SAFStor Investment

General Project parameters

• Average project cost between $7-10,000,000

• 50-70% loan-to-cost, targeting non-recourse financing

• Limited partner, mezzanine or preferred equity, up to 80-90% of the capital stack

• Sponsor contributes 100% of GP, with flexibility to contribute between 10-20% of the required equity in the form of cash and/or deferred fee

• Target stabilized (yr3) yield-on-cost of 8.5-9.5%

• Current exit cap rate of 5.5%-5.75%, future exit cap rate of +25-50 bps

• Equity dedicated to 10 or more projects on a programmatic basis