Tavata Request for Debt Financing by Redfern Properties

EXECUTIVE SUMMARY

Redfern Properties (“Redfern”) is proposing to build a 7-story apartment building, located at 165 Washington Avenue in Portland, Maine Sited at a prime location in Portland’s desirable East End, the project is named “Tavata”, which translates to ‘meeting or coming together’ in Finnish Tavata will have 325 residential units and a single commercial suite on a walkable, transit adjacent site near the Old Port, the Eastern Promenade and its parks and beaches, and Northeastern University’s new Roux Institute campus, with which Redfern has a close collaboration

Tavata is a creative solution to Portland’s acute housing shortage, designed to meet the housing needs of Portland’s growing workforce and graduate student populations Tavata’s innovative unit designs allow for occupancy configurations that provide lower cost per renter than other competing apartments in Portland, while providing Class A quality and amenities

Tavata’s amenities package includes a fitness room, game room, multiple study and workspaces, a private outdoor courtyard, and a roof deck overlooking Back Cove and the mountains beyond. The Washington Avenue retail corridor with its trendy shops, restaurants, breweries, and other foodie destinations is within close proximity to Tavata

Portland’s apartment market demand continues to grow due to an increase in population paired with a lack of new supply A recent study prepared by HR&A Advisors determined that Maine will need an additional 84,000 housing units to meet demand by 2030, with almost half of this shortage in the Portland-area alone. The current rate of housing production will only provide a fraction of the necessary supply As a result of these dynamics, apartment occupancy rates in Portland are near 100% All of Redfern’s previous apartment developments have exceeded expectations lease-up and all have maintained near 100% occupancy since opening

Tavata’s proposed unit mix reflects the needs, preferences, and budgets of Portland’s growing population seeking affordable, efficient, and modern housing options in close proximity to their education and employment centers Apartment footprints are intentionally small but accommodate a range of living arrangements to reduce gross rents and maximize addressable market Tavata includes 113 studio apartments, 120 small/convertible one-bedroom units which can be configured for double occupancy, 14 one-bedroom units, and 78 two-bedroom apartments

Redfern has hired Penobscot General Contractors as the Construction Manager. The project has Site Plan Approval and is nearly ‘shovel ready’ Tavata is scheduled to begin construction in June 2026 with occupancy in Q2 2028

FINANCIAL OVERVIEW

Tavata will be financed with debt and equity Redfern is seeking a construction-to-permanent loan of $75M equating to a 78% loan-to-cost (“LTC”) ratio of the $96M project Redfern is forecasting stabilized Gross Income of $9 4M and NOI of $6 7M With projected $96M Total Development Costs, this equates to a 7.02% unlevered yield on cost (“UYOC”) and a stabilized debt service coverage ratio (“DSCR”) of 1 31 with fully amortizing loan payments Current market conditions suggest Class A Urban Infill Multifamily cap rates of around 5 5% in secondary markets, which would result in an ‘As Stabilized’ appraised value of around $122M, or roughly $26 5M above the cost to develop

Redfern Properties has been Portland’s most active multi-family developer over the past decade, and now operates a Property Management company Redfern’s projects have consistently outperformed pro forma expectations, and the company has delivered complex development projects on time and on budget

PROPERTY DESCRIPTION & LOCATION

Redfern has a Purchase and Sale agreement for 165 Washington Avenue (P&S available upon request). The contract Purchase Price is $6.7M, and the Closing Date is scheduled for June 2026. The site is currently vacant but was formerly home to Northern Burner Supply, an industrial supply company, since the 1980s It was originally built to operate as a railcar storage barn in the early 1900’s The property sits on the northern end of Washington Ave and is bounded by the Eastern Promenade Park, Mt Joy Community Orchard on the north and residential homes on the south The total site area is 65,375 square feet or 1 5 acres The site is largely flat with a large gravel parking lot, but with substantial grade increases toward the wooded rear of the parcel

Redfern engaged TRC Environmental who completed Phase I and Phase II Environmental Site Assessments (“ESAs”) Despite the site’s history of lite industrial uses, the conclusion of the environmental assessments is that there is no extensive remediation required The full ESA reports are available upon request

Summit Geoengineering has performed extensive geotechnical investigations of the site including subsurface explorations Soils have been deemed to have adequate bearing capacity using typical spread footings Some shoring will be required on the steeper parts to the rear of the site

NEIGHBORHOOD

Tavata is located in Portland’s East End, on the northeastern corner of Portland’s Peninsula The East End has become one of Portland’s most desirable neighborhoods Washington Avenue features a vibrant restaurant and retail scene, with notable destinations including Forage, Oxbow Brewing, and Terlingua Tavata’s location also offers residents proximity to East Bayside attractions such as Après, Blue Lobster, and Lone Pine Brewing, and just a 12-minute walk to Whole Foods With a “Walk Score” of 89 (Walk Score), Tavata residents will have walking access to nearly all their everyday needs

“Portland is in the national spotlight the greatest concentration of creativity and talent is located on a third of-a -mile strip near a highway ramp. Inner Washington Avenue is home to more than 20 places to eat and drink, ranging from Portland institutions to leaders of the city’s recent restaurant boom With less than a five-minute walk between the farthest points, there’s no reason not to visit them all”

"Washington Avenue | The Food and Drink Capital of Maine" - The Maine Mag

With immediate access to I-295 and downtown Portland, Tavata is sited in the city’s highest transit corridor in Maine The Development is also well connected to the region’s major employment centers, including Maine Medical Center, Wex, and Northeastern’s new Roux Institute campus In February 2024, the State announced its plans and funding for a new pedestrian bridge connecting the Bayside Trail to the Roux Institute on the other side of the Bay This pathway will create easier transportation from the Roux Institute to the rest of the city The grant is part of a federally funded program to improve safety for pedestrians and bicyclists in the area

TRANSIT - ORIENTED DEVELOPMENT

Portland’s recently adopted ReCode, the first major update to the City’s Land Use Code in decades, sought to reduce the need for individual car ownership through transit-oriented development (“TOD”). TOD is the concept of building in walkable, bikeable locations, on high-capacity transit corridors, eliminating the need for cars and is now considered best practice for urban housing development The Institute for Transportation & Development Policy defines transit-oriented development as:

An approach to urban development designed to bring people, services, and activities together with quality public transport supported by walking and cycling conditions to facilitate shorter trips, better lifestyles, andmore efficient use ofcity resources

The city focused their TOD corridors along the major arterial roads into and off the Peninsula, and Tavata’s section of Washington Avenue saw new zoning to encourage higher density development

In addition to excellent walkability, Tavata has robust bike infrastructure. The building features indoor storage for 163 bicycles, and there is a Portland Bikeshare (operated by the City of Portland and Tandem Mobility) station less than a block from Tavata Redfern has also been engaged with administrators at Northeastern to develop a private bike-share program that would have two anchor points – Tavata and the new Northeastern campus across the bridge

Tavata is directly adjacent to a bus stop that serves four different Greater Portland Metro bus lines –Local Routes 7, 9A and 9B, and the Breeze, which has service to Falmouth, Yarmouth, Freeport, Brunswick, and Bath

Consistent with the vision towards a more sustainable city, Portland eliminated parking minimums in the ReCode updates, and while Tavata will have 11 covered parking spaces, these will be for short term uses, such as move-ins and move outs, dropping off groceries and supplies, food and package delivery, and visitors.

