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“800.ARBOR.10 | arbor.com Designed for experienced sponsorship with construction-ready projects located in strong MSAs and who desire and value a financing partner throughout the life cycle of their ownership. Arbor Private Construction”

“V100725 arbor.com | 800.ARBOR.10 Arbor Private Construction (APC) When you need financing for new construction - with an eye towards long - term ownership - Arbor Private Construction (APC) now offers multifamily investors short - term, floating - rate financing to be matched with Arbor's existing suite of financing products and programs. APC serves as a complement to our existing, industry - leading Single - Family Rental (SFR) and Build - to - Rent (BTR) construction lending program. APC Basics Asset Type Vertical/Garden - Style ground - up Multifamily with Agency - qualifying characteristics Asset Disqualification Skilled Nursing, Condo/For - Sale, and/or Tax - Credit Developments Mixed-Use/Non-Resi Component To be considered on a deal - by - deal basis subject to the credit and quality of the source of the non - residential revenue, subject to Agency - qualifying parameters Market Eligibility Located in Primary Markets and strong Secondary Markets with positive demographic, population, and employment trends Sponsorship Established track record of constructing, owning, and managing multifamily assets with appropriate net worth and liquidity commensurate with the Loan's credit profile Minimum Loan Amount $ 50M Maximum Loan Amount $ 250M Expected Completion No later than 36 months Security 1st Mortgage lien on the subject property Exit Underwriting To Agency - qualifying parameters Loan Sizing Parameters Maximum Loan-to-Cost 80 .0% (subject to ABR - accepted/approved construction costs) Minimum U/W Debt Yield * 8.0% (given current market constants) Minimum U/W DSCR * 1.20x Maximum U/W LTV * 65 .0% Loan Economics & Term Benchmark Rate 1 Month CME Term SOFR (subject to benchmark floor) Spread (per annum) ^ 3.50% - 6.00% Interest Rate Protection / Rate Cap Required Amortization None, Interest - Only Commitment Fee No less than 1.00% Exit Fee # No less than 2.00% Asset Management Fee $ 3,000 per month”

“V041425 arbor.com | 800.ARBOR.10 Fannie Mae DUS® Choice Refinance Arbor’s Choice Refinance product offers a streamlined refinance execution for Fannie Mae portfolio mortgage loans in good standing. Benefits • Flexible refinancing • Increased lender delegation • Lower costs from reduced documentation • Speed in processing and underwriting Eligibility • Existing Fannie Mae Cash or MBS Mortgage Loan • Lender must be the current Servicer of the Mortgage Loan being refinanced • Property must be well maintained and stabilized as evidenced by the most recent property inspection • Existing Mortgage Loan must meet standards related to past monetary and non-monetary defaults as outlined in the Guide • Small Mortgage Loans and Mortgage Loans secured by Cooperative Properties may have additional eligibility requirements Streamlined Requirements All other terms follow the requirements set for newly originated first-lien Mortgage Loans. Pre-Review Mortgage Loans Generally, no Pre-Review is required if the pre-review category for the Portfolio Mortgage Loan was previously approved by Fannie Mae. Please see the Multifamily Selling and Servicing Guide and the Multifamily Underwriting Standards (Form 4660) for complete requirements. Property Documentation Lender must document rationale in the Transaction Approval Memo. Borrower Analysis If the b orrower’s organizational structure has changed, the Lender must review necessary documents to confirm that the new structure meets the current Guide requirements. For the borrower, and each Key Principal, Guarantor, and Principal, the Lender will report ACheck results, and obtain and review financial statements. Prepayment Premium After the expiration of the yield maintenance period, the required 1% prepayment premium may be reduced in certain circumstances. Prepayment premium due may be paid from the proceeds of the new Choice Refinance Loan Escrows Replacement reserve, tax, and insurance escrows are typically required. Third-Party Reports A Phase I Environmental Site Assessment is not required if: • An Environmental Professional performs an environmental database review and identifies: o No potential environmental concerns (as defined in ASTM E1528 – Standard Practice for Limited Environmental Due Diligence: Transaction Screen), or o No adverse conditions requiring further due diligence • The borrower enters into an Environmental Indemnity Agreement (Form 6085); and • You confirm that the borrower is appropriately implementing any existing O&M Plans for the Property.”

