Architectural Portfolio by Jason Brostoff

JASON BROSTOFF ARCHITECTURE PORTFOLIO

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Resume

Contemplation Garden and Pavilion

Pavilion of Life

7 9 11 13 15

Blagden Alley Cafe/ Gallery

Firenze Gallery

Ellicott City: Observation Tower

The Break at Ellicott City Abroad: Photography

content

Studio 27 Architecture Internship

Havana Rum Distillery

Lincoln Rd Mall, Miami Beach, Fl Micro-housing

HINES Competition 2020: ArtLiNK

ArtLiNK Narrative & Financing

JASON BROSTOFF 34 Bonnie Meadow Road Scarsdale, NY 10583 (914) 462-0241 Jason.Brostoff@hotmail.com EDUCATION University of Miami, Coral Gables, FL Masters of Architecture II Masters of Real Estate Development + Urbanism

May 2021

University of Maryland, College Park, MD Bachelor of Science in Architecture; Minors in Real Estate Development

• • • • •

May 2019

President’s Scholarship College Park Scholars Program Dean’s List – Fall 2015, Spring 2016, Fall 2016, Spring 2017 Semester Study Abroad: ISI Florence Architecture, Spring 2018 3.5 GPA

New Rochelle High School, New Rochelle, NY High School Diploma Completed four-year Architecture Design Sequence Participated in two-year High School Architecture Dual Enrollment Program with Westchester Community College • Dr. Daniel A. Samela Memorial Award for excellence in Architecture

June 2015

SIGNIFICANT COLLEGE COURSES Tax and Accounting for Real Estate Development, Fall 2017 – Basic concepts of accounting, with a focus on real estate development Foundations of Real Estate Finance and Investment, Fall 2018 – Basic concepts of finance and investment and enhanced Excel skills; created Excel Model Real Estate Market Analysis, Fall 2019 - Learned basic market concepts and used them to compiled a complete market analysis report for the Oakland, CA MSA Architecture Design Graduate Studio I, Summer 2019 – Intensive studio approach to practice of architectural design. Architecture Design Graduate Studio II, Fall 2019 – Studio approach to enhance design skills and civic design.

EXPERIENCE Y&K Development Group, Vienna, Virginia April to June 2019 Architectural/ Development Intern responsible for researching every aspect of developing preschools in the Maryland/Virginia area and advising the development group. Studio Twenty-Seven Architecture, January to April 2019 Architectural Intern responsible for building 1/8 Scale Physical Model based on Revit and Rhino Digital Model; Laser cutting & 3D Printing used Max Parangi Architects P.C., White Plains, NY June to August 2018 Architectural Intern responsible for CAD construction documents, on-site evaluations and gained AutoCAD experience.

SKILLS

May 2021

University of Maryland, College Park, MD Bachelor of Science in Architecture; Minors in Real Estate Development

• • • • •

May 2019

President’s Scholarship College Park Scholars Program Dean’s List – Fall 2015, Spring 2016, Fall 2016, Spring 2017 Semester Study Abroad: ISI Florence Architecture, Spring 2018 3.5 GPA

June 2015

SIGNIFICANT COLLEGE COURSES Architecture Building Materials and Methods, Fall 2016 – Enhanced Revit skills. Architecture Design Studio I, Spring 2017 – Intensive studio approach to practice of architectural design. Architecture Design Studio II, Fall 2017 – Studio approach to enhance design skills and civic design. Architecture Design Studio III, Spring 2018 – Studio approach to enhance design skills while in Florence, Italy. Architecture Design Studio IV, Fall 2018 –Studio approach to develop urban planning and presentation skills. Structures I, Fall 2017 – Studied structure systems and how to apply them to the art of design. Measuring Sustainability in Architecture, Fall 2018 – Studied green building standards including LEED and Passive House, Passed LEED GA exam Architecture Graduate Studio Design I, Summer 2019 - Enhanced technical skills through exploration of Tropical Design in Havana, Cuba Architecture Graduate Studio Design II, Fall 2019 - Enhanced design/development skills through intensive micro-unit studio EXPERIENCE Y&K Development Group, Vienna, Virginia April to June 2019 Architectural/ Development Intern responsible for researching every aspect of developing preschools in the Maryland/Virginia area and advising the development group. Studio Twenty-Seven Architecture, January to April 2019 Architectural Intern responsible for building 1/8 Scale Physical Model based on Revit and Rhino Digital Model; Laser cutting & 3D Printing used Max Parangi Architects P.C., White Plains, NY June to August 2018 Architectural Intern responsible for CAD construction documents, on-site evaluations and gained AutoCAD experience.