The target demographic for Tavata, downtown workers and graduate students, have little need for private vehicles, and in most cases cannot afford the cost of car ownership, in addition to housing costs.

ZONING, ENTITLEMENTS & REGULATION

Tavata received Major Site Plan approval from the City of Portland’s Planning Board on February 26, 2025 in a unanimous vote. The Major Site Plan process evaluates a project’s site plan for compliance with zoning, safety, and technical standards and evaluates consistency with the City’s Comprehensive Plan. With Site Plan Approval, Tavata only needs a building permit prior to starting construction. The building permit application will be submitted when construction drawings are complete in May 2026. Redfern historically has requested ‘Phased Building Permits’ which allow work to begin on demolition and foundation to prevent delays related to Building Permits

The Tavata site is in Portland’s B-2b zone, which is categorized as “mixed use”, and is not encumbered by any historic preservation restrictions. The B-2b zone is intended for neighborhood and community retail, business, and service establishments that are oriented to and built close to the street. This zone creates areas that support both commercial activity and residential development The B-2b zone encourages mixed-use development and provides locations for moderate to high-density housing in urban neighborhoods along arterials and transit corridors

The project is subject to Portland’s Workforce Housing Ordinance (also known as “Inclusionary Zoning”) The current ordinance requires that 25% of the project’s apartment units (82 of Tavata’s 325 units) be affordable for individuals and families earning no more than 80% of Area Median Income (AMI) The AMI levels are determined by the U S Department of Housing and Urban Development (HUD) and apply to the Greater Portland area The 80% AMI levels for 2025 are $72,700 for a single person and $103,850 for a family of four HUD defines affordable housing as housing that requires less than 30% of the occupant’s gross monthly income

However, Portland’s City Council has commissioned and funded a study to review the Inclusionary Zoning rules, which were approved by Voters as part of a Referendum in 2020 The study is being conducted by CZB, a national urban planning consulting firm The CZB study was delivered to the City in February 2026, with deliberation by the City Council expected to follow The CZB report is expected to recommend a repeal or material scaling back of Workforce Housing requirements

Redfern has been meeting with City Councilors in advance of the upcoming deliberations There appears to be consensus that the 25%/80% rule is overly stringent and is inhibiting housing production during our acute housing shortage, when we desperately need new housing Some Councilors favor total repeal of Inclusionary Zoning in Portland, thought others might prefer modification Redfern believes that any compromise will bring substantial improvement Tavata’s financial projections assume 10%/100% Inclusionary Zoning rules

Since 2020, Portland has also had a Rent Stabilization Ordinance Per the Ordinance, rent can only be increased once a year Residents must also receive 90 days' notice of the increase Portland bases the annual increase on the level of inflation, with 70% of CPI increases allowed for existing Residents and this plus an additional 5% allowable increase on apartment turnovers New properties, like Tavata, can set the initial or ‘Base Rent’ without regulation In Redfern’s decade as an owner of apartment properties in Portland, we have typically targeted 2% Rent Growth for Resident renewals and 4-5% increases for turnovers Given average inflation rates, the new policy will permit around 2% increases for renewals and 7% increases for turnovers, well above pro forma targets The Rent Control ordinance has had and will have minimal impact on Redfern’s properties built post-2020.

BUILDING DESIGN

Redfern engaged Holst Architects from Portland, Oregon as Tavata’s Design Architect and local architect Ryan Senatore Architects (“RSA”) to be the ‘Architect of Record’ Holst designed the building, dictating all aesthetic considerations, while RSA will be completing the technical construction drawings and interfacing with the local code office and construction firms Holst brought new perspectives and expectations to the project, and the resultant design mixes traditional New England materials and design language into a contemporary, durable, and high-quality building

Tavata’s façade along Washington Avenue is brick masonry, a typical and familiar material on Portland’s peninsula, and the white and tan color pallet is a contemporary variation of the traditional materials As the building retreats from the street, the brick façade shifts to a more economical board-and-batten style cement board, which echoes another traditional Maine building's vernacular but updates the materials in style and substance

The mass of the building “steps” from seven stories to four as it moves along Washington Avenue The step down allows the building to meet the context of the neighborhood, and a three-story bar dividing two seven-story towers bringing the building to a more comfortable pedestrian scale at the street edge

The combination of masses, materials, and windows will create visual interest and rhythm from the outside, and large amounts of glass across the amenity spaces and apartments will engage the sidewalk while bringing abundant natural light into each space.

Tavata will be Type I Construction, which means it will be constructed entirely of non-combustible materials like reinforced concrete and protected steel The concrete and steel construction will ensure durability, reduce insurance premiums, and cut long-term maintenance needs The exterior envelope (roof and walls) will be highly insulated, the roof to R-31 and the walls to R-33 5, and at 55, the Sound Transmission Class (STC) rating for units will exceed code requirements, which will provide a quieter and more comfortable living experience for residents. Because of the lower operating expense, and increased durability and longevity, Type I multi-family buildings typically achieve lower Cap Rates, and thus higher values, than comparable wood-frame buildings

MARKET ANALYSIS

Portland and the surrounding region face an acute housing crisis Beyond its humanitarian impacts, the shortage has significant economic consequences. Housing scarcity is making it increasingly difficult for local businesses and institutions to hire, retain, and grow their workforces. A 2023 study by HR&A Advisors estimates that Maine will need 84,000 new homes by 2030 to meet projected demand Reaching this target will require more than doubling current housing production levels

