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Content
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Section
Proposal Submittal Signature Form ..................................................................................
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SignedCover Letter ..........................................................................................................
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Contacts...........................................................................................................................
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DevelopmentEntities .......................................................................................................
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ContractEntities ..............................................................................................................
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OrganizationalChart ........................................................................................................
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Experience.......................................................................................................................
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FinancialCapacity ............................................................................................................
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ProjectNarrative ..............................................................................................................
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Financial Narrative (Sources & Uses) ..............................................................................
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VisualDescription ..........................................................................................................
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EnergyEfficiency ............................................................................................................
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Litigation........................................................................................................................
13
References.....................................................................................................................
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Unique Resources, Capabilities & Assets ........................................................................
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1
EXHIBIT "A"
Proposal submittal signature form
The undersigned attests to his/her authority to submit this proposal and to bind the firm
herein named to perform if the firm is selected by the City of Iowa City. The undersigned
further certifies that he/she has read the Request for Proposal, terms and conditions,
and any other documentation relating to this request; has complied in all respects with
all conditions hereof, and this proposal is submitted with full knowledge and
understanding of the requirements and time constraints noted herein.
The undersigned hereby further acknowledges that it accepts the terms of the Request
for Proposals in its entirety and by the submission of its proposal hereby waives any
claims or claims to irregularities that arise out of such RFP, the process employed by
the City to solicit and develop proposals, or the RFP evaluation process described in the
RFP, and agrees to release and hold harmless the City, its employees, agents, and
consultants from any claim, loss, or damage arising therefrom.
The undersigned hereby authorizes any person, firm or corporation to furnish any credit
history and financial condition or other information required by the City to verify
information related to the firm's submission to the City.
I hereby certify, on behalf of the undersigned firm, that the above information is true and
correct to the best of my knowledge and that the City may rely on the information
provided.
Firm name: Sherman Associates Inc.
Home office address: 233 Park Avenue South, Suite 201
City, state, zip� Minneapolis, MN 55415
Name and Title of Representative:
Name: George Sherman
Signature:
Date: 07/15/14
19
2
F&sherman
A S S 0 C I A T E S
July 15, 2014
City Clerk
City Hall
4 10 East Washington Street
Iowa City, Iowa 55240
Re: Sherman Associates Proposal for the Court St/Linn St Redevelopment
Dear Iowa City Staff,
Sherman Associates and our development partners are pleased to submit the enclosed proposal for redevelopment
at South Linn Street and East Court Street. The enclosed materials demonstrate our team's mixed use and urban
infill experience. It shows our ability to deliver a product that is in line with the city's goal of an urban, downtown -
density development.
We propose to develop the site into three distinct yet interconnected uses. We would develop 91 market rate
residential units, a nationally branded 146 key hotel and 23,000 square feet of flexible office space. The
development would include 329 structured parking stalls, to serve the needs of the site. Sherman Associates and
associated entities would be the long term owner and operator of all components of this development. This
development would bring street level vibrancy and vertical development to the area.
Our team possesses three key competencies that will enable us to deliver this product on time and on budget:
Efj�ctive Public -Private Partnerships: The development team recognizes local governments as critical
partners in the development process. Through the coupling of expertise and through effective
communication we create measurable impact within communities.
0 Thoughyid Design and Quality Construction: The development team has experienced design and
construction professionals on staff to ensure quality and timely delivery. Effective Communication with
stakeholders allows us to create innovative and aesthetically appealing building while ensuring that
budgets are held.
Complex Financing: Sherman Associates has the ability to secure and manage a variety of complex
funding sources. We bring our experience, as well as strong relationships with financial institutions, to the
Linn & Court Street project.
The development team is excited about the possibility of partnering with Iowa City to develop this underutilized
parcel into one that demonstrates the vibrancy of the downtown district. Thank you for the opportunity to submit
this proposal. We look forward to answering any questions you may have through the review process.
Sincerely,
George Sherman
President
Sherman Associates, Inc.
233 PartAvcnue South, Suite 201, Minnedpolis, MIN 554 15
Tel: 612-332-3000 Fax: 6 12-332-8 � 19 - wAwsherman-associaLes.com
Shxm�nn Assocfne,� is i�n Ecpjo) Oppurtw)ity Enpioycr
Sherman Associates, Inc.
233 Park Avenue South, Suite 201
Minneapolis, Minnesota 55415
Phone: 612.332.3000
Fax: 612.332.8119
PRIMARY CONTACT
Jackie Nickolaus, Vice Preside nt/Project Manager
515.491.5103 1 mnickolaus@sherman-associates.com
Jackie Nickolaus is Sherman -Associates Iowa -based project manager. Her main focus will be working with
local development authorities and coordinating local team members.
Jackie Nickolaus has a 10 -year history of downtown redevelopment practice, including long-term planning
and project implementation. Before joining Sherman Associates in 2005, she was an Economic
Development Coordinator for the City of Des Moines. Jackie earned a University of Iowa Bachelor of Arts
Degree and a Master of Arts from the University of Minnesota's Humphrey Institute of Public Affairs.
ADDITIONAL CONTACTS
George Sherman, President/Owner
612.332.3000 1 gsherman@sherman-associates.com
George Sherman will oversee the development process and will be involved in a// critical decisions.
Mr. Sherman has been involved in multi -family and single-family housing for 25 years. He has been the
principal involved in the completion of over $2 billion in real estate development. Presently, Mr. Sherman is
the President and Principal Developer of Sherman Associates, Inc. Sherman Associates, Inc. has developed
approximately 8,500 multifamily, townhouse and single-family homes, 600,000 square feet of commercial
space and two hotel properties. Mr. Sherman is a graduate of the University of Minnesota where he earned
a BS in Biochemistry in 1976 and completed MBA studies in 1977.
Rich Kiemen, Senior Vice President of Construction
612.604.0865 1 rkiemen(@sherman-associates.com
Rich Kiemen will oversee and help coordinate a// construction activities on behalf of Sherman Associates,
from initial project design and cost estimations through completion of construction.
Richard Kiemen has more than 25 years' experience in general contracting and project management.
Working with Sherman Associates since 2005, he has been involved with multi -family, residential, public
and private construction projects throughout the Midwest. Richard received a bachelor's degree in
Architectural Engineering from Milwaukee School of Engineering and holds a Minnesota residential
contractor's license.
Tony Kuechle, Project Manager
612.604.0852 1 tkuechle@sherman-associates.com
Anthony Kuechle is an accomplished real estate professional with over 19 years of experience in real estate
development, acquisitions and asset management. Prior to joining Sherman Associates in 2010, Anthony
worked as a Vice President of Development and Acquisitions for Hempel Properties and a Project Manager
for United Properties. He has a Bachelor of Science in Real Estate and Finance from St. Cloud State
University.