Contemplation garden and pavilion - spring 2017

Site Plan

Grid Diagram

The project was to design a garden and pavilion using a strict kit of parts. The first part of the project was to design a garden using a specific number of trees and bushes, a reflecting pool and a monolith. The themes that I chose for the garden were “contemplation” and “ritual”, and each section of the garden was supposed to represent one or both themes. Another part of the project was to design a two-story pavilion that would be placed in the garden. As you progress through the pavilion you get sight-lines of the different sections of the garden and at all times can see the monolith at the far end of the garden. In the garden one walks along a line of trees, having the ability to cross this boundary and find the more “personal” contemplation zones.

Structure

pavilion of Life fall 2017

Zones

The Beginning

Ceiling Plan

Childhood

Adulthood This project entailed designing a Pavilion from a strict kit of parts. I based my design on the cycle of life, creating areas that represent birth, childhood, adulthood and death. The design of the Pavilion encourages the visitor to enter through a long, narrow dark hallway that leads to an area of natural light, which signifies coming into the world. Next, one would enter a more playful zone with numerous columns to run through, which represents childhood. After emerging from childhood, the visitor enters an open-air space with two reflecting pools, which creates a mature atmosphere representing adulthood. Finally, the visitor descends the final stairs of life.

blagden alley cafe/gallery fall 2017

Street Cafe Level

Galley Level/ First Floor

Process Model 1

Looking out at “gallery” plaza

Process Model 2

Looking in on Cafe

This building is designed to include the following programs: café, and gallery. The building and plaza in combination show the essence of natural water cycle. In this design water emerges through piping at the top of the first floor and continues into the plaza, representing precipitation. The windowed front facade is mirrored and slanted inwards to allow visitors in the plaza to see the reflection of the water flowing under and around the bricks, representing surface runoff. Finally, when the water reaches the statue, it is now converted into mist to portray evaporation. The first floor of the building is a cafe, with the second floor being a space with stadium seating to look out at the “gallery” plaza.

Final 1/8” Model of Building and Plaza

firenze gallery spring 2018

This project is located in Piazza del Torsso in Florence, Italy. The site is redeveloped into a Green House gallery, which will feature contemporary artwork to be shown along with vegetation. The layout of the building can be changed with movable walls and planters. The design also has two public plazas that will help connect the new property with the Piazza across the street.

Ellicott Tower fall 2018

Service Road

Potapsco River

Look-Out Level

Cafe Level

Entry Level

5 PM

Tickets

Ellicott Elevation

12 PM

3 PM

4 PM

1 PM

2 PM

Ticket Elevation

This observation tower is located along the Patapsco River in Ellicott City, Maryland. The towerâ&#x20AC;&#x2122;s facade on the north and south are split with glass down the middle. These glass panels light up depending on the time, creating a modern take on the clock tower. The tower gives direct site views of Historic Main Street of Ellicott City and the river. Since Ellicott is prone to flooding the tower is constructed on pillars. This allowed for wetlands to be developed along the riverbed under the tower to help with flood mitigation.

Light Time Diagram

The break at Ellicott city fall 2018

Ellicott City’s New Community Hub. This Private/Public Partnership with Howard County and JNJ Twins Development and Design will create Ellicott’s new community center. The development will add numerous community spaces which include a cafe, a gallery, classrooms, and studio spaces. The project will also add new green space and plazas for community gathering along Main Street. Ellicott City is known for its flooding problems which is symbolized by the water breaking through the building’s north facade. Beyond the break in the facade is an exterior area that allows patrons to interact with the water and for the community to gather.

Studio 27 Architecture Internship SPRING 2019

EPS CENTER - Educational Center in Washington D.C.. This is a 1/8â&#x20AC;? = 1â&#x20AC;&#x2122; scale model that was constructed for an active project during a design internship. This model combined the use of laser cutting and 3D printing. The main column facade was designed within Rhino and exported to 3D printer. The rest of the building was constructed using laser-cut acceptable materials. The model shows the floor plate of every level and can be disassembled to show each level in more detail.

