Appraisal Park-Plaza Indio Select 6-2012

APPRAISAL REPORT
81760 AVENUE 48
Indio, California

109 UNITS SENIOR HOUSING

PARK PLAZA

Appraisal report dated: 1une 1, 2012

Prepared for: US Capital

Prepared by:

THE STONEHENGE GROUP

The StonehengeGroup

A real estate appraisal and asset valuation Iirm
Regarding:
Appraisal Report oI the proposed apartment property at:
Sirs:
81760 Avenue 48, Indio, California
In response to your authorization, we have conducted the required investigation, gathered the necessary data,
and made certain analyses which have enabled us to Iorm an opinion oI the market value on the above
property.
The subject oI this appraisal consists oI an apartment building property located in Indio, CaliIornia. The
purpose oI this appraisal is to develop an opinion oI the market value oI the Iee simple interest in the subject
property under the Iollowing valuation scenario.
Present Value As II Completed
Final Opinions oI Value
Based on the analyses and conclusions in the accompanying report, and subject to the deIinitions,
assumptions, and limiting conditions expressed in this report, we have developed the Iollowing conclusions:
Appraisal Premise - Market Value June 1, 2012 Value Conclusion

AS IF COMPLETED $ 42,000,000
PRESENT VALUE $ 40,000,000
The identiIication and inspection oI the subject property, the research into physical and economic Iactors
aIIecting the subject property, the data research, and the analysis applied to arrive at the opinions and
conclusions herein was conducted by Mark St. George AG,, with Nick St. George providing general research
and assistance with writing the report. Unless speciIically stated, the appraised value considers only real
property.
RespectIully submitted,

Ryan Hargrove
CertiIied General Real Estate Appraiser AG 030578
TABLEOFCONTENTS
PAGENO.
INTRODUCTION
Executive Summary
.......................................................................................................................................................................................................... 3
Assumptions and Limiting Conditions
.......................................................................................................................................................................................................... 4
PROPERTYDATA
Description
.......................................................................................................................................................................................................... 5
Plat Map
..................................................................................................................................................................................................6
Site Description
...........................................................................................................................................................................7
Description of Improvements
........................................................................................................................................................................................................ 14
Regional Overview
.......................................................................................................................................................................................... 16

ANALYSISANDCONCLUSIONS
Highest & Best Use Analysis
............................................................................................................................................................................ 22
Valuation Methods
..............................................................................................................................................................................26
Income Approach
........................................................................................................................................................................................................ 28
Sales Comparison Approach
........................................................................................................................................................................................................ 41
Analysis of Value Conclusions
............................................................................................... 49
Certification of Appraisal

APPENDIX
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Introduction
Subject: 81769 AVENUE 48, Indio, CaliIornia
Proposed Use: Se n i o r Ho u s i n g
L a n d A r e a 6 Acres
Asessor's Parcel Numbers 616-200-39 and 41
Buildings: 109 Units
GBA: 151,731 Sq.Ft.

Year Built: New
Interest Appraised: Fee Simple Estate
Owner/Borrower Select Care oI Indio
Improvements |Proposed| Description: The subject oI this

appraisal consists oI Senior Housing (109
Units)
Zoning R-3
Census Tract 0453.03

DATE OF VALUATION: June 1, 2012

VALUE INDICATIONS
COST APPROACH $39,800,000
INCOME APPROACH $45,500,000
SALES COMPARABLE APPROACH $,00,000

APPRAISAL PREMISE VALUATION (JUNE 1, 2012)
VALUE AS COMPLETED $42,000,000
PRESENT VALUE $40,000,000

Select Care Center of Indio, A Non-Profit Corporations

Park Plaza, a Residential Community

Executive Summary

PARK PLAZA, A Residential Community
Select Care Center of Indio, A Non-Profit Corp. Page 1
Select Care Center of Indio, A Non-Profit Corporations

Park Plaza, a Residential Community
Executive Summary

Property Identification

The subject property is ideally located at 81760 Avenue 48, west of Monroe Street, in Indio,
California, located within the Coachella Valley. The City of Indio is known as The City of
Festivals. It is the largest, fastest growing, most progressive and most influential city in this entire
region. The property is approximately 90 miles northeast of San Diego, California, and 100 miles
east of Los Angeles, California. There are major, nationally recognized events within the City of
Indio every year, such as: The Balloon Festival, The Arts Festival, The Coachella Valley Music
Festival, world-class polo, golf and tennis tournaments.

Project Description

This entire property will be utilized as a Senior Care Campus. This will be the only Senior Care
Campus of its kind in the entire region that can take care of all of the seniors potential needs within
one property that will have such impressive amenities. On this property, a senior will enjoy the
benefits of continuing individualized care. For example, as an Independent Living Resident
advances with age to Assisted Living, and again advances potentially to Memory Care /
Alzheimers facilities, Select will offer the benefits of continuing individualized care services ALL
WITHIN THE SAME PROPERTY / CAMPUS. The United States is recognizing the very essential
need to take care of seniors without disturbing their lives by relocating them as they age.

Project Demand In Coachella Valley, California

The very rapid increase in the senior population has created a critical demand for our Select Senior
Care Facilities in the area.

Seniors 55 Years & Older in Coachella Valley: 25.5% or Approx. 127,300.
It is now estimated that 25.5%, or approximately 127,300 of the areas population of
approximately 500,000, soon will need some form of senior care housing in the area.

Population Within 5-Mile Radius of Park Plaza Facility: 260,000 Approx.
The U.S. Department of Housing and Urban Development (HUD) establishes a need for a
Senor Care Facility based upon a 5-mile radius of a selected site. There are no other Senior
Care Facilities within a 5-mile radius of our site.

Park Plaza Senior Care Facility Newest in the Area:
Our Park Plaza Senior Care Facility will be the only senior care facility in the over 500,000
population residing in this Coachella Valley that will have been built within the last 10 years.
All the existing facilities are old, smaller and do not have the amenities for quality senior living
that this Select Care Facility possesses.

Executive Summary


Demand For Selects Facility From Beyond Coachella Valley:

Select has been informed by several senior care operators and senior care referral agencies
that there will be residents coming there from out of there area, including from Los Angeles
and Orange County, for Selects new and state-of-the-area facilities and amenities that will
create a superb atmosphere of a Home away from Home.

Competition Independent Living, Assisted Living & Memory Care:
Below are the existing facilities in the competitive market in Coachella Valley Compared to
Park Plaza Senior Care Facilitys 109 New Units:

INDEPENDENT LIVING Existing Facility in Coachella Valley, California*:

(1) Mirage Inn ** - 71 Units Licensed
71 Units Independent Living
* Low Income Housing not included.
** This is the certified Senior Care Independent Living Facility presently existing in the area.

NOTE: The above-listed Independent Living Facility is OVER 10 Years of Age.

ASSISTED LIVING Existing Facilities in Coachella Valley, California:

(1) Fountains of Carlotta * - 36 Units Licensed
(2) Atria Palm Desert - 77 Units Licensed
(3) Legend Gardens - 20 Units Licensed
(4) Atria Hacienda - 186 Units Licensed
(5) Segovia @ Palm Desert ** - 121 Units Licensed
440 Units Assisted Living
* Entrance Fees: $130,000 to $250,000 Not in competition with rental units with no Entrance Fee.
** Entrance Fees: Up to $579,500 Not in competition with rental units with no Entrance Fee.

NOTE: The above-listed Assisted Living Facilities are ALL OVER 10 Years of Age.

MEMORY CAREALZHEIMERS Existing Facilities in Coachella Valley, California:

(1) Atria Hacienda - 24 Units Licensed
(2) Emeritus @ Palm Springs - 28 Units Licensed
(3) Vista Cove @ Rancho Mirage - 28 Units Licensed
(4) Mission Hills Senior Living - 59 Units Licensed
(5) Emeritus @ Rancho Mirage - 26 Units Licensed
(6) Mirage Inn - 22 Units Licensed
187 Units Memory Care

NOTE: The above-listed Memory Care Facilities are ALL OVER 10 Years of Age.

