PROPERTY CONDITION

ASSESSMENT

Brentwood Oaks
604 South Eagle Street
Fredericksburg, Texas 78624

December 7, 2015
Partner Project No. 15-152090.1
Freddie Mac Seller Servicer No. 154671
Freddie Mac Loan No. TBD

Prepared for:
Freddie Mac
And
Berkadia Commercial Mortgage LLC
Ambler, Pennsylvania 19002
December 7, 2015

Freddie Mac

And

Mary Theresa Fitzgerald

Berkadia Commercial Mortgage LLC
323 Norristown Road, Suite 300
Ambler, Pennsylvania 19002

Subject: Property Condition Assessment

Brentwood Oaks
604 South Eagle Street
Fredericksburg, Texas 78624
Partner Project No. 15-152090.1
Freddie Mac Loan No. TBD

Dear Mary Theresa Fitzgerald:

Partner Engineering and Science, Inc. (Partner) is pleased to provide the results of the property condition assessment
performed on the above-referenced property. This report was performed in general conformance with the scope and
limitations as set forth by ASTM E2018-08 “Standard Guide for Property Condition Assessments: Baseline Property Condition
Assessment Process” and the Freddie Mac Engineering and Property Condition Report Requirements. The findings are
detailed in the attached report.

This property condition assessment was performed utilizing methods and procedures consistent with good commercial or
customary practices designed to conform to acceptable industry standards. The independent conclusions represent
Partner’s best professional judgment based upon existing conditions and the information and data available to us during
the course of this assignment.

We appreciate the opportunity to provide these services. If you have any questions concerning this report, or if we can
assist you in any other matter, please contact Summer Gell at (214) 666-6800.

Sincerely,
Partner Engineering and Science, Inc.

Brandon J. Henricks Summer Gell

Senior Author Relationship Manager

2154 Torrance Boulevard, Suite 200, Torrance, California 90501 ◊ Phone 800-419-4923 ◊ Fax 866-928-7418
 Property Condition Assessment

Section I: Summary

Mortgage, Consultant and Property Information

Freddie Mac Loan Number Report Date Subject Property Name
TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number Inspection Date City, State, Zip
154671 December 1, 2015 Fredericksburg, Texas 78624
Number of Apartment Buildings Number of Other Buildings On-site contact name On-site contact telephone number
5 2 Ms. Melinda Gaylor 830.990.0296
Number of Stories Age of Buildings (in years) Weather at time of inspection (clear, rain, snow cover, etc.)
1 and 2 17 Overcast to sunny
Property Condition Consultant (firm name) Inspector's Name
Partner Engineering and Science, Inc. Ruth Siegel
Address Title
2154 Torrance Boulevard Project Assessor
City, State, Zip Telephone Number
Torrance, California 90501 (800) 419-4923
Building and Material Characteristics
Put an "x" in the appropriate boxes below and furnish additional information when requested
Building type Envelope Mechanicals (HVAC) Amenities (site)
X Garden X Stucco Central boiler steam heat X Club building/room
X Walk-up Wood siding Hydronic system X Swimming pool
Elevator T-111 Gas FAU, central Spa and/or sauna
Lowrise Masonite X Electric FAU, central X Fitness center
Midrise Planking Electric baseboard heat Barbecue
High rise Vinyl siding Wall-mounted AC unit Tennis courts
Townhouse Brick veneer X AC condenser units X Playground equipment
Other X Metal doors Evaporative cooler unit X Storage
Wood doors Other (heat) X Other laundry
Construction type Wood sash windows Other (AC)
X Wood frame X Aluminum windows Mold
Metal frame X Other stone, cementitious siding Electrical X Mold evidence observed
Structural steel Unit capacity 110 amps Areas impacted by water
Masonry Elevators Aluminum branch wiring intrusions observed
Structural concrete Number of cabs Edison base/T-type fuses Defective building conditions
Flat roof Last inspection date Tamper proof fuses likely to lead to future water
X Pitched roof X Breakers intrusions observed
Flat roof with mansards Mechanicals (plumbing) X GFI outlets X Past/current water intrusions
Fire-treated plywood Galvanized water piping Other or leaks reported
Other X Copper water piping Tenant complaints reported
Polybutylene water piping Interior
Foundation type Cast iron waste X Drywall walls Problem materials/equipment
X Slab on grade X ABS/PVC waste Plaster walls Imported drywall
Concrete pier (drilled) Central water heater Wood paneling Other
Spread, raised foundation Gas X Carpeting
Underground parking structure Electric Wood flooring Life/Safety devices
Other X Individual water heaters Ceramic floor tile X Smoke detectors
Gas X Vinyl flooring Carbon monoxide detectors
Parking X Electric X Wood doors X Fire extinguishers
X Surface (uncovered) Circulating hot water Metal doors Emergency lighting
Structured X Other CPVC water piping Spray-tex ceiling Emergency escapes
Carports X Smooth ceiling Pull stations/cords
Garages Orange peel/textured Fire alarm
Underground Other Sprinklers

Freddie Mac Multifamily Form 1105 (09/2015) Section I, Page 1 of 13

 Building and Material Characteristics (continued)
Project unit mix Give number of units

1 Bedroom/1 bath 8 3 Bedroom/2 bath 26

1 Bedroom/1.5 bath 3 Bedroom/3 bath
2 Bedroom/1 bath 4 Bedroom/2 bath
2 Bedroom/1.5 bath 4 Bedroom/3 bath
2 Bedroom/2 bath 40 Other
3 Bedroom/1 bath Other
3 Bedroom/1.5 bath TOTAL 74

Unit Inspection Information

Indicate the type of unit, using the following abbreviations: 0BR, 1BR, 2BR, 3BR, 4BR, 5BR. Give the unit number and status, using the following status codes:
V = vacant, D = down, O = occupied and M = model. (For example, an occupied one-bedroom unit numbered 101 should be listed as 1BR/101/O.)

1 1BR / 105 / O 2 3BR / 201 / O 3 2BR / 212 / O 4 3BR / 309 / O

5 2BR / 311 / O 6 2BR / 403 / O 7 3BR / 407 / V 8 2BR / 413 / V
9 2BR / 501 / O 10 / / 11 / / 12 / /
13 / / 14 / / 15 / / 16 / /
17 / / 18 / / 19 / / 20 / /
21 / / 22 / / 23 / / 24 / /
25 / / 26 / / 27 / / 28 / /
29 / / 30 / / 31 / / 32 / /
33 / / 34 / / 35 / / 36 / /
37 / / 38 / / 39 / / 40 / /
41 / / 42 / / 43 / / 44 / /
45 / / 46 / / 47 / / 48 / /
49 / / 50 / / 51 / / 52 / /
53 / / 54 / / 55 / / 56 / /
57 / / 58 / / 59 / / 60 / /
61 / / 62 / / 63 / / 64 / /
65 / / 66 / / 67 / / 68 / /
69 / / 70 / / 71 / / 72 / /
73 / / 74 / / 75 / / 76 / /
77 / / 78 / / 79 / / 80 / /
81 / / 82 / / 83 / / 84 / /
85 / / 86 / / 87 / / 88 / /
89 / / 90 / / 91 / / 92 / /
93 / / 94 / / 95 / / 96 / /
97 / / 98 / / 99 / / 100 / /

Total number of units inspected Indicate the total number of units inspected by type and status

Type of unit Occupied Vacant Down Model

Studio
1 Bedroom 1
2 Bedroom 4 1
3 Bedroom 2 1
4 Bedroom
5 Bedroom
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section I, Page 2 of 13

 Seismic Checklist
Indicate if any of the following are applicable by placing an "x" in the appropriate box for properties located in an area with a horizontal Peak Ground
Acceleration (PGA), with 10% probability of exceedance in 50-years (a.k.a. 475-year return period earthquake), equal to or greater than 0.15g.
Buildings with a weak or soft story (as defined by the International Building Code) at any floor level
Buildings constructed with direct contact to adjacent buildings, including buildings that are part of the same Property, as well as those in
contact with buildings on a separate property (this does not include buildings that are a continuous structure with fire separation walls)
Buildings that have sustained previous structural earthquake damage with documented evidence of damage and repairs
High-rise buildings (8-stories or greater above grade)
Reinforced concrete buildings constructed prior to 1994, including cast-in-place and precast structures
Reinforced concrete masonry bearing wall buildings constructed prior to 1994
Retrofitted unreinforced masonry (URM) buildings with retrofit work performed prior to 1995 (non-retrofitted URM buildings will not be
considered)
Wood-framed buildings that exhibit conspicuous physical deterioration (e.g., water damage, dry rot, corrosion, physical distress to the
primary lateral load resisting elements
Wood framed buildings constructed prior to 1950
Non-retrofitted wood framed structured, constructed prior to 2000, with ground-level parking under dwelling units (tuck-under parking)
Buildings with light-frame construction over a concrete podium structure constructed prior to 1994
There are buildings located within 50 feet of a known fault or, if located in California, within an Alquist-Priolo Special Study Zone
Scope of Work
The consultant must attach a narrative describing the scope of work, including the following information:
• Number of buildings inspected (including addresses)
• Description of major building components and the condition of each
• Inspections and certifications by local authorities for any building component (e.g., elevator, boiler, fire extinguisher, etc.)
• Planned capital improvements and work in progress, including an analysis of costs
• Life/safety issues, deferred maintenance, and all repairs and replacements recommended, including costs
• Readily identifiable issues related to non-compliance with applicable codes
• Open violations as issued by local authorities, including a cost to cure
• Problematic materials, equipment and systems
• Water intrusion or mold issues
• Description of records researched and information obtained to determine the condition of all systems (boiler, pool, elevator inspections,
certificates, safety items and other information obtained and used as part of the property condition assessment)
• Replacement reserves, and the methodology used to estimate replacement reserves
• Photographs adequate to convey the property condition
• Site plan
• A list of all parties present during the inspection
• Resume of the on-site inspector

The consultant should provide additional information that is useful in describing the property to give a better understanding of repairs or
replacement reserves necessary. SEE SECTION V FOR DESCRIPTIONS OF REPAIR CATEGORIES TO BE USED IN THE
CONSULTANT'S DESCRIPTION OF THE SCOPE OF WORK.

Consultant's Certification
On behalf of the property condition consultant, the undersigned hereby certifies that:
• The attached property condition report was prepared by the consultant in accordance with all applicable requirements in the Freddie Mac
Multifamily Seller/Servicer Guide
• The report was prepared in a manner consistent with generally accepted industry practices and standards
• All information is true and correct, to the best of the undersigned's knowledge, and reflects the consultant's best professional opinion and
judgment
• No changes or additions have been made to the standard provisions of this form other than those expressly approved in writing by
Freddie Mac

Consulting firm name

Partner Engineering and Science, Inc.
Signature of authorized representative Date
December 7, 2015
Name (typed or printed) Title
Brandon J. Henricks Building Science Technical Team Lead

Freddie Mac Multifamily Form 1105 (09/2015) Section I, Page 3 of 13

 Property Condition Assessment

Section II: Property Inspection and Evaluation

Freddie Mac Loan Number Report Date Subject Property Name

TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number City, State, Zip
154671 Fredericksburg, Texas 78624

Site
Complete the estimated useful life, condition, remaining useful life, action and comments for the applicable items listed below. Indicate the condition using the
following abbreviations: E = excellent, G = good, F = fair and P = poor. Indicate the action required using the following abbreviations: CR = Critical Repairs; PR
= Priority Repairs; PR90 = 90 day Priority Repairs; OR = Operational Repairs and RR = reserve for future repair/replacement. See Section V for a complete
description of each repair category. The consultant should attach additional information as needed. The consultant must also note any Mold observations on
any component in the comment sections.

