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GRANDBRIDGE <br />Equity / Mezzanine Financing <br />New Construction — <br />. A few institutional sources are now willing to discuss new construction, but no <br />mandate to fund projects. <br />• Private equity/"Country-club equity" also willing to discuss projects with strong <br />"hometown" bias. <br />• Must have an unleveraged return on cost of 9.0% or better on real rents, <br />realistic absorption, and true costs. <br />• Even with all this, it is very difficult to attract equity/mezzanine for new <br />projects. Job growth, diminishing supply, and true absorption will lead to <br />equity/mezzanine investments in new projects. <br />4 <br />Technical questions? Please call 972.701.9636 <br />091231b <br />