Fort Lauderdale State of the Market

Dev Motwani serves as President of Merrimac Ventures, a Fort Lauderdale based real estate firm that focuses on value-add investment and development opportunities. Property types owned and operated include hotels, condos, retail, office and rental apartments primarily in South Florida but also throughout the United States. Dev is also Founder and Managing Partner of Ramesh Properties, a distressed real estate investment fund focused on opportunistic investments in residential and commercial development sites throughout South Florida. He currently oversees nearly $750 million in development projects. Current projects include the Four Seasons Hotel and Private Residences, The Gale Boutique Hotel and Residences, as well as Las Olas Riverfront, all in the Fort Lauderdale area. Dev is Founder and Managing Partner of Chieftain Residential, a yield-oriented distressed residential fund purchasing single-family homes and residential land, primarily in the Southeast US and Texas. The fund aims to balance current income opportunities through the rental markets for its single family home inventory, while also targeting capital appreciation in single family homes and land as the US Residential Market continues to rebound. Prior to his current role Dev worked at Credit Suisse in New York City, where he first structured OTC Equity Derivative trades for the firm's largest corporate clients and then for the firm's largest hedge fund clients. Before that he worked in the White House and on the 2000 Gore/Lieberman Presidential Campaign. Dev plays an active role in the South Florida Community, through his involvement with numerous charities and business organizations, currently serving on the board of the Broward Center for the Performing Arts Foundation, Fort Lauderdale's Economic Development Advisory Board, and the Downtown Council. He was recently appointed to the Orange Bowl Host Committee. He previously served on the boards of the Riverwalk Trust, Greater Fort Lauderdale Chamber of Commerce, and Broward County's Small Business Advisory Board. Dev has served as Co-Chair for the Bonnet House's Annual Impressions Fundraiser, the Ghost Light Society's Annual Soiree, and the Jeb Bush Classic Beach Bash benefitting the Cystic Fibrosis Foundation. This year the Motwani family co-founded the Laughing Out Loud fundraiser benefitting the Scleroderma Foundation, which raised over $170,000 for the charity. Dev graduated from Duke University with a Bachelors of Science degree in Economics and Public Policy and from Columbia University's Masters of Science in Real Estate Development Program. He has also studied at the London School of Economics.

I am a shareholder and the President of The Las Olas Company, a family owned company that has been involved in hospitality, real estate development and management since 1935, and I am the fourth generation to run it. The Las Olas Company actively manages the 231 room Riverside Hotel and almost 245,000 square feet of retail and commercial space on or about Las Olas Boulevard. Prior to taking over the day to day operations of the organization, I ran my own real estate and construction business for 10 years and prior to that, I was in the development business with some local and national companies, specifically being Blockbuster Entertainment, Trammell Crow Development and CMC Development. I was born in Lake Forest, Illinois and resided in the Chicago area for 7 years and Europe for 8 years before permanently moving to Fort Lauderdale in 1975. I graduated from Nova High School, received a BBA from the University of Miami and an MBA from Nova Southeastern University. I am fluent in English and Spanish. I have a Florida Real Estate Broker’s License (BK317916) and a Florida General Contractor’s License (CGC058212). My civic activities include currently serving in a variety of capacities on the following boards: Fort Lauderdale Downtown Development Authority; Broward Workshop; Junior Achievement, Unsafe Structures Board for the City of Fort Lauderdale; City of Fort Lauderdale’s Reapportionment Committee, Riverwalk Trust, Fort Lauderdale Executives Association and Winterfest Boat Parade. My personal biography is that I am married and father of two boys and three step children. My personal hobbies are boating, fishing, diving, golf and softball. I also enjoy travelling, both locally and abroad. I also am very proud of being named the 2015 Downtowner of the Year by the Downtown Council of the Fort Lauderdale Chamber of Commerce and the City of Fort Lauderdale’s 2016 Distinguished Citizen of the Year.

Nicole Shiman is Senior Vice President of Investments, leading our Florida portfolio and office. She brings extensive experience in acquisitions and dispositions, as well as portfolio oversight and management, to the investment team. Nicole previously served as Vice President at Miami-based 13th Floor Investments, where she was responsible for leading acquisition initiatives, new business procurement and capitalization efforts. She was actively involved in the ongoing oversight, development, management and disposition of 13th Floor’s and its affiliates’ real estate portfolios. Prior to her work with 13th Floor, Nicole spent many years with The Boston Consulting Group in their Toronto, New York and Miami offices. Nicole graduated from The Richard Ivey School of Business at the University of Western Ontario with a Bachelor’s in Business Administration and received her Master’s in Business Administration from Harvard Business School. Nicole sits on the ULI Southeast Florida/ Caribbean Advisory Board, she serves as a Board Member for The University of Miami School of Law LLM program, and serves as a founding Board Member of the Wynwood Yard, a culinary incubator and community space located in Wynwood, Florida.