Portland’s housing shortage has led to a meaningful increase in rents, with rent growth significantly exceeding the national average, per the chart below. With significant new supply moderating rents in many national markets, Portland and Maine more broadly continue to be supply constrained, with upward pressure on rents As of January 2026, Portland’s average rent is just above $1,940 according to real estate marketplace Point2Homes Redfern’s portfolio makes up the high end of the market, with newer Class A buildings that outperform the average

Average Rent: Portland vs National Average

$1,800

$1,750

$1,700

$1,650

$1,600

$1,550

$1,500

Portland, Me National Avg

Portland rents have continued to demonstrate outsized growth in 2025, with rents increasing meaningfully relative to peer markets throughout the year According to the year-over-year rent growth data shown above, Portland is currently posting roughly 5–6% YoY rent growth, well above the national average, which remains negative at approximately -1%, and materially stronger than most primary coastal markets This sustained outperformance exceeds Boston (~1–2% YoY), New York City (~3–4% YoY), and Washington, D C (declining from ~3% to below 0% YoY), underscoring Portland’s continued strong market fundamentals

2025 YoY Rent Growth: Portland vs Primary Markets

Portland’s multifamily rental options have increased modestly in recent years but are being drastically outpaced by demand The largest and most recent buildings include Redfern’s The Casco, a 263-unit building in the Old Port, Redfern’s Nightingale, a 165-unit historic renovation in the West End, and Reveler’s The Armature, a 171-unit building in Bayside All recent developments were quickly absorbed into the market, highlighting the strength of demand for rental housing The pipeline of future projects remains constrained by rising construction costs, higher interest rates, and regulatory hurdles, which will continue to limit new supply even as Portland’s population grows

Portland remains one of the most attractive cities to live in the United States with numerous reports and lists recognizing Portland for its high quality of life, food and culture.

Portland’s high accolades have drawn more people to the area over the past few years and recent migration analysis from moving companies is empirical evidence of the net positive migration to Portland (measures in-bound vs. out-bound moves).

The robust in-migration to Portland is driven by several key factors Perhaps most important is the rise of remote work which has offered people greater flexibility in choosing where they live Even after the COVID-19 pandemic, many companies are continuing to offer fully remote work as a way to attract and retain talent. Many of these workers see Portland as an attractive home. Portland was recently named the #3 Best City for Job Opportunities (2026) (WalletHub) Portland companies and institutions are growing and hiring, attracting workers (and students) from out of state

#1 Best City in the US for Remote Work (2024)

#4 Top metros for Graduates (2025)

#3 Best Cities for Jobs (2026)

#7 Top Cities for Quality of Life (2025)

Top 10 US City for Food and Drink (2024)

#4 Best Small City in America (2024)

#7 Cities for Relocation Interest (2025)

#2 Most Livable Metro Areas (2025)

Portland’s strong housing demand along with inadequate new supply has translated to vacancy rates approaching zero In recent years, Redfern’s stabilized properties have typically only had vacancy related to the 5 days that it takes to turn and clean an apartment between residents And Redfern’s new apartments have been absorbed very quickly upon coming to market Anecdotally, The Casco lease-up may have been among the most rapid new apartment lease-ups in the U S during 2024 (see later section on ‘Absorption’) Current occupancy (as of February 10, 2026) for Redfern’s Portland apartment portfolio is shown below:

This demand and need for new apartment supply in Portland is clear Yet, economic conditions and Portland’s tight regulatory environment make new development challenging With demand continuing to increase and limited new supply on the horizon, the outlook appears very favorable for the new projects that get built

Further discussion on specific apartment demand drivers in Portland are below This demand and need for new apartment supply in Portland is clear Yet, economic conditions and Portland’s tight regulatory environment make new development challenging With demand continuing to increase and limited new supply on the horizon, the outlook appears very favorable for the new projects that get built

Aside from Tavata, one other apartment project in Portland appears to be moving forward, developed by Cathartes at Thompson’s Point This project is building larger units and targeting ‘top-of-themarket’ rents, with average monthly rents above $3,300 Conversely, Tavata is targeting much lower rents, averaging about $2,200 Redfern’s experience is that demand for apartments with monthly rents below $2,000 is virtually unlimited, while the addressable market for apartments above $3,000 is much thinner.

Further discussion on specific apartment demand drivers in Portland is on the following pages

NORTHEASTERN’S ROUX INSTITUTE

In 2020, Northeastern University launched The Roux Institute, a graduate school focused on technology, data science, and life science. In September 2024, Northeastern began construction on a new $500M waterfront campus just across Tukey’s Bridge from the Tavata site Phase I of the campus will be complete in 2028, and the school has plans to have 3,500 enrolled students by 2035 (current enrollment of 800) In addition, roughly 400-500 new jobs are expected Northeastern has no plans to build housing on the campus and plans to rely on the market to deliver the thousands of new beds required

Redfern has been a partner of Northeastern/Roux since 2023 Currently Northeastern has a master lease to 66 apartments at Redfern’s Nightingale and 25 units at Redfern’s The Casco Redfern is currently Northeastern’s sole universitysponsored housing partner in Maine More than 120 students currently live in Redfern buildings under these leases and other students and faculty rent directly from Redfern

Students also reside in multiple Redfern buildings separate from the master leases The mutual expectation is that when Tavata is ready for occupancy, the Master leases at Nightingale and The Casco would terminate and those students would move to Tavata

In June 2024, The Maine Department of Transportation (“MDOT”) received a $25M federal grant to improve traffic flow and accessibility to the new campus The investment will fund a new off ramp from Tukey’s bridge with direct access to the new campus. Notably, the project will also create a pedestrian and bike bridge that will connect the campus to Washington Ave and the East End, making for a short walk or bike ride from Tavata to the Northeastern campus These infrastructure updates are expected in 2028

Tavata will incorporate specific design elements and configurations to meet the demand of graduate students, while still ensuring broad appeal to the wider market. Common area and lounge spaces will be intentionally divided into multiple smaller, more intimate spaces, promoting community while also offering opportunities to socialize and work or study in smaller groups Apartment configurations are designed to be more flexible, allowing for a lower per person housing cost to meet the needs of graduate students Each bedroom space will be private with a closing door This is different from the apartments at Nightingale and The Casco where two students live together in apartments designed for single occupancy

Housing Budgets between $1,000-$1,700 per month per person

Students want private bedrooms, even if smaller

Many elements in Tavata’s design arose from a focus group session that Redfern hosted at the Roux Institute in October 2024 More than 50 students attended and shared their specific thoughts on ideal housing arrangements Redfern presented plans and students participated in discussion groups and completed surveys.