Executive Summary


Occupancy For Existing Senior Care Facilities in the Area: 90% Approx.
Overall weighted occupancy for Independent Living, Assisted Living & Alzheimers / Dementia
within existing facilities in the area is approximately: 90%.

Occupancy Upon Completion of Construction of Park Plaza Facility:

100% Pre-Leased at time that occupancy in Park Plaza Facility is ready.
Up to 8 months for 100% occupancy, but at that time there will be a waiting list.

Comparative Differences Select vs. Existing Facilities:

New vs. Old

Larger Rooms in Selects Facility

Larger Auxiliary Spaces in Selects Facility

Commercial Spaces with On-Site Conveniences, including a Deli

Amenities Impressive array for Residents enjoyment at Park Plaza

Select will be Upscale & Comfortable, while the existing Facilities
have appearance of an old folks home.

Amenities:
Park Plaza Senior Care Facility will have a large variety of special amenities to offer its
residents. The other existing facilities in this and adjacent areas do not have the large array
of enjoyable, welcoming and state-of-the-art amenities and recreational features that will be
offered by Select. Residents may come to Park Plaza Senior Care Facility because it is the
only senior care facility in all of Coachella Valley and adjacent areas with a swimming pool
that will include a retractable roof. This will enable residents to swim, exercise, experience
water therapies and enjoy year around.

Amenities SelectIndio Senior Care Facility Project

Arts & Crafts Studio
Exercise & Fitness Room

ATM Machine
Gymnasium

Badminton Court
Indoor Swimming Pool w/ Retractable Roof

Basketball Court
Jacuzzi & Spa

Barber Shop
Library

Beauty Salon
Lounge / Bar

Bocce Ball Court
Mail Room

Bowling Alley (4) Lanes
Main Lobby Spacious Guest Areas

Computer Room
Massage Room

Conference Room
Outdoor Terrace & Lounge Areas

Convenience Shop
Park Beautifully Landscaped (300 Feet Long)

Delicatessen
Personal Lockers

Dining Room (Main)
Pool Table

Dining Room (Private)
Theater

Entertainment Center
Water Features

Executive Summary


Security & Safety at Select for Seniors:
John F. Kennedy Hospital is just around the corner, only minutes away from the Select site.
One of the main incentives for a resident to choose Park Plaza Senior Care Facility to live, is
its new and state-of-the-art security emergency call, monitoring and response systems that
allow for a resident to live each day in a safe carefree environment.

Rental Rates:
The $3,408,702 of projected net income was based upon having comparable rates with the
existing older facilities. The Park Plaza Senior Care Facility, being cost competitive, new,
larger, better-equipped, with very impressive amenities for the prospective residents, will
make it the first choice for those needing a senior care facility in the area. Family and friends
of residents will enjoy the many commercial amenities that will encourage family enjoyment.

Community Support:
The entire community in Coachella Valley is in full support of Selects Senior Care Facility
Project. Individuals and community contributions / tax deductible donations, for identification
of contributors on the donation walls, will begin to be accepted after construction is started. A
competition for large donations for the Naming Rights for this upscale and needed Senior
Care Facility, with all of its impressive amenities, is already being undertaken.

Philanthropy & Endowments to Park Plaza Project:
Contributors are known to make large contributions to the Park Plaza Project for the purpose
of being able to have priority in selection of their residence within the Facility. A portion of
these contributions will go to fund selected needy Seniors with their rent. This Philanthropic
and Humanitarian Fund enables those Seniors the freedom of worry of needing to relocate.
This will also enable rent rolls to be maintained.

World-Famous Nate n Al Delicatessen Located in Park Plaza Entrance:
Nate n Al Deli, with its world renowned reputation, will be located at the entrance of the Park
Plaza Facility. This will be a very inviting dining option for Selects Facility Residents, as well
as their families and friends. The surrounding community has voiced their strong support for
Nate n Al Deli being located in our Park Plaza Facility.

Luxury Hotel-Type of Entrance:
The lovely entrance to our Park Plaza Facility, with its modern, volumetrically high and
spacious luxury hotel appearance with large windows and a tiered-glass dome at the
entrance, will be a magnificent attraction to prospective residents and their families. This
elegant entrance will lead to a beautifully manicured courtyard that will extend the length of a
football field, with attractive landscaping, eye-catching water features, a putting green,
appealing outdoor lounge areas, walking paths and more striking water features.

This gorgeous luxury entrance to our Park Plaza Senior Care Facility will be the special touch
First Appearance, which will be exceptionally inviting and welcoming to all residents,
families, friends and guests, and The Place to Live and Enjoy Life at its Best.
Introduction
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This report is designed to inIorm the reader oI all Iactors inIluencing the property's value in a clear and
concise manner. The Executive Summary section provides an overview oI the property and general
inIormation related to this report. The Description section brieIly describes general area inIormation and
presents detailed descriptions oI the site and improvements. The Highest and Best Use section establishes the
premise on which the value estimate oI the property is based. The Valuation section describes the appraisal
methods used to estimate the value oI the property and includes comparable inIormation, application oI market
inIormation to the subject, and valuation analysis. In the Analysis oI Value Conclusions section, the relative
merits oI each approach are discussed, and the value conclusion is presented.
The subject oI this appraisal consists oI a proposed Senior Housing Facility.

Introduction
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The purpose oI this appraisal is to estimate the market values oI the Iee simple estate oI the subject
property. The intended use oI this appraisal is Ior loan underwriting and-or credit decisions. The intended use
oI this appraisal report is to assist the lender in the evaluation oI the Fee Simple Value. The intended users oI
this report are US Capital, and their oIIicers, administrators, employees, lending co-participants (iI any)
and appropriate regulatory agencies. The applicable date oI valuation is June 1, 2012.
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Market Value means 'the most probable price which a property should bring in a competitive and open
market under all conditions requisite to a Iair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not aIIected by undue stimulus. Implicit in this deIinition is the
consummation oI a sale as oI a speciIied date and the passing oI title Irom seller to buyer under conditions
whereby:
1) buyer and seller are typically motivated;
2) both parties are well-inIormed or well advised, and each acting in what they consider their own
best interest;
3) a reasonable time is allowed Ior exposure in the open market;
4) payment is made in terms oI cash in US dollars or in terms oI Iinancial arrangements comparable
thereto; and
5) the price represents the normal consideration Ior the property sold unaIIected by special or creative
Iinancing or sales concessions granted by anyone associated with the sale.
1

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)HH6LPSOH (VWDWH The subject property is appraised in its Fee Simple Estate. Fee Simple is deIined as:
An absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed
by the governmental powers oI taxation, eminent domain, police power, and escheat.
2