Estimated Condition Remaining Action (CR, PR,

Item Useful Life (E, G, F, P) Useful Life PR-90, OR, RR) Comments/Mold Observations
Carports 40
Garages 50
Maintenance structures 20
Trash enclosures 15
Roadways/Parking lots
Asphaltic concrete 20
Seal coat 5
Concrete paving 30 G 15
Other paving: 30
Striping 5 G 3 RR RR: Restriping
Curb and gutter 30 G 15
Interior gutter (swale) 30 G 15
Pedestrian paving/hardscape 30 G 17
Signage 15 G 1-15 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Site Utilities
Site water lines 40 G 23
Site sanitary lines 50 G 33
Site lighting 25 G 14
Site drainage (storm drainage) 50 G 33 PR PR: Stabilze erosion repair
drainage area
Landscaping 20 G 13
Irrigation 30 G 14
Site fences 50 G 33 PR PR: Repair damaged wood fencing

Tennis courts 15
Swimming pool and/or spa
Pool and/or spa plaster/liner 15 G 5 RR RR: Resurface pool
Pool and/or spa heating equipment 10
Pool and/or spa filtration equipment 10 G 5 RR RR: Replace pool equipment
Pool and/or spa deck surface 25 G 13
Sauna 15
Recreation/Play area and equipment 20 G 14
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section II, Page 4 of 13

 Freddie Mac Loan Number Report Date Subject Property Name
TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number City, State, Zip
154671 Fredericksburg, Texas 78624

Structural, building envelope and common area furniture, fixtures and equipment
Complete the estimated useful life, condition, remaining useful life, action and comments for the applicable items listed below. Indicate the condition using the
following abbreviations: E = excellent, G = good, F = fair and P = poor. Indicate the action required using the following abbreviations: CR = Critical Repairs; PR
= Priority Repairs; PR90 = 90 day Priority Repairs; OR = Operational Repairs and RR = reserve for future repair/replacement. See Section V for a complete
description of each repair category. The consultant should attach additional information as needed. The consultant must also note any Mold observations on
any component in the comment sections.

Estimated Condition Remaining Action (CR, PR,

Item Useful Life (E, G, F, P) Useful Life PR-90, OR, RR) Comments/Mold Observations
Foundation (structural) 50 G 33
Foundation (waterproofing) 20
Building slab (structural) 50 G 33
Exterior walls/roof (structural) 50 G 33
Exterior walls (paint/finish) 8 G 6 PR, RR PR: Paint gable bargeboards
RR: Exterior maintenance/painting

Doors and frames 30 G 18

Windows and frames 30 G 16
Stairs 25 G 14
Fire escapes 50
Balconies/Handrails/Guardrails 30 G 16
Decks 50 G 33
Patio slabs 40 G 23
Unit fencing (patio fencing) 50 G 33
Roof coverings 25 G 8 RR RR: Roof replacements
Roof drainage (gutters, drains, etc.) 25 G 8 Included in roof replacements
Building mounted lighting 15 G 1-15 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Common area improvements
Common area floors 10 G 9 RR RR: Replace common area flooring

Community facilities kitchen 20 G 20

Community facilities appliances 25 G 25
Community washing machines 15
Community clothes dryers 15
Other
Other
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section II, Page 5 of 13

 Freddie Mac Loan Number Report Date Subject Property Name
TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number City, State, Zip
154671 Fredericksburg, Texas 78624

Mechanical and electrical

Complete the estimated useful life, condition, remaining useful life, action and comments for the applicable items listed below. Indicate the condition using the
following abbreviations: E = excellent, G = good, F = fair and P = poor. Indicate the action required using the following abbreviations: CR = Critical Repairs; PR
= Priority Repairs; PR90 = 90 day Priority Repairs; OR = Operational Repairs and RR = reserve for future repair/replacement. See Section V for a complete
description of each repair category. The consultant should attach additional information as needed. The consultant must also note any Mold observations on
any component in the comment sections.

Estimated Condition Remaining Action (CR, PR,

Item Useful Life (E, G, F, P) Useful Life PR-90, OR, RR) Comments/Mold Observations
Mechanical/Plumbing
Hot and cold water distribution 50 G 33
Domestic water boilers 25
Domestic water boiler peripherals 25
Domestic water heaters 15 G 1-15 RR RR: Replace water heaters
Domestic water pumps 15
Sanitary waste and vent (sewer) 25 G 20
Mechanical/HVAC
Heating System (electric fan coil) 30 G 13 RR, limited/early RR: Replace fan coil units,
limited/early

Cooling System (condensers) 20 G 3 RR RR: Replace condensers

Electrical
Building power/Wiring 60 G 43
Switchgear/Metering 40 G 23
Emergency lighting/Generator 10
Smoke and fire detection 15 G 1-15 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Buzzer/Intercom (security) 15
Fire suppression 50
Elevators 30
Security 30
Other
Other
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section II, Page 6 of 13

 Freddie Mac Loan Number Report Date Subject Property Name
TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number City, State, Zip
154671 Fredericksburg, Texas 78624

Dwelling units
Complete the estimated useful life, condition, remaining useful life, action and comments for the applicable items listed below. Indicate the condition using the
following abbreviations: E = excellent, G = good, F = fair and P = poor. Indicate the action required using the following abbreviations: CR = Critical Repairs; PR
= Priority Repairs; PR90 = 90 day Priority Repairs; OR = Operational Repairs and RR = reserve for future repair/replacement. See Section V for a complete
description of each repair category. The consultant should attach additional information as needed. The consultant must also note any Mold observations on
any component in the comment sections.

Estimated Condition Remaining Action (CR, PR,

Item Useful Life (E, G, F, P) Useful Life PR-90, OR, RR) Comments/Mold Observations
Unit entry door(s) and frame(s) 30 G 16
Patio Doors 30 G 14
Smoke/fire detection 15 G 1-15 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Buzzer/Intercom (security) 15
Window coverings 20 G 1-20 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Flooring
Carpet 8 G 1-8 RR RR: Replace carpet
Resilient flooring (vinyl) 15 G 1-15 RR RR: Replace vinyl
Other 30
Cabinetry
Kitchen 25 G 20
Bathrooms 25 G 20
Other
Countertops and sinks
Kitchen 25 G 20
Bathrooms 25 G 20
Other
Appliances
Refrigerator 20 G 3 RR RR: Replace refrigerators
Range/Stove 25 G 8 RR RR: Replace range/stove
Range vent 15 G 1-15 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Dishwasher 15 G 1-15 RR RR: Replace dishwashers
Disposal 10 G 1-10 Routine maintenance; limited / low
cost repairs and replacements
anticipated
Microwave 10
Clothes washer 15
Clothes dryer 15
Bathroom improvements
Toilet 25 G 20
Tub/Shower and enclosures 25 G 20
Accessories 25 G 20
Gypsum wallboard - Unit 413 PR PR: Repair Unit 413
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section II, Page 7 of 13

 Property Condition Assessment

Section III: Critical and Priority Repairs and Cost Estimates

Freddie Mac Loan Number Report Date Subject Property Name

TBD December 7, 2015 Brentwood Oaks
Seller/Servicer Name Address
Berkadia Commercial Mortgage LLC 604 South Eagle Street
Seller/Service Number City, State, Zip

154671 Fredericksburg, Texas 78624

List each item that can be categorized as a Critical or Priority Repair. Complete the unit of measure, quantity to be repaired or replaced, per item costs, total
costs and comments for each item. Complete the total of the "Per item costs" column and of the "Total costs" column.

Repair Type
C = Critical Quantity to be
P = Priority Unit of repaired or Per item Total
Item PR-90 = 90 day Measure replaced costs costs Comments
SITE

Stabilize barren ground areas and provide

positive drainage at the concrete pavement
Drainage/erosion control P LS 1 $3,500 $3,500 at the end of the allee sidewalk
Wood stackade fencing P LS 1 $1,000 $1,000 Repair damaged wood fencing

Subtotal $4,500
STRUCTURAL, BUILDING ENVELOPE AND COMMON AREA FURNITURE, FIXTURES AND EQUIPMENT
Gable bargeboards repaint P SF 4000 $1.00 $4,000 Paint gable bargeboards

Subtotal $4,000
MECHANICAL AND ELECTRICAL

Subtotal $0
DWELLING UNITS
Unit 413 suspect microbial growth and
Bathroom ceiling and walls P LS 1 $750 $750 water damage repair

Subtotal $750

TOTAL $9,250

Freddie Mac Multifamily Form 1105 (09/2015) Section III, Page 8 of 13

 Property Condition Assessment

Section IV: Capital Needs Over the Loan Term

Freddie Mac loan number Report date Property name Building age
TBD December 7, 2015 Brentwood Oaks 17
Seller/Servicer name Address Mortgage term
Berkadia Commercial Mortgage LLC 604 South Eagle Street 10 +2
Seller/Service number City, State, Zip Number of units
154671 Fredericksburg, Texas 78624 74

Complete the quantity, unit and per item costs for the applicable items listed below. Indicate the projected expenditures for those items in each year of the loan term plus two years up to a maximum of 12 years.

SITE

Unit of
Item Quantity Per Item Cost Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Total
Measure
Carports
Garages
Maintenance structures
Trash enclosures
Roadways/Parking lots
Asphaltic concrete
Seal coat
Concrete paving
Other paving:
Striping 266 EA $6.00 $798 $798 $1,596
Curb and gutter
Interior gutter (swale)
Pedestrian paving/hardscape
Signage
Site Utilities
Site water lines
Site sanitary lines
Site lighting
Site drainage (storm drainage)
Landscaping
Irrigation
Site fences
Tennis courts
Swimming pool and/or spa
Pool and/or spa plaster/liner 1 EA $5,000.00 $5,000 $5,000
Pool and/or spa heating equipment
Pool and/or spa filtration equipment 1 EA $1,750.00 $1,750 $1,750
Pool and/or spa deck surface
Sauna
Recreation/Play area and equipment
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section IV, Page 9 of 13

 Freddie Mac loan number Report date Property name Building age
TBD December 7, 2015 Brentwood Oaks 17
Seller/Servicer name Address Mortgage term
Berkadia Commercial Mortgage LLC 604 South Eagle Street 10 +2
Seller/Service number City, State, Zip Number of units
154671 Fredericksburg, Texas 78624 74

STRUCTURAL, BUILDING ENVELOPE AND COMMON AREA FURNITURE, FIXTURES AND EQUIPMENT

Unit of
Item Quantity Per Item Cost Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Total
Measure
Foundation (structural)
Foundation (waterproofing)
Building slab (structural)
Exterior walls/roof (structural)
Exterior walls (paint/finish) 74 UNIT $250.00 $18,500 $18,500
Doors and frames
Windows and frames
Stairs
Fire escapes
Balconies/Handrails/Guardrails
Decks
Patio slabs
Unit fencing (patio fencing)
Roof coverings 36,000 SF $1.25 $45,000 $45,000
Roof drainage (gutters, drains, etc.)
Building mounted lighting
Common area improvements
Common area floors 1,500 SF $1.35 $2,025 $2,025
Community facilities kitchen
Community facilities appliances
Community washing machines
Community clothes dryers
Other
Other
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section IV, Page 10 of 13

 Freddie Mac loan number Report date Property name Building age
TBD December 7, 2015 Brentwood Oaks 17
Seller/Servicer name Address Mortgage term
Berkadia Commercial Mortgage LLC 604 South Eagle Street 10 +2
Seller/Service number City, State, Zip Number of units
154671 Fredericksburg, Texas 78624 74

MECHANICAL AND ELECTRICAL

Unit of
Item Quantity Per Item Cost Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Total
Measure
Mechanical/Plumbing
Hot and cold water distribution
Domestic water boilers
Domestic water boiler peripherals
Domestic water heaters 60 EA $200.00 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
Domestic water pumps
Sanitary waste and vent (sewer)
Mechanical/HVAC
Heating System (electric fan coil) 12 EA $650.00 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $7,800
Cooling System (condensers) 40 EA $425.00 $1,700 $1,700 $1,700 $1,700 $1,700 $1,700 $1,700 $1,700 $1,700 $1,700 $17,000
Electrical
Building power/Wiring
Switchgear/Metering
Emergency lighting/Generator
Smoke and fire detection
Buzzer/Intercom (security)
Fire suppression
Elevators
Security
Other
Other
Other
Other
Other

Freddie Mac Multifamily Form 1105 (09/2015) Section IV, Page 11 of 13

 Freddie Mac loan number Report date Property name Building age
TBD December 7, 2015 Brentwood Oaks 17
Seller/Servicer name Address Mortgage term
Berkadia Commercial Mortgage LLC 604 South Eagle Street 10 +2
Seller/Service number City, State, Zip Number of units
154671 Fredericksburg, Texas 78624 74

DWELLING UNITS

Unit of
Item Quantity Per Item Cost Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Total
Measure
Unit entry door(s) and frame(s)
Patio Doors
Smoke/fire detection
Buzzer/Intercom (security)
Window coverings
Flooring
Carpet 108 UNIT $650.00 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $5,850 $70,200
Resilient flooring (vinyl) 60 UNIT $100.00 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
Other
Cabinetry
Kitchen
Bathrooms
Other
Countertops and sinks
Kitchen
Bathrooms
Other
Appliances
Refrigerator 40 EA $325.00 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $1,300 $13,000
Range/Stove 15 EA $250.00 $750 $750 $750 $750 $750 $3,750
Range vent
Dishwasher 60 EA $200.00 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
Disposal
Microwave
Clothes washer
Clothes dryer
Bathroom improvements
Toilet
Tub/Shower and enclosures
Accessories
Gypsum wallboard - Unit 413
Other

TOTALS Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12
Total (uninflated) $9,000.00 $9,000.00 $12,798.00 $12,000.00 $18,750.00 $30,500.00 $12,000.00 $58,548.00 $14,775.00 $12,750.00 $12,750.00 $12,750.00
Inflation factor @ 3% 100.00% 103.00% 106.09% 109.27% 112.55% 115.93% 119.41% 122.99% 126.68% 130.48% 134.39% 138.42%
Total inflated $9,000.00 $9,270.00 $13,577.40 $13,112.72 $21,103.29 $35,357.86 $14,328.63 $72,006.66 $18,716.53 $16,635.86 $17,134.93 $17,648.98

Total expenditures (uninflated) $215,621.00 Total Expenditures per unit per year (uninflated) $242.82
Total expenditures (inflated) $257,892.86 Total expenditures per unit per year (inflated) $290.42

Freddie Mac Multifamily Form 1105 (09/2015) Section IV, Page 12 of 13

 Property Condition Assessment

Section V: Repair Categories

Repair Categories

Only Critical Repairs, PR-90 Repairs, Priority Repairs and Operational Repairs should be noted on Form 1105. No other repair items should
be listed.

