RockSpringCluB-Hendricks Appraisal.pdf

THE COST APPROACH — AS A VALUATION INDICATOR Cost Printout CoreLogic - SwiftEstimator Commercial Estimator - Summary Report General Information Estimate ID: 2019-02-14 Date Cr 2-16-2019 Property Owner: ROCK SPRING CLUB Date Update Property Address: 90 Rock Spring Raad Date Calculated: 02-16-2019 West Orange, NJ 07052 Local Multiplier: Cost Data As Of: 01-2019 Architects Fe Report Date: using default Section 1 Area 22281 Ove reciation % Storles In Section 2 Physical Depreciation % Storles in Building 2 Functlonal Depreciation % Shape irregular External Depreciation % Perimeter {auto-cale) Effective Age Occupancy Details Occupancy % Class Height Quality 314 Country Club 100 12 20 Occupancy Total Percentage 100 System : Exterior Walls elUnits Quality Depr % Other 887 Exterior Walls - Stud -Hardboard Siding 100 Occ. Total Percent for Exterior Walls: 100 System : HVAC (Heating) %lUnits Quality Depr % Other 811 HVAC (Heating) : Package Unit 100 Oce 2 Total Percent for HVAC (Heating): 400 System : Sprinklers YlUnits Quality Depr % Other 683 Sprinklers - Wet Sprinklers 100 Ove Total Percent for Sprinklers: 100 Calculation Information (All Sections) Units Unit Cost Total Cost New Less Total Cost Depreciation Deprecated Basic Structure Base Cost 22,291 $144.94 $3,230,858 $3,230,858 Exterior Walls 22.294 $15.81 $352,421 $352,421 Heating & Cooling 22,291 $12.64 $261,758 $281,758 Sprinklers 22.291 $3.91 $87,158 $87,158 Basic Structure Cost 22,291 $177.30 $3,952,195 so $3,952,195 Cost data by CoreLogic, Inc *-Except for ilams and costs listed under “Addition Details“ this SwiftEstimator ropott has been produced utillzng current coat dats and Is in compliance with the Marshal & Swift Licensed User Certificate. This roport authonticates he user as a current Marshay & Swiff user "** | CoreLogic’ 79 REAL ESTATE APPRAIBALS & RESEARCH

THE COST APPROACH — AS A VALUATION INDICATOR Cost Printout CoreLogic - SwiftEstimator Commercial Estimator - Summary Report General Information Estimate ID: 2019-02-14 Date Create 2-16-2019 Property Owner: ROCK SPRING CLUB Date Updated: Property Address: 90 Rock Spring Road Date Calculated: 02-16-2019 West Orange, NJ 07052 Local Multiplier: Cost Data As Of; 01-2019 Architects Fee: Section 1 Area 2916 Stories in Section 1 Storles In Building 1 Shape irregular Perimeter {auto-cale) Effective Age Report Date: using default Overall Depraciation % Physical Depreciation % Functional Depreciation % External Depreciation % Occupancy Details Occupancy Ye Class Height Quality 629 Snack Bar 100 Cc 10 20 Occupancy Total Percentage 100 System : Exterior Walls WlUnits Quality Depr % Other 804 Exterior Walls : Block with Stucco 100 Occ. Total Percent for Exterior Walls: 100 System : HVAC (Heating) %IUnits Quality Depr% Other 611 HVAC (Heating): Package Unil 100 Oce, 2 Total Percent for HVAC (Heating): 400 Calculation Information (All Sections) Units Unit Cast Total Cost New Less Total Cost Depreciation Depreciated Basic Structure Base Cost 2,916 $94.72 $276,204 $276,204 Exterior Walls 2.916 $27.81 $81,094 ga1,n94 Heating & Cooling 2.916 $1203 $35,079 $35,079 Basic Structure Cost 2,916 $134.56 $392,377 so $392,377 80 REAL ESTATE = = | APPRAISALS & RESEARCH

THE COST APPROACH — AS A VALUATION INDICATOR Cost Printout CoreLogic - SwiftEstimator Commercial Estimator - Summary Report General Information Estimate ID: 2019-02-14 2-16-2019 Property Owner: ROCK SPRING CLUB Property Address: 90 Rock Spring Road Date Calculated: 02-16-2019 West Orange, NJ 07052 Local Multiplier: Cost Data As Of: 01-2019 Architects Fee: Report Date: using default Section 1 A 3072 Overall Depreciation % Stories in Section 1 Physical Depreciation % Stories In Building 1 Functional Depreciation % ‘Shape irregular External Depreciation % Perimeter {auto-calc) Effective Age Occupancy Details Occupancy % Class Height Quality 523 Golf Cart Storage Building 100 c 10 20 Occupancy Total Percentage 100 System : Exterior Walls ‘%lUnits Quality Depr % Other 804 Exterior Walls : Block with Stucco 100 Oce. Total Percent for Exterior Walls: 100 System : TIVAC (Heating) Units Quality Depr % Other 606 HVAC (Healing) : Space Healer 100 Oce 2 Total Percent for HVAC (Heating): 100 Calculation Information (All Sections) Units. Unit Cost Total Cost New Less Total Cost Depreciation Depreciated Basic Structure Base Cost 3.072 $52.42 $161,034 $164,034. Exterior Wails 3.072 $27.87 $85,617 $85,617 Heating & Cooling 3.072 $2.10 $6,451 $6451 Basic Structure Cost 3,072 $82.39 $253,102 so $253,102 - 81 = REAL ESTATE APPRAISALS a & RESEARCH