1
Office of the Comptroller of the Currency (OCC) 12 CFR Part 34 Subpart C 34.42
2
7KH$SSUDLVDORI5HDO(VWDWH, Thirteenth Edition, Chicago, Ill: Appraisal Institute, 2007
Introduction
Use oI Report
Without prior written approval Irom the author, the use oI this report is limited to the client's use Ior
mortgage-lending purposes. All other uses are expressly prohibited. Reliance on this report by anyone other
than the client Ior a purpose not set Iorth above is prohibited. The author's responsibility is limited to the
client.
Scope of Appraisal
The depth oI discussion contained in this report is speciIic to the needs oI the client and Ior the intended use
oI this report. As stated in the Introduction section, our conclusion oI building area is based on our spot-
checked physical measurements and the square Iootages depicted on the aIorementioned architectural plans.
II there is a concern with respect to our conclusion oI building/site size and the expectation oI the client,
borrower, or other market participant, we recommend a qualiIied individual (architect, surveyor, contractor,
building inspector, etc.) be engaged to survey the subject. II it is determined that the building or site size used
herein is incorrect, we reserve the right to amend this appraisal.
The scope oI this appraisal required collecting primary and secondary data relative to the subject property.
The depth oI the analysis was intended to be appropriate in relation to the signiIicance oI the appraisal
problem. This data has been analyzed and conIirmed, leading to the value conclusions set Iorth in this report.
A physical inspection oI the subject site and inspection oI the comparables were made. General data sources
used in the preparation oI the report included, real property data bases oI record, Realtors and brokers
active in Apartment property transactions in the Subject demand area and Appraiser Iiles. The market value
oI the subject is based on a reconciliation oI the Income Capitalization and Sales Comparison Approaches.
The comparables utilized in this analysis are considered to be the best available in the market.
Introduction
The appraisal service was perIormed in such a manner that the results oI the analysis, opinion, or conclusion
be that oI a disinterested third party.
Regarding data veriIication, direct and indirect veriIication was employed Ior this assignment. Direct data
veriIication conIirms inIormation used in the report with one or more parties who have in-depth knowledge
about the comparable. Indirect veriIication employs inIormation obtained Irom a secondary source like a data
reporting service, a multiple listing service, or another appraiser. Whenever possible, we attempt direct
veriIication oI all data employed. We have perIormed this appraisal service as a disinterested party, employing
due diligence in the investigation, analyses, and conclusions. The eIIorts made are appropriate to the
signiIicance oI the appraisal problem. The most likely buyer oI the subject would be an investor.
LEGAL DESCRIPTION

|SEE ADDENDA|
In order to thoroughly describe the subject property in compliance with USPAP Standards Rule 2-2(b) (iii), we have
included a copy oI the assessor's parcel map, and photographs oI the subject, as well as the descriptions in this report.
TheSubjectsiteiscomposedoftwoparcels,andisessentiallyrectangularinshape.TheRiversideCountyAssessors
parcelnumbersare61620039and61620041.
Introduction

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This appraisal has been prepared subject to the Iollowing general assumptions and limiting conditions. They
are critical to the analyses and conclusions contained in this report.
1. The valuation herein is the Iee simple interest, and the subject property is appraised Iree and clear oI
any and all liens or encumbrances unless otherwise stated. Encumbrances considered in the valuation
include, where applicable: real estate taxes, recorded easements and/or covenants, CC&R`s, purchase
options or sale agreements, signed leases, and unpaid bond debt.
2. It is assumed that any easements noted on the title report without speciIic locations will have no
material eIIect on the normal use oI any oI the subject parcels.
3. Responsible ownership and competent property management are assumed.
4. InIormation Iurnished by others is believed to be reliable iI it cannot be independently veriIied by
the appraiser. However, no warranty is given Ior its accuracy.
5. No responsibility is assumed Ior the legal description or other matters involving legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
6. All engineering surveys are assumed to be correct. The plot plans and other illustrative material in
this report are included only to assist the reader in visualizing the property.
7. It is assumed that there are no hidden or unapparent conditions oI the subject property subsoil, or
structures which would render it more or less valuable than other comparable properties. No
responsibility is assumed Ior any such conditions or Ior proIessional engineering services, which
might be required to discover such Iacts. No soils or geologic re ports were made available to provide
Iurther input in this area.
8. It is assumed that all customary public utilities Ior this property type and market are reasonably
available to the subject property, unless otherwise stated.
9. It is assumed that the subject is in compliance with all applicable zoning use regulations and
restrictions, unless otherwise stated. It is Iurther assumed that any required governmental
entitlements, licenses, certiIicates oI occupancy, consents, etc., have been or can be obtained or
renewed Ior any use upon which the value estimate in this report is based.
10. Any Iorecasts or projections contained in this report are the product oI the analysis oI current,
historical, and anticipated market conditions and assume continuation oI prevailing political, social,
economic, and environmental conditions. Such Iactors and contingent Iorecasts and/or projections are
subject to change.
11. It is assumed that any utilization oI land and improvements is within the described legal
boundaries oI the subject property, and that there is no encroachment or trespass, unless otherwise
noted.
12. The distribution, iI any, oI the total valuation in this report between land and improvements
applies only under the stated program oI utilization. The separate allocations Ior land and
improvements must not be used in conjunction with any other appraisal and are invalid iI so used.
13. The Americans with Disabilities Act (ADA) became eIIective in January 1992. The appraiser has
not made a speciIic compliance survey or analysis oI this property to determine whether it is in
conIormance with the various, detailed requirements oI the ADA. The value estimate is predicated on
the assumption that, except as identiIied by the appraiser, the subject improvements comply
with ADA. It is possible that a comprehensive compliance survey could reveal additional areas in
which the property does not conIorm with one or more oI the Act`s requirements. II so, this could be
a negative eIIect upon the market value or marketability oI the property.
14 The appraiser is not qualiIied to detect the presence oI toxic or hazardous substances or materials
which may inIluence or be associated with the property or any adjacent properties, has made no
investigation or analysis as to the presence oI such materials, and expressly disclaims any duty to note
the degree oI Iault. The St. George and Associates Group and its partners, agents, employees, shall
not be liable Ior any costs, expenses, assessments, or penalties, or diminution in value, property
damage, or personal injury (including death) resulting Irom or otherwise attributable to toxic or
hazardous substances or materials, including without limitation hazardous waste, asbestos material,
Iormaldehyde, or any smoke, vapors, soot, Iumes, acids, alkalis, toxic chemicals, liquids, solids or
gasses, waste materials or other irritants, contaminants or pollutants.
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We collect nonpublic personal inIormation about the property Irom inIormation provided by the client and or
property owner and or tenant on Iorms and documents and Irom other people such as the lender, attorney,
real estate agent, escrow, etc. We do not disclose any public personal inIormation regarding the property
under appraisement, or the client, and or property owner and or tenant to anyone, except as permitted by law
and or regulatory agencies and or proIessional associations as required by law. We restrict access to any
nonpublic personal inIormation to only those who need to know said inIormation in order to complete the
appraisal assignment. We maintain physical, electronic and procedural saIeguards that comply with Iederal
regulations to guard nonpublic personal inIormation.
SITE INFORMATION
SITE INFORMATION
^E
IMPROVEMENTS INFORMATION
SEE ADDENDA
HIGHEST AND BEST USE ANALYSIS

Introduction
The highest and best use analysis is one oI the most essential concepts in the valuation oI real estate. It is the
Ioundation on which market value is based. Standards Rule 1-3 (a) and (b) oI the UniIorm Standards oI
ProIessional Appraisal Practice (USPAP), require that in developing an appraisal, the appraiser must (a);
'identiIy and analyze the eIIect on use and value oI existing land use regulations, reasonably probable
modiIications oI such land use regulations, economic demand, the physical adaptability oI the real estate,
and market area trends; and (b); 'develop an opinion oI the highest and best use oI the real estate.
'Comment: An appraiser must analyze the relevant legal, physical, and economic Iactors to the extent
necessary to support the appraiser`s highest and best use conclusions(s). The appraiser must recognize that
land is appraised as though vacant and available Ior development to its highest and best use, and that the
appraisal oI improvements is based on their actual contribution to the site.
According to the Appraisal Institute`s publication The Appraisal oI Real Estate (TwelIth Edition, page
305), Highest and Best Use is deIined as Iollows:
The reasonably probable and legal use oI vacant land or an improved property, that is physically
possible, legally permissible, appropriately supported, Iinancially Ieasible, and that results in the highest
value.
Criteria Ior Determining Highest and Best Use