Critical Repairs
These are repairs and replacements that significantly impact habitability, value, income or marketability and that must be corrected before
Freddie Mac will proceed with the transaction.

PR-90 Repairs
These are corrective actions that must be completed within 90 days, and are limited to:
• Imminent life safety hazards
• Ongoing substantive damage to the property

Priority Repairs

These are repairs and replacements that are significant and must be addressed as soon as possible. Priority Repairs consist of:

• All non-imminent life safety hazards

• Violations of any federal, State or local law, ordinance or code relating to zoning, subdivision and use, building and housing
accessibility (including the Americans with Disabilities and Fair Housing Acts), health matters or fire safety
• Material deficiencies *
• Significant deferred maintenance *

* Additional guidance can be found in Section 14.3(b) of the Freddie Mac Multifamily Seller/Servicer Guide

Operational Repairs
These are repairs and replacements that consist of Minor Deficiencies, Minor Deferred Maintenance and Handicap Accessibility
Enhancements that are expected to be completed by the Borrower as part of a repairs and maintenance budget and that cannot be
reasonably resolved by Routine Maintenance. Operational Repairs consist of:

• Minor deficiencies *
• Minor deferred maintenance *
• Handicap Accessibility Enhancements *

* Additional guidance can be found in Section 14.3(b) of the Freddie Mac Multifamily Seller/Servicer Guide

Freddie Mac Multifamily Form 1105 (04/2015) Section V, Page 13 of 13

 EXECUTIVE SUMMARY AND PROPERTY DESCRIPTION
Partner Engineering and Science, Inc. (Partner) has performed a property condition assessment (PCA) of the
parcel and improvements defined in the following table (the “subject property”). The observation was
performed in general accordance with ASTM E2018-08 “Standard Guide for Property Condition
Assessments: Baseline Property Condition Assessment Process” and the Freddie Mac Engineering and
Property Condition Report Requirements. The purpose of this Property Condition Assessment was to
observe and document readily-visible materials and building system defects that might significantly affect
the value of the property, and determine if conditions exist which may have a significant impact on the
continued operation of the facility during the evaluation period.

Property Description
Property Name Brentwood Oaks
Address 604 South Eagle Street
City, State, Postal Code Fredericksburg, Texas 78624
Property Use Multifamily
Parcel Size (Acres) 5.0590
Number of Apartment Five
Buildings
Number of Other Buildings Two
Number of Dwelling Units 74
Stories or Floors One and two
Year Built 1998
Foundation / Substructure Shallow concrete foundation systems with concrete slab-on-grade
Superstructure Wood frame
Façade Stucco, stone, cementitious siding
Roof System Pitched, asphalt shingles
Parking Area Concrete pavement at grade
Parking Space Count 133
ADA Parking Count Seven designated spaces, including two van-accessible spaces
Heating System Individual split systems with electric fan coil units
Cooling System Individual split systems with pad-mounted condensing units
Water Supply Piping CPVC
Water Heating Individual, electric water heaters
Electrical Supply Wiring Copper
Number of Elevators Not applicable
Fire Suppression Fire extinguishers
Peak Ground Acceleration
0.0089400 g

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page i
The apartment unit mix as reported by the property manager is as follows:

Type Qty Avg Area Total Vacant Down

(SF) Units Units
(SF)
1 Bed / 1 Bath 8 676 5,408 0 0
2 Bed/2 Bath 40 982 39,270 1 0
3 Bed/2 Bath 26 1,150 29,900 1 0
Total 74 1,008 74,578 2 0

Overall Site Condition

Partner evaluates the subject property to be in good condition for its age and usage.

Planned Capital Improvements

No planned capital improvements were reported by property management.

Recently-Completed and Work-in -Progress

Recently-completed capital improvements, as reported by property management consist of:

Clubhouse remodel in 2015 ($5,000).

No in-progress capital improvements were reported or observed during the site survey.

Critical Repairs
Critical repairs are defined as “repairs and replacements that significantly impact habitability, value, income
or marketability and that must be corrected before Freddie Mac will proceed with the transaction.” Items
or conditions that meet one or more of these conditions, and a corresponding opinion of cost, are listed on
Form 1105, Section III: Critical and Priority Repairs and Cost Estimates.

Priority – 90 Repairs
Priority – 90 repairs are defined as “corrective actions that must be completed within 90 days.” This
definition includes imminent life safety hazards and on-going substantive damage to the property. Items
or conditions that meet one or more of these conditions, and a corresponding opinion of cost, are listed on
Form 1105, Section III: Critical and Priority Repairs and Cost Estimates.

Priority Repairs
Priority repairs are defined as “repairs and replacements that are significant and must be addressed as soon
as possible.” This definition includes non-imminent life safety hazards, code violations, material deficiencies
and significant deferred maintenance items. Items or conditions that meet one or more of these conditions,
and a corresponding opinion of cost, are listed on Form 1105, Section III: Critical and Priority Repairs and
Cost Estimates.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page ii
Operational Repairs
Operational repairs are defined as “repairs or replacements that consist of minor deficiencies and minor
deferred maintenance that are expected to be completed by the Borrower as part of a repairs and
maintenance budget and that cannot be reasonably addressed by routine maintenance.” Items or
conditions that meet one or more of these conditions are listed on Form 1105, Section II: Property Inspection
and Evaluation.

Replacement Reserve Items

Replacement reserve items are defined as significant capital expenditures, replacements or repairs that are
anticipated to occur within the loan term plus two years. Items included in the replacement reserve table
are determined based upon the estimated useful life (EUL) of a system or component, the effective age (EA)
of the system, and the remaining useful life (RUL) of that system. All other building systems and
appurtenances are expected to exceed the evaluation period or are a tenant responsibility to maintain and
replace.

Routine Repairs and Maintenance

Routine Repairs and Maintenance are defined as “repairs and maintenance that are expected to be
completed by the Borrower in the normal course of business and are nominal in cost”. These repairs are:
preventative in nature; accomplished within the Property’s normal operating budget; typically completed
by on-site staff; focused on keeping the subject property fully functioning and serviceable; have a cost of
$3000 or less per repair item

Additional remedial work is anticipated to be limited in extent and may be characterized as that typically
associated with general maintenance and repair when undertaken on a routine periodic basis and/or as part
of the normal operational cost of the subject property.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page iii
TABLE OF CONTENTS
FREDDIE MAC FORM 1105

EXECUTIVE SUMMARY AND PROPERTY DESCRIPTION ............................................................. I

1.0 INTRODUCTION OF SCOPE .............................................................................................. 1
1.1 PURPOSE AND SCOPE ....................................................................................................................................... 1
1.2 CLIENT RELIANCE ............................................................................................................................................... 1
1.3 QUALIFIERS ......................................................................................................................................................... 2
1.4 COST EVALUATION METHODOLOGY ............................................................................................................... 2
1.5 DEVIATION FROM ASTM E2018-08 ............................................................................................................. 3
1.6 STATEMENT OF LIMITATIONS ........................................................................................................................... 3
1.6.1 ADA Exclusion.......................................................................................................................................... 4
1.6.2 Limiting Conditions ............................................................................................................................... 4
2.0 DOCUMENT REVIEW AND DATA COLLECTION .............................................................. 5
2.1 SITE RECONNAISSANCE..................................................................................................................................... 5
2.2 PARTIES PRESENT DURING OBSERVATION ..................................................................................................... 5
2.3 REGULATORY COMPLIANCE INQUIRY .............................................................................................................. 5
2.4 DOCUMENT REVIEW .......................................................................................................................................... 6
3.0 SITE/TRACT IMPROVEMENTS .......................................................................................... 8
3.1 TOPOGRAPHY AND STORM DRAINAGE........................................................................................................... 8
3.2 RETAINING WALLS ............................................................................................................................................. 8
3.3 LANDSCAPING AND IRRIGATION ..................................................................................................................... 8
3.4 PARKING, PAVING AND CURBING.................................................................................................................... 9
3.5 WALKWAYS, GRADE-LEVEL STEPS AND RAMPS ............................................................................................ 9
3.6 PERIMETER WALLS, GATES, AND FENCES .................................................................................................... 10
3.7 EXTERIOR LIGHTS ............................................................................................................................................ 10
3.8 SITE AND BUILDING SIGNAGE ....................................................................................................................... 10
3.9 REFUSE TRANSFER AREA(S) ........................................................................................................................... 10
3.10 OTHER SITE IMPROVEMENTS AND AMENITIES ............................................................................................ 11
3.11 UTILITY SERVICE PROVIDERS ......................................................................................................................... 11
3.12 SPECIAL UTILITY SYSTEMS.............................................................................................................................. 12
4.0 BUILDING ENVELOPE ...................................................................................................... 13
4.1 FOUNDATION/SUBSTRUCTURE ..................................................................................................................... 13
4.2 SUPERSTRUCTURE ........................................................................................................................................... 13
4.3 ROOFING.......................................................................................................................................................... 13
4.3.1 Surfacing and Flashing ...................................................................................................................... 13
4.3.2 Drainage ................................................................................................................................................. 14
4.3.3 Roof-Mounted Items ......................................................................................................................... 14

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page iv
 4.4 EXTERIOR WALLS, WINDOWS, AND DOORS ............................................................................................... 14
4.4.1 Exterior Walls ........................................................................................................................................ 14
4.4.2 Windows ................................................................................................................................................. 14
4.4.3 Doors ....................................................................................................................................................... 14
4.5 BUILDING-MOUNTED STAIRS, BALCONIES AND ELEVATED WALKWAYS ................................................. 15
4.5.1 Balconies................................................................................................................................................. 15
4.5.2 Stairs......................................................................................................................................................... 15
4.5.3 Elevated Walkways, Elevated Landings and Breezeways ..................................................... 15
5.0 MECHANICAL AND ELECTRICAL SYSTEMS ................................................................... 17
5.1 HEATING, VENTILATION, AND AIR CONDITIONING .................................................................................... 17
5.2 PLUMBING AND DOMESTIC HOT WATER .................................................................................................... 17
5.2.1 Piping ....................................................................................................................................................... 17
5.2.2 Hot Water............................................................................................................................................... 17
5.3 GAS DISTRIBUTION ......................................................................................................................................... 17
5.4 ELECTRICAL WIRING ....................................................................................................................................... 18
5.5 ELEVATORS ...................................................................................................................................................... 18
5.6 LIFE SAFETY SYSTEMS ..................................................................................................................................... 18
5.6.1 Fire Suppression Systems................................................................................................................. 18
5.6.2 Alarm Systems ...................................................................................................................................... 18
6.0 INTERIOR ELEMENTS ...................................................................................................... 19
6.1 COMMERCIAL AREAS...................................................................................................................................... 19
6.2 COMMON AREAS............................................................................................................................................ 19
6.3 RESIDENTIAL UNITS ........................................................................................................................................ 19
6.3.1 Observed Units..................................................................................................................................... 19
6.3.2 Walls, Ceilings and Interior Doors ................................................................................................ 19
6.3.3 Flooring ................................................................................................................................................... 20
6.3.4 Cabinetry and Fixtures....................................................................................................................... 20
6.3.5 Appliances.............................................................................................................................................. 20
7.0 MICROBIAL AND WOOD-DESTROYING ORGANISM SURVEY .................................... 21
7.1 MICROBIAL ...................................................................................................................................................... 21
7.2 WOOD-DESTROYING ORGANISMS .............................................................................................................. 21
8.0 NATURAL HAZARD INFORMATION .............................................................................. 23
8.1 FLOOD .............................................................................................................................................................. 23
8.2 WIND ............................................................................................................................................................... 23
8.3 SEISMIC ............................................................................................................................................................ 23
9.0 ACCESSIBILITY ISSUES .................................................................................................... 24
9.1 AMERICANS WITH DISABILITIES ACT COMPLIANCE .................................................................................... 24
9.2 FEDERAL FAIR HOUSING AMENDMENT ACT COMPLIANCE ....................................................................... 24

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page v
FIGURES

APPENDICES

APPENDIX A: SITE PHOTOGRAPHS

APPENDIX B: SUPPORTING DOCUMENTATION

APPENDIX C: QUALIFICATIONS

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page vi
1.0 INTRODUCTION OF SCOPE
1.1 PURPOSE AND SCOPE

The purpose of this report is to assist Berkadia Commercial Mortgage LLC, (the “Client”), in
evaluation of the physical aspects of the subject property and how its condition may affect their
financial decisions over time. The scope of the observation and report is based on the guidelines
set forth by ASTM E2018-08 "Standard Guide for Property Condition Assessments” and the Freddie
Mac Engineering and Property Condition Report Requirements.