Havana Rum Distillery Summer 2019

Entry Level

Cat-walk Level

Welcome to the newest attraction at the revamped City of Havana Port!! This Rum Distillery will provide rum to Cuba and the surrounding nations, through enhanced trade. The building will also host a social hub, that will include a new bar and restaurant. Here locals and tourists, alike, can come taste some local liquor and cuisine while watching the rum distilling process. The building consists of a standard steel frame structure on a 25â&#x20AC;&#x2122; by 25â&#x20AC;&#x2122; grid. The exterior will also use local brick and wood for the facades.

PRODUCED BY AN AUTODESK STUDENT VERSION

Lincoln rd mall, Miami Beach, fl Micro-housing Fall 2019

PRODUCED BY AN AUTODESK STUDENT VERSION

Ground Level

Level 2-6

PRODUCED BY AN AUTODESK STUDENT VERSION

BIRD VIEW

TEAM #: 2019-533

MASTER PLAN

Art Life Innovation Knowledge

he iconic Bon Vivant Custom Woodworking and Miller Machinery & Supply Co. buildings embody the history of the district as a manufacturing center that has turned tropical hardwoods into furnishings and supported the needs of early Miamiâ&#x20AC;&#x2122;s nearby dairy industry since the turn of the century. These two buildings are restored as landmarks to anchor the new ArtLInK Station, a center that hosts multiple linkages, from past to future, through new neighborhoods organized around art, amenities that enhance daily life, gathering spaces that provide opportunities for innovation in the arts and commercial sectors, and new pilot-spaces and schools to enable diverse apprenticeships and the generation of new knowledge.

SITE ANALYSIS

ENVIRONMENTAL STRATEGIES

TIMELINE FOR ALL USERS

Local Residents

7:00 am

9:00 am

11:00 am

13:00 pm

15:00 pm

17:00 pm

Dinner

Wake up at Home

9:00 am

11:00 am

Lazy Morning

13:00 pm

15:00 pm

17:00 pm

Play in Park & See Exhibition

Brunch

21:00 pm

23:00 pm

Night Routine

Morning Routine Afternoon Work & Study Morning Work & Study Break & Lunch

7:00 am

19:00 pm

Go to Sleep

21:00 pm

23:00 pm

21:00 pm

23:00 pm

Enjoy Parties Dinner with Families

Wake up at Home

VIEW 1: ART WALK LOOKING SOUTH ALONG RAILWAY Visitors

7:00 am

SECTION: A

9:00 am

11:00 am

Morning Routine Brunch

13:00 pm

15:00 pm

17:00 pm

Play in Park & Visit the Museum

19:00 pm

Participate in Events Dinner with Friends

Wake up at Hotel

SECTION: B

R PLAN

Phase 1

Phase 2

Phase 3

1: MIXED USE (RETAIL & OFFICE)

8: HOTEL

12: MIXED USE (SCHOOL & ACTIVITY CENTER)

2: MUSEUM

9: HOTEL

13: MIXED USE (RETAIL & RESIDENTIAL & OFFICE)

3: HOTEL

10: MIXED USE (RETAIL & OFFICE)

14: MIXED USE (RETAIL & RESIDENTIAL & OFFICE)

4: FACTORY

11: MIXED USE (RETAIL & OFFICE)

15: RESIDENTIAL

PHASE 1

5: MIXED USE (FACTORY & RETAIL) 6: TRAIN STATION 7: MIXED USE (RETAIL & OFFICE)

PHASE 2

PHASE 3

Land Use

Activity Center School Museum & Art Gallery Hotel Office Station Retail Residential