L�
EMOROUSO
Sherman Associates, Inc.
233 Park Avenue South, Suite 201
Minneapolis, Minnesota 55415
612.332.3000
George Sherman: 100% owner
Sherman Associates Development LLC
233 Park Avenue South, Suite 201
Minneapolis, Minnesota 55415
612.332.3000
George Sherman: 100% owner
Craftsman Construction, Inc.
233 Park Avenue South, Suite 201
Minneapolis, Minnesota 55415
612.332.3000
George Sherman: 100% owner
To be formed single asset entit
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architects
LRCHITECr
MARK SWENSON
Principal
mark.swenson@esgarch.com
CITY OF IOWA CITY
r&sherman
ASSOCIATES
SHIVEFIA77EFZY
". STRUCTURAL,
LLANDSCAPE
PHIL LARSON
Vice President
plamon@shive-hattery.com
GEORGE SHERMAN
President and Principal Developer
JACKIE NICKOLAUS
Vice President/Project Manager
TONY KUECHLE
Vice President/Project Manager
WILLANDERSON
Associate Project Manager
CONSTRUCTION
MANAGER
— RICH KIEMEN
Senior Vice President
— RON WAGNER
Vice President
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EIIL cost'Zia.
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ENERGY DESIGN
L JIM DOUGLAS, PEJEEDAP
Project Manager
JimD@TWGI.com
GENERAL CONTRACTOR
BRADJOHNSON
Vice President/General Manager
bjohnson@KnutsonConstruction.com
7
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Sherman Associates, Inc.
233 Park Avenue South, Ste. 201
Minneapolis, Minnesota 554
Phone: 612.332.3000
www.sherman-associates.com
Virlssherman
A S S 0 C I A T E S
Sherman Associates, Inc. is an award-winning developer specializing in design, construction and financing of
quality housing and commercial properties in Minnesota, Wisconsin, Iowa, Missouri and Colorado. Having
earned a strong reputation for quality and follow-through, cities around the country have turned to Sherman
Associates to pioneer redevelopment in their downtowns and highest priority neighborhoods.
Sherman Associates' experience includes new construction and rehabilitation of historic structures. With over 30
years of development and construction experience, Sherman Associates is able to offer a diverse range of
services in the commercial, single-family and multifamily markets. These services include:
• Development Services * Construction
• Design -Build Services * Site Analysis
• Financial Analysis/Feasibility * Marketing Programs/Feasibility
• Federal, State and Local Housing Programs * Equity and Debt Funding
• Property Management Services
Sherman Associates has established an impressive and prolific track record, completing over $2 billion in real
estate development. Sherman Associates has developed approximately 8,500 multifamily, townhouse and
single-family homes, 600,000 square feet of commercial space and two hotel properties. Our current pipeline
consists of $200 million to $250 million a year in new developments, both commercial and residential. This
experience allows ourfirm to bring about the following outcomes:
• Assemble financing from a variety of public and private sources
• Create strong public-private partnerships
• Complete mixed-use and mixed -income projects
• Ensure thoughtful design and quality construction
• Create tangible community impact
Contacts
George Sherman, President/Owner
612.332.3000 1 gsherman@sherman-associates.com
Jackie Nickolaus, VP / Project Manager
515.491.5103 1 qnickolaus@sherman-associates.com
Rich Kiemen, VP Construction
612.604.0865 1 rkiemen@sherman-associates.com
Susan Fauver, General Council
612.604.0853 1 sfauver@sherman-associates.com
Chris Sherman, VP / Project Manager
612.604.08591 csherman@sherman-associates.com
Tony Kuechle, VP / Project Manager
612.604.0852 1 tkuechle@sherman-associates.com
Will Anderson, Associate Project Manager
612.604.0866 1 wanderson@sherman-associates.com
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Zenith Condominiums I aLoft Hotel Minneapolis
901 2nd Street South
Minneapolis, MN 55415
Use: Hotel, Housing (condos), Commercial
Development Team:
Developer- Sherman Associates
Architect- ESG Architects
GC- BOR -SON Construction
Project Value: $61 Million
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Sherman Associates has completed more than $2 billion in real estate development. Sherman Associates has
experience in developing strong public-private partnerships and brings expertise in assembling complex
financing from a variety of public and private sources.
Below are several Sherman Associates projects recently completed or under development that highlight the
complexity and variety of the firm's financing experience.
Riverside Plaza: 1,303 Residential Units & K-8 Charter School
Minneapolis, MN
Total Development Cost: $132 Million
Financing: Federal 4% UHTC Equity, State Historic Tax Credits, Federal Historic Tax
Credits, Tax Exempt Bonds, HUD Insured Mortgage, MIN Housing Fund's (MHFA)
Economic Development and Housing Challenge, MHFA's Preservation Affordable Rental
Investment Fund, Metropolitan Council's Local Housing Incentive Account, Family
Housing Fund, Greater Metropolitan Housing Corporation, and multiple Brownfield
sources, Equity
Rayette Lofts: 88 Residential Units & Commercail (Under Construction)
St. Paul, MN
Total Development Cost: $25 Million
Financing: Conventional Mortgage, Federal Historic Tax Credits, State Historic Tax
Credits, Metropolitan Council TBRA/TOD, Energy Credits, Equity
Harrison Lofts: 60 Residential Units & Commercial
Davenport, IA
Total Development Cost: $8 Million
Financing: Iowa Finance Agency First Mortgage Loan, State and Federal Tax Credits, EZ
Sales Tax Rebate & Equity, Neighborhood Stabilization Plan Funds, and Land
Contribution by City of Davenport, Equity
West Side Flats: 178 Residential Units & Commercial
St. Paul, MIN
Total Development Cost: $38 Million
Financing: HUD Insured Mortgage, TIF, MHFA HOME Funds, Department of Employment
and Economic Development, Metropolitan Council TBRA, Equity
The Nexus: 142 Residential Units & Commercial (proposed)
Des Moines, IA
Total Development Cost: $27.5 Million
Financing: HUD Insured Mortgage, City Assistance, Brownfield
Tax Credits
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pr4aN HaTT00OWS
Sherman Associates proposes a mixed-use development at the corner of South Linn Street and East Court Street
in Iowa City, Iowa. Our proposal calls for the construction of a hotel, market rate rental housing, office space
and a parking structure. The development would capitalize upon the site's prominent urban location and would
advance the City's goal of transforming underutilized property to active uses. It would build upon the already
vibrant and walkable downtown area. The development is consistent with the City's Economic Development
Policy and Downtown Strategic Plans. This proposal is being presented to stimulate dialogue regarding potential
public/private partnership terms.