This report is intended to be utilized by lenders for evaluating the general overall physical condition
of the subject property for the purposes of securing the debt created through the financing of the
subject property. It is not intended to be used by an owner or borrower, or any other party for the
purpose of evaluating specific building components and systems, nor is it intended to be used as
an instrument in the purchase negotiations related to the acquisition of real property. The scope
and purpose of such a report differs significantly, and may be considerably more detailed and
tailored to the specific requirements of the client. This report was not prepared to the level of detail
typically ascribed to engineering reports in the marketplace for real estate acquisitions.

1.2 CLIENT RELIANCE

This report is for the use and benefit of, and may be relied upon by

a) the Seller/Servicer, Freddie Mac and any successors and assigns (“Lender”);
b) independent auditors, accountants, attorneys and other professionals acting on behalf of
Lender;
c) governmental agencies having regulatory authority over Lender;
d) designated persons pursuant to an order or legal process of any court or governmental
agency;
e) prospective purchasers of the Mortgage; and
f) with respect to any debt (or portion thereof) and/or securities secured, directly or indirectly,
by the Property which is the subject of this report, the following parties and their respective
successors and assigns:
• any placement agent or broker/dealer and any of their respective affiliates, agents
and advisors;
• any initial purchaser or subsequent holder of such debt and/or securities;
• any Servicer or other agent acting on behalf of the holders of such debt and/or
securities;
• any indenture trustee;
• any rating agency; and

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 1
 • any institutional provider from time to time of any liquidity facility or credit support
for such financings.

In addition, this report, or a reference to this report, may be included or quoted in any offering
circular, information circular, offering memorandum, registration statement, private placement
memorandum, prospectus or sales brochure (in either electronic or hard copy format) in connection
with a securitization or transaction involving such debt (or portion thereof) and/or securities.

1.3 QUALIFIERS

The following definitions and terminology are used in this report regarding the physical condition
of the project, and the estimated life expectancies/age of the components and systems.

Excellent New or like new condition.

Good Well maintained, may exceed expected useful life. No immediate or potential concerns.
Fair Marginally satisfactory. Indications of deferred maintenance and/or routine use that
should be addressed as part of routine maintenance were observed. Components or
systems appear to be approaching or past the end of their useful life.
Poor Immediate concerns, major replacements, and/or significant attention required.
Unless stated otherwise in this report, the systems reviewed are considered to be in good condition
and their performance appears to be satisfactory.

1.4 COST EVALUATION METHODOLOGY

Cost opinions are based on construction costs developed by construction resources such as
Marshall & Swift, RS Means, Partner’s experience with past costs for similar projects, city cost
indexes, consulting with local specialty contractors, client provided information, and assumptions
regarding future economic conditions. Actual costs may differ from Partner’s opinions. Actual cost
estimates are determined by many factors including but not limited to: choice and availability of
materials, choice and availability of a qualified contractor, regional climate zone, quality of existing
materials, site compatibility, and access to the subject property and buildings. Opinion of costs are
based solely on material replacement and do not account for soft costs.

Items included in the replacement reserve table are determined based upon the estimated useful
life (EUL) of a system or component, the effective age (EA) of the system, and the remaining useful
life (RUL) of that system. Factors that may affect the age and condition of a system include, but are
not limited to, the frequency of use, exposure to environmental elements, quality of construction
and installation, and amount of maintenance provided. Based on these factors, a system may have
an effective age that is greater or less than its actual chronological age. Routine maintenance costs
are not included as part of this report.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 2
1.5 DEVIATION FROM ASTM E2018-08

ASTM E2018-08 requires disclosure of any deviation from the Standard. The deviations listed below
were specified in the Partner scope of work. These deviations are intended to make the PCA more
comprehensive. The following is a list of the deviations from, and additions to ASTM E2018-08.

• This PCA includes an opinion of costs for anticipated capital expenditures for an evaluation
term defined by the Client. The costs are presented in Section IV – Capital Needs Over Loan
Term.

1.6 STATEMENT OF LIMITATIONS

The observation performed by Partner is based upon the guidelines set forth by ASTM E2018-08
“Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment
Process” and subject to the limitations stated therein. Our review of the subject property consisted
of a visual observation of the site, the structure(s) and the accessible interior spaces. Any technical
analyses made are based on the appearance of the improvements at the time of this observation
and the evaluator’s judgment of the physical condition of the subject property components, their
ages and their expected useful life (EUL).

Information regarding the subject property is obtained from a subject property walk-through
observation, local government agency records review, interviews and client-, tenant- or property
owner-provided documents. No material sampling, invasive or destructive investigations,
equipment or system testing sampling was performed. The observations and related comments
within this report are limited in nature and should not be inferred as a full and comprehensive
survey of the building components and systems.

Information regarding operations, conditions, and test data provided by the Client, property owner,
or their respective representatives has been assumed to be correct and complete. No warranty is
expressed or implied, except that the services rendered have been performed in accordance with
generally-accepted practices applicable at the time and location of the study

The actual performance of Property systems and components may vary from a reasonably expected
standard and will be affected by circumstances that occur after the date of the evaluation. Partner’s
observations, analyses and opinions expressed within this report are not representations regarding
either the design integrity or the structural soundness of the project.

The report does not identify minor, inexpensive repairs or maintenance items, which are clearly part
of the subject property owner’s current operating budget so long as these items appear to be
addressed on a regular basis. The report does identify infrequently occurring maintenance items of
significant cost, such as exterior painting, roofing, deferred maintenance and repairs and
replacements that normally involve major expense or outside contracting.

The observation of the roof, façade and substructure contained herein cannot specifically state that
these items are free of leaks and/or water intrusion and should not be interpreted as such.
Comments made with respect to the condition of the systems are limited to visual observation and

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 3
 information provided by the designated site contacts and/or on-site representatives and their
contractors/vendors. The evaluation of these systems did not include any sampling and/or testing.
A more extensive evaluation is required if a comprehensive report on the condition of these systems
is required.

1.6.1 ADA Exclusion

The PCA performed for this report is not a comprehensive Americans with Disabilities Act
review. During the observation, only visual observations were performed without taking any
measurements. The observation is generally limited to common areas of the subject property
unless previously requested otherwise. Items noted typically include accessible parking spaces,
accessible routes to building entrances, and observations of interior publicly-accessible areas. Even
within this limited scope, all components of federally-required accessibility are not audited. Instead,
this review noted general design components such as routes of travel, door hardware, plumbing
amenities, elevator controls and signals, basic emergency alarm components and signage which
can be visually verified. This report also does not address any locally-administered accessibility
requirements.
In order to determine if a property meets all of the requirements of the ADA, a comprehensive
survey would be necessary.

1.6.2 Limiting Conditions

In addition, the performance of this observation was limited by the following conditions:

• Partner observed a representative sampling of dwelling units according to Freddie Mac

requirements. The observed conditions are presumed to be indicative of areas throughout the
subject property. Observed units were selected by Partner.
• Property roofs are pitched, not safely accessible, and were observed from ground level.
• Access to upper portions of the building façade was not provided. Observations of the façade
were conducted from ground level.
• The attic space was not made available for viewing conditions.
• Our pre-survey questionnaire was not completed at the time of the observation.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 4
2.0 DOCUMENT REVIEW AND DATA COLLECTION
2.1 SITE RECONNAISSANCE

This report is based on the observation conducted by Ruth Siegel on December 1, 2015. Weather
at the time of observation was partially cloudy to sunny with temperatures of approximately 65ºF.
Partner was escorted by Rachel Luczak and Robert Veliz during the observation.

2.2 PARTIES PRESENT DURING OBSERVATION

The following personnel were interviewed as part of the preparation of this report or were present
during the observation. Information obtained from the interviews is incorporated into the
appropriate Sections of this report.

Individual Position or Title Contact Number/Email

Mr. Robert Veliz Maintenance Supervisor (830) 990-0296

Ms. Rachel Luczak Director of Special Projects, (801) 716-5405

Bridge Property Management

2.3 REGULATORY COMPLIANCE INQUIRY

Building Codes City of Fredericksburg, Development Services Dept., Code Enforcement

No Violations Violations Awaiting Response

Contact: Ms. Shelley Britton Telephone: (830)-997-7521

City Secretary

Comments: A Freedom of Information Act letter was sent to the above municipality to request
any outstanding building code violations. To date, a response has not been received.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 5
 Fire or Life Safety City of Fredericksburg, Emergency Services, Fire Dept.

No Violations Violations Awaiting Response

Contact: Kyle Koch Telephone: (830)-990-2024

Fire Marshal

Comments: A Freedom of Information Act letter was sent to the above municipality to request
any outstanding Fire code violations. According to records on file with the City of
Fredericksburg there are no current violations on file for the subject property.

Zoning Codes City of Fredericksburg, Development Services Dept., Planning and

Development

No Violations Violations Awaiting Response

Contact: Ms. Shelley Britton Telephone: (830)-997-7521

City Secretary

Comments: A Freedom of Information Act letter was sent to the above municipality to request
any outstanding building code violations. To date, a response has not been received.

The subject property is designated as Zone R3 Multifamily on the current City of Fredericksburg
zoning map.

The information provided on this list does not constitute a detailed investigation. If possible,
Partner confirmed the provided information with on-site observations. Information provided by
others is assumed to be factual and complete. Information that is received within 30 days of the
site visit will be forwarded upon receipt.

2.4 DOCUMENT REVIEW

Partner reviewed the following documents as part of this report. Information obtained from the
documents is incorporated into the appropriate Sections of this report. If available, copies of the
referenced documents are included in the appendices.

• Gillespie County Appraisal District property information and map

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 6
 • City of Fredericksburg zoning map
• Rent roll
• Site plan
• Site survey by David C. Dick, Consulting Engineer, 5/27/99

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 7
3.0 SITE/TRACT IMPROVEMENTS
3.1 TOPOGRAPHY AND STORM DRAINAGE

The subject property is essentially flat with grading for landscape features and drainage to the
street. The topography before grading appears to have been a slope to the southeast. The
topography in the vicinity of the subject property is generally sloping slightly to the southeast.

Survey Condition and Analysis

The topography was observed to be in good overall condition.

Partner observed evidence of storm water runoff, consisting of silt deposits and erosion from the
adjacent property to the west at the easement, at the bare earth areas on the allee, and beside the
top of the retaining walls. Erosion was observed as beginning at bare soil areas at the walk between
Building #1 and #5, behind Building #3 and the leasing office, and at the entrance sign. Partner
recommends adding edging and stabilizing measures at barren ground areas. An opinion of cost
is included in Section III: Critical and Priority Repair Needs and Cost Estimate.

Partner observed ponding on the concrete paving at the easement and at the end of the allee
sidewalk. An immediate repair of regrading the pavement and sidewalk is recommended to
eliminate ponding. An opinion of cost is included in Section III: Critical and Priority Repair Needs
and Cost Estimate.

No other settling ponds, lagoons, surface impoundments, wetlands or natural catch basins were
observed.

3.2 RETAINING WALLS

The north and west perimeters of the subject property have limestone retaining walls. An allee, a
tree lined walk from east to west that separates the leasing office and Building #3 from the rest of
the property, is depressed with retaining walls to either sides. Retaining walls surround the play
area and decorate the open courtyard between Buildings #2 and #4. The retaining walls range up
to three feet tall.

