Qualifications Although we specialize in multifamily apartments, we have also appraised numerous office, retail, industrial, and  special-use properties.  We are especially proud of our ability to tackle extremely complex properties, including  mixed-use properties and large-scale redevelopment projects. The following highlights the qualification of our appraisers. David Pallante, MAI I have been continually engaged in the appraisal of commercial real estate since 1985, and I  have been a Member of the Appraisal Institute (MAI) since 1990.  I work primarily in the greater  Houston area, but I regularly perform appraisals throughout Texas.  On occasion, I have also  worked in other states, including New Mexico, Oklahoma, Louisiana, Pennsylvania, Michigan,  Alabama, Kentucky, South Carolina, and Illinois.  Apartments account for a majority of my  assignments, but I also have extensive experience in office, retail, and industrial properties.  I have testified in Federal Bankruptcy Court, District Court, and Commissioners Court as an expert witness in the  valuation of real estate.  I have also testified before the Bond Review Board in Austin, Texas regarding a proposed  bond-financed, LIHTC community.  On several occasions, I have served as a special commissioner for  condemnation proceedings.  Since 1992, I have operated my own firm, David L. Pallante & Associates, LLC (DLP).  In 2005, I added Evergreen  Valuation Services (EVS) as a dba under DLP.  With offices in Denver, Detroit, and Bonita Springs, EVS performs  appraisals nationwide.  Multifamily Market Rate:  I have appraised hundreds of market rate apartment projects, ranging from small Class C properties  in remote locations to trophy assets in major urban centers.  These assignments have included proposed  properties, existing properties, and those intended for major renovations.  My reports have been tailored to satisfy  the various requirements of Fannie Mae, Freddie Mac, HUD, banks, conduits, and life insurance companies.  Affordable:  Many of my multifamily assignments have involved one or more types of government incentives.  My  particular specialty is Section 42 (LIHTC) projects, for which I have prepared numerous market studies and  appraisals.  I am approved by the Texas Department of Housing and Community Affairs to prepare Section 42  market studies.  Many projects I have appraised also involve historic preservation credits, enterprise zones,  abatement programs, bond financing, and various HUD programs.  I have written appraisals for properties with  FHA-insured financing, and I am familiar with the HUD MAP Guide.  Student Housing: I have appraised several purpose-built student housing projects throughout Texas, including  Houston, Austin, San Marcos, and Lubbock.  Serving as a review appraiser, I have also worked on student  apartments in Colorado, Utah, and Michigan.  Condos & Condo Conversions:  Utilizing a discounted sell-off methodology, I have appraised several condominium  projects.  These have included purpose-built condo projects, as well as conversions of existing rental properties.  Office  CBD and Suburban Office Buildings:  I have appraised several major office buildings throughout Texas.  Recent  assignments have included the historic Davis Buildings in Austin, Texas Commerce Bank Building in River Oaks, a  Class A high-rise in The Woodlands, two high-rises in Houston’s Westchase submarket, and several high-rises in  the Energy Corridor.  Medical Office Buildings:  These are typically specialized buildings, often adjacent to hospitals, and sometimes  including surgical centers.  Recent MOB assignments have been in Houston, Austin, and Round Rock.  Retail My retail experience covers all property sub-types, including single-tenant buildings, small strip centers, grocery  anchored neighborhood centers, power centers, and major community centers.  I am fully equipped to analyze  multi-tenant assets and evaluate tenant credit strength.  Industrial  A wide range of industrial appraisals have included warehouse, distribution, manufacturing, and flex buildings.  Hotels  I have appraised several existing and proposed hotels, ranging from limited service hotels to large luxury hotels.   Examples include Staybridge Suites in Houston, Ritz Carlton in New Orleans, a proposed Ritz Carlton in  Philadelphia, the historic Blackstone Hotel (proposed JW Marriott) in Chicago, and The Wyndham Hotel in Austin.  Special-Use  My experience has included several special use properties, such as automobile dealerships, restaurants,  convenience stores, The Balinese Ballroom in Galveston, Lakeside Airport in Houston, and 10,000 acres of  timberland in east Texas.  