Sherman Associates would acquire the parcel and develop the entire 1.93 acre site as one project into three
distinct yet interconnected uses.
Residential - The residential component would consist of 91 units. A variety of layouts would be available
including efficiency, one bedroom and two bedroom. We expect the project to attract a variety of potential
residents. However we anticipate young professionals working in the Iowa City market to be primary residents.
Units would feature high quality interior finishes in line with class A market rate apartment products. The
amenity package would include a rooftop deck, community room, pool, patio, theater room and fitness center.
The 5 story residential structure, clad in brick, glass and metal panel, would anchor the south side of the project.
Upon construction completion the residential portion would be owned and operated by an entity associated
with the developer.
Hotel - The proposed nationally branded hotel would include 146 guest rooms. Due to its location we
anticipate bookings from both business and leisure travelers. Amenities would include a restaurant, meeting
rooms, exercise facility, pool and patio. The hotel structure would be six stories, with the front entrance on
grade at East Court Street. Upon construction completion the hotel portion would be owned and operated by
an entity associated with the developer.
Office - Included within the proposal is 23,302 square feet of office space. It will be accessible off of south
Linn Street, from its own separate entrance. The space will have a creative feeling with a curtain wall of glass
and soaring ceiling heights. The office space will have access to the parking garage. We currently underwrite the
space to serve as incubator space forthe Iowa City Market.
a
pr4aN HaTT00OWS
Parking - The parking structure would have a capacity of 329 vehicles. The parking structure would serve the
residential, office and hotel development. The parking structure would not be visible from the street as it would
be lined bythe residential and hotel developments.
This proposal package details the developer's intent to transform this site from an underutilized parcel to an
active multi -use development. This site is poised to become a tremendous asset to the neighborhood, the
Riverfront Crossing Area and to Iowa City.
Organization & Management Approach
Sherman Associates and the development team have a track record of successfully bringing mixed use
development projects to market. Our achievement is driven by three key competencies, identified below:
Effective Public -Private Partnerships: The development team recognizes local governments as critical partners in
the development process. Through coupling the expertise of the development team with the local knowledge of
government entities we create measurable impact within communities. This impact is clearly illustrated in our
Heritage Park project. Sherman Associates, ESG Architects and the Minneapolis Public Housing Authority
partnered to create a mixed use development that incorporates housing, a memory care facility and public
space. The development has a contemporary design and brings and brings a needed service to the community.
Effective communication and partnership between the development team and a local government entity
enabled a successful project
Complex Financing: Sherman Associates has the ability to secure and manage a variety of complex funding
sources. We have extensive experience in TIF, LIHTC, Historic TC, New Market Tax Credits, HUD Mortgages,
Energy Rebates, and Enterprise Zone Credits. Our Riverside Plaza rehabilitation project has 17 sources that must
be managed. Sherman Associates leverages this experience and strong relationships with financial institutions.
Thoughtful Design and Quality Construction: Sherman Associates has been recognized for their innovative and
functional designs. In 2010 the development team won a "Best of the Decade" award from the Minneapolis/St.
Paul Business Journal for the Midtown Exchange/Chicago Lofts project. We have experienced construction
professionals on staff to ensure quality and timely delivery. Effective communication with stakeholders allows us
to implement cost saving mechanisms while ensuring the aesthetic and functional appeal of the project.
The development team has demonstrated the ability to deliver mixed use products similar to what is proposed
at the Linn & Court site. This is a result of an organizational approach that values communication and places a
premium on accountability and delivery.
Schedule
It is anticipated that the project will be completed within 18 - 24 month following commencement of
construction. Property acquisition and construction commencement are anticipated to occur in summer, 2015. A
detailed construction schedule will be provided at a later date.
a
pr4aN HaTT00OWS
Financing Plan
Project will be financed with conventional debt, owner equity, and gap sources. Sherman Associates would like
to open a dialogue with city staff regarding potential gap sources. Potential gap sources may include:
1) Tax Abatement: $2.5M - $3.5M
2) Tax Increment Financing: $8M - $10M
3) Construction Cost Savings: $4M - $5M
4) Subsidy of Incubator Office Space: $4M - $5M
5) New Market Tax Credit (Contingent on NMTC Award): $3.5 - $4 Million
6) Housing Enterprise Zone Credits & Sales Tax Rebate: $1 - $3.5 Million
See financing section.
Marketing Approach
Sherman Associates marketing staff and external vendors conduct an extensive review of the surrounding
neighborhood and market comparables. Sherman Associates marketing staff conducts advertising analysis and
projections. Marketing budgets include but are not limited to:
• Internet Listing Services
• Brochures and Other Marketing Materials
• Office Setup and Staffing Costs
• Open House Events
• Referral Services
• Site Signage
A marketing plan and lease -up schedule is developed. Goals and leasing incentives are put in place. Sherman
Associates marketing staff works closely with compliance, regional management and executive management to
assure that marketing plan is executed and all deadlines are met.
Proposed Purchase Price for Land
Sherman Associates proposes that the City provide the land at no cost to the development. City contribution of
the land helps to fill the project financing gap. See sources & uses document.
10
Iowa City Mixed Use Development - Summary Document
07.14.14
Uses
Hotel
Housing
Commercial;
Total
Land Costs
-
-
-
$3.5-$4
Architectural & Engineering Costs
700,000
650,000
300,000
1,650,000
Construction Costs
24,102,963
22,303,955
7,991,692
54,398,610
Financing/interim Costs
1,716,767
803,613
343,475
2,863,855
Other Costs
4,500,000
2,858,121
673,161
8,031,282
Total Uses
31,019,730
26,615,689
9,308,328
66,943,747
Sources
Developer Loan
21,047,343
12,978,510
3,752,841
37,778,693
Developer Equity
4,600,000
3,850,000
1,400,000
9,850,000
Gap
5,372,387
9,787,179
4,155,487
19,315,053
Total Uses
31,019,730
26,615,689
9,308,328
66,943,747
Potential Gap Sources (Millions)
Tax abatement
$2.5-$3.5
Tax increment financing
$8-$10
Construction cost savings
$4-$5
Subsidy of incubator off ice space
$.75-$1
New Market Tax Credits
$3.5-$4
HEZ Credits & Sales Tax Rebate
$1-$3.5
$19.75-$27
Public Financial Participation
Sherman Associates staff desires to conduct discussions with City staff regarding project gap financing.
