lead time to

determine the viability of an investment as a rental.

4.04

*3.18

4.44

5.15

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6/30/2004 6/30/2006 6/30/2010 6/28/2013 6/30/2015 3/31/2016

Midwest PTI Northeast PTI Northwest PTI Southeast PTI Southwest PTI

1. Source: Freddie Mac 2016 Insights (Q2).

Table of Contents

206.64

137.08

231.27

192.47

1.25

2.25

3.25

4.25

5.25

6.25

100

120

140

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180

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S&P Case Shiller 20 Index S&P Case Shiller NY Condo Index 10YR UST (RHS)

17

S&P & NYC Housing Correlation (?) As broader markets have increasingly become more correlated over the

years, it is prudent for any Investor to be well educated on all variables within

the credit, equities, and rates market.

The first chart (left) simply illustrates the S&P Index and NYC Condo Prices

(S&P Case-Shiller NYC Condo Price Index) back 15+ years. It is important to

see at certain times when the equities market (S&P) sold-off (example: tech-

bubble of 2000), the NYC Condo market held-up relatively well.

The second chart (below, left) illustrates the year-over-year price changes in

each Index over the same time frame. It is clear that the volatility in the

equities market is much greater than that of the NYC Condo market, in fact,

the correlation1 of the two over the last 15+ years is < 35%.

Given this information, the Property’s investment profile should be viewed as

a stable, short-duration investment, and the fact these high-end “affordable”

units do not compete with certain pockets of NYC that can be oversupplied

with over-priced skyscraper units.

1. Measured through a regression analysis. Based on the number of

data points, below ≈60% is generally considered uncorrelated.

Table of Contents

600

800

1000

1200

1400

1600

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2200

100

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1-0

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S&P Case Shiller NY Condo Index S&P Index (RHS)

-60%

-40%

-20%

0%

20%

40%

60%

-17.50%

-12.50%

-7.50%

-2.50%

2.50%

7.50%

12.50%

17.50%

2000-1

2-0

1

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1

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S&P Case Shiller NY Condo Index YoY S&P Index YoY (RHS)

18

Carroll Gardens Condo Market Sales

Location / Address Section Status Date Bed / Bath Unit Size Price Price PSF

#3 - 145 Summit Street Carroll Gardens Contract Q3 2016 2 / 1 0,950sf $1,499,000 $1578psf

#2 - 145 Summit Street Carroll Gardens Contract Q3 2016 2 / 1 0,900sf $1,399,000 $1554psf

#1 - 145 Summit Street Carroll Gardens Sold Q3 2016 2 / 1 1,650sf $3,122,000 $1892psf

341 Sackett Street #2 Carroll Gardens Listed Q3 2016 2 / 1 1,139sf $1,595,000 $1400psf

291 Union St. #3A Carroll Gardens Sold Q2 2016 3 / 3 1,853sf $3,010,000 $1624psf

291 Union St. #5D Carroll Gardens Sold Q2 2016 3 / 3 1,823sf $2,700,000 $1481psf

291 Union St. #3H Carroll Gardens Sold Q1 2016 3 / 2.5 1,809sf $2,685,000 $1484psf

238 Carroll Street #2 Carroll Gardens Sold Q1 2016 3 / 2 1,156sf $1,900,000 $1644psf

116 3rd Place, #4 Carroll Gardens Listed Q2 2016 3 / 2 1,138sf $1,750,000 $1538psf

Market Comp Range: Unit Size Price Price PSF

Min 900sf $1,399,000 $1,400psf

Median 1,156sf $1,900,000 $1,554psf

Max 1,853sf $3,122,000 $1,892psf

143 Summit (avg.) 1,513sf

1

143 Summit, Conservatively Estimated Sell-Out $1,400psf - $1,450psf

The level of new “affordable” housing inventory in the Carroll Gardens section of Brooklyn

remains extremely low, as a result there a limited number of good comparable sales. That

said, “145 Summit Street” is directly adjacent to the subject Property, and commanding well

above our projected sell-out value (on a PSF basis).