Private spaces in common areas for personal phone calls and quiet study

Amenity spaces geared toward socializing, recreation (fitness, game room, etc.)

Redfern is currently negotiating a ‘Housing Cooperation Agreement’ with Northeastern/Roux Institute The Agreement affirms the partnership between Northeastern and Redfern and endorses Tavata as the primary location for graduate student housing The signed agreement is available in Appendix 3

The key takeaways from the focus group were as follows:

OTHER DEMAND GENERATORS

In addition to the Roux Institute, other important Portland-based institutions are growing. Maine Medical Center (“MMC”), the largest hospital in the state and the region’s largest employer, is currently undergoing major expansion The main component of this development is the Malone Family Tower, an eight-story facility adding additional private patient rooms, operating and procedure rooms, and pre- and post-surgical beds, which will add around 300 new jobs to the market This expansion is a long-term initiative aiming to secure MMC’s status as a world-class hospital meeting the region’s increasing healthcare needs

University of New England (“UNE”) Medical School (right) is the only medical school in Maine and recently relocated from Biddeford to a new building in Portland The new medical school building is expected to increase the medical school’s enrollment by 21%, and further boost Portland’s status as a medical hub

As Portland’s economy expands, more young professionals are migrating to the area, and many students from the Roux Institute, UNE Medical School, and USM live in Redfern’s buildings

PRODUCT OFFERING

As Portland’s housing and affordability crises have become more acute, Redfern has conceived Tavata to create apartments that are more affordable to more people by emphasizing flexibility and efficiency Rather than focus on typical appraisal metrics such as ‘rent per square foot’ that have little relevance to our customers (Renters), the goal at Tavata is to provide comfortable, high-quality, highly efficient homes at a lower price per person (rather than lower price per square foot) than is available in the market Prospective renters are keenly focused on their total housing cost per month and the amenities offered both in-unit (Laundry, Air Conditioning, etc.) and in-building (Fitness rooms, Work/Study lounges, Outdoor Spaces, etc.). The Tavata product is designed to provide both market leading amenities, and the lowest housing cost of any Class A building in Portland, thus increasing the addressable market and minimizing market risk

Reducing the monthly housing cost per person is achieved through two distinct concepts First the apartments are slightly smaller than Redfern’s recent designs. For example, the Studio at Tavata has all the same utility, function, and amenities as the Studios at The Casco, but is 15% smaller. Per the Urban Land Institute:

smaller units should “[achieve] higher occupancy rates and [garner] significant rental rate premiums (rent per square foot)comparedwithconventional units”

("The Macro View on Micro Units" Urban Land Institute)

Second, Tavata includes flexibility for more double occupancy configurations that can significantly reduce monthly housing cost per person, which is increasingly necessary for Portland’s service workers and graduate students Fully, 61% of the apartments at Tavata can be configured for two occupants in separate bedrooms, allowing for roommates to split the rent expense, while retaining privacy

Each Tavata apartment will be equipped with in-unit laundry, and energy-efficient heating and cooling systems Heating and cooling will be provided by modern and innovative Epocha heat pumps and each apartment with have separately metered electricity (Residents pay their own costs) Kitchens will feature modern cabinetry, granite countertops, and stainless-steel appliances All apartments have large operable windows

UNIT MIX

Tavata unit mix has been conceived to drive high demand/occupancy while optimizing pro forma Income. More efficient apartments have been prioritized for the reasons stated above

A description plan for each unit type is as follows:

STUDIOS

Redfern’s recent developments, such as Nightingale and The Casco, have featured an increasing number of studios, reflecting market trends that favor smaller, more efficient, and less expensive units. Prospective residents are often attracted to the building’s modern features and prime location and opt for the most affordable unit available Given the influx of young professionals and graduate students in Portland, the demand for well-designed, compact studios is expected to remain strong The Tavata studios average 327 square feet, but feature a full bathroom (with laundry), a full kitchen, a bed ‘nook’ and a separate living area The Tavata studio will allow for high-quality independent and amenity-rich living at a price well below comparable apartments

Target Rent: $1,750-1,850

SMALL ONE-BEDROOMS

Tavata’s most meaningful product innovation is the ‘Convertible One-Bedroom’ The apartment is an efficient onebedroom unit ideal for a single or couple, and not atypical for the market But is also designed to convert to a double occupancy configuration that could accommodate two graduate students each living in private bedrooms with a shared kitchen and bathroom

This design is driven largely by feedback from some Northeastern/Roux Institute international graduate students, at a focus group meeting with Redfern in October 2024 These students are looking for private bedrooms, even if small, at a monthly cost as low as $1,100, and this product type meets that demand

Target Rent: $2,100-$2,300

TWO BEDROOMS

ONE BEDROOMS

In the past, Redfern’s projects mainly consisted of typical one-bedroom units, ideal for singles and couples Yet, the market rate for this product has risen to $2,500+, which is higher than the targeted monthly housing cost per person (at least with single occupancy) for Tavata So, these larger well-designed one-bedrooms are limited at Tavata and will appeal to downtown professionals or perhaps faculty at the Northeastern/Roux Institute Target Rent: $2,350-$2,600

Redfern has historically limited two-bedroom units in its developments due to lower revenue per square foot But our recent data, as well as feedback from the Northeastern/Roux focus group indicates growing demand for this unit type In a double occupancy (roommate) configuration, the two-bedroom provides a larger bedroom and a more comfortable living room than the previously discussed convertible one-bedroom at only slightly higher housing cost per person With increasing housing costs, young people are more willing to live with each other to split costs and save money

As has become typical in the multi-family industry, some of the Tavata two-bedrooms incorporate ‘shared light’ bedrooms: rooms that don’t have a window directly to the outside Of the 78 TwoBedrooms, 37 have both bedrooms with windows and 41 have one of the two bedrooms with shared light The apartments with shared light bedrooms have slightly lower projected rents Target Rent: $2,800-$3,100

AMENITIES

As Portland’s housing market continues to mature, apartment amenities are becoming more common But Portland has not reached the level of larger markets, i e Boston or New York, where screening rooms, golf simulators, maker spaces, etc have become commonplace Redfern has been at the forefront of in-house amenities in Portland since adding fitness and lounge spaces to the Hiawatha, which opened in 2017, and continues to monitor both its own portfolio and the market to maintain best-in-class amenity packages for new projects Redfern’s focus remains on apartment amenities that provide convenience and build community

Tavata’s amenities reflect its smaller apartment configurations and expected Resident demographics, providing spaces to work, study, and socialize in larger groups outside of the apartment The work and study areas include a large co-working space, along with smaller meeting rooms and ten “Buzzy Booths”, which are small, private nooks designed for one or two people. A fitness room remains the most essential apartment amenity and Tavata’s game room, outdoor roof-deck and courtyard will promote community and togetherness amongst Tavata’s residents

Additionally, the ‘amenities of convenience’ include an electronic package concierge, bike room, a stocked mini-market with snacks, small meals, and beverages, and short-term parking spaces for deliveries and drop-offs. A smart-phone-based access control system will allow for spaces to be rented by residents for special occasions and gatherings.