VIEW 2: VIEW EAST ON NE 27th STREET

DESIGN NARRATIVE

ArtLInK – Art Life Innovation Knowledge The iconic Bon Vivant Custom Woodworking and Miller Machinery & Supply Co. buildings embody the history of the district as a manufacturing center that has turned tropical hardwoods into furnishings and supported the needs of early Miami’s nearby dairy industry since the turn of the century. These two buildings are restored as landmarks to anchor the new ArtLInK Station, a center that hosts multiple linkages, from past to future, through new neighborhoods organized around Art, amenities that enhance daily Life, gathering spaces that provide opportunities for Innovation in the arts and commercial sectors, and new pilot-spaces and schools to enable diverse apprenticeships and the generation of new Knowledge. Greenspace A series of greens, and courtyard gardens distinguish each of the four neighborhoods of ArtLInK with landscapes that relate to the focus of each quadrant. The tree-lined streets and wide sidewalks of ArtLInK establish the continuity that links the quadrants together and provides shade that is essential to any outdoor activity in Miami for much of the year. Ar t The Art Walk from NE 29th Street to the green plaza along NE 27th Street leads directly to the ArtLInK Station which bridges the railway. Populated with sculpture and the outdoor art that Wynwood has brought to national attention, the plaza and Art Walk establish a town center for ArtLInK. While Brightline riders will glimpse this as a destination that merits a return visit, Tri-Rail riders heading west enter directly into the plaza and eastbound riders arrive into a new entrance interwoven with Bon Vivant. Life Hotels, office, and commercial space define the blocks and streets that link to North Miami Avenue. Every building is organized around a courtyard with towers that are topped with green roofs. NE 1st street forms a pedestrian-focused promenade that links the commercial spaces with the art galleries and museum that anchor the northeastern corner of the site, and links the two large greens on the east side of the FEC Railway. Ground floor multipurpose spaces ensure a safe and active environment. Restaurants and retail along NE 2nd Avenue host residential units above. The east side of ArtLInK supports life for Edgewater residents, Midtown 29’s current residents, as well as ArtLInK’s own. Innovation With high ceilings and wide-bay structures, the ground floor finishes of ArtLInK are concrete- polished on the floors, raw on the ceilings and walls. While many of these spaces are lobbies, retail, gallery, restaurant and other commercial activities, every building hosts space for temporary businesses and short-term artist residencies. The interaction among artists, businesses, residents and visitors ensures the kind of social and intellectual life that is associated with innovation. Knowledge An arts and crafts school fronts the northern green and occupies the first two levels of the building adjacent to Miller Machinery & Supply, sharing a green alley which can be used both for service access and larger scale project fabrication. The distinctive aggregation of handcraft, fabrication and intellectual discovery characterizes the unique profile of ArtLInK as Miami’s premier destination

Team# 2019-533 FINANCIAL NARRATIVE

ArtLInK is the next major development coming to the City of Miami, combining the resources of the city of Miami with the use of private equity and Opportunity Zone Benefits, to create the next great commercial transit hub. What was once an area in which land was valued at just over $100,000,000, is now expected to grow to a value of over $4.8 Billion at point of sale (Year 10). As a result, ArtLInK is projected to produce an unleveraged IRR of 13.7% and a leveraged return of 22.1% with a yield on cost at 10%. The development will create 6,130,000 square feet (SF) of new office, hotel, residential, commercial and community space. This project will take shape through three phases of contruction, with an expected return of revenue by year four, which will be the start of phase II. Visioning sessions with local stakeholders at the opening of each design phase will enable fine-tuning of ArtLInk’s program and profile to ensure compatibility. Phase I will consist of over 700,000 SF of demolition, removing all but the Bon Vivant Custom Woodworking and Miller Machinery & Supply Co buildings along the FEC Railway, each of which will be renovated and expanded during Phase I and Phase II respectively. After the demolition is complete, construction will commence with approximately 2,670,000 SF of new buildings, which will include the ArtLInK Station (retail and office space located within), the premium hotel, and Phase I of the art, retail and office space along the Art Walk. Phase I will produce an unleveraged IRR of 12.5% and a yield on cost at 9.3%. The construction of Phase I is planned to be completed within three years. The premium hotel, which will feature views of Biscayne Bay, is expected to be the largest driver on revenue for Phase I and the project. Phase II will focus on completion of the west side of the new ArtLInK development, through the construction of an additional 1,580,000 SF which will include the build-out of art, retail, office, and hospitality space, through the addition of two new full-service hotels along with two mixed-use buildings that complement the Bon Vivant Custom Woodworking and Miller Machinery & Supply Co buildings on the east side of FEC Railway. Phase II is planned to be completed within three years, which will produce an unleveraged IRR of 10% and a yield on cost of 7.8%. The additional two hotels will also help drive the revenue of the development. Phase III will complete the project build-out with the construction of a final 1,880,000 SF. This phase will complete the eastern quadrant with mixed-use apartment buildings and a school. These apartment buildings will feature family-friendly market-rate, as well as 20% affordable units. Phase III will be completed before the date of sale. The unleveraged IRR for this phase is 25.9% with a yield on cost at 14.3%.

