URBANAMERICA LP II vs CARL WILLIAMS GROUP LLC et al, 600395/2008, 153 (N.Y. Sup. Ct., New York County Dec. 12, 2011) (2024)

`

`
`
` DEPO$ITION EXHIBIT
`500+?-
`/3’
`
`§ /
`’lo
`
`
`o :
`BILL VISCONTI
`Fr m
`Edward Scott
`Sent:
`Monday, August 27, 2007 6:53 PM
`To:
`'Carl S. Williams“
`
`Subject:
`
`FW: minutes of the Transaction mtg re Metroview Bridge Loan
`
`This is an internal e—mail so please do not forward it around_..but wanted you to see
`where we are = you are approved just need to get this paper and that meeting done lawyer
`will
`circulate documents tonightr.trust me I pushed really hard for this
`
`—-———Original Message—————
`From: Hal Reiff
`Sent: Monday, August 27, 2007 6:40 PM
`To: Edward Scott; Richmond McCoy
`Subject: RE: minutes of the Transaction mtg re Metroview Bridge Loan
`
`Ed and I are in agreement on the below as "minutes’.
`
`
`
`From: Edward Scott
`
`Sent: Monday, August 27, 2007 6:24 PM
`To: Richmond McCoy; Hal Reiff
`Subject: minutes of the Transaction mtg re Metroview Bridge Loan
`
`Conference Call was held W/ RM, Hal and Marty.
`
`It was explained that the following clean—up items were being put in
`place:
`
`The pledge of the Parking Agmt
`1.
`to by the Seller of the land.
`2.
`The reference of the requirement to deliver a parking garage by
`Apr 08 would be deleted and ultimately replaced with delivery of an easem*nt agreement.
`3.
`An escrow agreement would be put
`in—place that would require
`issuance of the pay—off notice to Hudson and then (assuming 1&2 are
`done)
`to pay—off Hudson directly.
`
`(the option) would be consented
`
`4. Miscellaneous cleanup (UCCs, etc)
`
`Items that then will be subsequent delivery per the option (subsequent to the loan
`funding):
`
`a.
`
`b.
`c.
`
`The easem*nt agreement
`
`A construction agreement for the structured garage
`Subdivision of Parcel E to allow for separate garage to be
`1
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`UA||00004913
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`UA006516
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`EXHIBIT
`
`1;
`iv
`.zefeg‘llant "
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`

`

`built for CSC
`
`Lender must consent, and ultimately CSC (as tenant) must
`d.
`consent.
`
`Many of these would be omitted if the CSC building, under Contract by us and in due
`diligence is ultimately bought by the fund, however that will not occur prior to making
`this loan.
`
`Resolved: Before the bridge loan is funded items 1 thru 4 should be done and with respect
`to items a,b,c & d , we should have a face—to—face with the Seller and have them
`understand that we expect their continued good faith and cooperation that will be needed
`to get theses items timely done and we should leave the meeting with a feeling that that
`will in
`fact continue to be the case.
`
`UA006517
`UAII00004914
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`

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`
`
`From:
`
`Sent:
`To:
`
`Subject:
`
`Edward Scott
`
`Monday, August 27, 2007 2:39 PM
`HalRafi
`
`RE: Metroview
`
`Is it the date for construction or the amount of value?....prior to the last amendment he
`was required to close in 7/07 so presumably that is why the statement says he would be
`building in 7/07 ...as the last amendment extended the time to close until Apr 08 this was
`not a focus.
`
`On price he has an appraisal for $79m for the 17 acre site and he extrapolated value an
`additional $10m for the 4 acre site which has the same entitlement envelope but was not
`appraised
`
`-————Original Message—————
`From: Hal Reiff
`Sent: Monday, August 27, 2007 2:31
`To: Edward Scott
`Subject: RE: Metroview
`
`PM
`
`To the last guy who asked.
`
`—————Original Message—————
`From: Edward Scott
`Sent: Monday, August 27, 2007 2:26
`To: Hal Reiff
`
`Subject: RE: Metroview
`
`To who...this was not prepared for
`
`—————Original Message—-———
`From: Hal Reiff
`
`Sent: Monday, August 27, 2007 2:25
`To: Edward Scott
`Subject: RE: Metroview
`
`So that means "he lied ?“
`
`————eOriginal Message—————
`From: Edward Scott
`
`Sent: Monday, August 27, 2007 2:24
`To: Hal Reiff
`Subject: RE: Metroview
`
`yes
`
`————-Original Message—————
`From: Hal Reiff
`
`Sent: Monday, August 27, 2007 2:23
`To: Edward Scott
`Subject: FW: Metroview
`
`PM
`
`US
`
`PM
`
`PM
`
`PM
`
`It appears that his assets are listed as "90million appraised value” of land with ground
`breaking in 7/07 -would that be our land deal?
`
`—————Original Message—————
`From: Edward Scott
`Sent: Monday, August 27, 2007 2:19
`To: Hal Reiff
`Subject: FW: Metroview
`
`PM
`
`Carl William's assets
`
`2a29
`
`.8
`E6
`
`Gl UA006681
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`EXHIBIT
`
`Defendant's
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`UAll00005029
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`

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`——-——Original Message—————
`From: Garfield Antonio [mailto:Gantonio@comcast.net]
`Sent: Tuesday, August 21, 2007 6:49 PM
`To:
`'Carl S. Williams'
`Cc: Edward Scott
`Subject: RE: Metroview
`
`Per Carl Williams
`
`Garfield Antonio
`240—455—8427
`Gantonio@comcast.net
`
`-————Original Message—————
`From: Carl S. Williams [mailtoznanagroup@mac.com]
`Sent: Tuesday, August 21, 2007 4:46 PM
`To: Garfield Antonio
`Subject: Metroview
`
`Please send 2 years tax returns and the current personal financial statement to Ed Scott
`via email ASAP...
`
`CSW
`
`UA006682
`UAII00005030
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`