RENT ANALYSIS & PROJECTIONS

Redfern developed, owns, and operates six of the eight Class A apartment buildings in Portland, which gives the company unparalleled access to the most relevant comparable rent data The two most comparable properties to Tavata within Redfern’s portfolio are The Casco and Nightingale Note that all Nightingale rents have been adjusted by $80 per month to account for utilities being included.

2024-25 AVERAGE RENTS

Both The Casco and Nightingale currently average over $2,000 a month for their market rate studio units, setting the standard for Class A buildings in Portland Redfern’s estimates for studio rent at Tavata leave potential upside Our analysis has shown that studios at Tavata will achieve superior per-square-foot rents, therefore increasing profitability while maximizing efficiency A detailed comparison of other Class A studios in Portland is shown below

COMPARABLE STUDIO UNITS

Redfern’s new small one-bedroom with the convertible double occupancy option introduces a new product to the Portland market While Redfern has always emphasized efficiency in small onebedrooms, this is the first to offer a layout with the flexibility to accommodate two occupants In the current pro forma, a dual-occupancy scenario would equate to just $1,100 per bedroom, making it an attractive option for cost-conscious renters This flexible configuration appeals to a larger market segment by offering competitive per bedroom pricing A detailed comparison to other Class A small one-bedrooms is shown below.

COMPARABLE SMALL ONE-BEDROOM UNITS

One-bedroom units are also priced competitively compared to the current market Based on data from The Casco and Nightingale, one-bedroom units are currently achieving average rates of $2,664 and $2,353 respectively Tavata’s pro forma projects average one-bedroom rents at $2,400, reflecting a conservative approach that still aligns well with market realities This pricing strategy balances affordability with Class A quality and amenities, while ensuring strong market competitiveness A detailed comparison to other Class A one-bedrooms is shown below

COMPARABLE ONE-BEDROOM UNITS

Two-bedroom units are expected to follow a similar pattern, achieving market rents while maintaining affordability compared to similar properties Two-bedrooms offer two occupants’ larger bedrooms than the dual occupancy small one-bedroom as well as more common space In the current pro forma, two occupants living in a two-bedroom unit would be paying $1,500 each. 41 of the 78 twobedrooms in Tavata contain one dark bedroom (no windows). A detailed comparison to other Class A two-bedrooms is shown below

COMPARABLE TWO-BEDROOM UNITS

Tavata’s dual occupancy accommodation options will significantly lower the average per bedroom cost in the building Redfern expects the innovative unit mix and flexible floorplans to help solve Portland’s issue of lack of affordable housing The table below illustrates the weighted average cost per bedroom at The Casco, Nightingale, and Tavata, assuming maximum occupancy These averages assume dual occupancy in all two-bedroom units across all properties as well as the convertible small one-bedroom option at Tavata The averages highlight the wide range of costs across all properties, and specifically the affordability of Tavata

RENT PER BEDROOM

Given the competitive pricing, Portland’s Workforce Housing requirements at the 100% Area Median Income level will have little effect on Tavata’s revenue AMI for Greater Portland is $90,900 for an individual and $103,850 for two people Using these income levels, an individual could pay $2,272 per month in total housing costs (including utilities), while a couple could pay $2,596 in total housing costs Translating these numbers into unit types, the city of Portland determines maximum pricing for workforce studios to be $1,947 for studios (~85% of an individual’s median income), $2,272 for one-bedrooms, and $2,596 for two-bedrooms When comparing the workforce pricing to market-rate pricing for each unit type, the rents are comparable and even sometimes greater, resulting in little revenue impact

Due to the building’s size and design, views will differ based on unit type and placement and will affect the unit’s rent These rent differentials are considered in the Pro Forma averages, which can be found in Appendix 2 For example, Tavata studios will average $1,780, but will have a range of $1,650$1,900. 57% of apartments will have sweeping views of the Eastern Promenade Park, the Back Cove and White Mountains, or Portland’s skyline.

Tavata will also have several smaller revenue sources such as pet fees, Wi-Fi premiums, and common area rentals for private events Redfern charges an initial pet fee of $250 upfront followed by $50 per month Wi-Fi is typically $70 per month for an individual fiber-based network in each unit, which is around a $25 upcharge from what Redfern pays Common area rentals vary depending on space and timing.

Because Tavata is projected to open in 2028, Redfern has adjusted 2026 rents upward by 3% per year on the working pro forma The “trending” of rents is standard practice in development projects with long lead times, and Redfern expects the 3% annual rent growth to be conservative Redfern anticipates that continued tightening in Portland’s apartment market will lead to 3 5-4% average rent growth in the coming years.

ABSORPTION

Redfern has a successful track record on new apartment lease-ups Across Redfern’s previous six for-lease developments in Portland, absorption has consistently outpaced projections, with each property reaching stabilization within 10 months of opening, and often much earlier Most recently, between August 2023 and February 2024, Redfern introduced 509 new apartments in Portland across three buildings

Redfern identified consistent seasonal trends in Portland’s leasing cycle. Based on previous property lease-up statistics,

Redfern found the prime leasing season in Portland to range from March to August A recent report from Madera Residential found new properties in low supply markets averaged 18 leases per month during the initial lease up phase Redfern has far surpassed these numbers For example, 68 move-ins were completed at The Casco in June 2024, which is over 25% of the total units in the building The graph below depicts a strong leasing trend at The Casco, with move-in numbers steadily increasing as summer approaches and slightly spiking again at the end of summer This timeline has remained consistent across all properties during the initial lease-up phase

Redfern assumed a 12-month absorption period for 263 units at the Casco . The building opened in February 2024 and stabilized in November 2024 The Casco was 96% occupied as of July 2025 Redfern’s efficiency and leasing expertise suggest strong leasing performance for Tavata Given the current demand for housing along with numerous other factors, Redfern predicts a 12-month initial lease-up at Tavata

