Investment Summary

CHANDLER HOTEL PORTFOLIO

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Property Type         Hospitality

Location                  Chandler, AZ

Loan Type               Mezzanine Loan

Loan Purpose         Acquisition Financing

Closing Date           April 2014

The Chandler Hotel Portfolio consists of a 153-key, limited service Hampton Inn & Suites hotel and a 133-key, extended stay Homewood Suites, both constructed in 2009. Located in the Southeast Phoenix suburb of Chandler, the hotels have combined over 300 SF of meeting space, an outdoor pool and are located proximate to the Chandler Fashion Center, the second largest mall in the state. The properties are near the Silicon Desert area of Chandler, where Intel has an established campus with semiconductor manufacturing facilities.