Highest and best use is analyzed in two parts; 1) as though the site is vacant, and 2) as improved. There are
Iour criteria in establishing highest and best use and these criteria are typically considered sequentially. The
Iour stages are as Iollows:
1) Legally permissible considers zoning and building codes, environmental regulations, and private
deed restrictions.
2) Physically Possible considers parcel size, shape, area, terrain, and potential Ior natural disasters.
3) Financially Feasible all uses that meet the Iirst two criteria and that produce a positive return are
regarded as Iinancially Ieasible.4) Maximally Productive among the Iinancially Ieasible uses, the use
that produces the highest rate oI return to the land, is the maximally productive use.
The Highest and Best Use oI an improved property is deIined as that reasonable and most probable use that
will support its highest present value. The Highest and Best Use, or most probable use, must be legal,
physically possible, and marketable. The Highest and Best Use concept is based upon traditional appraisal
theory and reIlects the attitudes oI typical buyers and sellers who recognize that value is predicated on Iuture
beneIits. This theory is based upon the wealth maximization oI the owner, with consideration given to
community goals. A use which does not meet the needs oI the public will not meet the above Highest and
Best Use criteria.
The Highest and Best Use 'As-II Vacant and 'As Existing are discussed below.

'AS-IF VACANT ANALYSIS
Legal Considerations
The legal Iactors inIluencing the Highest and Best Use oI the subject property are primarily government
regulations such as zoning and building codes.
Locational - The subject area is a long-established well-developed area comprised oI mixed uses, with
commercial and multi-Iamily uses along Foothill and single-Iamily homes and smaller multi-Iamily
developments to the south oI the subject. Due to its location on a busy street, either a commercial or
multiIamily residential use would be locationaly Ieasible.
Physical - The site has an essentially level topography at street grade, with good exposure Irom Palm Blvd.
The area has been established as a commercial and light industrial area Ior many years. Based upon physical
considerations, the site is considered well suited Ior a either a commercial use or multiIamily use.
Market Feasibility
As indicated earlier in the report, real estate values have declined signiIicantly over the past several years as
a result oI the recession which began in 2007. Overall, the subject site is considered marketable based on its
desirable location, proximity and good access.
Financial Feasibility
Financial Ieasibility is perhaps the most diIIicult Iactor to analyze. Several Iactors relating to Iinancial
Ieasibility are discussed. Rents have declined as have vacancy rates over the past couple years. The resultant
decline in proIitability has limited developers who are able to obtain suIIicient proIit to build new
commercial complexes. While there are several new projects under construction in downtown Los Angeles,
there are none in the subject`s neighborhood
Maximally Productive Use/Highest and Best Use Conclusion

Paraphrasing the deIinition oI Maximally Productive Use as presented in the 13
th
edition oI 7KH$SSUDLVDORI
5HDO(VWDWH, it is the use (on a risk adjusted basis) that produces the highest value oI the property. The
Maximally Productive Use is a subset oI one or more uses that is legally permissible, physically possible and
Iinancially Ieasible. Historically, Highest and Best Use analysis has been generalized resulting in conclusions
such as residential, commercial, or industrial.
Analysis oI the Maximally Productive Use reIines the traditional Highest and Best Use statement by Iocusing
on a speciIic use such as retail versus oIIice, the scope oI the potential development, and its timing. The
subject site is zoned Ior industrial uses.
Legal/Physical/Locational Considerations
Legal, physical and locational conditions must be analyzed to evaluate the Highest and Best Use oI the
property 'as proposed. The legal Iactors inIluencing the Highest and Best Use oI the subject property are
primarily governmental regulations such as zoning and building codes. The improvements Ior the subject site
represent a legal, conIorming use, based on all zoning regulations.

'AS-PROPOSED ANALYSIS
With respect to the highest and best use as improved, the existing improvements have demonstrated a
reasonable level oI Iunctional utilization Ior several years and thereby pass the test oI "a physically possible
use." Since the improvements are also allowable under the zoning classiIication they also pass the test oI
"legally permissible." Finally, during the course oI this appraisal, we Iound that the Income Approach and
Direct Sales Comparison Approach both indicate a higher value Ior the property as improved than iI the land
were vacant (based on estimates oI regional and local land values). This demonstrates that the improvements
have contributory value which would be lost iI they were demolished Ior redevelopment. On the basis oI
these three tests, we conclude that the subject improvements represent a reasonable highest and best use as
improved.
Physical and locational characteristics oI the property have been previously described in this report. The
improvements are oI contemporary design and have good appeal with above average materials. They are in
good condition. ThereIore, the property 'As Existing is considered a legal conIorming use, that meets the
physical and locational criteria as the Highest and Best Use oI the property.
Conclusion

In the short term, the Highest and Best Use oI the subject property, is its proposed use.
VALUATION
EXPLANATION OF VALUATION METHODOLOGY
The appraisal process that is applied to most real estate properties is designed to evaluate all Iactors that
inIluence value. Regional, city and neighborhood inIormation has been presented to inIorm the reader oI
general outside inIluences that may aIIect value. In addition, the site and improvements have been described in
detail. Interaction oI the site and improvements establishes utility and desirability oI the entire property. The
Highest and Best Use section has been provided to evaluate the eIIect oI legal, physical, and market
considerations that determine the most probable use oI the property. The next portion oI the appraisal process
deals directly with the valuation oI the property.
The three accepted methods oI valuation include the Cost Approach, the Income Capitalization Approach,
and the Sales Comparison Approach.
Cost Approach - The Cost Approach is based upon the principle that the value oI the property is
signiIicantly related to its physical characteristics, and that no one would pay more Ior a Iacility than it
would cost to build a similar Iacility in today`s market on a comparable site. In this approach, the market
value oI the site is estimated and added to the estimated value oI the improvements. the Cost Approach to
value is included in this appraisal Ior ancillary purposes. Generally, investors do not consider a Cost Approach
Ior income-generatin properties, as it is not market-orient3d..
Income Capitalization Approach - The Income Capitalization Approach is based on the premise that
multiple Iamily properties are income producing, and that investors purchase these properties based upon
their income-producing ability. In the Income Capitalization Approach, the income producing capability oI
the subject is evaluated, the applicable operating expenses are deducted, and the resulting net income is
capitalized into a value conclusion. This approach is based on an analysis oI inIormation extracted Irom
current Iinancial data provided to us, and provides a solid basis with which to accurately measure the
income-producing ability oI the subject, which would be oI paramount concern to any investor/ buyer.
Sales Comparison Approach - The Sales Comparison Approach is based on the principle oI substitution.
This principle states that no one would pay more Ior the subject property than the value oI a similar property
in the market. In active markets with a large number oI physically similar properties, this approach is
generally considered a good indicator oI value.
Analysis oI Value Conclusions - The approaches used to value the subject property will be correlated into a
Iinal value estimate in the Analysis oI Value Conclusions section. This "AS IF COMPLETED" value is then
discounted Ior Present Value to reIlect construction and marketing times.
COST APPROACH
The Cost Approach to value for proposed multi-family construction is generally the
construction cost new of the improvements, plus the value of the land (usually the actual
purchase price).
As potential investor-purchasers of Senior Housing properties similar to the Subject
generally place little credibility in a Cost Approach for market decisions, a Cost Approach
is presented in this report as an ancillary reference.
The traditional Cost Approach is now presented as follows:
___________
PROJECT VALUATION VIA COST APPROACH
# ITEM
PROJECT
COST LOAN AMOUNT
CASH
INVESTED
1. Accounting Services 399,847 144,000 255,847
2. Architectural & Engineering 1,372,971 998,589 374,382
3. City Processing - For Building Permits 892,079 757,465 134,614
4. Construction Cost Breakdown 21,598,704 15,945,670 5,653,034
5. Construction Interest & Fees* 3,429,078 3,429,078 0
6. Purchase Price of the Land 3,853,771 2,550,000 1,303,771
7. Legal 230,012 108,000 122,012
8. Meetings, Conf Rms, Set-Ups, Meals & Related Costs 117,354 0 117,354
9. Pre-Leasing Costs 600,000 360,000 240,000
10. Project Management & Related Costs 572,641 120,000 452,641
11. Rent, Utilities and Maintenance - Indio 948,875 0 948,875
12. Staffing & Overhead During Construction Period 900,000 900,000 0
13. Taxes & Insurance 192,167 147,698 44,469
14. Tenant Development & Leasing 401,200 270,000 131,200
15. Title Insurance, Escrow & Closing Costs and Misc. 269,500 269,500 0
$ 35,778,199 $ 26,000,000 $ 9,778,199
*
$4,000,000
Equals total estimated value via the Cost Approach $39,778,199
Add land value
The Interest and Fees will be subject to rate, length of construction loan and a mini-perm.
Project Value at Stabilization at an 7.5 cap = $45,449,358 - ($3,408,702 Net Annual Income @ 7.5 cap)
TOTAL
ESTIMATED PROJECT ANALYSIS
PARK PLAZA RESIDENTIAL COMMUNITY
81760 Avenue 48, Indio, California
ESTIMATED VALUE VIA COST APPROACH (ROUNDED): $39,800,000 6-1-12
INCOME APPROACH
SALES COMPARISON APPROACH