Gregory Stuart is the Chief Executive Officer of the Organization and is responsible for all the functions under the direction of the Broward Metropolitan Planning Organization Board of Directors. Greg leads the executive management team while representing the Organization nationally, at the state level and within the region. He focuses on creating new partnerships while expanding existing partnerships. Greg brings more than 20 years of transportation and land use planning experience in both private and public sectors. He secured Federal appropriations for major transportation projects, modified state rules to facilitate traffic mitigation and stimulated redevelopment efforts by working cooperatively with municipalities, counties, the Florida Department of Transportation and the Federal Highway Administration.

As Senior Vice President, Mr. Norm Adams oversees both office and industrial leasing and sales as well as Stiles' portfolio of Class A office towers in downtown Fort Lauderdale. Since joining Stiles in 2006, Mr. Adams has leased over two million square feet, executing over 200 transactions valued at $500 million with an annual average of approximately $50 million of rental revenue. This consists of approximately 200,000 square feet of space leased each year while improving each property's cash flow and increasing rental rates. • Awarded 2016 Broker of the Year by the National Association of Office and Industrial Parks. • Distinguished by Costar as having generated the highest leasing transaction volume over all time in downtown Fort Lauderdale. • Demonstrates a proven track record over his 25 years in Broward's most eminent markets. Prior to joining Stiles, Mr. Adams achieved top sales rankings at both Trammell Crow Company and Allen Morris Company where he attracted prominent relocations, including Baxter Healthcare, Coca Cola USA, Keebler, Atico and Mediation, Inc. ​