`

`‘\
`From:
`Nyasha Leaco*ck
`Sent:
`Tuesday, August 28, 2007 2:37 PM
`To:
`Hal Reifi
`Cc:
`Stephanie Calabrese; Olga Zakharchenko
`Subject:
`Urbanll Board of Managers Resolution Package - 080 Building
`
`Attachments:
`
`2007—08-27_Urban | l_BoardofManagers Resolution Package_CSCbuilding . pdt
`
`
`
`2007-08-27_UrbanI
`I_Boardofl%anau.
`
`Hal,
`
`Thanks,
`
`Nyasha Leaco*ck
`
`Assistant Office Manager
`UrbanAmerica, L.P.
`30 Broad Street, 35th Floor
`New York, NY
`10004
`Tel 212—612—9096
`Fax 212—785—9419
`
`EXHlBlT
`
`UA006191
`UAIIOOOOASS')
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`Defendant's
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`H1
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`
`
`UrbanAmeriea, LP.
`
`
`
`To:
`
`Fund II Bo *
`
`From: Hal Reiff Date: August 21, 200
`
`Re:
`
`CSC Building
`
`
`
`W’c are looking for your approval to acquire the portfolio (Computer Sciences Building “CSC”)
`described in the attached Supervisory Committee package, which was today approved by the
`Supervisory Committee.
`
`Enclosed you will find:
`
`0 A resolution “Action By Unanimous Written Consent...”
`— Exhibit A is the Supervisory Committee Meeting Package and the Supervisory
`Committee lVIeeting minutes
`0 A Federal Express envelope for returning of the signed resolution.
`
`W7e would appreciate your prompt action in this matter. If you have any questions, please do not
`hesitate to call me, and ifnot. please sign and return the resolution in the enclosed envelope as soon
`as possible.
`
`Thanks in advance for your assistance.
`
`-
`Ml MW
`
`saga '
`
`Qg.’ Mull/e
`
`UA006192
`UAII00004663
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`

`

`ACTION BY
`
`UNANIMOUS WRITTEN CONSENT
`
`OF THE BOARD OF MANAGERS
`
`OF UA FUND 11, LLC
`(The General Partner of
`
`URBANAMERICA, L.P. II)
`
`The undersigned, being the Managers of UA Fund II, LLC, a Delaware
`limited liability company (the "Company"), which serves as the general partner of
`UrbanAmerica, LP. 11, a Delaware limited partnership (the "Pu—11d"), acting pursuant
`to Section 6.1 of the Limited Liability Company Operating Agreement (the " grating
`Agreement") of the Company, dated as of January 26, 2005, hereby consent to and
`take the following action, by this written consent, and direct that this written consent
`be delivered to the Company and filed with the minutes of the Board of Managers of
`the Company.
`
`RESOLVED, that the Managers do, and each of them hereby does,
`subject to the provisions set forth on the addendum hereto, consent to and approve the
`Fund entering into the transaction (the "Transaction") described on Exhibit A annexed
`hereto (the "Term Sheet") on and subject to the terms and conditions set forth in such
`Term Sheet, which the Supervisory Committee has previously reviewed and approved;
`and be it
`
`FURTHER RESOLVED, that the Transaction Committee of the
`Board of Managers of the Company be, and it hereby is, authorized and directed in the
`name and on behalf of the Board of Managers, the Company and the Fund, and in
`consultation with the Supervisory Committee and the officers of the Fund, to (a)
`approve the results of the due diligence investigation with respect to the Transaction,
`(b) confirm the satisfaction of any and all conditions to the Transaction set forth in the
`Term Sheet, (0) approve any amendments, modifications or supplements to the Term
`Sheet, provided that the Transaction Committee deliver, or directs the officers of the
`Fund to deliver, to the Board ofManagers an investment memorandum describing the
`results of the due diligence investigation relating to the Transaction, the satisfaction of
`the conditions to the Transaction and the nature of any amendments, modifications or
`supplements to the Term Sheet, which such investment memorandum shall have been
`unanimously approved by the Transaction Committee, and (d) determines the terms of
`any financing to be utilized in connection with the Transaction; and be it
`
`UA006193
`UAII00004664
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`

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`FURTHER RESOLVED, that the Managers of the Company and
`officers of the Fund be, and each of them hereby is, authorized and directed in the
`name and on behalf of the Company and the Fund to take all such further action, to
`cause to be prepared and filed all such documents, and to execute and deliver all
`instruments which they in their discretion deem necessary or appropriate to carry out
`the purposes and intent of the foregoing resolution; and the execution by such
`Managers of the Company and officers of the Fund of any such document or
`instrument or the doing by them of any act in connection with the foregoing resolution
`shall conclusively establish their authority therefore from the Company and the Fund
`and the approval and ratification by the Company or the Fund, as the case may be of
`the documents or instruments so executed, and the action so taken.
`
`UA006194
`UAII00004665
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`

