Lake Forest Real Estate Capital, LLC, ( LFREC ) Michael J. Sieman Founding Principal Jocelyn Ford Vice President

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2 Lake Forest Real Estate Capital, LLC, ( LFREC ) is a boutique commercial real estate advisory investment firm. Established in 2012, our members have combined over 150 years of experience in commercial real estate and over 80 years in real estate law. Capital sources include insurance companies, pension funds, debt funds, CMBS lenders, investment banks, commercial banks and HNW investors. Michael J. Sieman Founding Principal During his 20 year career, Michael has structured debt and equity investments in commercial real estate totaling over $3 billion in combined value across the United States. Investments include the acquisition, recapitalization and repositioning of all major and select special purpose properties including participation in the development of over 6.5 million square feet. In total, Michael has reviewed and underwritten over $100 billion of potential opportunities. His experience includes participating in the investment management and servicing of a diverse $50 billion loan portfolio including more than 5,800 properties. In 2015, LFREC was a finalist to purchase the Aon Center. In 2018, LFREC devised the $200 million total capitalization of a potential redevelopment of a Chicago suburban blighted CBD. Here, LFREC sourced multiple redundant debt and equity solutions along with development and credit enhancement partners to optimize a multi-tiered public economic incentive package reducing the burden on taxpayers. Prior to founding LFREC in 2012, Michael was a Principal of Baird & Warner Real Estate Capital and subsequently a Senior Vice President with NorthMarq Capital after their acquisition of his company in Michael was twice a member of the NorthMarq President s Council awarded to top producers nationwide and recognized by General Electric as a high producer. Michael holds a B.A. in Chemistry ( 97) and an M.S. in Real Estate Development ( 99) from Columbia University in New York where he has served as a guest speaker on multiple occasions. Michael has also studied at the University of Chicago, Northwestern University, Pomona College and Harvard University. He has been a panelist at various real estate conferences and has authored articles for multiple real estate publications. His interests include banjo, baseball, Harley-Davidson and theoretical physics. Jocelyn Ford Vice President Jocelyn has over 15 years of professional work experience in the commercial real estate industry and in mathematics education. Prior to joining Lake Forest Real Estate Capital, Jocelyn served as a Senior Investment Analyst for First Industrial Realty Trust in their dispositions and capital markets groups. During her tenure at First Industrial, Jocelyn was responsible for identifying, underwriting and closing high-value transactions across the United States. Jocelyn began her commercial real estate career as an Analyst with Baird & Warner Real Estate Capital where she was responsible for underwriting, closing and servicing of commercial real estate loans for institutional lenders including insurance companies, pension funds and investment banks. Jocelyn holds a BS in Finance and Marketing and a MA in Mathematics Education from DePaul University. She enjoys spending time outdoors with her family and practicing yoga

