EQUITY INVESTMENT PROFILE

 Amount $1.0 to $10.0 million
 Position G.P./Sponsor equity
 Investment Period 3 to 7 years
 Projected Returns Minimum 3.0x equity multiple/25% XIRR                     
 Additional Role Sole or co-developer
 Fees 50% to 100% of project development fee 

Terms subject to change.

property profile

 Project Types New construction, expansions &  redevelopments
 Locations Primary & secondary U.S. metro areas
 Size 80 to 180 total units
 Unit Mix*               Demand-suitable mix of private-pay IL, AL & MC units
 Sponsorship  Proven seniors housing, for-profit operators/developers
 Other Projects must be fully entitled

* IL = independent living, AL = assisted living & MC = memory care.

mezzanine loan terms

 Amount $2.5 to $20.0 million
 Loan-to-Cost Including senior construction loan, not to exceed 85%
 Term Up to 5 years, generally co-terminus with senior construction loan
 Annual Interest Rate          Competitive fixed rate with one-half paid currently and one-half paid @ maturity
 Fees 3% to 5% origination fee
 Reserves Current pay interest through stabilization, generally 36 to 48 months 

Terms subject to change.