Survey Condition and Analysis

The retaining walls appeared to be in good condition. Routine maintenance is expected throughout
the evaluation period.

3.3 LANDSCAPING AND IRRIGATION

Landscaped areas, consisting of grass-covered lawns, trees and shrubs are provided along the
perimeters of the subject buildings and Property. An underground automatic irrigation system is
provided.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 8
 Survey Condition and Analysis
Although operation of the sprinkler system was not directly tested, components are assumed to be
in proper working order, based on the general appearance and as reported by management. The
overall condition of the landscape materials appear to be in fair to good condition and the
maintenance practice by the landscape service appears adequate. As previously discussed in
Section 3.1, areas of bare soil with erosion occurring were observed.

3.4 PARKING, PAVING AND CURBING

Vehicular paving on the subject property consists of concrete-paved drive lanes with parking to
one or both sides. Concrete pavement is used at the driveway approaches on the eastern perimeter.

Painted parking stall stripes, accessible stall designation striping and drive/curb markings were
noted throughout parking areas.

Concrete curbs with integral gutters were observed in the parking areas, adjacent frontage
walkways and around perimeter and island landscaping locations.

Survey Condition and Analysis

The concrete-paved areas appear to be in good overall condition. Hairline cracks across the site’s
pavement, at approximately 50 foot intervals, and one long crack across from Building #2 are
recommended to be sealed as part of routine maintenance.

The pavement markings were observed to be in good condition. Based on EUL, the pavement
should be restriped during the evaluation period. An opinion of cost for this work is included in
Section IV: Capital Needs Over Loan Term.

The curbs and gutters appeared to be in good condition. Other than routine maintenance, which
includes minor concrete curb repair, no significant capital expenditures anticipated over the term.

3.5 WALKWAYS, GRADE-LEVEL STEPS AND RAMPS

Building entrance flatwork and pedestrian walkways consists of poured-in-place concrete

construction. Concrete steps were observed at the sidewalk grade change from Building #3 to the
allee.

Concrete patios are provided at ground floor units.

Survey Condition and Analysis

The pedestrian concrete walkways appear to be in good overall condition. Minor sectional
replacements may be required over time; however, this is considered to be routine maintenance.

Patios appear to be in good condition. Other than routine maintenance, no significant capital
expenditures anticipated over the reserve term. Painting of the patio walls is assumed to be
addressed at the time of the painting of the building exteriors.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 9
3.6 PERIMETER WALLS, GATES, AND FENCES

Wood stockade fencing is provided along the north, west, and south perimeters. The perimeter
fencing along the street-facing, east property line is painted metal fencing.

Painted metal fencing is provided around the swimming pool area.

Survey Condition and Analysis

The fencing and gates, including associated automatic gate mechanisms were noted to be in good
overall condition at the time of this observation. However, broken and/or leaning wood boards
were observed on all sides. Boards were observed as having water and dirt stains and some areas
of algae. Partner recommends repairing these affected areas at this time. An opinion of cost is
included in Section III: Critical and Priority Repair Needs and Cost Estimate.

3.7 EXTERIOR LIGHTS

Outdoor lighting is provided by building-mounted lighting fixtures, equipped with high-intensity

discharge lamps. Photocells control exterior lighting.

Survey Condition and Analysis

The observation was conducted during daylight hours and lighting operation could not be verified.
Based on the number of lights provided and the spacing, the lighting appears to be adequate and
was reported to be sufficient.

The light fixtures were observed and reported to be in good overall condition. Partner anticipates
that the light fixtures will require minimal repairs and replacements that can be addressed as part
of routine maintenance.

3.8 SITE AND BUILDING SIGNAGE

Property identification signage is mounted on a low-height concrete and stone monument sign
located adjacent to the main property entrance drive location. Buildings and apartment units are
identified with unit numbers mounted on the building exteriors and on the front of the entrance
door, respectively.

Survey Condition and Analysis

Signage was observed to be in good condition. Other than routine maintenance, no significant
capital expenditures are anticipated over the reserve term.

3.9 REFUSE TRANSFER AREA(S)

Solid waste dumpsters were observed along the western perimeter. The dumpsters are located on
concrete paving without enclosures. The dumpsters are the property of the waste collection
contractor.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 10
 Survey Condition and Analysis
The trash enclosures appeared to be in good overall condition. Other than routine maintenance,
no significant capital expenditures are anticipated over the reserve term.

3.10 OTHER SITE IMPROVEMENTS AND AMENITIES

One, in-ground, outdoor swimming pool is provided for resident use. The swimming pool is
constructed of concrete with ceramic tile at the water line. The concrete deck-walking surface forms
the coping to the pool. The support equipment for the pool is located at a concrete pad adjacent
to the leasing office building. The equipment consists of a water filter and circulating pump.

A playground equipment set is located on a graveled-covered area with an additional play area of
a concrete pad. A picnic table is located beside the playground.

Survey Condition and Analysis

The swimming pool appears to be in good condition and is reported to be Virginia Graeme Baker
Pool & Spa Safety Act (P&SS Act) compliant. Based on Partner’s assessment of the remaining useful
life (RUL) of the support equipment, some component replacements should be anticipated during
the evaluation period. The pool lining is in good condition, and replacement is anticipated during
the evaluation term. An opinion of cost for this work is included in Section IV: Capital Needs Over
Loan.
The pool deck appears to be in good overall condition. Partner noted some cracking within the
pool decking. The cracking does not appear to display vertical displacement. Partner recommends
sealing these cracks at this time as part of routine maintenance.
The remaining site amenities were noted to be in good condition. Routine maintenance is
anticipated during the evaluation period.

3.11 UTILITY SERVICE PROVIDERS

Utility Provider

Water City of Fredericksburg

Sanitary Sewer City of Fredericksburg

Storm Water City of Fredericksburg

Electric City of Fredericksburg

Gas None

Survey Condition and Analysis

The utility services were reported by property management as all supplied by the City of
Fredericksburg and to be in good condition and are reported to be adequate for the property’s
needs. Routine maintenance is anticipated during the evaluation period.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 11
3.12 SPECIAL UTILITY SYSTEMS

Special utility systems are not present.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 12
4.0 BUILDING ENVELOPE
4.1 FOUNDATION/SUBSTRUCTURE

Based on our experience with similar structures and observations, the substructures appear to be
constructed of reinforced-concrete spread footings supporting concrete slabs-on-grade and
continuous perimeter and interior bearing walls.

Survey Condition and Analysis

Observed floors generally appear to be level with no unusual or significant displacement. The
foundations and substructures appear to be in good condition, and will require routine
maintenance over the reserve term. Normal monitoring of the foundation is anticipated during the
term.

4.2 SUPERSTRUCTURE

Each building frame consists primarily of wood-frame construction supporting the roofing system.
The upper-level framing system consists of wooden beams and joists supporting plywood floor
decking with a lightweight concrete topping. The roof framing system consists of wood framing
supporting plywood sheathing.

Survey Condition and Analysis

The superstructure and flooring of the subject buildings are in good overall condition. Observed
floors appeared to be level. No significant signs of deflection or movement were observed. No
signs of water intrusion from the outside were observed. Based on the observed conditions, no
significant repair or replacement expenditures are anticipated.

No indications of fire-retardant plywood were noted.

4.3 ROOFING

4.3.1 Surfacing and Flashing

The roofing systems consist of asphalt-composition shingles supported by pitched decks.

Survey Condition and Analysis

The roofing appears to be in good overall condition. According to the site contact, the age of the
roofing is unknown. Based on observations, the roofs appear to be original (i.e. 17 years old). No
roof leaks were reported at the time of the observation. Partner did not observe interior signs of
water damage from roof leaks. Based on their EUL and observed condition, replacement of the
asphalt shingle roofing is anticipated during the evaluation period. An opinion of cost for this work
is included in Section IV: Capital Needs Over Loan Term.

No warranty information was provided.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 13
 4.3.2 Drainage

Storm water runoff for the roof is directed to gutters and downspouts connected to underground
drains that discharge directly to the driveway pavement.

Survey Condition and Analysis

Roof drains were observed to be in good overall condition. Roof drains should be repaired or
replaced as needed during roof replacement activities.

4.3.3 Roof-Mounted Items

No roof-mounted equipment was observed.

4.4 EXTERIOR WALLS, WINDOWS, AND DOORS

4.4.1 Exterior Walls

The building exteriors are finished with painted stucco and limestone perimeter walls with painted
cementitious siding breezeways. Additional painted wooden surfaces consist of eave boards, and
building soffits.

Survey Condition and Analysis

The exterior walls were observed in generally good condition. Typically, gable ends of the buildings
have painted wood bargeboards where the paint is worn and peeling, particularly near the top.
Partner recommends an immediate repair of repainting the bargeboards. An opinion of cost is
included in Section III: Critical and Priority Repair Needs and Cost Estimate.

Based on the average effective useful life of paint coatings, exterior painting is anticipated during
the analysis period. Partner recommends additional maintenance consisting of cleaning the
exterior surfaces and applying new caulking and sealants as needed. An opinion of cost for this
work is included in Section IV: Capital Needs Over Loan Term.

4.4.2 Windows

The subject buildings are provided with single-hung, double-pane windows in aluminum frames.

Survey Condition and Analysis

Exterior windows were observed to be in good overall condition. No signs of window leaks or
condensation were evident during the observation. Window caulking was observed to be intact,
with no signs of deterioration. Routine maintenance is expected throughout the evaluation period.

4.4.3 Doors

Apartment entry doors are painted, metal-faced, solid core wood set in wooden frames. Door entry
hardware at ground floor units is typically a lever with separate, locking deadbolt. Door entry
hardware at second floor units is typically a knob with separate, locking deadbolt.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 14
 The leasing office entry door consists of a fully-glazed, wood door in wood frame, with lever and
separate, locking deadbolt.

Survey Condition and Analysis

The doors are reported and observed to be in good overall condition. According to the property
management, the doors are replaced on an as-needed basis. Routine maintenance is expected
throughout the evaluation period.

4.5 BUILDING-MOUNTED STAIRS, BALCONIES AND ELEVATED WALKWAYS

4.5.1 Balconies

Balconies are constructed of wooden substructures with plywood sheathing and concrete topping.
The balconies are sidewall supported. The balcony decks are sloped towards the exterior and away
from the building walls. The balcony guardrails are constructed of painted metal railings. Balcony
soffits consist of painted exterior gypsum board.

Survey Condition and Analysis

The balconies appear to be in good condition. Other than routine maintenance, no significant
capital expenditures anticipated over the reserve term. Painting of the balcony guardrails is
assumed to be addressed at the time of the painting of the building exteriors.

4.5.2 Stairs

The apartment buildings have exterior stairs providing access to the second floor apartment units.
Exterior stairs are steel-framed with concrete treads on steel angles. Steel pipe guardrails are
located on the open sides. Observed steel components are painted.

Survey Condition and Analysis

The stairs appear to be in good overall condition. Normal maintenance is anticipated during the
term. Painting of the steel components and surrounding enclosure walls is assumed to be
addressed at the time of the painting of the building exteriors.

Partner recommends that property management and maintenance personnel routinely inspect
exterior components for damage. In general, exterior stairwells and associated components should
be addressed on an as-needed basis as part of routine maintenance. Exterior metal components
should be treated for corrosion during exterior repainting activities.

4.5.3 Elevated Walkways, Elevated Landings and Breezeways

The buildings have exterior stairs providing access to the upper-floor apartment units by way of
wood-framed elevated landings and breezeways. The elevated landings and breezeways are
constructed of wooden substructures with plywood sheathing and concrete topping. Painted metal
guard rails are installed at open landing perimeters. Soffits consist of painted plywood with painted,
wood trim at joints.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 15
 Survey Condition and Analysis
The elevated landings and breezeways appear to be in good condition. Other than routine
maintenance, no significant capital expenditures anticipated over the reserve term. Painting of the
elevated landing guard rails is assumed to be addressed at the time of the painting of the building
exteriors.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 16
5.0 MECHANICAL AND ELECTRICAL SYSTEMS
5.1 HEATING, VENTILATION, AND AIR CONDITIONING

The dwelling units are heated and cooled by split system air conditioners with electric heating. The
fan coil unit is recessed in the bathroom ceiling with a condensate drip to the tub plumbing. The
air-conditioning condensing unit is pad-mounted on grade.

Ventilation from the toilet rooms is provided by central fans which vent through the roofs.

