Investment Description

The Property consists of an approximately 574,767 rentable square feet four-story, Class-A office building and seven-level parking garage with 1,770 spaces (with 8 spaces reserved for official government vehicles and 4 reserved for the Property Trust) located on approximately 10.7 acres in Camp Springs, Maryland, a suburb of Washington, DC. The facility was developed as a “build-to-suit” property in conjunction with the Government, acting by and through the GSA. The Property is the headquarters of the U.S. Citizenship and Immigration Services (“USCIS”), an agency within the Department of Homeland Security (“DHS”). As of July 2022, the Property is the 16th largest facility leased by the GSA, and the largest facility leased for use by the USCIS.

Business Plan

The principal objectives of the Master Trust are to (1) preserve the Investors’ capital investment, (2) make regular monthly distributions to the Beneficial Owners (as defined herein) out of net cash flow distributed to the Master Trust, as shown on in the Master Trust Pro-forma attached hereto as Exhibit C, and (3) complete a sale of the Property subject to the Lease prior to the maturity date of the Loan to maximize the Investors’ return of capital. There can be no assurance these objectives will be achieved. See the “RISK FACTORS” section of this Memorandum.