`

`IN WITNESS WHEREOF, the undersigned, being the Managers of the
`Company, have executed this written consent as of the _ day of August, 2007.
`
`
`
`Len Coleman, Manager
`
`
`
`Wayne Curry, Manager
`
`
`
`Marty Edelman, Manager
`
`
`
`Steven Fisher, Manager
`
`
`
`Charles Haar, Manager
`
`
`
`Richmond McCoy, Manager
`
`
`
`Marc Morial, Manager
`
`
`
`Sharon Robinson, Manager
`
`
`
`John Utendahl, Manager
`
`
`
`Greg Williams, Manager
`
`(Please check the box next to the transaction to which you DO NOT consent).
`
`[_] CSC Building
`
`UA006195
`UAl|00004666
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`

`

`WA
`“Term Sheet”
`
`Supervisory Committee Package
`
`UA006196
`UAII00004667
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`

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`
`
`Supervisory Committee Meeting Package
`UrbanAmerica LP II
`
`
`
`Angth 20, 2007
`
`1. Meeting Information
`2. CSC Building
`a) Deal Information Sheet
`b) Financial Analysis Summary
`c) Financial Analysis — Partner Promote
`cl) Schedule of Prospective Cash Flow
`e) Schedule of Sources 8: Uses of Capital
`f)
`Individual Loan & Debt Service Summary
`g) Presentation Rent Roll & Current Term Tenant Summary
`h) Supporting Schedule —— Square Feet Expiring ~ (All Terms)
`3. Maps — Photos — Site Plan
`a) Portfolio Map
`b) Photos
`
`c) Site Plan : Floors 3-12
`4. Call—in instructions
`
`5. Distribution List
`
`6. Previous meeting minutes
`
`M
`
`UA006197
`UAII00004668
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`
`
`UrbanAmcrica, LP.
`
`Memo
`
`To:
`
`Supervisory Committee Fund II (see Distribuu'on List), by hand
`
`From: Hal Reiff and Richmond McCoy
`
`Date: August 16, 2007
`
`Re: Meefing Monday, August 20‘h at 12:00pm
`
`
`
`There will be a call—in meeting as previously noted, at 12:00am on Monday, August 20Lb (call—in
`instructions enclosed). Our team will be present to cover the agenda.
`
`Agata
`
`Approval of Limited Due Diligence on the following.
`0 Computer Sciences Corporation (“CSC”) Building
`
`Enclosed you will find the complete package on this project.
`
`Thank you.
`
`Enclosures:
`
`0 CSC Building book
`0
`Call—in insttuCtions
`
`_
`0 Disttibuu'on list
`0
`Previous meeting minutes
`
`cc: Richmond McCoy
`Dave Monzella and balance of Acquisitions Team
`
`UA006198
`UAII00004669
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`