Survey Condition and Analysis

The fan coils and condensing units appeared to be generally in good condition. The fan coil and
condensing units were reported to vary in age with periodic repairs performed as part of routine
maintenance. Replacement of condensing units is anticipated during the evaluation period. An
opinion of cost for this work is included in Section IV: Capital Needs Over Loan Term. Based on EUL,
the fan coil units are generally expected to last beyond the term; however, limited early
replacements are included in Section IV: Capital Needs Over Loan Term to account for early failures.

5.2 PLUMBING AND DOMESTIC HOT WATER

5.2.1 Piping

Domestic water piping was reported by property management to be CPVC, throughout the
structures. Partner observed CPVC and copper piping at hot water heaters. Sanitary drainage and
vent piping is reported by property management and observed by Partner to be PVC.

Survey Condition and Analysis

The plumbing systems were reported to be in good overall condition. Normal maintenance is
anticipated during the evaluation term.

5.2.2 Hot Water

Domestic hot water is provided by 50-gallon tank capacity, electric water heaters installed in each
unit. The majority of the units observes are manufactured by Goodman.

Survey Condition and Analysis

The water heaters appeared to be in good overall condition. The units were reported to be of
varying ages. Partner anticipates replacement of water heaters during the evaluation period. An
opinion of cost is included in Section IV: Capital Needs over Loan Term.

5.3 GAS DISTRIBUTION

Natural gas service is not supplied to the subject property.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 17
5.4 ELECTRICAL WIRING

Electrical service is delivered to several pad-mounted, utility-owned transformers located in the

landscaped areas. Main electrical service to each building is provided by 120/240 volt, three-wire
main distribution panels to meters on the side of each building.
Circuit breaker panels for lighting and power controls are located in each dwelling unit. The
electrical service provided for each unit is 110 amps. The interior lighting is a combination of surface
and suspended fluorescent or incandescent fixtures.
Ground fault circuit interrupter (GFCI) outlets were observed in kitchens and bathrooms. Electrical
branch wiring was observed by Partner in Unit 413 and reported by the maintenance supervisor to
be copper.

Survey Condition and Analysis

The electrical power was reported to be adequate. The circuit breaker panels and electrical meters
appeared to be in good condition. Normal maintenance is anticipated during the evaluation term.

5.5 ELEVATORS

Elevators are not provided at the subject property.

5.6 LIFE SAFETY SYSTEMS

5.6.1 Fire Suppression Systems

Handheld fire extinguishers were observed at several tenant spaces in hall clothes closets.

Survey Condition and Analysis

The fire extinguishers were observed to be in good condition. The extinguishers were observed to
have current inspection certifications (dated May 2015) from Heart of the Hills Fire & Safety, Inc.
Routine maintenance is expected throughout the evaluation period.

5.6.2 Alarm Systems

Hardwired smoke detectors are provided in each dwelling unit.

Survey Condition and Analysis

The smoke detectors were observed be in good overall condition. No actions are recommended
presuming routine testing is performed.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 18
6.0 INTERIOR ELEMENTS
6.1 COMMERCIAL AREAS

No commercial areas are present.

6.2 COMMON AREAS

A one-story clubhouse building houses the leasing office, a lounge area, kitchenette, fitness room
and restrooms. The building is of similar construction to the apartment buildings. The community
room has furnishings, television, and a small kitchen area that can be used by tenants of the
apartment complex. The finishes consist of ceramic tile and carpet flooring, and painted drywall
ceilings and walls. Lighting consists of recessed incandescent fixtures and surface mounted
fluorescent light fixtures.

One laundry room with coin-operated washers and dryers is located at the center of the subject
property in a laundry/maintenance building. The coin-operated washers and dryers are owned,
serviced and maintained by an outside vendor. Finishes for the laundry room include vinyl
composition tile (VCT) flooring and painted drywall partitions and ceilings.

The clubhouse restrooms and hallway finishes consist of ceramic tile floors and painted drywall
ceilings and walls. Lighting consists of recessed incandescent fixtures.

Survey Condition and Analysis

Common area finishes were observed to be in good overall condition. Replacement of the common
area flooring is anticipated during the evaluation period. An opinion of cost for this work is included
in Section IV: Capital Needs Over Loan Term.

6.3 RESIDENTIAL UNITS

6.3.1 Observed Units

Partner observed over ten percent of the residential units, including a minimum of 50% of vacant
units. No down units were identified at the time of the assessment by management.

Observed units were noted to be in good overall condition. Observed units were selected by
Partner. Refer to the Form 1105 Section I for a list of units viewed, sizes and occupancy.

6.3.2 Walls, Ceilings and Interior Doors

The interior walls consist primarily of painted gypsum wall-board. The ceilings are primarily painted
smooth gypsum board. Interior doors are painted, hollow core wood set in wood frames.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 19
 Survey Condition and Analysis
According to property management, interior finishes are replaced as-needed or during tenant
turnover. Overall, the interior finishes appeared to be in good condition with no significant
deficiencies. Painting of the dwelling unit interiors is considered to be part of the operational
budget and no costs are included in this report.

Based on our observations, no problematic drywall is in use at the subject property.

6.3.3 Flooring

The flooring is comprised of carpeting in the unit living and bedroom areas, and carpeting or vinyl
plank flooring in the dining room areas, with sheet vinyl or vinyl plank flooring in the kitchen, utility,
bathroom and entry landing areas.

Survey Condition and Analysis

According to property management, flooring finishes are replaced as-needed or during tenant
turnover. Overall, the flooring appeared to be in good condition. Partner anticipates replacement
of flooring during the evaluation period. An opinion of cost for this work is included in Section IV:
Capital Needs Over Loan Term.

6.3.4 Cabinetry and Fixtures

The kitchens are equipped with stainless steel sinks, composition board cabinets and plastic
laminate on particle board countertops. Typical bathroom fixtures include a floor-mounted, tank-
type commode, a lavatory with a vanity, and a shower/bathtub arrangement with a one-piece
fiberglass surround.

Survey Condition and Analysis

According to property management, kitchen and bathroom fixtures are replaced as-needed or
during tenant turnover. Overall, the fixtures appeared to be in good condition with no significant
deficiencies. Routine maintenance is anticipated during the term.

6.3.5 Appliances

Each residential unit is provided with the following appliances: frost-free refrigerators, dishwashers,
electric oven-cooktop units, and garbage disposals.
Hook-ups for washers and dryers are provided, however, the tenant must provide their own units.

Appliances are manufactured by Kenmore and Hotpoint and are of various ages.

Survey Condition and Analysis

According to property management, appliances are replaced as-needed or during tenant turnover.
Overall, the appliances appeared to be in good condition with no significant deficiencies. Partner
anticipates replacement of appliances during the evaluation period. An opinion of cost for this
work is included in Section IV: Capital Needs Over Loan Term.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 20
7.0 MICROBIAL AND WOOD-DESTROYING ORGANISM SURVEY
7.1 MICROBIAL

Microbial growth (e.g., mold or fungus) typically occurs when excess moisture is present. Porous
building materials such as gypsum board, insulation in walls and ceilings, and carpeting retain
moisture and become microbial growth sites if moisture sources are not controlled or mitigated.
Potential sources of moisture include rainwater intrusion, groundwater intrusion, condensation on
cold surfaces, and water leaks from building systems (e.g., plumbing leaks, HVAC system leaks,
overflowing drains, etc.). Inadequate ventilation of clothes dryers and shower stalls may also result
in excess moisture conditions. Microbial growth may be clearly visible (e.g., ceramic tile mortar in
shower stalls) or may be concealed with no visible evidence of its existence (e.g., inside wall cavities).
As part of the walk-through survey, Partner observed areas susceptible to water penetration and
potential mold locations. Partner performed a limited visual and olfactory survey for the
conspicuous presence of mold. Destructive sampling was not included in the scope of work for this
survey. The observation consisted of gaining entry to interior spaces and visually evaluating the
accessible areas.
Management reported that mold or microbial growth has not been observed at the subject
property, with the exception at Unit 413, and that tenant occupants have not had complaints
concerning mold or microbial growth. Ms. Luczak indicated that no formal indoor air quality
management plan currently exists at the subject property. Partner identified no documents
regarding indoor air quality or microbial concerns.
Management was not aware of any roof leaks, water leaks or infiltration and associated damage
from pipes, fixtures, or HVAC systems at the subject property, with the exception at Unit 413. No
flood drain or ground water problems were reported.
Mr. Veliz reported that the shower at the occupied unit above Unit #413 leaked, but the tenant
delayed reporting the leak for a few weeks. As observed, the bathroom in Unit #413 had suspect
microbial growth formed on the ceiling gypsum board and possible floor joist. Repairs are
recommended to the unit which include cleaning the walls, ceiling, and exposed framing and
subfloor, replacing gypsum wallboard, and painting. An opinion of cost to repair this area is
included in Section III: Immediate Repair Needs and Cost Estimate.

7.2 WOOD-DESTROYING ORGANISMS

As part of the walk-through survey, Partner observed the subject property for visual signs of
damage caused by potential wood-destroying organisms including granular pellets, mud tubes, dry
rot, or swarming activity indicative of organism activity as required based on the Freddie Mac
Guidelines in sections 14.5(a) and 14.5(b).
Management did not report whether the subject property is routinely inspected and treated.
Partner is not a licensed termite inspector. This report is not intended to be construed, perceived,
or substituted for a termite report. Partner does not access crawl spaces, excavated sections around

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 21
 the foundation, view behind walls, or attic spaces, where additional indications of organism activity
may be present.
No visual indications of wood-destroying organisms were noted in the areas observed.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 22
8.0 NATURAL HAZARD INFORMATION
Partner reviewed readily-available materials to obtain the following information. Determination of
site-specific conditions is not within the scope of this report and may require additional
investigation.

8.1 FLOOD

Partner performed a review of the Flood Insurance Rate Map, published by the Federal Emergency
Management Agency. Flood hazard areas identified on the Flood Insurance Rate Map are identified
as a Special Flood Hazard Area (SFHA). SFHA are defined as the area that will be inundated by the
flood event having a 1-percent chance of being equaled or exceeded in any given year. The 1-
percent annual chance flood is also referred to as the base flood or 100-year flood. SFHAs are
labeled as Zone A, Zone AO, Zone AH, Zones A1-A30, Zone AE, Zone A99, Zone AR, Zone AR/AE,
Zone AR/AO, Zone AR/A1-A30, Zone AR/A, Zone V, Zone VE, and Zones V1-V30. These areas
required Flood Insurance. Moderate flood hazard areas, labeled Zone B or Zone X (shaded) are
also shown on the FIRM, and are the areas between the limits of the base flood and the 0.2-percent-
annual-chance (or 500-year) flood. The areas of minimal flood hazard, which are the areas outside
the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood, are labeled Zone
C or Zone X (unshaded).

According to Community Panel Number C288, dated October 19, 2001, the subject property
appears to be located in Flood X.

8.2 WIND

Partner performed a review of the Wind Zone Map, published by the Federal Emergency
Management Agency. According to the map, the subject property appears to be located in Wind
Zone III, an area with design winds speeds up to 200 miles per hour. The subject property does not
appear to be located in a special wind region or hurricane-susceptible zone.

8.3 SEISMIC

Partner performed a review of the Property’s horizontal Peak Ground Acceleration (PGA) as dictated
by the United States Geological Survey (USGS) website. Based on the analysis of the PGA with an
exceedance probability of 10% in 50 years also known as the 475-year PGA, the property is
determined to be: 0.00894g.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 23
9.0 ACCESSIBILITY ISSUES
As part of the observation, Partner has conducted a limited accessibility survey. The scope of our
survey consisted of a visual survey to determine the existence of architectural barriers or physical
attributes of the subject property, which affect on-site parking, path of travel into and through
public areas of the building, and elevators, as applicable. Furthermore, the scope of our survey
scope includes only the federal requirements of the ADA and FHAA. Partner’s observations were
limited to the places of public accommodation on the subject property for ADA accessibility issues.