SALES COMPARISON APPROACH
Introduction
The subject's immediate and surrounding area was surveyed Ior sales with similar characteristics, and
discussions were held with knowledgeable real estate brokers working the area. We attempted to Iind recent
sales oI highly-improved buildings Irom within the market area oI the subject.
The comparable data relied upon in this report has been conIirmed with one or more parties Iamiliar with the
transaction or other sources thought reasonable, and all are considered appropriate Ior inclusion to the best oI
our Iactual judgment and knowledge. Although the degree oI veriIication varies Ior each comparable, an
impractical and uneconomic expenditure oI time would be required in attempting to Iurnish unimpeachable
veriIication in all instances, particularly as to engineering and market-related inIormation. Nevertheless, we
consider the data to have an appropriate degree oI reliability.
In this section, the market value oI the subject property will be estimated by comparing improved sales to the
subject property. The sales will be compared to the subject based on their income producing abilities. The
various elements oI comparison will involve the sale price per square Ioot, and the total sale price. All oI the
individual indicators are adjusted.
Summary of Sales Comparables

March 2012
Data No./ Sale Size Sale Price
Location Date Sq.Ft. Total / Sq.Ft. / Unit
_________________________________________________________________________
1/
80175 AVENUE 52 6/11 153,073 $ 19,500, 000 $ 127.39 $ 130,872
La Quinta 92253
APN: 7770 70 047 149 UNITS]
2/
12159 CALLE SOMBRA 6/11 283,470 $ 23,075,000 $ 81.40 $ 69,924
Moreno Valley 92557
APN: 292 26 0 025 330 UNITS]
3/
900 E SATURNIN0 RD 6/11 78,000 $ 5,815,000 , $ 74.55 $ 74,551
Palm Springs 92262
APN: 508 0 930 08 78 UNITS]
4/
46896 1EFFERSON ST 12/11 86,800 $ 4,600,000 $ 52.99 $ 57,500
Indio 92201
APN: 600 130 020 80 UNITS]
5/
40125 LOS ALAMOS 12/11 154,960 $ 19,900,000 $128.42 $ 99,500
Murrieta 92562
APN: 948 32 0 005 200 UNITS]
6/
82165 DR CARREON 12/11 216,000 $ 13,500,000 $ 62.50 $ 53,360
Indio 92201
APN: 614 150 017 253 UNITS]
7/
24425 SKYVIEW RIDGE 7/11 258,916 $ 34,400,000 $132.86 $ 86,868
Murrieta 92562
APN: 949 550 016 396 UNITS]
A review of the foregoing Comparable Sales is presented
on the pages following.
-2-
MARK ST GEORGE, AG 006051
SALE NO. 1:
80175 AVENUE 52 $ 127,38 / Sq.Ft.
La Quinta 92253 149 UNITS] $ 130,872 / Unit
This was a 1une 2011 sale of a 149 Unit apartment property in the city of
La Quinta. Built in 2007, the GBA is 153,073 square feet situated on a 10.76
acre site. Known as the Greystone Clubhouse, the unit mix consists of 1-
Bedroom and 2-Bedroom units. Carport and open parking, with laundry
facilities.
As compared with the Subject, upward adjustment is indicated for
Relative unit count (10 percent) and general investment appeal (10
percent).
Indicated Value for the Subject: $ 152.86 /Sq.Ft.
$ 157,046 /Unit
-3-
SALE NO. 2:
12159 CALLE SOMBRA $ 81.40 / Sq.Ft.
Moreno Valley 92557 330 UNITS] $ 69,924 / Unit
This was a 1une 2011 sale of a 330 unit apartment property in the Subject`s
general demand area. Built in 1986 and renovated in 2007, the project
contains 283,470 square feet situated on a 16,91-acre site. Known as the El
Dorado Pointe, amenities include laundry facilities and covered parking.
Sold in October 2006 for $41M.
As compared with the Subject, upward adjustment is indicated for relative
GBA / utility (20 percent), relative unit count (10 percent) and general
investment/locational appeal (15 percent)
$ 101,390 /Unit
-4-
SALE NO. 3:
900 EAST SATURNINO ROAD $ 74.55 / Sq.Ft.
Palm Springs 92262 78 UNITS] $ 74,551 / Unit
This was a 1une 2011 sale of a 78-unit apartment property in the
Subject`s general demand area. Built in 1976, the project contains
78,000 square feet situated on a 4-acre site. Unit mix consists
of 1-Bedroom and 2-Bedroom units. Known as the Villa Serena, the
project as two pools and good amenities.
As compared with the Subject, downward adjustment is indicated for
relative GBA /utility (10 percent), with upward adjustment for effective age
and condition (20 percent).
$ 82,006 /Unit
-5-
SALE NO. 4:
46896 1EFFERSON STREET $ 52.99 / Sq.Ft.
Indio 92201 80 UNITS] $ 57,500 / Unit
This was a December 2011 sale of an 80- Unit apartment complex in
the city of Indio. Built in 1986, the property is known as the La Quinta
Springs Apartments, and contains 86,800 square feet situated on a 3.73
acre site. 2-Bedroom, 2 Bath units, with Pool/Spa and covered parking.
As compared with the Subject, downward adjustment is indicated
for relative GBA / utility (5 percent), and upward adjustment for
general investment appeal and effective age (20 percent).
$ 66,125 / Unit
-6-
SALE NO. 5:
40125 LOS ALAMOS ROAD $ 128.42 / Sq.Ft.
Murrieta 92562 200 UNITS] $ 99,500 / Unit
This was a December 2011 sale of a 200 Unit apartment complex
in the city of Murrieta. Built in 1989, the property contains 154,960
square feet GBA situated on a 7.19 acre site. Prior sale in 1une
2006 for $29M. Amenities include laundry facilities, lobby and
landscaped grounds.
As compared with the Subject, upward is indicated for relative
GBA / utility (5 percent) unit count (15 percent) and general
Investment appeal/effective age (15 percent).
$ 134,325 / Unit
-7-
SALE NO. 6:
82165 DOCTOR CARREON BOULEVARD $ 62.50 / Sq.Ft.
Indio 92201 253 UNITS] $ 53,360 / Unit
This was a December 2011 sale of a 253 Unit apartment complex in
Indio. Built in 1986, the property is known as the Monte Azul
Apartments, and contains approximately 216,000 square feet situated
on a 2.44 acre site. Amenities include laundry facilities and
interior walkways, with open/carport parking.
As compared with the Subject, upward adjustment is indicated
for relative GBA / utility (10 percent), unit count (10 percent) and for
general investment appeal/effective age (10 percent).
$ 69,368 / Unit
-8-
SALE NO. 7:
24425 SKYVIEW RIDGE DRIVE $ 132.86 / Sq.Ft.
Murrieta 92562 396 UNITS] $ 86,868 / Unit
This was a 1uly 2011 sale of a 396 Unit senior housing complex in
the city of Murrieta. Built in 1991, the property is known as the
Amanda Park apartments and contains 258,916 square feet GBA
situated on a 13.48 acre site. Amenities include laundry facilities,
lobby and pools.
As compared with the Subject, upward adjustment is indicated for relative
GBA / utility (15 percent), unit count (15 percent) and effective age
(10 percent).
$ 121,615 / Unit
-9-
Sales Data Analysis
The subject is a proposed state-of the art senior housing complex, Park
Plaza, in the city of Indio, with a total of 109 units (Independent Living, Assisted
Living and Memory Care), with improvements totaling approximately 151,731
square feet situated on a site of approximately 6.0 Acres. The overall utility, quality
and condition of the proposed complex are good, with good locational appeal and
amenities.
The aforementioned sales, in terms of location, quality, effective age, unit
mix, utility, investor appeal and other factors ranged from fairly similar to notably
inferior.
The unadjusted prices for the comparable sales selected ranged from $ 52.99
to $ 132.86 per square foot, and from $ 53,360 to $ 130,872 per Unit. Generally,
smaller buildings are adjusted downward per square foot to reflect the diminishing
utility of the larger building as square footage increases. The converse is also
generally true.
The Comparables reflect recent sales in the Subject's general demand area,
and are considered reliable for the comparative analysis. Adjustments were made
based upon the overall market data surveyed, Appraiser files and consultation with
Realtors active in the area.
The prices after making proper adjustment ranged from $ 60.94 per square
foot to $ 186.00 per square foot, and ranged from $ 66,125 per Unit to $ 157,046 per
-10-
Unit. Greater weight is given to Comparables No. 1, No. 3, No 4 and No. 5, as they
are more like the Subject, with the other Comparables considered for ancillary
support. None of the comparables surveyed will command as much income as the
subject; thus, we are concluding a higher value than any of the comparables.
Considering the above analysis, as well as present and prospective growth
trends for the area, I have concluded that the subject property, as if completed and
stabilized, would sell, under prevailing market conditions, at an overall price-per-
square-foot basis of $ 180.00 and at a price-per-Unit basis of $ 195,000.
151,731 Sq.Ft. $ 210.00 . . . .$ 31,863,510
109 UNITS $ 195,000 . . . $ 21,255,000
Due to the wide spread of property configurations of the Comparables,
greater weight is given the value indicator for Square Footage.
Indicated Value via MARKET
DATA APPROACH,
Say. . . . . .