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`gropgrg Name and .\dlh't§_s_
`
`Deal Information Sheet
`
`Sit: Building
`490‘.) Hakim Read
`New Cnrroiflon, Man-land
`
`
`
`macmmm
`Tm
`Squalcfucuga
`Pcrcmxmg: Lensed Day One
`
`Urbanflmsma Asset Category
`
`The CSC builfiiré ‘is a 12 5101*; this! A oflice Buildmg locmcd ii New Carmflro’m Maryiaod (Brim: Georges County). Ihrbwlding
`was a t'miM—to-mft fur i1‘< sole {mam} Cmnputer Sciences Coy-panda: They currently uc‘cupy' (0 ofE10 12 Room
`
`This 'acquiL-itipn will giv: us an opwymnhy to purchase A Class A .5111» building in 2 strong emu make; The healion (r? we.
`proneny is idEal hem; direpzly across :‘mm Ike New Can‘om-an Metro amicm. The'sminn is behmy “sad and serves lite 'D.(I Mono
`(Orange Line), MARC and Amtrak-1mm lines. The. pi’op’efix is-abjo 10%;“ his than 1:2 3 mile. from (h: Rome 501495 (US Heirwy?
`(\rttcy.
`
`(Ranked .t‘ I63) that “as fuun'ded in_ 195-). ‘nmir dcbl i's c’ensidsscd inuzsmem gud'e by Ssamhud
`CSC is a fonnne 5w
`Pam‘s. dey's and Fiqzh, Their initial km terns expire; in September 2017. and (hay haw m9 5 year n_ on They were awarded a
`
`lfi-Yezn‘ cun‘lmx m 2002. osximflcd at $3 biliian. ('0 :evvnp rho Mama! Raw-nu: Sam‘ce’s computer swam; We sun
`7 bciievc than
`CSC wiil cxeraise chan- optiun "scram.- of {his Mariam-hip with mass and the dose pmxSmiLy as: the (.2m sf'lRS fim’ffiy (owns
`Hark-in: raw}. This xvi” be verified in-due diligence.
`
`[IA has engined-a Jam \I'enmra agrzemun mm the Carl Wilirams Gmup, LEI. :0” UR: CS}? Building and 1h: larger ?.!¢110\-icw
`d¢vzlapxzmm Mouovicw 55 a mixed me yro'ject wnsisu'ng of 2,460 maidwlial uni
`, $15,050 if of office, 260,009 :3 of retail and
`parking BMW-:3 To: approximame 7,500 cars Car! \Vilijams and his pmdzcessms bcgan the mien:ny and dcvclapzmnn hf me
`Msnuvixw sin in [990 and commend the prdimirwy yin: of subdivision in May 200).
`in 2004 (he Mmylmd Dcpmmcn} of
`Tfizspfifimm.
`’nnce Georges County Pinning Deymmcm and tin: Washing-m Metropolimn Area Transk Audwrixy funded and
`conmieted a study which ouzlined. : mphfi’msiw muggy (i: make the New 6,5470le area. m fits! may mqtcopoiitan cankr for
`Prince Gwrgt’s County, containing over- SJM) residmzio‘: units, 11,700,390 sf of piliuélruaii and 6-3 act-c: ohmic and 0pm Since :11
`cunmxled wifil'new sn’ccn‘. and emulation ntlmrk
`
`’Thgpm'ptrty currently has 2 floors of “can! sp‘ac‘c totaling 50,606 mute feat (13.38% of mz'pmpeny) which CSC as an marten 1r:
`amq
`lease. h‘ CSC does nc-t' :xmzs‘e mm option huh: and of their imual 14111:; (Svpl‘cmber 2012), me laudjeza has" the rig“ .w by»: Uzi:
`spam OM underwriting “mm this space le be kind a,S"S pat‘OnlIaLcd) +. 9mm tax + OPEN over a base year in Onlpber ‘v: -.
`We haw anon-«M S25 psi forkean «Momma and 65". leuing'wmmsnana. Our matey would be to :ry and 36: CSC tn lake :ho
`space or naguhslewigh them 10 Icicasc it m :13 cat-‘3'.
`
`
`
`Ems have indicated a mark“ rent sz323$3flps£ Du: underwriting assumes-2 markm zeal Of $28 pa? wzlh gr'ovdh of S .‘ ~
`Local
`'3 - ‘(tm 3 and 3% lhcmsficr, We have 3180 assume! dun CSC was its optiun as szs‘pu (weaned) + promtr. taxes, This.
`Yrs-1‘2, ..
`methoflolagy xvii! be cunfix'med in due diligence. We have also unliovwriuen A swam-m allowance fizr the CSC has-2.
`The property W33 buik In 2003 uni! appeal; Lu bl: in very good condition “I: have albachd $.30 psf annually fix twin-gamut
`reserves. Th2: \viH be confime ‘in éue (Mignon.
`
`_S_u ~=rvisow __ ..
`
`5 653’:
`
`0.005:
`2.59%
`
`‘5 2-5?!
`
`«mm
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`
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`
`$362
`SI E7.S‘30.300
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`
`
`
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`sad}: os-alx-ve
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`5:21;: 93 abcv;
`same as nbave
`
`This property is fouled in a mum-mic law] (nu:an 1mm and-in the New Carmllmn Transitbisn'ict Drvéiopmenl Film making it
`(Jigfiulc For T; F-l'manci n3.
`
`Comra’m excruch 2'!) Din?
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`Risks .9; {cl'itigafing [gum-5
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`All In aqua,-
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`Cuzlkemgfiamd Leverage
`chcragcd Cash on Cash (Ema-Jug
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`moms (fad/musty)
`
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`
` m—w—_—_—__w
`CSC Supervisory Commiflee 0814307115 8118/2007 51:44 AM
`
`A9 ‘ o'vtd W‘
`'\
`[C59 a: CEO)
`
`App: awed by
`(V? or 5"?)
`
`UA006199
`UA||00004670
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`080
`Myyhnd
`5.5% W
`
`34 1.54
`
`For he Yen's E11619
`P0151an610“ Revenue
`
`Bun Ranul Rev-nu-
`Absorption & Tumovu Vacancy
`
`Total Rainhmumml Raveml
`101319015111“! Ems; Rwrnue
`Gem Vacancy
`Ovulation Loss
`51151:“! Guns szme
`
`Tmal Operating menses
`
`Net Operating Income
`Leaning 1!- Cap‘ml Gosh
`
`Cup Rue
`Cash In Purchase Pn’u
`6.1111110 NOI
`Cash 10 11111131 Equky
`
`IRR - Unxovmged
`1 -VIII IRR - LIV-rigid
`1-Year IRR v Leveraged
`3-year 11m - Leveraged
`i-Yr IRR - LIVI'IIM
`l-Vnr ma — Lmauad
`S~Yur [RR - Lonny-d
`1vY¢ar [RR - Lem-mt
`Pumaulliy Distrlhmian
`
`
`
`UA Put-rad 12mm
`-
`CF remaining alt-r 12‘].
`UA Return (am-NV Prumnhl W514
`Pam-r P10111010
`Pricing Matrix
`
`Tl Reuvvu
`LC
`Ream:
`TIILC Payback
`You! Leasing 5 Caphnl CI)qu
`Cash Flow Before Debt Sen“:
`1111011111
`Pn‘na'pul
`Debi Service
`NET CASH FLOW
`
`Debt Coverage R0110
`17.556
`
`7.(54.0M
`71811334
`921.520
`6.35.512
`-
`(03,356)
`8.301.756
`
`LINN!”
`7.IM.0€£
`673.953
`5.666.959
`-
`(86.870)
`0.530.208
`
`7.91 [.517
`1.915.6‘7
`1.085.103
`0,556,150
`-
`(89.567)
`8.587.133
`
`1.856.050
`
`1.944.738
`
`2.004.230
`
`403.652
`.
`65M
`
`471.551
`5.943.254
`5.N7,435
`£75,513
`5.343.25¢
`
`625.347
`.
`65.9511
`
`691,297
`5.943.25‘
`5.000.773
`934.475
`5,943.2“
`
`i
`
`850.710
`.
`58.959
`
`513.66!
`6.913.254
`4.9“.118
`951.050
`5.9“.25‘
`
`0,156,106
`0.156206
`1.090.025
`9,255,231
`-
`(92.552)
`9.132.379
`
`2.065.556
`
`7llI71 3
`
`1.082.032
`-
`71.027
`
`1,153.65!
`5,943,254
`4.379.021
`1.063.632
`5,543,254
`
`l
`M4013
`
`9.900.907
`(421.65!)
`9.09.251
`58157!
`10.360130
`»
`(103.607)
`10.37.1231
`
`3,400,802
`6.100.!32
`1.161.775
`9,552,567
`-
`(95.521)
`9.407.040
`
`2.121.113
`
`2.212.515
`
`1.321.915
`-
`73.150
`
`1.395.073
`5.543.254
`4.303.174
`1.135.079
`5,543.25“
`
`4.837.095
`1 ,3! 1 .710
`75.353
`(5,287,356)
`1.006.333
`5.237.474
`l.732,155
`1.211.098
`5.343251
`
`10.29!.7JT
`-
`111295.731
`97157!
`112711.211
`(93.191)
`(111.70!)
`“95‘9"
`
`2290.170
`
`l7“ ll|
`
`~
`-
`77,613
`
`77.613
`3.687.235
`
`10,507,700
`-
`10.81.17.700
`1,041,830
`11,619.31“
`
`2,359,755
`
`5 M3 75
`
`~
`'
`79.9‘2
`
`79.90
`$985.53!
`
`5.942.254
`
`5.943.254
`
`5.943.254
`
`8.237.474
`
`155,534,315
`
`49.6mm
`0
`o
`o
`u
`
`51,935,336
`0
`o
`o
`
`£8,521 .1135
`a
`0
`
`741mm
`34,220
`
`o
`o
`
`o
`o
`
`o
`0
`
`o
`294.220
`
`91,795.94:
`
`5.600.001:
`ELIE.”
`19,197,974
`2.597.914
`
`(111,530,000)
`139,172,719)
`(119.172.7191
`[39.1 72.749)
`£19.! 72.749)
`139.177.7491
`1:19.172.119)
`139.172.7491
`
`135.172.7451
`139.172.7493
`
`5,343,254
`39.545.559
`0
`0
`0
`0
`o
`0
`
`11
`0
`
`5.942254
`“.4pr
`o
`O
`o
`o
`o
`
`o
`a
`
`10.4%
`179%
`1 7.5%
`
`13.0%
`10.9%
`18.7%
`18.5%
`13.06
`10.2%
`10.1%
`173'].
`
`15.116
`15.9%
`15.0%
`15.8%
`15.416
`151.1%
`15.1%
`
`UA006201
`UAII00004672
`
`