Public financial participation in this project will further the City's economic development goals. This
project will increase residential density, bring a mix of uses to the area and create vertical development
in the downtown core. The location is walkable and the design contributes to a vibrant streetscape. The
mix of users at the site- hotel guests, office users and residents, will contribute to the economic vitality
of the area. The economic benefits of investment in this site will be felt by businesses and individuals in
the surrounding neighborhood.
Market Demands and Conditions
Sherman Associates has conducted preliminary market analysis at the site. The uses proposed are
viable. There is demand for market rate rental housing, office and hotel rooms in the area. Sherman has
developed over 8,500 multifamily homes, two hotels and over 600,000 square feet of commercial space,
throughout the Midwest. This experience, coupled with the expertise of local staff based in Iowa, has
given the developer confidence in the preliminary design and underwriting of this project. Should our
proposed project move forward, additional market studies would be conducted. The project would be
further refined based on this additional analysis.
HOTEL, HOUSING AND OFFICE COMPONENTS OF THIS PROJECT
IC Hotel
Sources and Uses
07.15.14
Uses
Total
Per Unit
PGSF
Land Costs
Architectural & Engineering Costs
700,000
4,795
7.27
Construction Costs
24,102,963
165,089
250.31
Financing Costs
1,716,767
11,759
17.83
Other Costs
4,500,000
30,822
46.73
Total Uses
31,019,730
212,464
322.14
Sources
Developer Equity
4,600,000
31,507
47.77
Loan
21,047,343
144,160
218.57
Gap
5,372,387
36,797
55.79
Total Uses
31,019,730
212,464
322.14
,Gap
-
Assumptions
ft of keys 146
Gross SF 96,294
IC Hotel
Development Costs
07.15.14
Land Costs
Total
Per Unit
PGSF
Land Acquisition
Subtotal
Architectural & Engineering Costs
Architect Fees
600,000
4,109.59
6.23
Engineer Fees
100,000
685
1.04
Subtotal
700,000
4,795
7.27
Construction Costs
Construction Cost(..
15,960,000
109,315
165.74
General Conditions
1,476,300
10,112
15.33
Escalation
159,600
1,093
1.66
Contingency (owner)
500,000
3,425
5.19
Project Fee
959,595
6,573
9.97
CM Fee
500,000
3,425 1
5.19
Parking Construction
4,547,468 1
31,147 1
47.22
Subtotal
24,102,963
165,099
250.31
Financing Costs
Alta Survey/Platting
6,000
41
0.06
Appraisal Fees
5,000
41
0.06
Carrying Costs
1,157,604
7,929
12.02
Lender Closing Fees
50,000
342
0.52
P&L Insurance
Construction Insurance
40,000
274
0.42
Environmental Phase 1
2,500
17
0.03
Inspecting Architect
Lega 1
150,000
1,027 1
1.56
Lender Site Inspection
10,000
68
0.10
Loan Origination Fees (Construction)
210,473
1,442
2.19
Loan Origination Fees (Perm)
Tax contract & Flood Certificate
Title / MRT
84,189
577
0.87
Subtotal
1,716,767
11,759
17.93
Other Costs
FF&E
2,000,000
13,699
20.77
Ownership Direct Purchases
309,900
Guest Rom Corridors
100,000
Public Area
100,000
Hotel Rom FF&E
876,000
OS&E
489,100
Signage(interior & Exterior)
50,000
Technology
75,000
Ownership Startup Fee
500,000
3,425
5.19
City/Govt Fees
Development Fee
2,000,000
13,699
Subtotal
4,500,000
30,922
46.73
TOTAL DEVELOPMENT COST
31,019,730
212,464
3;22.14
Assumptions
# of keys 146
Gross SF 96,294
Iowa City Mixed Use Housing
Development Preforms
Prq..t Name
Address
Gity, State
Zqpcode 5224D r
County Johnson
B. Site S, Structure Information
1. SIM INFORMATION
a Total Site Area SF 84,D71 ft. 1 93 Density 47 rarda/ace,
b Legal Dranniption F
2. BUILDING INFORMATION
Ty,ass of Stractuam,
Housing Siators
Tyie, of
Budding
N u in her of
Buildings
N u in her of
Stories
Nuratherof
Units
Grass
Sul Feet
Now Construction
Unit Type
Numthei-of
� Unit S
91
92,1 FM
Rehabilitation
Total R
(MR,TG)
It Bods Units
)a
(SqF't'
MonthlyRont
Rent Potential Tor Utilit.s
Totalftizaring
0
0
91
92AW
Non -Housing Space
$ 123,614
3d
2 299
Unift:l 91
1 f2,f14
Administrator
$ 123�614 1 Total Rental Income(mo) TotalRoores:1
D
I Bud Debt
$
Community Space
3f
g Other Loss (specify)
$
Common Arme
3g
TotaiRectudifLoars
Total Non -Housing
1 0
11 0
0
1 Rental Income
$
TotalSpace:
1 0
1 0
911
92,1 W
7Z714 rentathle
(1) We& up (144B), Townfromes (M), Ekeator (E), &nab Famly (SF), DWbx gle)
(2) Tdain�erofm�nhal���me�Mdetac�dg�W�a�deta�da�oqW�Ms
II. Development Infor-mation
$ 1,483,MG I Total Rental Income(yr):
Mailret Rate $1.70 Average PSF
I Commercial Space
sf
Sledfly,
$ - TotalConamenciallibeyeacre,
R.n:.n
In -me
Unit Type
Numthei-of
� Unit S
I
Grass Monthly MoluffilyTrunint Rest.
R.stn.t.n
Total R
(MR,TG)
It Bods Units
)a
(SqF't'
MonthlyRont
Rent Potential Tor Utilit.s
(%Ml)
J.ntl
Room s
:s
MR
91
71
$
$ 123,614
3d
2 299
Unift:l 91
1 f2,f14
$ 123�614 1 Total Rental Income(mo) TotalRoores:1
D
$ 1,483,MG I Total Rental Income(yr):
Mailret Rate $1.70 Average PSF
I Commercial Space
sf
Sledfly,
$ - TotalConamenciallibeyeacre,
2 Pandang Spaces
7%
Sufface
$ 1D3,8r36
$ renthao
$ -
Underground Ga.,.
