CREA & Cabretta Hawaii State Credit Deck

CREA & Cabretta Hawaii State Credit Deck

HAWAIIAN STATE CREDIT TEAM CREA, LLC & Cabretta Capital August 2021

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Who we are CREA, LLC Proven Track Record

In December 2000, City Real Estate Advisors, Inc. (CREA) was formed under President and CEO, Jeff Whiting, with a headquarters office in Indianapolis, Indiana. After building relationships with developers and investors, CREA closed its first transaction in March 2002 with three employees under its roof and posted a profit that September. In June 2016, City Real Estate Advisors, Inc became CREA, LLC and was acquired by Omni Holding Company, LLC as a wholly-owned subsidiary. CREA continues to operate as an autonomous business unit, managed by current CREA senior management.

As of January 1, 2021, CREA raised $7.8 billion in total equity, resulting

in 730 properties managed and over 66,000 affordable

homes developed. With over 130 employees spanning seven offices, CREA’s footprint extends across 48 states, Washington DC and one U.S. territory.*

Offices located in Austin, Boston, Indianapolis, New York, Portland, San Diego & Sarasota

*As of 6/30/2021

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CREA Corporate Tax Credit Fund 85, LP

Experience CREA HAWAII

CREA’s first investment in the state of Hawaii was in 2014 . Over the last seven years, CREA’s investment impact within Hawaii has included 13 developments and the production or rehabilitation of 1,000+ affordable homes. These homes were made financially possible through the closing and placement of $200 MM + in lower tier equity raised alongside investor partners on 4 single investor funds, 6 multi-investor funds, as well as 7 different developer partners.

= 1,007 AFFORDABLE HOMES

1,259 * JOBS CREATED

$18.7 MM * STATE & LOCAL INCOME GENERATED

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*Source: National Association of Home Builders

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Who we are CABRETTA Profitable Investing Solutions

Cabretta Capital is a leading specialty finance firm, formed in January 2015 in Savannah, GA. With extensive experience in structured tax credit equity funds and tax-advantaged investment strategies, Cabretta’s team of 11 premier tax mitigation experts work hand in hand with clients to deliver profitable investment solutions through federal and state tax credits and innovative, qualified development projects. Cabretta takes pride in helping clients navigate the various tax government programs, including federal and state tax credit programs, which can be monetized through public and private partnerships as well as a variety of investment funds.

CREA Corporate Tax Credit Fund 85, LP 4

Experience CABRETTA

Since 2011, Cabretta has built a solid reputation working with developers as a financial resource to bring incredible properties online, resulting in the placement of $200 MM+ in state tax credits across 33+ LIHTC developments. Cabretta has closed an additional 46 developments in other tax-advantaged programs, such as: • Historic Tax Credits • Renewable Energy Tax Credits • Solar Tax Credits • Abandoned Building Tax Credits • Textile Mill Tax Credits • Film Tax Credits With extensive experience in Colorado, Georgia, Louisiana, North Carolina and South Carolina, Cabretta brings expertise in structuring and working with state credit programs, with an investor base consisting of high net-worth individuals, banks and insurance companies.

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Oppor t unity PARTNERSHIP Experience Accessibility With the CREA / Cabretta partnership, clients benefit from a team that: • Brings a wealth of state credit experience • Has first-hand knowledge working within Hawaii • Provides flexible state credit structures for investors and developers • Offers clients the convenience of a single point of contact Vested Partners Several CREA and Cabretta executives have tenured relationships, having worked together since 2005. Since 2015, CREA and Cabretta have closed several LIHTC transactions together, including:

Highland Trace / Dahlonega, GA Closed 11.21.16 / $4,770,000 in state equity

Oliver Place / Perry, GA

Closed 9.30.15 / $3,693,426 in state equity

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CREA Corporate Tax Credit Fund 85, LP

Highlight DEVELOPMENTS

Kanehoe Elderly / Kaneohe, HI

Pauahi Kupuna Hale / Honolulu, HI

Waimea Huakai / Waimea, HI

Waipahu Tower / Honolulu, HI

Contact us.

CABRETTA CAPITAL BRENT WATTS President 404.307.2868 [email protected]

CREA, LLC TONY BERTOLDI

BRAD BULLOCK Managing Director, Originations 503.290.5034 [email protected] BRAD HOWARTH Managing Director, Syndications 617.519.6404 [email protected]

Co-President 617.892.6071 [email protected]