9.1 AMERICANS WITH DISABILITIES ACT COMPLIANCE

In July 1990, the Americans with Disabilities Act (ADA) was signed into law, extending civil rights
protection for persons with disabilities. Generally, Title III of the ADA prohibits discrimination by
entities to access and use of “areas of public accommodations” and “commercial facilities” on the
basis of disability. Regardless of their age, these areas and facilities must be maintained and
operated to comply with the ADA.
Buildings completed and occupied after January 26, 1992 are required to fully comply with ADA.
Existing facilities constructed prior to this date are held to the lesser standard of complying with
the extent allowed by structural feasibility and the financial resources available, or a reasonable
accommodation must be made.
At a multi-family residential development, areas that are required to comply with ADA standards
typically include the leasing office and commercial spaces, if applicable (i.e., “areas of public
accommodation”). Design elements indicative of accessibility compliance include, but are not
limited to: a van accessible parking space with adjacent access aisle near the leasing office and
commercial spaces (if applicable), an accessible route of travel from these parking spaces to the
area of public accommodation, and adequate access throughout the interior, including visitor
restroom facilities.
Based upon our limited survey, no readily apparent limitations were found or reported.
Future renovations or alteration of the subject property may require additional proportional
compliance with ADA requirements. This determination should be made by the local governing
authority when permit acquisition for renovation is made.

9.2 FEDERAL FAIR HOUSING AMENDMENT ACT COMPLIANCE

The Fair Housing Amendment Act of 1988 (FHAA) requirements cover buildings consisting of four
or more dwelling units with first occupancy after March 13, 1991. If such buildings have one or
more elevators, all dwelling units are covered by the Act; otherwise, in buildings without elevators,
only ground floor dwelling units are covered by the Act. Townhouses are exempted from the Act.
The Department of Housing and Urban Development (HUD) has published Final Design Guidelines
(see Federal Register, 24 CFR, Vol. 56, No. 44, March 6, 1991, page 9497).
The subject property was first occupied after March 13, 1991; as such, it is required to comply with
the provisions for existing buildings under the FFHA.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 24
 No apparent deficiencies were noted. Partner makes no further recommendations with regards to
FFHA compliance at the subject property.

Property Condition Assessment

Project No. 15-152090.1
December 7, 2015
Page 25
 FIGURES

1- SITE LOCATION MAP

2- SITE PLAN
Aerial photos and Maps are obtained from public sources that may not be current. For reference only. Site North is Up

FIGURE 1: SITE LOCATION MAP

Project No. 15-152090.1
 K EY:

Subject Site

FIGURE 2: SITE PLAN

Project No. 15-152090.1
APPENDIX A: SITE PHOTOGRAPHS
1. Street view from southeast on South Eagle St. 2. Signage at main entry.

3. View west along north property boundary. 4. View south along west property boundary.

5. View east along south property boundary. 6. View west along allee

SITE PHOTOGRAPHS
Project No. 15-152090.1
7. Swimming pool and deck. 8. Pool equipment next to leasing office.

9. Play equipment, playground pad, and 10. Leasing office/community building.

maintenance/laundry building.

11. Handicapped, van-accessible parking at leasing 12. Building #5 elevation.

office.

SITE PHOTOGRAPHS
Project No. 15-152090.1
13. Courtyard with rear of Building. #4 at right. 14. Building #1 at left and one-story end of Building
#5.

15. Building #3 center portion. 16. Typical breezeway.

17. Typical exterior building stairway. 18. Typical patio.

SITE PHOTOGRAPHS
Project No. 15-152090.1
19. Leasing office. 20. Leasing office restroom.

21. Laundry room. 22. Living room at Unit #403.

23. Vinyl flr. at entry landing. Vinyl at dining rm. at 24. Bedroom at Unit #212.
rear, at Unit #413; some dining areas have carpet.

SITE PHOTOGRAPHS
Project No. 15-152090.1
25. Kitchen at Unit #311 with vinyl plank flooring. 26. Bathroom at Unit #105 with sheet vinyl flooring.
Some kitchens have sheet vinyl. Some bathrooms have vinyl plank flooring.

27. Area between Building #1 and #5 with condensers 28. Typical under sink plumbing.
and elect, meters. Erosion of soil onto sidewalk.

29. Typical water heater in washer/dryer closet. 30. Copper wiring at Unit #413 electric breaker panel.

SITE PHOTOGRAPHS
Project No. 15-152090.1
31. Copper wiring at outlet at Unit #413. 32. Copper wiring at switch at Unit #413.

33. Typical fire extinguisher in hall closet. 34. Ponding at west end of allee and at driveway
pavement in drainage easement.

35. Bare soil at planting strip at west property 36. East end of property and allee, with erosion.
boundary, and erosion onto driveway, opposite
west end of allee.

SITE PHOTOGRAPHS
Project No. 15-152090.1
37. Erosion and bare soil at retaining wall at allee, with 38. Bare soil and erosion behind Building #3.
bare soil at allee. Building #2 at left.

39. Crack parallel to pool edge. 40. Cracks at pool corner.

41. Paint worn off and peeled at bargeboard at 42. Paint worn off and peeling at Building #2.
Building #4.

SITE PHOTOGRAPHS
Project No. 15-152090.1
43. Unit #413, opened ceiling at leak from unit above. 44. Unit #413 suspect microbial growth.

45. Suspect microbial growth at ceiling opposite from 46. Damaged fence.
tub.

SITE PHOTOGRAPHS
Project No. 15-152090.1
APPENDIX B: SUPPORTING DOCUMENTATION
11/25/2015 Gillespie CAD - Property Details

Gillespie CAD

Property Search Results > 13227 PC BRENTWOOD LLC for Year 2015

Property
Account
Property ID: 13227 Legal Description: BRENTWOOD OAKS LOT 2 & 3, 5.059
Geographic ID: S0175‐0000‐000200 Agent Code: ID:81955
Type: Real    
Property Use Code: APT    
Property Use Description: APARTMENT    
Location
Address: 604 S EAGLE ST  Mapsco:
TX
Neighborhood: BRENTWOOD OAKS Map ID: 21
Neighborhood CD: S0175
Owner
Name: PC BRENTWOOD LLC Owner ID: 219766
Mailing Address: %PEAK CAPITAL PARTNERS  % Ownership: 100.0000000000%
4956 NORTH 300 WEST, STE 300 
PROVO, UT 84604
    Exemptions:

Values
(+) Improvement Homesite Value: + $0  
(+) Improvement Non‐Homesite Value: + $2,763,110  
(+) Land Homesite Value: + $0  

https://propaccess.trueautomation.com/clientDB/Property.aspx?prop_id=13227 1/5
11/25/2015 Gillespie CAD - Property Details

(+) Land Non‐Homesite Value: + $161,890  Ag / Timber Use Value

(+) Agricultural Market Valuation: + $0 $0
(+) Timber Market Valuation: + $0 $0
    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐  
(=) Market Value: = $2,925,000  
(–) Ag or Timber Use Value Reduction: – $0  
    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐  
(=) Appraised Value: = $2,925,000  
(–) HS Cap: – $0  
    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐  
(=) Assessed Value: = $2,925,000  

Taxing Jurisdiction
Owner: PC BRENTWOOD LLC    
% Ownership: 100.0000000000%    
Total Value: $2,925,000    

Entity Description Tax Rate Appraised Value Taxable Value Estimated Tax    

CAD GILLESPIE CENTRAL APPRAISAL DISTRICT 0.000000 $2,925,000 $2,925,000 $0.00    
CFB CITY OF FREDBG 0.231300 $2,925,000 $2,925,000 $6,765.53    
G086 GILLESPIE COUNTY 0.414700 $2,925,000 $2,925,000 $12,129.98    
HUW HILL CNTRY UWCD 0.007800 $2,925,000 $2,925,000 $228.15    
SFB FREDBG ISD 1.146200 $2,925,000 $2,925,000 $33,526.35    
WCD WCID 0.000200 $2,925,000 $2,925,000 $5.85    
  Total Tax Rate: 1.800200      
    Taxes w/Current Exemptions: $52,655.86    
    Taxes w/o Exemptions: $52,655.85    

Improvement / Building
https://propaccess.trueautomation.com/clientDB/Property.aspx?prop_id=13227 2/5
11/25/2015 Gillespie CAD - Property Details

Improvement COMMERCIAL State B1 Living 74396.0 sqft Value: $2,763,110

#1: Code: Area:
  Class Year
Type Description Exterior Wall SQFT
CD Built
  MA MAIN AREA APT4 1998 5520.0
  MA MAIN AREA APT4 1998 15248.0
  MA MAIN AREA APT4 1998 7888.0
  MA MAIN AREA APT4 1998 15840.0
  MA MAIN AREA APT4 1998 29900.0
  CNPG CANOPY GOOD APT4 1998 7257.0
  POOL POOL APT4 1998 5500.0
  ASPH ASPHALT APT4 1999 43560.0

Land
# Type Description Acres Sqft Eff Front Eff Depth Market Value Prod. Value
1 UI URBAN INTERIOR 5.0590 220413.60 0.00 0.00 $161,890 $0

Roll Value History
Year Improvements Land Market Ag Valuation Appraised HS Cap Assessed
2016 N/A N/A N/A N/A N/A N/A
2015 $2,763,110 $161,890 0 2,925,000 $0 $2,925,000
2014 $2,438,110 $161,890 0 2,600,000 $0 $2,600,000
2013 $1,555,676 $161,890 0 1,717,566 $0 $1,717,566
2012 $1,555,676 $161,890 0 1,717,566 $0 $1,717,566
2011 $1,555,676 $161,890 0 1,717,566 $0 $1,717,566
2010 $1,555,676 $161,890 0 1,717,566 $0 $1,717,566
2009 $1,555,676 $161,890 0 1,717,566 $0 $1,717,566
2008 $1,668,210 $161,890 0 1,830,100 $0 $1,830,100

https://propaccess.trueautomation.com/clientDB/Property.aspx?prop_id=13227 3/5
11/25/2015 Gillespie CAD - Property Details

2007 $1,588,070 $161,890 0 1,749,960 $0 $1,749,960

2006 $1,588,110 $161,890 0 1,750,000 $0 $1,750,000
2005 $1,588,110 $161,890 0 1,750,000 $0 $1,750,000
2004 $1,588,110 $161,890 0 1,750,000 $0 $1,750,000
2003 $1,588,110 $161,890 0 1,750,000 $0 $1,750,000
2002 $1,838,110 $161,890 0 2,000,000 $0 $2,000,000
2001 $1,838,110 $161,890 0 2,000,000 $0 $2,000,000
2000 $1,848,230 $151,770 0 2,000,000 $0 $2,000,000
1999 $2,498,230 $151,770 0 2,650,000 $0 $2,650,000
1998 $0 $48,000 0 48,000 $0 $48,000
1997 $0 $48,000 0 48,000 $0 $48,000
1996 $0 $48,000 0 48,000 $0 $48,000
1995 $0 $48,000 0 48,000 $0 $48,000

Deed History ‐ (Last 3 Deed Transactions)

# Deed Type Description Grantor Grantee Volume Page Deed

Date Number
1 2/4/2014 SWD SPECIAL WARRANTY DEED
BRENTWOOD PC 20140465
OAKS BRENTWOOD
APARTMENTS LLC
LTD
2 12/17/1996 WDVL WARRANTY DEED VENDORS LIEN KOWERT, BRENTWOOD 317 238 0
OLIVER C W OAKS
TRUST APARTMENTS
LTD
3 8/5/1993 WD WARRANTY DEED KOWERT, KOWERT, 251 992 0
OLIVER C W OLIVER C W
TRUST

Questions Please Call (830) 997‐9807
Click here to be taken to the Gillespie Tax Property Search to find TAXES DUE.
https://propaccess.trueautomation.com/clientDB/Property.aspx?prop_id=13227 4/5
11/25/2015 Gillespie CAD - Property Details

Website version: 1.2.2.10 Database last updated on: 11/23/2015 8:23 PM © N. Harris Computer Corporation

https://propaccess.trueautomation.com/clientDB/Property.aspx?prop_id=13227 5/5
  (http://www.brentwoodoaksapartments.com)

 11/25/2015

 (830) 990-0296
Brentwood Oaks
604 S Eagle St |  Phone: 8309900296

Beautiful gated located in the heart of the Hill Country, providing the amenities and life style you deserve at an affordable price! 74 units. 1, 2, and 3 bedroom
homes.  Call for a tour.
Floor Plans

1 Bedroom 2 Bedroom

1 Bed / 1 Bath 2 Beds / 2 Baths
676 SF 981 SF

Call for Details $805
 3 Bedroom

3 Beds / 2 Baths
1150 SF

$840

Amenities

Community Amenities

 24 Hour Fitness Center  24 Hour On-Call Manager and Maintenance  Children's Play Area  Gated Community

 Onsite Laundry Facilities  Our community is protected by Fire Avert  Sparkling Swimming Pool

Apartment Amenities
 Full Size Washer/Dryer Connections in Each

Home

Pet Policy
Comments: Breed Restricted up to 30lbs. Pets - allowed, Deposit $300.00,

*Available in selected units

Office Hours
Mon-Fri - 08:30 AM-05:30 PM
Our Location
 Brentwood Oaks 

604 S Eagle St

Fredericksburg,TX 78624|  Phone: 8309900296

ADDRESS
Brentwood Oaks
604 S Eagle St
Fredericksburg, TX 78624
(830) 990-0296

OFFICE HOURS
Mon-Fri: 08:30 AM-05:30 PM

Terms and Conditions (termsandconditions.aspx) Privacy Policy (privacypolicy.aspx)  2015 Bridge Property Management

Translate this Page
APPENDIX C: QUALIFICATIONS
Ruth Siegel, R.A.
Partner Associate

Education
Master of Architecture, University of California, Berkeley, 1986
Bachelor of Environmental Design, University of Kansas, 1980
University College London, 1978-79
Texas Accessibility Academy, 2011

Registrations
Architect, State of Texas, #20398

Summary of Professional Experience

Ms. Siegel has over 20 years of experience in the architecture service industry. She has more
than three years experience performing Property Condition Assessments (PCAs) on multifamily
properties and two years experience performing these assessments for financial institutions.