1 ;14qq,uan:Z
$76 w $ rename
$ 15trugh
George hudividual)
qua
$ rename
$ -
3c
11,106
d Other Income Vacancy
$ 158,688 Tom/ ftering Revenue
Ill. Operating Budget
A. Annual Income
1. RENTAL INCOME
a Rental Income Potentiol la 1,483,366
b CommencolinoomePotentiol 11, -
c Penang Rent Potential Ic 158,688
TotalRentalinconne, Total Rental Income Potential S 1,642,054
2. OTHER INCOME
a Tenant Fees (specify) _iPerund 2a
b Laundryinoome _iPerund 21,
c Formited Socunty Deposids _iPerund 2c
d Interest Income 2d
a Misc Income 2.
TotalOtherdacome,
3. RENTAL LOSS
a Rental Vacancy
7%
M
$ 1D3,8r36
b Com mencial Vacancy
31,
-
c Penang Vacancy
3c
11,106
d Other Income Vacancy
7%
3d
2 299
a Rent Concraeurons
$
3a
I Bud Debt
$
3f
g Other Loss (specify)
$
3g
TotaiRectudifLoars
4. TOTAL REVENUE
1 Rental Income
$
1,M2,0M
2 plus Otherincome
$
32,841
3 less Rental Loss
$
117,243
TotaiReverame $
1,557,652
Profoula Page 1 of 5
Iowa City Mixed Use Homsing
Development Preforms
1. ADMINISTRATIVE EXPENSES
a Advertising I Marketing $I per unit
b Management Fee
$ Per Unit Per Month Fee $43
% Total Revenue 300%
c Legal
d Audding
a Bookkeeping I Accounting
I On -Site Management Salary
g Telephone
h Other (specify)
a Elevator Maintenance I Contract
b Extem inating
c LVAG R.,Per Sm,u..
d Other Contract Somices
a Maintenance & Jandonol Su piplies
I Grounds Maintenance
g Snow Removal
h General Reiamr Services
i Paint I Damaging Materials
I Maintenance & Janitorml Payroll
k Other (specify)
I Other (specify)
3. UTILITIES
a Water
b Sewer
. Trush
d Gas& Oil
. Electricity
4. TAXES, RESERVES & ESCROWS
a Insurance
b RealEstateTaxes
. Replacement Resort.
d Miscellaneous Reserves
S. OTHER EXPENSES
a Security Expense
b Sup,xin Sm,u.. (sp
c Tax Grodd Mondonng Fees
d Mortgage Insurance Premium (MIP)
. Other (specify)
I Other (specify)
6. TOTAL EXPENSES
1 Administrative Expenses
2 Maintenance Expenses
3 Utditics
4 Taxes, Reserves & Escrows
5 Othmi-Ex,Pers.
C. Net Openinfing Income
1D,DW
ab 46'7W
1 c
5,WD
ld
21,
5(X0
1.
2c
6(X0
R
if
2d
7DDW
1g
2.
2 5gD
1h
a
TocaiAdminitsmitive Expensew $
145,2M
2a
8,(X0
21,
2c
8,(X0
2d
2.
12,500
a
5,WD
29
5,WD
2h
4DDW
21
25,DW
21
4DDW
21,
211
1
Tom/ �mtixxumce Expenses $
143,50g
3a
31, 1DDW
3c F� ZJBWD
3d 'OGG
2 2D OWq
3a D DOO
Tocai Uffifms 65,DW
4. V GO
$ Par J n it $ 2,100 4b 1MT11 , 2155
$ Par J n it 400 4c 36400
$ Par J n it 4d
Tocuf Taxes, Reuuerve� & Escrows $ 257,500
51,
5c
5d
5a
.cify) If 17
ToMlOtherExpenses
1 145230
21 143�� 1
3 65,DW
41 257,�
5 1 5,WD
TotaiOperating Expens. S 616,230
S 6,772 EveancePerUnk
� Annual Income A� 1,557,652
B Operating Ex,xmses B 616�2W
Net Openiting lucanne $ 9TJ�
ftrMnth: $ 78,452
ftrUnft (Vr): $ 1D,345
ftrUnft (me). $ 862
Preforma Page 2 of 5
1. Supportable Mortgage Elased on Stabiliced NOI
NOI
Debt Coverage Ratu.
2. Mher Am orb ted Subord lasted Debt
Iowa City Ifixed Use Housing
Development Preforms
$ 9T,4�
1 2D
NO[Aveffattkicat-DebtSeerke $ 784,519
Araofiv,.fton Annual Debi
Tom/ Subordinated Debt Seerke $ -
3. Total Net Operating Income Available for Debt Service less Total Subonfinated Debt $ 784,519
1. Mortgage Elasecl on Income Approach
a FiritflortgageTerms
fth, 450% Term 4D
b Debt Senuce Factor
Debt Conetant 005395
Annortimdon 4D MP. D 65%
Debt Constant with MP D 06045
c Annual Fee
Fee Type
�xim�SuppoHabie�dgagedB�edonNOt
$ 12,978,51D
Perthaft
$
142,621
2. Mortgage Elasecl on Loan to Value
a Cap Rat.
600%
b Cappec! N 01
$ 15,690,375
c Loan to Value
W%
ltleximarne Supportable l4artgaged Based on LTV.
$ 12,552,30D
Perthuft
$
137,937
3. Mortgage Elasecl on Loan to Court
a Total Development Go,,t
$ �'615'wq
b fia. Cournmerrial Couraftudon
$ �'615'wq
c 86% of HDMIM Development Foot
$ �,889,493
1
ltlexhame mortgage based on LTC.
$ �,889,493
Per
4. Negotiatm! Mortgage
I Selected Mortgage Amount: $ 12,978,51D Per
Proforma Page 3 of 5
1. AcquisitioncRefinance
a ftguication Cost
b Legal Fees
c Existing Structures
d Other
2. Site�ric
Iowa City Ifixed Use Homising
Development Reforms
a On site Work
b OfiVSde Work Icr Utilitylierrying Extension
c Demolition
d Garages (not included in met)
a Parung (not included in rent)
I Landscaping
g Other
3. Constaxii
a Now Building (Residential)
b Now Building (Paraing)
c Lead Based Paint Interim Control
it ftcessiarry Bunking(s) dircl garages in art)
. Other
I Community Service Facility
g General Requirements I Conditions
h Escalation
i Construction Contingency
I Proliat F.
k Construction Supervision
I Owner Construction Contingency
in i%stmeAcs i%lLatementiGointaimment
n Other
Less E2! Sales Tax Retail.
Less Energy Robot.