“V032825 arbor.com | 800.ARBOR.10 Freddie Mac® Credit Building Arbor is working to make the industry more equitable for everyone. This includes establishing new ways to improve economic mobility and narrow the wealth gap renters may face today. There are 45+ million renter households in the U.S., but less than 10% of on-time rents are reported to credit bureaus. Overall, renters have much lower credit scores than homeowners, and some renters have no score at all (i.e., “credit invisible”). To address these disparities, Freddie Mac® incentivizes borrowers to report on-time rents through credit-reporting services, such as Esusu Financial Inc. Esusu’s platform enables reporting on-time rent payments to the three major credit bureaus, helping build renters’ credit scores. Benefits for Renters • Renters who are currently credit invisible can establish credit scores, and those with existing records can improve their scores. • A stronger credit score may enable renters to access financing with lower interest rates, avoid unbreakable debt traps, and increase access to mortgages. • Only on-time rental payments are reported to the credit bureaus; renters are automatically unenrolled upon a late or missed payment. Benefits for Borrowers • A year of credit-reporting services at significantly discounted or no cost. • Enhance marketability and reduce turnover. • Improve net operating income through more stable collections and lower turnover. How Rent Reporting Works • Comprehensive Reporting . Participating vendors report on-time rent payments to all three major credit bureaus. • Immediate Impact . Vendors can report up to 24 months of historical payments, which means some renters’ credit scores will increase immediately. • Ease of Reporting . The vendors’ software links to existing property management platforms. Freddie Mac Credit-Building Vendors Multifamily borrowers with a loan financed by Freddie Mac with at least 24 months remaining in the loan term can receive a year of credit-reporting services at significantly discounted or no cost from one of Freddie Mac’s participating rent-reporting vendors. To enroll your property, contact one of them today: • BILT – alliance@biltrewards.com • Entrata – support@entrata.com • Esusu – fre@esusu.org • Jetty – jettycreditadmin@jetty.com • Pinata – partners@pinata.ai • Sperlonga – info@sperlongadata.com • Stake – hello@stake.rent”

“V060324 arbor.com | 800.ARBOR.10 Single-Family Rental (SFR) Build-to-Rent Financing Arbor offers flexible loan solutions customized for your ground-up construction financing needs.* Eligible Property Types Rental communities comprised of: • Single-family homes • Townhomes • Row homes • 2 to 4-unit structures Eligible Locations All states, except for Nevada Eligible Borrower Newly formed, single-purpose, bankruptcy-remote Delaware LLC Loan Term 18 to 36 months Minimum Loan Amount $20M Interest Rate Floating Maximum LTC 75% (80% in certain cases) Loan Sizing Completed and stabilized properties expected to meet eligibility guidelines (LTV and DSCR) for Arbor permanent financing Construction Financing Borrower equity contributed first; Arbor debt funds remainder of project Recourse Recourse and non-recourse options available Sponsorship Established track record and appropriate net worth and liquidity commensurate with transaction Pricing Based upon loan, borrower, and project specifics *All final terms are subject to underwriting discretion that typically follows a review of the deal structure and a full due diligence package.”

“800.ARBOR.10 | arbor.com We’ll provide you with extensive training and a compliance toolkit. Our life-of-loan servicing means no other master servicer or special servicer is involved, ensuring seamless post-closing activities – a foundation of the DUS ® model. Together we can ensure access to affordable housing for years to come. Sponsor-Initiated Affordability”

“Contact Our FHA Team Brett Neely Senior Vice President, FHA Chief Underwriter bneely@arbor.com 216.503.0137 Teddy Whittemore Vice President, FHA Production twhittemore@arbor.com 617.619.7330 10 800.ARBOR.10 | arbor.com/fha-multifamily”

“V100725 arbor.com | 800.ARBOR.10 Loan Structure Initial Loan Term Up to 48 months, subject to the anticipated/proforma completion date Extension Option(s) Available, if warranted/applicable based on Loan's credit profile Reserves & Escrows Debt Service, RE Taxes & Insurance after receipt of TCO Recourse/Guarantees Standard Non - Recourse Carveouts, Completion, Interest & Carry & Environmental Guarantees Cash Management In - place 90 days prior to receipt of TCO Lockout/Prepayment No sooner than 12 months after closing of the Loan Subordinate Financing Mezzanine, Preferred Equity, or C - Pace Financing prohibited Equity & Loan Funding Proceeds from Loan to be advanced after required equity has been invested Asset-Level & Loan Covenants Minimum Occupancy 12 months after receipt of TCO Minimum LTV 12 months after receipt of TCO (via 3rd Party reappraisal) Other/Miscellaneous Construction Commencement No later than 90 days after closing of the loan Construction Loan Initial Funding No later than 90 days after closing of the loan, with consideration of an unused fee for a longer proforma initial loan funding % of Cost Buyouts No less than 70% of construction costs (inclusive of materials) must be bought - out prior to loan funding. The GMP contract shall exclude material escalation clauses, and allowances shall be within industry norms as approved by Lender Land Cost Basis To be considered on a deal - by - deal basis ROFR/ROFO & Exclusivity ABR to retain ROFO/ROFR on any takeout financing of the subject loan and have exclusivity during the loan underwriting, diligence & closing periods Ground Lease / Leasehold Interest Prohibited * - "As Stabilized" ^ - Variable based on market conditions, deal profile/risk and overall loan terms # - A portion waivable with refinance via an ABR - originated/sponsored loan product”