`

`CSC Building
`4900 Harkins Road
`New Carmlron, MD
`Schedule Of Prospective Cash Flow
`in Inflated Dollars for Ihe Fuser Year Beginning 9/11‘2007
`Year 4
`Year 5
`Year 6
`Year 7
`Aug-2011
`Aug’zm!
`lug-2013
`Aug-2014
`
`Year 8
`Aim-2915
`
`: 8/14/07
`Dale
`Time : 14:56
`Rem :AMA
`Page : 1
`
`Year 1
`1499:2008
`
`Year 2
`Aug-2009
`
`Year 3
`Aug-201D
`
`
`
`$7,464,084
`
`$7,688,006
`
`$7,918,847
`
`$8,156,206
`
`58,400,892
`
`7,454,084
`
`7,688,005
`
`7,918,647
`
`8,156,206
`
`8,400,892
`
`59,900,907 510,298,737
`(421356)
`9,479,251
`
`10,298,737
`
`510.607.700
`
`10,607,700
`
`786.793
`112,954
`21,637
`57,569
`978,953
`
`810.397
`133,715
`25,614
`58,377
`1,038,103
`
`634.709
`155.064
`3,703
`79,549
`1,099,025
`
`859.750
`177,020
`$309
`91,096
`1,161,775
`
`912,106
`851.483
`33,751
`17,310
`6,466
`3,316
`ggzq __,_ 13,139
`881,479
`971,474
`
`939,472
`58,030
`11,116
`33,010
`1,041 ,834
`
`
`
`763.877
`92,765
`17.769
`47,117
`921,528
`
`11,649,334
`11,270,211
`10,360,730
`9,562,657
`9,255,231
`8,956,750
`8,656,959
`3,305,612
`(93,491)
`(96,611)
`183 856)
`186 670)
`189 561)
`(92 552)
`(95 627)
`(103 607)
`(112,702)
`(116,493)
`
`8 301,756 _ 3,589,289 _8.967,183
`9,162,679 “3,467,040
`10,251,123
`11,065,918
`11,436 230
`
`Software
`File
`Property Type
`Portfolio
`
`:ARGUS Ver, 13.0.0 (Build: 13000-A)
`2686 Supen'sory 13.14.07
`:Offioellndrmnal
`:
`
`912, 109
`885,542
`780,637
`757,900
`149,534
`145,178
`442,561
`410,235
`__14,$
`13.911
`2,299 170
`2,212,816
`8.0444107 _8,1§5,8£
`
`939,472
`804,056
`154,020
`457,449
`14,758
`2,369,755
`9,066 475
`
`4,651,046
`1,292,207
`5943.253
`
`__
`
`
`
`763,877
`653,771
`125.232
`382,070
`12,000
`_1,88§,950
`6.414,806
`
`_
`
`5,067,435
`875,;319
`5 943,254
`
`786,793
`673.384
`128.989
`343,212
`1g,:so
`$944138
`8,635,561
`
`5,008,779
`934,474
`5 943.253
`
`810,397
`693.586
`132,859
`354.687
`12,731
`2.004 260
`6,1362%
`
`4,946,196
`997 058
`5,943,254
`
`834,709
`714,393
`136,844
`366.507
`13.113
`2&5 566
`7,097,113
`
`4,879,421
`1.06_8,8_32
`5,943,253
`
`359,750
`735,825
`140.950
`378,682
`13 506
`2.128 713 ‘
`7,338,327
`
`4,808,174
`1,135 079
`5433,2552
`
`For me Years Ending
`Potenfial Gross Revenue
`
`Base Rental Revenue
`Absorption E Turnover Vacancy
`Scheduled Base Rental Revenue
`Expense Rairmm'semant Revenue
`
`RE Tax
`CAM
`Insurance
`M91 Fee
`Total Reirrbursemem Revenue
`
`Total Potential Gross Revenue
`General Vacancy
`Collection Loss
`Effedive Gross Revenue
`Operating Expenses
`
`RE Tax
`CAM
`Insurance
`M91 Fee
`Other
`Coral Operating Expenses
`Debt Service
`Nel Operaflng Income
`
`Inlerest Paymems
`Principal Payment»
`Total Debt Service
`Leasing & Capital Oasis
`Tenant Improvements
`Leasing Commissions
`Reserves
`TlILC Reserve
`Total Leasing 81 Capital Costs
`Cash Flow After Debt Sewice
`But Before Taxes
`Revenue/Expense Notes
`
`4,732,156
`1,211,098
`5.943254
`4,637,096
`1,381,740
`75,353
`(4,287,356)
`
`
`
`73.158
`71.027
`1,321,915
`1.082.832
`71,613
`79 942
`1,135,073
`1,153,359
`$2.74a,98
`$8,986,533
`$294,220
`$1
`$1
`—~_- ===_—-.:s=-- ====== =-_
`
`
`77,613
`
`79,942
`
`65.000
`406,552
`471.552
`
`68.959
`65.950
`350.710
`625,347
`592.291 v 919,669
`S1
`
`Other
`
`Nomeim Tax. Awning. Misc fees
`
`SLSVOOOOIIVPI
`
`ZOZSOOVD
`
`