Less Builders Eligible Base Reductum
4. Preafessional Fees
a lachitect Fees - Derag n
b lachitect Fees - S ultuansum
Totef/Vuleffect
c Enginearl'oes
it Mormarl'ousi Estate)
a ftcountant Laos,
I Other
g Other
Total Cost 30% 70% Historic
Total Acquanithen/Raffiriance
Total &is Worti,
per unit 139�2!10 14 12,673,583
Constractran 21r
Conefroustion 21759 95s'
25%
Total Construction
3 mma
L3O3,955
Zr
Subricural She We&
S. Interim Costs
, Construction Interest
b Construction Loan Originator Ever
c Construction Loan Inspection
it Taxes Duning Construction
a Water, Sewer and Impact Fees
I Other Hamal and Liability Insurance
,maingen 2Z 303,9�
ftrU4f S245,09841
lrof�nxt 291%
Totialli'mureendonalAse, 650,000
5001000
f30,000
Total Intence Costs 570,000
6. Financing Fears & Expenses;
a Bond Premium
b Bond Costs
c Cused Report
it Cost of Issuance
a Permanent Loan Origination Fors
I Permanent Loan Credit Enhancement
g Mai F.
h Letter of Credit (LOG) To.
i Title and Recording
I Placement Ever
k Other H U D Inspection Fee (D 5D%)
I Other H U D Applicator Ever M 30%)
Total Financing Fees & Expenses
Proforma Page 4 of 5
1 )
2)
3)
4)
5)
6)
1D)
Iowa City Ifixed Use Housing
Development Preforms
7. Soft Comm
. Property Appraisal
b Marad Study
c Environmental Relion
d Survey
a RentTl I, Mmiuding
I Tax Gradd Application Fees
g Tax Gradd Complonce Fee
h Tax Gradd Reservation Fee
i WN Fee
I Cost CedificationfAccounting Fees
k Permanent Relocation Exiiiinses,
I Tomixuarry Relocation Exiiiinses
in Furnishings and Equipment
• Capital Nords Assessment Relport
• Legal Fees
I, Other
q Other
Totai Soft Cours
9. Syndication Costs
a Bridge Loan Fees and Expenses
First Mortgage,
Lose
4D
515%
b Organizational (Partnership)
142,621
Owner Equity
, Tax Opinion
$ 3,85D,"
42,3W
Gap
it Other
$ 9,787,179
1D7,551
TomelSyndicadon Fees
9. Developers Fees
a DeveliagerFee
%of T� 5 97%1
1,W0,000 1
b Develiager Overfeed
, Consultant Fee
I
it Other
I
TotiulDevelopers, Fe.
1,�0,000
to. Project Reserves
a Wo�ing�pitaiRe�we(4%ofHUDmo�gagelmi
519,140
b Operating Deficit Reserve (6 months mdebt sernce�)rxaumad by HUD)
"add
, Escrows
it Other
Tom/ Peci lihamine, I
rToWD,vidic, —�-ent Cose; $ �,615,wq
Permart: $ M480
Perwi $
C. Total Basis for Tax Credits
30%
70% Historic
rTo aii Been; ft, —rT,- Crefits $
Tow $ -
$
mermuft: $
parmat: S -
$ S
persqft: $
Pereira: S -
$ S
D. Total Mortgageable Comm
Total Development Costs
$ �,615,wq
less Pral Reserves
W5,121
$ 25,71D,569
A. Souri of Funding
1. Negotiated Mortgage Amount: $ 12,978,51D
Name of Source Type Aneafixation RAW Amount PerUmt Notes
First Mortgage,
Lose
4D
515%
$ 12,978,51D
142,621
Owner Equity
$ 3,85D,"
42,3W
Gap
$ 9,787,179
1D7,551
Gap: acisitive I gregative) $
$ 292 40D
Parforana Page 5 of 5
IC Office
Sources and Uses
071514
Uses
Total
PGSF
Land Costs
-
Architectural & Engineering Costs
300,000
1287
Construction Costs
7,991,692
34295
Financing Costs
343,475
1474
Other Costs
673,161
2889
Total Uses
9,308,328
39945
Sources
Developer Equity
1,400000
6008
Loan
3,752:841
16105
Gap
4,155,4871
17832
Total Uses
9,308,328
39945
Gap
-
lAssumptions
I Gross SF 23,303
Iowa City Office
July 15, 2014
Cost Budget
A & E Fees
Reimbursables
$ 270000
$ 30000
Financing Costs
Alta Survey
City Review Costs
$ 5,000
Appraise Fees
Years Rate Avg Bal.
$ 4,000
Carrying Costs
0.75 4.50% 60%
$ 209,588
Closing Fees
0% $
$ 500
P&L insurance
Project Management Fee
$ 3,500
Construction Insurance
23,302
$ 10,000
Environmental Phase 1
$
$ 2,500
Inspecting Architect
23,302 $
$ 3,000
Lender Legal
Sign
$ 10,000
Lender Site Inspection
Loan Amount
$ 2,500
Loan Origination Fees (Construction)
0.50% $ 10,350,000
$ 51,750
Loan Origination Fees (Perm)
$ 10,350,000
$ -
MRT Construction
0.240% $ 10,350,000
$ 24,840
MRT Permanent
$ 10,350,000
$ -
Guaranty Fee
0.50 $
$ -
Tax contract & Flood Certificate
$ 2,000
Title Insurance
$ 10,350,000
$ 8,798
Title Disbursing Fees
-
$ 3,000
Recording Fees of Deed & Loan Doc's
$
$ 2500
1
Units 0
$ 343,47511
FLa.d Cost. -
Land Acquistion $
1 $
Development Costs
City Review Costs
$
5000
Escrow & Legal Costs Resale
$
-
Acquisition Fee
0% $
- $
-
Project Management Fee
Shell Constrcutiion Cost
23,302
LegalFees
112.12
$
75,000
Leasing Commissions
23,302 $
5.00 $
116,510
Sign
4,418:187
$
10,000
Park Dedication Fees
25.00
$
-
SAC Fees*
Units 0
$
Storm Water Mgmt Fees
$
-
Space Planning Fees
23,302 $
0.50 $
11,651
Soil Borings
$
5,000
Traffic Study
$
-
Trunk Dedication Fees
$
WAC Fees*
Units 0
Watershed Fees
$
-
$
223,161
on Costs
Construction Surveying
Construction Testing
Shell Constrcutiion Cost
23,302
$
112.12
$
21612531
Parking/Storage Constrcution Cost
23,303
$
189.60
$
4,418:187
Office TI's
23,303
$
25.00
$
582,575
CM Fee
23,303
$
6.44
$
150,000
Construction Contingency 3% $ 7,613,293 $ 228,39878
Fevelcipers Fee $ 45000000
Sale Of Tax Credit 11
ITotals $ 9,308,328
�1�14FIL 6T N7119�4
11
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12
Energy Efficiency
Sherman Associates has engaged The Weidt Group as energy consultant for the project. The Weidt
Group will complete energy design and energy modeling services. Sherman Associates and The Weidt
Group have participated successfully on numerous projects together. As the long term owner and
operator of this development, Sherman Associates is interested in creating an energy efficient building.