“V041425 arbor.com | 800.ARBOR.10 Escrows Replacement reserves, tax, and insurance escrows are typically required. Third-Party Reports Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment. Assumption Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.”

“V041425 arbor.com | 800.ARBOR.10 Escrows Replacement reserves, tax, and insurance escrows are typically required for higher leverage transactions Third-Party Reports Streamlined inspection and Environmental Screening using the ASTM E-1528-14 protocol Assumption Non-recourse Small Mortgage Loan are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience”

“V041425 arbor.com | 800.ARBOR.10 Third-Party Reports Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment Assumption Mortgage Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience Dedicated Student Housing Properties Dedicated Student Housing Properties (i.e., 80% or more units leased to undergraduate or graduate students) require additional underwriting documentation. In addition, a Dedicated Student Housing Property must: • Be near a campus with at least 10,000 full-time student enrollment; • Be within two miles of a campus boundary line or on a college/university- owned transportation line; • Have operated for at least 1 full school year (i.e., August/September through April/May), and be in its 2nd full year of operations; and • At least 80% of all leases have 12 month lease terms with parental guaranties or be leased by students having the financial ability to pay for the required rent (whether through employment or other documented financial means) A Dedicated Student Housing Property may be located on university-owned land if the Key Principal has had a minimum of five years of Dedicated Student Housing experience, and operates at least one other Dedicated Student Housing Property located on college- or university-owned land.”

“V022526 arbor.com | 800.ARBOR.10 H UD Mortgage Insuranc e Premium (MIP) • HUD sets the cost of the FHA insurance; initial MIP is 0.25% of the loan amount due to HUD at closing . Annual MIP rate is 0.25%.”

“V030419 arbor.com | 800.ARBOR.10 HUD Inspection Fee $30 per unit when repairs are less than $3,000 per unit; 1% of the cost of the repairs otherwise Legal/Closing Fee Borrower pays Arbor’s counsel fee and miscellaneous closing costs Rehabilitation Qualifications Repairs not exceeding 5% of appraised value, or replacement of one major building system Davis-Bacon Not applicable to this program HUD Mortgage Insurance Premium (MIP) 1% MIP upfront at closing. Annual MIP: • 0.65% for market rate properties • 0.45% for affordable properties”

“V081925 arbor.com | 800.ARBOR.10 After rate-lock • By 2:00 p.m. ET on the second business day following interest rate-lock, Arbor must remit to Freddie Mac the application fee and provide evidence that it has retained a good faith deposit in the amount required by the Guide. (Note: On the refinance of an existing Freddie Mac portfolio loan, borrowers may post a demand note in lieu of a good faith deposit and provide the non-refundable application fee in cash.) • Arbor must execute Exhibit A of the ERLA to indicate acceptance of terms and return to Freddie Mac by the next business day. • Within the specified time frame, Arbor must deliver the full underwriting package to Freddie Mac, including all documents detailed in the Guide, Exhibit 1: Underwriting Checklists, as well as any applicable documentation noted in Addendum to Part B.”