The below table depicts the 15-month absorption period Redfern experienced after introducing over 500 units to the market over the course of seven months The period began in August 2023 with the opening of Erlang, which was quickly absorbed from a large master lease from Maine College of Art (MECA). Nightingale followed with a two-phase opening, with the first phase for the Northeastern

Redfern New Lease-Up Absorption

master lease in October 2023 and the second phase in February 2024 Finally, The Casco gradually opened beginning in February 2024 and was quickly absorbed during the summer 2024 leasing season In all, Redfern completed the initial lease-up of 500 new apartment units in 14 months, at a rate of more than 35 apartments per month

MARKETING, MANAGEMENT & BRANDING

In the Spring of 2023, Redfern established a property management company, under the Redfern brand Redfern’s transition to in-house property management has improved leasing performance, improved the maintenance and cleanliness of our properties, and provided valuable data Redfern’s larger buildings (over 100 units) each have on-site property managers. Redfern has a maintenance team to fulfill service requests, landscaping, and general building maintenance.

Tavata’s first floor layout features an office for an on-site property manager and an assistant property manager For the lease-up period, Tavata will also have an onsite leasing consultant Given Redfern's leasing expertise paired with Portland's exceptionally high housing demand, the company expects the initial lease-up at Tavata within a year of opening.

The building will be home to a wide array of residents, and the communal spaces and active management are designed to facilitate a sense of community within the building

Redfern has been working closely with Third Bird Creative, a Portland-based branding firm, to cultivate branding for the project

The brand started with the name – Tavata, which is a Finnish term for ‘to meet’ or ‘to come together,’ and captures the fundamental idea behind the project

Tavata’s branding encapsulates themes of harmony and balance The color palette consists of coral/orange, earthy beiges, and black accents Redfern has carefully designed marketing and branding materials catered specifically to Tavata The project’s identity will effectively translate across all marketing platforms, from digital to physical signage

DEVELOPMENT COSTS

Redfern has been working to finalize development cost projections A summary of projected Total Development Costs (TDCs) is below Currently TDCs are estimated at $96 1M

Land Cost & Broker Fee: Redfern has agreed to a purchase price of $6 7M for the site This amount is equal to $4 5M per acre and equates to $20,615 per apartment It is also roughly 7% of Total Development costs, well below the 10% benchmark that Redfern has typically targeted

Architecture, Engineering & Consulting: Includes Architecture, Engineers, Interior Designers, and an Owner’s rep/consultant, among others; total fees are estimated at $2 5M

Permits, Insurance, & Taxes: Redfern has estimated $1 6M for building permits, impact fees, and taxes

Finance, Legal Fees, & Marketing: Estimated at $473,500 and includes extensive legal work, closing costs, and marketing costs for initial lease-up

Utility Fees: Redfern is expecting significant fees related to electrical upgrades to facilitate a new electrical connection Redfern is negotiating with Central Maine Power regarding these fees, now estimated at $325,000

Interest Carry: Interest from the date of closing through stabilization (forecast as two full years after construction completion) is built into the project budget The amount of $4 4M contemplates a total loan amount of $75M, drawn over the construction and a six-month lease-up period

FF & E: This includes the cost of fitness equipment, the furniture for the lounges, co-working areas, artwork, and decorative lighting Redfern estimates approximately $530,000

Removal of Soils: A $515,000 expense has been included to account for the removal and disposal of unsuitable soils encountered during site preparation

Rebates: A $715,000 Efficiency Maine rebate has been included Efficiency Maine offers rebates based on the inclusion of energy efficient heating, ventilation, and air conditioning systems

Developer Fee: Redfern and its Development Partners propose to take a Developer Fee of 3% of project costs This fee covers all time and out-of-pocket expenses associated with the project from conception to stabilization, a period of around four years Typical developer fees range from 4-8% of project costs Redfern proposes to defer the majority of this fee and receive it as equity (Class A member units) in the project

Construction Costs: By far the largest portion of Development costs, and the area of greatest cost risk is Construction Costs, or ‘Hard Costs” PGC provided a preliminary but detailed base cost estimate on February 1, 2026, which is available in Appendix 4

Contingency: Redfern is allowing for $3 4M in Owner’s Contingency This is in addition to the contingency of $2 1M that was reflected in the most recent PGC estimate The contingency budget can reasonably be reduced once Redfern enters a GMP agreement with our construction manager and as cost certainty increases over time

STABALIZED

PRO FORMA

Redfern has developed a detailed Operating Pro Forma for the 1st year of ‘Stabilized’ operations for Tavata Redfern assumes stabilized operations by 2028 given the construction timeline and lease- up period. The detailed pro forma is in Appendix 2, and the summary pro forma is shown below. A discussion of key assumptions is as follows:

STABILIZED OPERATING STATEMENT

Revenue: Rent income is based on average rents of the proposed unit mix discussed above Market rents for the 2026 lease year are “trended” by 3% per year to reflect annual rent increases based off inflation Units that fall under inclusionary zoning regulations are also expected to grow at 3% per year Additional sources of income come from monthly Wi-Fi payments and monthly rent payments for retail spaces

Vacancy: Redfern’s properties have operated at around 1% economic (vacancy & credit loss) loss for 2024 and 2025 With the market remaining extremely tight, Redfern expects these trends to continue Redfern has assumed 4% vacancy and credit loss for Tavata

Salaries – Property Management: Property Management Salaries are based on salary expenses and benefits for a full-time Property Manager, a full-time Assistant Property Manager, and an allocation of Redfern’s leasing team

Salaries – Maintenance: Maintenance Salaries are based on a dedicated maintenance technician and janitorial staff and direct billing for other

expenses that Redfern handles in-house

Property Taxes: The total property tax includes real estate taxes, personal property taxes, and City Stormwater Fees These fees are calculated on a per unit basis and have been estimated to increase by 3% per year 2026 rates are estimated to be $2,100 annually per unit based on the current tax burden at other Redfern buildings

Insurance: Insurance is forecast at $500 annually per unit and expected to increase at a rate of 3% per year given inflation and recent trends

Utilities: Tavata utility expenses will be common area electric, water and sewer, and trash removal Residents will be separately metered and pay their own unit electric, heat, and AC Redfern is responsible for utilities in the Inclusionary Zoning units, which is estimated at $170/unit, and the common area electric is estimated at $12,500 per month, while water is estimated at $40 per unit per month