In a very challenging “bundle of rights” analysis, I also appraised 2 million gallons of  wastewater capacity for an agricultural property that had legal rights to the wastewater capacity, but wanted to  transfer those rights to another property.  Mixed-Use  Mixed-use assignments have included the Norwood Park mixed-use subdivision in Austin, the Point Northwest  mixed-use subdivision in Houston, and a transit-oriented development in Austin that included multifamily, office,  retail, and restaurant components.  Education: • Western Michigan University, 1984, Bachelor of Business Administration with concentration in Finance and Real  Estate • Numerous continuing education classes in a variety of appraisal and real estate related topics.  I am current with  all educational requirements of the Appraisal Institute and all individual states where I am certified.  Professional Memberships & Licensing: • State Certified General Real Estate Appraiser - Texas (No. 1320347)  • Member of the Apprisal Institute (MAI No. 8964)  Professional Experience:  • Commercial Real Estate Appraiser, REVAC, Inc., Houston, TX, 5/85 - 5/88 Commercial Appraisal Manager for Houston Property Consultants, Houston, TX, 8/88 - 12/91  • Owner and President of David L. Pallante & Associates, LLC, Houston, TX, 1/92 - present  John Rocco Pallante I have been appraising commercial real estate since 1989.  Geographically, my experience has  encompassed 45 states, plus the District of Columbia.  I have appraised nearly every type of  commercial property, but the majority of my experience has involved office, retail, and  multifamily properties.  Multifamily Market Rate:  I have appraised countless market rate apartment projects, ranging from small Class C properties in  remote locations to trophy assets in major urban centers. Affordable:  Many of my multifamily assignments have involved one or more types of government incentives,  including historic preservation credits, enterprise zones, tax abatement programs, low income housing tax credits  (LIHTC), bond financing, and various HUD programs.  I have written appraisals for properties with FHA-insured  financing, and I am familiar with the HUD MAP Guide.  Student Housing:  As student housing evolved into a specialized asset type over the past 15 years, I have followed  this sector very closely.  This has become a specialty of mine, and I have appraised student apartment projects  throughout the country, including stand-alone college towns and major urban centers, where a property may cater  to multiple colleges and universities.  I have attended conferences on student housing, and I am in constant  communication with several market participants who are actively involved in student housing.  Condos & Condo Conversions:  Utilizing a discounted sell-off methodology, I have appraised several condominium  projects.  These have included purpose-built condo projects, as well as conversions of existing rental properties.   Several assignments have also involved “busted” condo projects, where unsold units have reverted to rentals.  I  personally developed a spreadsheet that permits effective and accurate analysis of interim rental income while  condo units are being sold off over time.  Office  CBD:  I have appraised several major office buildings with CBD locations.  Examples include a high-rise in Denver,  two historic high-rises in Austin, three high-rises in New Orleans, a historic mid-rise in New Orleans, a high-rise in  Dallas, and the only high-rise building in Amarillo.  Suburban:  Suburban office appraisals have reflected all sizes and classes of buildings.  These include a call  center in Colorado Springs, three Class A high-rises in Houston’s Energy Corridor, a Class A high-rise in The  Woodlands, a regional bank headquarters in Greeley, and a unique LEED-certified building in Albuquerque.  Medical Office Buildings:  These are typically specialized buildings, often adjacent to hospitals, and sometimes  including surgical centers.  MOB assignments have taken me to Austin, Detroit, Seattle, Denver, Colorado  Springs, Houston, Syracuse, and Rochester. Retail My retail experience covers all property sub-types, including single-tenant buildings, small strip centers, grocery  anchored neighborhood centers, power centers, major community centers, and regional malls.  I am fully equipped  to analyze multi-tenant assets and evaluate tenant credit strength.  Industrial  A wide range of industrial appraisals have included warehouse, distribution, manufacturing, and flex buildings,  located in markets throughout the country. Hotels  Hotel appraisals have covered some 15 states and include limited service, full service, extended stay, luxury, and  convention hotels.  