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Bremer <br />Bank <br />September 3, 2015 <br />Matt Kuker <br />Parkview Apartments, LLC <br />7533 Sunwood Dr #315 <br />Ramsey, MN 55303 <br />Mt Kuker; <br />720 Broadway Street <br />PC) Box 309 <br />Alexandria, Minnesota 56308-0309 <br />phone: 320-763-6622 <br />fax: 320-763-7274 <br />This letter is to confirm Bremer Bank's (Bank) interest in continuing discussions on <br />providing financing options for the proposed Parkview Apartments in Ramsey's COR <br />area. Preliminary information provided, including a formal feasibility study, seem to <br />support the demand for the project. A financing proposal will be subject to underwriting <br />and due diligence similar to the recent projects the Bank has financed for your group. <br />The list of anticipated requirements below is not intended to be all inclusive but <br />represents some of the items necessary to proceed. <br />• Financing amount to be 75% of cost or appraised value, whichever is less. <br />Pro -forma projections (including realistic assumptions) confirming the project can <br />expect to generate adequate cash flow to service debt and a return to investors of <br />at least 7.5%-8.0%. <br />• Underwriting of partners that illustrates financial wherewithal acceptable to the <br />Bank. <br />• Finished property managed by a qualified 3rd party property management <br />company. <br />• Compliance with local zoning, platting, and permitting requirements. <br />• A general contractor experienced with similar projects and acceptable to the <br />Bank. <br />• Adequate title insurance, construction draw monitoring and other terms customary <br />to this type of financing which are acceptable to both Bank and borrower. <br />It has been a pleasure working with your group and I look forward to future <br />communication leading to a more formal financing proposal. Please feel free to contact <br />me at (320) 762-4743 or iinoblen@hremer.corn at your convenience to discuss any <br />questions or concerns you may have. <br />Regards, <br />Jason Pohlen <br />Vice President <br />Member FDIC <br />BTerner,corn <br />