Contract Maintenance and Repairs: Repairs are forecast at roughly 5% of revenue Contract maintenance, which accounts for things like landscaping, snow removal, window washing and ongoing maintenance of HVAC equipment, is roughly 3% of revenue, and any repairs to equipment or the building that cannot be handled in-house are forecast at 1 8% These estimates are likely high for the early years of operation, as the building will be new and most systems will still be under warranty

Capital Reserve: A capital reserve equal to $200 per unit per year ($2026) is included to account for future large-scale repairs and replacements, such as roofing, HVAC systems, and appliance upgrades as the building ages

Property Management: Property Management overhead (back office, etc ) and profit is expected to account for roughly 3% of revenue Redfern’s in-house property management was established in 2023 and helps to cut the costs of outsourcing property management

DEBT REQUEST

Redfern is seeking construction-to-permanent financing for Tavata in the amount of $75M. Proceeds from the loan will be used primarily for construction Land acquisition, soft costs, and initial construction requisitions will be paid with equity, with loan drawdown beginning only after equity is expended

The $75M loan amount represents roughly 78% of Total Project Costs, but is less than 65% of the expected ‘as-stabilized’ appraised value (see section ‘Valuation’) A 10-year term with a 5-year Interest-Rate SWAP (floating rate thereafter) may be preferred based on the current rate environment Redfern would seek an interest-only period of 42 to 48 months, to cover the 24 months of construction plus a lease-up phase After the interest-only period, the loan should amortize over 30 years. The figure to the right shows the desired terms, though Redfern is pleased to consider alternative terms and proposals.

The table below shows the projected debt coverage ratios, and a detailed interest carry schedule is provided in Appendix 2

*Interest Only Period

^The debt payments for the first six months of operation are capitalized for a lease-up period

Jonathan Culley is prepared to personally guarantee the loan, but would expect meaningful reductions based on milestones related to construction, stabilization, and debt coverage or debt yield ratios.

CAPITALIZATION

Redfern has begun meetings with several potential lenders We expect Tavata to be an attractive investment for both lenders and equity investors given the success of Redfern’s previous projects and Portland’s strong market conditions Redfern expects debt financing at a loan amount of $75 0M This leaves roughly $21 1M in Class A Equity, which would come from several sources per the Capitalization Table

Redfern will contribute $1 5M in cash equity and take the majority (2/3) of its Development Fee as equity (rather than cash) to ensure appropriate alignment of long-term objectives In total Redfern would own roughly 3 1M ‘Class A’ units The remaining equity, roughly 17 9M Class A units, will be raised from Limited Partners A ‘Preferred/Promote’ structure will be implemented whereby Class A units are paid a Preferred Return of 8%, after the construction period Redfern will receive Class B units, amounting to 30% of the Total Member Units

The Class B units (The “promote”) will only vest once obligations to all other stakeholders, including Class A Members have been met This structure is typical and very similar to what Redfern has executed on prior projects

Redfern’s Class A Members, often referred to as ‘Limited Partners’ are typically high-net worth individuals and family offices Many of them are local to Maine, and appreciate the opportunity to invest locally, contributing to positive social civic impacts Redfern will begin discussions with Class A Members once it has agreed on debt terms with a Bank

VALUATION

Due to the relative newness of Portland’s larger multifamily properties, there are limited comparable sales available to inform a precise valuation However, there is a recent apartment sale that is instructive

This recent and meaningful transaction was the sale of The Residences at Crosstree in Freeport, Maine from Mast Landing LLC to Taymil Multifamily Investors VIII LLC The sale price for the 144-unit property was $57M and the transaction closed on September 23 2025 The price equates to $395,833 per unit and it is believed the cap rate was 5 5% The property is suburban garden-style, and wood-frame construction These factors have typically led to higher cap rates relative to urban infill and concrete and steel construction, which are key attributes of Tavata

As Stabilized Valuation Analysis

Another project that is moving ahead in Portland is the multi-family development at Thompson’s Point, developed by Cathartes. This development is positioned as upscale relative to Tavata and has much larger apartments and is seeking much higher rents. As such, Redfern doesn’t see meaningful competitive overlap between Thompson’s Point and Tavata It is understood that Cushman & Wakefield recently completed a pre-construction appraisal that determined an ‘as-stabilized’ cap rate of 5 5% This project is also wood-frame (on a podium) construction and is outside Portland’s urban core (off peninsula)

CBRE’s Q3 2025 Multi-family underwriting survey, released on October 22, 2025 noted average Class A multi-family Cap Rates of 4 73% in Tier I markets The Cap Rate for Class A multi-family in Boston was 4 25-4 50% While Portland assets are unlikely to achieve sub 5% cap rates, the spread between strong secondary markets with high intrinsic demand, like Portland, and Tier I markets like Boston is likely to narrow

Redfern believes that Tavata will appraise between a 5.25-5.50% cap rate and its valuation will be substantially enhanced by the premium urban location on Portland’s East End, the increased value of Type I construction vs Wood-Frame, and the large scale of the project, which will appeal to institutional investors

DEVELOPMENT TEAM

Redfern has built a development team of architects, engineers, and consultants This is largely the same team that delivered the highly successful The Casco project The Casco was completed on budget, with extreme efficiency The core of the team is made up of local Maine firms

CONSTRUCTION MANAGER

After evaluating various construction managers, Redfern entered into a pre-construction agreement with Penobscot General Contractors (PGC) Redfern is confident in PGC’s abilities and resources to deliver a high-quality project on schedule and within budget

PGC is a 100% Employee-Owned Company that has evolved into one of Maine's most dynamic construction firms Their portfolio spans retail, commercial, and multifamily projects; notably, they recently completed the construction of The Armature, a 171-unit multifamily building in Portland’s Bayside, and The Eddy, a 250-unit multifamily building in Biddeford, Maine

Redfern has been working with PGC since 2023 to estimate and budget Tavata PGC has provided three full budget estimates – the first at the end of Schematic Design (SD), the second half-way through Design Development (DD), and the third at the end of DD The latest budget update is provided in Appendix 4

Redfern intends to engage with PGC on a “CM at Risk” basis, an arrangement by which they will serve as Redfern’s partner during preconstruction, build the project with full disclosure of all actual costs, and take all risk for any costs above a contractually agreed upon Guaranteed Maximum Price (“GMP”) Redfern is targeting $73 1M for GMP and expects PGC to meet this target