PRESENT VALUE

As the Subject Senior Housing project is proposed and yet to be constructed,
proper valuation of the Subject requires consideration of the construction period
and absorption by the market (stabilization).

Based upon review of the Developer`s time frame, a construction period of 9
months is concluded. In addition, a cred ible marketing period for the comp leted
Senior Housing units to be absorbed in the market (rented) is concluded as an
additional four-month period, for an estimated completion / absorption period of 13
months.

Proper appraisal methodology also considers probable market apprecia tion
during this period. Accordingly, the value es timate of the Subject as if completed is
expected to appreciate by, say, three percent. This apprec iated value of the Subject
project is then reduced by a Discount factor over the 13-month completion and
absorption period. This Discount Factor reflects both current investor yields and
overall risk.

A Discount Factor reflective of both risk and investor yields for the Subject
demand area is reaso nably concluded at 7. 61 percent (approximately 200 b asis
points over March 2012 IRS Composite Corporate Bond discount (5.61 percent).

The application follows:

VALUE ESTIMATE Appreciation Discount Present
(As if completed) 3 Factor 7.61 Value

$ 42,000,000 + $ 1,260,000 - $ 3,292,086 $ 39,967,914

PRESENT VALUE
OF SUB1ECT PROPERTY, say, $ 40,000.000

CERTIFICATE OF APPRAISAL
I certiIy that, to the best oI my knowledge and belieI, . . .
the statements oI Iact contained in this report are true and correct.
the reported analyses, opinions, and conclusions are limited only by the reported Assumptions and limiting
conditions, and are my personal, impartial, and unbiased proIessional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject oI this report, and no personal
interest or bias with respect to the parties involved.
I have no bias with respect to the property that is the subject oI this report or to the parties involved with this
assignment.
my engagement in this assignment was not contingent upon developing or reporting predetermined results.
my compensation Ior completing this assignment is not contingent upon the developing or reporting oI a
predetermined value or direction in value that Iavors the cause oI the client, the amount oI the value opinion,
the attainment oI a stipulated result, or the concurrence oI a subsequent event directly related to the intended
use oI this appraisal.
my analyses, opinions, and conclusions were developed, and this report has been prepared, in conIormity with
the requirements oI the intended user, and in conIormity with the UniIorm Standards oI ProIessional Appraisal
Practice.
GENERAL CONTINGENT AND LIMITING CONDITIONS
-- Acceptance oI, and/or use oI, this appraisal report by the client or any third party constitutes acceptance oI the
Iollowing conditions. The liability The Appraiser, its employees, and subcontractors is limited to the client only and to
the Iee actually received by appraiser. Further, there is no accountability, obligation, or liability to any third party. II
this report is placed in the hands oI anyone other than the client, the client shall make such party aware oI all limited
conditions and assumptions oI the assignment and related discussions. The appraiser(s) is in no way to be responsible
Ior any costs incurred to discover or correct any deIiciencies oI any type present in the property: physically, Iinancially,
and/or legally. The client agrees that, in the case oI lawsuit (brought by lender, partner, or part owner in any Iorm oI
ownership, tenant, or any other party), any and all awards or settlements oI any type in such suit, regardless oI outcome,
client will hold appraiser completely harmless in any such action.
-- Possession oI this report or any copy thereoI does not carry with it the right oI publication, nor may it be used Ior
other than its intended use; the physical report(s) remains the property oI the appraiser Ior the use oI the client, the Iee
being Ior the analytical services only.
-- This appraisal is to be used only in its entirety, and no part is to be used without the whole report. All conclusions
and opinions concerning the analysis as set Iorth in the report were prepared by the appraiser(s) whose signature(s)
appears on the appraisal report, unless indicated as "Review Appraiser." No change oI any item in the report shall be
made by anyone other than the appraiser and/or oIIicer oI the Iirm. The appraiser and Iirm shall have no responsibility
iI any such unauthorized change is made.
-- No responsibility is assumed Ior accuracy oI inIormation Iurnished by the work oI or work by others, the client, his
designee, or public records. Furthermore, no liability is assumed Ior such inIormation or the work oI possible
subcontractors. Be advised that some oI the people associated with our Iirm and possibly signing the report are
independent contractors. The comparable data relied upon in this report has been conIirmed with one or more parties
Iamiliar with the transaction or Irom aIIidavit or other source thought reasonable; all are considered appropriate Ior
inclusion to the best oI our Iactual judgment and knowledge. An impractical and uneconomic expenditure oI time would
be required in attempting to Iurnish unimpeachable veriIication in all instances, particularly as to engineering and
market-related inIormation. It is suggested that the client consider independent veriIication as a prerequisite to any
transaction involving sale, lease, or other signiIicant commitment oI Iunds or subject property.
-- The contract Ior appraisal, consultation, or analytical service is IulIilled and the total Iee is payable upon completion
oI the report. The appraiser(s) or those assisting in preparation oI the report will not be asked or required to give
testimony in court or hearing because oI having made the appraisal, in Iull or in part, nor engage in post-appraisal
consultation with client or third parties except under separate and special arrangement and at additional Iee. II testimony
or deposition is required because oI any subpoena, the client shall be responsible Ior any additional time, Iees, and
charges regardless oI issuing party.
-- While the building size used herein is assumed to be correct, we cannot warrant its accuracy and assume no related
liability. This is because the process oI measuring a building can oIten be diIIicult and complex. Multi-story buildings
can be particularly problematic, and irregular-shaped, radiused, or angled walls can require assumptions with respect to
perspective and relative position that may by incorrect. Ideally, we preIer to review architectural plans and utilize the
size reported by the original designer oI the building. In the absence oI plans, we might measure the building, and then
attempt to reconcile our conclusion, iI possible, with a rent roll, marketing brochure, or public records in the Iorm oI
assessor's tax rolls (although assessor inIormation tends to be the least reliable). II there is a concern with respect to
our conclusion oI building size and the expectation oI the client, borrower, or other market participant, we recommend a
qualiIied individual (architect, contractor, building inspector, etc.) be engaged to measure the building. II it is
determined that the building size used herein is incorrect, we reserve the right to amend this appraisal.
-- No responsibility is assumed Ior matters legal in character or nature, nor oI any architectural, structural, mechanical,
or engineering nature. No opinion is rendered as to the title, which is presumed to be good and merchantable. The
property is appraised as iI Iree and clear, unless otherwise stated in particular parts oI the report. The legal description is
assumed to be correct as used in this report as Iurnished by the client, his designee, or as derived by the appraiser.
-- No advice is given regarding mechanical equipment or structural integrity or adequacy; nor soils and potential Ior
settlement, drainage, and such (seek assistance Irom qualiIied architect and/or engineer); nor matters concerning liens,
title status, and legal marketability (seek legal assistance); and such. The lender and owner should inspect the property