“V100325 arbor.com | 800.ARBOR.10 Closing Debt Service Escrow • An additional three-month debt service escrow may be required based on the property's actual operations at underwriting Rate Lock • 50% occupied • 60% leased • 60% or more Certificates of Occupancy issued Closing Refinance Lease-Up : • 1.05x DCR • 100% of Certificates of Occupancy issued Acquisition Lease-Up : • 1.0x DCR • 100% of Certificates of Occupancy issued Appraisal Report The appraisal report must provide the as-is and as-stabilized values for the property Markets Additional flexibility available on a case-by-case basis through an assessment of the market as determined by Freddie Mac Borrow Up Option Intended to capture improved NOI within the 12-24-month period following origination of a Lease-up loan, additional loan proceeds via a supplemental mortgage (pari passu) are permitted. Key features: • The supplemental mortgage will be priced at first-mortgage pricing. • Minimum supplemental amount: $1 million • Must be coterminous and have the same interest-rate type as the initial mortgage • LTV/DCR parameters align with first mortgage baseline requirements • Third-party reports from the initial mortgage will be utilized, and the most recent servicing inspection must be submitted • Additional proceeds are not eligible based on a revised appraisal • One supplemental mortgage per initial mortgage. Any subsequent request for additional proceeds must be in the form of a second-lien Supplemental loan”

“V012126 arbor.com | 800.ARBOR.10 Refinance Test Based on the sum of the debt service and unpaid principal balance of the first loan and all existing and proposed supplemental loans Servicing Fee Calculation based on supplemental proceeds Loan Documents Subject to Freddie Mac's then - current loan documents and any applicable conditions set forth in the first loan and any existing supplemental loan documents”

“800.ARBOR.10 | arbor.com As the need for affordable housing continues to grow, we are finding more creative solutions to expand affordability and increase affordable housing. Sponsor-Initiated Affordability (SIA) provides sponsors lower borrowing costs when they create or preserve a minimum of 20% of units affordable to those renters earning 80% or less of area median income (AMI) for the life of the loan. Flexible and Better Pricing • Lower interest rate and competitive pricing • Flexible loan terms • Up to 80% LTV • Certainty of execution • Speed in underwriting and processing • Rent and income restrictions ensure positive impact for households living at or below 80% of AMI Rely on Us • Single-asset security allows for customized Mortgage Loan structures • Delegated risk-sharing model provides certainty of execution, faster decisions, and quicker loan closings • Experts who know the business and understand complex transactions • Life-of-loan servicing means seamless post-closing activities A-387-V250417 800.ARBOR.10 | arbor.com Questions? Speak to your Loan Originator or give Arbor a call at 800.ARBOR.10”

“V022526 arbor.com | 800.ARBOR.10 • Properties must be able to demonstrate an ability to achieve stabilized occupancy within 18 months of construction completion (special exception may be given to high - rise buildings) • An initial operating deficit escrow (cash or letter of credit) may be required to cover projected operating shortfalls incurred prior to project stabilization. Typically , greater of appraisal or underwriting conclusions, four months debt service for garden apartments or six months of debt service for elevator buildings subject to single Certificate of Occupancy issuance, or 3% of the mortgage amount. Loans in excess of $25 million have higher IOD requirements. For in - place rehab projects the IOD may not be required. • A W orking Capital deposit (cash or letter of credit) equivalent to 4% of the loan amount is required by HUD on all new construction projects to cover various costs; 2% of which will be a construction contingency for cost overruns and approved change orders. The W orking Capital for substantial rehabilitation projects is only 2% of the loan amount as the development budget will have a separate construction contingency amount. Commercial space is limited to 25% of total net rentable area and commercial income to 30% of effective gross project income. • A Project Capital Needs Assessment (PCNA) will be required every 10 years • A schedule of real estate owned by principals is required and reviewed • Loans in excess of $1 30 million have slightly lower LTC limits and slightly higher debt service coverage requirements * The property must be located in either a concentrated development area approved by the applicable HUD Multifamily Regional Ce nter or Satellite Office or one of the following: 1. Existing slum clearance and urban redevelopment projects covered by a Federal aid contract before the effective date of the Housing Act of 1954. 2. Opportunity Zones. 3. An approved urban renewal area under Title I of the Housing Act of 1949. 4. Disaster urban renewal projects assisted under Section III of the Housing Act of 1949 as amended. 5. An area of concentrated code enforcement being carried out under Section 117 of the Housing Act of 1949. The Multifamily Regional Center or Satellite Office will consider proposals in concentrated development areas in which concentrated housing, physical development and public service activities are being carried out in a coordinated manner, pursuant to a locally developed strategy for neighborhood improvement, conservation or preservation. Locally developed strategies may be informal, but must do all of the following: • Provide for a combination of physical improvements, necessary public facilities and services, housing programs, private investment, and citizen self - help activities appropriate to the needs of the area; • Coordinate public and private development efforts; and • Provide sufficient resources to produce substantial long - term improvements in the area within a reasonable amount of time, considering the severity of the area’s problems.”