The equity to fund the project will combine private investment, public sources and opportunity zone benefits to construct the buildings. Through partnership with city, county, state and federal resilience funding, the infrastructure of the projects’ landscape, greens and streetscapes will enable public investment in civic amenities that also will benefit ArtLInk’s tenants and investors, establishing a socially responsible approach to the financing and implementation of this project.

Team 2019-533

2020 ULI Hines Student Competition

1. Summary Pro Forma Phase I

Phase II

Phase III

Sale

2019-2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Net Operating Income Market-Rate Rental Housing

$3,213,663

$6,612,148

$6,802,514

Affordable Rental Housing

137,051

269,266

264,067

Office/Commercial

12,319,884

24,623,366

26,862,344

31,613,383

31,589,197

32,035,729

32,010,071

Retail

6,306,671

12,597,052

16,307,431

20,486,276

32,347,658

44,467,453

44,428,177

Community Facility

4,500,050

9,000,099

9,450,104

10,203,129

10,956,154

Hotel

17,579,919

39,348,629

63,191,051

87,427,130

122,075,151

127,650,451

134,012,592

Structured and Surface Parking

154,254

303,273

326,961

344,222

346,610

341,986

320,833

Underground Parking

Industrial

Demolition (included in Hard Costs below) Development Fees

(6,406,432)

(11,124,346)

(8,105,692)

(3,387,778)

Other

Total Net Operating Income

($6,406,432)

$29,736,432

$74,748,075

$107,582,194

$141,215,423

$196,524,681

$218,945,410

$228,794,407

Gross Sale Proceeds

4,841,394,139

Less: Sales Cost

(96,827,883)

Total Income

(6,406,432)

29,736,432

74,748,075

107,582,194

141,215,423

196,524,681

218,945,410

4,973,360,664

Development Costs

Phase I

Phase II

Phase III

Sale

Hard Costs Market-Rate Rental Housing

$18,011,252

$12,475,542

Affordable Rental Housing

3,752,344

2,599,071

30,727,828

Retail

70,081,067

48,541,837

Community Facility

458,903

20,405,082

15,372,694

10,647,937

Hotel

Office/Commercial

4,040,115

1,324,304

179,643,216

58,885,006

179,643,216

135,338,840

93,742,807

Structured Parking

308,443

13,714,901

10,332,474

Surface Parking

2,092,050

58,885,006

93,022,729

44,362,535

93,022,729

44,362,535

70,081,067

30,727,828

13,714,901

10,332,474

7,156,815

973

43,274

32,601

22,581

Land Acquisition

18,006,316

4,259,052

Total Infrastructure

11,625,390

10,461,100

11,168,646

Soft Costs and Reserves

33,477,555

11,752,233

31,724,088

7,515,812

31,163,150

8,420,738

53,327,734

377,466,441

425,905,712

304,799,619

343,874,655

214,335,156

(5,538,000)

(0)

(14,488,959)

53,327,734

371,928,441

425,905,712

304,799,619

343,874,655

199,846,197

214,335,156

44,916,867

44,336,969

45,412,922

53,327,734

416,845,308

470,822,579

349,136,588

388,211,624

245,259,119

259,748,078

Net Operating Income

($6,406,432)

$29,736,432

$74,748,075

$107,582,194

$141,215,423

$196,524,681

$218,945,410

$228,794,407

Total Asset Value

4,841,394,139

Total Costs of Sale

Total Unlevered Development Costs Tax Credits & TIF Subsidies TDC Net of Subsidies Financing Costs Levered TDC Net of Subsidies

Annual Cash Flow

(96,827,883)

Total Development Costs (net of Subsidies)

(53,327,734)

(371,928,441)

(425,905,712)

(304,799,619)

(343,874,655)

(199,846,197)

(214,335,156)

Unlevered Net Cash Flow

($53,327,734)

($378,334,873)

($432,312,144)

($275,063,186)

($269,126,580)

($92,264,003)

($73,119,732)

$196,524,681

$218,945,410

$4,973,360,664

Capitalized Financing Costs

(44,916,867)

(44,336,969)

(45,412,922)

Loan Funding and Refinancing

167,904,172

457,677,844

440,072,547

360,260,934

247,942,624

267,853,770

485,585,214

3,387,778

Perm Loan Debt Service, Repayment, & Origination Fees

(72,070,281)