beIore any disbursement oI Iunds; Iurther, it is likely that the lender or owner may wish to require mechanical or
structural inspections by qualiIied and licensed contractor, civil or structural engineer, architect, or other expert.
-- The appraiser(s) has inspected as Iar as possible, by observation, the land and the improvements; however, it was not
possible to personally observe conditions beneath the soil or hidden structural or other components. The appraisal is
based on there being no hidden, unapparent, or apparent conditions which would render it more or less valuable. This
appraisal assumes the rooI is water tight (as reported) and that the building`s systems, including electrical, mechanical,
and plumbing are in good operating condition. These systems have not been inspected by us, nor are we qualiIied to
comment on their condition. Appropriate experts in these Iields should be retained Ior such a determination. Except as
otherwise noted in this report, the property is appraised as though these systems are operating adequately. No judgment
may be made by us as to adequacy oI insulation, type oI insulation, or energy eIIiciency oI the improvements or
equipment which is assumed standard Ior subject age and type. The value estimate considers there being no such
conditions that would cause a loss oI value. The land or the soil oI the area being appraised appears Iirm; however,
subsidence in the area is unknown. The appraiser(s) does not warrant against this condition or occurrence oI problems
arising Irom soil conditions.
-- Endangered species may be prevalent in undeveloped land in the area. Visual inspection denotes no presence oI an
endangered species oI habitat. However, the appraiser is not an expert in the identiIication oI endangered species or
habitats, and this report should not be relied upon to determine whether sensitive ecological issues impact the property.
This Iact can only be determined by a biological survey oI the property. Existence oI such species or habitats on the
property could aIIect potential uses and value. Further, it should be emphasized, this appraisal report was prepared Ior
the sole use oI the client and does not constitute an expert biological assessment oI the subject property.
-- Unless otherwise stated in this report, the existence oI hazardous material, which may or may not be present on the
property, was not observed by the appraiser(s). The appraiser(s) has no knowledge oI the existence oI such materials on
or in the property. The appraiser(s), however, is not qualiIied to detect such substances. The presence oI substances
such as asbestos, urea-Iormaldehyde Ioam insulation, or other potentially-hazardous materials may aIIect the value oI
the property. The value estimate is predicated on the assumption that there is no such material on or in the property that
would cause a loss in value. No responsibility is assumed Ior any such conditions, or Ior any expertise or engineering
knowledge required to discover them. The client is urged to retain an expert in this Iield, iI desired.
-- II the appraiser(s) has not been supplied with a termite inspection, survey, or occupancy permit, no responsibility or
representation is assumed or made Ior any costs associated with obtaining same or Ior any deIiciencies discovered
beIore or aIter they are obtained. No representation or warranties are made concerning obtaining the above-mentioned
items.
-- The appraiser(s) assumes no responsibility Ior any costs or consequences arising due to the need, or the lack oI need,
Ior Ilood hazard insurance. An agent Ior the Federal Flood Insurance Program should be contacted to determine the
actual need Ior Ilood hazard insurance.
-- The appraisal is based on the premise that there is Iull compliance with all applicable Iederal, state, and local
environmental regulations and laws unless otherwise stated in the report; Iurther, that all applicable zoning, building,
use regulations, and restrictions oI all types have been complied with unless otherwise stated in the report; Iurther, it is
assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, Iederal,
and/or private entity or organization have been or can be obtained or renewed Ior any use considered in the value
estimate.
-- The distribution oI the total valuation in this report between land and improvements applies only under the existing
program oI utilization. The separate valuations Ior land and building must not be used in conjunction with any other
appraisal and are invalid iI so used.
-- No environmental or impact studies, special market study or analysis, highest and best use analysis study, or
Ieasibility study has been requested or made unless otherwise speciIied in an agreement Ior services or in the report.
-- The market value estimated, and the costs used, are as oI the date oI the estimate oI value. All dollar amounts are
based on the purchasing power and price oI the dollar as oI the date oI the value estimate.
-- Furnishings and equipment or personal property or business operations, except as speciIically indicated and typically
considered as a part oI real estate, have been disregarded with only the real estate being considered in the value
estimate unless otherwise stated. In some property types, business and real estate interests and values are combined.
-- Improvements proposed, iI any, on- or oIIsite, as well as any repairs required, are considered, Ior purposes oI this
appraisal, to be completed in good and workmanlike manner according to inIormation submitted and/or considered by
the appraisers. In cases oI proposed construction, the appraisal is subject to change upon inspection oI property aIter
construction is completed. This estimate oI market value is as oI the date shown, as proposed, as iI completed, and
operating at levels shown and projected.
-- The estimated market value, which is deIined in the report, is subject to change with market conditions over time;
value is highly related to exposure, time, promotional eIIort, terms, motivation, and conditions surrounding the
oIIering. The value estimate considers the productivity and relative attractiveness oI the property physically and
economically in the marketplace.
-- In cases oI appraisals involving the capitalization oI income beneIits, the estimate oI market value or investment
value or value in use is a reIlection oI such beneIits and the appraiser's interpretation oI income and yields and other
Iactors derived Irom general and speciIic client and market inIormation. Such estimates are based on income as oI the
appraisal date along with any reasonable expectations oI change in that income over the succeeding 12 months to the
extent estimable on the appraisal date; they are, however, Subject to change or outcomes other than anticipated due to
the dynamic nature oI the real estate market.
-- The "estimate oI market value" in the appraisal report is not based in whole or in part upon the race, color, or
national origin oI the present owners or occupants oI the properties in the vicinity oI the property appraised.
-- The appraisal report and value estimate are subject to change iI physical, legal, or taxing entity or Iinancing is
diIIerent than that envisioned in this report. Values are based on present tax laws and do not anticipate Iuture changes
in tax laws.
-- It is assumed that the property which is the subject oI this report will be under prudent and competent ownership and
management, neither ineIIicient nor supereIIicient.
-- The Iee Ior this appraisal or study is Ior the service rendered and not Ior the time spent on the physical report or the
physical report itselI.
-- The appraiser(s) reserve the right to alter statements, analyses, conclusions, or any value estimates in the appraisal iI
there becomes known to us Iacts pertinent to the appraisal process which were unknown to us when the report was
Iinished.
-- The Americans With Disabilities Act (ADA) became eIIective January 26, 1992, and the subject appears to be a
property type/use that is subject to its requirements. However, we have not been provided a speciIic compliance survey
and analysis to determine whether or not it is in conIormity with the various detailed requirements oI the ADA. This
appraisal assumes that there are no adverse inIluences related to ADA compliance.
ADDENDA

