Bogdan Builders: South East Portfolio of HUD Financed Properties

South East Portfolio of HUD Financed Properties – Phase I & 2

Executive Summary: Overview

Normandy Holdings LLC is acquiring a multiple Estate portfolio of 57 properties consisting of 4,018 B and C quality units of affordable multi-family apartments. The properties are located in Alabama, Mississippi, Tennessee, North Carolina, Virginia, and South Carolina. Built primarily in the 1970s and 1980s, the majority of the portfolio is HUD financed and most have Section 8 project based HAP contracts. Normandy Holdings will acquire general and limited partnership interests in the portfolio.

Normandy Property Management, LLC will manage the properties after closing from our southeast operations headquartered in Birmingham, Alabama. The properties are summarized:

State	# of Properties	# of Units
Alabama	35	2,256
Mississippi	12	794
Tennessee	5	552
North Carolina	3	256
Virginia	1	100
South Carolina	1	60
Totals	57	4,018

After completing the acquisition, Normandy will spend the next 3 years initiating a rehabilitation of the portfolio using tax credit and tax exempt bonds.