The lack of developable land and/or air rights will keep the supply/demand dynamic of

condominium units stable for many years to come.

Please note, additional supporting market research reports can be available upon request.

1. Includes sellable terrace space. See development plan.

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19

Deep knowledge of the Philadelphia and

New York markets, executing on a specific

product type and plan, making each

sourced opportunity unique.

Cohesive team with broad expertise across

development, finance, investment and

asset management1.

Full transparency and access is always

granted to our investment partners on

current projects, and our pipeline of

opportunities.

Superior results and reputation will drive

continued growth.

Current Projects: Two large-scale planned

unit developments in Philadelphia, and

seven condo projects in Brooklyn (of

similar size & scope as the subject

Property).

Sponsor Track Record

0

50

100

150

200

2010 2011 2012 2013 2014 2015 Apr-16

-

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

Unit Starts (LHS) Cumulative Completed Value (RHS)

700+

Successfully executed construction starts

since 20102

≈$500 Million. Completed value of units developed

since 2010

290+

Units sold since 2014

1. An overview of NRIA’s key personnel is available upon request. All information as of Q2 2016.

2. Property level information is available upon request. Table of Contents

20

≈75% Average cumulative project

growth since 20111

With an average Investor equity multiple of 4x, it is clear our strong performance continues to support a growing investor base (Accredited Investors: 500+).

As a result, not only has our liquidity profile as a real estate development firm dramatically improved, but also has laid a firm foundation for future expansion.

NRIA Track Record

-

200,000

400,000

600,000

800,000

1,000,000

2010 2011 2012 2013 2014 2015 2016

Annual per unit development cost, a path to providing luxury living in urban markets

Average Cost / unit / year

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$0

$25,000,000

$50,000,000

$75,000,000

$100,000,000

$125,000,000

$150,000,000

$175,000,000

2010 2011 2012 2013 2014 2015 2016

Cumulative Implied Equity (Completed Value - Development Cost)

Cumulative Aggregate Capital Raised/Invested (RHS)

1. Shown as a percentage of cumulative total development costs.

*All information as of Q2 2016. Table of Contents

21

2011 2012 2013 2014 2015 YTD 2016

Sponsor Track Record, Example Projects by year

Manayunk Hills

Darien Way

Crease Court

Townhomes at 412 Luxe

The Courtyard at North Fifth

Total Value: ≈$39.80 Million

Townhomes at the Rye

Pressman Commons

The Twenty

The Stables

Riverview at Front

Mildred Court

Total Value: ≈$76.75 Million

Queen’s Walk

Market Square

Residences @ H3

Total Value: ≈$33.11 Million

Bridgeview at the Waterfront

Lofts at Front

Franklin Village

Premier Estates on North Third

The Marian

Total Value: ≈$102.59 Million

The Homes at Penn's Row

Fireman's Place

Logan Square

Ortlieb's Square

The Quarters at Fairmount

Total Value: ≈$66.61 Million

The Quarters at Fairmount

Adagio

SoNo26

Bedford Estates

Total Value: ≈$101.78 Million

In Progress:

Lippincott Alley

Black Horse Alley

184 Lincoln Place

377 Degraw Street

640 Baltic Street

647 Warren Street

1070 Bergen Street

354 Sackett Street

143 Summit Street - *Subject

A complete list of projects is available upon request.

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23

Builder / Contractor

Architecture & Design

Structural Engineer, MEP/Fire Safety, Zoning,

Asbestos

Attorney, Real Estate Sales

Building Suppliers, Inspectors

Team | Trusted Development Partners (Examples)

Lenders, Appraisers, Insurance

*A final list of development team member specific to 143

Summit Street are available upon request.

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24

Contact Us

cobrien@nria.net

201.210.2727

1325 Paterson Plank Rd

Secaucus, NJ

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