3 John P. Sieman Vice President John has over 20 years of commercial and residential real estate experience including facilities management, specialized general contracting and real estate finance. John is the founder and CEO of CMP Management, a high-end property management and general contracting company located in Lake Forest, Illinois. He has over 15 years of experience as a high-end and zero-tolerance property manager including customized programs for his ultra-high net worth clients. John holds a B.S. in Finance from the Loyola University Business School ( 00). He is a third generation Lake Forest resident, graduate of Lake Forest Academy and currently resides in Lake Forest, Illinois with his wife and two sons. His interests include basketball, gourmet cooking and snowboarding. Michelle A. Dooley Chief Health and Residential Officer With her energetic personality, Michelle A. Dooley, C.H.A.R.O., heads up the LFREC Luxury Residential Real Estate Group along with the company's health and wellness initiative. Michelle earned her BFA in Industrial Design from the University of Illinois at Urbana-Champaign. As a certified holistic health coach through the Institute for Integrative Nutrition (IIN) and a licensed real estate broker in the state of Illinois, Michelle helps her clients achieve a healthy and balanced life...body, mind, spirit, and home. Michelle supports her clients in achieving all of their goals including fulfilling their life in their ideal home. When a client finds the right home, their whole life flourishes. Barbara A. Green Controller Barbara has over 40 years of experience in real estate, law, estate planning and accounting. She holds a BA in Mathematics from Rosemont and a JD from Loyola University. Ms. Green is licensed managing broker in the State of Illinois. Michael M. Sieman General Counsel / Senior Advisor Michael M. Sieman is a senior advisor to Lake Forest Real Estate Capital, LLC. Mr. Sieman is a licensed attorney in the State of Illinois with over 45 years of experience in real estate law and investment. He worked in the Lake County, Illinois States Attorney s Office from 1969 to As head of the civil division he was instrumental in working with the Lake County Planning Department to develop the County s first Comprehensive Land Use Plan and participated in multiple real estate development projects representing the County. He entered private practice in 1977 and subsequently spent 12 years as the attorney for the Village of Hainesville, Illinois, helping enact local zoning regulations laying the groundwork for development that would see a 1,490% increase in the Village population during the 1990s. He then spent 13 years as an attorney for the Village of Antioch working with the local planning and zoning departments. Other public clients included the Countryside Fire Protection District, the Lake Villa Fire Department, and the Hawthorn School District. Mr. Sieman received his undergraduate degree from St. Mary s College, in Winona, Minnesota. He attended Marquette University Law School and Chicago Kent College of Law. Mr. Sieman is a licensed Illinois real estate broker and has served as a guest lecturer at the Institute on Zoning and Planning at the University of Illinois.

4 At a total cost of $190 million, Sherman Plaza is the most expensive downtown development project in Evanston s history. It is also the tallest building located between Milwaukee and Chicago. Sherman Plaza features a 25-story condominium tower totaling 253 unit along with 153,000 square feet of retail and medical office space. The development also includes a 12-story, 1,585-space public parking garage partial funded with tax increment financing ( TIF ) Michael Sieman structured institutional equity financing allowing for subsequent debt financing for this mixeduse development located in downtown Evanston the home of Northwestern University in suburban Chicago

5 The Glen Town Center serves as the centerpiece for the larger development known as The Glen. The Glen is a 1,121 acre comprehensive mixed-use development with new single family homes, office, apartments, retail, parking and a championship golf course located in Glenview, Illinois, just north of Chicago. At the center of The Glen is the Glen Town Center. The Glen Town Center features 1,150,000 square feet of retail shops, entertainment venues and restaurants in pedestrian-friendly setting. Navy Park serves as the town square located in the center of the community. Situated on top of the Glen Town Center is a 300-unit apartment community. Michael Sieman structured institutional construction and mini-perm debt financing for the Glen Town Center which included the largest public tax increment financing ( TIF ) in the history of the State of Illinois.

6 At a height of 535 feet and designed by Lucien LaGrange Architects, The Pinnacle is one of Chicago s River North neighborhood s most impressive residential condominium towers. The building is located just a couple of blocks west of Michigan Avenue, Chicago s premier shopping and nightlife attraction. The Pinnacle is a 49-story residential high-rise with 213 units ranging from 1,300 to 5,400 square feet. The largest units are the eight luxury penthouses located on the top floors of the building. The Pinnacle residences feature an abundance of marble on both the entryways and in the bathrooms. Each of the units comes with expansive balconies that open up to the entire city with breathtaking views of the Loop skyline and the Lake. Michael Sieman structured institutional participating construction debt totaling approximately $160 million for the development of the Pinnacle.

7 Lakeland Business Center located in Milwaukee, Wisconsin, is the corporate headquarters for Direct Supply, the nation s leading provider of equipment, ecommerce and service solutions for senior living. Direct Supply had outgrown its existing corporate office campus consisting of 9 buildings totaling 210,000 square feet and needed an expansion plan to accommodate an additional 500,000 SF if they were to stay in this location. The $85 million expansion plan for Direct Supply was to be phased over a 15 year period. As a closely held private company, Direct Supply did not have rated debt, limiting the ability to securitize or remarket any real estate debt. Michael Sieman structured an institutional balance sheet financing package with General Electric that not only recapitalized the existing debt and allowed for the immediate construction of a new 80,000 square foot building on the office campus, but also provided the ability to accommodate future expansion as necessary.

