Chapel Development, LLC Private Placement Memorandum

Market Conditions – Surrounding area comprised of 5 city blocks of LEED certified townhouses – 8 blocks from downtown Alexandria – 5 blocks to Braddock Road metro – 7 blocks to Alexandria waterfront – Access to I-495 & I-395 – 1-2 Bedroom median sales prices of 430k-630k – YoY median sales price increase of 3.1% – $335 avg. price per sq.ft. sale – $35/sq.ft. retail lease – 14% growth in population in last 10 years – Avg. age of resident is 35 years old

The Property Property: 901 N Alfred Street, Alexandria, VA Purchase Price: $1,700,000 Size: 4,000 sq.ft. 2 Levels, 3 bathrooms Year Built: 1960 Zoning: Residential/Business Easements: Alley in rear of church used for right of way Condition: Structurally sound; in need of cosmetics

Chapel Lofts Value Addition – Renovate property to include retail on 1 st floor and basement, construct additional two levels for apartment development 4,000 sq.ft. retail (daycare) 6,000 sq.ft. residential (5 apartments) Retail Space Renovate bathrooms and install new fixtures Paint and drywall touch-up Install new furniture and carpet Develop playground/outside area at rear of building Additional windows for natural lighting Condominiums Frame two additional levels of green space to existing structure Reinforce structure with steel beams Complete renovation to include (3) 1 bedroom apts. and (2) 2 bedroom apts. Install all new electrical, plumbing, and mechanical work on new addition Appliances, paint, hardwood, tile, cabinetry, etc.