`

`Software
`File
`Property Type
`Parflolio
`
`:ARGUS Ver. 13.0.0 (Build: 13000-A)
`: CSC Supervisory 8.14.07
`: Office/industrial
`:
`
`:8114/07
`Dale
`Time :4:13 pm
`Refill
`: AME
`Page : 3
`
`CSC Building
`4900 Harkins Road
`New Carrollon. MD
`Schedule Of Sources & Uses 01' Capital
`Equity is Based on Property Value. Leverage and Operating Requirements
`Year 3
`Year 4
`Year 5
`Year 6
`Aug:2010
`Aug:2011
`Aug:2012
`Aug-2013
`55.882323
`57.091113
`$1338.32?
`38.044307
`
`Year 7
`A9120“
`53.764348
`
`159 899.150“
`___A
`
`
`37.091113
`$123,944,306
`S
`$168,664,498
`
`
`
`Year 2
`Year 1
`“N Auggfl
`_ 7559932908
`36.414306
`56.635551
`78.357.251
`39.172749
`
`
`For the Years Ending
`Sources 01 Capital
`Net Operating Gains
`Debi Funding Proceeds
`lnltlal Equity Contribution
`Net Proceeds from Sale
`Total Sources 0! Capital
`Uses 01 Capital
`Property Purdnase Price
`Total Debt Service
`5.943254
`Tenant lmpmvements
`4.637.096
`Leasing Commissions
`1.381.740
`Capi1al Costs a. Reserves
`471.552
`692,37
`919,669
`1.153.859
`1.395.073
`(4.212.003)
`77.613
`
`Retiremenl a. Penalties
`‘
`_ -
`A
`.
`70,551,684
`
`Defined Uses Of Capilal M 6 635$ “_
`8.862.923 _L0;l7.fl
`7&38,325
`7.7m M550
`Cash Flow Distributions
`1
`1
`1
`__ 91,795,959;
`=====
`58.044307
`Total Uses 01 Capital
`$6,635,551
`37 097 113
`3168564498
`3123,9443
`
`
`Unleveraged Cash On Cash Return
`Cash to Purchase Price
`N01 to Book Value
`Cash to Purchase Price & Costs
`Leveraged Cash On Cash Relum
`Cash to Initial Equity
`Unleveragad Annual IRR
`Leveraged Annual IRR
`
`$117,530,000
`5.943.254
`
`5.943.253
`
`5.943.254
`
`5.943.253
`
`5.943253
`
`5.943.253
`
`5.31%
`8.49%
`5.31%
`O.75%
`
`7.39%
`7.07%
`7.39%
`7.00%
`9.23%
`1 299%
`
`
`
`5.06%
`
`5.44%
`5.06%
`
`5.06%
`
`5.59%
`5.06%
`
`5.06%
`5.74%
`5.06%
`
`5.06%
`5.88%
`5.06%
`
`5.06%
`8.01%
`5.06%
`
`VLSVOOOOIIVH
`
`EOZQOOVH
`
`