Jennifer Drake is a highly accomplished real estate attorney and a Vice Chair of Becker’s Public, Private Partnerships (P3) practice group. Jennifer’s practice focuses on commercial transactions which range from planned project development, including creation of condominiums, mixed used developments, townhome developments and single family developments, condominium conversions, public-private partnership transactions (P3), which includes representing municipalities, higher education institutions and private parties; real estate contract negotiation, mortgage and asset based financing for both financial institutions and borrowers, commercial leases, ground leases; preparation of joint venture agreements for real estate transactions, as well as real estate workouts and liquidation of real estate owned (REO) properties for financial institutions. Jennifer has extensive real estate experience and has represented clients in many high profile projects throughout the state of Florida as well as nationally. Jennifer is AV rated by Martindale-Hubbell, which is the highest professional rating based on years of experience and endorsement by Florida lawyers in the areas of professional ability, ethics and conduct. Jennifer’s practice emphasizes handling all aspects of planned project development (including the acquisition stage, which may entail negotiation of purchase contract, DRI, zoning issues, and environmental due diligence); planning stage of the project, drafting of the project documents, and State registrations as necessary, supervising the closings on the sale of the end units, the representation of the developercontrolled boards and representation of developer through turnover of control of the association; the purchase and sale of fractured condominiums, and termination of condominiums. Additionally, her real estate experience emphasizes P3 transactions which runs the spectrum of negotiating, drafting land leases, management and operating agreements, for higher education institutions, municipalities as well as the private sector. She also handles complex multi-party transactions from negotiating real estate joint ventures to multi-party transactions as to the purchase or sale, financing, and negotiation of commercial leases and title for the private sector. Jennifer represents national, regional and state financial institutions in the areas of documentation for both real estate and asset based financing, loan modifications and in the restructuring/refinancing of multi-million dollar loan transactions, as well as disposition of REO properties. EXPERIENCE Acted as co-lead counsel for the Louisiana State University Property Foundation’s public/private partnership development (P3) called the Nicholson Gateway Project, the largest development project in the history of LSU, featuring a multi-phased bundled package of facilities with a total estimated development budget of $400 million. Representing Premier Water Parks, Inc. in a P3 transaction with the City of Fort Lauderdale in the redevelopment of the Lockhart Stadium and surrounding property to include, but not be limited to, a refurbished stadium and water park. Representing Nova Southeastern University in Student Housing Project. Represented Carrie Meek Foundation in formation of a joint venture with Foundry to develop property subject to a ground lease from Miami-Dade County located at the Opa-Locka Airport, on which an Amazon Distribution Center is being constructed. Represented Bethune-Cookman in P3 type transaction involving the sale/leaseback of land for the construction of a new student housing project on campus. Represented the City of South Miami in P3 matters. Represented KB Holdings Inc., in the negotiation of a ground lease with the City of Hollywood for beach front property to be developed as a hotel. Represented high end fashion designer in lease negotiations in Miami Design District. Represent Rogers International, Inc., in drafting of condominium documents for two mixed-used developments in Coral Gables, Florida Represent private developer in the development of a large mixed-use project in central Florida consisting of retail space, hotel space, condominiums, rental apartments and parking facilities developed in multiple phases. Represented TD Bank in construction loans, real estate based loans, asset based loans, loan modifications, and loan workouts to various borrowers. Represented purchaser of a beachfront home for $17 million. Represented purchaser/borrower in $6.3 million purchase of hotel property in Broward County, obtaining franchise agreement and loan transaction. Represented purchaser/developer in purchase of hotel condominium in Orange County, Florida. Drafted Condominium Documents and Interstate Land Sales Act (ILSA) filing for Turnberry Ocean Club. Represents hotel unit owner at Fontainebleau. Represents regional banks Florida Community Bank and Banco Do Brazil in real estate and asset-based loan transactions. Represents Willton Properties LLC in the negotiation of a joint venture agreement with Bainbridge for the development of a rental housing apartment complex in Tampa, FL. Represents developer in bulk purchase, loan modification and termination of large condominium development. Represented owner in purchase of Universal Music building in Miami Beach. Represented Epic West Condo LLC in the sales, closings for units and developer-controlled board at the Epic in Miami, Florida. Represents Lynx Zuckerman Holding Company, LLC in acquisitions of properties, sales of properties, drafting bulk contracts, homeowner documents and other general developer-related representation. Represented developer in termination of a 186-unit condominium on the West Coast of Florida. Negotiated ground lease sites for client Simoes Properties, with CVS, McDonalds and Wawa. Represents Penn Dutch Foods in commercial leases. RECOGNITION Ms. Drake was recognized by the Greater Ft. Lauderdale Alliance for outstanding community leadership and featured in the 2018 “Real Estate Opportunities” chapter of its annual Economic Sourcebook and Market Profile. Jennifer has also been named to the Martindale-Hubbell Bar Register of Preeminent Women Lawyers in Legal Ability and Ethical Standards as well as being AV Rated by Martindale-Hubbell. PROFESSIONAL / COMMUNITY ACTIVITIES Ms. Drake is a regular speaker at national and regional P3 conferences, is a member of the American Bar Association, the Florida Bar, and The Real Property, Probate and Trust Sections of both the Florida Bar and the American Bar Association and the International Council of Shopping Centers (“ICSC”). Jennifer is on the Executive Committee and Board of Directors for Greater Fort Lauderdale Alliance, she is also a member of Leadership Committee; past President of Leadership Broward Foundation and currently sits on the Board of Directors, is a member of Broward Women’s Alliance, and sits on the Advisory Board of the Fort Lauderdale International Film Festival. She has also served on the Board of Directors for Kids Crusaders for Abused Children, One Room Schoolhouse and Cancer Research Network.

As founder, President and COO of EDEN Multifamily – Jay S. Jacobson has, over his 30-year career in the multifamily industry developed over 25,000 multifamily units and invested in/acquired over 40,000 units located in over 30 sub-markets in 22 cities nationwide. EDEN Multifamily is currently developing over 1800 units throughout South Florida and the mid-Atlantic including Miami, North Miami Beach, Fort Lauderdale and Charlotte. Product types range from 3 story walk up to 30 + story high rises. Prior to forming EDEN Multifamily with Jay Massirman, Mr. Jacobson served as the President of Stiles Residential Group in Fort Lauderdale and is a former national partner with Wood Partners. He was also a senior director of multi-family investments for Goldman Sachs Real Estate Services (fka Archon Group) and a managing director of Archstone Communities Trust. Jay also serves as the CEO of EDEN Living – a horizontal and townhome build for rent company that is engaged in the development of one-story apartment homes and two- story rental townhomes. EDEN Living is currently developing over 2100 units in the SE US including Charlotte, Raleigh, Jacksonville, West Melbourne, Orlando, Kissimmee, Wildwood, Ellenton and other locations. EDEN Living has partnered with a real estate investment fund managed by Morgan Stanley Real Estate Investing (“MSREI) to expand the platform throughout the eastern US. Jay received a Bachelor of Architectural Design from the University of Florida and Master of Architecture and Urban Design from the University of Colorado. Jay grew up in south Florida and learned the development/construction business from the ground up--literally—starting at the age of 12 digging foundation ditches for his father’s construction company. Jay lives in Delray Beach Florida where he has served on the City of Delray Beach Planning and Zoning Board and is a member of the NMHC Board of Directors. He is a guest lecturer at the University of Miami’s School of Architecture MRED program. Jay uses his rare spare time flying around the world chasing any of the 12 types of billfish in the ocean—at last count he is up to 7.