8 The Lakeshore Athletic Clubs consist of two separate special-purpose, owner-occupied properties located in the Lincoln Park and Lakeshore East neighborhoods of Chicago. At its inception, with approximately 120,000 SF per property, Lakeshore was one of the first large format fitness clubs in the United States. The client desired long-term, fixed-rate debt financing to not only refinance existing debt, but also to achieve a cash-out to source capital for other uses. Underwriting special purpose, owner-occupied, privately-held properties required a deep understanding of the business and underlying real estate adaptive re-use potential. Michael Sieman structured a total of $94 million in cumulative total debt initially through a syndication, and later with a securitized lender. To complete the securitization, Michael met with the B buyer to review the underwriting, the market, and inspect the property.

9 This 117,000 square foot medical office building located in Chicago is the corporate headquarters and flagship location for Midwest Orthopedics Group. Located on the Rush Campus in downtown Chicago, this state-ofthe-art facility is the largest, most comprehensive medical office building ever constructed in Illinois. The building design paid special attention to environmental efficiency and responsiveness. An extensive green roof restores 50% of the site with adaptive vegetation, decreases 25% of storm water runoff and reduces the heat island effect. Recycled product for concrete, steel and wall board was used during construction and construction materials came from local manufacturers within 500 miles of Chicago to reduce fuel for transportation and emissions. Low-flow plumbing fixtures were installed throughout the entire building and low volatile organic compounds (VOC) paint and sealants were used. Michael Sieman arranged a 2-year forward financing commitment of $27.5 million during the most difficult economic environments in recent U.S. history. Interest rate protection was provided through derivatives structured with the financing.

10 Construction Financing: Lake Forest Real Estate Capital, LLC successfully arranged 85% loan-to-cost nonrecourse construction financing which allowed for closing prior to final permitting on behalf of our client for the development a 50,000 square foot, built-to-suit, medical office building located in suburban Chicago. NCH - Forward Permanent Financing: Lake Forest Real Estate Capital, LLC arranged 75% loan-to value nonrecourse forward permanent financing. Our client was able to lock in a sub 4.5% interest rate, 17 months prior to funding of said permanent loan. This forward rate lock includes a mechanism to reset the coupon should the corresponding index rate decrease anytime prior to funding since the interest rate spread was also locked.

11 Michael Sieman successfully arranged the financing for this ultra-luxury car dealership in Lake Forest, Illinois. Michael Sieman is a third generation Lake Forest resident and 25 year friend of the owner. Lake Forest is the No. 10 richest community in the U.S. and includes CEO s of some of the largest U.S. and multinational companies as it residents.

12 We were one of the 5 final bidders to acquire the Aon Center. Located adjacent to Millennium Park one block from Michigan Avenue in Chicago s Loop, the Aon Center is the World s 21 st tallest building. At a height of 1,136 feet, the Aon Center contains 2.78 million square feet. The Property went under contract in July, 2015, and closed in October, Under the following repositioning plan, the value of Aon Center would have increased by over 150%. A $100 million equity investment would have received an estimated return between $440 million to $610 million and an internal rate of return potentially as great at 48.7%.

13 This potential redevelopment of an 8.5 acre blighted site located in Lincolnwood, Illinois, was derailed when the village took precipitous action against the developer by passing an ordinance allowing the village president to purchase the property by eminent domain then refused to meet with the developer to discuss this potential action. The otherwise well-advanced capitalization was forced out by the uncertainty of property ownership. This complex debt and equity capitalization with a multi-level public economic incentive request including a TIF structured to minimize the burden on local taxpayers while maximizing community returns featured: 1. 85% loan to cost construction debt 2. Eliminating refinance risk through construction to permanent financing 3. Minimizing outside cash equity investment requirement by: a. Maximizing equity credit from lender of underwritten land value in excess of land cost b. Crediting a portion of a calculated "developer fee" towards equity requirement 4. Creatively structured remaining required cash equity investment over multiple tranches 5. Strategies for addressing immediate site remediation requirements 6. JV/Credit enhancement partners with combined over 75 years of experience in asset classes specific to the project, over $250 million of public-private investment, and credit pre-approval for debt financing.