She has significant experience in due diligence assessments for a variety of property types and
the needs and requirements of a varied number of reporting standards, including ASTM
standards and customized client formats, including HUD Freddie Mac and Fannie Mae. Ms.
Siegel has also worked with the current Fair Housing standards. Specifically, Ms. Siegel has
performed Property Condition Assessments (PCAs) and Construction Progress Monitoring.

Ms. Siegel has worked as an architect, project manager, and team member for architecture firms
in Texas, California, and Oregon. Her work includes institutional, industrial, commercial, and
residential projects built of concrete, steel, and wood framing. Ms. Siegel has experience doing
design, construction drawings, specifications writing, cost estimating, and construction
observation. Projects have included work for San Francisco International Airport, San Francisco
State University, Levi Strauss & Co., San Francisco’s Tenants and Owners Development
Corporation, Oregon Health Sciences University, and Austin Public Library.

Finally, Ms. Siegel’s diversity across residential, industrial, municipal, and commercial
environments is a major contribution to Partner Engineering and Science’s Associate team in the
Southwest region of the United States.
Brandon J. Henricks, LEED AP
Building Science Technical Team Lead

Education
Virginia Polytechnic Institute & State University
Bachelor of Science, Building Construction (College of Architecture)

Registrations
LEED Accredited Professional
HUD Multifamily Accelerated Processing (MAP) Certification

Summary of Professional Experience

Mr. Henricks has over 12 years of experience in the engineering and construction industries. He
has been involved in over 2,200 engineering due diligence assessments for a variety of property
types. He has at least three years experience performing assessments on multifamily properties
and at least two years experience performing Property Condition Assessments (PCAs) for
financial institutions. Of note, Mr. Henricks specializes in the performance and technical review
of Partner’s equity-level Property Condition Assessments, as well as Fannie Mae and Freddie
Mac Property Condition Assessments.

Additionally, Mr. Henricks has performed Property Condition Assessments (PCAs), Americans
with Disabilities Act (ADA) Compliance Surveys, Construction Progress Monitoring services,
and Phase I Environmental Site Assessments.

Prior to joining Partner, Mr. Henricks served as a construction manager leading the design and
construction of multiple commercial buildings in the states of Virginia, Maryland, North
Carolina, and the District of Columbia. In that role, he was responsible for the turn-key program
management of multiple, simultaneous projects totaling approximately $250 million in program
value. He performed regular project cost reviews and design document quality control reviews,
with an emphasis on mechanical/electrical/plumbing coordination. Mr. Henricks was also
responsible for evaluating potential change order issues and proactively managing time extension
claims, and for negotiating their resolution with project contractors.

In addition to performing regular quality control reviews of in-progress construction, he was

responsible for managing, tracking, and reporting construction progress to high-level project
stakeholders, and for reviewing the contractors’ monthly payment requests. In this role, Mr.
Henricks reviewed over 200 monthly progress payment requests.

Mr. Henricks has been involved in a variety of renovation projects as well as new construction
projects across a variety of project types that include educational, healthcare, high-rise
residential, athletic facilities, warehouse/light industrial, parking garage, and site development.
Finally, Mr. Henricks' diversity across commercial, industrial, and multi-family residential
environments is a major contribution to Partner Engineering and Science’s Associate team in the
Southeast region of the United States.

Some relevant project experience includes:

• Confidential Client, Equity Portfolio, Nationwide – Technical reviewer for a 33-site equity-
level PCA portfolio of auto-body repair properties located throughout the United States.

• Confidential Client, Equity PCA, Columbia, South Carolina – Site assessor for a landmark
20-story high-rise office building (approximately 500,000 GSF) in the central business
district of Columbia, SC. Included coordinating the on-site assessment with elevator and
structural sub-consultants, as well as incorporating their findings into the overall PCA report.

• Confidential Client, Equity Portfolio, Detroit, Michigan – Site assessor for a 13-site equity-
level PCA portfolio of client-owned properties that included a wide variety of structures/uses
and ages. Property types included mid- and high- rise senior living residential, commercial
office, educational and student services, athletic facilities, and one 1500-acre camp facility
with approximately 200 individual structures.

• Goodwin House Bailey’s Crossroads, Continuing Care Retirement Community Expansion,

Bailey’s Crossroads, Virginia – Provided construction management services for a multi-year,
multi-phase project that included a three-story healthcare facility addition, a 15-story
residential tower, an above-grade garage structure, and a multi-floor renovation of an existing
building that remained occupied during construction activities.

• Episcopal High School, Multiple projects, Alexandria, Virginia – Provided construction

management services for nine separate/standalone projects over four years. Responsible for
managing the design and construction processes that achieved LEED certification in select,
client-designated projects. A portion of the project work also included the successful
coordination and execution of interior renovation projects on compressed schedules during
the school’s summer break periods.

• Washington National Cathedral, Parking Garage and Bus Lane Project, Washington, District
of Columbia – Provided construction management services for a four-story underground
parking garage and two-story underground bus lane directly adjacent to the Cathedral.
Included extensive coordination with the activities of the client’s various on-site entities,
which include multiple schools and the national landmark cathedral facility, all of which
remained open and fully operational throughout construction. Mr. Henricks also devised a
coordination plan for the installation of low voltage systems that minimized conduit runs and
resulted in a significant savings to the client.
Summer Gell
Principal

Education
B.S. in Environmental Health, Cum Laude Western Carolina University

Registrations
North Carolina-Licensed Asbestos Inspector (No. 11425)
South Carolina-Licensed Asbestos Inspector (No. 22156)
AHERA Certified Asbestos Building Inspector
OSHA 40-hour Hazardous Materials Safety Certification
OSHA 8-hour HAZWOPER Annual Refresher

Summary of Professional Experience

Mrs. Gell has over 15 years of experience in the real estate due diligence field. She has a strong
background in providing environmental due diligence for debt and equity transactions, as well as
the performance of Phase I environmental site assessments, Phase II subsurface investigations,
soil and groundwater remediation, National Environmental Policy Act (NEPA) Reviews and
Environmental Assessments, regulatory compliance audits, asbestos surveys, lead-based paint
surveys, mold assessments, and indoor air quality studies. She also has extensive portfolio
management experience throughout the United States.

Mrs. Gell currently serves as a National Client Manager for Partner Engineering and Science,
providing solutions to clients’ due diligence and engineering needs. She is responsible for
ensuring consistency, quality, and on-time delivery of due diligence and engineering services
provided by Partner. Current day-to-day responsibilities include project oversight, staff
supervision, report review, and client management.

Mrs. Gell has been personally involved in the details of thousands of real estate transactions for
various client types and therefore understands the specific needs and scopes of work required for
the different parties involved in the transaction. Mrs. Gell has served as an environmental
scientist, project manager, or senior author for projects associated with over 5,000 real estate
transactions. Mrs. Gell is familiar with the due diligence requirements of a varied number of
reporting standards, including ASTM E1527, EPA’s All Appropriate Inquiry (AAI), Fannie Mae
DUS, Freddie Mac, HUD, and Federal Communications Commission (FCC) 47 CFR Part 1. She
also has experience with fulfilling numerous customized client scopes of work.

Previously, Mrs. Gell was a client manager for a Fortune 500 company and was responsible for
managing due diligence projects throughout the United States. Mrs. Gell was also responsible
for developing report templates to meet the Phase I ESA requirements of Freddie Mac and
Fannie Mae’s small loan program. Her primary clientele focus included real estate investors,
DUS lenders, CMBS lenders, insurance lenders, and real estate equity funds.

 
Mrs. Gell was also the Geoscience Group Manager for an international engineering firm, where
she was responsible for business development for due diligence services within North Carolina
and South Carolina, staff management, and QA/QC review of all Phase I ESAs, asbestos
surveys, and Industrial Hygiene-related reports. In addition, Mrs. Gell was the project manager
on multiple Phase II assessments and remedial investigations with cleanups under various
regulatory programs for former textile mills, drycleaners, and Brownfields sites located in the
southeastern United States.

Prior to being promoted to Geoscience Group Manager, Mrs. Gell was responsible for managing
and completing environmental site assessments, and soil and groundwater contamination
assessments associated with USTs, drycleaners, and former industrial properties. She was also
responsible for conducting asbestos, lead-based paint, and mold surveys, and the oversight of
subsequent abatement projects. She also performed regulatory compliance audits and indoor air
quality assessments to evaluate potential worker exposure issues.

For a national geoscience company, Mrs. Gell served as a staff environmental scientist and
conducted soil and groundwater assessments at multiple petroleum retail sites located throughout
Florida.

Some relevant project experience includes:

 Performed, managed, or reviewed due diligence projects associated with more than 5,000
real estate transactions on multi-family properties, agricultural properties, commercial
office buildings, retail shopping centers, gasoline service stations, medical and hospitality
properties, dry cleaning plants, auto repair shops, industrial properties, and various
manufacturing operations throughout the United States.
 Responsible for managing due diligence in support of the National Environmental Policy
Act (NEPA) on telecommunications projects throughout Texas, New Mexico, Arizona,
South Carolina and Tennessee.
 Managed a portfolio of Phase I ESAs for over 200 gas stations located in Texas and Utah.
 Managed and served as a team leader for a Phase I and Phase II assessment of five
housing areas associated with the Marine Corps Air Station and Parris Island Recruit
Depot in Beaufort, South Carolina. Scope of Services included asbestos sampling, lead
based paint sampling, mold investigation of housing areas, geophysical surveys for USTs
and possible land fill area, and soil and groundwater assessment.
 Managed and performed indoor air monitoring project of a former industrial facility
located in Orlando, Florida. Air monitoring parameters consisted of VOCs,
formaldehyde, carbon monoxide, carbon dioxide, environmental bacteria, fungi, radon,
and lead. Provided expert witness testimony for workers compensation claims filed
against the existing property owner.
 Completed UST Closure Reports, Limited Site Assessments, Soil Assessment Reports,
Soil Closure Reports, and Corrective Action Plans for submittal to North Carolina
Department of Environment and Natural Resources for UST sites owned by various
industrial and government entities.

Summer Gell
(Continued)
  Completed Tier I, Tier II, and Corrective Action reports for submittal to South Carolina
Department of Health and Environmental Control (SCDHEC) for UST sites owned by
various developers and industrial entities.
 Conducted soil and groundwater assessments at multiple petroleum retail sites located
throughout Florida. Activities included field oversight of groundwater monitoring well
installation using mud-rotary, air-rotary, and hollow-stem augers; soil and groundwater
sampling; receptor surveys; and elevation surveys of installed monitoring wells and soil
borings. Prepared Contamination Assessment Reports (CARs) documenting field
assessment activities and evaluation of laboratory analytical results for submittal to the
Florida Department of Environmental Protection (FDEP).
 Field Team Leader for Phase I ESAs and subsequent Phase II investigations conducted of
multiple closed furniture manufacturing sites located in North Carolina and South
Carolina as part of a joint venture between an international engineering firm and a
Brownfields investment company.

Speaking

 Panel speaker at the Environmental Bankers Association’s January 2010 Conference on the subject of
Fannie Mae DUS engineering and environmental guidelines in comparison to HUD and Freddie Mac.

Publications

 Going through a Phase? All About Fannie Mae and Freddie Mac Due Diligence, Scotsman Guide,
April 2009 

 Freddie Mac Due Diligence: Environmental/Engineering Best Practices, GlobeSt.com Blog Network,
July 2011

Summer Gell
(Continued)