Patrick Campbell serves as a Vice President for Related Group. He is responsible for all phases of development on the projects in which he is involved. With 20 years of experience in development and construction, his responsibilities have focused on projects in northern Miami-Dade and Broward counties. Projects he has overseen include Aquazul, Aventura Marina Towers One and Two, Trump Hollywood, and New River Yacht Club in Fort Lauderdale. A Registered Architect in the State of Florida, Mr. Campbell holds a Professional Bachelor’s Degree in Architecture from the University of Miami and is active in South Florida’s architectural community. He is a member of the American Institute of Architects, Miami Chapter.

Jean Francois Roy is the founder and president of Ocean Land Investments, Inc. Founded in 1990, Ocean Land Investments acquires and thoughtfully develops prime waterfront property, providing luxury residences and improving the overall aesthetic of previously underutilized sites. With more than four decades of entrepreneurial experience, Mr. Roy first achieved success developing Canada’s third largest portfolio of retirement homes and senior care facilities. He moved to South Florida from his native Quebec in the late 1980s, and soon founded Ocean Land Investments’ unsurpassed reputation with the vision to elevate and fulfill the potential of waterfront properties. Having developed numerous luxury condominium projects throughout his career, Mr. Roy continues to play an instrumental role in bringing developments to fruition. Under Mr. Roy’s leadership, Ocean Land Investments acquires approvals for redevelopment and provides the equity needed for builders to obtain construction loans. The company’s long-term investment approach and collaboration with premier builders and sales teams have led to an enviable record of success. Ocean Land Investment’s unsurpassed reputation for integrity is bolstered by Mr. Roy’s commitment to building lasting relationships with property owners, neighbors and civic leaders. Ocean Land Investments has strategically purchased waterfront property throughout South Florida, redeveloping land along the state’s east coast with modern condominium towers. The company’s past projects include 2080 Ocean Drive in Hallandale Beach; Aquazul in Lauderdale-by-the-Sea; Trump Hollywood in Hollywood Beach; The Ritz-Carlton Residences, Singer Island, Palm Beach; and Lake Place Condominiums in West Palm Beach; among others. “Today, Ocean Land Investments is revitalizing waterfront property in the East Las Olas Isles of Fort Lauderdale with the development of luxury condominium projects. Situated on Hendricks Isle and Isle of Venice just off of Las Olas Boulevard, the contemporary developments introduce modern architecture and upscale amenities to complement the isles’ natural beauty and waterfront lifestyle. Low-rise condominium tower AquaVita opened in 2015, AquaLuna was completed in 2016, and AquaMar was completed in 2017. Additional projects, AquaBlu and AquaVue are presently under construction. Recently, Jean Francois has announced plans for Riverwalk Residences of Las Olas, a first-of-its-kind luxury senior living facility in Downtown Fort Lauderdale.

Mr. Graziano has been involved in the real estate field in New Jersey in since 1992. Mr. Graziano has actively counseled and advised clients on the sale, leasing, valuation, management, and development of commercial real estate assets throughout New Jersey and the northeast U.S. Mr. Graziano has provided market study and consulting services to the Port Authority NY/NJ, NJ Highlands Council, City of Atlantic City, City of Jersey City, and other municipalities throughout New Jersey. Mr. Graziano continues to serve on the Board of Directors for Integra Realty Resources. He formerly served in leadership positions with the Appraisal Institute (Metro NJ Chapter), Counselors of Real Estate (NJ Chapter and National), NJ Smart Growth Coalition, and as a subject matter expert (SME) to the Appraisal Foundation. After 20 years of practice in New Jersey, Mr. Graziano was retained to serve as Senior Managing Director of IRR Miami/Palm Beach in mid-2012. As a principal in Integra Realty Resources - Coastal NJ, Mr. Graziano continues to provide support and counsel to our senior staff, and litigation and expert witness services to select clients as needed.