My experience ranges from a Super 8 motel in Henderson, Kentucky to a historic boutique  hotel in San Francisco, to a proposed Ritz Carlton in Philadelphia.  Special-Use  Over the past 22 years, I have appraised numerous special use properties, including automobile dealerships,  churches, daycare centers, restaurants, automotive repair, convenience stores, private utility companies, self-  storage, and parking facilities (airport, CBD, and mixed-use).  Mixed-Use  Building on my experience with all property types, I have also developed the ability to effectively analyze mixed-  use properties.  These are properties that incorporate multiple use types, whether spread out over a large master-  planned development, or encapsulated within a high-density vertical development.  Perhaps more importantly, I  can walk the reader through the complex analytical process, and present the results in a clear and concise format.   Among many of our clients, I have developed a reputation as the “go to” guy for the most complex mixed-use  assignments. Transit Oriented Developments (TOD):  With many communities across the country actively pursuing or expanding  mass-transit options, there are a growing number of TODs.  These typically include residential, office, retail, and  entertainment components, all clustered around a major transit hub (bus or train station).  I have worked on TOD  appraisals in Utah, Michigan, Colorado, and Texas, including the first TOD built along Austin’s new commuter rail  line. Bloomfield Park:  Over a span of five years, I worked on several market studies and appraisals for various  components of Bloomfield Park, a proposed mixed-use development in Bloomfield Hills, Michigan.  Had it not  failed due to a collapse of the capital markets, this ambitious development would have epitomized the concept of  New Urbanism, incorporating rental apartments, for-sale condominiums, office, retail, entertainment, medical, and  hotel components. Kodak Campus:  One of the larger mixed-use projects I have appraised is a six million square foot office-  manufacturing-warehouse campus in Rochester, New York that formerly served as the world headquarters for  Kodak.  In addition to numerous buildings with a variety of sub-types, this asset included Empire Zone designation  by the State of New York, numerous incentives from local governments, and a private power plant that sold excess  capacity to the local utility company. Education: • Bachelor of Science with major in finance awarded in 1989 by The University of Texas at Austin  • Numerous continuing education classes in a variety of appraisal and real estate related topics.  Professional Memberships & Licensing: • State Certified General Real Estate Appraiser - Colorado (No. CG40012104)  • State Certified General Real Estate Appraiser - Washington (No. 1101995)  • State Certified General Real Estate Appraiser - Utah (No. 5510019-CG00)  • Previously certified in Michigan, Georgia, Alabama, Arizona, New York, Texas, and Wyoming. Professional Experience:  • Commercial Real Estate Appraiser, Davis Appraisal Systems, Austin, TX, 8/89 - 12/94 • Commercial Real Estate Appraiser for Deverick & Associates, Dallas, TX, 1/95 - 6/05  • Principal with Evergreen Valuation Services, Nationwide, 7/05 - present  Andrew Charles McCloskey, MAI I have been appraising commercial real estate since 1997.  Geographically, my appraisal  experience has covered 44 states, plus the District of Columbia.  I enjoy studying local markets  on a national basis, which is imperative for maintaining geographic competency.  Throughout  my career, I have appraised nearly every type of commercial property, but the majority of my  experience has involved multifamily, office, and retail properties.  Having earned a Master of  Urban Planning with a concentration in economic development, I am particularly interested in  projects containing mixed-use and affordable housing components.  Multifamily Market Rate:  I have appraised hundreds of market rate apartment projects, ranging from small Class C properties  in remote locations to trophy assets in major urban centers. Affordable:  Many of my multifamily assignments have involved one or more types of government incentives,  including enterprise zones, tax abatement programs, low income housing tax credits (LIHTC), and various HUD  programs.  Student Housing:  Having appraised many student apartment projects throughout the country, this has become a  particular specialty of mine.  Every report includes a detailed market analysis that is tailored to the specific  characteristics of the local student market.  My student market analyses are constantly evolving to reflect national  and regional trends in product offerings and operational characteristics.  