(63,834,921)

(110,282,045)

(104,199,539)

(168,739,342)

(161,042,906)

(53,327,734)

(255,347,568)

(19,551,167)

48,602,110

(17,037,537)

(16,347)

45,121,576

513,370,553

61,290,283

4,812,317,758

Levered Net Cash Flow Check

Net Present Value

15%

53,977,418

230,907,937

(206,908,297) $

(68,153,277) $

65,639,646

$ (17,021,190) $

(45,137,923) $ (468,248,976) $

452,080,270

(6,461,219) $

3,814,277,374

1,007,602,236

Blended Perm Loan to Value Ratio (LVR)

74.3%

Unlevered IRR Before Taxes

13.7%

Levered IRR Before Taxes

22.1%

Levered IRR after Opportunity Zone Benefits

28.3%

Current Site Value (start of Year 0)

105,526,225.31

Projected Site Value (end of Year 10)

$4,841,394,139

2. Multiyear Development Program Year-by-Year Cumulative Absorption Total Buildout Project Buildout by Development Units Market-Rate Rental Housing Affordable Rental Housing

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

(units)

211

(units)

Office/Commercial

N/A

Retail

N/A

Community Facility

N/A

Hotel

(rooms)

586

1,536

Structured Parking

(spaces)

879

463

408

(spaces)

165

(spaces)

N/A

Project Buildout by Area Market-Rate Rental Housing

(s.f.)

498,867

Affordable Rental Housing

(s.f.)

96,652

Office/Commercial

(s.f.)

333,552

120,020

Retail

(s.f.)

177,469

97,574

299,031

Community Facility

(s.f.)

115,001

75,303

Hotel

(s.f.)

263,610

691,262

Structured Parking

(s.f.)

289,966

152,651

134,495

Surface Parking

(s.f.)

54,450

Underground Parking

(s.f.)

Industrial

(s.f.)

1,234,048

1,115,957

1,158,797

Surface Parking Underground Parking Industrial 3

Total

97,574

3. All buildout figures presented are for net rentable square feet. See the Parcel Breakdown or Assumptions tab for the buildout by gross square footage.

3. Unit Development and Infrastructure Costs Development Costs Market-Rate Rental Housing

Unit Hard Cost $258,269 pu / $170.5 pgsf

Unit TDC4 $361,122 pu / $238.4 pgsf

TDC4 $152,112,587

Affordable Rental Housing

$215,224 pu / $142.1 pgsf

$271,149 pu / $179.0 pgsf

$28,553,501

Office/Commercial

$309.2 pgsf

$427.0 pgsf

$373,454,514

Retail and Community Facility

$312.1 pgsf

$434.8 pgsf

$722,076,862

Hotel Structured Parking Surface Parking

$504.6 pgsf

$443,362 pu / $738.9 pgsf

$18,395 per space / $55.7 pgsf $0,074 per space / $13.8 pgsf

$31,891 per space / $96.6 pgsf $0,268 per space / $49.9 pgsf

Industrial

Roads Utilities

$111,544,481 $936,359

$0.0 pgsf

Other Hardscaping (not incl. surf. pkg.) Landscaping New Transit Station

Public

Private $17,114,000

$1,498,000

$7,102,850

Total Development Costs

Construction Phase

Amount

Permanent Phase

$791,921,373

$130,859,464

Financing Sources (total) Construction Loan / EB-5 Bridge

Construction Phase

Permanent Phase

$1,507,904,045

Permanent Bank Loan

$917,017,987

Senior Loan

$1,513,666,895

Industrial Revenue Bond Loan

Construction Phase

Permanent Phase

$5,700,000

$4,530,000

$0 $23,900,000

$16,710,000 $3,414,286

Public Subsidies (total)

$22,265,368

Low-Income Housing Credit Equity

$8,950,959

$55,520,504

New Markets Tax Credit Equity

$11,076,000

$2,319,852,377

$2,581,571,305

Acquisition Taxes and Fees Total Infrastructure and Acquisition Costs

Opportunity Zone Fund Equity

$1,200,507,591

4. TDC includes pro-rated acquisition and infrastructure costs, hard costs, soft costs, financing costs, reserves, and developer fee.

Infrastructure Costs

4. Equity and Financing Sources Equity Sources (total)

$46,714,000

$2,589,185,895

Historic Tax Credit Equity

Total Sources