We will explore implementing items such as solar and utility monitoring systems. We will explore
pursuing LEED certification. As project design and development move forward, the energy efficiency
scope will be refined. Sherman Associates is committed to developing an efficient building.
13
CONFIDENTIAL
5 YEAR LITIGATION SUMMARY AS OF JULY, 2014, FOR
SHERMAN ASSOCIATES, INC. AND AFFILIATES INVOLVING CLAIMS OF $50,000 OR MORE
Active Matters
1. Northeast Quadrant LLC ("Northeast Quadrant'), an affiliate of Sherman Associates, Inc. (the "Company'), has been sued
by the Essex on the Park Owner's Association (the "Essex Association") in Minnesota State Court, Second Judicial District, Ramsey
County, for alleged construction defects in the Essex condominium project. Specifically, the complaint alleges "systemic defects in
the design and construction of the Project that result in excessive sloping of the floors." The defendants (Northeast Quadrant LLC; the
general contractor, Kraus Anderson-, a material subcontractor, Structural Components Systems, Inc.; and the rough carpenter for the
project, J. Eiden Construction) sought to have the claims dismissed by summary judgment on the grounds that the claims are time-
barred by the applicable statutes of limitations and repose. The judge denied the summary judgment motions, holding that there are
material issues of fact pertaining to the statute of repose and statute of limitations that a jury will need to decide at trial. The trial
block for this case has been set for July 7 through July 25, 2014. Northeast Quadrant and Essex Association are negotiating a
settlement.
2. The Company and its affiliate, Water Street Brownstones LLC ("Water Street"), the developer of the Water Street
Brownstone Condominium project in Des Moines, Iowa, have been threatened with a lawsuit by the Homeowners Association of the
Water Street Brownstone Condominiums (the "Water Street Association") alleging liability for water infiltration issues. The
Company and Water Street have put the general contractor (Hansen Company) and the architect (Elness Swenson Graham) on notice
of the claims and in the case of the general contractor, that it tender the defense to its insurer, and that both the general contractor and
the architect defend and indemnify the Company and Water Street to the extent a lawsuit is commenced. The Company and Water
Street are currently working with the Water Street Association to further investigate the issue.
3. The Company, Lyons Court LLC, Sibley Court Apartments LLC, Sibley Park Apartments, LLC, Vine Street Lofts LLC and
Sherman Associates Development LLC (die "LLCs"); and Lyons Court Limited Partnership, Sibley Court Limited Partnership, Sibley
Park Limited Partnership and Vine Street Limited Partnership (die "LPs") and George E. Sherman ("Sherman") are defendants in a
matter styled The Lander Group, Inc. v. Sherman Associates, Inc., et al., Hennepin County Court File No. 27 -CV -13-19388. In that
case, the Plaintiff seeks ajudgment in the principal amount of $445,371.00, legal and equitable relief under Minn. Stat. § 322B against
the LLCs; and legal and equitable relief under Minn. Stat. § 321 against the LPs. The Plaintiff filed an Amended Compliant and the
Company, LLCs, LPs and Sherman have filed Joint and Separate Answers and Counterclaims. Plaintiff moved for partial summary
judgment on its declaratory judgment claim. Plaintiff seeks a judgment declaring that Sherman Associates, Inc. is solely responsible
for paying for any operating deficits of the LLCs and LPs. The Court took the motion for partial summary judgment under
advisement.
4. The Villas at Little Canada Owners' Association (the "Villas Association") filed suit against Craftsman Construction
Incorporated ("Craftsman") and The Villas at Little Canada, LLC ("VLC"), each an affiliate of the Company. This construction
defect litigation involves a thirteen (13) multi -unit townhome development known as the Villas of Little Canada, located in the Little
Canada, Minnesota (die "Villas"). Craftsman served as the general contractor and VLC served as the developer for construction of the
Villas. The Villas Association filed suit asserting that systemic defects and/or omissions in the materials and/or design and/or
installation and/or construction of the common elements and units, including but not limited to retaining walls, drainage, hardscape,
asphalt steps, siding, deck supports, and roofing exist at the Villas. The matter is being defended by the insurer for Craftsman and
VLC which has filed an equitable diird-party complaint against various subcontractors. Discovery and investigation is in the
preliminary stages, and Trial is set for November 17, 2014.
5. SA Russell Lamson Limited Partnership, an affiliate of the Company, is the subject of an investigation being conducted by
certain Federal and State government agencies related to the recording in Black Hawk County, Iowa of a Land Use Restrictive
Agreement. The investigation is still pending and employees of the company have participated in voluntary interviews with the
agencies conducting the investigation. Also, the company has produced documents as requested by the agencies conducting the
investigation. The U.S. Government conducted a search of Sherman Associates' Minneapolis office on May 6, 2014 pursuant to a
search warrant dated May 6, 2014.
6. The Company and its affiliates are parties to property tax challenges on an annual basis.
7. The Company and its affiliates are also involved in unlawful detainer actions on a regular basis for residential and
commercial tenants.
Concluded Matters
The following matters are included because they have occurred within the last five years but are resolved
I . The Company, and its affiliates, Chicago Lofts, LLC ("Chicago') and SA Midtown Exchange Apartments Limited
Partnership ("Midtown Limited Partnership") filed a lawsuit against Ryan Companies US, Inc. ('Ryan") on March 13, 2012, to seek
recovery of damages in connection with certain operating budgets provided by Ryan for the Midtown Exchange Project located in
Minneapolis, Minnesota. The suit alleged that after development was complete, Ryan provided operating budgets that were
substantially higher than those delivered during acquisition and development of the Projects. Midtown Limited Partnership was
notified of a potential action against it in arbitration by the Owner's Committee for the Midtown Exchange Project in November 2012.
The claim is for common area costs in excess of $100,000 allegedly owed by Midtown Limited Partnership. The parties have settled
both disputes above.
2. Capital Heights City Home Owners' Association (the "CH Association") commenced a lawsuit against the Company,
Craftsman and Capital City Homes LLC, a affiliate of the Company ("CCII") asserting claims of breach of statutory warranties,
breach of express and implied warranties, and negligent construction. This construction defect case involves a development known as
Capital Heights located in St. Paul, Minnesota. This Project contains seven buildings where six buildings contain pitched roofs with
asphalt shingles and one building contains a flat roof with an EPDM membrane. CHC was the developer for the project and
Craftsman served as the general contractor. Craftsman contracted with various subcontractors to supply materials and/or labor for the
construction of the project. The primary claim surrounds the construction of the flat roof of the one building at the project, though
there are other claims relating to the exterior siding, trim around windows and garage doors, and retaining walls. Craftsman
commenced a third -party action against pertinent subcontractors pursuant to the CH Association's construction defect claims. The
matter was being defended by the Defendants' insurer and it has settled.