`

`Soflware
`Hie
`Property Type
`Portfolio
`
`: ARGUS Ver. 13.0.0 (Build: 13000-A)
`: CSC Supervisorya.14.07
`: Office/Induslnal
`:
`
`CSC Build'ing
`4900 Harkina Road
`New Carnation, MD
`Individual Loan 8. Debt Service Summary
`Loan number 1 - CSC Debt
`Year 5
`Year 6
`Aug-2012
`Aug:2013
`
`Year 7
`A_ug-2014
`
`Year 4
`Aug-2011
`
`Date :6/14/07
`Time : 14:56
`Refit!
`2 AMA
`Page : 2
`
`$4,732,156
`$4,879.421
`34.808174
`1.21 1.098
`1 063.332
`1 135 079
`
`5 943,253
`5 943 253 _5.943.254
`
`
`84,651 .046
`1 292a7
`5,913,255,
`70 847 684
`70,347L684
`
`Year 1
`Aug-200g
`
`35.061435
`875 819
`
`5 943 254
`
`
`Year 2
`Aug-2009
`
`$5,008,779
`934.474
`5 943,253
`
`Year 3
`Aug-2010
`
`$4.946,196
`997 058
`5 943,254
`
`
`
`
`
`55.943253
`55.943254
`35.943253
`55.943254
`slam: luln== mun-fl: ==.un._
`
`$78,357,251
`$77,481.431
`576.546.9523 575549.900
`$74,486,068 93.350388 $72,139,891
`
`(875.819)
`(934,474)
`(997,058)
`(1,063,832)
`(1 ,135.079)
`(1,21 1,098)
`(1 ,E2,207)
`(70 B47 684)
`
`$73,350,989 572139.890
`571481.432 $76,546,957 575,549,900
`$74,486,068
`flung-.1 =-.._“ m .==_-
`"mm: 33mm.- mmm
`
`6.50%
`
`6.50%
`
`6.50%
`
`8.50%
`
`6.50%
`
`6.50%
`
`6.50%
`
`126.59%
`107.93%
`
`132.48%
`11 1.65%
`
`138.75%
`115.47%
`
`145.45%
`1 19.41%
`
`152.52%
`123.47%
`
`169.99%
`135.35%
`
`188.45%
`147.48%
`
`86.67%
`67.18%
`69.61%
`55.36%
`
`65.92%
`64.22%
`68.83%
`51.74%
`
`65.13%
`61.35%
`68.00%
`54.08%
`
`54.28%
`56.55%
`67.12%
`53.37%
`
`53.38%
`55.63%
`86.17%
`52.62%
`
`62.41%
`50.15%
`65.15%
`51.82%
`
`81.38%
`45.27%
`64.09%
`50.96%
`
`6.50%
`
`For me Years Ending
`Minimum Debt Service
`
`interest Payments
`Principal Payrnenls
`Total Minimum Debt Service
`Reductions 8. Retirement
`Principal Balloon or Call
`Total Reductions 8. Retirement
`Total Cash Flow Paid To Lender
`
`Principal Balance Summary
`Beginning Principal Balance
`Periodic Principal Reductions
`Principal Balloon Paymenls
`Ending Prinu'pal Balance
`interact Rates
`
`Interest Rate on Principal
`Cash Flow Coverage Ratios
`Cash to Total Inlama! Charged
`Cash 10 Minimum Debt Service
`Loan To Value Ratios
`Loan to Purchase Price
`Loan to Capflaiized Value
`Loan to Lowest Present Value
`Loan lo Highest Presem Value
`Lenders Welds (IRR)
`Base Yield to Maturity
`
`SLBVOOOOIIVH
`
`VOZSOOVD
`
`

`

`Date 38/14107
`True :14156
`RIM :AMA
`Page : 1
`
`Software
`Fie
`PmpmyTypo
`Pomona
`
`: ARGUS Var. 13.0.0 (Buid: 13000”
`:CSC Supervisorysdtm
`:omwmm
`:
`
`08C
`‘90:) Hamhs Road
`Mcarroflon. MD
`mseohfim MRO“ a. QumrTmm Tram Summary
`As a! Sep~2007 {171325.000 Squaw Fed
`
`Upon Exp'nion
`Loafing costs
`Rama-mom
`Abawnens
`RmijusImewls & Was
`Base Renl
`Area
`Dasaipflan
`TenantName
`Floor Rmme
`CPI&CurrenK
`Months
`Pm! Desmiptional
`mprvrmfs Comm Mum-bun
`Types. Su‘u Numba
`5th
`perYear
`Glavges Changes me Wag:
`b
`to 091m Expm
`M RII meaumhrms
`
`Lying: 5 Turn
`5mg Share
`por Month
`on
`Io
`Miscellame
`Alias, Abate Ra‘mbxxsamais
`AmountM forlhis bran
`IWm Cor
`$.47
`Oct-2008
`$24.17
`-
`-
`- Sea method: 056
`-
`-
`Opfion
`Office. Sake: 1A.5.s
`88,454,250 0am $24.90
`San mnva'on:
`120 Monms
`5537.854 mama
`$26.42
`Oct-2002 to Sega-2012
`5‘36
`Ofl-ZODS
`52.5.35
`Rule toM
`Od-ZOW $27.21
`Qua-zoos
`$28.02
`Oct-NOS
`$28.37
`Oct-Z!10
`523.73
`Oil—N1 1
`$30.62
`
`276.000
`um
`
`1 Wrsdm Car
`Option. Suits: 1.4.5.5
`60 M00111:
`Oct-2012 b Sap-20W
`
`31 Van!“ - 710015 253
`Oflhz. Suih' HR 11
`120 Mantis
`0d-2012 to 599-202
`
`275.000
`84.52%
`
`3.000
`IM
`
`$1.27
`Oct-2013
`$30.36
`$5,345.73: mm“ $32.21
`5695.732
`Oct-2015
`$4.17
`5253
`Oct-2015
`$3.17
`
`$4.74
`Ocl-ZO‘IZ!
`93.73
`$35.79
`“312 0:20“
`570.276
`Oct-2018 N757
`$.81
`“@2015
`S886
`Oct-2017 WA1
`Oct-2018
`$40.28
`Oct-2019
`541,49
`Del-20m $42.73
`Od—2021
`$44.01
`
`81 Vacant - Flwls 2&3
`Ofl'rce. Suite: H" 12
`120 Mantis
`Apr-2013 Ru Mal-2023
`
`25,000
`7.59%
`
`$33.73
`M312
`$70273
`$281
`
`534.74
`Apr-2014
`$15.79
`Apr-2015
`AprQOW $3737
`Apr-E16
`58636
`“1-2018
`$39.11
`Apr-2019
`$40.2
`mam 54149
`bar-2021
`$4273
`Meozz
`$44.01
`
`TWI Occupied SqFl
`Total Available SqFt
`
`325.000
`0
`
`-
`
`-
`
`-
`
`-
`
`-
`
`-
`
`- See mama: csc
`096m
`5
`
`$11.59
`3.183.004
`
`$0.51
`0.50%
`$221.52‘
`
`Ranew
`SeeWm:
`Rd:to Mikfl
`
`-
`
`-
`
`See «rm-mod: (:50
`W
`
`$8.58
`3724.546
`
`52320
`6.00%
`$580.09
`
`M“
`500 Mich:
`Rt)le Market
`
`See mam: CSC
`Conan
`
`$28.98
`572‘.“
`
`$8.20
`6117*
`3580.058
`
`W
`$08asunpflon:
`Rda b Mark!
`
`SLSVOOOOIIVO
`
`SOZSOOVD
`
`