I regularly attend conferences on student  housing, and I am in constant communication with developers, investors, and lenders who are actively involved  with this specialized property type. Condos & Condo Conversions:  Utilizing a discounted sell-off methodology, I have appraised several condominium  projects.  These have included purpose-built condo projects, as well as conversions of existing rental properties.  Office  CBD and Suburban Office Buildings: I have appraised several major office buildings with CBD or suburban  locations.  Representative locations include Ann Arbor, Salt Lake City, Dallas, Houston, Indianapolis, and Metro  Detroit. Medical Office Buildings:  These are typically specialized buildings, often adjacent to hospitals, and sometimes  including surgical centers.  Representative MOB assignments have been located in Metro Detroit, Seattle, and  Houston.  Retail My retail experience covers all property sub-types, including single-tenant buildings, small strip centers, grocery  anchored neighborhood centers, power centers, and major community centers.  I am fully equipped to analyze  multi-tenant assets and evaluate tenant credit strength.  Industrial  A wide range of industrial appraisals have included warehouse, distribution, manufacturing, and flex buildings,  located in markets throughout the country. Hotels  I have completed a handful of hotel assignments, including a property near the San Francisco International Airport  and a limited service hotel in Cincinnati.  Special-Use  I have appraised numerous special use properties, including a proposed Las Vegas casino, automobile  dealerships, restaurants, automotive repair, convenience stores, and self-storage facilities.  Mixed-Use  Building on my formal classroom studies in urban planning, as well as my professional experience with nearly all  categories of commercial properties, I am highly proficient at analyzing mixed-use properties.  These are  properties that incorporate multiple use types, whether spread out over a large master-planned development, or  encapsulated within a high-density vertical development.  For example, with many communities across the country  actively pursuing or expanding mass-transit options, there are a growing number of Transit Oriented  Developments (TOD).  These typically include residential, office, retail, and entertainment components, all  clustered around a major transit hub (bus or train station).  My analyses of mixed-use properties include a clear  analysis of each individual component, as well as their dynamic interactions and contribution to the whole  property. Education: • University of Michigan Alfred A. Taubman College of Architecture and Urban Planning, 2002, Master of Urban  Planning with a concentration in economic development.  • Oakland University School of Business Administration, 1998, Bachelor of Science with a major in finance and a  minor in economics. • Numerous continuing education classes in a variety of appraisal and real estate related topics.  I am current with  all educational requirements of the Appraisal Institute and all individual states where I am certified.  Professional Memberships & Licensing: • State Certified General Real Estate Appraiser - Michigan (No. 1201006817)  • State Certified General Real Estate Appraiser - Georgia (No. 264011)  • State Certified General Real Estate Appraiser - Ohio (No. 2006003428)  • State Certified General Real Estate Appraiser - Texas (No. 1338629)  • State Certified General Real Estate Appraiser - Florida (No. RZ3377)  • Member of the Appraisal Institute (MAI No. 480912)  Professional Experience:  • Commercial Real Estate Appraiser, Allen & Associates, Birmingham, MI, 1/97 - 4/02 • Commercial Real Estate Appraiser for Deverick & Associates, Dallas, TX, 4/02 - 6/05  • Principal with Evergreen Valuation Services, Nationwide, 7/05 - present  Brian A. Edmonds As a researcher, my duties mainly consisted of the collection, verification and analysis of data. Since becoming an  Appraiser Trainee, I have been providing significant appraisal assistance with regards to various property types. My  appraisal experience includes the appraisal of commercial properties and vacant land. This work has been performed for various types of clients which include lending institutions, governmental agencies, various corporations and  individuals.  Education: University of Houston, 2010, B.B.A. with a major in economics. Professional Memberships & Licensing: • Texas State Appraiser Trainee  Professional Experience: • Researcher, David L. Pallante & Associates, Houston, TX, December, 2004 - September, 2009  • Appraiser Trainee, David L. Pallante & Associates, Houston, TX, October, 2009 - present  © Evergreen Valuation Services and David L. Pallante & Associates, LLC 2011