3. The Company and its affiliate, River Point West LLC (RPW LLC"), were named as defendants in a lawsuit by Hubbell
Terminal Corporation ("Hubbell"). The lawsuit claimed that the RPW LLC breached its obligations under a purchase agreement. The
parties settled the matter and RPW LLC paid Hubbell $690,000.00 over three (3) payments.
4. Midtown Lofts LLC ("Midtown"), an affiliate of the Company, filed an Amended Demand for Arbitration dated January 12,
2011, in connection with the failure of sprinkler pipes and a domestic water line at the Midtown Lofts Project, Minneapolis,
Minnesota. Midtown alleged that Kraus -Anderson Construction Co. and its subcontractors ("KA-) negligently designed and
constructed the Project. KA counterclaimed that Midtown and other Company affiliates, Printers Row LLC, 9b Street Lofts LLC,
Sibley Court Limited Partnership and Sibley Park Limited Partnership withheld payments due to KA under contracts relating to
projects owned by such affiliates because of the alleged defects at the Project. The matters settled and Midtown received a payment
of$390,000. The Company and the affiliates agreed to make a payment of $100,000 in equal installments of $10,000 commencing
December 1, 2011 and continuing on the I' day of each month until paid.
5. The Company was named as a defendant in a lawsuit by Hannon Security Services, Inc. ("Hannon"). The lawsuit claimed
that the Company breached its obligations under a contract relating to security services relating to payment of $86,902.85. The parties
entered into a Settlement Agreement pursuant to which the Company paid Hannon $75,050.38 over three (3) payments.
6. Wisconsin Security Police ("WSP") sought a breach of contract claim in Milwaukee County circuit court against Highland
Park Apartments LLC ("Highland"), SA Boulevard Apartments LLC ("Boulevard"), and the Company arising out of the failure to pay
for security services WSP provided from April 2009 through September 2009. The parties entered into a Settlement Agreement in
September of 2011 pursuant to which the Company agreed to pay $125,000 in fall satisfaction of any and all claims.
7. Bottineau Commons LLC ("Bottineau"), Craftsman and the Company were named as defendants in a lawsuit brought by the
Bottineau Townhomes Owners' Association (the "Bottineau Association") relating to alleged construction defects at certain units in
the Bottineau Townhomes project. Craftsman and the Company have been improperly named in the action and the action was not
filed. The parties inspected the units and conducted necessary repairs and this matter is resolved.
8. River Point West LLC, an affiliate of the Company, was a defendant in a matter styled Metro Demolition, Inc. vs. River Point
West LLC, in Court File No. CE 71577, Polk County, IA, and brought an arbitration proceeding against Metro Demolition, Inc., AAA
No. 65-110-00109-12. The parties entered into a Settlement Agreement, in which the Company agreed to pay $50,000.00 on or before
November 1, 2012, and the remaining principal balance of $119287.11 in 24 equal monthly payments of principal and interest in the
amount of $5,180.03. The Company is current on its payments and the Settlement Agreement settled the claims in the state court
action and the arbitration.
9. The Company was a defendant in a matter styled as Kaambo Market, LLC (the "Tenant'), Plaintiff vs. Sherman Associates,
Inc., Defendant and Sherman Associates, Inc., Third -Party Plaintiff vs. Abdirashid Jama and Emad Y. Abed (the "Lease Guarantors'),
Court File No. 27 -CV -09-21373. The nature of the litigation was a lease dispute. Tenant sued to enforce a five-year renewal option
and alleged it was entitled to damages in an amount in excess of $50,000.00. Tenant sought to amend its Complaint to assert a claim
for rescission and restitution of all funds it invested in the leased premises, which it claimed exceeded $ 1,000,000.00. The Company
sought to evict Tenant and obtain judgments against Tenant and Lease Guarantors for certain amounts due and owing under the Lease.
The trial court granted the Company summary judgment on all of the Tenant's claims and summary judgment on the Company's
claims against the Tenant and Lease Guarantors. On June 27, 2011, the Court of Appeals, in Appellate Court File No. A10-1810,
affirmed the trial court's decision.
10. Grande Market Square, LLC, an affiliate of the Company, was a defendant in in a matter commenced in Dakota County,
Minnesota by RREF SSI Acquisitions, LLC. The parties entered into a Confidential Settlement Agreement in May 2012.
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Many of the development team's experience and competencies have been discussed throughout this proposal.
Below are a few of the unique capabilities, resources, and assets Sherman Associates will bring to this project:
Unique Aspects of Our Team:
• Successful track record of creating public/private partnerships to revitalize high priority neighborhoods.
• Substantial mixed-use development experience.
• In-house Construction Management team (Craftsman Construction) to oversee project planning and the
entire construction process; including hiring of a General Contractor and Subcontractors.
• The project energy consultant served as Project Manager for the Iowa Utilities Board/Office of
Consumer Affairs Office Building, which was named a 2012 AIA COTE Top Ten project.
• A member of Sherman Associates' Project Management team was part of a group that won the National
Developer of the Year award from NAIOP.
Select Awards
2012 Best in Real Estate: Multifamily Development or Redevelopment — Riverside Plaza
Minneapolis/St. Paul Business Journal
2011 Capstone Award: Multifamily — Grand Boulevard Lofts
Kansas City Business Journal
2011 Lifetime Achievement Award — George Sherman
Minneapolis/St. Paul Business Journal
2010 Property Excellence Award: Affordable Housing 101+ Units — Midtown Exchange
Minnesota Multi Housing Association
2009 Best of the Decade — Midtown Exchange
Minneapolis/St. Paul Business Journal
2008 Development of the Year — Syndicate Trust
City of St. Louis
2008 Top Projects — Zenith Condominiums / aloft Hotel
Finance & Commerce
2007 Best Historic Rehabilitation & Readers Choice Award — Midtown Exchange & Chicago Lofts
Affordable Housing Finance Magazine
2006 Project of the Year: Adaptive Reuse — Midtown Exchange Apartments & Chicago Lofts
Multifamily Executive Awards
2005 Best Smart Growth Community Up to 150 Units — Waterstreet Brownstones
Professional Builder Magazine