PROJECT SCHEDULE

Redfern has acquired all necessary entitlements to make Tavata a reality Redfern signed a Purchase and Sale Agreement in June of 2023, and after an addendum in August of 2024, Redfern has until June of 2026 to close on the purchase

Redfern anticipates construction beginning at the end of the second quarter of 2026 The expected construction timeline is roughly 24 months, which has Tavata opening for the summer of 2028

Below, please find the milestone schedule through Lease-Up

REDFERN EXPERIENCE

In the past decade, Redfern Properties has become the most apartments in Portland Recent Class-A projects in Redfern’s portfolio

The Casco

The 263-unit apartment building on Federal Street is located at the corner of Temple and Federal Streets in the historic Old Port district The building consists of mostly studios and one-bedrooms, features two retail spaces, and offers a top-of-the-line amenities package The Casco was stabilized 8 months after opening

Nightingale

Nightingale is a 165-unit project in Portland’s West End Redfern Properties partnered with NewHeight Group, to transform the old Mercy Hospital on State Street into 165 apartments, a self-storage operation, and a retail plaza. The property consists of mainly studio and one-bedroom units and features a comprehensive amenities package Nightingale was stabilized 6 months after opening in 2023

Erlang

A complete historic rehabilitation has transformed this stunning circa 1913 office building into a modern apartment building Located in the arts district of Portland, Erlang consists of 81 studio and one-bedroom apartments Units feature 13-foot ceilings across the property Erlang was fully leased 2 months after opening in 2023.

The Hiawatha

The Hiawatha features 139 units overlooking Portland’s Longfellow Square The Hiawatha was the first building in Portland to offer a full amenities package, including a fitness space and lounge areas as well as on-site property management The unit mix is comprised of studios, one-bedrooms, and two-bedrooms and the building’s retail space hosts the historic Joe’s Variety The Hiawatha was fully leased four months after opening in 2017

The 53-apartment mixed-use project in the vibrant East Bayside neighborhood on the corner of Washington Avenue and Fox Street The building offers studios, one bedroom, and two-bedroom apartments, all with private balconies The property also has two ground-level retail spaces 89 Anderson was stabilized six months after opening in 2016

West End Place

West End Place, Portland’s first apartment building and Redfern’s first for-lease development, sits on the corner of Pine and Brackett Street in the West End This mixed-use building includes 2 commercial suites and 39 large one-bedroom and two-bedroom units West End Place was stabilized four months after opening in 2015

89 Anderson

DEVELOPMENT PRINCIPALS

Jonathan Culley is the principal of Redfern Haynes Johnston is the Redfern Development Manager at Tavata Short biographies are below

Jonathan Culley is the managing principal of Redfern Properties and will be the lead developer of Tavata Jonathan has been a Portland-based real estate developer since 2005

Prior to founding Redfern Properties, Jonathan worked for Boeing Ventures, the venture capital arm of the Boeing Company based in Seattle, Washington Jonathan received an A B from Duke University and an M B A from Duke’s Fuqua School of Business, where he graduated at the top of his class as a J B Fuqua Scholar

Jonathan is the past Board Chair of Avesta Housing, the largest nonprofit affordable housing provider in Northern New England He also serves on the Boards of Project Home, Waynflete School, and Hearts of Pine, SC, of which he is a Founding Partner

Haynes Johnston is the Director of Development at Redfern and will be the Development Manager assigned to Tavata Haynes previously worked as an architectural designer for the Knickerbocker Group in Portland, Maine, and prior to that, as a development associate and architectural designer for Wisznia Architecture + Development in New Orleans, LA Haynes graduated from Bates College and the Tulane School of Architecture with a Master's in Architecture and a Masters in Sustainable Real Estate Development

Appendix 1 Architecture

Appendix 2 Financial Projections

Appendix 3 Draft Agreement with Roux Institute

HOUSING COOPERATION AGREEMENT

THIS HOUSING COOPERATION AGREEMENT dated as of , 2026 is by and between REDFERN PROPERTIES, LLC, a Maine limited liability company (hereinafter, “Redfern”) and NORTHEASTERN UNIVERSITY, a Massachusetts nonprofit educational corporation (hereinafter “Northeastern”).

RECITALS

A. Northeastern is constructing a graduate educational campus at Beanpot Circle in Portland, Maine known as the Roux Institute. The campus is designed to accommodate 3,500 students and 400 faculty. Northeastern currently has no plans to construct housing on the campus or in the greater Portland area to serve the Roux Institute students or faculty.

B. Redfern is Portland’s most active developer of multi-family housing. Northeastern and Redfern have worked closely since 2023 and Northeastern currently leases 91 apartments in Portland from Redfern.

C. Portland has a constrained housing market with few options for graduate students.

D. Redfern is in the process of developing a new apartment building with 325 housing units located at 165 Washington Avenue in Portland known as “Tavata”

E. Tavata has been designed to accommodate Roux Institute students and faculty. It is ideally located in close proximity to the Roux Institute campus and downtown Portland. Access between the campus and Tavata will be enhanced by a pedestrian bridge to be constructed by the Maine Department of Transportation.

F. Redfern has consulted with Northeastern graduate students and faculty in the design of Tavata. As a result, Tavata will include common areas, study lounges, a fitness room, and game lounges to foster community.

G. Tavata apartments have been designed to target rent levels consistent with the budgets of most graduate students.

NOW, THEREFORE, in consideration of the mutual promises of the parties contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to the following:

1. The parties agree to cooperate on mutually agreeable efforts to facilitate the housing of Roux Institute faculty and students at Tavata. This cooperation shall include, without limitation, (a) Redfern using best efforts to make rental units at Tavata available at monthly rentals between $1,100 and $1,750 per month per student, measured in 2025 dollars; (b) as rental units become available in Tavata, Redfern and Northeastern shall reasonably consider terminating existing leases at other Redfern buildings in order for student-tenants to have the opportunity to lease more convenient units at Tavata; (c) Redfern and Northeastern agree to explore transportation options to supplement pedestrian travel between Tavata and the Roux Institute campus; and (d)

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Redfern and Northeastern will continue to work together on possible programing for the common spaces of Tavata to best serve the Roux Institute students.

2. In the future, the parties will discuss whether Redfern can make furniture accommodations for Roux Institute students who become tenants at Tavata, in particular international students.

3. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Maine and shall be binding upon and shall inure to the benefit of the parties hereto. This Agreement may be executed in any number of counterparts and, upon execution by the parties, each executed counterpart shall have the same force and effect as an original instrument and as if the parties had signed the same instrument.

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