I.
Introduction-Executive Summary
 The property
 Market
 The Borrower
 Risk/Return
Exhibit A - Letter of Intent
II.
The Property
A. Introduction
B. Location
1. Accessibility/Key Linkages
2. Neighborhood Demographics
3. Adjacent Land Uses
C. The site
1. Size and shape
2. Ingress and Egress
3. Topography
4. Subsurface Conditions
5. Environmental/Historic/Cultural Conditions
6. Zoning/Permitted Land Uses
7. Utilities
D. The Improvements
1. Existing
2. Proposed
E. Project Budget/Schedule
1. Sources and Uses of Funds
2. Funding Schedule
F. Conclusion
Exhibit II-1 Regional Location Map
Exhibit II-2 Site Vicinity Map
Exhibit II-3 Site Access Map
Exhibit II-4A Aerial Photograph Looking East
Exhibit II-4B Aerial Photograph Looking South
Exhibit II-5 Site Plan
Exhibit II-6A Building Photograph
Exhibit II-6B Building Photograph
Exhibit II-6C Building Photograph
Exhibit II-6D Building Photograph
Exhibit II-7A Interior Photograph
Exhibit II-7B Interior Photograph
Exhibit II-7C Interior Photograph
Exhibit II-8 Construction Summary
Exhibit II-9 Sources and Uses of Funds
Exhibit II-10 Cross Section Building Elevation
III.
The Market Overview
A. Introduction
B. The Area Market/ The Market Overview
1.
Regional Market
2.
Relevant Submarket for Subject
C. Competitive Market Survey (Comparables)
3.
Rental Rates
4.
Occupancies
5.
Sales Prices
D. Conclusion
Exhibit III-1A Summary of Population Growth
Exhibit III-1B Average Household Income
Exhibit III-1C County Employment Forecast
Exhibit III-2A County Apartment Market
Exhibit III-2B Average Monthly Rent for Rental Housing
Exhibit III-3 Competitive property Survey
Exhibit III-4 Competitive property Amenity Matrix
Exhibit III-5 Competitive Property Survey Map
IV.
The Borrower/Developer/The Joint Venture Partner
A. Introduction
B. The Organization
C. Rouse & Associate
1. Company Overview
2. Rouse& Associates- Delaware
D. Development Team
1. Developer/Seller
2. Leasing/marketing/Sales team
3. General Contractor
4. Major Subcontractors
5. Golf Course Management
E. Conclusion
Exhibit IV-1 Balance Sheet
Exhibit IV-2 Consolidated Balance Sheet
Exhibit IV-3 NHP Properties in the Metropolitan Washington, D.C. Area
Exhibit IV-4 Parkford Companies Track Record
V.
The Risks and Returns
A. Introduction
B. Valuation
1. Pro Forma Income and Expenses
2. Valuation Methodology
C. Returns
1. Projected NOI and Cash Flows From Operations
2. Projected property Reversions
3. Base Debt Service
4. Annual Returns to Equity
5. Cash Proceeds at Sale to Equity
6. Additional Interest from Operations
7. Additional Interest from Sale or Refinancing
8. Rates of Returns
a. Annual Returns
b. Time-Weighted Returns
9. Yield Analysis
D. Risk
1. Market Risk
2. Operation Risk
3. Financial Risk
4. Partnership Risk
5. Sensitivity Analysis
Exhibit V-1 Pro Forma Income and Expenses
Exhibit V-2A Valuation Summary
Exhibit V-2B Cost of Improvement
Exhibit V-2C Land Valuation
Exhibit V-2D Direct Sales Comparison Approach
Exhibit-V-3 Assumptions Table
Exhibit-V-4 Projected property Cash Flow
Exhibit V-5 investors Yield Summary
Exhibit V-6 Total USF&G Cash Flow
ExhibitV-7A Composition of USF&G’s Proceeds at Sale
ExhibitV-7B Composition of USF&G’s Proceeds at Sale
Exhibit V-8A Sensitivity Analysis CAP Rates and Inflation
Exhibit V-8B Sensitivity Analysis Yield VS Holding Period Yield VS
Holding Period
E. Conclusions and Recommendations
VI.
Appendix A-1A Floor Plans
Appendix A-1B
Appendix A-2
Appendix A-3
Appendix B Piedmont Realty Advisors