Exhibit 2

Sold No. of Average Finished S.F. Months It Units(l) Price(2) S.F. Price(2) Took (2) Where projects have sold out the most recent resale price has been shown, where prices have risen on existing projects the most recent known contract price has been shown. (3) This project was on urban renewal ground and therefore the builders had profit and sales limitations. Not built to suit the market at all, but so low priced it sold out anyway. On Friday, August 12, 1977, Alison...

Organization

Many changes had occurred and new faces appeared since late 1978 when the first case was written. As the pace and volume of work continued to rise, Mr. Kaempfer knew that he had to build a stronger organization. In addition to introducing weekly staff meetings, which he described as one of our major leaps forward, cash needs of the organization began to be projected a full twelve months ahead. As a measure of the growth of the organization, total overhead grew more than eight-fold between 1978...

Exhibit 3

A Station **tro Entrance ' ro Lin. A Station **tro Entrance Permanent Financing Commitment (Introductory Paragraphs Deleted) Term Thirty-five (35) years, with payments to be made in equal monthly installments of 208,993 including principal and interest in order to retire the loan by maturity. Call Option The note and mortgage will provide that the entire remaining indebtedness, plus accrued interest, shall, at Lender's option, become due and payable at par, without penalty, at the end...

Great Northwest Land Company

Joey made the decision to start his own business in the immediate aftermath of the success of Sherwood Forest. The truth is, I had reached a point where I just did not want to work for someone else. I woke up one morning with a book I had been reading the night before, and it was more appealing to me to just sit in bed and read that book than to go to work. I knew then that I needed to be on my own. It cost Joey ten months of effort and a great deal of money to set up his own business. While at...

Debt Capital

When completed properties are bought and sold, the most common form of debt financing is the mortgage loan, usually a long-term or permanent loan. When properties are being developed or improved, however, the different phases of development involve different sets of risks. Three broad categories of mortgage loans have evolved to fit. them. These are the acquisition bridge loan, the construction loan, and the permanent loan. The typical development project may progress through a series of loans...

Debt Service

In the setup for income producing property, the net operating income is called Free and Clear income. This is defined as gross potential income less vacancy allowance, operating expenses, real estate taxes, and replacement reserves. The income-generating potential of a particular Sources of Real Estate Operating Experience Data Property Types Residential Apartments Journal of Property Management, Institute of Real Estate Management Office Building Exchange Report, Building Owners and Managers...

Sherwood Forest

Later at Hendricks, Joey developed his most successful project, Sherwood Forest. Located in Chevy Chase, Maryland, this was a renovation project involving conversion of 600 older government financed (Section 608 program) apartment units, in a series of two-story buildings, into 340 condominium townhouses. Joey spoke with great satisfaction of Sherwood Forest. It is the project of which I am, hands-down, the proudest. It is the most remarkable project I ever conceived. It had been passed in...

Financial Analysis

At last Prudence had sufficient information to undertake a first cut at a financial analysis. The Historical Commission had unofficially told her that the Hall certainly complied with the requirements for inclusion on the Register. Prudence had ascertained from the city what the probable tax burden on the rehabilitated building would be, and had obtained an estimate of operating expenses from the management department of one of the brokers to whom she had spoken. She plugged in her new...

The Real Estate Developer

The Changing World of the Real Estate The purchase Note 1 Static Financial Introduction to The The Capital for Real Estate The participating Note 2 Discounted Cash Flow Investment Note 3 Financial Accounting in Real The joint Feasibility Analysis and Risk is related to Note 4 Location, Design and Market The limited Note 5 Organization and Introduction to the Development Developer Marketing The development Development process