`

`:8114J07
`Dale
`Time :14:57
`Refit
`:AMA
`Page : 1
`
`Software
`File
`Property Type
`Portfolio
`
`:ARGUS Ver. 13.0,0 (Build: 13000-A)
`: csc Supervisory 8.14.07
`: Office/industrial
`:
`
`CSC Building
`4900 Haikins Road
`New Camoflon, MD
`
`supporting Schedule -- Square Feel Expiring — (All Terms)
`Year 1
`Year 2
`Year 3
`Aug-2008
`Lug-2009
`Lug-2010
`
`
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`Year 8
`Year 7
`Year 6
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`Year 4
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`
`
`
`For lhe Years Ending
`Tenant
`Computer Sciences Carpo
`Total SqFt Expiring
`Percent Of Total Expiring
`
`Suite
`1,452.6
`
`Month One
`Occupied Ana
`
`275 000
`275.000
`
`Luse
`Start
`
`10/02
`
`First
`Expiration
`
`9/12
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`UrbanArnerica LP II
`
`Information Sheet
`
`Please find below attendance information.
`
`August 20, 2007
`12:00am EST
`
`domestic call-in number **
`
`(877) 864—2828
`Participant Code: 191 O66#
`
`international call-in number
`(973) 341—3032
`Participant Code: 191066#
`
`** To ea]!in die! z‘lee above number andyau’11 bepmegbeed 1e erzz‘eryoz/rparz’icgbanz‘ code. Afler
`you’ve entered f/ye code, lair flee “#” 192mm: andyou’ll be connected to tbe wnfereflee ea/Z
`
`
`
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`UrbanAInerica LP II
`
`Supervisory Committee Distribution List
`
`Jill Felix
`Norman Peck
`
`Sam Rosenberg
`
`cc: Richmond McCoy
`H:11 Rciff
`Dave Monzella
`
`Acquisitions Team
`
`UA006214
`UA||00004685
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`

`

`UrbanAmerica LP II
`
`Supervisory Committte Meeting Minutes
`
`April 30, 2007
`
`The meeting of the Supcwisory Committee was held onMonday, April 303’ at 1010021111
`
`Present (by phone):
`
`jill Felix - Member
`Norman Peck - Member
`
`Sam Rosenberg - Member
`
`Other Am.,dgcg
`U rba mimerica Team
`
`'
`
`Today, the committee having reviewed the package attached, unanimously approved Lha- foflowing;
`
`0
`
`Pursuit casts of up to $159,000 to finish undmvriiifig the portfolio as desaibed, in orcixr to be able to
`submit a final bid by next. week \Ve anticipate that. bid to be reduced fer our initial bid, in order to
`achieve the same five-seven yea): hold IRRS.
`Approva! to pursue the acquisition, thus incurring due diligence costs of about $1.5 mfllibn (upon the
`signing of a Contract that gives us rctnrns equal or better. to those presented, with a total 231 in price less
`than. or equal {0 What was presented).
`
`
`
`Cc: Marco Caffuzzi, Esquire, Skaddcn, Arps, Slate, Meagbet & Horn LL?
`
`UA00621 5
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`

`

`UrbanAmerica LP II
`
`Supervisory Committee Meeting Minutes
`
`August 21, 2007
`
`The meeting of the Supervisory Committee was held on Monday, August 20th and Tuesday August 21st at 12:00pm
`
`Present (byr phone):
`
`Jill Felix — Member
`Norman Peck — Member
`
`Sam Rosenberg — Member
`
`Other Attendees:
`lrbanAmerica 'l'eam
`
`Today, the committee having reviewed the package attached, unanimously approved the following.
`
` Minutes record
`
`
`
`inancial OEflcar & Chief Operating Officer, UrbanAmcrica LP
`
`
`by Hal
`
`e1
`
`Cc: hilarco Caffuzzi, Esquire, Skadden, Arps, Slate, :Meagher & Flom LLP
`
`UA006216
`UAII00004687
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`

`

`From:
`Sent:
`To:
`
`Subject
`
`Richmond McCoy
`Wednesday, August 29, 2007 11:14 AM
`Halefi
`
`RE: draft of minutes of the Transaction Co