“Optimal Financing for the Entire Multifamily Sector • Market rate and affordable multifamily assets (apartments and cooperatives) • Senior housing (independent living, assisted living facilities, and skilled nursing facilities) • Healthcare facilities Diverse Financing Options for Every Transaction Type • Acquisitions • Refinancing • Low-income housing tax credit (LIHTC) executions • Moderate to substantial rehab • New construction As an approved FHA Multifamily Accelerated Processing (MAP) and LEAN Lender under the U.S. Department of Housing and Urban Development (HUD), Arbor leverages the expertise of its seasoned professionals to guide multifamily, senior housing, and healthcare investors through the complex HUD loan process and to provide innovative solutions for their individual needs. Arbor sets the standard for FHA loan executions by providing an unparalleled level of customer service and an individualized approach to ensure borrowers achieve the most favorable terms and financing outcomes. Proven Direct Lender 4 800.ARBOR.10 | arbor.com/fha-multifamily”

“Multifamily and Affordable Housing/LIHTC FHA 223(f): Refinance, Acquisition, or Moderate Rehab of Existing Multifamily Properties (includes refinance of Section 202 properties) FHA 223(a)(7): Multifamily or Acquisition or Refinancing of Existing HUD-Insured Loans FHA 221(d)(4): New Construction or Substantial Rehab (includes independent living for residents age 62+ with no services) FHA 220: New Construction or Rehab of Multifamily in Urban Renewal and Concentrated Development Areas Senior Housing FHA 231: New Construction or Substantial Rehab (resident age-restricted to 62 years and older) Healthcare FHA 232: New Construction or Substantial Rehab FHA 232/223(a)(7): Acquisition or Refinance of HUD-Insured Healthcare Properties FHA 241(a): Hospital, Healthcare, and Multifamily Improvements or Additions FHA 242: Hospital New Construction, Rehab, Acquisition, or Refinance (includes refinance of existing HUD hospitals) FHA Lending Platform 7 800.ARBOR.10 | arbor.com/fha-multifamily”

“Arbor Bridge to HUD/FHA Program As both an FHA and direct bridge loan lender, Arbor is uniquely suited to provide a seamless, expedited FHA loan process and closing for our clients. Seasoned Arbor professionals can provide a short-term bridge loan that easily transitions to a long-term FHA permanent loan exit. • Offers decades of experience and certainty of execution • Provides borrowers a one-stop shop loan process for an efficient closing and reduced transaction costs • Solves the frequent HUD/FHA timing issue • Allows for repairs or repositioning to be completed in order to facilitate a maximum FHA refinance loan 9 800.ARBOR.10 | arbor.com/fha-multifamily”

“Arbor now offers access to proprietary preferred equity behind all Freddie Mac Conventional loans we originate. With Arbor, you can simultaneously secure a senior loan and preferred equity under one roof, streamlining your experience throughout the lifecycle of your loan. DOWNLOAD | PRINT Group 12 Created with Sketch. ARBOR.COM | 800.ARBOR.10 Download PDF | email -->”

“Arbor provides streamlined refinancing of existing FHA-insured loans nationwide. Refinance costs, such as prepayment, are included. DOWNLOAD | PRINT Group 12 Created with Sketch. ARBOR.COM | 800.ARBOR.10 Download PDF | email -->”

“of --> Spaulding Hills Apartments Atlanta, GA Fannie Mae DUS $10M+ --> Wellington Manor Apartments Liverpool, NY Fannie Mae DUS $10M+ --> The Poste at Sinclair Columbus, OH Fannie Mae Small Loan $5-10M --> Pinecrest Village Columbus, OH Fannie Mae DUS $10M+ --> 175 W 7th St Bayonne, NJ Fannie Mae DUS $10M+ --> Camden Woods Strongville, OH Fannie Mae DUS $10M+”

“of --> Country Place-Military Killeen, TX Fannie Mae Green Financing $5-10M --> Lincoln Place Apartments Tampa, FL Fannie Mae Green Financing | $1-5M --> Cherry Creek Apartments Baton Rouge, LA Fannie Mae Green Financing | $10M+ --> Casa Feliz Apartments Dallas, TX Fannie Mae Green Financing | $5-10M --> Pine Villa Plaza Winchester, VA Fannie Mae Green Financing | $5-10M --> Regency Place Apartments Durham, NC Fannie Mae Green Financing | $5-10M”