LEGAL DESCRIPTION

APN: 616-200-023, 024, 027 & 029;
PARCEL B OF CERTIFICATE OF COMPLIANCE RECORDED SEPTEMBER 13, 2010 AS
INSTRUMENT NO. 2010-0438209 OFFICIAL RECORDS, BEING
PARCEL 1 OF PARCEL MAP 30010, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE
OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 200, PAGES 82 AND 83 OF PARCEL
MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, AND PARCEL 2 OF
PARCEL MAP 24629, IN THE CITY OF INDIO, COUNTY OF RIVERSIDE, STATE OF
CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 162, PAGE 1 OF PARCEL MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPTING THEREFROM THOSE PORTIONS LYING NORTHERLY AND WESTERLY OF THE
FOLLOWING DESCRIBED LINE:
COMMENCING AT THE SOUTHWEST CORNER OF SAID PARCEL 2 OF PARCEL MAP 24629;
THENCE NORTHERLY ALONG THE WESTERLY LINE OF SAID PARCELS 1 AND 2 NORTH 00
03'02" EAST 213.71 FEET TO THE TRUE POINT OF BEGINNING; THENCE LEAVING SAID
WESTERLY LINE NORTH 8959' 35" EAST 161.14 FEET; THENCE NORTH 00 00' 25" WEST
339.91 FEET; THENCE NORTH 89 59' 35" EAST 50.45 FEET; THENCE NORTH 00 00' 25" WEST
159.50 FEET, MORE OR LESS, TO A POINT ON THE NORTHERLY LINE OF SAID PARCEL 1 OF
PARCEL MAP 30010 THAT LIES 211.10 FEET EASTERLY OF THE NORTHWEST CORNER
THEREOF, BEING THE POINT OF TERMINUS OF THIS DESCRIPTION.

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APPRAISER QUALIFICATIONS
Professional Qualifications
MARK ST. GEORGE
Real Property Valuation Expert
APARTMENTS / COMMERCIAL / INDUSTRIAL / LAND / NEW DEVELOPMENTS
Independent Fee Appraiser since 1983: Single Family Residences,
Condominiums, Land Acreage, Multi-Family Residential Income Properties,
Commercial / Industrial Properties and Developmental Properties.
Prior Experience includes three years oI Acquisition / Property Management
With Beverly Hills, CaliIornia Investment Group.
Appearances as Expert in Los Angeles Superior Courts and United States
Bankruptcy Courts. Appearances / Filings in Tax Appeal Hearings
Major Commercial / Industrial / Developmental Properties
Museum Square, Los Angeles
The Landing at Westlake Village
Scottsdale Fiesta Center, Scottsdale, Arizona
North Broadway Plaza, Santa Maria
Thistle Sage Apartments, Northglen Colorado
Maple Drive Luxury Condominiums, Beverly Hills
Plaza Real Technology Center, Oceanside
John Dominis Marina at Newport Beach
Porter Ranch, Chatsworth
Arizona Circle Business Park, Westchester
Jess Ranch, Apple Valley
Lawrence Business Center, Newberry Park
Educational Qualifications
North Carolina State University, Raleigh, North Carolina
Southwestern University School oI Law, Class oI 1978 ( J.D.)
OREA Re-CertiIication courses
MARK ST GEORGE, RPVE

5HDO3URSHUW\9DOXDWLRQ([SHUW
(818) 761-2026 0RRUSDUN6WUHHW
(818) 645-6892 6WXGLR&LW\&$
e-mail: proteuslasbcglobal.net
_____________________________________

Ryan T. Hargrove, MAI

ProfessionalAffiliations
CertifiedGeneralRealEstateAppraiser
StateofCalifornia(License#AG030578)
StateofColorado(License#CG100003710)
StateofWashington(License#1101721)
StateofOregon(License#C000842)
StateofArizona(License#31452)
StateofUtah(License#629017-CG-00)
StateofNevada(License#A.0007262-CG)
Education
BachelorofScienceinBusinessAdministration,UniversityofSouthernCalifornia,
1999
MasterofRealEstateDevelopment,UniversityofSouthernCalifornia,2000
CoursesCompleted:
AppraisalInstituteCourses
RealEstateAppraisalPrinciples
BasicValuationProcedures
CapitalizationTheoryandTechniques(PartAandB)
GeneralandAdvancedApplications
StandardsofProfessionalPractice(PartsA,BandC)
SPP&USPSP(410PartA;420PartBand430PartC)
CaseStudiesinLimitedPartnership&CommonTenancyValuation
ReportWritingandValuationAnalysis,Course540
Highest&BestUseandMarketAnalysis,Course520
Mr.HargroveisalicensedrealestateappraiserbytheStateofCaliforniaholding
theCertifiedGenerallicense.Ryanhasperformednumerousmarketvalue
appraisalsofapartmentcomplexes,industrialfacilities,officebuildings,shopping
centers,undevelopedland,andspecialpurposeproperties.Hehasalsodone
feasibilitystudiesandredevelopmentrelatedassignments.
Mr.Hargrovehasrecentlyservedasanadjunctinstructorofrealestatevaluation
coursesatOrangeCoastCollegeinCostaMesa,California.Heisamemberofthe
AppraisalInstituteholdingtheMAIdesignationandisalicensedRealEstate
BrokerinthestateofCalifornia.

Appraisal Park-Plaza Indio Select 6-2012

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Appraisal Park-Plaza Indio Select 6-2012

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APPRAISAL REPORT

Appraisal Report oI the proposed apartment property at:

Present Value As II Completed

Final Opinions oI Value

Appraisal Premise - Market Value June 1, 2012 Value Conclusion

Subject: 81769 AVENUE 48, Indio, CaliIornia

GBA: 151,731 Sq.Ft.

Interest Appraised: Fee Simple Estate

Owner/Borrower Select Care oI Indio

Improvements |Proposed| Description: The subject oI this

Census Tract 0453.03

Exercise & Fitness Room

Indoor Swimming Pool w/ Retractable Roof

Jacuzzi & Spa

Main Lobby Spacious Guest Areas

Outdoor Terrace & Lounge Areas

Park Beautifully Landscaped (300 Feet Long)

The subject oI this appraisal consists oI a proposed Senior Housing Facility.

3XUSRVH DQG )XQFWLRQRI $SSUDLVDO

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Assumptions and Limiting Conditions

Assumptions and Limiting Conditions

Assumptions and Limiting Conditions

3ULYDF\ 1RWLFH 86&DQG &)53DUW

HIGHEST AND BEST USE ANALYSIS

HIGHEST AND BEST USE ANALYSIS

Criteria Ior Determining Highest and Best Use

HIGHEST AND BEST USE ANALYSIS

Maximally Productive Use/Highest and Best Use Conclusion

EXPLANATION OF VALUATION METHODOLOGY

SALES COMPARISON APPROACH

SALES COMPARISON APPROACH

Summary of Sales Comparables

I certiIy that, to the best oI my knowledge and belieI, . . .

GENERAL CONTINGENT AND LIMITING CONDITIONS

MARK ST GEORGE, RPVE

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