THE COST APPROACH — AS A VALUATION INDICATOR Cost Printout CoreLogic - SwiftEstimator Commercial Estimator - Summary Report General Information Estimate ID: 2019-02-14 Date Created: 2-16-2019 Property Owner: ROCK SPRING CLUB Date Update Property Address: 80 Rack Spring Road Date Calculate: 02-16-2019 West Orange, NJ 07052 Local Multiplier: Cost Data As Of; 01-2019 Architects Fee: Report Date: using default Section 1 Area 3384 Overall Depreciation % Stories In Section 1 Physical Depreciation % Stories in Building 4 Functional Depreciation % Shape irregular External Depreciation % Perimeter {auto-calc) Effective Aga Occupancy Details Occupancy % Class Height Quality 406 Storage Warehouse 100 c 16 20 Occupancy Total Percentage 400 System : Exterior Walls ‘*lUnits ‘Quality Depr% Other 804 Exterior Walls : Block with Stucco 100 Occ. Total Percent for Extertor Walls: 100 System : HVAC (Heating) *iUnits: Quality Depr% Other 606 HVAC (Heating) - Space Healer 100 Occ. 2 Total Percent for HVAC (Heating): 100 Calculation Information (All Sections) Units. Unit Gost Total Cost New Less Total Cost Depreciation Depreciated Basle Structure Base Cost 3,384 $48.64 $164,496 $164,496 Exterior Walls 3,384 $24.34 $82,265 $82,265 Heating & Cooting 3.384 $3.58 $12,115 $12,115 Basic Structure Cost 3,384 $76.50 $258,876 $0 $258,876 REAL ESTATE APPRAISALS - 82 - a & RESEARCH

THE COST APPROACH — AS A VALUATION INDICATOR Cost Printout CoreLogic - SwiftEstimator Commercial Estimator - Summary Report General Information Estimate ID: 2019-02-14 Date Created: 2-16-2019 Property Owner: ROCK SPRING CLUB Date Updated: Property Address: 90 Rock Spring Road Date Calculated: 02-16-2019 West Orange, NJ 07052 Local Multiptie Cost Data As Of: 01-2019 Architects F Report Date: using default Section 1 Area 1800 Overall Depreciation % Stories In Section 1 Physical Depreciation % Stories in Building 1 Functional Depreciation % Shape irregular External jation % Perimeter (auto-calc) Effective Age Occupancy Details Occupancy % Class Height Quality 406 Storage Warehouse 100 c 16 20 Occupancy Total Percentage 100 System : Exterior Walls %1Units Quality Depr % Other 804 Exterior Walls : Block with Stucco. 100 Occ, Total Percent for Exterior Walls: 100 System : HVAC (Heating) lUnits Quality Depr% Other 606 HVAC (Heating) : Space Heater 100 Oce, 2 Total Percent for HVAC (Heating): 100 Calculation Information (All Sections) Units Unit Cost Total Cost New Less Total Cost Depreciation Depreciated Basic Structure Base Cost 1,800 $54.28 $97,704 $97,704 Exterior Walls 1,800 $27.14 $48,852 $48,852 Heating & Cooling 1,600 $4.00 $7,200 $7,200 Basic Structure Cost 1,800 $85.42 $453,756 so $153,756 APPRAISALS - 83 - a & RESEARCH

VALUATION CONCLUSION in my opinion, as of February 14, 2019, the Market Value of the subject property, in fee simple interest and based on the assumptions definitions, terms, and conditions included herein, is the sum of: Fourteen Million Dollars ($14,000,000.00) REAL ESTATE - 84 - APPRAISALS a & RESEARCH

CERTIFICATION | certify that, to the best of my knowledge and belief: . the statements of fact contained in this report are true and correct. . the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. . | have no present or prospective interest in the property that is the subject of this report and | have no personal interest or bias with respect to the parties involved. . Unless specifically noted herein, | have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment. . | have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. . my engagement in this assignment was not contingent upon developing or reporting predetermined results. . the report has not been based on a requested minimum valuation, a specific valuation or the approval of a loan. ° my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this report. ° my analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). - 865 - REAL ESTATE | | APPRAISALS & RESEARCH

CERTIFICATION . | have made a personal inspection of the property that is the subject of this report. The physical inspection of the property was conducted by Mark E. Hendricks, CRE, FRICS, CTA, SCGREA. o the appraiser certifies that he is experienced in the valuation and analysis of this type of property and is in compliance with the Competency Rule of the Uniform Standards of Professional Appraisal Practice (USPAP). . unless otherwise noted and acknowledged, no one provided significant professional assistance to the person(s) signing this repart. ye Mark E. Hetidricks, CRE®, FRICS, CTA, SCGREA (#RG0923) New Jersey State Certified General Real Estate Appraiser Hendricks Appraisal Company, LLC Real Estate Appraisals, Research & Consulting Hendricks Appraisal Company, LLC Real Estate Appraisals, Research & Consulting Hutton Park Professional Building Seven Hutton Avenue - Suite 1 West Orange, New Jersey 07052 (973) 736-5656 nH REAL ESTATE APPRAISALS GE RESEARCH

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THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_-_79 Two Bridges Road, Lincoln Park, Morris County, New Jersey Hankphil Properties, Inc. to Chettum-Mallory Golf Management, LLC Date: March 26, 2018 Sale Price: $3,635,000.00 Block: 104 Lots: 1821 Zone: C-R-Comm/Recreation Book: 23320 Page: 1633 Acres: 108.857 Identification: Meadows Golf Course Holes: Eighteen (18) Analysis: Sale reflects $33,392.00 per acre or $201,944.00 per hole, unadjusted. Comment: The sale involves a privately owned, public golf course known as The Meadows. The purchasers have proposed to develop a small portion of the property with a 180 unit age restricted apartment complex along with a 120 unit assisted living facility. The golf course use shall remain on the balance of the property. The property is located within a designated flood zone.